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Five Point Holdings, LLC (FPH) Q1 2019 Earnings Call Transcript

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Five Point Holdings, LLC (NYSE: FPH)
Q1 2019 Earnings Call
May. 7, 2019, 5:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to the Five Point Holdings' First Quarter 2019 Conference Call. Currently, all participants are in listen-only mode. As a reminder, this conference call is being recorded.

Today's conference call may include forward-looking statements regarding Five Point's business, financial conditions, operations, cash flows, strategy and prospects. Forward-looking statements represent only Five Point's estimates on the date of this conference call, and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to the risks and uncertainties. Many factors could affect future results and may cause Five Point's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements.

These factors include those described in today's press release and Five Point's SEC filing, including those in the Risk Factors section of the most recent annual report on Form 10-K filed with the SEC. Please note that Five Point assumes no obligation to update any forward-looking statements.

I'd like to turn it over to Bob Wetenhall, EVP of Capital Markets. Please go ahead, sir.

Robert C. Wetenhall -- Executive Vice President of Capital Markets

Welcome, and good afternoon. For investors new to the story, I want to highlight that Five Point is an owner and developer of large mixed-use communities in California. Our communities are planned for more than 40,000 residential homes and 23 million square feet of commercial space in Los Angeles, San Francisco and Orange County.

With me today, are CEO Emile Haddad; CFO Erik Higgins; Chief Legal Officer Mike Alvarado; and our co-COOs Kofi Bonner and Lynn Jochim. I'm now going to hand it off to Emile, who will provide an overview of recent developments in our communities as well as expectations for the remainder of 2019. Erik will then review our liquidity position and leverage as well as our first quarter 2019 financial performance.

Thanks, Bob. 2019 started with a lot of momentum. In this first quarter, we've seen a healthy home buying environment at Great Park, in Irvine. We also participated in the grand opening of Five Point Arena at the Anaheim Ducks Great Park Ice facility. This $110 million community Ice facility has four Ice sheets and approximately 280,000 square-feet of first class building that also serves as the new training center for the Anaheim Ducks and its adjacent to the Great Park's Sports Park.

The Ducks ice facility and other sports fields and stadiums in the sports park are built to a professional level quality that provide both the players and parents a much enhanced experience. The sports park is estimated to attract over a million visitors every year, who will frequent our lifestyle and entertainment village next to the sports park. This village is designed to include a hotel and lifestyle retail focused on food and beverage offerings which we expect to greatly enhance the visitor experience at the Great Park and our surrounding neighborhoods. The Great Park is becoming a vibrant mixed-use community that offers a wide range of homes catering to people from different generations and economic abilities.

Our state-of-the-art high school and two lower schools provide our residents the opportunity to enroll their children in one of the best public education systems in the country. And on May 18, the summer concert season starts at the 12,000 seat FivePoint Amphitheater with Live Nation. We expect hundreds of thousands of people to enjoy performances by numerous top flight acts, such as Brad Paisley, Zac Brown Band, Santana and Florida Georgia Line. With recent approval by the City of an additional 1,056 homes, we are now approved for approximately 10,500 and 4.7 million square feet of commercial uses. Out of which, approximately 4,600 home sites and $3.7 million square feet of commercial space remain available for future sale.

We are already seeing the realization of the virtuous cycle. As each component of the community is completed, it enhances the whole community. The best evidence of the incremental value created is the fact that, we are already receiving meaningful profit participation from our builders in the early phases of their sales at our recent opened neighborhood. The Great Park neighborhood is clearly establishing the distinction of the Five Point brand which will make it much easier to understand our singular vision for the development of our communities in Los Angeles and San Francisco. At Valencia in Los Angeles County, we remain on schedule to deliver our first home sites in the fourth quarter of 2019 despite a very wet year. This is a testament to the experience of the team in developing large scale projects.

Mission is our first village and is plan to include approximately 4,000 homes and 1.5 million square feet of commercial space. Valencia previously referred to as New Home is the continuation of the build out of the City of Valencia, which is already home to 60,000 residents and 60,000 permanent jobs. When completed, the community will almost double in population and job count. Valencia is already being celebrated by policymakers and economic organizations as a major contributor to the future economy of Los Angeles Country and its well needed supply of housing all while providing a net-zero greenhouse gas model of development.

In San Francisco, as we reported previously, we submitted the revised plan of the first phase of Candlestick to the City and we are expecting to receive approvals by the end of the year. The first phase is comprised of approximately 1,600 homes, 750,000 square feet of office space and 300,000 square feet of lifestyle and entertainment uses with a focus on beverage -- food and beverage. The installation of infrastructure and grading activities continue. As our communities move forward, our partnership with the state of California and the cities and counties in which we build will get only stronger. Our long-term strategy is rooted in our belief in California and its global leadership and innovation, economic output and fighting climate change. California is a leading state in the number of people employed in technology in population 25 and over with bachelor's degrees in science and engineering and in the number of patents granted. It is the gateway to Asia, and on a stand-alone basis, it's the fifth largest economy in the world ahead of Great Britain.

The buildup of our community is expected to generate almost 300,000 jobs, $2.2 billions in state and local tax revenues and $54 billion of economic activity and generate approximately 6000 homes that are earmarked for people who fall into the low income brackets. Our assets benefit from the State's prominence and our significant holding allow us to align our interests with the major cities and counties that we develop in. The biggest challenge for employers today is attracting talents. Qualified candidates are interested in being in urban areas which provide the lifestyle they are seeking. Limited housing availability and the high cost of education in these areas are creating a hardship for younger workers who are starting families. We believe that we provide the answer. Large mix-use communities located in major cities and counties with close proximity to some of the largest employment centers in the country, close proximity to some of the largest STEM universities and an ability to build millions of square feet of office mixed with tens of thousands of a very wide range of home offerings, some of the best schools, parks, entertainment, healthcare and lifestyle retail.

Anyone who visits the Great Park neighborhood in Irvine can see what our brand stands for and the unique approach to our development. And soon the same will be evident in Valencia and Candlestick.

Now let me turn it over to Erik, who will talk about our financial results, and we will be happy to answer your questions afterwards.

Erik R. Higgins -- Chief Financial Officer and Vice President

Thanks, Emile. A summary of our financial results was included in the earnings release issued earlier this afternoon. Our financial performance in the first quarter reflects our continued investment in Valencia, land sales at the Great Park neighborhoods and the impact of the previously announced termination of the retail joint venture at Candlestick.

Consolidated revenues for the first quarter totaled $13 million and primarily reflect recognition of revenue generated from management services. Selling general and administrative expenses were $25.8 million for the quarter. Equity and earnings from our two unconsolidated entities was $8.9 million for the quarter. We recognized $9.4 million in income due to our proportionate share of the Great Park ventures net income of $37.1 million for the quarter after adjusting for the amortization and the accretion of the basis difference. Offsetting the income related to the Great Park venture, our share of Gateway Commercial Venture's $750,000 loss was approximately $560,000 for the quarter.

As previously reported in our 8-K filed in February, the retail joint venture at Candlestick was terminated and we repaid the outstanding principal of $65.1 million and interest on the outstanding promissory note held by Macerich. As a result, we were released from our obligation to convey parcels of property on which the retail project was intended to be developed by the mall Venture. We were also released from certain development obligations. In return, we recognized a gain of $64.9 million, representing the settlement of the contingent consideration liability previously carried in the related-party liabilities line item on our balance sheet.

Net income for the quarter was $52.7 million, of which $28.9 million was allocated to the non-controlling interests, leaving $23.8 million attributable to the company. Moving on to the segment results. The Valencia segment is consolidated for accounting purposes. Significant expenditures on land development continued in the first quarter as we prepare the first phase of the community for land sales to homebuilders later this year. Revenues for the Valencia segment were $1.6 million, which were primarily related to agriculture and energy operations. The operating expenses related to the ag and energy operations were $1.9 million. Selling general and administrative expenses totaled $3.8 million for the quarter. The Valencia segment loss for the quarter was $4.1 million.

Moving on to San Francisco. The San Francisco segment is also consolidated for accounting purposes. Revenue for the San Francisco segment were $1 million and we're primarily related to management services and marketing fees recognized from prior period land sales. Selling, general and administrative expenses were $4.5 million for the quarter. As I discussed earlier, the termination of the retail joint venture at Candlestick resulted in a $64.9 million (ph) gain. The San Francisco segment's net income for the quarter was $61.1 million. The Great Park segment includes operations of the Great Park Venture, the owner of the Great Park Neighborhoods, as well as management services provided by the management company to the Great Park Venture. As a reminder, we own $37.5% of the non-legacy distributions from the Great Park Venture and 100% of the management company.

Our investment in the Great Park Venture is accounted for under the equity method of accounting, and therefore, the assets, liabilities and results of operations of the Great Park Venture are not included in our consolidated financial statements. For segment reporting, we include the full results of the Great Park Venture at the Venture's historical basis of accounting. The Great Park Venture is a self-funding operation with no debt. Great Park segment revenues were $169.6 million in the first quarter of which, $159.2 million was related to the Great Park Venture. The Great Park Venture closed 369 home sites on approximately 29.5 acres. Initial gross proceeds from the sale were $151.9 million, representing the base purchase price. In addition to the base purchase price, we recognized approximately $3.6 million in estimated variable consideration from marketing fees that we expect to be entitled to receive. The gross margin for these sales for the partnership was approximately 30.9%.

The Great Park Venture also recognized revenues of approximately $3.5 million in profit participation from homebuilders for the quarter. Net income for the Great Park segment totaled $40.3 million for the quarter of which, approximately -- I'm sorry, approximately $3.2 million was related to the management company for services it provides to the Great Park Venture. After adjusting for the basis difference, Five Point recognized $9.4 million in income, and an increase in its investment balance in the Great Park Venture during the quarter.

Our Commercial segment includes operations of the Gateway Commercial Venture and management services provided by the management company to the Gateway Commercial Venture. We own 75% of the Gateway Commercial Venture and 100% of the management company. The operations of the Gateway Commercial Venture are accounted for under the equity method of accounting, and therefore, the assets, liabilities and results of operations of the Gateway Commercial Venture are not included in our consolidated financial statements. For segment reporting, we include the full results of the Gateway Commercial Venture at the Venture's historical basis of accounting. Commercial segment revenues were $8.3 million for the quarter. Operating expenses, interest, depreciation and amortization totaled $9.1 million. Commercial segment loss for the quarter was $781,000, Five Point's share of the loss was $562,000.

I'll wrap it up with a few comments related to the balance sheet and our liquidity position. On January 1, we adopted the new lease accounting guidance, ASC 842. The adoption resulted in the recognition of operating lease right-of-use assets and operating lease liabilities attributed to mostly to our leased corporate office space in Irvine, San Francisco and Valencia. There was no impact to consolidated capital upon adoption.

Concurrently with the termination of the Macerich retail project, we received a $25 million contribution from an affiliate of Lumar (ph) in exchange for a $25 million units of a new redeemable class of ownership interest in the San Francisco Venture. These new Class C units will be redeemed with 50% of the proceeds we may receive from Mello-Roos Community Facilities District in San Francisco up to a maximum of $25 million. The holders of Class C units are not entitled to receive any other form of distribution and they are not entitled to any voting rights in the company. We report the Class C units as a redeemable non-controlling interest on our consolidated balance sheet.

Finally at March 31, 2019, total liquidity was approximately $497 million, which was comprised of cash and cash equivalents totaling $373 million and borrowing availability of $124 million under our $125 million unsecured revolving credit facility. Total capital was $1.9 billion, reflecting $2.9 billion in assets and $1 billion in liabilities and redeemable non-controlling interests. Our debt to capitalization ratio was 24% at the end of the quarter, down from 24.6% at 2018 year-end. We're well positioned to continue investing in our communities and have enough capital to implement our plan of being able to deliver our first home sites at Valencia later this year.

Let me turn it back to the operator, who will now open it up for questions.

Questions and Answers:

Operator

Thank you. (Operator Instructions) And we have our first question from Scott Schrier of Citi. Go ahead.

Scott Evan Schrier -- Citigroup -- Analyst

Good afternoon. So two months ago on your call, it was a different environment in housing, particularly in California. Yet you guys were optimistic. You saw really good activity in the Great Park. It seems we had a strong March in California housing with a lot of builders reporting a nice ramp up in their absorption pace. So I'm curious over the past few months, how things have changed from your perspective? Whether it was your conversation with some builders with respect to more interest that you're seeing, particularly as Valencia starts getting ready for land sales later in the year. So just want to get a sense of the demand environment.

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Yeah, Scott, this is Emile. You're right. I mean, the environment was a little bit different then the last time we talked and we were very optimistic, mainly because, I think we are in different markets. We have markets that have a high demand, very little supply, and I think the fundamentals themselves in our micro markets were unique. In terms of demand from the builders, we are seeing a very high level of interest in Valencia. We have not made any deals yet, but we are having discussions and we are getting closer to having offers being made. But there's a very high level of interest. In terms of the Great Park, the activity from the builders has -- have been really very -- they've been performing very well, sales have been going up month-over-month. And as we said in our comments, we're starting to see profit participation come from the builders in the first round of sales which is very encouraging. So I would say that, since we talked last time, the environment in our markets has only gotten better and the interest has gotten deeper.

Scott Evan Schrier -- Citigroup -- Analyst

Great. Thanks for that, Emile. And then you also spoke last time and in your press release about the weather in Los Angeles County and how it impacted things. But it seems like you're back on schedule. I'm curious if one; if there are any implications from some of this weather, whether it's from a cost or a development cost perspective. And you're still on schedule to produce some lots later this year. Any indication as to magnitude or how we should think about the amount that could potentially come online? Or that will be coming online later this year? Thanks.

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Sure. In terms of cost, the answer is, no, we have not seen any cost change. We have lot in our contracts and pricing for several, actually phases. So we are very comfortable with our cost. We are, as I said before, the team has really proven the expertise we have in managing these situations and we are still on schedule. In terms of the number of deliverable -- deliveries, we said that we are looking for something north of 500, and I'm comfortable that we are going to be able to deliver over 500 home sites by the fourth quarter in this year.

Scott Evan Schrier -- Citigroup -- Analyst

Great. Thanks a lot and good luck.

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Thank you.

Operator

(Operator instructions) We now have our next question from Paul Przybylski of Wells Fargo. Please go ahead, sir.

Paul Allen Przybylski -- Wells Fargo Securities -- Analyst

Thank you. Switching gears here a little bit to the Candlestick. It was nice to see that the plan has been submitted. I guess, typically how long does it take for the City to get back through you once something like this happens and how many iterations does that typically go through before you get a final approval?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

I'm sorry, could you repeat the question. Well, I couldn't hear the question.

Paul Allen Przybylski -- Wells Fargo Securities -- Analyst

Yes. On Candlestick, you've submitted your plan. How many times your iterations will that go through with the city before you receive a final approval I guess?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Well, I mean, there is a process we go through. This is not a brand new entitlements, we already have, our entitlements. So this is just submitting a master plan for what we're doing in the first phase. And as I said, we're very comfortable that we're going to get our approvals this year. And we will have an ability to give you more visibility as to the timing and the products and all that as we get into 2020.

Paul Allen Przybylski -- Wells Fargo Securities -- Analyst

Okay, thank you. And going back to new homes. Do you have an amount that you have invested so far for Mission Village and how much more you would expect to invest to get the (inaudible) finished?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

I don't have the number. Maybe Erik can look up a bracket of up how much money we've spent. But I can give you a feel for what's transpired so far. Our grading operation is completed, our mass grading is completed. We're putting now pipes in the ground and infrastructure and getting close to starting our street improvements. So the bulk of the cost in terms of grading has already spent and we are right now in the phase of infrastructure. But I will see if we can get you some numbers in terms of how many dollars we have spent so far.

Paul Allen Przybylski -- Wells Fargo Securities -- Analyst

I appreciate it. Thank you.

Emile K. Haddad -- Chairman, President and Chief Executive Officer

I think -- just so, to answer the question before. I think, we're probably somewhere between $350 million, $400 million have been spent already. I'm sorry. Go ahead operator.

Operator

Thank you. We do have another question from Thomas Maguire of Zelman & Associates. Please go ahead, sir.

Thomas Maguire -- Zelman and Associates -- Analyst

Hey, guys, good afternoon. Just on the Great Park, really a strong results here and great to see all the investment and work on the lifestyle side coming together. But just wanted to touch on the cash flow there for a second. Are there any thoughts on when we could see distributions to Five Point or updates on how we think about cash flow to the company there?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Yeah, we're still maintaining the same position in terms of distributions to Five Point by next year. You know, the legacy priority capital should be satisfied by the early part of next year and we should start seeing distributions in 2020 to Five Point.

Thomas Maguire -- Zelman and Associates -- Analyst

Got it, awesome. And then just on the new home site approvals at Great Park, can you talk a little bit more about those -- just maybe the density. If there are any plans to sell land before and any other details on just the incremental homes?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

No, I mean we -- the approval is for the 1,056 homes, we have the land to plot it on. And in our decision on densities and products will be driven by markets demand and those are in our -- as I said before, we still have 4,600 home sites to go. So those will be going into the bucket of the total number and we will decide what the segmentation of products will be based on, as I said, what the market is looking for.

Thomas Maguire -- Zelman and Associates -- Analyst

Great, thanks. Have a great, guys.

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Sure.

Operator

We have another question from the Nishu Sood of Deutsche Bank. Please go ahead.

Timothy Ian Daley -- Deutsche Bank -- Analyst

Hi, it's actually Tim Daley on for Nishu. So now that the contingent consideration liability for Candlestick is officially off the books with the conclusion of the Macerich agreement. Just curious as, was this I guess, the kind of conclusion of this agreement something that the -- the kind of new plan approvals was waiting for? Like did you need to I guess fully end this Macerich deal before the City would start looking at these approvals? Or you would submit them? Or just if you could help us understand a bit of the kind of back and forth with the planning there?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Sure. Well, the answer is, yes. We had to wait to come to a conclusion on the Macerich agreement because the area that we are actually going to be starting our first phase in Candlestick is actually the area where the outlet model was supposed to be. And we had to wait until we came to the conclusion, we came to in terms of the unwinding of the agreement before we can move forward. We started actually in anticipation of potentially unwinding that agreement. We started the planning of the new phase and that's why we were able to move very quickly and submit to the City and get a jump-start, but the answer is, yes. We couldn't do anything until we came to that conclusion with that.

Timothy Ian Daley -- Deutsche Bank -- Analyst

All right. Thanks for that, Emile. And then I guess the next question is for Erik. Can you help us understand a bit of the -- a bit more detail from the Class C interest in the San Francisco Venture. Maybe kind of when the timings of these payouts will occur and I guess kind of the general magnitude. Obviously, you mentioned the $25 million, but just the total -- I guess total revenue that could come from that -- I guess the assets that are generating this income there?

Erik R. Higgins -- Chief Financial Officer and Vice President

So the source of repayment of the redemption of the $25 million Class C units is the CFD proceeds. And so in order for that to happen, you need to have homes out in San Francisco. So as the homes are developed and bonds are sold then ultimately the property taxes from those new homes service the bonds. So as bond proceeds come in, 50% of the proceeds will go to redeem these Class C units until all of the units are redeemed. So 50% of $50 million of proceeds would be the $25 million necessary to redeem the Class C units. And so that'll happen well into the future after we have development and homes on site.

Timothy Ian Daley -- Deutsche Bank -- Analyst

All right, thanks for that. And then just one more is -- if you guys could just help us understand a bit more on the SG&A expense that should expect for the year? Was the $25 million or so that was-- that was put up this quarter. Is that a good run rate quarterly for the rest of the year? Or should we expect kind of any movement up or down in that number? And thanks again for the time.

Erik R. Higgins -- Chief Financial Officer and Vice President

No, that's a pretty good run rate.

Timothy Ian Daley -- Deutsche Bank -- Analyst

Great, thank you.

Operator

(Operator Instructions) We will now take our next question comes from the line of Mike Eisen of RBC Capital Markets. Please go ahead.

Michael Benjamin Eisen -- RBC Capital Markets -- Analyst

Good afternoon. Thank you guys for taking the questions. Just want to start off on the land sale in the Great Park. If I look at what the value was per acre on that land and compare to what you saw last year, there's some solid price appreciation higher than we were expecting. I just wanted to get a sense if you could, how that compares to what you're seeing in the surrounding market and really what's driving such strong value of the land there?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

So thanks, Mike. Yes, it is higher than we were talking about before, and we believe that with -- and what we're seeing today in the data is that, with all of the amenities being built and completed now, whether it's school, sports park, sports facilities, entertainment and what will be coming in terms of healthcare. People are starting to see the value and we're starting to see that translate into a premium and that's what I was talking about when I talked about the incremental value. And I think it's actually flowing through to the price per acre because builders are being able to see that premium in their sales numbers.

Michael Benjamin Eisen -- RBC Capital Markets -- Analyst

And do you have any sense of what land sales in the surrounding area are appreciating at? Is it comparable or you guys exceeding the market or growing in line with the market. How should we think about that?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Yeah, it's very difficult, because as you know in the Irvine market, there are only two developers, the Irvine Company and ourselves. And the Irvine Company is not selling land or not disclosing at least sales. They are doing a fee building and a lot of building themselves with their homebuilding arm. So I don't have that data point. I know that -- and that's one of the benefits we have and that our neighbor is very conscious about getting the right value per acre and that helps us a lot. But no, I don't have anything to compare. All I can tell you is that, we're seeing our home sales prices start to really achieve a higher rate than some areas around us.

Michael Benjamin Eisen -- RBC Capital Markets -- Analyst

Understand and I appreciate that. And if I could sneak in one more, just housekeeping on the San Francisco process that's going on. When I think of the new plans that are being approved, can you help us frame this in a an acreage basis or the magnitude of the plan that was submitted relative to the overall land that you guys will ultimately be developing?

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Yeah, I mean the first phase, I can try to see if -- while I'm describing the first phase, we can get to an acreage on that. I know Kofi is on the line. He might have that number in a second. But what we did with first phase, first phase that has the balance between housing, office and lifestyle retail, so we can actually start proving up the concept that we are envisioning for that area. So we have 1.600 homes 750,000 square feet of office and 300,000 square feet of lifestyle entertainment, mainly food and beverage. And we believe if somebody is looking for a office space in San Francisco with housing and lifestyle, this would be a good size opportunity for somebody to look at. And we keep on hearing from people who are interested in that. I am I don't have that acreage. If you want, I can have Bob follow up with you and give you that acreage once we get it. I don't want to quote a number, that's not accurate.

Michael Benjamin Eisen -- RBC Capital Markets -- Analyst

That'll be great and thanks for all the color.

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Sure.

Operator

Thank you. It appears there are no further questions at this time. Mr. Wetenhall, I would now like to turn the conference back to you for any additional or closing remarks. Please go ahead, sir.

Robert C. Wetenhall -- Executive Vice President of Capital Markets

Thanks to everybody. We look forward to chatting with everyone during the next conference call. Have a great afternoon.

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Thank you.

Operator

Ladies and gentlemen, the conference is not over. Thank you for your participation. You may now disconnect.

Duration: 42 minutes

Call participants:

Robert C. Wetenhall -- Executive Vice President of Capital Markets

Erik R. Higgins -- Chief Financial Officer and Vice President

Emile K. Haddad -- Chairman, President and Chief Executive Officer

Scott Evan Schrier -- Citigroup -- Analyst

Paul Allen Przybylski -- Wells Fargo Securities -- Analyst

Thomas Maguire -- Zelman and Associates -- Analyst

Timothy Ian Daley -- Deutsche Bank -- Analyst

Michael Benjamin Eisen -- RBC Capital Markets -- Analyst

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