The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Anthony Paolone - J.P. Morgan Securities LLC - Analyst
: First question relates to just superpad sales. Those seem to be pretty successful in the quarter. And I'm just wondering, like
what -- how do you think of the trade-off of doing more of those and the NPV of just taking the discount and not having to do
all the infrastructure and just letting those go versus holding them and taking them a little bit further down and selling more
groups of lots as opposed to the superpad?
Question: Anthony Paolone - J.P. Morgan Securities LLC - Analyst
: Okay. Got it. And then just my other question just shifts more over to Bill and thinking about this, the insurance company that
you've got teed up. Should we anticipate that like after doing a deal like the one you're contemplating, that uses up the bulk
of your sort of capital today? Or do you think you'll have more capacity thereafter to do more deals? And just wondering kind
of where this leaves you.
Question: Alexander Goldfarb - Piper Sandler & Co. - Analyst
: So two questions. First, David, only 57% presold on the new condos in Hawaii, I'd expect better out of you guys, just kidding.
As far as Ward Village goes, where do you stand on the existing entitlements? And meaning how many more can you build?
And what is the status on Phase 2? Is that something that you could see approvals for and launch in the next few years or
Phase 2 of Ward Village is something that's maybe 5 or 10 years out?
Question: Alexander Goldfarb - Piper Sandler & Co. - Analyst
: Okay. That's helpful. And then, Bill, following up on Anthony's question. I realize, obviously, there's a lot of confidentiality, but
just big picture, can you just give us some color? Is this pure B2B, as you described before? And is everything in this entity
clean? Or are there businesses that you'd want to exit or any legacy -- policies or legacy lines that need to be settled or
anything like that?
Question: Alexander Goldfarb - Piper Sandler & Co. - Analyst
: And can you indicate whether it's domestic or Bermuda or somewhere offshore?
Question: Jonathan Petersen - Jefferies LLC - Analyst
: Curious if you could maybe just give us a little more commentary on the Ritz-Carlton Residences at The Woodlands and how
that is trending relative to your initial underwriting and then opportunities for other condo projects across the portfolio? Clearly,
Ward Village has been a big success and your kind of translating that over to The Woodlands. But where else might we see
future condo projects across your --
Question: Jonathan Petersen - Jefferies LLC - Analyst
: Okay. All right. That's very helpful. And then maybe I think --
Question: Jonathan Petersen - Jefferies LLC - Analyst
: Okay. All right. That makes sense. And then at Teravalis, I was in the Phoenix Airport recently, saw you guys have some
advertisements up there to (inaudible) people out to that community. Just curious, I mean, just remind me, like what should
we be expecting in terms of MPC land sales maybe in 2026 or maybe if you want to give me a multiyear outlook? Like just
remind me on where you guys are at on rolling that out.
Question: Alexander Goldfarb - Piper Sandler & Co. - Analyst
: David, I realize that it's not the fourth quarter and we have to hold off on guidance, but still, the pace of your increases, especially
in the land business has been pretty incredible this year. And is there something sort of a ballpark? I think you're tracking
$440 million at the midpoint for '25. Is there something that we should be thinking of for '26? So either, one, we don't get too
far ahead of ourselves or maybe the pace that you've delivered this year is sort of a new run rate is something sustainable?
Question: Alexander Goldfarb - Piper Sandler & Co. - Analyst
: Bill, I'm impressed it only took 26 minutes for that. But David, as you look at your inventory, you feel right now there's a good
balance between what the builders have bought versus their ability to deliver. Or you think they're a little long on land or a
little short on land? I'm just trying to get a sense of the appetite from the homebuilders to buy more right now.
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