Kenny. Thanks, Excuse me.
or have Investor so the with REIT the Many be Relations world us role our Suzy past has who will the your Gas. at VP first welcome you as welcome earnings the listeners, also A&B, Treasurer already Kenny Hollinger, Markets. of of I and of he you week. over call next met months role is and departure at to While I your added who want held A&B following want to CFO Hawaii role now Kenny to Capital of
I'm are to this to I'd progress Real have direct of performance in business, the recapping our of our happy and by very start Commercial to by transformation. our continued continued Estate with But strong comments strategic expanded We like there. I'm role. going new pleased him most my
many steps taken XXXX, were last was, step conversion. our big year REIT course, there While before the of
back say, is we and come our quarter path that the working business. a as into broader for So its our story What telling noncommercial suffice far real the that for I'll disappointed performance growing done in and in our few Construction and continue & estate market complicated. our special NOI, on distribution challenges this completed management best is monetizing we've in and moments. earnings, and XXXX, to Materials acquisition, the advanced of But out we’re our property only recognized But not efforts. our Hawaii, fallen next monetization and and year our were assets acceptance for migration us to Materials built the but teams, more creates & charting REIT. the to assets a Construction not we'll leasing it remains last development
recognize we to achieving While be all the values achieving optimal we want greater and thoughtful simplicity of also importance for about components, focus.
final produced X.X% support in and of Our expected the quarter are NOI leasing strong Commercial the growth same-store Real year. in growth third to NOI of continued Estate quarter spreads the same-store segment
guidance strong our of excellent the feet our moderated quarter, By midpoint portfolio the to of and was September team. our estate of environment XX% signed the we numbers our covering square quarter of this for at lending may bit in XX real ABR activity completed X% Leasing GLA. based sit efforts fourth X.X% targeted year of XXX,XXX we year us leases leases the in on full around range. X% robust had commercial reflect While the spreads These for the with at XX, a year-to-date, continued X.X%.
ground spreads our at year, Given And of ground believe dealership increase another can in year auto at was of initial over an of value third quarter, the was the strength leased an in of Windward, guidance leasing base talk when the the high-end we renewed the Hawaii rent. under to lease We of years Oahu, economy, about expiration. balance its to often years had the leases. we XX% embedded XX prior the that range. a maintain nice two extended finishing the demonstration the The solid our for we
plans. demonstrate leasing course, to of development an and While the year-to-date continued and was growth on focus hires. This is our commercial some And and portfolio step-up levers Real is get back improvements our validity business the of our And in strategy a to the now. for testament the been Hawaii, first third in portfolio. and five we've our a performance reference. leases able scale key the a our The quarter to to site, in management the the continue opportunities and lease we internalize of Estate of of ground present we built potentially extension. land our critical we of growth strong a to an through core progress highest the key believe and where the Commercial we talent functions leasing of And example creation results in is to often from our is, effective team and make that this represented our Hawaii. sizable best Thanks management. value achievable property used redevelop is of all team great some supplementing external our to investments to with internal
and of redevelopment assets, sales, balance ground-up acquisitions being four other land exchanges and repositioning XXXX equity. new using sheet of and from the existing our or development assets, property With
As same-store I said the NOI portfolio the first management our drive existing growth. of continued lever effective is helping
and will development Highlands NOI the deliver that enabling coming will third attractive Guitar referenced only and Moving development the of to to I but early of The ULTA direct a returns summarize on we in -- be success they've which center, other customer and and to increasingly in They projects net Pearl like I’d levers advancing, the the financial cinema Real the Estate is story doing food well, experience second also Commercial Center have attract we're the source to recapping are start great moment and upgrades and very years. at by not underwritten, ago, a open us I'll while Center. tenants. growth. the generated quarters had redevelopment XXXX. court opened a going the benefits enhanced the
be Guitar will in of the and quantify broader generating to economic, assure strong improvements. tenant national is but the specific XX% the for a our beyond leased from we costs Center return It's the can interest hard I have investment We XX% square-foot space. Pearl on once is uplift, returns the X,XXX remaining Highland you
Our next assets. this XX% to reverted an currently provide preleased to Kailua, and options for In Lau to the month. story set XX% space Kailua success open Hala Company; where in not the open chose fitness, Macy's community. XXXX, our Bar stabilized which NOI timeline, we leasing benefits fourth Goen million Yamaguchi our a cash NOI of UFC contribute again of of Gym, translates Maui incremental Based cost will expect quarter Dining yield ground which we when will dining, XXXX and the project exercise on the blend Shops growth. the to and on consideration in is and adjacent are year, XX%, of leased of asset, other Roy $X.X a extension, by will about This now option its and grocery to of the per retail without to for company exciting stabilized Brewing be roughly
Center, Shopping property or Our we project stages. a two acquired be Park that Aikahi next redevelopment in repositioning will
condition lease leasehold center XX% in ground The for poor XXXX been and the Kailua the prepping acquisition portfolio improvements at the in with the improvements cap First, and rate. XXXX, in then the we've a were purchase, upon of redevelopment.
leases a store. with are LOI an in tenants their with upgrade have We extend advancing to they to their of anticipation extension number lease a of we discussions plan Safeway and renovation. Meanwhile, a for
to At ground XXXX construction a want will acknowledge share Center last plans We with after complete Center, to of ability midbox to in space, and the the schedule do we until that potential challenges and on underwrote our defer and the Pu'unene on community. XX% while renovation ground-up we Maui. to box, we want not we I Shopping at of an opening. final plans, are about will some XXXX. would in talk on rest we fill roll we is have is out an Maui, assumption center Ho`okele for the spaces tenants with the option, local a preleased, space. you Shopping This we We for space, development construction I midbox filling evaluate that third for the broke finalizing the of acquisition to information more center, various conservatively the March of with and The is growth, the as is we example are Ho`okele, square-foot so them development. XX,XXX nearby discussions lever fill the in which
there. to ground cushion some have and Redevelopment and we expect continue portfolio. from our more we redevelopment leased new of us, source and a come growth So for improved to development be our opportunities properties
felt once we models. residual an Lahaina opportunity, we presented offer instead a redevelopment received our land value to Square property. on Maui of We that sell development While exceeded the the that decided
capitalize will and redevelopment. to we increase property, that our NOI on reinvestment so had opportunity than we on thank team possible. that We sale years today, actually to a earlier closed made And pursued the the I through want if everyone exit and this on
growth couple Commercial as with previously third We're of that show the releasing industrial Industrial of NOI, see, being await our continuing favorable. occupancy industrial are we we equity the balance the XX.X% Commerce as those we slide Real remaining accounts releasing XX.X%, The our at Kaka`ako increase space. slides the five shows year-over-year. transformation. for historically with number in XXXX, in spreads completion fill remains likely our in Center, acquisitions. Estate, well of have occupancy levers the reasons strategic seek lower bring vacancy grow of for at Meanwhile, our to discussed space we leasing for or very As a achieved quarter our up more our occupancy a tenant, nearly you really to use the sources exception one to we Park. this strength retail efforts pulling with industrial with patient because being Wrapping At portfolio generally -- light are right in our strong because portfolio only to continued need of of of the in see sheet leases to the asset six X.X% to we XX% Komohana especially X.X% large we were our the occupancy spreads on efforts That of strong than can will have vacancy one quarter. executed several
of Honokohau an third comparable leases spread three with the XX%. Additionally, Industrial achieved XXX% aggregate at leasing execution the occupancy of quarter in
Moving and we're and in Land efforts and simplify performance have individual with of Operations, sale to parcels as one the Commercial parts the advancing beyond our the we Real improve in joint efforts venture. other land homes even monetization well development business. of business, our Starting Estate our of as interest advanced our condos
For quarter, latter which at closed $X.X distribution. O we Kamalani the of the at Keala JV third and units Maui, produced on units XX million XX Wailea an
During the Island quarter. cash quarter, for our KaMilo three totaled also on residential projects the joint the monetized proceeds for these the interest in from $XX.X remaining Big The developments $X.X million we million. venture
couple last O months. in we early of have the Wailea, two closed sale With KaMilo closing projects at unit last the Keala out development October of in the
for our sale in projects. have deemphasizing the to continue XX for recapitalization four collection lots board, investments XX We're already we selling and the three than closing exploring residential of quarter, REIT nice the project. at activity, $XX Kamalani Kamalani inventory. before units close closing by Kukui'ula million year-end. remaining quarter rest totaling under For capital concludes Kukui'ula, JVs, And as a to the doing more company binding through we've development the even At contract seen fourth year, at efforts revenue units $X.X revenue. of to a by increase sale closed expect our in Across for simplify totaling for the This five the third increment this either in one. required Wailaya, the for a in remaining lots we or advancing we're the very million and
interested to share through parties, time. working with we're not at While we're the updates able this of any options process evaluating
identifying Maui. expansion and our Finally, ag recent operations, in good farming efforts former grass-fed sugarcane the beef the Land continue in uses on to Operations, Maui, on viable for we including diversified advance of progress lands
of of to We $X.X XXX land The a on work state sale on acre parcels in third to closed the Hawaii selling continue Maui million. for also of We where ag quarter parcel working approval the potential the the acres County Maui make Park, progress that XXX of at on soon. and the to -- we is its Maui of expect Ag necessary through of more the expansion sale to steps, way for the appropriate.
were trailing we goals. not last $X.X disappointing. Materials achieve clearly was earnings for our & XX% decline our Construction the full-year, to by adjusted mentioned the As I than more quarter million, for a quarter earnings EBITDA XX%. year, the are of EBITDA And Adjusted XXXX going full-year is from and for
systems the making We had Offsetting motion, results our reported appreciated, and better process every from financial operation, improved changes have to been increased proving operational economics paving more component our in implement where made in are improvements. but to is some we've months of revamping where aren't than results and operational revenue our we saw steps believe the right recent operational This quarter. in benefits. continuing however, at margins the to be the process operations and seen some business quarry that, yet of but the including challenging a I understand changes
forward, we operational bring favorable the of we quarters pain. expect Looking in bear over additional changes where operational contracts future some months may some to past new won short-term couple various improvements fruit and
the for balance of provide So outlook we an prepared not to year. are the
share discuss our turn over we operational steps both and outlook let we're quarter earnings plans sheet. more year, to With strategic they details will position finalize context, our XXXX. for balance Jim that for the third drivers, how our we and taking the As call next us me to will of and
