Operator

Thank you for standing by, and welcome to Howard Hughes First Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Joe Valane, General Counsel. Please go ahead.

Joseph Valane
General Counsel

Good morning, and welcome to the Howard Hughes Holdings First Quarter 2026 Earnings Call. With me today are Bill Ackman, Executive Chairman; Ryan Israel, Chief Investment Officer; David O'Reilly, Chief Executive Officer; Carlos Olea, Chief Financial Officer. Jill Chapman, who leads Investor Relations at Pershing Square; and Marc Grandisson, who joined the Howard Hughes Board yesterday.

Before we begin, I would like to direct you to our website, www.howardhughes.com, where you can download both our first quarter earnings press release and our supplemental package. The earnings release and supplemental package include reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly comparable GAAP financial measures. Certain statements made today that are not in the present tense or that discuss the company's expectations are forward-looking statements within the meaning of the federal securities laws.

Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that these expectations will be achieved. Please see the forward-looking statement disclaimer in our first quarter earnings press release and the risk factors in our SEC filings for factors that could cause