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- **MPC Record Growth**: Q3 EBT $205M, full-year guidance raised to $450M, driven by $1.7M/acre land sales and $14.5M builder participation.
- **Strong Cash Flow**: Operating cash flow guidance up 7% to $440M, supported by $1.4B condo presales and reinvestment in high-margin developments.
- **Insurance Deal Progress**: Target platform clean and diversified; potential announcement by end-2025/Q1 2026, aligning with Berkshire Hathaway model.
- **Woodlands Luxury Trend**: Ritz-Carlton Residences presales at $350-400/sq.ft. increase, 75% sold; future projects in Summerlin and The Woodlands in pipeline.
- **2026 Caution**: No specific guidance, but focus on selling land at highest prices to meet homebuilder demand.

**CEO Section**
- **Record MPC Performance**: Q3 MPC EBT of $205 million, driven by 319 acres sold in Summerlin at $795k/acre (bulk sale at 75% margin, others at $1.7M/acre). Builder price participation reached $14.5 million. Full-year MPC guidance raised to $450M midpoint.
- **Operating Assets Growth**: NOI up 5% YoY to $68M, with office (7% growth), multifamily (2%), and retail (9%) all performing strongly. Stabilized office, multifamily, and retail portfolios leased at 89%, 96%, and 90%+ respectively.
- **Strategic Developments**: $1.4B in condo presales (Melia/Ilima 57% sold), 1 Riva Row luxury multifamily project completed post-quarter, and $1M sq.ft. medical district planned in Bridgeland.

**CFO Financial Commentary**
- **Cash Flow Strength**: Adjusted operating cash flow guidance raised to $440M ($7.86/share), up $30M. Full-year EBT guidance updated to $450M, with $1.4B condo pipeline and $360M 2025 revenue target (adjusted for timing). 
- **Balance Sheet Management**: $114M refinanced, reducing 2025 maturities to $76M. G&A guidance maintained at $76-86M, excluding $13M non-cash expenses.

**Q&A Highlights**
- **Superpad Strategy**: One-time bulk sale at lower gross but higher net margin; future superpads will be sold at higher prices. 
- **Insurance Acquisition**: Target platform is clean, diversified, and aligned with Berkshire Hathaway model. Potential announcement by end-2025/Q1 2026. 
- **Ward Village Pipeline**: Beyond Melia/Ilima, one more tower by right; potential upsizes could add $2-4M sq.ft. 
- **Woodlands Condo Pricing**: Ritz-Carlton Residences presales at $350-400/sq.ft. increase, with 75% sold. Future projects in Summerlin and The Woodlands under evaluation.
- **2026 Outlook**: Caution on extrapolating 2025 land sales; will sell only enough to meet homebuilder demand at highest prices.

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