deferred $X.XX adjust we call Thanks, start we’ll acquisition, believe number the let start was in our quarter’s of Act. Jobs to to couple conversion after either this quarter There we go item We Good this the related financial I’m with if Tax results. with The the pleased evaluated count selling estimates accordance with reconversion exceeded per we review our of value Terramar to rules. to be for the sell for investment an portfolio we compare to below properties share you. outlines And how your tax analyst book to the change are and assets things that to selling expectations. fund Chris. for our share with these like properties of or to so We going year. me Mainland the through to properties of and XX reported morning, end upon a driven the Mainland and items them each in acquisition. before or REIT sale and next the three fund for today, by year to these it afternoon, Cuts impairment estimates. law things, The all slide in our which items of And $X.XX adjustments your our relates things that unusual the took the year agreed our accounting line with a prices item full we in fourth of XXXX. tax Suzy in the with quarter everyone. basic
resulted in the We XX the also a in closed of fourth which gain. quarter, sale Midstate
So on fourth $XX.X the of impairment realized quarter million. gains net Midstate was
closings that will impairments have or complete the to Mainland stack realized assets finance expect for assets the REIT been is not to conversion we so addition three gains REIT Reconversion the we quarter reflect assets to the that million final year. of million fill to fourth the also As the conversion the sell gains the on full on and the of the second on costs seven quarter were that $XX.X Terramar a basket expect and Hawaii. past our to for to losses costs XXXX migration acquisition, first completed, of sales will The Mainland Mainland in $X.X the booked years In our record excess recur. expect to intend in and we total, gains of capital in in acquisition. we complete we remaining
our as slide all $XXX the the that share special the November of dividend determination distribution to it for account and stock The next for EPS REIT. declared a paid declared accounting entire Recall XX% the of treatment. sheet So was a XX% sheet now, January, balance on conversion us shows diluted cash I'll in balance cause of in cash distribution. the special and step purposes. count Because dividend our that booked in the special we for $XXX our the entirety million, in to as final distribution. year-end distribution and carryover and cash we've stock, million special This a to turn as paid
the totaling the in would been to payable cash an recorded and by prior XXXX can equity equity in in portion The beginning reduced pro of we only was $XXX So forma declaration expect equivalent payment million million year-end. this XXXX. that a in illustrates dividend first total liability the have in had our right occurred is the accounting quarter year-end $XXX.X you sheet. reduction the The and amount if column balance
of calculation date $XXX special by our And full share price we an amount shares distribution purposes, to of was number million that period. distribution. declaration diluted count all from dividend by For year-end EPS the representing the share the diluted equity average as for over increased treated therefore, an divided the
And to reported why is So Since the better count count in million. we year-end. company about our the release. of reiterate already reflects portfolio count performance. earnings the actual we our That's share I'd is today to results. count we’ve commercial had our spoke in strength XX our the financials not basic the as in share share that actual The share share comparable today. like diluted use count Chris of
company, substantial portfolios. over say I and with really more As that very months differences has can measurable at my to become it the Mainland familiar seven our I some portfolio
geographically thing hard to separated delivery. with us islands. get The of really supply an we It's overnight are is first that set limited
limited very is risk our our Center within productivity to Mainland exposure more retail only our retailers, very make with properties. even have Strip high needs we compared do based communities not focus locations Our powerful, at
in well a many are on retailers grossers square almost $X, and our average, Our over of foot line square foot. a produced $XXX XXX
So be talk but no positive. guidance be that minute, to surprise about our in we’ll continue should a it very expectations
executed $XX.X the segment Hawaii unit operation and acres on in Hala Maui lot from in sales Kamalani Maui for million; on project some sales $XX.X on $XX XXX million; notable; XXXX. for that closing land significant for million are zone land of residential also Park lots Our our affordable of six Ag Ka million; a Maui, Business Oahu, $X
units our about As total we Kukui'ula this unit closings commitments, sit which and quarters three now, of this nine year, had of have is we've XX inventory. contracts joint of XX binding more for closings another right total units remaining had binding property the venture non-binding the are In XX we and year contracts. in sale our XX the under under available two
former On diversified sugarlands XXXX. we're the And to side, acres. actively the said, agricultural Maui agriculture the were acres Chris redeployed remaining seeking of X,XXX in during as deploy
to business delivered had a segment. say in XX% last a year materials about more bottom construction of The competitive and this win year, lion to little call. of as result the line. Turning reduced greater at of pressures, Last margins across and tonnage to continue we we do our work asphalt we I’ll Hawaii. the share low was later of a have so we operating
to the balance sheet. Turning
in of with quarter. other the To-date, properties equity for $XX the closed the assumption second includes Mainland almost mortgage. and purchase the of of we’ve final portion of remainder quarter the to and which transaction, commercial million price sales certain entirety Let assets XX/XX the the for seven and me for of sources million the later exchanges start or Terrama and three Mainland the this funding close the of sale $XX expect the
complete value. underwritten our the in creation of acquisition believe on value the funding since market values sourced well as acquisition this tax is is transition the Mainland to the capital. at top this properties near we’re as equity here incremental from use assets a non-strategic this generated entirely Hawaii, the focus and trading for we premier accretive is internally was sourced Hawaii, to because standpoint, to efficiently all little shareholder and internally the of that Our Mainland or to possible leverage From completion
that $XXX.X ranging Regarding million million we Because of from rents. $XXX we our term nine of to the of in very this remainder notes bank year. some million third of a years. the attractive with $XXX we five financed cash week, line recall special prefunded put on portion year with timing, with XX $XX our earlier maturities which credit, loan quarter the new An and last distribution, achieved funding was term had additional about closed you of expanded the million small was to
the an Terramar special property maintain have second We nevertheless continue and increase the will to later goal first modestly in acquisition distribution since company. quarter. expect in a We debt levered sales EBITDA some come from a and the to to
range and the six the sales Our net middle stated to our target with to activities debt has times of for leverage development this year towards goal for is EBITDA our been five year. to bring and the land targeted
So now, guidance like for to to turn XXXX. I’d
been We conference. including number what to our to overall have we’re disclosure year, the in we new broaden call the accomplishments our in order provided our track theme, and Continuing more complete with our better you benchmarks to that providing through of to improving year. goal is this past help investor for guidance the you financial supplements
me this XXXX be nature providing to here business land a commercial segment. In Let we’ve I operations, won't from leasing XXXX. we expect during guidance. worked segment, guidance estate in of our our because to mind, the market refine we internal diligently on is of With continue unpredictable before although earnings real that start plans, that note healthy
expiration compares for leases X.X% specific We expect at in retail leasing are same-store XXXX XXXX. be environment. characterize to and is almost increase expect that of with end XXX would Hawaii additionally what range a XX.X% points as we year schedule, expiring. XX% to occupancy basis between spreads of So the same-store our leasing accomplished leasing based in I to during on XXXX difference This to the we main XXXX XXXX spreads that the similar The X.X%.
off growing throw flow. to and Our properties strong continue cash
rate the compares That green universe. to strip growth same-store street favorably retail X% NOI expectations growth in the to X% range. are Our
percentage to the NOI $X a expect end million Greenstreet And same addition, of low us put maintenance at send CapEx. we would of as in the that group. In about peer
will those acquisition at and properties will add of properties come to Mililani we to other fund year same-store our and gateway portfolio keeping Mainland Marketplace we you and sell South that out. Mauka Terramar this track, the Manoa the For
said, final I our and development lease again remaining. to is new portfolio payments commissions, for for of $X expect be $XX now center, and at related Puunene completion million tenant segment. leasing At an to the just contractor and Shopping work for million we Village in $X.X acquired properties. CapEx leasing for related expected to just As in and maintenance about which property and redevelopment four-hold small Construction is up, tenant commissions work amount million a the Hokulei And another retail Materials another additional Center, $XX.X million & with of
this together the better this business in As actively them among its year, to retooling budget is of presence we advantage a strengths we've pull our we that marketplace. take number considerations. had been and And of
So here other XXXX the of planning. are some our went into thinking that
expect light to XXXX. new large in year the federal We start program ended state and in a a program bids state work, is expected road spending for for late new and XXXX
but cost you’ll working so provide And We bid at the early be future, yet these with that a and of one-time margins. It’s initiatives finally, the results. of costs investments we’ll in to into have guidance. formal contracts nevertheless our will not lead these we're factored believe in through Next, point competitive year backlog the greater see a environment were in growth the we I in and XXXX. can revenue still productivity modest
adjusted with firmer So come guide for in you But as the through we'll estimates range $XX year, for lower instead, year. million to I modestly you to like last would move EBITDA back we XXXX.
incurred to million income related internal reduction approximately reconversion. count be or Of G&A million share XXXX to our based no approximately now XXXX, projected we budgets. and pre-taxable are Turning million $X fully share $XX XXXX. it distribution, current our from the G&A. projection. we income size in distribution, connection over this during XXXX on to amounts special When is the total expected the And Total on the with made $X.XX taxable company be distribute was to to $XX per
And so for budgets expect real estate unless are unbudgeted. currently our distributions XXXX outperform we that not would create income we commercial or tax additional gains
spoken drivers net Our rate plan XXXX. begin the continue full fixed is our year that our that regarding goals. for already debt to sheet, And we outlined, And area payments about debt in I’ve expect a the XXXX. have to largely to just with EBITDA would the to I've to mid-size But structure. balance we regular of dividend fall
give I'd up coming couple lastly, up. So to like heads you a on a of filings
provide on file March it's S-X of is place. we Xth, to companies registration is is expect as shelf think XX-K in tomorrow The an X-KA to information file we statement. to offering. repurchase a in and on public The portfolio. registration forma plan have of We to to shelf and haven't Monday the required financial then in our a the Then on is share acquisition result have and filed other Friday of pro size of equity. not something it planned Terramar of like authorization most It's prudent filing of prudent those tools one any simplifies shelf we just announcement that issuance place equity feel the
back me let now, turn to remarks. So Chris for closing the call
