45-4849780 | ||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||
incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange | ||||||
on which registered | ||||||||
Common Stock, without par value | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
Page | ||||
Items 1 & 2. | Business and Properties by Business Segments | |||
A. | Commercial Real Estate | |||
B. | Land Operations | |||
(1) | Landholdings | |||
(2) | Development-for-sale Projects | |||
(3) | Renewable Energy | |||
C. | Materials & Construction | |||
Employees and Labor Relations | ||||
Available Information | ||||
Item 1A. | Risk Factors | |||
Item 1B. | Unresolved Staff Comments | |||
Item 3. | Legal Proceedings | |||
Item 4. | Mine Safety Disclosures | |||
Page | ||||||||||||||
Item 1. | Business | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 1B. | Unresolved Staff Comments | |||||||||||||
Item 2. | Description of Properties by Segment | |||||||||||||
Item 3. | Legal Proceedings | |||||||||||||
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | ||||||||||
Item 6. | |||||||||||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | ||||||||||
Item 8. | Financial Statements and Supplementary Data | ||||||||||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | ||||||||||
Item 9A. | Controls and Procedures | ||||||||||
Item 9B. | Other Information | ||||||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions That Prevent Inspections | ||||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | ||||||||||
Directors | |||||||||||
Executive Officers | |||||||||||
Corporate Governance | |||||||||||
Code of Ethics | |||||||||||
Item 11. | Executive Compensation | ||||||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | ||||||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | ||||||||||
Item 14. | Principal Accounting Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules | ||||||||||
Financial Statements | |||||||||||
Financial Statement Schedules | |||||||||||
Exhibits Required by Item 601 of Regulation S-K | |||||||||||
Item 16. | Form 10-K Summary | ||||||||||
Signatures |
Current GLA (sq. ft.) | ||||||||
Hawai`i | Mainland | Total | ||||||
Retail | 1,814,800 | 186,400 | 2,001,200 | |||||
Industrial | 961,500 | 396,100 | 1,357,600 | |||||
Office | 190,900 | 464,100 | 655,000 | |||||
Total | 2,967,200 | 1,046,600 | 4,013,800 |
($ in thousands) | Cash NOI by Geography and Type1 | Cash NOI as a % of Total Cash NOI1 | |||||||||||||||
Hawai`i | Mainland | Total | Hawai`i | Mainland | Total | ||||||||||||
Retail | $ | 45,729 | $ | 2,255 | $ | 47,984 | 53.9% | 2.7% | 56.6% | ||||||||
Industrial | 12,032 | 4,455 | 16,487 | 14.2% | 5.2% | 19.4% | |||||||||||
Office | 4,368 | 4,142 | 8,510 | 5.1% | 4.9% | 10.0% | |||||||||||
Ground | 11,835 | — | 11,835 | 14.0% | —% | 14.0% | |||||||||||
Total | $ | 73,964 | $ | 10,852 | $ | 84,816 | 87.2% | 12.8% | 100.0% | ||||||||
1 Refer to page 45 for a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures. |
Property | Island | Year Built/ Renovated | Current GLA (sq. ft.) | Occupancy | ABR ($ in 000s) | ABR PSF | |||||||
Retail: | |||||||||||||
1 | Pearl Highlands Center | * | Oahu | 1992-1994 | 411,300 | 90.2% | $ | 8,769 | $ | 23.98 | |||
2 | Kailua Retail | * | Oahu | 1947-2014 | 319,000 | 97.7% | 9,875 | 32.24 | |||||
3 | Waianae Mall | * | Oahu | 1975 | 170,300 | 85.5% | 2,869 | 19.70 | |||||
4 | Manoa Marketplace | Oahu | 1977 | 140,200 | 94.9% | 4,607 | 34.84 | ||||||
5 | Kaneohe Bay Shopping Center (Leasehold) | * | Oahu | 1971 | 125,400 | 100.0% | 2,953 | 23.55 | |||||
6 | Waipio Shopping Center | * | Oahu | 1986, 2004 | 113,800 | 98.3% | 3,207 | 28.66 | |||||
7 | Aikahi Park Shopping Center | * | Oahu | 1971 | 98,000 | 78.8% | 1,305 | 16.90 | |||||
8 | The Shops at Kukui'ula | * | Kauai | 2009 | 89,100 | 96.9% | 4,247 | 51.32 | |||||
9 | Lanihau Marketplace | * | Hawai`i Island | 1987 | 88,300 | 100.0% | 1,887 | 21.37 | |||||
10 | Kunia Shopping Center | * | Oahu | 2004 | 60,600 | 94.1% | 2,059 | 39.33 | |||||
11 | Kahului Shopping Center | * | Maui | 1951 | 49,900 | 96.6% | 458 | 10.39 | |||||
12 | Napili Plaza | * | Maui | 1991 | 45,600 | 88.4% | 1,173 | 29.75 | |||||
13 | Lahaina Square | * | Maui | 1973 | 44,800 | 82.6% | 662 | 17.90 | |||||
14 | Gateway at Mililani Mauka | * | Oahu | 2008, 2013 | 34,900 | 97.7% | 1,675 | 52.39 | |||||
15 | Port Allen Marina Center | * | Kauai | 2002 | 23,600 | 92.0% | 534 | 24.64 | |||||
Subtotal – Retail | 1,814,800 | 93.1% | $ | 46,280 | $ | 27.85 | |||||||
Industrial: | |||||||||||||
16 | Komohana Industrial Park | * | Oahu | 1990 | 238,300 | 100.0% | $ | 2,833 | $ | 11.89 | |||
17 | Kaka'ako Commerce Center | * | Oahu | 1969 | 197,400 | 85.2% | 2,444 | 14.53 | |||||
18 | Waipio Industrial | * | Oahu | 1988-1989 | 158,400 | 99.5% | 2,441 | 15.49 | |||||
19 | P&L Warehouse | * | Maui | 1970 | 104,100 | 94.0% | 1,340 | 13.69 | |||||
20 | Honokohau Industrial | Hawai`i Island | 2004-2006, 2008 | 77,300 | 93.2% | 992 | 13.77 | ||||||
21 | Kailua Industrial/Other | * | Oahu | 1951-1974 | 68,800 | 96.3% | 952 | 14.80 | |||||
22 | Port Allen | * | Kauai | 1983, 1993 | 63,800 | 100.0% | 674 | 10.56 | |||||
23 | Harbor Industrial | * | Maui | 1930 | 53,400 | 94.1% | 156 | 11.92 | |||||
Subtotal – Industrial | 961,500 | 95.1% | $ | 11,832 | $ | 13.52 | |||||||
Office: | |||||||||||||
24 | Kahului Office Building | * | Maui | 1974 | 59,400 | 86.8% | $ | 1,429 | $ | 29.06 | |||
25 | Gateway at Mililani Mauka South | Oahu | 1992, 2006 | 37,100 | 100.0% | 1,605 | 43.21 | ||||||
26 | Kahului Office Center | * | Maui | 1991 | 33,400 | 81.6% | 709 | 25.99 | |||||
27 | Stangenwald Building | * | Oahu | 1901, 1980 | 27,100 | 87.7% | 446 | 19.24 | |||||
28 | Judd Building | * | Oahu | 1898, 1979 | 20,200 | 86.4% | 323 | 18.49 | |||||
29 | Lono Center | * | Maui | 1973 | 13,700 | 94.8% | 313 | 24.17 | |||||
Subtotal – Office | 190,900 | 89.1% | $ | 4,825 | $ | 28.86 | |||||||
Total – Hawai`i Portfolio | 2,967,200 | 93.5% | $ | 62,937 | $ | 23.27 | |||||||
* Included in Same-Store portfolio. |
Ground Leases (a) | Location (City, Island) | Acres | Property Type | Exp. Year | Next Rent Step | Step Type | ABR ($ in 000s) | |||
#1 | * | Kaneohe, Oahu | 15.4 | Grocery-Anchored Retail | 2035 | 2023 | FMV Reset | $ | 2,800 | |
#2 | * | Honolulu, Oahu | 2.8 | Grocery-Anchored Retail | 2040 | 2020 | FMV Reset | 1,344 | ||
#3 | * | Wailuku, Maui | 5.3 | Medical Office | 2021 | 819 | ||||
#4 | * | Kailua, Oahu | 3.4 | Grocery-Anchored Retail | 2062 | 2022 | Fixed Step | 753 | ||
#5 | * | Puunene, Maui | 52.0 | Heavy Industrial | 2034 | 2019 | Fixed Step | 751 | ||
#6 | * | Kaneohe, Oahu | 3.7 | Retail | 2020 | Option | FMV Reset | 694 | ||
#7 | * | Kailua, Oahu | 1.6 | Retail | Month-to-Month | 565 | ||||
#8 | * | Kailua, Oahu | 2.2 | Retail | 2062 | 2022 | Fixed Step | 485 | ||
#9 | * | Honolulu, Oahu | 0.5 | Parking | 2018 | 270 | ||||
#10 | * | Honolulu, Oahu | 0.5 | Retail | 2028 | 2018 | Fixed Step | 252 | ||
#11 | * | Kailua, Oahu | 1.2 | Retail | 2022 | 237 | ||||
#12 | * | Kahului, Maui | 0.8 | Retail | 2026 | 2018 | Fixed Step | 228 | ||
#13 | * | Kahului, Maui | 0.4 | Office | 2020 | 2018 | Fixed Step | 201 | ||
#14 | * | Kailua, Oahu | 3.3 | Office | 2037 | 2022 | FMV Reset | 200 | ||
#15 | * | Kahului, Maui | 0.8 | Industrial | 2020 | 2018 | Fixed Step | 183 | ||
#16 | * | Kailua, Oahu | 0.9 | Retail | 2033 | 2019 | FMV Reset | 181 | ||
#17 | * | Kahului, Maui | 0.5 | Retail | 2029 | 2018 | Fixed Step | 163 | ||
#18 | * | Kahului, Maui | 0.4 | Retail | 2027 | 2022 | Fixed Step | 158 | ||
#19 | * | Kailua, Oahu | 0.4 | Retail | 2022 | 2018 | Fixed Step | 130 | ||
#20 | * | Kailua, Oahu | 1.7 | Retail | 2019 | 130 | ||||
Remainder | * | Various | 19.0 | Various | Various | Various | Various | 1,441 | ||
Total - Hawai`i Ground Leases | 116.8 | $ | 11,985 | |||||||
(a) Excludes intersegment ground leases, primarily from our Materials & Construction segment, which are eliminated in our consolidated results of operations. | ||||||||||
* Included in Same-Store portfolio. |
Property | City/State | Year Built/ Renovated | Current GLA (sq. ft.) | Occupancy | ABR ($ in 000s) | ABR PSF | |||||||
Retail: | |||||||||||||
1 | Little Cottonwood Center | * | Sandy, UT | 1998, 2008 | 141,500 | 95.9% | $ | 1,591 | $ | 11.73 | |||
2 | Royal MacArthur Center | * | Dallas, TX | 2006 | 44,900 | 100.0% | 1,109 | 25.61 | |||||
Subtotal – Retail | 186,400 | 96.9% | $ | 2,700 | $ | 15.09 | |||||||
Industrial: | |||||||||||||
3 | Sparks Business Center | * | Sparks, NV | 1996-1998 | 396,100 | 100.0% | 2,320 | 6.00 | |||||
Subtotal – Industrial | 396,100 | 100.0% | $ | 2,320 | $ | 6.00 | |||||||
Office: | |||||||||||||
4 | 1800 and 1820 Preston Park | * | Plano, TX | 1997-1998 | 198,800 | 88.0% | $ | 3,483 | $ | 20.20 | |||
5 | Concorde Commerce Center (a) | * | Phoenix, AZ | 1998 | 138,700 | 91.1% | 2,641 | 20.96 | |||||
6 | Deer Valley Financial Center (b) | * | Phoenix, AZ | 2001 | 126,600 | 84.6% | 1,434 | 18.75 | |||||
Subtotal – Office | 464,100 | 88.0% | 7,558 | 20.16 | |||||||||
Total - Mainland Portfolio | 1,046,600 | 94.1% | $ | 12,578 | $ | 13.38 | |||||||
(a) This property was subsequently sold in January 2018 for $9.5 million. | |||||||||||||
(b) This property was subsequently sold in February 2018 for $15.0 million. | |||||||||||||
* Included in Same-Store portfolio |
Tenant (a) | ABR ($ in 000s) | % of Total Portfolio ABR | GLA (sq. ft.) | % of Total Portfolio GLA | ||||||
Sam's Club | $ | 3,308 | 4.4% | 180,908 | 4.5% | |||||
CVS Corporation (including Longs Drugs) | 2,623 | 3.5% | 150,411 | 3.7% | ||||||
United Healthcare Services | 2,270 | 3.0% | 108,100 | 2.7% | ||||||
Foodland Supermarket & related companies | 1,858 | 2.5% | 112,929 | 2.8% | ||||||
24 Hour Fitness USA | 1,375 | 1.8% | 45,870 | 1.1% | ||||||
Albertsons Companies (including Safeway) | 1,316 | 1.7% | 168,621 | 4.2% | ||||||
Whole Foods Market | 1,210 | 1.6% | 31,647 | 0.8% | ||||||
Office Depot | 1,138 | 1.5% | 75,824 | 1.9% | ||||||
Ross Dress for Less | 890 | 1.2% | 35,308 | 0.9% | ||||||
Liberty Dialysis Hawai`i | 842 | 1.1% | 23,271 | 0.6% | ||||||
Total | $ | 16,830 | 22.3% | 932,889 | 23.2% | |||||
(a) Excludes intersegment ground leases, primarily from our Materials & Construction segment, which are eliminated in our consolidated results of operations. |
Expiration Year | Number of Leases | Square Footage of Expiring Leases | % of Total Portfolio Leased GLA | ABR Expiring ($ in 000s) | % of Total Portfolio Expiring ABR | |||||||
2018 | 154 | 530,808 | 14.1% | $ | 9,523 | 11.6% | ||||||
2019 | 152 | 634,441 | 16.9% | 12,279 | 14.9% | |||||||
2020 | 143 | 493,356 | 13.2% | 11,297 | 13.7% | |||||||
2021 | 101 | 477,561 | 12.7% | 11,196 | 13.6% | |||||||
2022 | 102 | 333,549 | 8.9% | 9,498 | 11.6% | |||||||
2023 | 44 | 225,549 | 6.0% | 4,796 | 5.8% | |||||||
2024 | 16 | 180,876 | 4.8% | 4,617 | 5.6% | |||||||
2025 | 20 | 58,050 | 1.5% | 2,263 | 2.8% | |||||||
2026 | 13 | 43,546 | 1.2% | 1,918 | 2.3% | |||||||
2027 | 13 | 135,756 | 3.6% | 3,370 | 4.1% | |||||||
Thereafter | 19 | 273,323 | 7.2% | 5,574 | 6.9% | |||||||
Month-to-month | 131 | 371,021 | 9.9% | 5,847 | 7.1% | |||||||
Total | 908 | 3,757,836 | 100.0% | $ | 82,178 | 100.0% | ||||||
Type | Segment | Maui | Kauai | Oahu | Molokai | Hawai`i Island | Total Hawai`i Acres | Mainland | Total Acres | ||||||||
Land under commercial properties/ urban ground leases | CRE | 96 | 19 | 184 | — | 15 | 314 | 81 | 395 | ||||||||
Land in active development | |||||||||||||||||
Development for sale | Land Operations | 106 | — | 4 | — | — | 110 | — | 110 | ||||||||
Development for hold | CRE | 9 | — | — | — | — | 9 | — | 9 | ||||||||
Other | Land Operations | 81 | — | — | — | — | 81 | — | 81 | ||||||||
Subtotal - Land in active development | 196 | — | 4 | — | — | 200 | — | 200 | |||||||||
Land used in other operations | Land Operations | 22 | 20 | — | — | — | 42 | — | 42 | ||||||||
Urban land, not in active development/use | |||||||||||||||||
Developable, with full or partial infrastructure | Land Operations | 149 | 7 | — | — | — | 156 | — | 156 | ||||||||
Developable, with limited or no infrastructure | Land Operations | 186 | 28 | — | — | — | 214 | — | 214 | ||||||||
Other | Land Operations | 13 | 7 | — | — | — | 20 | — | 20 | ||||||||
Subtotal - Urban land, not in active development | 348 | 42 | — | — | — | 390 | — | 390 | |||||||||
Agriculture-related | |||||||||||||||||
Agriculture | Land Operations | 47,769 | 6,358 | 75 | — | — | 54,202 | — | 54,202 | ||||||||
In urban entitlement process | Land Operations | 357 | 260 | — | — | — | 617 | — | 617 | ||||||||
Conservation & preservation | Land Operations | 15,845 | 13,309 | 509 | — | — | 29,663 | — | 29,663 | ||||||||
Subtotal - Agriculture-related | 63,971 | 19,927 | 584 | — | — | 84,482 | — | 84,482 | |||||||||
Materials & Construction | M&C | 1 | — | 541 | 264 | — | 806 | — | 806 | ||||||||
Total Landholdings | 64,634 | 20,008 | 1,313 | 264 | 15 | 86,234 | 81 | 86,315 |
Joint Venture Projects | Original Acres | Acres at December 31, 2017 | ||||
Kukui'ula (Kauai, HI) | 1,010 | 895 | ||||
California joint ventures | 75 | 75 | ||||
Ka Milo (Big Island, HI) | 31 | 8 | ||||
Keala o Wailea (Maui, HI) | 7 | 7 | ||||
The Collection (Oahu, HI) | 3 | — | ||||
Total | 1,126 | 985 |
($ in millions) | |||||||||||||||
Project | Location | Product Type | Est. Economic Interest | Planned Units or Saleable Acres | Units/ Acres Closed | Target Sales Price Range (PSF) | Est. Total Project Cost | A&B Projected Capital Commitment (JVs Only) | A&B Gross Investment (Life to Date) | ||||||
(a) | (b) | (c) | (d) | ||||||||||||
Kahala Avenue Portfolio | Honolulu, Oahu | Residential | 100% | 17 acres | 13.3 acres | $150-$385 | $ | 135 | N/A | $ | 134 | ||||
The Collection | Honolulu, Oahu | Primary residential | 90% +/-5% | 465 units | 460 units | $785 | $ | 285 | $ | 54 | $ | 54 | |||
Keala o Wailea (MF-11) | Wailea, Maui | Resort residential | 65% +/-5% | 70 units | 1 unit | $600-$1,000 | $ | 67 | $ | 9 | $ | 9 | |||
Kamalani (Increment 1) | Kihei, Maui | Primary residential | 100% | 170 units | 35 units | $400 | $ | 64 | N/A | $ | 39 | ||||
Ka Milo at Mauna Lani | Kona, Hawai`i Island | Resort residential | 50% | 137 units | 99 units | $530-$800 | $ | 131 | $ | 17 | $ | 17 | |||
The Ridge at Wailea (MF-19) | Wailea, Maui | Resort residential | 100% | 5 acres | 1 acre | $60-$100 | $ | 10 | N/A | $ | 9 | ||||
Maui Business Park (Phase II) | Kahului, Maui | Light industrial lots | 100% | 125 acres | 34 acres | $38-$60 | $ | 77 | N/A | $ | 59 | ||||
Kukui'ula (e) | Poipu, Kauai | Resort residential | 85% +/- 5% | 640 acres | 115 acres | $40-$110 | $ | 854 | $ | 318 | $ | 313 | |||
(a) Estimated economic interest represents the Company's estimated share of distributions after return of capital contributions based on current forecasts of sales activity. Actual results could differ materially from projected results due to the timing of expected sales, increases or decreases in estimated sales prices or costs and other factors. As a result, estimated economic interests are subject to change. Further, as it relates to certain of our joint venture projects, information disclosed herein is obtained from our joint venture partners, who maintain the books and records of the related ventures. | |||||||||||||||
(b) Includes land cost at book value, including capitalized interest, but excluding sales commissions and closing costs. | |||||||||||||||
(c) Includes land cost at contribution value and total expected A&B capital to be contributed. The estimate includes due diligence costs and capitalized interest, but excludes capital projected to be contributed by equity partners, third-party debt, and amounts expected to be funded from project cash flows and/or buyer deposits. | |||||||||||||||
(d) The book value of active development projects includes land stated at its acquisition value. In the case of development projects on A&B's historical landholdings, such as Kamalani and Maui Business Park, the value of land would be approximately $150 per acre. | |||||||||||||||
(e) In addition to the main Kukui'ula project included herein, with a book value of $303 million, the Company has investments in three other Kukui'ula-related joint ventures with a combined book value of $26 million. |
Dividends Paid Per Share | Market Price | ||||||||||||||
High | Low | Close | |||||||||||||
2016 | |||||||||||||||
First Quarter | $ | 0.06 | $ | 37.83 | $ | 28.82 | $ | 36.68 | |||||||
Second Quarter | $ | 0.06 | $ | 39.36 | $ | 32.94 | $ | 36.14 | |||||||
Third Quarter | $ | 0.06 | $ | 42.80 | $ | 35.12 | $ | 38.42 | |||||||
Fourth Quarter | $ | 0.07 | $ | 46.43 | $ | 36.98 | $ | 44.87 | |||||||
2017 | |||||||||||||||
First Quarter | $ | 0.07 | $ | 46.27 | $ | 40.78 | $ | 44.52 | |||||||
Second Quarter | $ | 0.07 | $ | 46.87 | $ | 39.53 | $ | 41.38 | |||||||
Third Quarter | $ | 0.07 | $ | 46.67 | $ | 40.58 | $ | 46.33 | |||||||
Fourth Quarter | $ | 15.92 | $ | 46.96 | $ | 27.50 | $ | 27.74 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
(a) 1 | (b) 1 | (c) 2 | |
Equity compensation plans approved by security holders | 630,500 | $12.58 | 1,064,838 |
Total | 630,500 | $12.58 | 1,064,838 |
Issuer Purchases of Equity Securities | ||||
Period | Total Number of Shares Purchased1 | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |
October 1-31, 2017 | 1,672 | $45.24 | — | — |
November 1-30, 2017 | — | $— | — | — |
December 1-31, 2017 | 256,928 | $28.72 | — | — |
Year Ended December 31, | |||||||||||||||||||
(In millions, except per share amounts) | 2017 | 2016 | 2015 | 2014 | 20131 | ||||||||||||||
Consolidated statements of operations data2: | |||||||||||||||||||
Operating Revenue: | |||||||||||||||||||
Commercial Real Estate | $ | 136.9 | $ | 134.7 | $ | 133.6 | $ | 125.3 | $ | 78.5 | |||||||||
Land Operations | 84.5 | 61.9 | 120.2 | 96.7 | 104.7 | ||||||||||||||
Materials & Construction | 204.1 | 190.9 | 219.0 | 234.3 | 54.9 | ||||||||||||||
Total Operating Revenue | 425.5 | 387.5 | 472.8 | 456.3 | 238.1 | ||||||||||||||
Operating Costs and Expenses: | |||||||||||||||||||
Cost of Commercial Real Estate | 75.5 | 79.0 | 80.4 | 78.0 | 46.6 | ||||||||||||||
Cost of Land Operations | 60.4 | 35.0 | 71.1 | 57.4 | 69.4 | ||||||||||||||
Cost of Materials & Construction | 166.1 | 154.5 | 175.7 | 191.3 | 47.6 | ||||||||||||||
Selling, general and administrative | 66.4 | 52.0 | 51.6 | 52.9 | 41.2 | ||||||||||||||
REIT evaluation/conversion costs3 | 15.2 | 9.5 | — | — | — | ||||||||||||||
Impairment of real estate assets4 | 22.4 | 11.7 | — | — | — | ||||||||||||||
Acquisition/ separation costs5 | — | — | — | — | 4.6 | ||||||||||||||
Total operating costs and expenses | 406.0 | 341.7 | 378.8 | 379.6 | 209.4 | ||||||||||||||
Operating Income | 19.5 | 45.8 | 94.0 | 76.7 | 28.7 | ||||||||||||||
Income related to joint ventures6 | 7.2 | 19.2 | 36.8 | 1.8 | (2.3 | ) | |||||||||||||
Reductions in solar investments, net7 | (2.6 | ) | (9.8 | ) | (2.6 | ) | (14.7 | ) | — | ||||||||||
Interest and other income, net | 2.1 | (1.7 | ) | (2.5 | ) | 6.1 | 2.7 | ||||||||||||
Interest expense, net | (25.6 | ) | (26.3 | ) | (26.8 | ) | (29.0 | ) | (19.1 | ) | |||||||||
Gain on insurance proceeds | — | — | — | — | 2.4 | ||||||||||||||
Income from continuing operations before income taxes and net gain (loss) on sale of improved properties | 0.6 | 27.2 | 98.9 | 40.9 | 12.4 | ||||||||||||||
Income tax benefit (expense)7 | 218.2 | 0.5 | (37.0 | ) | (4.1 | ) | (7.0 | ) | |||||||||||
Income from continuing operations before net gain (loss) on sale of improved properties | 218.8 | 27.7 | 61.9 | 36.8 | 5.4 | ||||||||||||||
Net gain (loss) on sale of improved properties, net of income taxes8 | 9.3 | 5.0 | (1.1 | ) | — | — | |||||||||||||
Income from continuing operations | 228.1 | 32.7 | 60.8 | 36.8 | 5.4 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | 2.4 | (41.1 | ) | (29.7 | ) | 27.7 | 29.4 | ||||||||||||
Net income (loss) | 230.5 | (8.4 | ) | 31.1 | 64.5 | 34.8 | |||||||||||||
Income attributable to noncontrolling interest | (2.2 | ) | (1.8 | ) | (1.5 | ) | (3.1 | ) | (0.5 | ) | |||||||||
Net income (loss) attributable to A&B | $ | 228.3 | $ | (10.2 | ) | $ | 29.6 | $ | 61.4 | $ | 34.3 | ||||||||
Capital expenditures9,10,11 | $ | 42.5 | $ | 119.6 | $ | 44.7 | $ | 75.1 | $ | 505.3 | |||||||||
Depreciation and amortization11 | $ | 41.4 | $ | 119.5 | $ | 55.7 | $ | 55.0 | $ | 41.7 | |||||||||
Earnings (loss) available to A&B shareholders per share: | |||||||||||||||||||
Basic: | |||||||||||||||||||
Continuing operations available to A&B Shareholders | $ | 4.63 | $ | 0.66 | $ | 1.15 | $ | 0.69 | $ | 0.11 | |||||||||
Discontinued operations available to A&B Shareholders | 0.05 | (0.84 | ) | (0.61 | ) | 0.57 | 0.66 | ||||||||||||
Basic earnings per share available to A&B Shareholders | $ | 4.68 | $ | (0.18 | ) | $ | 0.54 | $ | 1.26 | $ | 0.77 | ||||||||
Diluted: | |||||||||||||||||||
Continuing operations available to A&B Shareholders | $ | 4.30 | $ | 0.65 | $ | 1.14 | $ | 0.68 | $ | 0.11 |
Discontinued operations available to A&B Shareholders | 0.04 | (0.83 | ) | (0.60 | ) | 0.57 | 0.65 | ||||||||||||
Diluted earnings per share available to A&B Shareholders | $ | 4.34 | $ | (0.18 | ) | $ | 0.54 | $ | 1.25 | $ | 0.76 | ||||||||
Cash dividends declared per common share | $ | 4.48 | $ | 0.25 | $ | 0.21 | $ | 0.17 | $ | 0.04 | |||||||||
As of December 31, | |||||||||||||||||||
(In millions) | 2017 | 2016 | 2015 | 2014 | 20131 | ||||||||||||||
Consolidated balance sheet data: | |||||||||||||||||||
Investment in real estate and joint ventures | $ | 1,557.5 | $ | 1,573.9 | $ | 1,564.6 | $ | 1,639.9 | $ | 1,606.8 | |||||||||
Total assets12 | $ | 2,231.2 | $ | 2,156.3 | $ | 2,242.3 | $ | 2,321.1 | $ | 2,274.7 | |||||||||
Total liabilities12 | $ | 1,572.1 | $ | 932.3 | $ | 1,003.6 | $ | 1,107.3 | $ | 1,108.2 | |||||||||
Redeemable noncontrolling interest | $ | 8.0 | $ | 10.8 | $ | 11.6 | $ | — | $ | — | |||||||||
Total equity (includes noncontrolling interest) | $ | 651.1 | $ | 1,213.2 | $ | 1,227.1 | $ | 1,213.8 | $ | 1,166.5 | |||||||||
Long-term debt – non-current12 | $ | 585.2 | $ | 472.7 | $ | 496.6 | $ | 632.0 | $ | 606.6 |
(dollars in millions, except per share amounts) | 2017 | Change | 2016 | Change | 2015 | ||||||||||
Operating revenue | $ | 425.5 | 9.8% | $ | 387.5 | (18.0)% | $ | 472.8 | |||||||
Operating costs and expenses | 406.0 | 18.8% | 341.7 | (9.8)% | 378.8 | ||||||||||
Operating income | 19.5 | (57.4)% | 45.8 | (51.3)% | 94.0 | ||||||||||
Other income (expense), net | (18.9 | ) | (1.6)% | (18.6 | ) | NM | 4.9 | ||||||||
Income tax benefit (expense) | 218.2 | 436X | 0.5 | NM | (37.0 | ) | |||||||||
Net gain (loss) on the sale of improved property, net of income taxes | 9.3 | 86.0% | 5.0 | NM | (1.1 | ) | |||||||||
Income from continuing operations | 228.1 | 7X | 32.7 | (46.2)% | 60.8 | ||||||||||
Discontinued operations (net of income taxes) | 2.4 | NM | (41.1 | ) | (38.4)% | (29.7 | ) | ||||||||
Net income (loss) | 230.5 | NM | (8.4 | ) | NM | 31.1 | |||||||||
Income attributable to noncontrolling interest | (2.2 | ) | (22.2)% | (1.8 | ) | (20.0)% | (1.5 | ) | |||||||
Net income (loss) attributable to A&B | $ | 228.3 | NM | $ | (10.2 | ) | NM | $ | 29.6 | ||||||
Basic earnings (loss) per share - continuing operations | $ | 4.63 | 7X | $ | 0.66 | (42.8)% | $ | 1.15 | |||||||
Basic earnings (loss) per share - discontinued operations | 0.05 | NM | (0.84 | ) | (37.7)% | (0.61 | ) | ||||||||
Net income (loss) available to A&B shareholders | $ | 4.68 | NM | $ | (0.18 | ) | NM | $ | 0.54 | ||||||
Diluted earnings (loss) per share - continuing operations | $ | 4.30 | 7X | $ | 0.65 | (43.0)% | $ | 1.14 | |||||||
Diluted earnings (loss) per share - discontinued operations | 0.04 | NM | (0.83 | ) | (38.3)% | (0.60 | ) | ||||||||
Net income (loss) available to A&B shareholders | $ | 4.34 | NM | $ | (0.18 | ) | NM | $ | 0.54 |
Current GLA (SF) | ||||||||
Retail | 2,500,000 | |||||||
Industrial | 1,246,300 | |||||||
Office | 143,300 | |||||||
Total | 3,889,600 |
(dollars in millions) | 2017 | 2016 | Change | ||||||
Commercial Real Estate operating revenue | $ | 136.9 | $ | 134.7 | 1.6% | ||||
Commercial Real Estate operating costs and expenses | (75.5 | ) | (79.0 | ) | 4.4% | ||||
Selling, general and administrative | (6.8 | ) | (2.5 | ) | (172.0)% | ||||
Intersegment operating revenue, net1 | 2.5 | 2.0 | 25.0% | ||||||
Impairment of real estate assets | (22.4 | ) | — | NM | |||||
Other income/(expense), net | (0.3 | ) | (0.4 | ) | 25.0% | ||||
Commercial Real Estate operating profit | $ | 34.4 | $ | 54.8 | (37.2)% | ||||
Operating profit margin | 25.1% | 40.7% | |||||||
Cash Net Operating Income ("Cash NOI")2 | |||||||||
Hawai`i | $ | 74.0 | $ | 69.8 | 6.0% | ||||
Mainland | 10.9 | 13.2 | (17.6)% | ||||||
Total | $ | 84.8 | $ | 83.0 | 2.2% | ||||
Same-Store Cash Net Operating Income ("Same-Store Cash NOI")2 | |||||||||
Hawai`i | $ | 67.4 | $ | 64.4 | 4.5% | ||||
Mainland | 8.3 | 7.7 | 6.8% | ||||||
Total | $ | 75.6 | $ | 72.2 | 4.8% | ||||
Gross Leasable Area ("GLA") (million sq. ft.) - Improved (at year end) | |||||||||
Hawai`i | 3.0 | 2.9 | |||||||
Mainland | 1.0 | 1.8 | |||||||
Total improved | 4.0 | 4.7 | |||||||
Hawai`i ground leases (acres at year end) | 117 | 106 |
Property | Island | Year Built/ Renovated | Current GLA (SF) | Leased/Economic Occupancy | ABR | ABR PSF | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||
1 | Pearl Highlands Center | Oahu | 1992-1994 | 411,400 | 99.8% | 95.3% | $ | 10,528 | $ | 26.86 | |||||||||||||||||||
2 | Kailua Retail | Oahu | 1947-2014 | 326,200 | 96.1% | 94.6% | 11,056 | 36.10 | |||||||||||||||||||||
3 | Laulani Village | Oahu | 2012 | 175,800 | 96.6% | 96.6% | 6,542 | 38.56 | |||||||||||||||||||||
4 | Waianae Mall | Oahu | 1975 | 170,800 | 94.6% | 82.9% | 3,317 | 23.65 | |||||||||||||||||||||
5 | Manoa Marketplace | Oahu | 1977 | 142,900 | 90.6% | 87.2% | 4,240 | 34.23 | |||||||||||||||||||||
6 | Queens' MarketPlace | Hawai‘i Island | 2007 | 134,000 | 85.4% | 83.5% | 3,517 | 39.08 | |||||||||||||||||||||
7 | Kaneohe Bay Shopping Center (Leasehold) | Oahu | 1971 | 125,400 | 98.6% | 96.6% | 3,125 | 25.80 | |||||||||||||||||||||
8 | Hokulei Village | Kauai | 2015 | 119,200 | 99.2% | 99.2% | 4,301 | 36.39 | |||||||||||||||||||||
9 | Pu‘unene Shopping Center | Maui | 2017 | 118,000 | 70.9% | 68.1% | 3,885 | 48.35 | |||||||||||||||||||||
10 | Waipio Shopping Center | Oahu | 1986, 2004 | 113,800 | 100.0% | 99.3% | 3,426 | 30.31 | |||||||||||||||||||||
11 | Aikahi Park Shopping Center | Oahu | 1971 | 97,500 | 92.4% | 91.7% | 3,011 | 33.63 | |||||||||||||||||||||
12 | Lanihau Marketplace | Hawai‘i Island | 1987 | 88,300 | 97.1% | 93.8% | 1,587 | 19.16 | |||||||||||||||||||||
13 | The Shops at Kukui‘ula | Kauai | 2009 | 85,900 | 89.5% | 80.7% | 2,608 | 45.48 | |||||||||||||||||||||
14 | Ho‘okele Shopping Center | (1) | Maui | 2019 | 71,400 | 96.1% | 88.0% | 2,503 | 39.84 | ||||||||||||||||||||
15 | Kunia Shopping Center | Oahu | 2004 | 60,600 | 98.3% | 93.9% | 2,017 | 39.88 | |||||||||||||||||||||
16 | Waipouli Town Center | Kauai | 1980 | 56,600 | 35.0% | 35.0% | 430 | 21.73 | |||||||||||||||||||||
17 | Lau Hala Shops | Oahu | 2018 | 46,300 | 100.0% | 100.0% | 2,400 | 51.87 | |||||||||||||||||||||
18 | Kahului Shopping Center | Maui | 1951 | 45,900 | 93.7% | 93.7% | 725 | 16.85 | |||||||||||||||||||||
19 | Napili Plaza | Maui | 1991 | 45,600 | 87.1% | 83.9% | 1,148 | 31.00 | |||||||||||||||||||||
20 | Gateway at Mililani Mauka | Oahu | 2008, 2013 | 34,900 | 95.4% | 87.7% | 1,802 | 58.93 | |||||||||||||||||||||
21 | Port Allen Marina Center | Kauai | 2002 | 23,600 | 96.0% | 96.0% | 645 | 28.52 | |||||||||||||||||||||
22 | The Collection | Oahu | 2017 | 5,900 | 72.9% | 72.9% | 249 | 57.91 | |||||||||||||||||||||
Subtotal – Retail | 2,500,000 | 93.1% | 89.9% | $ | 73,062 | $ | 33.19 | ||||||||||||||||||||||
Industrial: | |||||||||||||||||||||||||||||
23 | Komohana Industrial Park | Oahu | 1990 | 238,300 | 100.0% | 100.0% | $ | 3,392 | $ | 14.24 | |||||||||||||||||||
24 | Kaka‘ako Commerce Center | Oahu | 1969 | 201,900 | 93.3% | 93.3% | 2,758 | 14.64 | |||||||||||||||||||||
25 | Waipio Industrial | Oahu | 1988-1989 | 158,400 | 100.0% | 100.0% | 2,586 | 16.33 | |||||||||||||||||||||
26 | Opule Industrial | Oahu | 2005-2006, 2018 | 151,500 | 100.0% | 100.0% | 2,462 | 16.25 | |||||||||||||||||||||
27 | P&L Warehouse | Maui | 1970 | 104,100 | 100.0% | 100.0% | 1,569 | 15.07 | |||||||||||||||||||||
28 | Kapolei Enterprise Center | Oahu | 2019 | 93,000 | 100.0% | 100.0% | 1,580 | 16.98 | |||||||||||||||||||||
29 | Honokohau Industrial | Hawai‘i Island | 2004-2006, 2008 | 86,500 | 98.0% | 98.0% | 1,237 | 14.60 | |||||||||||||||||||||
30 | Kailua Industrial/Other | Oahu | 1951-1974 | 69,000 | 92.1% | 92.1% | 1,170 | 18.86 | |||||||||||||||||||||
31 | Port Allen | Kauai | 1983, 1993 | 64,600 | 84.8% | 84.8% | 615 | 12.00 | |||||||||||||||||||||
32 | Harbor Industrial | Maui | 1930 | 51,100 | 86.7% | 86.7% | 545 | 12.31 | |||||||||||||||||||||
33 | Kahai Street Industrial | (1) | Oahu | 1973 | 27,900 | 100.0% | 100.0% | 333 | 11.94 | ||||||||||||||||||||
Subtotal – Industrial | 1,246,300 | 97.0% | 97.0% | $ | 18,247 | $ | 15.16 | ||||||||||||||||||||||
Office: | |||||||||||||||||||||||||||||
34 | Kahului Office Building | Maui | 1974 | 59,100 | 91.3% | 89.7% | $ | 1,565 | $ | 29.50 | |||||||||||||||||||
35 | Gateway at Mililani Mauka South | Oahu | 1992, 2006 | 37,100 | 97.8% | 97.8% | 1,679 | 46.23 | |||||||||||||||||||||
36 | Kahului Office Center | Maui | 1991 | 33,400 | 85.7% | 82.0% | 747 | 27.25 | |||||||||||||||||||||
37 | Lono Center | Maui | 1973 | 13,700 | 89.5% | 89.5% | 341 | 27.89 | |||||||||||||||||||||
Subtotal – Office | 143,300 | 91.5% | 90.0% | $ | 4,332 | $ | 33.58 | ||||||||||||||||||||||
Total – Hawai‘i Improved Portfolio | 3,889,600 | 94.3% | 92.2% | $ | 95,641 | $ | 27.06 | ||||||||||||||||||||||
(1) Property is currently not included in the same-store ("Same-Store") pool, which management uses in the calculation of certain non-GAAP metrics at an improved property or ground lease level. Refer to page 42 for a discussion of non-GAAP financial measures and the required reconciliations of non-GAAP measures to GAAP measures. |
Property Name (1) | Location (City, Island) | Acres | Property Type | Exp. Year | Current ABR | ||||||||||||||||||
1 | Owner/Operator | Kapolei, Oahu | 36.4 | Industrial | 2025 | $ | 3,110 | ||||||||||||||||
2 | Windward City Shopping Center | Kaneohe, Oahu | 15.4 | Retail | 2035 | 2,800 | |||||||||||||||||
3 | Owner/Operator | Honolulu, Oahu | 9.0 | Retail | 2045 | 2,075 | |||||||||||||||||
4 | Kaimuki Shopping Center | Honolulu, Oahu | 2.8 | Retail | 2040 | 1,728 | |||||||||||||||||
5 | S&F Industrial | Pu'unene, Maui | 52.0 | Heavy Industrial | 2059 | 1,275 | |||||||||||||||||
6 | Owner/Operator | Kaneohe, Oahu | 3.7 | Retail | 2048 | 990 | |||||||||||||||||
7 | Windward Town and Country Plaza I | Kailua, Oahu | 3.4 | Retail | 2062 | 753 | |||||||||||||||||
8 | Windward Town and Country Plaza II | Kailua, Oahu | 2.2 | Retail | 2062 | 485 | |||||||||||||||||
9 | Owner/Operator | Kailua, Oahu | 1.9 | Retail | 2034 | 450 | |||||||||||||||||
10 | Owner/Operator | Honolulu, Oahu | 0.5 | Retail | 2028 | 366 | |||||||||||||||||
11 | Owner/Operator | Honolulu, Oahu | 0.5 | Parking | 2023 | 339 | |||||||||||||||||
12 | Owner/Operator | (2)(3) | Honolulu, Oahu | 0.7 | Industrial | — | 296 | ||||||||||||||||
13 | Owner/Operator | Kahului, Maui | 0.8 | Retail | 2026 | 257 | |||||||||||||||||
14 | Seven-Eleven Kailua Center | Kailua, Oahu | 0.9 | Retail | 2033 | 253 | |||||||||||||||||
15 | Owner/Operator | Kailua, Oahu | 1.2 | Retail | 2022 | 237 | |||||||||||||||||
16 | Owner/Operator | Kahului, Maui | 0.8 | Industrial | 2025 | 218 | |||||||||||||||||
17 | Pali Palms Plaza | Kailua, Oahu | 3.3 | Office | 2037 | 200 | |||||||||||||||||
18 | Owner/Operator | Kahului, Maui | 0.5 | Retail | 2029 | 184 | |||||||||||||||||
19 | Owner/Operator | Kailua, Oahu | 0.4 | Retail | 2022 | 166 | |||||||||||||||||
20 | Owner/Operator | Kahului, Maui | 0.4 | Retail | 2027 | 158 | |||||||||||||||||
Remainder | Various | 6.6 | Various | Various | 1,137 | ||||||||||||||||||
Total - Ground Leases | 143.4 | $ | 17,477 | ||||||||||||||||||||
(1) Excludes intercompany ground leases, which are eliminated in the consolidated results of operations. | |||||||||||||||||||||||
(2) Ground lease is currently not included in the Same-Store pool, which management uses in the calculation of certain non-GAAP metrics at an improved property or ground lease level. Refer to page 42 for a discussion of non-GAAP financial measures and the required reconciliations of non-GAAP measures to GAAP measures. | |||||||||||||||||||||||
(3) Represents the acquisition of 228 Kalihi Street in October 2021. |
Type | Kauai | Maui | Oahu | Total Acres | ||||||||||
Land used in other operations | — | 21 | 3 | 24 | ||||||||||
Urban land, not in active development/use | ||||||||||||||
Urban Developable, with full or partial infrastructure | 2 | 116 | — | 118 | ||||||||||
Urban Developable, with limited or no infrastructure | 29 | 81 | — | 110 | ||||||||||
Urban Other | 1 | 17 | — | 18 | ||||||||||
Subtotal - Urban land, not in active development/use | 32 | 214 | — | 246 | ||||||||||
Agriculture-related | ||||||||||||||
Agriculture/Other | 6,152 | 4,296 | 75 | 10,523 | ||||||||||
Urban entitlement process | 260 | — | — | 260 | ||||||||||
Conservation & preservation | 12,487 | 355 | 509 | 13,351 | ||||||||||
Subtotal - Agriculture-related | 18,899 | 4,651 | 584 | 24,134 | ||||||||||
Total Land Operations Landholdings | 18,931 | 4,886 | 587 | 24,404 |
(in millions) | |||||||||||||||||||||||
Project | Location | Product Type | Est. Economic Interest | Planned Units or Saleable Acres | Units/ Acres Closed | Est. Total Project/ Investment Cost | A&B Gross Investment (Life to Date) | ||||||||||||||||
Maui Business Park (Phase II) | Kahului, Maui | Light industrial lots | 100% | 116.7 | 59.3 | $ | 89 | $ | 65 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||
(a) | (b) | (c)1 | ||||||||||||
Equity compensation plans approved by security holders | 0 | $0.00 | 965,840 |
2021 | 2020 | |||||||
Other relief modifications and other adjustments1 | $ | 7.5 | $ | 6.4 | ||||
Tenant collectability assessments and allowance for doubtful accounts | ||||||||
Impact to billed accounts receivable | (1.3) | 10.6 | ||||||
Impact to straight-line lease receivables | 0.1 | 4.8 | ||||||
Total revenue reductions (increases) - tenant collectability assessments | (1.2) | 15.4 | ||||||
Provision for allowance for doubtful accounts | (1.7) | 3.6 | ||||||
Total revenue reductions (increases) for assessments and provisions | (2.9) | 19.0 | ||||||
Total revenue reductions (increases) related to adjustments, assessments and provisions | $ | 4.6 | $ | 25.4 | ||||
Total revenue reductions (increases) impacting billed accounts receivable only2 | $ | 4.5 | $ | 20.6 | ||||
1 Primarily related to COVID-19, but may include other adjustments (e.g., adjustments due to tenant bankruptcies). | ||||||||
2 Excludes the impact to unbilled straight-line receivables. |
2021 vs 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(amounts in millions, except percentage data and per share data) | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
Operating revenue | $ | 379.3 | $ | 305.3 | $ | 74.0 | 24.2 | % | ||||||||||||||||||||||||||||||||||||
Cost of operations | (254.1) | (233.5) | (20.6) | (8.8) | % | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (51.9) | (46.1) | (5.8) | (12.6) | % | |||||||||||||||||||||||||||||||||||||||
Impairment of assets | (26.1) | (5.6) | (20.5) | 4X | ||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of assets, net | 3.0 | 9.6 | (6.6) | (68.8) | % | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 50.2 | 29.7 | 20.5 | 69.0 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | 17.5 | 5.9 | 11.6 | 196.6 | % | |||||||||||||||||||||||||||||||||||||||
Impairment of equity method investment | (2.9) | — | (2.9) | — | % | |||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | (1.6) | 0.3 | (1.9) | NM | ||||||||||||||||||||||||||||||||||||||||
Interest expense | (26.3) | (30.3) | 4.0 | 13.2 | % | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | 0.4 | (0.4) | (100.0) | % | |||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 36.9 | 6.0 | 30.9 | 5X | ||||||||||||||||||||||||||||||||||||||||
Discontinued operations (net of income taxes) | (1.1) | (0.8) | (0.3) | (37.5) | % | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 35.8 | 5.2 | 30.6 | 6X | ||||||||||||||||||||||||||||||||||||||||
(Income) loss attributable to noncontrolling interest | (0.4) | 0.4 | (0.8) | NM | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to A&B | $ | 35.4 | $ | 5.6 | $ | 29.8 | 5X | |||||||||||||||||||||||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share - continuing operations | $ | 0.50 | $ | 0.09 | $ | 0.41 | 5X | |||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share - discontinued operations | (0.02) | (0.01) | (0.01) | (100.0) | % | |||||||||||||||||||||||||||||||||||||||
$ | 0.48 | $ | 0.08 | $ | 0.40 | 5X | ||||||||||||||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share - continuing operations | $ | 0.50 | $ | 0.09 | $ | 0.41 | 5X | |||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share - discontinued operations | (0.02) | (0.01) | (0.01) | (100.0) | % | |||||||||||||||||||||||||||||||||||||||
$ | 0.48 | $ | 0.08 | $ | 0.40 | 5X | ||||||||||||||||||||||||||||||||||||||
Continuing operations available to A&B common shareholders | $ | 36.2 | $ | 6.3 | $ | 29.9 | 5X | |||||||||||||||||||||||||||||||||||||
Discontinued operations available to A&B common shareholders | (1.1) | (0.8) | (0.3) | (37.5) | % | |||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B common shareholders | $ | 35.1 | $ | 5.5 | $ | 29.6 | 5X | |||||||||||||||||||||||||||||||||||||
Funds From Operations ("FFO")1 | $ | 70.0 | $ | 45.1 | $ | 24.9 | 55.2 | % | ||||||||||||||||||||||||||||||||||||
Core FFO1 | $ | 69.4 | $ | 55.2 | $ | 14.2 | 25.7 | % | ||||||||||||||||||||||||||||||||||||
FFO per diluted share | $ | 0.96 | $ | 0.62 | $ | 0.34 | 54.8 | % | ||||||||||||||||||||||||||||||||||||
Core FFO per diluted share | $ | 0.96 | $ | 0.76 | $ | 0.20 | 26.3 | % | ||||||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding (FFO/Core FFO)2 | 72.6 | 72.4 | ||||||||||||||||||||||||||||||||||||||||||
1 For definitions of capitalized terms and a discussion of management's use of non-GAAP financial measures and the required reconciliations of non-GAAP measures to GAAP measures, refer to page 42. | ||||||||||||||||||||||||||||||||||||||||||||
2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO/Core FFO. |
2021 vs 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(amounts in millions, except percentage data and acres; unaudited) | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate operating revenue | $ | 173.2 | $ | 150.0 | $ | 23.2 | 15.5 | % | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate operating costs and expenses | (96.0) | (95.6) | (0.4) | (0.4) | % | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (6.5) | (7.5) | 1.0 | 13.3 | % | |||||||||||||||||||||||||||||||||||||||
Intersegment operating revenue, net1 | 1.3 | 2.0 | (0.7) | (35.0) | % | |||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | 0.6 | 0.9 | (0.3) | (33.3) | % | |||||||||||||||||||||||||||||||||||||||
Commercial Real Estate operating profit (loss) | $ | 72.6 | $ | 49.8 | $ | 22.8 | 45.8 | % | ||||||||||||||||||||||||||||||||||||
Operating profit (loss) margin | 41.9 | % | 33.2 | % | ||||||||||||||||||||||||||||||||||||||||
Net Operating Income ("NOI")2 | $ | 110.7 | $ | 94.3 | $ | 16.4 | 17.4 | % | ||||||||||||||||||||||||||||||||||||
Same-Store Net Operating Income ("Same-Store NOI")2 | $ | 107.8 | $ | 91.9 | $ | 15.9 | 17.3 | % | ||||||||||||||||||||||||||||||||||||
Gross Leasable Area ("GLA") in square feet ("SF") for improved properties at end of period | 3.9 | 3.9 | — | — | % | |||||||||||||||||||||||||||||||||||||||
Ground leases (acres at end of period) | 143.4 | 153.8 | (10.4) | (6.8) | % | |||||||||||||||||||||||||||||||||||||||
1 Intersegment operating revenue, net for Commercial Real Estate is primarily from the Materials & Construction segment and is eliminated in the consolidated results of operations. | ||||||||||||||||||||||||||||||||||||||||||||
2 For a discussion of management's use of non-GAAP financial measures and the required reconciliations of non-GAAP measures to GAAP measures, refer to page 42. |
Occupancy | |||||||||||
As of December 31, 2017 | As of December 31, 2016 | Percentage Point Change | |||||||||
Hawai`i | Mainland | Total | Hawai`i | Mainland | Total | Hawai`i | Mainland | Total | |||
Retail | 93.1% | 96.9% | 93.4% | 92.8% | 96.1% | 93.1% | 0.3 | 0.8 | 0.3 | ||
Industrial | 95.1% | 100.0% | 96.5% | 96.6% | 89.4% | 92.5% | (1.5) | 10.6 | 4.0 | ||
Office | 89.1% | 88.0% | 88.3% | 84.7% | 90.5% | 88.7% | 4.4 | (2.5) | (0.4) | ||
Total | 93.5% | 94.1% | 93.6% | 93.4% | 90.4% | 92.2% | 0.1 | 3.7 | 1.4 |
Same-Store Occupancy | |||||||||||
As of December 31, 2017 | As of December 31, 2016 | Percentage Point Change | |||||||||
Hawai`i | Mainland | Total | Hawai`i | Mainland | Total | Hawai`i | Mainland | Total | |||
Retail | 92.9% | 96.9% | 93.3% | 92.5% | 96.1% | 92.9% | 0.4 | 0.8 | 0.4 | ||
Industrial | 95.3% | 100.0% | 96.7% | 96.6% | 100.0% | 97.7% | (1.3) | — | (1.0) | ||
Office | 86.5% | 88.0% | 87.6% | 87.7% | 90.5% | 89.8% | (1.2) | (2.5) | (2.2) | ||
Total | 93.3% | 94.1% | 93.5% | 93.6% | 95.1% | 94.0% | (0.3) | (1.0) | (0.5) |
Dispositions | Acquisitions | |||||||||||
Date | Property | GLA | Date | Property | GLA | |||||||
11/17 | Midstate 99 Distribution Center | 790,200 | 6/17 | Honokohau Industrial | 73,200 | |||||||
1/17 | The Maui Clinic Building | 16,600 | ||||||||||
Total dispositions | 806,800 | Total improved acquisitions | 73,200 |
(dollars in millions) | 2016 | 2015 | Change | ||||||
Commercial Real Estate operating revenue | $ | 134.7 | $ | 133.6 | 0.8% | ||||
Commercial Real Estate operating costs and expenses | (79.0 | ) | (80.4 | ) | 1.7% | ||||
Selling, general and administrative | (2.5 | ) | (1.4 | ) | (78.6)% | ||||
Intersegment operating revenue, net1 | 2.0 | 1.8 | 11.1% | ||||||
Other income (expense), net | (0.4 | ) | (0.4 | ) | —% | ||||
Commercial Real Estate operating profit | $ | 54.8 | $ | 53.2 | 3.0% | ||||
Operating profit margin | 40.7% | 39.8% | |||||||
Cash NOI2 | |||||||||
Hawai`i | $ | 69.8 | $ | 62.6 | 11.5% | ||||
Mainland | 13.2 | 16.7 | (21.0)% | ||||||
Total | $ | 83.0 | $ | 79.3 | 4.7% | ||||
GLA - Improved (at year end) | |||||||||
Hawai`i | 2.9 | 2.7 | |||||||
Mainland | 1.8 | 2.2 | |||||||
Total improved | 4.7 | 4.9 | |||||||
Hawai`i ground leases (acres at year end) | 106 | 106 |
Acquisitions | ||||||||||||||||||||||||||
Property | Location | Date (Month/Year) | Purchase Price | GLA (SF) | ||||||||||||||||||||||
228 Kalihi Street | Oahu, HI | 10/21 | $ | 4.4 | N/A | |||||||||||||||||||||
Kahai Street Industrial | Oahu, HI | 10/21 | $ | 6.4 | 27,900 |
Dispositions | ||||||||||||||||||||||||||
Property | Location | Date (Month/Year) | Purchase Price | GLA (SF) | ||||||||||||||||||||||
Residual Maui land | Maui, HI | 2/21 | $ | 0.3 | N/A | |||||||||||||||||||||
Residual Maui land | Maui, HI | 11/21 | $ | 2.7 | N/A | |||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||
Leases | GLA | ABR/SF | Rent Spread1 | |||||||||||
Retail | 185 | 310,263 | $38.93 | 5.2% | ||||||||||
Industrial | 68 | 304,191 | $14.99 | 4.1% | ||||||||||
Office | 18 | 36,141 | $36.62 | 3.0% |
Dispositions | Acquisitions | |||||||||||
Date | Property | GLA | Date | Property | GLA | |||||||
6/16 | Ninigret Office Park | 185,500 | 12/16 | 2927 East Manoa Road (Ground Lease) | N/A | |||||||
6/16 | Gateway Oaks | 59,700 | 1/16 | Manoa Marketplace | 139,300 | |||||||
6/16 | Prospect Park | 163,300 | ||||||||||
Total dispositions | 408,500 | Total improved acquisitions | 139,300 |
As of | As of | Basis Point Change | |||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||
Leased Occupancy | 94.3% | 94.3% | — | ||||||||||||||
Physical Occupancy | 93.8% | 93.5% | 30 | ||||||||||||||
Economic Occupancy | 92.2% | 92.9% | (70) | ||||||||||||||
Leased Occupancy | ||||||||||||||||||||
As of | As of | |||||||||||||||||||
December 31, 2021 | December 31, 2020 | Basis Point Change | ||||||||||||||||||
Retail | 93.1% | 92.3% | 80 | |||||||||||||||||
Industrial | 97.0% | 98.6% | (160) | |||||||||||||||||
Office | 91.5% | 93.0% | (150) | |||||||||||||||||
Total Leased Occupancy | 94.3% | 94.3% | — | |||||||||||||||||
Economic Occupancy | ||||||||||||||||||||
As of | As of | |||||||||||||||||||
December 31, 2021 | December 31, 2020 | Basis Point Change | ||||||||||||||||||
Retail | 89.9% | 90.4% | (50) | |||||||||||||||||
Industrial | 97.0% | 98.1% | (110) | |||||||||||||||||
Office | 90.0% | 90.8% | (80) | |||||||||||||||||
Total Economic Occupancy | 92.2% | 92.9% | (70) | |||||||||||||||||
Same-Store Leased Occupancy1 | ||||||||||||||||||||
As of | As of | |||||||||||||||||||
December 31, 2021 | December 31, 2020 | Basis Point Change | ||||||||||||||||||
Retail | 93.0% | 92.2% | 80 | |||||||||||||||||
Industrial | 96.9% | 98.6% | (170) | |||||||||||||||||
Office | 91.5% | 93.0% | (150) | |||||||||||||||||
Total Same-Store Leased Occupancy | 94.2% | 94.3% | (10) | |||||||||||||||||
Same-Store Economic Occupancy1 | ||||||||||||||||||||
As of | As of | |||||||||||||||||||
December 31, 2021 | December 31, 2020 | Basis Point Change | ||||||||||||||||||
Retail | 90.0% | 90.6% | (60) | |||||||||||||||||
Industrial | 96.9% | 98.1% | (120) | |||||||||||||||||
Office | 90.0% | 90.8% | (80) | |||||||||||||||||
Total Same-Store Economic Occupancy | 92.2% | 93.0% | (80) | |||||||||||||||||
1 For a discussion of management's use of non-GAAP financial measures and the required reconciliations of non-GAAP measures to GAAP measures, refer to page 42. |
2017 | 2016 | 2015 | ||||||||||
Commercial Real Estate Operating Profit | $ | 34.4 | $ | 54.8 | $ | 53.2 | ||||||
Plus: Depreciation and amortization | 26.0 | 28.4 | 28.9 | |||||||||
Less: Straight-line lease adjustments | (1.6 | ) | (2.1 | ) | (2.3 | ) | ||||||
Plus: Lease incentive amortization | — | 0.1 | 0.1 | |||||||||
Less: Favorable/(unfavorable) lease amortization | (2.9 | ) | (3.3 | ) | (3.6 | ) | ||||||
Less: Termination income | (1.7 | ) | (0.1 | ) | (0.7 | ) | ||||||
Plus: Other (income)/expense, net | 0.3 | 0.4 | (0.5 | ) | ||||||||
Plus: Impairment of real estate assets | 22.4 | — | — | |||||||||
Plus: Selling, general, administrative and other expenses | 7.9 | 4.8 | 4.2 | |||||||||
Commercial Real Estate Cash NOI | $ | 84.8 | $ | 83.0 | $ | 79.3 |
(in millions) | 2017 | 2016 | 2015 | ||||||||
Development sales revenue | $ | 35.0 | $ | 12.5 | $ | 75.0 | |||||
Unimproved/other property sales revenue | 25.6 | 28.7 | 26.3 | ||||||||
Other operating revenues1 | 23.9 | 20.7 | 18.9 | ||||||||
Total Land Operations operating revenue | 84.5 | 61.9 | 120.2 | ||||||||
Operating expenses | (73.9 | ) | (46.3 | ) | (83.8 | ) | |||||
Impairment of real estate assets | — | (11.7 | ) | — | |||||||
Earnings from joint ventures | 3.3 | 15.1 | 30.2 | ||||||||
Reductions in solar investments, net | (2.6 | ) | (9.8 | ) | (2.6 | ) | |||||
Interest and other income | 2.9 | (2.2 | ) | (2.3 | ) | ||||||
Total Land Operations operating profit | $ | 14.2 | $ | 7.0 | $ | 61.7 | |||||
Land Operations operating profit margin | 16.8% | 11.3% | 51.3% |
(amounts in millions; unaudited) | 2021 | 2020 | ||||||||||||||||||
Development sales revenue | $ | 16.0 | $ | 7.9 | ||||||||||||||||
Unimproved/other property sales revenue | 41.3 | 9.7 | ||||||||||||||||||
Other operating revenue1 | 22.6 | 21.1 | ||||||||||||||||||
Total Land Operations operating revenue | 79.9 | 38.7 | ||||||||||||||||||
Land Operations operating costs and expenses2 | (39.4) | (31.4) | ||||||||||||||||||
Selling, general and administrative | (3.8) | (4.9) | ||||||||||||||||||
Gain (loss) on disposal of assets, net | 0.1 | 8.9 | ||||||||||||||||||
Earnings (loss) from joint ventures | 20.4 | 4.6 | ||||||||||||||||||
Interest and other income (expense), net | (1.8) | (0.5) | ||||||||||||||||||
Total Land Operations operating profit (loss) | $ | 55.4 | $ | 15.4 | ||||||||||||||||
1 Other operating revenue includes revenue related to trucking, renewable energy and diversified agriculture. | ||||||||||||||||||||
2 Includes intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. |
2017 | 2016 | 2015 | |||||||||
Sugar operations revenue | $ | 22.9 | $ | 98.4 | $ | 97.7 | |||||
Cost of sugar operations | 22.5 | 87.5 | 124.6 | ||||||||
Operating income (loss) from sugar operations | 0.4 | 10.9 | (26.9 | ) | |||||||
Sugar operations cessation costs | (2.7 | ) | (77.6 | ) | (22.6 | ) | |||||
Gain on asset dispositions | 6.0 | — | — | ||||||||
Income (loss) from discontinued operations before income taxes | 3.7 | (66.7 | ) | (49.5 | ) | ||||||
Income tax (expense) benefit | (1.3 | ) | 25.6 | 19.8 | |||||||
Income (loss) from discontinued operations | $ | 2.4 | $ | (41.1 | ) | $ | (29.7 | ) |
(dollars in millions) | 2017 | 2016 | Change | ||||||
Materials & Construction operating revenue | $ | 204.1 | $ | 190.9 | 6.9% | ||||
Operating profit | $ | 22.0 | $ | 23.3 | (5.6)% | ||||
Operating profit margin | 10.8% | 12.2% | |||||||
Depreciation and amortization | $ | 12.2 | $ | 11.7 | 4.3% | ||||
Aggregate tons delivered (tons in thousands) | 691.6 | 696.1 | (0.6)% | ||||||
Asphalt tons delivered (tons in thousands) | 553.8 | 444.9 | 24.5% | ||||||
Backlog1,2 at period end | $ | 202.1 | $ | 242.9 | (16.8)% |
2021 vs 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions; unaudited) | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||
Materials & Construction | ||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | $ | 126.2 | $ | 116.6 | $ | 9.6 | 8.2 | % | ||||||||||||||||||||||||||||||||||||
Operating costs and expenses | (118.9) | (106.8) | (12.1) | (11.3) | % | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (15.2) | (15.0) | (0.2) | (1.3) | % | |||||||||||||||||||||||||||||||||||||||
Intersegment operating charges, net1 | (0.9) | (1.6) | 0.7 | 43.8 | % | |||||||||||||||||||||||||||||||||||||||
Impairment of assets | (26.1) | (5.6) | (20.5) | 4X | ||||||||||||||||||||||||||||||||||||||||
Impairment of equity method investments | (2.9) | — | (2.9) | — | % | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of assets, net | 0.1 | 0.2 | (0.1) | (50.0) | % | |||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | (2.9) | 1.3 | (4.2) | NM | ||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | 0.1 | 0.4 | (0.3) | (75.0) | % | |||||||||||||||||||||||||||||||||||||||
Materials & Construction operating profit (loss) | $ | (40.5) | $ | (10.5) | $ | (30.0) | 3X | |||||||||||||||||||||||||||||||||||||
Operating margin percentage | (32.1) | % | (9.0) | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 10.8 | $ | 10.8 | $ | — | — | % | ||||||||||||||||||||||||||||||||||||
Backlog at period end2 | $ | 175.3 | $ | 126.7 | $ | 48.6 | 38.4 | % |
(dollars in millions) | 2016 | 2015 | Change | ||||||
Materials & Construction operating revenue | $ | 190.9 | $ | 219.0 | (12.8)% | ||||
Operating profit | $ | 23.3 | $ | 30.9 | (24.6)% | ||||
Operating profit margin | 12.2% | 14.1% | |||||||
Depreciation and amortization | $ | 11.7 | $ | 11.6 | 0.9% | ||||
Aggregate tons delivered (tons in thousands) | 696.1 | 840.2 | (17.2)% | ||||||
Asphalt tons delivered (tons in thousands) | 444.9 | 466.7 | (4.7)% | ||||||
Backlog at period end | $ | 242.9 | $ | 226.5 | 7.2% |
2021 | 2020 | |||||||||||||||||||
Net income (loss) available to A&B common shareholders | $ | 35.1 | $ | 5.5 | ||||||||||||||||
Depreciation and amortization of commercial real estate properties | 37.7 | 40.1 | ||||||||||||||||||
Gain on the disposal of commercial real estate properties, net | (2.8) | (0.5) | ||||||||||||||||||
FFO | $ | 70.0 | $ | 45.1 | ||||||||||||||||
Exclude items not related to core business: | ||||||||||||||||||||
Land Operations Operating Profit | (55.4) | (15.4) | ||||||||||||||||||
Materials & Construction Operating (Profit) Loss | 40.5 | 10.5 | ||||||||||||||||||
Loss from discontinued operations | 1.1 | 0.8 | ||||||||||||||||||
Income (loss) attributable to noncontrolling interest | 0.4 | (0.4) | ||||||||||||||||||
Income tax expense (benefit) | — | (0.4) | ||||||||||||||||||
Non-core business interest expense | 12.8 | 15.0 | ||||||||||||||||||
Core FFO | $ | 69.4 | $ | 55.2 |
2021 | 2020 | |||||||||||||||||||
CRE Operating Profit | $ | 72.6 | $ | 49.8 | ||||||||||||||||
Depreciation and amortization of commercial real estate properties | 37.7 | 40.1 | ||||||||||||||||||
Corporate and other expense | (27.1) | (19.3) | ||||||||||||||||||
Core business interest expense | (13.5) | (15.3) | ||||||||||||||||||
Distributions to participating securities | (0.3) | (0.1) | ||||||||||||||||||
Core FFO | $ | 69.4 | $ | 55.2 |
2021 | 2020 | |||||||||||||||||||
CRE Operating Profit (Loss) | $ | 72.6 | $ | 49.8 | ||||||||||||||||
Plus: Depreciation and amortization | 37.7 | 40.1 | ||||||||||||||||||
Less: Straight-line lease adjustments | (4.4) | 1.3 | ||||||||||||||||||
Less: Favorable/(unfavorable) lease amortization | (0.9) | (1.2) | ||||||||||||||||||
Less: Termination income | (0.2) | (2.3) | ||||||||||||||||||
Plus: Other (income)/expense, net | (0.6) | (0.9) | ||||||||||||||||||
Plus: Selling, general, administrative and other expenses | 6.5 | 7.5 | ||||||||||||||||||
NOI | 110.7 | 94.3 | ||||||||||||||||||
Less: NOI from acquisitions, dispositions and other adjustments | (2.9) | (2.4) | ||||||||||||||||||
Same-Store NOI | $ | 107.8 | $ | 91.9 |
(in millions, unaudited) | 2021 | 2020 | Change | |||||||||||||||||
CRE property acquisitions, development and redevelopment | $ | 27.2 | $ | 9.7 | 180.4% | |||||||||||||||
Building/area improvements (Maintenance Capital Expenditures) | 9.9 | 6.0 | 65.0% | |||||||||||||||||
Tenant space improvements (Maintenance Capital Expenditures) | 2.5 | 3.1 | (19.4)% | |||||||||||||||||
Quarrying and paving | 6.3 | 4.5 | 40.0% | |||||||||||||||||
Agribusiness and other | 7.6 | 1.8 | 322.2% | |||||||||||||||||
Total capital expenditures¹ | $ | 53.5 | $ | 25.1 | 113.1% |
(in millions) | 2017 | 2016 | Change | ||||||
Commercial real estate property acquisitions/improvements | $ | 26.7 | $ | 95.0 | (71.9)% | ||||
Tenant improvements | 6.1 | 3.8 | 60.5% | ||||||
Quarrying and paving | 6.3 | 9.3 | (32.3)% | ||||||
Agribusiness and other | 3.4 | 8.0 | (57.5)% | ||||||
Total capital expenditures1 | $ | 42.5 | $ | 116.1 | (63.4)% |
Payment due by period | ||||||||||||||||||||
Contractual Obligations | Total | 2018 | 2019-2020 | 2021-2022 | Thereafter | |||||||||||||||
Long-term debt obligations | (a) | $ | 631.8 | $ | 41.8 | $ | 80.9 | $ | 166.8 | $ | 342.3 | |||||||||
Estimated interest on debt | (b) | 150.3 | 24.2 | 42.2 | 34.3 | 49.6 | ||||||||||||||
Purchase obligations | (c) | 40.6 | 40.6 | — | — | — | ||||||||||||||
Pension benefits | 126.2 | 12.6 | 25.3 | 25.5 | 62.8 | |||||||||||||||
Post-retirement obligations | (d) | 7.8 | 0.9 | 1.8 | 1.6 | 3.5 | ||||||||||||||
Non-qualified benefit obligations | (e) | 4.2 | 0.7 | 1.4 | — | 2.1 | ||||||||||||||
Operating lease obligations | (f) | 42.4 | 5.5 | 10.2 | 8.8 | 17.9 | ||||||||||||||
Total | $ | 1,003.3 | $ | 126.3 | $ | 161.8 | $ | 237.0 | $ | 478.2 |
Expected Fiscal Year of Repayment as of December 31, 2017 (dollars in millions) | |||||||||||||||||||||||||||||||
Fair Value at | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | 2017 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Fixed rate | $ | 41.3 | $ | 41.2 | $ | 39.7 | $ | 51.0 | $ | 40.4 | $ | 342.3 | $ | 555.9 | $ | 491.3 | |||||||||||||||
Average interest rate | 4.60% | 4.54% | 4.47% | 4.46% | 4.42% | 4.26% | 4.36% | ||||||||||||||||||||||||
Variable rate | $ | 0.5 | $ | — | $ | — | $ | 9.4 | $ | 66.0 | $ | — | $ | 75.9 | $ | 151.0 | |||||||||||||||
Average interest rate* | 3.27% | 3.24% | 3.21% | 3.16% | 3.00% | 3.02% | 3.09% |
Fair Value at | ||||||||||||||||||||||||||||||||||||||||||||
Expected Remaining Principal Obligation as of Beginning of Year | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | 2021 | ||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | $ | 532.9 | $ | 502.8 | $ | 418.2 | $ | 261.2 | $ | 221.0 | $ | 152.1 | $ | 554.3 | ||||||||||||||||||||||||||||||
Average interest rate on remaining fixed-rate principal | 4.12 | % | 4.08 | % | 4.22 | % | 4.23 | % | 4.11 | % | 4.10 | % | ||||||||||||||||||||||||||||||||
Variable-rate debt1 | $ | — | $ | — | $ | 50.0 | $ | 50.0 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Average interest rate on remaining variable-rate principal2 | — | % | — | % | 1.15 | % | 1.15 | % | — | % | — | % | ||||||||||||||||||||||||||||||||
Fair Value at | ||||||||||||||||||||||||||||||||||||||||||||
Expected Remaining Notional as of Beginning of Year | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | 2021 | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives3 | ||||||||||||||||||||||||||||||||||||||||||||
Variable to fixed remaining notional and fair value of swap asset (liability) | $ | 106.3 | $ | 104.6 | $ | 52.7 | $ | 50.8 | $ | 48.9 | $ | 47.0 | $ | (2.2) | ||||||||||||||||||||||||||||||
Average pay fixed rate | 1.66 | % | 1.64 | % | 3.14 | % | 3.14 | % | 3.14 | % | 3.14 | % | ||||||||||||||||||||||||||||||||
Average receive variable rate2 | 0.77 | % | 0.76 | % | 1.45 | % | 1.45 | % | 1.45 | % | 1.45 | % | ||||||||||||||||||||||||||||||||
1 Estimated variable-rate principal is based on the amounts outstanding and the contractual maturity date of the revolving credit facility as of December 31, 2021. Actual principal outstanding may be greater or less than the amounts indicated. | ||||||||||||||||||||||||||||||||||||||||||||
2 Estimated interest rates on variable-rate debt are determined based on the rate in effect on December 31, 2021. Actual interest rates may be greater or less than the amounts indicated. | ||||||||||||||||||||||||||||||||||||||||||||
3 Certain of the Company's interest rate derivatives are designated as cash flow hedges with changes in the fair value of the asset or liability recorded to accumulated other comprehensive income. Refer to Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report, for further discussion. |
Page | ||||||||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
Consolidated Statements of Comprehensive Income (Loss) | ||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||
Consolidated Statements of Equity and Redeemable Noncontrolling Interest | ||||||||||||||
Notes to Consolidated Financial Statements | ||||||||||||||
1. | Background and Basis of Presentation | |||||||||||||
2. | Significant Accounting Policies | |||||||||||||
3. | Real Estate Property, Net and Other Property, Net | |||||||||||||
4. | Acquisitions and Intangible Assets, Net | |||||||||||||
5. | Investments in Affiliates | |||||||||||||
6. | Allowances and Other Reserves | |||||||||||||
7. | Inventories | |||||||||||||
8. | Goodwill | |||||||||||||
9. | Fair Value Measurements | |||||||||||||
10. | Notes Payable and Other Debt | |||||||||||||
11. | Derivative Instruments | |||||||||||||
12. | Commitments and Contingencies | |||||||||||||
13. | Revenue and Contract Balances | |||||||||||||
14. | Leases - The Company As Lessor | |||||||||||||
15. | Leases - The Company As Lessee | |||||||||||||
16 | Share-Based Payment Awards | |||||||||||||
17. | Employee Benefit Plans | |||||||||||||
18. | Income Taxes | |||||||||||||
19. | Earnings Per Share ("EPS") | |||||||||||||
20. | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
21. | Related Party Transactions | |||||||||||||
22. | Segment Results | |||||||||||||
23. | Long-lived Assets - Impairments | |||||||||||||
24. | Long-lived Assets - Held for sale or Disposals | |||||||||||||
25. | Subsequent Events |
Page | ||||
Report of Independent Registered Public Accounting Firm | ||||
Consolidated Statements of Operations | ||||
Consolidated Statements of Comprehensive Income (Loss) | ||||
Consolidated Balance Sheets | ||||
Consolidated Statements of Cash Flows | ||||
Consolidated Statements of Equity | ||||
Notes to Consolidated Financial Statements | ||||
1. | Background and Basis of Presentation | |||
2. | Significant Accounting Policies | |||
3. | Related Party Transactions | |||
4. | Discontinued Operations | |||
5. | Investments in Affiliates | |||
6. | Uncompleted Contracts | |||
7. | Property | |||
8. | Notes Payable and Long-Term Debt | |||
9. | Leases – The Company as Lessee | |||
10 | Leases – The Company as Lessor | |||
11. | Employee Benefit Plans | |||
12. | Income Taxes | |||
13. | Share-Based Awards | |||
14. | Commitments and Contingencies | |||
15. | Derivative Instruments | |||
16. | Earnings Per Share ("EPS") | |||
17. | Redeemable Noncontrolling Interest | |||
18. | Cessation of Sugar Operations | |||
19. | Segment Results | |||
20. | Subsequent Events |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Real estate investments | ||||||||||||||
Real estate property | $ | 1,588.2 | $ | 1,549.7 | ||||||||||
Accumulated depreciation | (180.5) | (154.4) | ||||||||||||
Real estate property, net | 1,407.7 | 1,395.3 | ||||||||||||
Real estate developments | 65.0 | 75.7 | ||||||||||||
Investments in real estate joint ventures and partnerships | 8.8 | 134.1 | ||||||||||||
Real estate intangible assets, net | 51.6 | 61.9 | ||||||||||||
Real estate investments, net | 1,533.1 | 1,667.0 | ||||||||||||
Cash and cash equivalents | 70.0 | 57.2 | ||||||||||||
Restricted cash | 1.0 | 0.2 | ||||||||||||
Accounts receivable and retention, net of allowances (credit losses and doubtful accounts) of $1.3 million and $3.3 million as of December 31, 2021 and 2020, respectively | 28.9 | 43.5 | ||||||||||||
Inventories | 20.3 | 18.4 | ||||||||||||
Other property, net | 83.5 | 110.8 | ||||||||||||
Operating lease right-of-use assets | 20.1 | 18.6 | ||||||||||||
Goodwill | 8.7 | 10.5 | ||||||||||||
Other receivables, net of allowances of $2.5 million and $3.9 million as of December 31, 2021 and December 31, 2020, respectively | 11.6 | 14.2 | ||||||||||||
Prepaid expenses and other assets | 102.6 | 95.6 | ||||||||||||
Total assets | $ | 1,879.8 | $ | 2,036.0 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Notes payable and other debt | $ | 532.7 | $ | 687.1 | ||||||||||
Accounts payable | 9.9 | 9.8 | ||||||||||||
Operating lease liabilities | 19.4 | 18.4 | ||||||||||||
Accrued pension and post-retirement benefits | 56.3 | 34.7 | ||||||||||||
Deferred revenue | 68.5 | 66.9 | ||||||||||||
Accrued and other liabilities | 119.5 | 116.5 | ||||||||||||
Total liabilities | 806.3 | 933.4 | ||||||||||||
Commitments and Contingencies (Note 12) | 0 | 0 | ||||||||||||
Redeemable Noncontrolling Interest (Note 2) | 6.9 | 6.5 | ||||||||||||
Equity: | ||||||||||||||
Common stock - no par value; authorized, 150.0 million shares; outstanding 72.5 million and 72.4 million shares as of December 31, 2021 and 2020, respectively | 1,810.5 | 1,805.5 | ||||||||||||
Accumulated other comprehensive income (loss) | (80.7) | (60.0) | ||||||||||||
Distributions in excess of accumulated earnings | (663.2) | (649.4) | ||||||||||||
Total A&B shareholders' equity | 1,066.6 | 1,096.1 | ||||||||||||
Total liabilities and equity | $ | 1,879.8 | $ | 2,036.0 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Operating Revenue: | Operating Revenue: | |||||||||||||||||||||||||||||||
Commercial Real Estate | $ | 136.9 | $ | 134.7 | $ | 133.6 | Commercial Real Estate | $ | 173.2 | $ | 150.0 | $ | 160.6 | |||||||||||||||||||
Land Operations | 84.5 | 61.9 | 120.2 | Land Operations | 79.9 | 38.7 | 112.2 | |||||||||||||||||||||||||
Materials & Construction | 204.1 | 190.9 | 219.0 | Materials & Construction | 126.2 | 116.6 | 162.4 | |||||||||||||||||||||||||
Total operating revenue | 425.5 | 387.5 | 472.8 | Total operating revenue | 379.3 | 305.3 | 435.2 | |||||||||||||||||||||||||
Operating Costs and Expenses: | Operating Costs and Expenses: | |||||||||||||||||||||||||||||||
Cost of Commercial Real Estate | 75.5 | 79.0 | 80.4 | Cost of Commercial Real Estate | 96.0 | 95.6 | 89.0 | |||||||||||||||||||||||||
Cost of Land Operations | 60.4 | 35.0 | 71.1 | Cost of Land Operations | 39.2 | 31.1 | 92.5 | |||||||||||||||||||||||||
Cost of Materials & Construction | 166.1 | 154.5 | 175.7 | Cost of Materials & Construction | 118.9 | 106.8 | 159.4 | |||||||||||||||||||||||||
Selling, general and administrative | 66.4 | 52.0 | 51.6 | Selling, general and administrative | 51.9 | 46.1 | 58.9 | |||||||||||||||||||||||||
REIT evaluation/conversion costs | 15.2 | 9.5 | — | |||||||||||||||||||||||||||||
Impairment of real estate assets | 22.4 | 11.7 | — | |||||||||||||||||||||||||||||
Impairment of assets | Impairment of assets | 26.1 | 5.6 | 49.7 | ||||||||||||||||||||||||||||
Total operating costs and expenses | 406.0 | 341.7 | 378.8 | Total operating costs and expenses | 332.1 | 285.2 | 449.5 | |||||||||||||||||||||||||
Operating Income | 19.5 | 45.8 | 94.0 | |||||||||||||||||||||||||||||
Income related to joint ventures | 7.2 | 19.2 | 36.8 | |||||||||||||||||||||||||||||
Reductions in solar investments, net (Note 5, 12, 14) | (2.6 | ) | (9.8 | ) | (2.6 | ) | ||||||||||||||||||||||||||
Interest and other income (expense), net | 2.1 | (1.7 | ) | (2.5 | ) | |||||||||||||||||||||||||||
Gain (loss) on disposal of commercial real estate properties, net | Gain (loss) on disposal of commercial real estate properties, net | 2.8 | 0.5 | — | ||||||||||||||||||||||||||||
Gain (loss) on disposal of non-core assets, net | Gain (loss) on disposal of non-core assets, net | 0.2 | 9.1 | — | ||||||||||||||||||||||||||||
Total gain (loss) on disposal of assets, net | Total gain (loss) on disposal of assets, net | 3.0 | 9.6 | — | ||||||||||||||||||||||||||||
Operating Income (Loss) | Operating Income (Loss) | 50.2 | 29.7 | (14.3) | ||||||||||||||||||||||||||||
Other Income and (Expenses): | Other Income and (Expenses): | |||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | Income (loss) related to joint ventures | 17.5 | 5.9 | 5.3 | ||||||||||||||||||||||||||||
Impairment of equity method investment | Impairment of equity method investment | (2.9) | — | — | ||||||||||||||||||||||||||||
Interest and other income (expense), net (Note 2) | Interest and other income (expense), net (Note 2) | (1.6) | 0.3 | 3.2 | ||||||||||||||||||||||||||||
Interest expense | (25.6 | ) | (26.3 | ) | (26.8 | ) | Interest expense | (26.3) | (30.3) | (33.1) | ||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties | 0.6 | 27.2 | 98.9 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | Income (Loss) from Continuing Operations Before Income Taxes | 36.9 | 5.6 | (38.9) | ||||||||||||||||||||||||||||
Income tax benefit (expense) | 218.2 | 0.5 | (37.0 | ) | Income tax benefit (expense) | — | 0.4 | 2.0 | ||||||||||||||||||||||||
Income from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties | 218.8 | 27.7 | 61.9 | |||||||||||||||||||||||||||||
Net gain (loss) on the sale of improved properties, net of income taxes | 9.3 | 5.0 | (1.1 | ) | ||||||||||||||||||||||||||||
Income from Continuing Operations | 228.1 | 32.7 | 60.8 | |||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes (Note 4) | 2.4 | (41.1 | ) | (29.7 | ) | |||||||||||||||||||||||||||
Income (Loss) from Continuing Operations | Income (Loss) from Continuing Operations | 36.9 | 6.0 | (36.9) | ||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | Income (loss) from discontinued operations, net of income taxes | (1.1) | (0.8) | (1.5) | ||||||||||||||||||||||||||||
Net Income (Loss) | 230.5 | (8.4 | ) | 31.1 | Net Income (Loss) | 35.8 | 5.2 | (38.4) | ||||||||||||||||||||||||
Income attributable to noncontrolling interest | (2.2 | ) | (1.8 | ) | (1.5 | ) | ||||||||||||||||||||||||||
Loss (income) attributable to noncontrolling interest | Loss (income) attributable to noncontrolling interest | (0.4) | 0.4 | 2.0 | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to A&B Shareholders | $ | 228.3 | $ | (10.2 | ) | $ | 29.6 | Net Income (Loss) Attributable to A&B Shareholders | $ | 35.4 | $ | 5.6 | $ | (36.4) | ||||||||||||||||||
Earnings (Loss) Per Share Available to A&B Shareholders: | Earnings (Loss) Per Share Available to A&B Shareholders: | |||||||||||||||||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock: | Basic Earnings (Loss) Per Share of Common Stock: | |||||||||||||||||||||||||||||||
Continuing operations available to A&B shareholders | $ | 4.63 | $ | 0.66 | $ | 1.15 | Continuing operations available to A&B shareholders | $ | 0.50 | $ | 0.09 | $ | (0.49) | |||||||||||||||||||
Discontinued operations available to A&B shareholders | 0.05 | (0.84 | ) | (0.61 | ) | Discontinued operations available to A&B shareholders | (0.02) | (0.01) | (0.02) | |||||||||||||||||||||||
Net income (loss) available to A&B shareholders | $ | 4.68 | $ | (0.18 | ) | $ | 0.54 | Net income (loss) available to A&B shareholders | $ | 0.48 | $ | 0.08 | $ | (0.51) | ||||||||||||||||||
Diluted Earnings (Loss) Per Share of Common Stock: | Diluted Earnings (Loss) Per Share of Common Stock: | |||||||||||||||||||||||||||||||
Continuing operations available to A&B shareholders | $ | 4.30 | $ | 0.65 | $ | 1.14 | Continuing operations available to A&B shareholders | $ | 0.50 | $ | 0.09 | $ | (0.49) | |||||||||||||||||||
Discontinued operations available to A&B shareholders | 0.04 | (0.83 | ) | (0.60 | ) | Discontinued operations available to A&B shareholders | (0.02) | (0.01) | (0.02) | |||||||||||||||||||||||
Net income (loss) available to A&B shareholders | $ | 4.34 | $ | (0.18 | ) | $ | 0.54 | Net income (loss) available to A&B shareholders | $ | 0.48 | $ | 0.08 | $ | (0.51) | ||||||||||||||||||
Weighted-Average Number of Shares Outstanding: | Weighted-Average Number of Shares Outstanding: | |||||||||||||||||||||||||||||||
Basic | 49.2 | 49.0 | 48.9 | Basic | 72.5 | 72.3 | 72.2 | |||||||||||||||||||||||||
Diluted | 53.0 | 49.4 | 49.3 | Diluted | 72.6 | 72.4 | 72.2 | |||||||||||||||||||||||||
Amounts Available to A&B Shareholders (Note 16): | ||||||||||||||||||||||||||||||||
Continuing operations available to A&B shareholders, net of income taxes | $ | 227.7 | $ | 32.2 | $ | 56.2 | ||||||||||||||||||||||||||
Discontinued operations available to A&B shareholders, net of income taxes | 2.4 | (41.1 | ) | (29.7 | ) | |||||||||||||||||||||||||||
Net income (loss) available to A&B shareholders | $ | 230.1 | $ | (8.9 | ) | $ | 26.5 | |||||||||||||||||||||||||
Amounts Available to A&B Common Shareholders (Note 19): | Amounts Available to A&B Common Shareholders (Note 19): | |||||||||||||||||||||||||||||||
Continuing operations available to A&B common shareholders | Continuing operations available to A&B common shareholders | $ | 36.2 | $ | 6.3 | $ | (35.1) | |||||||||||||||||||||||||
Discontinued operations available to A&B common shareholders | Discontinued operations available to A&B common shareholders | (1.1) | (0.8) | (1.5) | ||||||||||||||||||||||||||||
Net income (loss) available to A&B common shareholders | Net income (loss) available to A&B common shareholders | $ | 35.1 | $ | 5.5 | $ | (36.6) |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net Income (Loss) | $ | 230.5 | $ | (8.4 | ) | $ | 31.1 | |||||
Other Comprehensive Income (Loss), net of tax: | ||||||||||||
Unrealized interest rate hedging gain (loss) | (0.4 | ) | 2.6 | — | ||||||||
Reclassification adjustment for interest expense included in net income or loss | 0.5 | 0.4 | — | |||||||||
Defined benefit pension plans: | ||||||||||||
Actuarial loss | (3.2 | ) | (4.6 | ) | (7.1 | ) | ||||||
Amortization of net loss included in net periodic pension cost | 5.7 | 7.5 | 7.3 | |||||||||
Amortization of prior service credit included in net periodic pension cost | (1.1 | ) | (0.9 | ) | (1.3 | ) | ||||||
Curtailment | — | (1.5 | ) | — | ||||||||
Prior service cost | — | — | (0.4 | ) | ||||||||
Income taxes related to other comprehensive income | (0.6 | ) | (1.4 | ) | 0.6 | |||||||
Other comprehensive income (loss), net of tax | 0.9 | 2.1 | (0.9 | ) | ||||||||
Comprehensive Income (Loss) | 231.4 | (6.3 | ) | 30.2 | ||||||||
Comprehensive income attributable to noncontrolling interest | (2.2 | ) | (1.8 | ) | (1.5 | ) | ||||||
Comprehensive Income (Loss) Attributable to A&B Shareholders | $ | 229.2 | $ | (8.1 | ) | $ | 28.7 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net Income (Loss) | $ | 35.8 | $ | 5.2 | $ | (38.4) | ||||||||||||||
Other Comprehensive Income (Loss), net of tax: | ||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Unrealized interest rate hedging gain (loss) | 2.3 | (6.9) | (4.0) | |||||||||||||||||
Impact of reclassification adjustment to interest expense included in Net Income (Loss) | 1.6 | 1.0 | (0.1) | |||||||||||||||||
Employee benefit plans: | ||||||||||||||||||||
Actuarial gain (loss) | (27.4) | (7.7) | 5.3 | |||||||||||||||||
Amortization of net loss included in net periodic benefit cost | 2.8 | 2.5 | 4.0 | |||||||||||||||||
Prior service cost | — | (0.1) | — | |||||||||||||||||
Amortization of prior service credit included in net periodic benefit cost | — | — | (0.7) | |||||||||||||||||
Curtailment (gain)/loss | — | — | (1.4) | |||||||||||||||||
Other comprehensive income (loss), net of tax | (20.7) | (11.2) | 3.1 | |||||||||||||||||
Comprehensive Income (Loss) | 15.1 | (6.0) | (35.3) | |||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | (0.4) | 0.4 | 2.0 | |||||||||||||||||
Comprehensive Income (Loss) Attributable to A&B Shareholders | $ | 14.7 | $ | (5.6) | $ | (33.3) |
December 31, | |||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 68.9 | $ | 2.2 | |||
Accounts receivable, net | 34.1 | 32.1 | |||||
Contracts retention | 13.2 | 13.1 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 20.2 | 16.4 | |||||
Inventories | 31.9 | 43.3 | |||||
Real estate held for sale | 67.4 | 1.0 | |||||
Income tax receivable | 27.7 | 10.6 | |||||
Prepaid expenses and other assets | 11.4 | 19.6 | |||||
Total current assets | 274.8 | 138.3 | |||||
Investments in Affiliates | 401.7 | 390.8 | |||||
Real Estate Developments | 151.0 | 179.5 | |||||
Property – Net | 1,147.5 | 1,231.6 | |||||
Intangible Assets – Net | 46.9 | 53.8 | |||||
Deferred Tax Asset | 16.5 | — | |||||
Goodwill | 102.3 | 102.3 | |||||
Restricted Cash | 34.3 | 10.1 | |||||
Other Assets | 56.2 | 49.9 | |||||
Total assets | $ | 2,231.2 | $ | 2,156.3 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Notes payable and current portion of long-term debt | $ | 46.0 | $ | 42.4 | |||
Accounts payable | 43.3 | 35.2 | |||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 5.7 | 3.5 | |||||
Accrued interest | 6.5 | 6.3 | |||||
Deferred revenue | 0.9 | 17.6 | |||||
Indemnity holdback related to Grace acquisition | 9.3 | 9.3 | |||||
HC&S cessation-related liabilities | 4.6 | 19.1 | |||||
Accrued dividends | 783.0 | — | |||||
Accrued and other liabilities | 27.5 | 31.7 | |||||
Total current liabilities | 926.8 | 165.1 | |||||
Long-term Liabilities: | |||||||
Long-term debt | 585.2 | 472.7 | |||||
Deferred income taxes | — | 182.0 | |||||
Accrued pension and post-retirement benefits | 19.9 | 64.8 | |||||
Other non-current liabilities | 40.2 | 47.7 | |||||
Total long-term liabilities | 645.3 | 767.2 | |||||
Total liabilities | 1,572.1 | 932.3 | |||||
Commitments and Contingencies (Note 14) | |||||||
Redeemable Noncontrolling Interest (Note 17) | 8.0 | 10.8 | |||||
Equity: | |||||||
Common stock - no par value; authorized, 150 million shares; outstanding, 49.3 million and 49.0 million shares at December 31, 2017 and December 31, 2016, respectively | 1,161.7 | 1,157.3 | |||||
Accumulated other comprehensive loss | (42.3 | ) | (43.2 | ) | |||
(Distributions in excess of accumulated earnings) Retained earnings | (473.0 | ) | 95.2 | ||||
Total A&B shareholders' equity | 646.4 | 1,209.3 | |||||
Noncontrolling interest | 4.7 | 3.9 | |||||
Total equity | 651.1 | 1,213.2 | |||||
Total liabilities and equity | $ | 2,231.2 | $ | 2,156.3 |
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||
Net income (loss) | $ | 230.5 | $ | (8.4 | ) | $ | 31.1 | Net income (loss) | $ | 35.8 | $ | 5.2 | $ | (38.4) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 41.4 | 119.5 | 55.7 | Depreciation and amortization | 50.4 | 53.3 | 50.5 | ||||||||||||||||||||||||
Deferred income taxes | (199.0 | ) | (20.1 | ) | 16.9 | ||||||||||||||||||||||||||
Gains on asset transactions, net of asset write-downs | (12.7 | ) | (11.6 | ) | (35.8 | ) | |||||||||||||||||||||||||
Loss (gain) from disposals and asset transactions, net | Loss (gain) from disposals and asset transactions, net | (3.0) | (9.5) | (2.6) | |||||||||||||||||||||||||||
Impairment of assets and equity method investment | Impairment of assets and equity method investment | 29.0 | 5.6 | 49.7 | |||||||||||||||||||||||||||
Share-based compensation expense | 4.4 | 4.1 | 4.7 | Share-based compensation expense | 5.9 | 5.8 | 5.4 | ||||||||||||||||||||||||
Investments in affiliates, net of distributions | 5.5 | 1.4 | (3.7 | ) | |||||||||||||||||||||||||||
Equity in (income) loss from affiliates, net of operating cash distributions | Equity in (income) loss from affiliates, net of operating cash distributions | (8.6) | (4.8) | (1.4) | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Trade, contracts retention, and other receivables | (0.9 | ) | 4.3 | (3.1 | ) | ||||||||||||||||||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts - net | (1.5 | ) | 0.7 | (1.4 | ) | ||||||||||||||||||||||||||
Trade, contracts retention, and other contract receivables | Trade, contracts retention, and other contract receivables | 4.7 | 8.8 | 8.5 | |||||||||||||||||||||||||||
Inventories | 11.4 | 12.7 | 25.9 | Inventories | (1.9) | 2.1 | 5.7 | ||||||||||||||||||||||||
Prepaid expenses, income tax receivable and other assets | (23.0 | ) | (0.1 | ) | (12.5 | ) | Prepaid expenses, income tax receivable and other assets | 1.3 | 13.0 | 28.5 | |||||||||||||||||||||
Development/other property inventory | Development/other property inventory | 8.7 | 3.6 | 56.8 | |||||||||||||||||||||||||||
Accrued pension and post-retirement benefits | (47.4 | ) | 6.3 | 3.6 | Accrued pension and post-retirement benefits | (3.0) | 2.7 | 4.6 | |||||||||||||||||||||||
Accounts payable and contracts retention | 3.3 | (0.4 | ) | 0.1 | |||||||||||||||||||||||||||
Accounts payable | Accounts payable | 1.9 | (6.2) | (12.9) | |||||||||||||||||||||||||||
Accrued and other liabilities | (40.1 | ) | 10.7 | (18.2 | ) | Accrued and other liabilities | 3.0 | (16.5) | 3.2 | ||||||||||||||||||||||
Real estate inventory sales (real estate developments held for sale) | 47.6 | 7.4 | 73.0 | ||||||||||||||||||||||||||||
Expenditures for real estate inventory (real estate developments held for sale) | (20.8 | ) | (15.3 | ) | (7.2 | ) | |||||||||||||||||||||||||
Net cash (used in) provided by operations | (1.3 | ) | 111.2 | 129.1 | |||||||||||||||||||||||||||
Net cash provided by (used in) operations | Net cash provided by (used in) operations | 124.2 | 63.1 | 157.6 | |||||||||||||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||
Capital expenditures for acquisitions | Capital expenditures for acquisitions | (16.9) | — | (218.4) | |||||||||||||||||||||||||||
Capital expenditures for property, plant and equipment | (42.5 | ) | (116.1 | ) | (44.7 | ) | Capital expenditures for property, plant and equipment | (36.6) | (25.1) | (36.7) | |||||||||||||||||||||
Proceeds from disposal of property and other assets | 47.2 | 88.8 | 48.1 | ||||||||||||||||||||||||||||
Proceeds from disposal of assets | Proceeds from disposal of assets | 3.2 | 27.1 | 4.4 | |||||||||||||||||||||||||||
Payments for purchases of investments in affiliates and other investments | (41.9 | ) | (47.2 | ) | (29.4 | ) | Payments for purchases of investments in affiliates and other investments | (2.7) | (1.0) | (3.3) | |||||||||||||||||||||
Proceeds from investments in affiliates and other investments | 33.3 | 41.3 | 44.4 | ||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (3.9 | ) | (33.2 | ) | 18.4 | ||||||||||||||||||||||||||
Distributions of capital and other receipts from investments in affiliates and other investments | Distributions of capital and other receipts from investments in affiliates and other investments | 149.5 | 11.0 | 13.6 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 96.5 | 12.0 | (240.4) | |||||||||||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 292.5 | 272.0 | 132.0 | ||||||||||||||||||||||||||||
Payments of long-term debt and deferred financing costs | (181.0 | ) | (334.3 | ) | (248.1 | ) | |||||||||||||||||||||||||
Proceeds from issuance of notes payable and other debt | Proceeds from issuance of notes payable and other debt | 131.0 | 173.0 | 125.9 | |||||||||||||||||||||||||||
Payments of notes payable and other debt and deferred financing costs | Payments of notes payable and other debt and deferred financing costs | (290.2) | (183.0) | (203.9) | |||||||||||||||||||||||||||
Borrowings (payments) on line-of-credit agreement, net | 2.6 | (9.9 | ) | (3.0 | ) | Borrowings (payments) on line-of-credit agreement, net | — | (8.7) | (0.3) | ||||||||||||||||||||||
Distribution to noncontrolling interests | (0.5 | ) | (1.4 | ) | (1.1 | ) | Distribution to noncontrolling interests | — | — | (0.3) | |||||||||||||||||||||
Dividends paid | (10.3 | ) | (12.3 | ) | (10.3 | ) | |||||||||||||||||||||||||
Proceeds from issuance (repurchase) of capital stock and other, net | (7.2 | ) | 1.2 | (1.1 | ) | ||||||||||||||||||||||||||
Cash dividends paid | Cash dividends paid | (46.6) | (13.8) | (50.0) | |||||||||||||||||||||||||||
Proceeds from issuance (payments for repurchases) of capital stock and other, net | Proceeds from issuance (payments for repurchases) of capital stock and other, net | (1.3) | (0.6) | (1.0) | |||||||||||||||||||||||||||
Payment of deferred acquisition holdback | Payment of deferred acquisition holdback | — | — | (7.1) | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 96.1 | (84.7 | ) | (131.6 | ) | Net cash provided by (used in) financing activities | (207.1) | (33.1) | (136.7) | ||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash: | |||||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 90.9 | (6.7 | ) | 15.9 | |||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash | 13.6 | 42.0 | (219.5) | |||||||||||||||||||||||||||
Balance, beginning of period | 12.3 | 19.0 | 3.1 | Balance, beginning of period | 57.4 | 15.4 | 234.9 | ||||||||||||||||||||||||
Balance, end of period | $ | 103.2 | $ | 12.3 | $ | 19.0 | Balance, end of period | $ | 71.0 | $ | 57.4 | $ | 15.4 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Other Cash Flow Information: | |||||||||||
Interest paid, net of capitalized interest | $ | (24.9 | ) | $ | (26.2 | ) | $ | (27.3 | ) | ||
Income taxes paid | $ | (4.0 | ) | $ | — | $ | (6.4 | ) | |||
Noncash Investing and Financing Activities: | |||||||||||
Contribution of land and development assets to joint ventures | $ | — | $ | — | $ | 9.6 | |||||
Real estate exchanged for note receivable | $ | 2.5 | $ | — | $ | 1.9 | |||||
Declared distribution from investment in affiliate | $ | — | $ | 8.0 | $ | — | |||||
Declared distribution to noncontrolling interest | $ | — | $ | 0.9 | $ | 0.4 | |||||
Asset retirement obligations | $ | — | $ | 5.4 | $ | 6.0 | |||||
Uncollected proceeds from disposal of equipment | $ | 1.9 | $ | — | $ | — | |||||
Capital expenditures included in accounts payable and accrued expenses | $ | 4.5 | $ | 1.3 | $ | 8.0 | |||||
Dividends declared | $ | 783.0 | $ | — | $ | — |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Other Cash Flow Information: | ||||||||||||||||||||
Interest paid, net of capitalized interest | $ | (25.4) | $ | (29.0) | $ | (32.5) | ||||||||||||||
Income tax (payments)/refunds, net | $ | 0.5 | $ | 0.5 | $ | 25.8 | ||||||||||||||
Noncash Investing and Financing Activities: | ||||||||||||||||||||
Capital expenditures included in accounts payable and accrued and other liabilities | $ | 1.6 | $ | 2.9 | $ | 4.4 | ||||||||||||||
Right-of-use ("ROU") assets and corresponding lease liability recorded upon ASC 842 adoption | $ | — | $ | — | $ | 31.0 | ||||||||||||||
Operating lease liabilities arising from obtaining ROU assets | $ | 5.5 | $ | 0.4 | $ | — | ||||||||||||||
Finance lease liabilities arising from obtaining ROU assets | $ | 0.1 | $ | 0.9 | $ | 3.4 | ||||||||||||||
Dividends declared | $ | 13.4 | $ | 10.9 | $ | — | ||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||||||||||||||
Beginning of the period: | ||||||||||||||||||||
Cash and cash equivalents | $ | 57.2 | $ | 15.2 | $ | 11.4 | ||||||||||||||
Restricted cash | 0.2 | 0.2 | 223.5 | |||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 57.4 | $ | 15.4 | $ | 234.9 | ||||||||||||||
End of the period: | ||||||||||||||||||||
Cash and cash equivalents | $ | 70.0 | $ | 57.2 | $ | 15.2 | ||||||||||||||
Restricted cash | 1.0 | 0.2 | 0.2 | |||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 71.0 | $ | 57.4 | $ | 15.4 |
Total Equity | |||||||||||||||||||||||||||
(Distributions | |||||||||||||||||||||||||||
Accumulated | in Excess of | Redeem- | |||||||||||||||||||||||||
Common | Other | Accumulated | able | ||||||||||||||||||||||||
Stock | Compre- | Earnings) | Non- | Non- | |||||||||||||||||||||||
Stated | hensive | Retained | Controlling | Controlling | |||||||||||||||||||||||
Shares | Value | Loss | Earnings | Interest | Total | Interest | |||||||||||||||||||||
Balance, January 1, 2015 | 48.8 | $ | 1,147.3 | $ | (44.4 | ) | $ | 101.0 | $ | 10.9 | $ | 1,214.8 | $ | — | |||||||||||||
Net income | 29.6 | 1.1 | 30.7 | 0.4 | |||||||||||||||||||||||
Other comprehensive income, net of tax | (0.9 | ) | (0.9 | ) | |||||||||||||||||||||||
Dividends on common stock ($0.21 per share) | (10.3 | ) | (10.3 | ) | |||||||||||||||||||||||
Reclassification of redeemable noncontrolling interest (Note 17) | (8.5 | ) | (8.5 | ) | 8.5 | ||||||||||||||||||||||
Distributions to noncontrolling interest | — | (0.4 | ) | ||||||||||||||||||||||||
Adjustments to redemption value of redeemable noncontrolling interest (Note 17) | (3.1 | ) | (3.1 | ) | 3.1 | ||||||||||||||||||||||
Share-based compensation | 4.7 | 4.7 | |||||||||||||||||||||||||
Shares issued or repurchased, net | 0.1 | (0.9 | ) | (0.9 | ) | ||||||||||||||||||||||
Excess tax benefit from share-based awards | 0.6 | 0.6 | |||||||||||||||||||||||||
Balance, December 31, 2015 | 48.9 | 1,151.7 | (45.3 | ) | 117.2 | 3.5 | 1,227.1 | 11.6 | |||||||||||||||||||
Net income (loss) | (10.2 | ) | 0.4 | (9.8 | ) | 1.4 | |||||||||||||||||||||
Other comprehensive income, net of tax | 2.1 | 2.1 | |||||||||||||||||||||||||
Dividends on common stock ($0.25 per share) | (12.3 | ) | (12.3 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interest | — | (0.9 | ) | ||||||||||||||||||||||||
Adjustments to redemption value of redeemable noncontrolling interest (Note 17) | 1.3 | 1.3 | (1.3 | ) | |||||||||||||||||||||||
Share-based compensation | 4.1 | 4.1 | |||||||||||||||||||||||||
Shares issued or repurchased, net | 0.1 | 1.5 | (0.8 | ) | 0.7 | ||||||||||||||||||||||
Balance, December 31, 2016 | 49.0 | 1,157.3 | (43.2 | ) | 95.2 | 3.9 | 1,213.2 | 10.8 | |||||||||||||||||||
Net income | 228.3 | 1.0 | 229.3 | 1.2 | |||||||||||||||||||||||
Other comprehensive income, net of tax | 0.9 | 0.9 | |||||||||||||||||||||||||
Dividends on common stock ($16.13 per share) | (793.3 | ) | (793.3 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interest | (0.2 | ) | (0.2 | ) | (0.3 | ) | |||||||||||||||||||||
Adjustments to redemption value of redeemable noncontrolling interest (Note 17) | 3.7 | 3.7 | (3.7 | ) | |||||||||||||||||||||||
Share-based compensation | 4.4 | 4.4 | |||||||||||||||||||||||||
Shares issued or repurchased, net | 0.3 | — | (6.9 | ) | (6.9 | ) | |||||||||||||||||||||
Balance, December 31, 2017 | 49.3 | $ | 1,161.7 | $ | (42.3 | ) | $ | (473.0 | ) | $ | 4.7 | $ | 651.1 | $ | 8.0 |
Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Non-Controlling Interest | Total | Redeem- able Non- Controlling Interest | |||||||||||||||||||||||||||||||||||||||
Shares | Stated Value | |||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 72.0 | $ | 1,793.4 | $ | (51.9) | $ | (538.9) | $ | 5.7 | $ | 1,208.3 | $ | 7.9 | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (36.4) | (2.1) | (38.5) | 0.1 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | 3.1 | — | — | 3.1 | — | |||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.69 per share) | — | — | — | (50.0) | — | (50.0) | — | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | (0.3) | |||||||||||||||||||||||||||||||||||||
Adjustments to redemption value of redeemable noncontrolling interest (Note 2) | — | 1.4 | — | — | — | 1.4 | (1.4) | |||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 5.4 | — | — | — | 5.4 | — | |||||||||||||||||||||||||||||||||||||
Shares issued or repurchased, net | 0.3 | (0.1) | — | (0.9) | — | (1.0) | — | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 72.3 | $ | 1,800.1 | $ | (48.8) | $ | (626.2) | $ | 3.6 | $ | 1,128.7 | $ | 6.3 | |||||||||||||||||||||||||||||||
Cumulative impact of adoption of ASC 326 | — | — | — | (4.0) | (0.1) | (4.1) | — | |||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 5.6 | (0.6) | 5.0 | 0.2 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | (11.2) | — | — | (11.2) | — | |||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.34 per share) | — | — | — | (24.7) | — | (24.7) | — | |||||||||||||||||||||||||||||||||||||
Disposal of M&C subsidiary | — | — | — | — | (2.9) | (2.9) | — | |||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 5.8 | — | — | — | 5.8 | — | |||||||||||||||||||||||||||||||||||||
Shares issued or repurchased, net | 0.1 | (0.4) | — | (0.1) | — | (0.5) | — | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 72.4 | $ | 1,805.5 | $ | (60.0) | $ | (649.4) | $ | — | $ | 1,096.1 | $ | 6.5 | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 35.4 | — | 35.4 | 0.4 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | (20.7) | — | — | (20.7) | — | |||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.67 per share) | — | — | — | (49.2) | — | (49.2) | — | |||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 5.9 | — | — | — | 5.9 | — | |||||||||||||||||||||||||||||||||||||
Shares issued or repurchased, net | 0.1 | (0.9) | — | — | — | (0.9) | — | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 72.5 | $ | 1,810.5 | $ | (80.7) | $ | (663.2) | $ | — | $ | 1,066.6 | $ | 6.9 |
Classification | Range of Life (in years) | ||||
Building and improvements | 10 to 40 | ||||
Leasehold improvements | 5 to 10 (lesser of useful life or lease term) | ||||
Water, power and sewer systems | 5 to 50 | ||||
Asphalt plants, machinery and equipment | 2 to 35 | ||||
Other property improvements | 3 to 35 |
Balance at Beginning of Year | Provision for Bad Debt | Write-offs and Other | Balance at End of Year | ||||
2017 | $1.0 | $1.0 | $(0.6) | $1.4 | |||
2016 | $1.7 | $0.8 | $(1.5) | $1.0 | |||
2015 | $1.7 | $0.4 | $(0.4) | $1.7 |
2017 | 2016 | ||||||
Sugar inventories | $ | — | $ | 17.5 | |||
Asphalt | 12.2 | 7.4 | |||||
Processed rock, Portland cement, and sand | 13.5 | 12.6 | |||||
Work in progress | 2.8 | 3.0 | |||||
Retail merchandise | 1.7 | 1.7 | |||||
Parts, materials and supplies inventories | 1.7 | 1.1 | |||||
Total | $ | 31.9 | $ | 43.3 |
Real Estate Developments | $ | 21.1 | |
Property – Net | 64.8 | ||
Other Assets | 3.9 | ||
Total assets | 89.8 | ||
Impairment of real estate assets | (22.4 | ) | |
Real estate held for sale | $ | 67.4 |
2017 | 2016 | ||||||||||
Amount | Weighted Average Life (Years) | Amount | Weighted Average Life (Years) | ||||||||
In-place/favorable leases | $ | 0.3 | 1.6 | $ | 8.5 | 7.0 |
2017 | 2016 | ||||||
In-place leases | $ | 70.2 | $ | 69.9 | |||
Favorable leases | 17.9 | 17.9 | |||||
Permitted quarry rights | 18.0 | 18.0 | |||||
Contract backlog | 2.6 | 2.6 | |||||
Trade name/customer relationships | 2.2 | 2.2 | |||||
Accumulated amortization | (64.0 | ) | (56.8 | ) | |||
Total assets | $ | 46.9 | $ | 53.8 |
Estimated Amortization | |||
2018 | $ | 5.4 | |
2019 | $ | 4.5 | |
2020 | $ | 3.6 | |
2021 | $ | 3.1 | |
2022 | $ | 2.9 |
Materials & Construction | Commercial Real Estate | Total | |||||||||
Balance, January 1, 2016 | $ | 93.6 | $ | 8.7 | $ | 102.3 | |||||
Changes to goodwill | — | — | — | ||||||||
Balance, December 31, 2016 | 93.6 | 8.7 | 102.3 | ||||||||
Changes to goodwill | — | — | — | ||||||||
Balance, December 31, 2017 | $ | 93.6 | $ | 8.7 | $ | 102.3 |
2021 | 2020 | 2019 | ||||||||||||||||||
Pension and postretirement benefit (expense) | $ | (3.0) | $ | (2.6) | $ | (3.1) | ||||||||||||||
Interest income | 1.0 | 1.7 | 3.0 | |||||||||||||||||
Gain (loss) on sale of joint venture interest | — | — | 2.6 | |||||||||||||||||
Reductions in solar investments, net | — | — | (0.1) | |||||||||||||||||
Other income (expense) | 0.4 | 1.2 | 0.8 | |||||||||||||||||
Interest and other income (expense), net | $ | (1.6) | $ | 0.3 | $ | 3.2 |
2021 | 2020 | |||||||||||||
Land | $ | 784.9 | $ | 769.6 | ||||||||||
Buildings | 709.4 | 696.0 | ||||||||||||
Other property improvements | 93.9 | 84.1 | ||||||||||||
Subtotal | 1,588.2 | 1,549.7 | ||||||||||||
Accumulated depreciation | (180.5) | (154.4) | ||||||||||||
Real estate property, net | $ | 1,407.7 | $ | 1,395.3 |
2021 | 2020 | |||||||||||||
Land | $ | 38.3 | $ | 39.3 | ||||||||||
Buildings | 13.4 | 18.5 | ||||||||||||
Asphalt plants, machinery and equipment | 46.6 | 104.4 | ||||||||||||
Water, power and sewer systems | 21.0 | 19.7 | ||||||||||||
Other property improvements | 6.2 | 6.4 | ||||||||||||
Subtotal | 125.5 | 188.3 | ||||||||||||
Accumulated depreciation | (42.0) | (77.5) | ||||||||||||
Other property, net | $ | 83.5 | $ | 110.8 |
2017 | 2016 | ||||||
Unrealized components of benefit plans: | |||||||
Pension plans | $ | (43.1 | ) | $ | (43.8 | ) | |
Post-retirement plans | (1.0 | ) | (0.6 | ) | |||
Non-qualified benefit plans | (0.1 | ) | (0.6 | ) | |||
Interest rate swap | 1.9 | 1.8 | |||||
Accumulated other comprehensive loss | $ | (42.3 | ) | $ | (43.2 | ) |
Fair value of assets acquired | ||||||||
Assets acquired: | ||||||||
Land | $ | 8.8 | ||||||
Property and improvements | 2.0 | |||||||
Total assets acquired | $ | 10.8 |
Employee Benefit Plans | Interest Rate Swap | Total | |||||||||
Balance, January 1, 2015 | $ | (44.4 | ) | $ | — | $ | (44.4 | ) | |||
Other comprehensive loss before reclassifications, net of taxes of $2.9 for employee benefit plans | (4.6 | ) | — | (4.6 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of taxes of $2.3 for employee benefit plans | 3.7 | — | 3.7 | ||||||||
Balance, December 31, 2015 | $ | (45.3 | ) | $ | — | $ | (45.3 | ) | |||
Other comprehensive loss before reclassifications, net of taxes of $2.1 and $1.0 for employee benefit plans and interest rate swap, respectively | (3.4 | ) | 1.6 | (1.8 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of taxes of $2.3 and $0.2 for employee benefit plans and interest rate swap, respectively | 3.7 | 0.2 | 3.9 | ||||||||
Balance, December 31, 2016 | $ | (45.0 | ) | $ | 1.8 | $ | (43.2 | ) | |||
Other comprehensive loss before reclassifications, net of taxes of $1.2 and $0.2 for employee benefit plans and interest rate swap, respectively | (2.0 | ) | (0.2 | ) | (2.2 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss, net of taxes of $1.8 and $0.2 for employee benefit plans and interest rate swap, respectively | 2.8 | 0.3 | 3.1 | ||||||||
Balance, December 31, 2017 | $ | (44.2 | ) | $ | 1.9 | $ | (42.3 | ) |
Fair value of assets acquired and liabilities assumed | ||||||||
Assets acquired: | ||||||||
Land | $ | 106.9 | ||||||
Property and improvements | 91.3 | |||||||
In-place leases | 23.2 | |||||||
Favorable leases | 4.3 | |||||||
Total assets acquired | $ | 225.7 | ||||||
Liabilities assumed: | ||||||||
Unfavorable leases | $ | 7.3 | ||||||
Total liabilities assumed | $ | 7.3 | ||||||
Net assets acquired | $ | 218.4 | ||||||
2021 | 2020 | ||||||||||
In-place leases | $ | 124.8 | $ | 125.0 | |||||||
Favorable leases | 29.0 | 29.0 | |||||||||
Accumulated amortization of in-place leases | (81.9) | (73.8) | |||||||||
Accumulated amortization of favorable leases | (20.3) | (18.3) | |||||||||
Real estate intangible assets, net | $ | 51.6 | $ | 61.9 | |||||||
Other intangible assets | $ | 21.1 | $ | 20.4 | |||||||
Accumulated amortization of other intangible assets | (12.4) | (10.2) | |||||||||
Other intangible assets, net | $ | 8.7 | $ | 10.2 |
2017 | 2016 | 2015 | |||||||||
Unrealized hedging gain (loss) | $ | (0.4 | ) | $ | 2.6 | $ | — | ||||
Reclassification adjustment for interest expense included in net income or loss | 0.5 | 0.4 | — | ||||||||
Actuarial loss* | (3.2 | ) | (4.6 | ) | (7.1 | ) | |||||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | |||||||||||
Prior service cost | — | — | (0.4 | ) | |||||||
Net loss* | 5.7 | 7.5 | 7.3 | ||||||||
Prior service credit* | (1.1 | ) | (0.9 | ) | (1.3 | ) | |||||
Curtailment | — | (1.5 | ) | — | |||||||
Total before income tax | 1.5 | 3.5 | (1.5 | ) | |||||||
Income taxes | (0.6 | ) | (1.4 | ) | 0.6 | ||||||
Other comprehensive income (loss), net of tax | $ | 0.9 | $ | 2.1 | $ | (0.9 | ) |
2017 | 2016 | 2015 | |||||||||
Interest income | $ | 5.3 | $ | 1.8 | $ | 0.8 | |||||
Pension and postretirement benefit expense | (2.6 | ) | (4.2 | ) | (3.7 | ) | |||||
Other income (expense) | (0.6 | ) | 0.7 | 0.4 | |||||||
Interest and other income (expense), net | $ | 2.1 | $ | (1.7 | ) | $ | (2.5 | ) |
2016 | 2015 | ||||||||||||||||||
Previously Reported | Impact of Adoption | Current Presentation | Previously Reported | Impact of Adoption | Current Presentation | ||||||||||||||
Cash Flows from Operating Activities | $ | 111.2 | $ | — | $ | 111.2 | $ | 129.1 | $ | — | $ | 129.1 | |||||||
Cash Flows from Investing Activities | $ | (25.6 | ) | $ | (7.6 | ) | $ | (33.2 | ) | $ | 1.0 | $ | 17.4 | $ | 18.4 | ||||
Cash Flows from Financing Activities | $ | (84.7 | ) | $ | — | $ | (84.7 | ) | $ | (131.6 | ) | $ | — | $ | (131.6 | ) | |||
Cash, Cash Equivalents and Restricted Cash | |||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | 0.9 | $ | (7.6 | ) | $ | (6.7 | ) | $ | (1.5 | ) | $ | 17.4 | $ | 15.9 | ||||
Balance, beginning of period | 1.3 | 17.7 | 19.0 | 2.8 | 0.3 | 3.1 | |||||||||||||
Balance, end of period | $ | 2.2 | $ | 10.1 | $ | 12.3 | $ | 1.3 | $ | 17.7 | $ | 19.0 |
2017 | 2016 | 2015 | |||||||||
Cash and Cash Equivalents | $ | 68.9 | $ | 2.2 | $ | 1.3 | |||||
Restricted Cash | 34.3 | 10.1 | 17.7 | ||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 103.2 | $ | 12.3 | $ | 19.0 |
2016 | 2015 | ||||||||||||||||||
Previously Reported | Impact of Adoption | Current Presentation | Previously Reported | Impact of Adoption | Current Presentation | ||||||||||||||
Selling, general and administrative | $ | 56.2 | $ | (4.2 | ) | $ | 52.0 | $ | 55.3 | $ | (3.7 | ) | $ | 51.6 | |||||
Interest and other income, net | $ | 2.5 | $ | (4.2 | ) | $ | (1.7 | ) | $ | 1.2 | $ | (3.7 | ) | $ | (2.5 | ) |
Estimated Amortization | |||||
2022 | $ | 9.1 | |||
2023 | 8.1 | ||||
2024 | 5.9 | ||||
2025 | 5.5 | ||||
2026 | 3.9 |
2017 | 2016 | 2015 | |||||||||
Sugar operations revenue | $ | 22.9 | $ | 98.4 | $ | 97.7 | |||||
Cost of sugar operations | 22.5 | 87.5 | 124.6 | ||||||||
Operating income (loss) from sugar operations | 0.4 | 10.9 | (26.9 | ) | |||||||
Sugar operations cessation costs | (2.7 | ) | (77.6 | ) | (22.6 | ) | |||||
Gain on asset dispositions | 6.0 | — | — | ||||||||
Income (loss) from discontinued operations before income taxes | 3.7 | (66.7 | ) | (49.5 | ) | ||||||
Income tax (expense) benefit | (1.3 | ) | 25.6 | 19.8 | |||||||
Income (loss) from discontinued operations | $ | 2.4 | $ | (41.1 | ) | $ | (29.7 | ) | |||
Basic earnings (loss) per share | $ | 0.05 | $ | (0.84 | ) | $ | (0.61 | ) | |||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.83 | ) | $ | (0.60 | ) |
2017 | 2016 | ||||||
Current assets | $ | 153.1 | $ | 154.3 | |||
Non-current assets | 754.9 | 727.8 | |||||
Total assets | $ | 908.0 | $ | 882.1 | |||
Current liabilities | $ | 52.5 | $ | 65.8 | |||
Non-current liabilities | 192.8 | 175.0 | |||||
Total liabilities | $ | 245.3 | $ | 240.8 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Revenues | $ | 200.5 | $ | 489.3 | $ | 471.7 | |||||
Operating costs and expenses | 166.3 | 449.8 | 411.6 | ||||||||
Operating income | $ | 34.2 | $ | 39.5 | $ | 60.1 | |||||
Income from Continuing Operations* | $ | 16.0 | $ | 31.7 | $ | 57.2 | |||||
Net Income* | $ | 15.5 | $ | 31.7 | $ | 56.1 | |||||
* Includes earnings from equity method investments held by the investee. |
2017 | 2016 | ||||||
Costs incurred on uncompleted contracts | $ | 137.5 | $ | 92.2 | |||
Estimated earnings | 35.8 | 26.8 | |||||
Subtotal | 173.3 | 119.0 | |||||
Less: billings to date | 158.8 | 106.1 | |||||
Total | $ | 14.5 | $ | 12.9 | |||
Included in accompanying balance sheet under the following captions: | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 20.2 | $ | 16.4 | |||
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | (5.7 | ) | (3.5 | ) | |||
Total | $ | 14.5 | $ | 12.9 |
2021 | 2020 | |||||||||||||
Current assets | $ | 73.2 | $ | 73.0 | ||||||||||
Non-current assets | 206.4 | 688.0 | ||||||||||||
Total assets | $ | 279.6 | $ | 761.0 | ||||||||||
Current liabilities | $ | 28.1 | $ | 33.5 | ||||||||||
Non-current liabilities | 88.7 | 96.7 | ||||||||||||
Total liabilities | $ | 116.8 | $ | 130.2 |
December 31, | |||||||
2017 | 2016 | ||||||
Buildings | $ | 471.6 | $ | 566.5 | |||
Land | 613.3 | 622.6 | |||||
Machinery and equipment | 74.7 | 254.0 | |||||
Asphalt plants and quarry assets | 80.2 | 78.2 | |||||
Water, power and sewer systems | 109.9 | 156.4 | |||||
Other property improvements | 70.5 | 65.9 | |||||
Vessel | — | 11.3 | |||||
Subtotal | 1,420.2 | 1,754.9 | |||||
Accumulated depreciation | (272.7 | ) | (523.3 | ) | |||
Property - net | $ | 1,147.5 | $ | 1,231.6 |
2021 | 2020 | 2019 | ||||||||||||||||||
Revenues | $ | 243.0 | $ | 174.2 | $ | 191.9 | ||||||||||||||
Operating costs and expenses | 214.2 | 147.1 | 173.0 | |||||||||||||||||
Gross profit (loss) | $ | 28.8 | $ | 27.1 | $ | 18.9 | ||||||||||||||
Income (loss) from Continuing Operations* | $ | (288.1) | $ | 12.1 | $ | 6.6 | ||||||||||||||
Net income (loss)* | $ | (288.3) | $ | 11.6 | $ | 6.6 | ||||||||||||||
* Includes earnings from equity method investments held by the investee. |
Balance at beginning of year | Impact of adoption of ASC 3261 | Impact of adoption of ASC 3262 | Additions/(Reductions)3 | Deductions or other4 | Balance at end of year | |||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Deducted from assets | ||||||||||||||||||||||||||||||||||||||
Reserve for cash basis tenants | $ | 12.7 | $ | — | $ | — | $ | (1.3) | $ | (0.3) | $ | 11.1 | ||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 2.6 | — | — | (1.7) | (0.1) | $ | 0.8 | ||||||||||||||||||||||||||||||
Reserve for contract credits | $ | 2.3 | — | — | (1.2) | — | $ | 1.1 | ||||||||||||||||||||||||||||||
Allowance for credit losses - financing receivables | $ | 3.9 | — | — | (1.4) | — | $ | 2.5 | ||||||||||||||||||||||||||||||
Allowance for credit losses - contract assets | $ | 0.7 | — | — | (0.2) | — | $ | 0.5 | ||||||||||||||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Deducted from assets | ||||||||||||||||||||||||||||||||||||||
Reserve for cash basis tenants | $ | 0.9 | $ | — | $ | — | $ | 10.6 | $ | 1.2 | $ | 12.7 | ||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 0.6 | (0.3) | — | 3.6 | (1.3) | $ | 2.6 | ||||||||||||||||||||||||||||||
Reserve for contract credits | $ | 2.3 | — | — | — | — | $ | 2.3 | ||||||||||||||||||||||||||||||
Allowance for credit losses - financing receivables | $ | — | 1.6 | 2.7 | (0.4) | — | $ | 3.9 | ||||||||||||||||||||||||||||||
Allowance for credit losses - contract assets | $ | — | 0.3 | 1.4 | (0.9) | (0.1) | $ | 0.7 | ||||||||||||||||||||||||||||||
Loans allowance | $ | 1.6 | (1.6) | — | — | — | $ | — | ||||||||||||||||||||||||||||||
Other reserves | $ | 0.4 | — | — | — | (0.4) | $ | — | ||||||||||||||||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Deducted from assets | ||||||||||||||||||||||||||||||||||||||
Reserve for cash basis tenants | $ | — | — | — | — | 0.9 | $ | 0.9 | ||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 2.0 | — | — | (0.4) | (1.0) | $ | 0.6 | ||||||||||||||||||||||||||||||
Reserve for contract credits | $ | — | — | — | 2.3 | — | $ | 2.3 | ||||||||||||||||||||||||||||||
Loans allowance | $ | 1.6 | — | — | — | — | $ | 1.6 | ||||||||||||||||||||||||||||||
Other reserves | $ | 0.4 | — | — | — | — | $ | 0.4 |
2021 | 2020 | ||||||||||
Asphalt | $ | 4.7 | $ | 4.2 | |||||||
Processed rock and sand | 8.1 | 7.9 | |||||||||
Work in progress | 3.6 | 3.2 | |||||||||
Retail merchandise | 2.1 | 2.1 | |||||||||
Parts, materials and supplies inventories | 1.8 | 1.0 | |||||||||
Total | $ | 20.3 | $ | 18.4 |
Materials & Construction | Commercial Real Estate | Total | ||||||||||||||||||
Carrying amount of goodwill: | ||||||||||||||||||||
Gross amount of goodwill | $ | 93.6 | $ | 8.7 | $ | 102.3 | ||||||||||||||
Accumulated impairment losses | (86.9) | — | (86.9) | |||||||||||||||||
Balance, January 1, 2020 | $ | 6.7 | $ | 8.7 | $ | 15.4 | ||||||||||||||
Gross amount of goodwill included in disposal | (7.1) | — | (7.1) | |||||||||||||||||
Accumulated impairment losses included in disposal | 2.2 | $ | — | 2.2 | ||||||||||||||||
Carrying amount of goodwill: | ||||||||||||||||||||
Gross amount of goodwill | 86.5 | 8.7 | 95.2 | |||||||||||||||||
Accumulated impairment losses | (84.7) | — | (84.7) | |||||||||||||||||
Balance, December 31, 2020 | $ | 1.8 | $ | 8.7 | $ | 10.5 | ||||||||||||||
Impairment losses | $ | (1.8) | $ | — | (1.8) | |||||||||||||||
Carrying amount of goodwill: | ||||||||||||||||||||
Gross amount of goodwill | 86.5 | 8.7 | 95.2 | |||||||||||||||||
Accumulated impairment losses | (86.5) | — | (86.5) | |||||||||||||||||
Balance, December 31, 2021 | $ | — | $ | 8.7 | $ | 8.7 |
Principal Outstanding | ||||||||||||||||||||||||||
Debt | Interest Rate (%) | Maturity Date | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Secured: | ||||||||||||||||||||||||||
Kailua Town Center | (1) | 2021 | $ | — | $ | 9.8 | ||||||||||||||||||||
Kailua Town Center #2 | 3.15% | 2021 | — | 4.5 | ||||||||||||||||||||||
Heavy Equipment Financing | (2) | (2) | 1.9 | 3.2 | ||||||||||||||||||||||
Laulani Village | 3.93% | 2024 | 60.2 | 61.3 | ||||||||||||||||||||||
Pearl Highlands | 4.15% | 2024 | 79.4 | 81.4 | ||||||||||||||||||||||
Manoa Marketplace | (3) | 2029 | 56.3 | 57.9 | ||||||||||||||||||||||
Subtotal | $ | 197.8 | $ | 218.1 | ||||||||||||||||||||||
Unsecured: | ||||||||||||||||||||||||||
Bank syndicated loan | (4) | 2021 | — | 50.0 | ||||||||||||||||||||||
Series A Note | 5.53% | 2024 | 21.3 | 28.4 | ||||||||||||||||||||||
Series J Note | 4.66% | 2025 | 10.0 | 10.0 | ||||||||||||||||||||||
Series B Note | 5.55% | 2026 | 45.0 | 46.0 | ||||||||||||||||||||||
Series C Note | 5.56% | 2026 | 13.0 | 22.0 | ||||||||||||||||||||||
Series F Note | 4.35% | 2026 | 15.2 | 19.7 | ||||||||||||||||||||||
Series H Note | 4.04% | 2026 | 50.0 | 50.0 | ||||||||||||||||||||||
Series K Note | 4.81% | 2027 | 34.5 | 34.5 | ||||||||||||||||||||||
Series G Note | 3.88% | 2027 | 28.1 | 29.6 | ||||||||||||||||||||||
Series L Note | 4.89% | 2028 | 18.0 | 18.0 | ||||||||||||||||||||||
Series I Note | 4.16% | 2028 | 25.0 | 25.0 | ||||||||||||||||||||||
Term Loan 5 | 4.30% | 2029 | 25.0 | 25.0 | ||||||||||||||||||||||
Subtotal | $ | 285.1 | $ | 358.2 | ||||||||||||||||||||||
Revolving Credit Facilities: | ||||||||||||||||||||||||||
GLP Asphalt revolving credit facility | (5) | 2022 | — | — | ||||||||||||||||||||||
A&B Revolver | (6) | 2025 | 50.0 | 111.0 | ||||||||||||||||||||||
Subtotal | $ | 50.0 | $ | 111.0 | ||||||||||||||||||||||
Total Debt (contractual) | $ | 532.9 | $ | 687.3 | ||||||||||||||||||||||
Unamortized debt premium (discount) | — | — | ||||||||||||||||||||||||
Unamortized debt issuance costs | (0.2) | (0.2) | ||||||||||||||||||||||||
Total debt (carrying value) | $ | 532.7 | $ | 687.1 |
2017 | 2016 | ||||||
Revolving credit facilities: | |||||||
Wells Fargo GLP Revolver, matures in 2018 (a) | $ | 0.5 | $ | — | |||
Revolving credit facility, matures in 2022 ($372.2 million available) (b) | 66.0 | 14.9 | |||||
Term loans: | |||||||
6.38%, payable through 2017, secured by Midstate Hayes | — | 8.2 | |||||
1.85%, payable through 2017, unsecured | — | 2.5 | |||||
2.00%, payable through 2018, unsecured | 0.1 | 0.8 | |||||
3.31%, payable through 2018, unsecured | 1.0 | 2.8 | |||||
5.19%, payable through 2019, unsecured | 4.4 | 6.5 | |||||
6.90%, payable through 2020, unsecured | 48.8 | 65.0 | |||||
LIBOR plus 2.00%, payable through 2021 (c) | 9.4 | 9.4 | |||||
LIBOR plus 1.00%, payable through 2021, secured by asphalt terminal (d) | 4.8 | 6.1 | |||||
3.15%, payable through 2021, second mortgage secured by Kailua Town Center III | 4.9 | — | |||||
LIBOR plus 1.50%, payable through 2021, secured by Kailua Town Center III (e) | 10.8 | 11.2 | |||||
5.53%, payable through 2024, unsecured | 28.5 | 28.5 | |||||
3.90%, payable through 2024, unsecured | 62.6 | 68.1 | |||||
4.15%, payable through 2024, secured by Pearl Highlands Center | 87.0 | 88.8 | |||||
5.55%, payable through 2026, unsecured | 46.0 | 46.0 | |||||
5.56%, payable through 2026, unsecured | 25.0 | 25.0 | |||||
4.35%, payable through 2026, unsecured | 22.0 | 22.0 | |||||
4.04%, payable through 2026, unsecured | 50.0 | — | |||||
3.88%, payable through 2027, unsecured | 50.0 | 50.0 | |||||
4.16%, payable through 2028, unsecured | 25.0 | — | |||||
4.30%, payable through 2029, unsecured | 25.0 | — | |||||
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace (f) | 60.0 | 60.0 | |||||
Total debt (contractual) | 631.8 | 515.8 | |||||
Unamortized debt premium (discount) | 0.5 | 0.5 | |||||
Unamortized debt issuance costs | (1.1 | ) | (1.2 | ) | |||
Total debt (carrying value) | 631.2 | 515.1 | |||||
Less current portion | (46.0 | ) | (42.4 | ) | |||
Long-term debt | $ | 585.2 | $ | 472.7 |
(1) Loan had a stated interest rate of LIBOR plus 1.50% but was swapped through maturity to a 5.95% fixed rate. Loan was repaid in full in September 2021. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Loans have a weighted average stated interest rate of approximately 2.80% and stated maturity dates ranging from 2021 to 2024. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Loan has a stated interest rate of LIBOR plus 1.35% but is swapped through maturity to a 3.14% fixed rate. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Loan had a stated interest rate of LIBOR plus 1.80% based on a pricing grid, and its LIBOR component was swapped through maturity. Loan was repaid in full in August 2021. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(5) Loan has a stated interest rate of LIBOR plus 1.75%. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(6) Loan has a stated interest rate of LIBOR plus 1.05% based on pricing grid. $50.0 million is swapped through February 2023 to a 2.40% fixed rate. |
Scheduled principal payments | ||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | There- after | Total Principal | (Unamort Debt Issue Cost)/ (Discount) Premium | Total | ||||||||||||||||||||||||||||||
Secured debt | $ | 6.0 | $ | 6.0 | $ | 135.0 | $ | 1.9 | $ | 1.9 | $ | 47.0 | $ | 197.8 | $ | (0.1) | $ | 197.7 | ||||||||||||||||||||
Unsecured debt | 24.1 | 28.6 | 22.0 | 38.3 | 67.0 | 105.1 | 285.1 | (0.1) | 285.0 | |||||||||||||||||||||||||||||
Revolving credit facilities | — | — | — | 50.0 | — | — | 50.0 | — | 50.0 | |||||||||||||||||||||||||||||
Total Notes payable and other debt | $ | 30.1 | $ | 34.6 | $ | 157.0 | $ | 90.2 | $ | 68.9 | $ | 152.1 | $ | 532.9 | $ | (0.2) | $ | 532.7 | ||||||||||||||||||||
Effective | Maturity | Fixed | Notional Amount at | Asset (Liability) Fair Value at | Classification on | ||||||||||||||||||||||||
Date | Date | Interest Rate | December 31, 2021 | December 31, 2021 | December 31, 2020 | Balance Sheet | |||||||||||||||||||||||
4/7/2016 | 8/1/2029 | 3.14% | $ | 56.3 | $ | (1.7) | $ | (4.8) | Accrued and other liabilities | ||||||||||||||||||||
2/13/2020 | 2/27/2023 | 3.15% | $ | 50.0 | $ | (0.5) | $ | (1.3) | Accrued and other liabilities |
2021 | 2020 | |||||||||||||
Derivatives in Designated Cash Flow Hedging Relationships: | ||||||||||||||
Amount of gain (loss) recognized in OCI on derivatives | $ | 2.3 | $ | (6.9) | ||||||||||
Impact of reclassification adjustment to interest expense included in Net Income (Loss) | $ | 1.6 | $ | 1.0 |
Effective | Maturity | Fixed | Notional Amount at | Asset (Liability) Fair Value at | Classification on | ||||||||||||||||||||||||
Date | Date | Interest Rate | December 31, 2021 | December 31, 2021 | December 31, 2020 | Balance Sheet | |||||||||||||||||||||||
1/1/2014 | 9/1/2021 | 5.95% | $ | — | $ | — | $ | (0.3) | Accrued and other liabilities |
2021 | 2020 | 2019 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Commercial Real Estate | $ | 173.2 | $ | 150.0 | $ | 160.6 | ||||||||||||||
Land Operations: | ||||||||||||||||||||
Development sales revenue | 16.0 | 7.9 | 57.2 | |||||||||||||||||
Unimproved/other property sales revenue | 41.3 | 9.7 | 32.4 | |||||||||||||||||
Other operating revenue | 22.6 | 21.1 | 22.6 | |||||||||||||||||
Land Operations | 79.9 | 38.7 | 112.2 | |||||||||||||||||
Materials & Construction | 126.2 | 116.6 | 162.4 | |||||||||||||||||
Total revenues | $ | 379.3 | $ | 305.3 | $ | 435.2 |
2021 | 2020 | |||||||||||||
Accounts receivable | $ | 25.1 | $ | 39.5 | ||||||||||
Contracts retention | 5.1 | 7.3 | ||||||||||||
Allowances (credit losses and doubtful accounts) | (1.3) | (3.3) | ||||||||||||
Accounts receivable and retention, net | $ | 28.9 | $ | 43.5 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 10.4 | $ | 2.3 | ||||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ | 6.8 | $ | 8.5 | ||||||||||
Variable consideration | $ | 62.0 | $ | 62.0 | ||||||||||
Other deferred revenue | $ | 6.5 | $ | 4.9 |
2021 | 2020 | |||||||||||||
Costs incurred on uncompleted contracts | $ | 346.2 | $ | 389.8 | ||||||||||
Estimated earnings | 35.0 | 41.1 | ||||||||||||
Subtotal | 381.2 | 430.9 | ||||||||||||
Billings to date | (377.6) | (437.1) | ||||||||||||
Total | $ | 3.6 | $ | (6.2) |
2021 | 2020 | |||||||||||||
Tenant collectability assessments and allowances for doubtful accounts | ||||||||||||||
Impact to billed accounts receivable | $ | (1.3) | $ | 10.6 | ||||||||||
Impact to straight-line lease receivables | 0.1 | 4.8 | ||||||||||||
Total revenue reductions (increases) - tenant collectability assessments | $ | (1.2) | $ | 15.4 | ||||||||||
Provision for allowance for doubtful accounts | (1.7) | 3.6 | ||||||||||||
Total revenue reductions (increases) - tenant collectability assessments and allowance for doubtful accounts | $ | (2.9) | $ | 19.0 | ||||||||||
Other relief modifications and other adjustments1 | $ | 7.5 | $ | 6.4 | ||||||||||
Total revenue reductions (increases) related to adjustments, assessments and provisions | $ | 4.6 | $ | 25.4 | ||||||||||
Total revenue reductions (increases) impacting billed accounts receivable only2 | $ | 4.5 | $ | 20.6 | ||||||||||
1 Primarily related to COVID-19, but may include other adjustments (e.g., adjustments due to tenant bankruptcies). | ||||||||||||||
2 Excludes the impact to unbilled straight-line lease receivables. | ||||||||||||||
2021 | 2020 | ||||||||||
Leased property - real estate | $ | 1,563.2 | $ | 1,525.3 | |||||||
Less: Accumulated depreciation | (182.2) | (152.2) | |||||||||
Property under operating leases, net | $ | 1,381.0 | $ | 1,373.1 |
2021 | 2020 | ||||||||||
Lease payments | $ | 123.6 | $ | 113.7 | |||||||
Variable lease payments | 56.0 | 39.3 | |||||||||
Total rental income | $ | 179.6 | $ | 153.0 |
2022 | $ | 117.5 | |||
2023 | 107.9 | ||||
2024 | 96.0 | ||||
2025 | 81.5 | ||||
2026 | 67.1 | ||||
Thereafter | 477.5 | ||||
Total future lease payments to be received | $ | 947.5 |
2021 | 2020 | |||||||||||||
Lease cost - operating and finance leases: | ||||||||||||||
Operating lease cost | $ | 4.8 | $ | 4.6 | ||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use assets | 1.3 | 1.2 | ||||||||||||
Interest on lease liabilities | 0.1 | 0.1 | ||||||||||||
Total lease cost - operating and finance leases | $ | 6.2 | $ | 5.9 | ||||||||||
Amounts related to other lease transactions: | ||||||||||||||
Short-term lease cost | $ | 0.9 | $ | 0.6 | ||||||||||
Variable lease cost | $ | 0.8 | $ | 0.6 | ||||||||||
Sublease income | $ | 0.3 | $ | 0.3 |
2021 | 2020 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash outflows from operating leases | $ | 4.8 | $ | 4.6 | ||||||||||
Operating cash outflows from financing leases | $ | 0.1 | $ | 0.1 | ||||||||||
Financing cash flows from finance leases | $ | 1.3 | $ | 1.2 | ||||||||||
Other details: | ||||||||||||||
Weighted-average remaining lease term (years) - operating leases | 12.1 | 9.1 | ||||||||||||
Weighted-average remaining lease term (years) - finance leases | 2.1 | 2.9 | ||||||||||||
Weighted-average discount rate - operating leases | 4.4 | % | 4.4 | % | ||||||||||
Weighted-average discount rate - finance leases | 3.0 | % | 3.2 | % |
Minimum Lease Payments | ||||
2018 | $ | 5.5 | ||
2019 | 5.1 | |||
2020 | 5.1 | |||
2021 | 5.1 | |||
2022 | 3.7 | |||
Thereafter | 17.9 | |||
Total | $ | 42.4 |
Operating Leases | Finance Leases | |||||||||||||
2022 | $ | 4.8 | $ | 1.0 | ||||||||||
2023 | 3.7 | 0.8 | ||||||||||||
2024 | 3.0 | 0.2 | ||||||||||||
2025 | 1.5 | — | ||||||||||||
2026 | 1.4 | — | ||||||||||||
Thereafter | 12.0 | — | ||||||||||||
Total lease payments | $ | 26.4 | $ | 2.0 | ||||||||||
Less: Interest | (7.0) | (0.1) | ||||||||||||
Total lease liabilities | $ | 19.4 | $ | 1.9 |
2021 | 2020 | |||||||||||||
ROU assets | $ | 3.5 | $ | 4.2 | ||||||||||
Lease liabilities | $ | 1.9 | $ | 3.2 |
2017 | 2016 | ||||||
Leased property - real estate | $ | 1,089.0 | $ | 1,149.0 | |||
Less accumulated depreciation | (104.0 | ) | (120.4 | ) | |||
Property under operating leases - net | $ | 985.0 | $ | 1,028.6 |
2012 Plan Stock Options | Weighted- Average Exercise Price | Weighted- Average Contractual Life | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding, January 1, 2021 | 97.9 | $ | 14.80 | |||||||||||||||||||||||
Exercised | (97.9) | $ | 14.80 | |||||||||||||||||||||||
Canceled | — | $ | — | |||||||||||||||||||||||
Outstanding, December 31, 2021 | — | $ | — | 0 years | $ | — | ||||||||||||||||||||
Vested or expected to vest | — | $ | — | 0 years | $ | — | ||||||||||||||||||||
Exercisable, December 31, 2021 | — | $ | — | 0 years | $ | — |
2012 Plan Restricted Stock Units | Weighted- Average Grant-date Fair Value | |||||||||||||
Outstanding, January 1, 2021 | 550.5 | $ | 25.44 | |||||||||||
Granted | 376.6 | $ | 16.63 | |||||||||||
Vested | (167.4) | $ | 20.48 | |||||||||||
Canceled | (82.0) | $ | 29.62 | |||||||||||
Outstanding, December 31, 2021 | 677.7 | $ | 21.26 |
2021 Grants | 2020 Grants | 2019 Grants | ||||||||||||||||||
Volatility of A&B common stock | 47.2 | % | 22.6 | % | 23.6 | % | ||||||||||||||
Average volatility of peer companies | 51.1 | % | 22.5 | % | 24.2 | % | ||||||||||||||
Risk-free interest rate | 0.2 | % | 1.3 | % | 2.5 | % |
2021 | 2020 | 2019 | ||||||||||||||||||
Share-based expense: | ||||||||||||||||||||
Time-based and market-based restricted stock units | $ | 5.9 | $ | 5.8 | $ | 5.4 | ||||||||||||||
Total share-based expense | 5.9 | 5.8 | 5.4 | |||||||||||||||||
Total recognized tax benefit | — | — | — | |||||||||||||||||
Share-based expense (net of tax) | $ | 5.9 | $ | 5.8 | $ | 5.4 | ||||||||||||||
Cash received upon option exercise | $ | 1.4 | $ | 3.5 | $ | 2.6 | ||||||||||||||
Intrinsic value of options exercised | $ | 0.6 | $ | 0.5 | $ | 2.6 | ||||||||||||||
Tax benefit realized upon option exercise | $ | — | $ | — | $ | — | ||||||||||||||
Fair value of stock vested | $ | 5.4 | $ | 3.0 | $ | 4.5 |
2017 | 2016 | 2015 | |||||||||
Minimum rentals | $ | 95.4 | $ | 95.2 | $ | 96.2 | |||||
Contingent rentals (based on sales volume) | 4.4 | 5.4 | 4.8 | ||||||||
Total | $ | 99.8 | $ | 100.6 | $ | 101.0 |
Operating Leases | |||
2018 | $ | 84.6 | |
2019 | 76.1 | ||
2020 | 65.3 | ||
2021 | 51.6 | ||
2022 | 42.2 | ||
Thereafter | 279.7 | ||
Total | $ | 599.5 |
Pension Benefits | Other Post-retirement Benefits | Non-qualified Plan Benefits | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 218.7 | $ | 204.4 | $ | 13.5 | $ | 10.1 | $ | 3.1 | $ | 2.8 | ||||||||||||||||||||||||||
Service cost | 1.2 | 0.8 | 0.1 | 0.1 | — | — | ||||||||||||||||||||||||||||||||
Interest cost | 5.1 | 6.5 | 0.3 | 0.3 | — | 0.1 | ||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 0.7 | 0.8 | — | — | ||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 17.2 | 21.1 | (0.6) | 3.7 | — | 0.2 | ||||||||||||||||||||||||||||||||
Benefits paid | (15.0) | (14.1) | (1.4) | (1.5) | — | — | ||||||||||||||||||||||||||||||||
Settlement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 227.2 | $ | 218.7 | $ | 12.6 | $ | 13.5 | $ | 3.1 | $ | 3.1 | ||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 200.6 | $ | 190.5 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Actual return on plan assets | (5.7) | 24.2 | — | — | — | — | ||||||||||||||||||||||||||||||||
Employer contributions | 6.7 | — | 0.7 | 0.7 | — | — | ||||||||||||||||||||||||||||||||
Participant contributions | — | — | 0.7 | 0.8 | — | — | ||||||||||||||||||||||||||||||||
Benefits paid | (15.0) | (14.1) | (1.4) | (1.5) | — | — | ||||||||||||||||||||||||||||||||
Settlement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 186.6 | $ | 200.6 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Funded Status (Recognized Liability1) | $ | (40.6) | $ | (18.1) | $ | (12.6) | $ | (13.5) | $ | (3.1) | $ | (3.1) |
Target | 2021 | 2020 | ||||||||||||||||||
Fixed income securities1 | 97 | % | 98 | % | 99 | % | ||||||||||||||
Cash and cash equivalents | 3 | % | 2 | % | 1 | % | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||
1Fixed income securities include investment-grade corporate bonds from diversified industries and U.S. Treasuries. |
Target | 2017 | 2016 | ||||||
Domestic equity securities | — | % | — | % | 31 | % | ||
International equity securities | — | % | — | % | 20 | % | ||
Fixed income securities | 99 | % | 98 | % | 35 | % | ||
Other | — | % | — | % | 9 | % | ||
Cash and cash equivalents | 1 | % | 2 | % | 5 | % | ||
Total | 100 | % | 100 | % | 100 | % |
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | |||||||||||||||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4.6 | $ | 4.6 | $ | — | $ | 1.2 | $ | 1.2 | $ | — | ||||||||||||||||||||||||||
Assets measured at NAV | 182.0 | — | — | 199.4 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 186.6 | $ | 4.6 | $ | — | $ | 200.6 | $ | 1.2 | $ | — | ||||||||||||||||||||||||||
Fair Value Measurements as of | |||||||||||
December 31, 2017 | |||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | |||||||||
Asset Category | |||||||||||
Cash and cash equivalents | $ | 4.5 | $ | 4.5 | $ | — | |||||
Fixed income securities: | |||||||||||
U.S. Treasury obligations | 81.2 | 81.2 | — | ||||||||
Domestic corporate bonds and notes | 102.3 | — | 102.3 | ||||||||
Foreign corporate bonds | 9.6 | — | 9.6 | ||||||||
Total | $ | 197.6 | $ | 85.7 | $ | 111.9 |
Fair Value Measurements as of | |||||||||||||||
December 31, 2016 | |||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Asset Category | |||||||||||||||
Cash and Cash equivalents | $ | 6.1 | $ | 6.1 | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||
Domestic | 28.1 | 28.1 | — | — | |||||||||||
Domestic exchange-traded funds | 16.9 | 16.9 | — | — | |||||||||||
International | 24.5 | 24.5 | — | — | |||||||||||
International and emerging markets exchange-traded funds | 4.1 | 4.1 | — | — | |||||||||||
Fixed income securities: | |||||||||||||||
U.S. Treasury obligations | 21.7 | 21.7 | — | — | |||||||||||
Domestic corporate bonds and notes | 26.6 | — | 26.6 | — | |||||||||||
Foreign corporate bonds | 1.5 | — | 1.5 | — | |||||||||||
Other types of investments: | |||||||||||||||
Limited partnership interest in private equity fund | 0.1 | — | — | 0.1 | |||||||||||
Exchange-traded global real estate securities | 9.9 | 9.9 | — | — | |||||||||||
Insurance contracts | 0.1 | — | — | 0.1 | |||||||||||
Exchange-traded commodity fund | 2.9 | 2.9 | — | — | |||||||||||
Other receivables | 0.6 | 0.6 | — | — | |||||||||||
Total | $ | 143.1 | $ | 114.8 | $ | 28.1 | $ | 0.2 |
Fair Value Measurements Using Significant | |||||||||||
Unobservable Inputs (Level 3) | |||||||||||
Private Equity | Insurance | Total | |||||||||
Beginning balance, January 1, 2016 | $ | 0.2 | $ | 0.2 | $ | 0.4 | |||||
Actual return on plan assets: | |||||||||||
Assets held at the reporting date | (0.1 | ) | (0.1 | ) | (0.2 | ) | |||||
Ending balance, December 31, 2016 | 0.1 | 0.1 | 0.2 | ||||||||
Actual return on plan assets: | |||||||||||
Assets held at the reporting date | (0.1 | ) | (0.1 | ) | (0.2 | ) | |||||
Ending balance, December 31, 2017 | $ | — | $ | — | $ | — |
Pension Benefits | Other Post-retirement Benefits | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Change in Benefit Obligation | |||||||||||||||
Benefit obligation at beginning of year | $ | 197.0 | $ | 194.6 | $ | 11.9 | $ | 12.2 | |||||||
Service cost | 2.8 | 3.1 | 0.1 | 0.1 | |||||||||||
Interest cost | 8.0 | 8.5 | 0.4 | 0.5 | |||||||||||
Plan participants’ contributions | — | — | 1.0 | 1.1 | |||||||||||
Actuarial (gain) loss | 12.3 | 4.7 | 0.7 | — | |||||||||||
Benefits paid | (14.0 | ) | (13.0 | ) | (1.8 | ) | (2.1 | ) | |||||||
Curtailment | — | (0.9 | ) | — | 0.1 | ||||||||||
Benefit obligation at end of year | $ | 206.1 | $ | 197.0 | $ | 12.3 | $ | 11.9 | |||||||
Change in Plan Assets | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 143.1 | $ | 146.2 | $ | — | $ | — | |||||||
Actual return on plan assets | 19.3 | 9.4 | — | — | |||||||||||
Employer contributions | 49.2 | 0.5 | 0.8 | 0.9 | |||||||||||
Participant contributions | — | — | 1.0 | 1.1 | |||||||||||
Benefits paid | (14.0 | ) | (13.0 | ) | (1.8 | ) | (2.1 | ) | |||||||
Other | — | — | 0.1 | ||||||||||||
Fair value of plan assets at end of year | $ | 197.6 | $ | 143.1 | $ | — | $ | — | |||||||
Funded Status and Recognized Liability | $ | (8.5 | ) | $ | (53.9 | ) | $ | (12.3 | ) | $ | (11.9 | ) |
2022 | 2023 | 2024 | 2025 | 2026 | 2027-2031 | |||||||||||||||||||||||||||||||||
Estimated Benefit Payments | ||||||||||||||||||||||||||||||||||||||
Pension | $ | 227.9 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Post-retirement Benefits | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 3.1 | ||||||||||||||||||||||||||||||||
Non-qualified Plan Benefits | 0.6 | 0.6 | — | 1.9 | — | — | ||||||||||||||||||||||||||||||||
Total estimated benefit payments | $ | 229.2 | $ | 1.3 | $ | 0.7 | $ | 2.6 | $ | 0.7 | $ | 3.1 |
Pension Benefits | Other Post-retirement Benefits | Non-qualified Plan Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | (1.2) | $ | (0.8) | $ | (2.3) | $ | (0.1) | $ | (0.1) | $ | (0.1) | $ | — | $ | — | $ | (0.1) | ||||||||||||||||||||||||||||||||||||||
Interest cost | (5.1) | (6.5) | (8.0) | (0.3) | (0.3) | (0.4) | — | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | 5.0 | 6.8 | 7.3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss | (2.5) | (2.5) | (4.1) | — | 0.1 | 0.1 | (0.1) | (0.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | — | — | 0.6 | — | — | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Curtailment gain (loss) | — | — | 1.3 | — | — | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement gain (loss) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | (3.8) | $ | (3.0) | $ | (5.2) | $ | (0.4) | $ | (0.3) | $ | (0.4) | $ | (0.1) | $ | (0.2) | $ | — | ||||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) | $ | (28.0) | $ | (3.8) | $ | 5.2 | $ | 0.6 | $ | (3.7) | $ | 0.3 | $ | — | $ | (0.2) | $ | (0.2) | ||||||||||||||||||||||||||||||||||||||
Amortization of net loss1 | 2.6 | 2.5 | 4.1 | 0.1 | (0.1) | (0.1) | 0.1 | 0.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Prior service credit | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost | — | (0.1) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit1 | — | — | (0.6) | — | — | — | — | — | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||
Curtailment gain recognition of prior service credit1 | — | — | (1.3) | — | — | — | — | — | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognition of settlement loss1 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in Other comprehensive income (loss) | (25.4) | (1.4) | 7.4 | 0.7 | (3.8) | 0.2 | 0.1 | (0.1) | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and Other comprehensive income (loss) | $ | (29.2) | $ | (4.4) | $ | 2.2 | $ | 0.3 | $ | (4.1) | $ | (0.2) | $ | — | $ | (0.3) | $ | (0.4) | ||||||||||||||||||||||||||||||||||||||
1 Represents amortization or recognition of balances previously recorded to Accumulated other comprehensive income (loss) in the consolidated balance sheets and recognized as a component of net periodic benefit cost. |
Pension Benefits | Other Post-retirement Benefits | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Non-current assets | $ | — | $ | — | $ | — | $ | — | |||||||
Current liabilities | — | — | (0.8 | ) | (1.0 | ) | |||||||||
Non-current liabilities | (8.5 | ) | (53.9 | ) | (11.5 | ) | (10.9 | ) | |||||||
Total | $ | (8.5 | ) | $ | (53.9 | ) | $ | (12.3 | ) | $ | (11.9 | ) | |||
Net loss (gain) (net of taxes) | $ | 44.6 | $ | 45.6 | $ | 1.0 | $ | 0.6 | |||||||
Unrecognized prior service credit (net of taxes) | (1.5 | ) | (1.8 | ) | — | — | |||||||||
Total | $ | 43.1 | $ | 43.8 | $ | 1.0 | $ | 0.6 |
Pension Benefits | Other Post-retirement Benefits | Non-qualified Plan Benefits | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Net gain (loss), net of taxes | $ | (74.5) | $ | (48.8) | $ | (2.6) | $ | (3.6) | $ | (0.7) | $ | (0.8) | ||||||||||||||||||||||||||
Unrecognized prior service credit (cost), net of taxes | (0.1) | (0.1) | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | (74.6) | $ | (48.9) | $ | (2.6) | $ | (3.6) | $ | (0.7) | $ | (0.8) |
2017 | 2016 | ||||||
Projected benefit obligation | $ | 206.1 | $ | 197.0 | |||
Accumulated benefit obligation | $ | 206.0 | $ | 197.0 | |||
Fair value of plan assets | $ | 197.6 | $ | 143.1 |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
Components of Net Periodic Benefit Cost | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||
Service cost | $ | 2.8 | $ | 3.1 | $ | 3.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||
Interest cost | 8.0 | 8.5 | 8.0 | 0.4 | 0.5 | 0.5 | |||||||||||||||||
Expected return on plan assets | (9.4 | ) | (10.0 | ) | (11.1 | ) | — | — | — | ||||||||||||||
Amortization of net loss | 4.1 | 7.1 | 6.9 | — | 0.2 | 0.1 | |||||||||||||||||
Amortization of prior service cost | (0.5 | ) | (0.5 | ) | (0.8 | ) | — | — | — | ||||||||||||||
Curtailment (gain)/loss | — | (0.9 | ) | — | — | — | 0.1 | ||||||||||||||||
Net periodic benefit cost | $ | 5.0 | $ | 7.3 | $ | 6.1 | $ | 0.5 | $ | 0.8 | $ | 0.8 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | |||||||||||||||||||||||
Net loss (gain) | $ | 2.4 | $ | 4.4 | $ | 7.0 | $ | 0.7 | $ | — | $ | 0.4 | |||||||||||
Amortization of unrecognized gain (loss) | (4.1 | ) | (7.1 | ) | (6.9 | ) | — | (0.2 | ) | (0.1 | ) | ||||||||||||
Prior service cost | — | — | 0.4 | — | — | — | |||||||||||||||||
Amortization of prior service credit | 0.5 | 1.4 | 0.8 | — | — | — | |||||||||||||||||
Total recognized in other comprehensive income | (1.2 | ) | (1.3 | ) | 1.3 | 0.7 | (0.2 | ) | 0.3 | ||||||||||||||
Total recognized in net periodic benefit cost and | |||||||||||||||||||||||
Other comprehensive income | $ | 3.8 | $ | 6.0 | $ | 7.4 | $ | 1.2 | $ | 0.6 | $ | 1.1 |
Pension Benefits | Other Post-retirement Benefits | Non-qualified Plan Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Assumptions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate to determine benefit obligations | 2.26% | 2.40% | 3.29% | 2.86% | 2.49% | 3.38% | 1.68% | 1.07% | 2.48% | |||||||||||||||||||||||||||||||||||||||||||||||
Discount rate to determine net cost | 2.39% | 3.28% | 4.33% | 2.48% | 3.38% | 4.38% | 1.07% | 2.48% | 3.78% | |||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | 0.5%-3.0% | 0.5%-3.0% | 0.5%-3.0% | 0.5%-3.0% | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | 2.60% | 3.70% | 4.30% | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Interest crediting rates | 2.15% | 0.71% | 1.68% | N/A | N/A | N/A | 2.15% | 0.71% | 1.68% | |||||||||||||||||||||||||||||||||||||||||||||||
Initial health care cost trend rate | N/A | N/A | N/A | 5.90% | 5.70% | 6.00% | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Ultimate rate | N/A | N/A | N/A | 4.00% | 4.50% | 4.50% | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Year ultimate rate is reached | N/A | N/A | N/A | 2045 | 2037 | 2037 | N/A | N/A | N/A |
Pension Benefits | Other Post-retirement Benefits | ||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||
Weighted Average Assumptions: | |||||||||||
Discount rate | 3.70% | 4.20% | 4.50% | 3.70% | 4.20% | 4.50% | |||||
Expected return on plan assets | 6.80% | 7.10% | 7.10% | —% | —% | —% | |||||
Rate of compensation increase | 0.5%-3% | 0.5%-3% | 0.5%-3% | 0.5%-3% | 0.5%-3% | 0.5%-3% | |||||
Initial health care cost trend rate | 6.50% | 6.80% | 7.00% | ||||||||
Ultimate rate | 4.50% | 4.50% | 4.50% | ||||||||
Year ultimate rate is reached | 2037 | 2037 | 2037 |
Other Post-retirement Benefits | |||||||||||||||||||||||
One Percentage Point | |||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | — | $ | — | $ | — | |||||||||||
Effect on post-retirement benefit obligation | $ | 1.3 | $ | 1.0 | $ | 1.1 | $ | (1.0 | ) | $ | (0.9 | ) | $ | (0.9 | ) |
Pension | Non-qualified | Post-retirement | ||||||||||
Benefits | Plan Benefits | Benefits | ||||||||||
2018 | $ | 12.6 | $ | 0.7 | $ | 0.9 | ||||||
2019 | $ | 12.7 | $ | 1.4 | $ | 0.9 | ||||||
2020 | $ | 12.6 | $ | — | $ | 0.9 | ||||||
2021 | $ | 12.7 | $ | — | $ | 0.8 | ||||||
2022 | $ | 12.8 | $ | — | $ | 0.8 | ||||||
2023-2027 | $ | 62.8 | $ | 2.1 | $ | 3.5 |
FIP/RP Status | Contribution by Entity | Contribution by Entity | Contribution by Entity | Surcharge Imposed | Expiration Date | |||||||||||||||||||||||||||
Fund | EIN Pension Plan Number | PPA Zone Status | Pending/Implemented | Jan. 1 - Dec. 31, 2021 | Jan. 1 - Dec. 31, 2020 | Jan. 1 - Dec. 31, 2019 | ||||||||||||||||||||||||||
Operating Engineers | 94-6090764; 001 | Yellow | Yes | $ | 3.5 | $ | 3.3 | $ | 4.1 | No | 8/31/24 | |||||||||||||||||||||
Laborers National | 52-6074345; 001 | Green | Yes | 0.2 | 0.2 | 0.2 | No | 8/31/24 | ||||||||||||||||||||||||
Hawai‘i Laborers (GPRM) | 99-6025107; 001 | Green | No | — | 0.3 | 1.1 | No | N/A | ||||||||||||||||||||||||
Hawai‘i Laborers (GPRS) | 99-6025107; 001 | Green | No | 0.2 | 0.2 | 0.2 | No | 9/30/24 | ||||||||||||||||||||||||
Total | $ | 3.9 | $ | 4.0 | $ | 5.6 |
Pension Protection Act Zone Status | FIP/RP Status | Contribution by Entity | Contribution by Entity | Contribution by Entity | Surcharge Imposed | Expiration Date | Current Plan Year End | ||||||||
Fund | EIN Plan No. | 2017 and 2016 | Pending/Implemented | Jan. 1 - Dec. 31, 2017 | Jan. 1 - Dec. 31, 2016 | Jan. 1 - Dec. 31, 2015 | |||||||||
Operating Engineers | 94-6090764; 001 | Red | Yes | $ | 4.9 | $ | 4.7 | $ | 4.6 | No | 9/2/19 | 12/31/17 | |||
Laborers National | 52-6074345; 001 | Red | Yes | 0.2 | 0.1 | 0.1 | No | 8/31/18 | 12/31/17 | ||||||
Hawai`i Laborers | 99-6025107; 001 | Green | No | 0.8 | 0.7 | 0.8 | No | 8/31/19 | 2/28/17 | ||||||
Hawai`i Laborers | 99-6025107; 001 | Green | No | 0.2 | 0.2 | 0.2 | No | 9/30/19 | 2/28/17 | ||||||
Total | $ | 6.1 | $ | 5.7 | $ | 5.7 |
2017 | 2016 | 2015 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
Current: | Current: | ||||||||||||||||||||||||||||||
Federal | $ | (2.6 | ) | $ | 2.9 | $ | 13.4 | Federal | $ | 0.1 | $ | (0.1) | $ | (1.6) | |||||||||||||||||
State | (0.5 | ) | 0.9 | 1.6 | State | (0.1) | (0.3) | (0.4) | |||||||||||||||||||||||
Current | $ | (3.1 | ) | $ | 3.8 | $ | 15.0 | Current | $ | — | $ | (0.4) | $ | (2.0) | |||||||||||||||||
Deferred: | Deferred: | ||||||||||||||||||||||||||||||
Federal | $ | (200.7 | ) | $ | (1.4 | ) | $ | 18.5 | Federal | $ | — | $ | — | $ | — | ||||||||||||||||
State | (14.4 | ) | 0.2 | 2.8 | State | — | — | — | |||||||||||||||||||||||
Deferred | $ | (215.1 | ) | $ | (1.2 | ) | $ | 21.3 | Deferred | $ | — | $ | — | $ | — | ||||||||||||||||
Income tax expense (benefit) | $ | (218.2 | ) | $ | 2.6 | $ | 36.3 | Income tax expense (benefit) | $ | — | $ | (0.4) | $ | (2.0) |
2017 | 2016 | 2015 | |||||||||
Computed federal income tax expense | $ | 3.3 | $ | 12.3 | $ | 34.0 | |||||
State income taxes | 0.1 | 0.6 | 4.4 | ||||||||
Valuation allowance - state tax credit | 6.9 | — | — | ||||||||
REIT rate differential | (2.2 | ) | — | — | |||||||
Nondeductible transaction costs | — | 2.4 | — | ||||||||
Tax credits, including solar | (0.3 | ) | (8.7 | ) | — | ||||||
Return to provision | (1.1 | ) | 0.1 | (0.7 | ) | ||||||
Amended return | (0.1 | ) | (0.2 | ) | 0.1 | ||||||
Share-based compensation | (4.0 | ) | (1.5 | ) | — | ||||||
Noncontrolling interest | (0.7 | ) | (0.7 | ) | (0.5 | ) | |||||
Rate change effect related to REIT conversion | (223.0 | ) | — | — | |||||||
Rate change effect related to Tax Cuts and Jobs Act of 2017 | 3.0 | — | — | ||||||||
Other—net | (0.1 | ) | (1.7 | ) | (1.0 | ) | |||||
Income tax expense (benefit) | $ | (218.2 | ) | $ | 2.6 | $ | 36.3 |
2021 | 2020 | 2019 | ||||||||||||||||||
Computed federal income tax expense (benefit) | $ | 7.8 | $ | 1.2 | $ | (8.2) | ||||||||||||||
State income taxes | (0.7) | (1.1) | (5.1) | |||||||||||||||||
Valuation allowance | 1.7 | 3.4 | 8.3 | |||||||||||||||||
REIT rate differential | (9.0) | (4.7) | (7.9) | |||||||||||||||||
Amended return | — | — | (1.1) | |||||||||||||||||
Noncontrolling interest | (0.1) | 0.1 | 0.5 | |||||||||||||||||
Goodwill impairment | 0.5 | — | 12.4 | |||||||||||||||||
Other, net | (0.2) | 0.7 | (0.9) | |||||||||||||||||
Income tax expense (benefit) | $ | — | $ | (0.4) | $ | (2.0) |
2017 | 2016 | 2021 | 2020 | ||||||||||||||||||
Deferred tax assets: | Deferred tax assets: | ||||||||||||||||||||
Employee benefits | $ | 9.1 | $ | 35.8 | Employee benefits | $ | 17.7 | $ | 11.5 | ||||||||||||
Capitalized costs | 10.7 | 23.0 | Capitalized costs | 1.6 | 5.5 | ||||||||||||||||
Joint ventures and other investments | 2.8 | 1.3 | Joint ventures and other investments | 6.4 | 42.6 | ||||||||||||||||
Impairment and amortization | 0.7 | 11.4 | Impairment and amortization | 1.7 | 1.6 | ||||||||||||||||
Solar investment benefits | 16.6 | 15.0 | Solar investment benefits | 15.7 | 15.7 | ||||||||||||||||
Insurance and other reserves | 2.9 | 6.0 | Insurance and other reserves | 6.0 | 6.4 | ||||||||||||||||
Disallowed interest expense | Disallowed interest expense | 10.5 | 9.1 | ||||||||||||||||||
Net operating losses | 7.7 | — | Net operating losses | 52.6 | 20.5 | ||||||||||||||||
Operating lease liability | Operating lease liability | 1.6 | 2.0 | ||||||||||||||||||
Other | 1.4 | 3.5 | Other | 3.0 | 3.2 | ||||||||||||||||
Total deferred tax assets | $ | 51.9 | $ | 96.0 | Total deferred tax assets | $ | 116.8 | $ | 118.1 | ||||||||||||
Valuation allowance | (6.9 | ) | — | Valuation allowance | (109.6) | (104.0) | |||||||||||||||
Total net deferred tax assets | $ | 45.0 | $ | 96.0 | Total net deferred tax assets | $ | 7.2 | $ | 14.1 | ||||||||||||
Deferred tax liabilities: | Deferred tax liabilities: | ||||||||||||||||||||
Property (including tax-deferred gains on real estate transactions) | $ | 25.7 | $ | 260.3 | Property (including tax-deferred gains on real estate transactions) | $ | 5.6 | $ | 12.2 | ||||||||||||
Straight-line rental income and advanced rent | — | 8.4 | |||||||||||||||||||
Operating lease asset | Operating lease asset | 1.6 | 1.9 | ||||||||||||||||||
Other | 2.8 | 9.3 | Other | — | — | ||||||||||||||||
Total deferred tax liabilities | $ | 28.5 | $ | 278.0 | Total deferred tax liabilities | $ | 7.2 | $ | 14.1 | ||||||||||||
Net deferred tax assets (liabilities) | $ | 16.5 | $ | (182.0 | ) | Net deferred tax assets (liabilities) | $ | — | $ | — |
Balance at Beginning of Year | Net Change | Balance at End of Year | ||||||||||||||||||
2021 | $ | 104.0 | $ | 5.6 | $ | 109.6 | ||||||||||||||
2020 | $ | 99.3 | $ | 4.7 | $ | 104.0 | ||||||||||||||
2019 | $ | 91.5 | $ | 7.8 | $ | 99.3 |
2012 Plan Stock Options | Weighted- Average Exercise Price | Weighted- Average Contractual Life | Aggregate Intrinsic Value | |||||||||
Outstanding, January 1, 2017 | 903.5 | $ | 17.78 | |||||||||
Exercised Prior to Special Distribution | (233.6 | ) | $ | 16.47 | ||||||||
Anti-dilutive Adjustment for Special Distribution | 342.2 | |||||||||||
Exercised Subsequent to Special Distribution | (381.6 | ) | $ | 11.25 | ||||||||
Outstanding, December 31, 2017 | 630.5 | $ | 12.58 | 2.9 years | $ | 9,516 | ||||||
Vested or expected to vest | 630.5 | $ | 12.58 | 2.9 years | $ | 9,516 | ||||||
Exercisable, December 31, 2017 | 630.5 | $ | 12.58 | 2.9 years | $ | 9,516 |
2012 Plan Restricted Stock Units | Weighted- Average Grant-date Fair Value | |||||
Outstanding, January 1, 2017 | 293.5 | $ | 33.81 | |||
Granted | 139.1 | $ | 42.85 | |||
Vested | (96.3 | ) | $ | 37.20 | ||
Canceled | (17.4 | ) | $ | 35.03 | ||
Outstanding, December 31, 2017 | 318.9 | $ | 36.66 |
2017 Grants | 2016 Grants | ||
Volatility of A&B common stock | 24.1% | 26.3% | |
Average volatility of peer companies | 25.6% | 35.3% | |
Risk-free interest rate | 1.6% | 1.1% |
2017 | 2016 | 2015 | |||||||||
Share-based expense (net of estimated forfeitures): | |||||||||||
Time-based and market-based restricted stock units | $ | 4.4 | $ | 4.1 | $ | 4.6 | |||||
Total share-based expense | 4.4 | 4.1 | 4.6 | ||||||||
Total recognized tax benefit | (0.5 | ) | (1.4 | ) | (1.2 | ) | |||||
Share-based expense (net of tax) | $ | 3.9 | $ | 2.7 | $ | 3.4 | |||||
Cash received upon option exercise | $ | 8.1 | $ | 4.6 | $ | 0.5 | |||||
Intrinsic value of options exercised | $ | 13.2 | $ | 2.6 | $ | 0.5 | |||||
Tax benefit realized upon option exercise | $ | 4.2 | $ | 1.0 | $ | 0.2 | |||||
Fair value of stock vested | $ | 3.7 | $ | 2.2 | $ | 4.2 |
Standby letters of credit(a) | $ | 11.8 | |
Bonds(b) | $ | 428.3 |
Notional Amount at | Fair Value at | Classification on | |||||||||||||
Effective Date | Maturity Date | Interest Rate | December 31, 2017 | December 31, 2017 | December 31, 2016 | Balance Sheet | |||||||||
4/7/2016 | 8/1/2029 | 3.14% | $ | 60.0 | $ | 2.8 | $ | 2.8 | Other assets |
Notional Amount at | Fair Value at | Classification on | |||||||||||||
Effective Date | Maturity Date | Interest Rate | December 31, 2017 | December 31, 2017 | December 31, 2016 | Balance Sheet | |||||||||
1/1/2014 | 9/1/2021 | 5.95% | $ | 10.9 | $ | (0.9 | ) | $ | (1.3 | ) | Other non-current liabilities | ||||
6/18/2008 | 3/1/2021 | 5.98% | $ | 4.8 | $ | (0.3 | ) | $ | (0.5 | ) | Other non-current liabilities | ||||
Total | $ | 15.7 | $ | (1.2 | ) | $ | (1.8 | ) |
2017 | 2016 | |||||||
Derivatives in Designated Cash Flow Hedging Relationships: | ||||||||
Amount of (gain) loss recognized in OCI on derivatives (effective portion) | $ | 0.4 | $ | (2.6 | ) | |||
Amounts of (gain) loss reclassified from accumulated OCI into earnings under "interest expense" (ineffective portion and amount excluded from effectiveness testing) | $ | (0.5 | ) | $ | (0.4 | ) | ||
Derivatives Not Designated as Cash Flow Hedges: | ||||||||
Amount of realized and unrealized loss on derivatives recognized in earnings under "interest income and other" | $ | 0.6 | $ | 0.7 |
2017 | 2016 | 2015 | |||||||||
Income from continuing operations, net of income taxes | $ | 228.1 | $ | 32.7 | $ | 60.8 | |||||
Less: Income attributable to noncontrolling interest | (2.2 | ) | (1.8 | ) | (1.5 | ) | |||||
Income from continuing operations attributable to A&B shareholders, net of income taxes | 225.9 | 30.9 | 59.3 | ||||||||
Undistributed earnings (losses) allocated to redeemable noncontrolling interest | 1.8 | 1.3 | (3.1 | ) | |||||||
Income from continuing operations available to A&B shareholders, net of income taxes | 227.7 | 32.2 | 56.2 | ||||||||
Income (loss) from discontinued operations available to A&B shareholders, net of income taxes | 2.4 | (41.1 | ) | (29.7 | ) | ||||||
Net income (loss) available to A&B shareholders | $ | 230.1 | $ | (8.9 | ) | $ | 26.5 |
2021 | 2020 | 2019 | ||||||||||||||||||
Income (loss) from continuing operations | $ | 36.9 | $ | 6.0 | $ | (36.9) | ||||||||||||||
Exclude: Loss (income) attributable to noncontrolling interest | (0.4) | 0.4 | 2.0 | |||||||||||||||||
Income (loss) from continuing operations attributable to A&B shareholders | 36.5 | 6.4 | (34.9) | |||||||||||||||||
Distributions and allocations to participating securities | (0.3) | (0.1) | (0.2) | |||||||||||||||||
Income (loss) from continuing operations available to A&B shareholders | 36.2 | 6.3 | (35.1) | |||||||||||||||||
Income (loss) from discontinued operations available to A&B shareholders | (1.1) | (0.8) | (1.5) | |||||||||||||||||
Net income (loss) available to A&B common shareholders | $ | 35.1 | $ | 5.5 | $ | (36.6) |
2017 | 2016 | 2015 | ||||||
Denominator for basic EPS – weighted-average shares outstanding | 49.2 | 49.0 | 48.9 | |||||
Effect of dilutive securities: | ||||||||
Non-participating stock options and restricted stock unit awards | 0.8 | 0.4 | 0.4 | |||||
Special Distribution | 3.0 | — | — | |||||
Denominator for diluted EPS – weighted-average shares outstanding | 53.0 | 49.4 | 49.3 |
2021 | 2020 | 2019 | ||||||||||||||||||
Denominator for basic EPS - weighted average shares outstanding | 72.5 | 72.3 | 72.2 | |||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||
Stock options and restricted stock unit awards | 0.1 | 0.1 | — | |||||||||||||||||
Denominator for diluted EPS - weighted average shares outstanding | 72.6 | 72.4 | 72.2 |
2021 | 2020 | ||||||||||
Employee benefit plans: | |||||||||||
Pension plans | $ | (74.6) | $ | (48.9) | |||||||
Post-retirement plans | (2.6) | (3.6) | |||||||||
Non-qualified benefit plans | (0.7) | (0.8) | |||||||||
Total employee benefit plans | (77.9) | (53.3) | |||||||||
Interest rate swap | (2.8) | (6.7) | |||||||||
Accumulated other comprehensive income (loss) | $ | (80.7) | $ | (60.0) |
Employee Benefit Plans | Interest Rate Swap | Total | |||||||||||||||
Balance, January 1, 2019 | $ | (55.2) | $ | 3.3 | $ | (51.9) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of $0 | 5.3 | (4.0) | 1.3 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0 | 1.9 | (0.1) | 1.8 | ||||||||||||||
Balance, December 31, 2019 | $ | (48.0) | $ | (0.8) | $ | (48.8) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of $0 | (7.7) | (6.9) | (14.6) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0 | 2.4 | 1.0 | 3.4 | ||||||||||||||
Balance, December 31, 2020 | $ | (53.3) | $ | (6.7) | $ | (60.0) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of taxes of $0 | (27.4) | 2.3 | (25.1) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0 | 2.8 | 1.6 | 4.4 | ||||||||||||||
Balance, December 31, 2021 | $ | (77.9) | $ | (2.8) | $ | (80.7) |
2021 | 2020 | 2019 | ||||||||||||||||||
Unrealized interest rate hedging gain (loss) | $ | 2.3 | $ | (6.9) | $ | (4.0) | ||||||||||||||
Actuarial loss | (27.4) | (7.7) | 5.3 | |||||||||||||||||
Impact of reclassification adjustment to interest expense included in Net Income (Loss) | 1.6 | 1.0 | (0.1) | |||||||||||||||||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | ||||||||||||||||||||
Net loss* | 2.8 | 2.5 | 4.0 | |||||||||||||||||
Prior service cost* | — | (0.1) | — | |||||||||||||||||
Prior service credit* | — | — | (0.7) | |||||||||||||||||
Curtailment (gain)/loss* | — | — | (1.4) | |||||||||||||||||
Other comprehensive income (loss), net of tax | $ | (20.7) | $ | (11.2) | $ | 3.1 |
Charges Recognized During 2017 | Cumulative Amount Recognized as of December 31, 2017 | Remaining to be Recognized | Total | |||||||||||||
Employee severance benefits and related costs | $ | 0.3 | $ | 22.1 | $ | — | $ | 22.1 | ||||||||
Asset write-offs and accelerated depreciation | — | 71.3 | — | 71.3 | ||||||||||||
Property removal, restoration and other exit-related costs | 2.4 | 9.5 | 0.9 | 10.4 | ||||||||||||
Total Cessation-related costs | $ | 2.7 | $ | 102.9 | $ | 0.9 | $ | 103.8 |
Employee Severance Benefits and Related Costs | Other Exit Costs1 | Total | ||||||||||
Balance at December 31, 2016 | $ | 13.7 | $ | 5.4 | $ | 19.1 | ||||||
Expense | 0.3 | 2.4 | 2.7 | |||||||||
Cash payments | (14.0 | ) | (3.2 | ) | (17.2 | ) | ||||||
Balance at December 31, 2017 | $ | — | $ | 4.6 | $ | 4.6 |
Classification on Balance Sheet | December 31, 2017 | December 31, 2016 | ||||||||
Employee severance benefits and related costs | HC&S cessation-related liabilities | $ | — | $ | 13.7 | |||||
Other exit costs | HC&S cessation-related liabilities | 4.6 | 5.4 | |||||||
Total Cessation-related liabilities | $ | 4.6 | $ | 19.1 |
2017 | 2016 | 2015 | |||||||||
Revenue: | |||||||||||
Commercial Real Estate | $ | 136.9 | $ | 134.7 | $ | 133.6 | |||||
Land Operations | 84.5 | 61.9 | 120.2 | ||||||||
Materials & Construction | 204.1 | 190.9 | 219.0 | ||||||||
Total revenue | 425.5 | 387.5 | 472.8 | ||||||||
Operating Profit (Loss): | |||||||||||
Commercial Real Estate1,2 | 34.4 | 54.8 | 53.2 | ||||||||
Land Operations3,4 | 14.2 | 7.0 | 61.7 | ||||||||
Materials & Construction5 | 22.0 | 23.3 | 30.9 | ||||||||
Total operating profit | 70.6 | 85.1 | 145.8 | ||||||||
Interest expense | (25.6 | ) | (26.3 | ) | (26.8 | ) | |||||
General corporate expenses | (29.2 | ) | (22.1 | ) | (20.1 | ) | |||||
REIT evaluation/conversion costs6 | (15.2 | ) | (9.5 | ) | — | ||||||
Income from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties | 0.6 | 27.2 | 98.9 | ||||||||
Income tax benefit (expense)7 | 218.2 | 0.5 | (37.0 | ) | |||||||
Income from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties | 218.8 | 27.7 | 61.9 | ||||||||
Net gain (loss) on the sale of improved properties, net of income taxes8 | 9.3 | 5.0 | (1.1 | ) | |||||||
Income From Continuing Operations | 228.1 | 32.7 | 60.8 | ||||||||
Income (loss) from discontinued operations, net of income taxes | 2.4 | (41.1 | ) | (29.7 | ) | ||||||
Net Income (Loss) | 230.5 | (8.4 | ) | 31.1 | |||||||
Income attributable to noncontrolling interest | (2.2 | ) | (1.8 | ) | (1.5 | ) | |||||
Net Income (Loss) Attributable to A&B Shareholders | $ | 228.3 | $ | (10.2 | ) | $ | 29.6 |
2021 | 2020 | 2019 | ||||||||||||||||||
Operating Revenue: | ||||||||||||||||||||
Commercial Real Estate | $ | 173.2 | $ | 150.0 | $ | 160.6 | ||||||||||||||
Land Operations1 | 79.9 | 38.7 | 112.2 | |||||||||||||||||
Materials & Construction1 | 126.2 | 116.6 | 162.4 | |||||||||||||||||
Total operating revenue | 379.3 | 305.3 | 435.2 | |||||||||||||||||
Operating Profit (Loss): | ||||||||||||||||||||
Commercial Real Estate2 | 72.6 | 49.8 | 66.2 | |||||||||||||||||
Land Operations1,3 | 55.4 | 15.4 | 18.9 | |||||||||||||||||
Materials & Construction1,4 | (40.5) | (10.5) | (67.3) | |||||||||||||||||
Total operating profit (loss) | 87.5 | 54.7 | 17.8 | |||||||||||||||||
Gain (loss) on disposal of commercial real estate properties, net | 2.8 | 0.5 | — | |||||||||||||||||
Interest expense | (26.3) | (30.3) | (33.1) | |||||||||||||||||
General corporate expenses | (27.1) | (19.3) | (23.6) | |||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | $ | 36.9 | $ | 5.6 | $ | (38.9) | ||||||||||||||
Identifiable Assets: | ||||||||||||||||||||
Commercial Real Estate | $ | 1,499.5 | $ | 1,499.9 | $ | 1,532.6 | ||||||||||||||
Land Operations5 | 121.0 | 258.4 | 282.5 | |||||||||||||||||
Materials & Construction | 178.2 | 211.9 | 243.0 | |||||||||||||||||
Other | 81.1 | 65.8 | 26.2 | |||||||||||||||||
Total assets | $ | 1,879.8 | $ | 2,036.0 | $ | 2,084.3 | ||||||||||||||
Capital Expenditures: | ||||||||||||||||||||
Commercial Real Estate6 | $ | 39.6 | $ | 18.8 | $ | 250.5 | ||||||||||||||
Land Operations7 | 7.4 | 1.4 | 2.3 | |||||||||||||||||
Materials & Construction | 6.3 | 4.5 | 1.9 | |||||||||||||||||
Other | 0.2 | 0.4 | 0.4 | |||||||||||||||||
Total capital expenditures | $ | 53.5 | $ | 25.1 | $ | 255.1 | ||||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||
Commercial Real Estate | $ | 37.7 | $ | 40.1 | $ | 36.7 | ||||||||||||||
Land Operations | 1.1 | 1.5 | 1.6 | |||||||||||||||||
Materials & Construction | 10.8 | 10.8 | 11.4 | |||||||||||||||||
Other | 0.8 | 0.9 | 0.8 | |||||||||||||||||
Total depreciation and amortization | $ | 50.4 | $ | 53.3 | $ | 50.5 |
2017 | 2016 | 2015 | |||||||||
Identifiable Assets: | |||||||||||
Commercial Real Estate | $ | 1,128.1 | $ | 1,119.5 | $ | 1,075.7 | |||||
Land Operations9 | 604.2 | 632.8 | 759.7 | ||||||||
Materials & Construction | 379.2 | 371.8 | 386.6 | ||||||||
Other | 119.7 | 32.2 | 20.3 | ||||||||
Total assets | $ | 2,231.2 | $ | 2,156.3 | $ | 2,242.3 | |||||
Capital Expenditures: | |||||||||||
Commercial Real Estate10 | $ | 32.8 | $ | 98.7 | $ | 23.0 | |||||
Land Operations11,12 | 1.4 | 5.3 | 2.1 | ||||||||
Materials & Construction | 6.3 | 9.3 | 7.2 | ||||||||
Other | 0.2 | 0.3 | 1.4 | ||||||||
Total capital expenditures | $ | 40.7 | $ | 113.6 | $ | 33.7 | |||||
Depreciation and Amortization: | |||||||||||
Commercial Real Estate | $ | 26.0 | $ | 28.4 | $ | 28.9 | |||||
Land Operations12 | 1.6 | 6.7 | 1.3 | ||||||||
Materials & Construction | 12.2 | 11.7 | 11.6 | ||||||||
Other | 1.6 | 1.8 | 1.5 | ||||||||
Total depreciation and amortization | $ | 41.4 | $ | 48.6 | $ | 43.3 |
2017 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||||||
Revenue: | |||||||||||||||
Commercial Real Estate | $ | 33.7 | $ | 33.8 | $ | 33.9 | $ | 35.5 | |||||||
Land Operations | 11.0 | 12.1 | 22.6 | 38.8 | |||||||||||
Materials & Construction | 48.5 | 52.2 | 55.0 | 48.4 | |||||||||||
Total revenue | 93.2 | 98.1 | 111.5 | 122.7 | |||||||||||
Operating Profit (Loss): | |||||||||||||||
Commercial Real Estate1,2 | 14.3 | 13.4 | 13.6 | (6.9 | ) | ||||||||||
Land Operations3 | (2.4 | ) | 1.7 | 10.4 | 4.5 | ||||||||||
Materials & Construction4 | 5.6 | 6.7 | 6.7 | 3.0 | |||||||||||
Total operating profit | 17.5 | 21.8 | 30.7 | 0.6 | |||||||||||
Interest expense | (6.2 | ) | (6.2 | ) | (6.1 | ) | (7.1 | ) | |||||||
General corporate expenses | (5.7 | ) | (5.9 | ) | (8.9 | ) | (8.7 | ) | |||||||
REIT evaluation/conversion costs5 | (4.8 | ) | (2.2 | ) | (4.4 | ) | (3.8 | ) | |||||||
Income (Loss) from Continuing Operations Before Income Taxes and Net Gain on Sale of Improved Properties | 0.8 | 7.5 | 11.3 | (19.0 | ) | ||||||||||
Income tax benefit (expense)6 | 0.8 | (3.5 | ) | (3.7 | ) | 224.6 | |||||||||
Income from Continuing Operations Before Net Gain on Sale of Improved Properties | 1.6 | 4.0 | 7.6 | 205.6 | |||||||||||
Net gain on the sale of improved properties7 | 3.0 | — | — | 6.3 | |||||||||||
Income from Continuing Operations | 4.6 | 4.0 | 7.6 | 211.9 | |||||||||||
Income (loss) from discontinued operations, net of income taxes | 2.4 | 0.8 | (0.8 | ) | — | ||||||||||
Net Income | 7.0 | 4.8 | 6.8 | 211.9 | |||||||||||
Income attributable to noncontrolling interest | (0.7 | ) | (0.5 | ) | (0.7 | ) | (0.3 | ) | |||||||
Net Income Attributable to A&B Shareholders | $ | 6.3 | $ | 4.3 | $ | 6.1 | $ | 211.6 | |||||||
Amounts Available to A&B Shareholders: | |||||||||||||||
Income from Continuing Operations, Net of Taxes | $ | 4.6 | $ | 4.0 | $ | 7.6 | $ | 211.9 | |||||||
Less: Income attributable to noncontrolling interests | (0.7 | ) | (0.5 | ) | (0.7 | ) | (0.3 | ) | |||||||
Income from Continuing Operations Attributable to A&B Shareholders, Net of Taxes | 3.9 | 3.5 | 6.9 | 211.6 | |||||||||||
Less: Undistributed earnings allocated to redeemable noncontrolling interest | 0.5 | 0.2 | 0.5 | 0.6 | |||||||||||
Income from Continuing Operations Available to A&B Shareholders, Net of Taxes | 4.4 | 3.7 | 7.4 | 212.2 | |||||||||||
Income from discontinuing operations | 2.4 | 0.8 | (0.8 | ) | — | ||||||||||
Net Income Available to A&B Shareholders | $ | 6.8 | $ | 4.5 | $ | 6.6 | $ | 212.2 |
2017 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||
Earnings (Loss) Per Share Available to A&B Shareholders: | ||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||
Continuing operations available to A&B shareholders | $ | 0.09 | $ | 0.08 | $ | 0.15 | $ | 4.31 | ||||||||
Discontinued operations available to A&B shareholders | 0.05 | 0.02 | (0.02 | ) | — | |||||||||||
Net income available to A&B shareholders | $ | 0.14 | $ | 0.10 | $ | 0.13 | $ | 4.31 | ||||||||
Diluted Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||
Continuing operations available to A&B shareholders | $ | 0.09 | $ | 0.07 | $ | 0.15 | $ | 3.42 | ||||||||
Discontinued operations available to A&B shareholders | 0.05 | 0.02 | (0.02 | ) | — | |||||||||||
Net income available to A&B shareholders | $ | 0.14 | $ | 0.09 | $ | 0.13 | $ | 3.42 | ||||||||
Weighted-Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 49.1 | 49.2 | 49.2 | 49.2 | ||||||||||||
Diluted8 | 49.6 | 49.6 | 49.6 | 62.0 |
2016 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||||||
Revenue: | |||||||||||||||
Commercial Real Estate | $ | 34.8 | $ | 34.5 | $ | 32.7 | $ | 32.7 | |||||||
Land Operations | 6.0 | 5.5 | 18.1 | 32.3 | |||||||||||
Materials & Construction | 50.6 | 42.0 | 52.1 | 46.2 | |||||||||||
Total revenue | 91.4 | 82.0 | 102.9 | 111.2 | |||||||||||
Operating Profit (Loss): | |||||||||||||||
Commercial Real Estate1,2 | 14.2 | 13.6 | 13.5 | 13.5 | |||||||||||
Land Operations3 | (4.3 | ) | (10.4 | ) | 7.8 | 13.9 | |||||||||
Materials & Construction4 | 8.0 | 4.9 | 5.6 | 4.8 | |||||||||||
Total operating profit | 17.9 | 8.1 | 26.9 | 32.2 | |||||||||||
Interest expense | (6.9 | ) | (6.8 | ) | (6.4 | ) | (6.2 | ) | |||||||
General corporate expenses | (6.9 | ) | (4.0 | ) | (5.5 | ) | (5.7 | ) | |||||||
REIT evaluation/conversion costs5 | — | (1.9 | ) | (1.9 | ) | (5.7 | ) | ||||||||
Income (Loss) from Continuing Operations Before Income Taxes and Net Gain on Sale of Improved Properties | 4.1 | (4.6 | ) | 13.1 | 14.6 | ||||||||||
Income tax benefit (expense)6 | (0.3 | ) | 2.8 | (1.0 | ) | (1.0 | ) | ||||||||
Income (Loss) From Continuing Operations Before Net Gain on Sale of Improved Properties | 3.8 | (1.8 | ) | 12.1 | 13.6 | ||||||||||
Net gain on the sale of improved properties, net of income taxes7 | — | 4.9 | 0.1 | — | |||||||||||
Income From Continuing Operations | 3.8 | 3.1 | 12.2 | 13.6 | |||||||||||
Loss from discontinued operations, net of income taxes | (10.8 | ) | (3.7 | ) | (13.6 | ) | (13.0 | ) | |||||||
Net Income (Loss) | (7.0 | ) | (0.6 | ) | (1.4 | ) | 0.6 | ||||||||
Income attributable to noncontrolling interest | (0.5 | ) | (0.1 | ) | (0.5 | ) | (0.7 | ) | |||||||
Net Loss Attributable to A&B | $ | (7.5 | ) | $ | (0.7 | ) | $ | (1.9 | ) | $ | (0.1 | ) | |||
Amounts Available to A&B Shareholders: | |||||||||||||||
Income from Continuing Operations, Net of Taxes | $ | 3.8 | $ | 3.1 | $ | 12.2 | $ | 13.6 | |||||||
Less: Income attributable to noncontrolling interests | (0.5 | ) | (0.1 | ) | (0.5 | ) | (0.7 | ) | |||||||
Income from Continuing Operations Attributable to A&B Shareholders, Net of Taxes | 3.3 | 3.0 | 11.7 | 12.9 | |||||||||||
Less: Undistributed earnings allocated to redeemable noncontrolling interest | 0.4 | 0.1 | 0.4 | 0.4 | |||||||||||
Income from Continuing Operations Available to A&B Shareholders, Net of Taxes | 3.7 | 3.1 | 12.1 | 13.3 | |||||||||||
Income from discontinuing operations | (10.8 | ) | (3.7 | ) | (13.6 | ) | (13.0 | ) | |||||||
Net Income (Loss) Available to A&B Shareholders | $ | (7.1 | ) | $ | (0.6 | ) | $ | (1.5 | ) | $ | 0.3 |
2016 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||
Earnings (Loss) Per Share Available to A&B Shareholders: | ||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||
Continuing operations available to A&B shareholders | $ | 0.08 | $ | 0.06 | $ | 0.25 | $ | 0.27 | ||||||||
Discontinued operations available to A&B shareholders | (0.23 | ) | (0.07 | ) | (0.28 | ) | (0.26 | ) | ||||||||
Net income (loss) available to A&B shareholders | $ | (0.15 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | 0.01 | |||||
Diluted Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||
Continuing operations available to A&B shareholders | $ | 0.08 | $ | 0.06 | $ | 0.24 | $ | 0.27 | ||||||||
Discontinued operations available to A&B shareholders | (0.22 | ) | (0.07 | ) | (0.28 | ) | (0.26 | ) | ||||||||
Net income (loss) available to A&B shareholders | $ | (0.14 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.01 | |||||
Weighted-Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 48.9 | 49.0 | 49.0 | 49.0 | ||||||||||||
Diluted | 49.3 | 49.4 | 49.4 | 49.4 |
Long-lived Assets | Materials & Construction |
Balance, January 1, 2021 | $ | 92.8 | ||||||||||||
Additions to long-lived assets | 6.3 | |||||||
Depreciation | (9.1) | |||||||
Long-lived asset impairment | (24.3) | |||||||
$ | 65.7 | |
(in millions) | Initial Cost | Costs Capitalized Subsequent to Acquisition | Gross Amounts of Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||
Description | Encum- brances (1) | Land | Buildings and Improvements | Improvements | Carrying Costs | Land | Buildings and Improvements | Total (2) | Accumulated Depreciation (3) | Date of Construction | Date Acquired/ Completed | |||||||||||||||||||||||||||
Commercial Real Estate Segment | ||||||||||||||||||||||||||||||||||||||
Industrial : | ||||||||||||||||||||||||||||||||||||||
Kapolei Enterprise Center (HI) | $ | — | $ | 7.9 | $ | 16.8 | $ | 0.8 | $ | — | $ | 7.9 | $ | 17.6 | $ | 25.5 | $ | (1.6) | 2019 | 2019 | ||||||||||||||||||
Harbor Industrial (HI) | — | — | — | 1.3 | — | — | 1.3 | 1.3 | (1.2) | 1930 | 2018 | |||||||||||||||||||||||||||
Honokohau Industrial (HI) | — | 5.0 | 4.8 | 0.1 | — | 5.0 | 4.9 | 9.9 | (0.6) | Various | 2017 | |||||||||||||||||||||||||||
Kailua Industrial/Other (HI) | — | 10.5 | 2.0 | 0.8 | — | 10.5 | 2.8 | 13.3 | (0.6) | Various | 2013 | |||||||||||||||||||||||||||
Kakaako Commerce Center (HI) | — | 16.9 | 20.6 | 2.1 | — | 16.9 | 22.7 | 39.6 | (4.0) | 1969 | 2014 | |||||||||||||||||||||||||||
Komohana Industrial Park (HI) | — | 25.2 | 10.8 | 1.8 | — | 25.4 | 12.4 | 37.8 | (3.8) | 1990 | 2010 | |||||||||||||||||||||||||||
Opule Industrial (HI) | — | 10.9 | 27.1 | — | — | 10.9 | 27.1 | 38.0 | (2.1) | 2005-2006, 2018 | 2018 | |||||||||||||||||||||||||||
P&L Warehouse (HI) | — | — | — | 1.5 | — | — | 1.5 | 1.5 | (0.9) | 1970 | 1970 | |||||||||||||||||||||||||||
Port Allen (HI) | — | — | 0.7 | 2.4 | — | — | 3.1 | 3.1 | (2.3) | 1983, 1993 | 1983-1993 | |||||||||||||||||||||||||||
Waipio Industrial (HI) | — | 19.6 | 7.7 | 1.0 | — | 19.7 | 8.6 | 28.3 | (2.8) | 1988-1989 | 2009 | |||||||||||||||||||||||||||
Kahai Street Industrial (HI) | — | 4.4 | 2.0 | — | — | 4.4 | 2.0 | 6.4 | — | 1973 | 2021 | |||||||||||||||||||||||||||
Office : | ||||||||||||||||||||||||||||||||||||||
Kahului Office Building (HI) | — | 1.0 | 0.4 | 8.9 | — | 1.0 | 9.3 | 10.3 | (9.1) | 1974 | 1989 | |||||||||||||||||||||||||||
Kahului Office Center (HI) | — | — | — | 4.3 | — | — | 4.3 | 4.3 | (4.0) | 1991 | 1991 | |||||||||||||||||||||||||||
Lono Center (HI) | — | — | 1.4 | 1.5 | — | — | 2.9 | 2.9 | (1.8) | 1973 | 1991 | |||||||||||||||||||||||||||
Gateway at Mililani Mauka South (HI) | — | 7.0 | 3.5 | 7.2 | — | 7.0 | 10.7 | 17.7 | (2.0) | 1992, 2006 | 2012 | |||||||||||||||||||||||||||
Retail : | ||||||||||||||||||||||||||||||||||||||
Aikahi Park Shopping Center (HI) | — | 23.5 | 6.7 | 16.1 | — | 25.9 | 20.4 | 46.3 | (3.3) | 1971 | 2015 | |||||||||||||||||||||||||||
Gateway at Mililani Mauka (HI) | — | 7.3 | 4.7 | 6.7 | — | 7.8 | 10.9 | 18.7 | (2.4) | 2008, 2013 | 2011 | |||||||||||||||||||||||||||
Hokulei Street (HI) | — | 16.9 | 36.5 | 2.7 | — | 16.9 | 39.2 | 56.1 | (4.8) | 2015 | 2018 | |||||||||||||||||||||||||||
Kahului Shopping Center (HI) | — | — | — | 3.5 | — | 0.6 | 2.9 | 3.5 | (1.8) | 1951 | 1951 | |||||||||||||||||||||||||||
Kailua Retail Other (HI) | — | 85.1 | 73.8 | 20.0 | — | 86.9 | 92.0 | 178.9 | (21.0) | Various | 2013 | |||||||||||||||||||||||||||
Kaneohe Bay Shopping Ctr. (HI) | — | — | 13.4 | 3.4 | — | 0.9 | 15.9 | 16.8 | (8.2) | 1971 | 2001 | |||||||||||||||||||||||||||
Kunia Shopping Center (HI) | — | 2.7 | 10.6 | 2.7 | — | 3.0 | 13.0 | 16.0 | (6.1) | 2004 | 2002 | |||||||||||||||||||||||||||
Lanihau Marketplace (HI) | — | 9.4 | 13.2 | 2.8 | — | 9.4 | 16.0 | 25.4 | (5.4) | 1987 | 2010 | |||||||||||||||||||||||||||
Laulani Village (HI) | 60.2 | 43.4 | 64.3 | 3.1 | — | 43.4 | 67.4 | 110.8 | (8.0) | 2012 | 2018 | |||||||||||||||||||||||||||
Manoa Marketplace (HI) | 56.2 | 43.3 | 35.9 | 9.1 | — | 45.1 | 43.2 | 88.3 | (7.0) | 1977 | 2016 | |||||||||||||||||||||||||||
Napili Plaza (HI) | — | 9.4 | 8.0 | 1.8 | — | 9.5 | 9.7 | 19.2 | (2.6) | 1991 | 2003, 2013 | |||||||||||||||||||||||||||
Pearl Highlands Center (HI) | 79.4 | 43.4 | 96.2 | 14.3 | — | 43.6 | 110.3 | 153.9 | (27.4) | 1992-1994 | 2013 | |||||||||||||||||||||||||||
Port Allen Marina Ctr. (HI) | — | — | 3.4 | 1.9 | — | — | 5.3 | 5.3 | (3.4) | 2002 | 1971 | |||||||||||||||||||||||||||
The Collection (HI) | — | 0.4 | 2.2 | 0.8 | — | 0.4 | 3.0 | 3.4 | (0.4) | 2017 | 2018 | |||||||||||||||||||||||||||
The Shops at Kukui'ula (HI) | — | 8.9 | 30.1 | 4.5 | — | 9.2 | 34.3 | 43.5 | (8.6) | 2009 | 2013 | |||||||||||||||||||||||||||
Waianae Mall (HI) | — | 17.4 | 10.1 | 9.3 | — | 17.8 | 19.0 | 36.8 | (4.4) | 1975 | 2013 | |||||||||||||||||||||||||||
Waipio Shopping Center (HI) | — | 24.0 | 7.6 | 2.1 | — | 24.3 | 9.4 | 33.7 | (2.9) | 1986, 2004 | 2009 | |||||||||||||||||||||||||||
Lau Hala Shops (HI) | — | — | — | 39.1 | — | 15.2 | 23.9 | 39.1 | (3.2) | 2018 | 2018 | |||||||||||||||||||||||||||
Ho'okele (HI) | — | — | — | 31.3 | — | 13.5 | 17.8 | 31.3 | (2.3) | 2017 | 2019 | |||||||||||||||||||||||||||
Puunene Shopping Center (HI) | — | 24.8 | 28.6 | 7.1 | — | 24.8 | 35.7 | 60.5 | (5.4) | 2017 | 2018 | |||||||||||||||||||||||||||
Queens' Marketplace (HI) | — | 20.4 | 58.9 | 1.5 | — | 20.4 | 60.4 | 80.8 | (4.8) | 2007 | 2019 | |||||||||||||||||||||||||||
Waipouli Town Center (HI) | — | 5.9 | 9.7 | 1.2 | — | 6.0 | 10.8 | 16.8 | (1.0) | 1980 | 2019 | |||||||||||||||||||||||||||
Other : | ||||||||||||||||||||||||||||||||||||||
Oahu Ground Leases (HI) | — | 234.9 | 0.1 | (0.1) | — | 235.1 | — | 235.1 | — | — | — | |||||||||||||||||||||||||||
Other miscellaneous investments | — | 1.6 | 0.1 | 8.8 | — | 1.8 | 8.7 | 10.5 | (7.0) | — | — | |||||||||||||||||||||||||||
Total | $ | 195.8 | $ | 731.1 | $ | 611.9 | $ | 227.4 | $ | — | $ | 770.2 | $ | 800.4 | $ | 1,570.6 | $ | (178.2) |
(in millions) | Initial Cost | Costs Capitalized Subsequent to Acquisition | Gross Amounts of Which Carried at Close of Period | ||||||||||||||||||||||||||
Description | Encum- brances (1) | Land | Buildings and Improvements | Improvements | Carrying Costs | Land | Buildings and Improvements | Total (2) | Accumulated Depreciation (3) | Date of Construction | Date Acquired/ Completed | ||||||||||||||||||
Commercial Real Estate Segment | |||||||||||||||||||||||||||||
Industrial : | |||||||||||||||||||||||||||||
Honokohau Industrial (HI) | $ | — | $ | 4.9 | $ | 4.8 | $ | — | $ | — | $ | 4.9 | $ | 4.8 | $ | 9.7 | $ | (0.1 | ) | Various | 2017 | ||||||||
Kailua Industrial/Other (HI) | — | 10.5 | 2.0 | 0.1 | — | 10.5 | 2.1 | 12.6 | (0.3 | ) | Various | 2013 | |||||||||||||||||
Kaka'ako Commerce Center (HI) | — | 16.9 | 20.6 | 1.2 | — | 16.9 | 21.8 | 38.7 | (1.6 | ) | 1969 | 2014 | |||||||||||||||||
Komohana Industrial Park (HI) | — | 25.2 | 10.8 | 0.6 | — | 25.2 | 11.4 | 36.6 | (2.3 | ) | 1990 | 2010 | |||||||||||||||||
P&L Warehouse (HI) | — | — | — | 1.2 | — | — | 1.2 | 1.2 | (0.7 | ) | 1970 | 1970 | |||||||||||||||||
Port Allen (HI) | — | — | 0.7 | 2.4 | — | — | 3.1 | 3.1 | (2.0 | ) | 1983, 1993 | 1983-1993 | |||||||||||||||||
Sparks Business Center (NV) | — | 3.2 | 17.2 | 3.3 | — | 3.2 | 20.5 | 23.7 | (8.9 | ) | 1996-1998 | 2002 | |||||||||||||||||
Waipio Industrial (HI) | — | 19.6 | 7.7 | 0.1 | — | 19.6 | 7.8 | 27.4 | (1.9 | ) | 1988-1989 | 2009 | |||||||||||||||||
Office : | |||||||||||||||||||||||||||||
1800 and 1820 Preston Park (TX) (4) | — | 4.5 | 19.9 | 7.5 | (0.5 | ) | 4.5 | 26.9 | 31.4 | (8.6 | ) | 1997, 1998 | 2006 | ||||||||||||||||
Concorde Commerce Center (AZ) (4) | — | 3.9 | 20.9 | 6.3 | (12.9 | ) | 3.9 | 14.3 | 18.2 | (9.0 | ) | 1998 | 2006 | ||||||||||||||||
Deer Valley Financial Center (AZ) (4) | — | 3.4 | 19.2 | 5.4 | (5.4 | ) | 3.4 | 19.2 | 22.6 | (8.5 | ) | 2001 | 2005 | ||||||||||||||||
Judd Building (HI) | — | 1.0 | 2.1 | 2.3 | — | 1.0 | 4.4 | 5.4 | (1.9 | ) | 1898, 1979 | 2000 | |||||||||||||||||
Kahului Office Building (HI) | — | 1.0 | 0.4 | 6.9 | — | 1.0 | 7.3 | 8.3 | (8.0 | ) | 1974 | 1989 | |||||||||||||||||
Kahului Office Center (HI) | — | — | — | 5.7 | — | — | 5.7 | 5.7 | (4.1 | ) | 1991 | 1991 | |||||||||||||||||
Lono Center (HI) | — | — | 1.4 | 1.2 | — | — | 2.6 | 2.6 | (1.5 | ) | 1973 | 1991 | |||||||||||||||||
Gateway at Mililani Mauka South (HI) | — | 7.0 | 3.5 | 5.8 | — | 7.0 | 9.3 | 16.3 | (0.8 | ) | 1992, 2006 | 2012 | |||||||||||||||||
Stangenwald Building (HI) | — | 1.8 | 1.0 | 1.4 | — | 1.8 | 2.4 | 4.2 | (1.1 | ) | 1901, 1980 | 1996 | |||||||||||||||||
Retail : | |||||||||||||||||||||||||||||
Aikahi Park Shopping Center (HI) | — | 23.5 | 6.7 | 0.5 | — | 23.5 | 7.2 | 30.7 | (1.3 | ) | 1971 | 2015 | |||||||||||||||||
Gateway at Mililani Mauka (HI) | — | 7.3 | 4.7 | 5.7 | — | 7.3 | 10.4 | 17.7 | (1.1 | ) | 2008, 2013 | 2011 | |||||||||||||||||
Kahului Shopping Center (HI) | — | — | — | 2.3 | — | — | 2.3 | 2.3 | (1.3 | ) | 1951 | 1951 | |||||||||||||||||
Kailua Retail Other (HI) | 15.7 | 84.0 | 73.8 | 6.8 | — | 84.0 | 80.6 | 164.6 | (9.3 | ) | Various | 2013 | |||||||||||||||||
Kaneohe Bay Shopping Ctr. (HI) | — | — | 13.4 | 2.2 | — | — | 15.6 | 15.6 | (6.3 | ) | 1971 | 2001 | |||||||||||||||||
Kunia Shopping Center (HI) | — | 2.7 | 10.6 | 1.4 | — | 2.7 | 12.0 | 14.7 | (4.5 | ) | 2004 | 2002 | |||||||||||||||||
Lahaina Square (HI) | — | 4.6 | 3.7 | 2.7 | — | 4.6 | 6.4 | 11.0 | (0.8 | ) | 1973 | 2010 | |||||||||||||||||
Lanihau Marketplace (HI) | — | 9.4 | 13.2 | 2.1 | — | 9.4 | 15.3 | 24.7 | (3.1 | ) | 1987 | 2010 | |||||||||||||||||
Little Cottonwood Center (UT) | — | 12.2 | 9.1 | 1.4 | — | 12.2 | 10.5 | 22.7 | (2.2 | ) | 1998, 2008 | 2010 | |||||||||||||||||
Manoa Marketplace (HI) | 60.0 | 43.3 | 35.9 | 1.2 | — | 43.3 | 37.1 | 80.4 | (2.2 | ) | 1977 | 2016 | |||||||||||||||||
Napili Plaza (HI) | — | 9.4 | 8.0 | 0.6 | — | 9.4 | 8.6 | 18.0 | (1.5 | ) | 1991 | 2003, 2013 | |||||||||||||||||
Pearl Highlands Center (HI) | 87.0 | 43.4 | 96.2 | 7.9 | — | 43.4 | 104.1 | 147.5 | (13.2 | ) | 1992-1994 | 2013 | |||||||||||||||||
Port Allen Marina Ctr. (HI) | — | — | 3.4 | 1.1 | — | — | 4.5 | 4.5 | (2.2 | ) | 2002 | 1971 | |||||||||||||||||
Royal MacArthur Center (TX) | — | 3.5 | 10.1 | 2.7 | — | 3.5 | 12.8 | 16.3 | (3.7 | ) | 2006 | 2007 | |||||||||||||||||
The Shops at Kukui'ula (HI) | — | 8.9 | 30.1 | 3.5 | — | 8.9 | 33.6 | 42.5 | (4.1 | ) | 2009 | 2013 | |||||||||||||||||
Waianae Mall (HI) | — | 17.4 | 10.1 | 4.3 | — | 17.4 | 14.4 | 31.8 | (2.1 | ) | 1975 | 2013 | |||||||||||||||||
Waipio Shopping Center (HI) | — | 24.0 | 7.6 | 0.7 | — | 24.0 | 8.3 | 32.3 | (1.8 | ) | 1986, 2004 | 2009 | |||||||||||||||||
Other : | |||||||||||||||||||||||||||||
Ho'okele Shopping Center (HI) | — | — | — | 5.5 | — | — | 5.5 | 5.5 | — | 2017 | |||||||||||||||||||
Oahu Ground Leases (HI) | — | 170.5 | 0.6 | — | — | 170.5 | 0.6 | 171.1 | (0.1 | ) | 2013 | ||||||||||||||||||
Other miscellaneous investments | — | 2.6 | 0.1 | 18.5 | — | 2.6 | 18.6 | 21.2 | (7.7 | ) | |||||||||||||||||||
Total | $ | 162.7 | $ | 569.6 | $ | 469.5 | $ | 122.5 | $ | (18.8 | ) | $ | 569.6 | $ | 573.2 | $ | 1,142.8 | $ | (129.8 | ) | |||||||||
Total for Hawai`i | $ | 162.7 | $ | 538.9 | $ | 373.1 | $ | 95.9 | $ | — | $ | 538.9 | $ | 469.0 | $ | 1,007.9 | $ | (88.9 | ) | ||||||||||
Total for U.S. Mainland | — | 30.7 | 96.4 | 26.6 | (18.8 | ) | 30.7 | 104.2 | 134.9 | (40.9 | ) | ||||||||||||||||||
Total | $ | 162.7 | $ | 569.6 | $ | 469.5 | $ | 122.5 | $ | (18.8 | ) | $ | 569.6 | $ | 573.2 | $ | 1,142.8 | $ | (129.8 | ) |
Description (amounts in millions) | Encum- brances (1) | Land | Buildings and Improvements | Improvements | Carrying Costs | Land | Buildings and Improvements | Total (2) | Accumulated Depreciation (3) | |||||||||||||||||||||||||||||
Land Operations Segment | ||||||||||||||||||||||||||||||||||||||
Agricultural Land | $ | — | $ | 6.9 | $ | — | $ | 0.6 | $ | — | $ | 6.9 | $ | 0.6 | $ | 7.5 | $ | (0.8) | ||||||||||||||||||||
Kapolei Business Park West | — | 6.2 | — | — | — | 6.2 | — | 6.2 | — | |||||||||||||||||||||||||||||
Kamalani | — | — | — | 5.2 | — | — | 5.2 | 5.2 | — | |||||||||||||||||||||||||||||
Kauai Landholdings | — | — | 0.1 | 3.0 | — | — | 3.1 | 3.1 | (0.8) | |||||||||||||||||||||||||||||
Maui Business Park II | — | — | — | 25.4 | — | — | 25.4 | 25.4 | — | |||||||||||||||||||||||||||||
Maui Landholdings | — | 0.1 | 0.1 | 1.9 | — | 0.2 | 1.9 | 2.1 | (0.1) | |||||||||||||||||||||||||||||
Wailea B-1 | — | 4.6 | — | 1.0 | — | 4.6 | 1.0 | 5.6 | — | |||||||||||||||||||||||||||||
Wailea, other | — | 19.9 | — | 8.5 | (3.1) | 17.3 | 8.0 | 25.3 | — | |||||||||||||||||||||||||||||
Other miscellaneous investments | — | 1.4 | — | 0.8 | — | 1.4 | 0.8 | 2.2 | (0.6) | |||||||||||||||||||||||||||||
Total | $ | — | $ | 39.1 | $ | 0.2 | $ | 46.4 | $ | (3.1) | $ | 36.6 | $ | 46.0 | $ | 82.6 | $ | (2.3) |
Description (amounts in millions) | Encum- brances (1) | Land | Buildings and Improvements | Improvements | Carrying Costs | Land | Buildings and Improvements | Total (2) | Accumulated Depreciation (3) | ||||||||||||||||||
Land Operations Segment | |||||||||||||||||||||||||||
Agricultural Land | $ | — | $ | 9.7 | $ | — | $ | — | $ | — | $ | 9.7 | $ | — | $ | 9.7 | $ | — | |||||||||
Aina ‘O Kane | — | — | — | 1.2 | — | — | 1.2 | $ | 1.2 | — | |||||||||||||||||
Brydeswood | — | — | — | 0.6 | — | — | 0.6 | $ | 0.6 | — | |||||||||||||||||
Grove Ranch | — | — | — | 1.5 | — | — | 1.5 | $ | 1.5 | — | |||||||||||||||||
Haliimaile | — | — | — | 0.8 | — | — | 0.8 | $ | 0.8 | — | |||||||||||||||||
Kahala Portfolio | — | 34.4 | — | — | — | 34.4 | — | $ | 34.4 | — | |||||||||||||||||
Kamalani | — | — | — | 26.5 | — | — | 26.5 | $ | 26.5 | — | |||||||||||||||||
Maui Business Park II | — | — | — | 38.3 | — | — | 38.3 | $ | 38.3 | — | |||||||||||||||||
The Ridge at Wailea (MF-19) | — | 1.7 | — | 6.2 | — | 1.7 | 6.2 | $ | 7.9 | — | |||||||||||||||||
Waiale Community | — | — | — | 1.8 | — | — | 1.8 | $ | 1.8 | — | |||||||||||||||||
Wailea B-1 | — | 4.6 | — | — | — | 4.6 | — | $ | 4.6 | — | |||||||||||||||||
Wailea B-II | — | 3.3 | — | — | — | 3.3 | — | $ | 3.3 | — | |||||||||||||||||
Wailea MF-7 | — | 2.9 | — | 5.9 | — | 2.9 | 5.9 | $ | 8.8 | — | |||||||||||||||||
Wailea SF-S | — | 4.0 | — | — | — | 4.0 | — | $ | 4.0 | — | |||||||||||||||||
Wailea SF-8 | — | 1.3 | — | — | — | 1.3 | — | $ | 1.3 | — | |||||||||||||||||
Wailea, other | — | 15.3 | — | 8.3 | — | 15.3 | 8.3 | $ | 23.6 | — | |||||||||||||||||
Other Kauai landholdings | — | — | 0.1 | 13.4 | (9.1 | ) | — | 4.4 | $ | 4.4 | (0.6 | ) | |||||||||||||||
Other Maui Landholdings | — | 0.2 | 0.2 | 1.4 | — | 0.2 | 1.6 | $ | 1.8 | (0.7 | ) | ||||||||||||||||
Other miscellaneous investments | — | 3.1 | 1.1 | 6.1 | (2.5 | ) | 3.1 | 4.7 | $ | 7.8 | (2.4 | ) | |||||||||||||||
Total | $ | — | $ | 80.5 | $ | 1.4 | $ | 112.0 | $ | (11.6 | ) | $ | 80.5 | $ | 101.8 | $ | 182.3 | $ | (3.7 | ) |
|
Reconciliation of Real Estate (in millions) | 2017 | 2016 | 2015 | ||||||||
Balance at beginning of year | $ | 1,352.7 | $ | 1,332.5 | $ | 1,397.1 | |||||
Additions and improvements | 57.8 | 118.8 | 32.2 | ||||||||
Dispositions, retirements and other adjustments | (66.6 | ) | (87.0 | ) | (96.8 | ) | |||||
Impairment of real estate assets | (18.8 | ) | (11.6 | ) | — | ||||||
Balance at end of year | $ | 1,325.1 | $ | 1,352.7 | $ | 1,332.5 |
Reconciliation of Accumulated Depreciation (in millions) | 2017 | 2016 | 2015 | ||||||||
Balance at beginning of year | $ | 122.7 | $ | 128.0 | $ | 120.5 | |||||
Depreciation expense | 18.8 | 20.2 | 20.5 | ||||||||
Dispositions, retirements and other adjustments | (8.0 | ) | (25.5 | ) | (13.0 | ) | |||||
Balance at end of year | $ | 133.5 | $ | 122.7 | $ | 128.0 |
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||||||||
ALEXANDER & BALDWIN, INC. | ||||||||
(Registrant) | ||||||||
By: /s/ Christopher J. Benjamin | ||||||||
Christopher J. Benjamin | ||||||||
President and Chief Executive Officer | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated. | ||||||||||||||
Signature | Title | Date | ||||||||||||
/s/ | Chairman of the Board | |||||||||||||
/s/ Christopher J. Benjamin | President, Chief Executive | |||||||||||||
Christopher J. Benjamin | Officer and Director | |||||||||||||
/s/ | Executive Vice President and | |||||||||||||
Chief Financial Officer | ||||||||||||||
/s/ Clayton K.Y. Chun | Senior Vice President, Chief | |||||||||||||
Clayton K.Y. Chun | Accounting Officer and Controller | |||||||||||||
/s/ | Director | |||||||||||||
/s/ | Director | |||||||||||||
/s/ Thomas A. Lewis, Jr. | Director | |||||||||||||
Thomas A. Lewis, Jr. | ||||||||||||||
/s/ Douglas M. Pasquale | ||||||||||||||
Douglas M. Pasquale | Director | |||||||||||||
/s/ Michele K. Saito | Director | |||||||||||||
Michele K. Saito | ||||||||||||||