ALEXANDER & BALDWIN, INC.’S REAL ESTATE SUPPLEMENT UPDATE
AS OF AND FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013
(Unaudited)
About This Supplement Update
This periodic Supplement Update is designed to provide current and potential shareholders of Alexander & Baldwin, Inc. with additional information regarding the Company’s Real Estate operating segments. This information is supplemental to and does not replace the information provided to shareholders in the Company’s periodic filings with the Securities and Exchange Commission.
This second quarter Supplement updates the following tables in the Company’s Real Estate Supplement as of and for the years ended December 31, 2013 and 2012:
| Table 7: | Property Detail - Hawaii Properties |
| Table 8: | Property Detail - Mainland Improved Properties |
| Table 9: | Comparable % Occupancy Data by Geographic Region and Asset Class |
| Table 10: | Weighted Average Gross Leasable Area by Geographic Region and Asset Class |
| Table 11: | Occupancy Analysis Trend - Last Five Quarters |
| Table 12: | Real Estate Leasing NOI |
| Table 13: | Real Estate Leasing Same Store NOI |
| Table 14: | Reconciliation of Real Estate Leasing Operating Profit to NOI and Same Store NOI (Non-GAAP) |
| Table 15: | Improved Property Portfolio Acquisitions/Dispositions |
Table numbers used in this Update correspond with table numbers used in the full-year Supplement.
The information contained in this Supplement Update is unaudited and should be read in conjunction with the Company’s Real Estate Supplement as of and for the years ended December 31, 2013 and 2012, its 2013 Form 10-K and other filings with the SEC through the date of this Supplement Update.
Feedback and suggestions regarding the contents of this Supplement Update from the investing audience are welcomed, and should be directed to Suzy P. Hollinger, Director, Investor Relations, via telephone at (808) 525-8422 or via email to shollinger@abinc.com.
Alexander & Baldwin, Inc. | Real Estate Supplement Update
INDEX TO REAL ESTATE SUPPLEMENT UPDATE
(Unaudited)
AS OF AND FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013
| Forward-Looking Statements | |
| Basis of Presentation | |
| Commercial Portfolio Acquisitions and Dispositions | |
| Real Estate Leasing Segment – Asset Descriptions and Statistics | |
| Property Detail – Hawaii Improved and Unimproved Properties (Table 7) | |
| Property Detail – Mainland Improved Properties (Table 8) | |
| Comparable % Occupancy Data by Geographic Region and Asset Class (Table 9) | |
| Weighted Average Gross Leasable Area by Geographic Region and Asset Class (Table 10) | |
| Occupancy Analysis Trend – Last Five Quarters (Table 11) | |
| Real Estate Leasing Net Operating Income (NOI) (Table 12) | |
| Real Estate Leasing Same Store NOI (Table 13) | |
| Statement on Management’s Use of Non-GAAP Financial Measures | |
| Reconciliation of Real Estate Leasing Operating Profit to NOI and Same Store NOI (Table 14) | |
| Portfolio Acquisitions and Dispositions | |
| 2014 and 2013 Improved Property Portfolio Acquisitions/Dispositions (Table 15) | |
1
Forward-Looking Statements
Statements in this Supplement Update that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are not guarantees of future performance. This Supplement Update should be read in conjunction with pages 19-32 of Alexander & Baldwin, Inc.’s 2013 Form 10-K and other filings with the SEC through the date of this Supplement Update, which identify important factors that could affect the forward-looking statements in this Supplement Update. We do not undertake any obligation to update our forward-looking statements.
Basis of Presentation
The information contained in this Supplement Update does not purport to disclose all items required by accounting principles generally accepted in the United States of America (GAAP). The information contained in this Supplement Update is unaudited and should be read in conjunction with Alexander & Baldwin, Inc.’s Real Estate Supplement as of and for the years ended December 31, 2013 and 2012, its 2013 Form 10-K and other filings with the SEC through the date of this Supplement Update.
2
Commercial Portfolio Acquisitions and Dispositions
In 2013, the Company completed a number of significant commercial property acquisitions and dispositions in connection with the migration of its Mainland portfolio to Hawaii. The largest acquisition, which closed on December 20, 2013, consisted of retail, industrial and ground leased properties primarily located in Kailua, Oahu for $373 million. For purposes of this Supplement Update, information about the acquired portfolio is reported in five categories:
| • | Kailua Industrial/Other |
| • | Kailua Grocery Anchored |
| • | Kailua Retail Other |
| • | Kailua ground leases |
| • | Other Oahu ground leases |
The acquisition was primarily funded by 1031 proceeds generated by the sale of six Mainland commercial properties, sales proceeds from Maui Mall, other 1031 proceeds, and reverse 1031 proceeds from future commercial property and non-core land sales.
In addition to the December 20 acquisition, in 2013 the Company acquired three retail assets in Hawaii, with over 630,000 square feet (primarily on Oahu), for approximately $191 million. The Company also assumed control of The Shops at Kukui'ula, a 78,900 square-foot retail center on Kauai.
Due to the significant changes to the Company's commercial portfolio from acquisitions and dispositions, historical leasing NOI may not be indicative of future results.
See Table 15 for additional information on the Company’s commercial property acquisitions and dispositions in 2014 and 2013.
3
Real Estate Leasing Segment – Asset Descriptions and Statistics
TABLE 7
PROPERTY DETAIL - HAWAII IMPROVED AND UNIMPROVED PROPERTIES
| Property | Number of properties at 6/30/14 | Island | Gross leasable area at 6/30/14 (sq. ft.) | Leased1 (percent) | Outstanding debt ($ in 000s) | 2Q 2014 NOI2 ($ in 000s) | % NOI to total Hawaii portfolio | ||||||||
| Retail: | |||||||||||||||
| Gateway at Mililani Mauka | 1 | Oahu | 18,900 | 87 | $ | — | $ | 166 | 1.1 | ||||||
| Kahului Shopping Center | 1 | Maui | 47,200 | 98 | — | 126 | 0.8 | ||||||||
Kailua Grocery Anchored3 | 4 | Oahu | 189,200 | 97 | 11,267 | 1,326 | 8.9 | ||||||||
Kailua Retail Other3 | 11 | Oahu | 127,000 | 96 | — | 795 | 5.4 | ||||||||
Kaneohe Bay Shopping Center4 | 1 | Oahu | 125,100 | 99 | — | 541 | 3.6 | ||||||||
| Kunia Shopping Center | 1 | Oahu | 60,400 | 94 | — | 513 | 3.5 | ||||||||
| Lahaina Square | 1 | Maui | 50,200 | 77 | — | 171 | 1.2 | ||||||||
| Lanihau Marketplace | 1 | Hawaii | 88,300 | 88 | — | 385 | 2.6 | ||||||||
| Napili Plaza | 1 | Maui | 45,100 | 90 | — | 275 | 1.9 | ||||||||
| Pearl Highlands Center | 1 | Oahu | 415,400 | 94 | 60,789 | 2,485 | 16.7 | ||||||||
| Port Allen Marina Center | 1 | Kauai | 23,600 | 76 | — | 118 | 0.8 | ||||||||
| The Shops at Kukui'ula | 1 | Kauai | 78,900 | 82 | 42,223 | 508 | 3.4 | ||||||||
| Waianae Mall | 1 | Oahu | 170,300 | 89 | 19,538 | 643 | 4.3 | ||||||||
| Waipio Shopping Center | 1 | Oahu | 113,800 | 95 | — | 757 | 5.1 | ||||||||
| Subtotal – Retail | 27 | 1,553,400 | 93 | $ | 133,817 | $ | 8,809 | 59.3 | |||||||
| Industrial: | |||||||||||||||
Kailua Industrial/Other3 | 6 | Oahu | 68,800 | 100 | $ | — | $ | 168 | 1.1 | ||||||
Komohana Industrial Park5 | 1 | Oahu | 238,300 | 100 | — | 978 | 6.6 | ||||||||
| P&L Building | 1 | Maui | 104,100 | 96 | — | 266 | 1.8 | ||||||||
| Port Allen | 3 | Kauai | 63,800 | 96 | — | 166 | 1.1 | ||||||||
| Waipio Industrial | 1 | Oahu | 158,400 | 98 | — | 521 | 3.5 | ||||||||
| Subtotal – Industrial | 12 | 633,400 | 98 | $ | — | $ | 2,099 | 14.1 | |||||||
| Office: | |||||||||||||||
| Gateway at Mililani Mauka South | 1 | Oahu | 18,700 | 100 | $ | — | $ | 213 | 1.4 | ||||||
| Judd Building | 1 | Oahu | 20,200 | 64 | — | 39 | 0.3 | ||||||||
| Kahului Office Building | 1 | Maui | 59,600 | 77 | — | 310 | 2.1 | ||||||||
| Kahului Office Center | 1 | Maui | 33,400 | 87 | — | 91 | 0.6 | ||||||||
| Lono Center | 1 | Maui | 13,400 | 88 | — | 41 | 0.3 | ||||||||
| Maui Clinic Building | 1 | Maui | 16,600 | 60 | — | 60 | 0.4 | ||||||||
| Stangenwald Building | 1 | Oahu | 27,100 | 90 | — | 102 | 0.7 | ||||||||
| Subtotal – Office | 7 | 189,000 | 81 | $ | — | $ | 856 | 5.8 | |||||||
| Table 7 continued on the next page. | |||||||||||||||
4
| Property | Number of properties at 6/30/14 | Island | Gross leasable area at 6/30/14 (sq. ft.) | Leased1 (percent) | Outstanding debt ($ in 000s) | 2Q 2014 NOI2 ($ in 000s) | % NOI to total Hawaii portfolio | ||||||||
| Ground Leases | |||||||||||||||
Kailua3 | 28 acres | Oahu | — | $ | — | $ | 1,063 | 7.2 | |||||||
Other Oahu3 | 23 acres | Oahu | — | — | 1,195 | 8.0 | |||||||||
| Neighbor Island | 3,151 acres | Neighbor Island | — | — | 826 | 5.6 | |||||||||
| Subtotal - Ground Leases | 3,202 acres | — | $ | — | $ | 3,084 | 20.8 | ||||||||
| Total Hawaii | 46 | 2,375,800 | 93 | $ | 133,817 | $ | 14,848 | 100.0 | |||||||
1 | Represents the average percentage of space leased during the period referenced or A&B’s ownership period, whichever is shorter. Space is considered leased when a tenancy agreement has been fully executed or the space is revenue producing. |
2 | See page 9 for a statement regarding the Company’s use of non-GAAP financial measures and a reconciliation of Leasing operating profit to NOI for the total portfolio. |
3 | Portfolio was purchased from Kaneohe Ranch/Harold K.L. Castle Foundation on December 20, 2013. |
4 | Kaneohe Bay Shopping Center is a leasehold property. |
5 | Includes ground leased income. |
Note: For portfolio asset class and geographic occupancy see Table 9 on page 7. Gross leasable area is periodically adjusted based on remeasurement or reconfiguration of space.
5
TABLE 8
PROPERTY DETAIL - MAINLAND IMPROVED PROPERTIES
| Property | Number of properties at 6/30/14 | Location | Gross leasable area at 6/30/14 (sq. ft.) | Leased1 (percent) | Outstanding debt ($ in 000s) | 2Q 2014 NOI2 ($ in 000s) | % NOI to total Mainland portfolio | ||||||||
| Retail: | |||||||||||||||
| Little Cottonwood Center | 1 | Sandy, UT | 141,500 | 94 | $ | 5,943 | $ | 355 | 7.7 | ||||||
| Royal MacArthur Center | 1 | Dallas, TX | 44,800 | 100 | — | 261 | 5.7 | ||||||||
| Wilshire Shopping Center | 1 | Greeley, CO | 46,500 | 72 | — | 48 | 1.1 | ||||||||
| Subtotal – Retail | 3 | 232,800 | 91 | $ | 5,943 | $ | 664 | 14.5 | |||||||
| Industrial: | |||||||||||||||
| Midstate Hayes | 1 | Visalia, CA | 790,200 | 97 | $ | 8,278 | $ | 636 | 13.9 | ||||||
| Sparks Business Center | 1 | Sparks, NV | 396,100 | 97 | — | 470 | 10.2 | ||||||||
| Subtotal – Industrial | 2 | 1,186,300 | 97 | $ | 8,278 | $ | 1,106 | 24.1 | |||||||
| Office: | |||||||||||||||
| Concorde Commerce Center | 1 | Phoenix, AZ | 138,700 | 100 | $ | — | $ | 575 | 12.5 | ||||||
| Deer Valley Financial Center | 1 | Phoenix, AZ | 126,600 | 76 | — | 207 | 4.5 | ||||||||
| Gateway Oaks | 1 | Sacramento, CA | 58,700 | 87 | — | 62 | 1.4 | ||||||||
| Ninigret Office Park | 1 | Salt Lake City, UT | 185,500 | 100 | — | 573 | 12.5 | ||||||||
| 1800 and 1820 Preston Park | 1 | Plano, TX | 198,800 | 95 | — | 505 | 11.0 | ||||||||
| 2868 Prospect Park | 1 | Sacramento, CA | 162,900 | 98 | — | 375 | 8.2 | ||||||||
| San Pedro Plaza | 1 | San Antonio, TX | 171,900 | 61 | — | 179 | 3.9 | ||||||||
| Union Bank | 1 | Everett, WA | 84,000 | 100 | — | 342 | 7.4 | ||||||||
| Subtotal – Office | 8 | 1,127,100 | 90 | $ | — | $ | 2,818 | 61.4 | |||||||
| Total Mainland | 13 | 2,546,200 | 93 | $ | 14,221 | $ | 4,588 | 100.0 | |||||||
1 | Represents the average percentage of space leased during the period referenced or A&B’s ownership period, whichever is shorter. Space is considered leased when a tenancy agreement has been fully executed or the space is revenue producing. |
2 | See page 9 for a statement regarding the Company’s use of non-GAAP financial measures and a reconciliation of Leasing operating profit to NOI for the total portfolio. |
Note: For portfolio asset class and geographic occupancy see Table 9 on page 7. Gross leasable area is periodically adjusted based on remeasurement or reconfiguration of space.
6
TABLE 9
COMPARABLE % OCCUPANCY DATA BY GEOGRAPHIC REGION AND ASSET CLASS
| 2Q 2014 | 2Q 2013 | Percentage point change | ||||||||||||||||||||||
| Location | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | ||||||||||||
| Hawaii improved | 93 | 98 | 81 | 93 | 91 | 96 | 79 | 92 | 2 | 2 | 2 | 1 | ||||||||||||
| Mainland improved | 91 | 97 | 90 | 93 | 88 | 98 | 89 | 95 | 3 | (1 | ) | 1 | (2 | ) | ||||||||||
| Total | 92 | 98 | 88 | 93 | 90 | 98 | 88 | 94 | 2 | — | — | (1 | ) | |||||||||||
TABLE 10
WEIGHTED AVERAGE GROSS LEASABLE AREA BY GEOGRAPHIC REGION AND ASSET CLASS1
| 2Q 2014 (in sq. ft.) | 2Q 2013 (in sq. ft.) | Percentage Change | ||||||||||||||||||||||
| Location | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | ||||||||||||
| Hawaii improved | 1,553,400 | 633,400 | 189,000 | 2,375,800 | 901,400 | 564,600 | 187,400 | 1,653,400 | 72.3 | 12.2 | 0.9 | 43.7 | ||||||||||||
| Mainland improved | 232,800 | 1,186,300 | 1,127,100 | 2,546,200 | 718,600 | 4,346,000 | 1,274,100 | 6,338,700 | (67.6 | ) | (72.7 | ) | (11.5 | ) | (59.8 | ) | ||||||||
| Total | 1,786,200 | 1,819,700 | 1,316,100 | 4,922,000 | 1,620,000 | 4,910,600 | 1,461,500 | 7,992,100 | 10.3 | (62.9 | ) | (9.9 | ) | (38.4 | ) | |||||||||
TABLE 11
OCCUPANCY ANALYSIS TREND – LAST FIVE QUARTERS2
| 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 | ||||||||||||||||||||||||||
| # of properties | Weighted average sq. ft. | % leased | # of properties | Weighted average sq. ft. | % leased | # of properties | Weighted average sq. ft. | % leased | # of properties | Weighted average sq. ft. | % leased | # of properties | Weighted average sq. ft. | % leased | ||||||||||||||||
| Retail | 30 | 1,786,200 | 92 | 30 | 1,786,200 | 93 | 31 | 2,081,900 | 92 | 18 | 1,773,600 | 91 | 17 | 1,620,000 | 90 | |||||||||||||||
| Industrial | 14 | 1,819,700 | 98 | 14 | 1,819,700 | 100 | 14 | 3,509,100 | 99 | 12 | 4,829,200 | 99 | 13 | 4,910,600 | 98 | |||||||||||||||
| Office | 15 | 1,316,100 | 88 | 15 | 1,316,100 | 86 | 15 | 1,314,500 | 86 | 15 | 1,412,400 | 87 | 16 | 1,461,500 | 88 | |||||||||||||||
| Total | 59 | 4,922,000 | 93 | 59 | 4,922,000 | 93 | 60 | 6,905,500 | 95 | 45 | 8,015,200 | 95 | 46 | 7,992,100 | 94 | |||||||||||||||
1 | Weighted average GLA for the second quarter was significantly lower due to the sales of industrial and retail properties on the Mainland in the fourth quarter 2013, proceeds of which were used to purchase the Kaneohe Ranch/Harold K.L. Castle Foundation Hawaii portfolio. |
2 | Number of properties is as of 6/30/14. |
Note: Gross leasable area is periodically adjusted based on remeasurement of reconfiguration of space.
7
TABLE 12
REAL ESTATE LEASING NET OPERATING INCOME (NOI) 1
(in millions)
| 2Q 2014 | 2Q 2013 | Percentage Change | ||||||||||||||||||||||||||||||
| Location | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | ||||||||||||||||||||
| Hawaii improved | $ | 8.8 | $ | 2.1 | $ | 0.9 | $ | 11.8 | $ | 4.2 | $ | 1.8 | $ | 0.8 | $ | 6.8 | 109.5 | 16.7 | 12.5 | 73.5 | ||||||||||||
| Hawaii unimproved | — | — | — | 3.1 | — | — | — | 0.8 | — | — | — | 287.5 | ||||||||||||||||||||
| Total Hawaii | $ | 8.8 | $ | 2.1 | $ | 0.9 | $ | 14.9 | $ | 4.2 | $ | 1.8 | $ | 0.8 | $ | 7.6 | 109.5 | 16.7 | 12.5 | 96.1 | ||||||||||||
| Mainland improved | 0.7 | 1.2 | 2.8 | 4.7 | 2.2 | 4.4 | 2.2 | 8.8 | (68.2 | ) | (72.7 | ) | 27.3 | (46.6 | ) | |||||||||||||||||
| Total | $ | 9.5 | $ | 3.3 | $ | 3.7 | $ | 19.6 | $ | 6.4 | $ | 6.2 | $ | 3.0 | $ | 16.4 | 48.4 | (46.8 | ) | 23.3 | 19.5 | |||||||||||
TABLE 13
REAL ESTATE LEASING SAME STORE NOI2
(in millions)
| 2Q 2014 | 2Q 2013 | Percentage Change | ||||||||||||||||||||||||||||||
| Location | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | Retail | Industrial | Office | Total | ||||||||||||||||||||
| Hawaii improved | $ | 3.3 | $ | 1.9 | $ | 0.9 | $ | 6.1 | $ | 3.3 | $ | 1.9 | $ | 0.8 | $ | 6.0 | — | — | 12.5 | 1.7 | ||||||||||||
| Hawaii unimproved | — | — | — | 0.8 | — | — | — | 0.8 | — | — | — | — | ||||||||||||||||||||
| Total Hawaii | $ | 3.3 | $ | 1.9 | $ | 0.9 | $ | 6.9 | $ | 3.3 | $ | 1.9 | $ | 0.8 | $ | 6.8 | — | — | 12.5 | 1.5 | ||||||||||||
| Mainland improved | 0.7 | 1.1 | 2.8 | 4.6 | 0.6 | 1.1 | 1.7 | 3.4 | 16.7 | — | 64.7 | 35.3 | ||||||||||||||||||||
| Total | $ | 4.0 | $ | 3.0 | $ | 3.7 | $ | 11.5 | $ | 3.9 | $ | 3.0 | $ | 2.5 | $ | 10.2 | 2.6 | — | 48.0 | 12.7 | ||||||||||||
1 | NOI for Mainland improved portfolio for the second quarter was significantly lower due to the sales of industrial and retail properties on the Mainland in the fourth quarter 2013, proceeds of which were used to purchase the Kaneohe Ranch/Harold K.L. Castle Foundation Hawaii portfolio. |
2 | Same Store NOI relates to properties that were operated throughout the duration of both periods under comparison. |
Note: See page 9 for a statement on the Company’s use of non-GAAP financial measures and a reconciliation of Leasing operating profit to Real Estate Leasing NOI and Real Estate Leasing same store NOI.
8
Statement on Management’s Use of Non-GAAP Financial Measures
Net operating income (NOI) is a non-GAAP measure derived from real estate revenues (determined in accordance with GAAP, less straight-line rental adjustments) minus property operating expenses (determined in accordance with GAAP). NOI does not have any standardized meaning prescribed by GAAP, and therefore, may differ from definitions of NOI used by other companies. NOI should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance, or as an alternative to cash flow from operating activities as a measure of the Company’s liquidity. NOI is commonly used as a measure of operating performance because it is an indicator of the return on property investment, and provides a method of comparing property performance over time. NOI excludes general and administrative expenses, straight-line rental adjustments, interest income, interest expense, depreciation and amortization, and gains on sales of interests in real estate. The Company believes that the Real Estate Leasing segment’s operating profit after discontinued operations is the most directly comparable GAAP measurement to NOI. A reconciliation of Real Estate Leasing operating profit to Real Estate Leasing segment NOI and same store NOI is as follows:
TABLE 14
RECONCILIATION OF REAL ESTATE OPERATING PROFIT TO NOI AND SAME STORE NOI (NON-GAAP)
(in millions)
| 2Q 2014 | 2Q 2013 | |||||
| Real Estate Leasing segment operating profit before discontinued operations | $ | 12.0 | $ | 10.6 | ||
| Less amounts reported in discontinued operations | — | (3.9 | ) | |||
| Real Estate Leasing segment operating profit after subtracting discontinued operations | $ | 12.0 | $ | 6.7 | ||
| Adjustments: | ||||||
| Depreciation and amortization | $ | 7.1 | $ | 6.0 | ||
| Straight-line lease adjustments | (0.6 | ) | (0.9 | ) | ||
| General and administrative expense | 1.1 | 0.7 | ||||
| Discontinued operations | — | 3.9 | ||||
| Real Estate Leasing total NOI | $ | 19.6 | $ | 16.4 | ||
| Acquisitions/ disposition and other adjustments | (8.1 | ) | (6.2 | ) | ||
Real Estate Leasing segment same store NOI1 | $ | 11.5 | $ | 10.2 | ||
1 | NOI related to properties that were operated throughout the duration of both periods under comparison. |
9
Portfolio Acquisitions and Dispositions
TABLE 15
2014 PROPERTY PORTFOLIO ACQUISITIONS/DISPOSITIONS
| Property disposed in 2014 | Disposition date (month/year) | Disposition price (in millions) | Gross leasable area (sq. ft.) | Leased percentage at disposition | ||
| Maui Mall | 1/14 | $ | 64 | 185,700 | 97 | |
2013 PROPERTY PORTFOLIO ACQUISITIONS/DISPOSITIONS
| Property acquired in 2013 | Acquisition date (month/year) | Acquisition price (in millions) | Gross leasable area (sq. ft.) | Leased percentage at acquisition | ||
| Waianae Mall | 1/13 | $ | 30 | 170,300 | 931 | |
| Napili Plaza | 5/13 | 19 | 45,100 | 92 | ||
| Pearl Highlands Center | 9/13 | 142 | 415,400 | 98 | ||
The Shops at Kukui'ula2 | 9/13 | 0 | 78,900 | 82 | ||
Kaneohe Ranch/Harold K.L. Castle Foundation Portfolio3 | 12/13 | 373 | 386,200 sf + 51 acres ground leased to third parties and improved with 760,000 sq. ft. | 98 | ||
| Total | $ | 564 | 1,095,900 | |||
| Property disposed in 2013 | Disposition date (month/year) | Disposition price (in millions) | Gross leasable area (sq. ft.) | Leased percentage at disposition | |||
| Northpoint Industrial | 1/13 | $ | 15 | 119,400 | 100 | ||
| Centennial Plaza | 9/13 | 15 | 244,000 | 100 | |||
| Issaquah Office Center | 9/13 | 22 | 146,900 | 100 | |||
| Republic Distribution Center | 10/13 | 20 | 312,500 | 100 | |||
| Industrial Portfolio | 12/13 | 165 | 2,604,400 | 99 | |||
| Activity Distribution Center | 12/13 | 252,300 | 100 | ||||
| Heritage Business Center | 12/13 | 1,316,400 | 98 | ||||
| Savannah Logistics Park | 12/13 | 1,035,700 | 100 | ||||
| Retail Portfolio | 12/13 | 101 | 485,800 | 88 | |||
| Broadlands Marketplace | 12/13 | 103,900 | 90 | ||||
| Meadows on the Parkway | 12/13 | 216,400 | 82 | ||||
| Rancho Temecula Town Center | 12/13 | 165,500 | 95 | ||||
| Total | $ | 338 | 3,913,000 | ||||
1 | 79 percent occupied at closing on 1/23/13. Lease signed prior to closing, but effective on 2/1/13, brought occupancy up to 93 percent. |
2 | In November 2013, A&B refinanced and acquired The Shops at Kukui’ula. The Shops were originally developed in 2009 through a joint venture as part of the amenities for the Kukui’ula resort. |
3 | Portfolio is reported in five categories: Kailua Industrial/Other, Kailua Grocery Anchored, Kailua Retail Other, Kailua ground leases and Other Oahu ground leases. |
10