in we've positive income, to the migration large assets more enjoying our celebrating Estate the past Mainland to we Hawaii. NOI, were our our first in and years, Real good our or continued listeners. six thanks over Kenny, Recall operating afternoon net quarter, of Commercial momentum to the business in tripled very Thanks, last Hawaii quarter. that The than been having part
the to redevelopments. continued new Now perform and expanding developments and through we well are portfolio steadily the acquisitions Hawaii assets we've purchased or
increase $X.XX a this as quarterly positive All roughly as well dividend. XX% our year in or of the for supports outlook a
and strong and comparable in exceeded performance quarter, within cash These were report driven expectations Center I'm prior same-store our Retail quarter, occupancy economic pleased the the For portfolio, leasing NOI earlier our in XX.X% and XX.X% our figures as Highlands well portfolio. increase compared first Kailua as X.X% total in an cash by to to as NOI growth at year Pearl spreads.
full points. NOI adjusting start we comfortable feel same-store year of Given cash basis XX had, guidance the X.X%, to we've strong our an X.X% increase to
portfolio. performance for in helps of the reinvestment encouraging, of XX,XXX XXXX an same-store land driver proceeds. the income-producing facilitates of Real assets sale into convert even Commercial reinvestment Commercial be growth While company Estate. non-income-producing our bigger into Real will sale That of million lands acres agricultural is Maui our $XXX of of the core land This Estate proceeds the
proceeds, or As for industrial closed assets ground noted asset our preferred the utilized reinvestment of effort and in Hawaii are in example previously, binding this The now that exclusively leases. perfectly we and classes without of of very contract is we investment. XXX% of proceeds tax-deferred incremental to announce our were able that Hawaii we've retail, another execution our under the impeccable I'm success team's to requiring yet either targeted market. pleased secure cash assets
I'll all provide details Now additional some of on this.
centers in million of Highlands as first new and ULTA renovated a Gym $XX.X of The at the food to of Estate increase. XXXX acquired year Shops to the increase Pearl Hala contributors That's restaurants Commercial and and XX.X% were NOI up of million $XX.X a this due the XX% Kailua same increase XX% court, addition newly in ramping from of Our Retail quarter as grocery-anchored a the three compared an cash result last large Real with quarter of reopening opening we of Terramar. XXXX. Lau the was to the the the with the two UFC
XX.X%. we impressive covering NOI as moderation some is the of puts increased XX start, I area. square X.X% leases the for comparable XXXX. first year lease for on, were I retail full XX.X% us These Portfolio-wide, year. our because Aikahi and from our mentioned, Center the X.X% of track XXX,XXX quarter XXXX quarter in but full spreads well cash and first timing same-store were as activity first first of goals. we Kakaako for some of favorable for resulted commencements. to received the as we X.X% Commerce leasing guidance in compared on the from Leasing said, expect they gross Center. to quarter, earlier, year This leases earlier We Shopping portfolio As last the year leasable in feet leasing simply do in they Park an executed the strong provided results goes above are that This quarter Kailua,
to the to Our national of that several portfolio-wide year. at including the increase the occupancy increase drew an quarter, tenants quarter last end was increased our center. points Highlands, XX.X% of successful of of compared first merchandising basis repositioning the Contributing which was program XXX new Pearl this first strategically the to to
had it's course, proceeds growth remembering that reinvestment lands. generated of program this commercial program, has Hawaii helps on years of in while however, most fueled and estate active significant for has real been significant This, of been XXXX Moving worth reinvestment Mainland commercial recent proceeds This from to sale drive our expansion, year, many our non-income-producing assets. we of are the in years the sale from investing NOI. our
XXX% proceeds for, closings are land said, now to sale the I date December's with spoken from As of XX%. on
on schedule well close are deadline. advance our of required in We transactions remaining to the
preferred properties, all X purchasing classes. asset our Hawaii are within We
two on and have We industrial leases. closed two ground assets
points grocery-anchored retail grocery-anchored our combination binding proceeds coverage. we purchase geographic under the stabilized existing fact December, we of portfolio higher in Overall, development yields fee-simple consideration guided thanks all are than These that and back and into above rather island had contracts neighbor income-producing properties a cap to X.X% land, rates been expect the in December. went which a to retail XXX assets add properties. to We two basis complement about
acquisitions a government city let have judiciary Now presence specifics of hall, campus has with individual me acquired. and complex state the of office a Hawaii. provide been Kapolei, in for our including been the the city of dubbed we've city Oahu, you to satellite services, Oahu's second on which West and assets due University secondary is significant of of and more four the about Three side
Given have home zone its the tenants close warehouses. national Honolulu to is the Kapolei relatively the their and land, and is product of industrial of new the to majority and the majority International Port of located Honolulu of proximately where availability contiguous industrial Airport,
For these geography footprint. as an expand our for look industrial important reasons, us to this is we
buildings, Our The which Business XXXX, feet property, square A completed Kapolei first the two XXX,XXX in Kapolei was warehouse in is acquisition prime space. in industrial Class expanded was of December representing approximately Covan, a the owner, the XX% building XX moving national years. of XX years and was former been that Park, by leased doing has back Hawaii company for for in business
a are is marketing remaining XX%, received and national completed We from few interest tenants. warehouse space, the which have newly currently
KEC the XXX% company. Kapolei acquisition foot newly and XX,XXX Hawaii and modern March X. warehouse of and called second building distribution loading closed or a dock leased the the Center, Our height We Kapolei A Company with constructed square in XX The warehouse is one KEC. Enterprise a Limited, state. Class to logistics acquired Transfer completed feet of on was high buildings industrial Best a and constructed in is Hawaii-based most Buy April
subcontractor system providing to the rail with lease. Rapid all components third which for seven closed Honolulu at Our at fully numerous and a Authority This is improvements County beyond in cast the is Transportation. XX.X-acre years a are The prefabricated & Business options is currently XX the site licensed April property to the place, by the on is asset Kapolei acquisition of parcel concrete off-site Honolulu being new zoned current Park. of Kapolei which City the next for
our office, of square a X-acre a stores residential Home car mixed foot In XXX,XXX The completed top-performing square a a addition with parking property over XX under development properties, which overlay transit-oriented retail, foot the allowing single Depot's of garage. the use warehouse, portion, of Kapolei we and XX,XXX Iwilei's March Honolulu. in and property future Home The garden a to lease on constructed acquisition has Depot of consists uses. is the center XXX industrial zone, on one parcel ground submarket
are our sale million XX% date, to summarize total the we've under placed balance. Maui of the status reinvestment remaining or and to for $XXX.X program proceeds of the So contract land
remaining close are placed, scheduled $XXX balance $XX XXXX on We the a deadline. to NOI. little incremental million in mid-June annualized so We approximate over track to million exchange prior anticipate X.X% an yield the on and the on generating
sourced expect reinforcing and off extremely produce years many we assets relationships of of company the were proud exchanges. to in benefits about I'm the Hawaii These stabilization frame. assets further given focus. of our the completely the these the time of of operating for over XXXX, has team built from acquisitions market market these million of Hawaii, For $X timing execution NOI
project should Now organic of grocery let's to the move store, opening the redevelopment on our At be of XX%. expected Down to redevelopment remaining awaiting Earth, asset tenant square of and our this X,XXX the the Hala is Kailua, occupied occupancy Shops complete The We the XXX% bring permit leased in is space to year to efforts. fully is retail Lau feet year. by to buildouts. progress approval later of and development end in-line
with for to Kailua Phase the We and also work continue project, redevelopment we'll community through options the the of planning study process. II
Aikahi the summer. we over Kailua, the our have we'll continue Center community plan and Park engagement For to Shopping presented community in our
under expect end construction of We year. to be by the the
While million to $XX project, returns generate do we're plans single-digit and it investment still the on million. we that will $XX high underwriting an finalizing expect of
details We grocery Center, more project adjacent will an ground-up on square Business Safeway space. Kahului. is solidified. Maui XX,XXX anticipated some mid-XXXX plans development which on and this station are on foot with of Park Construction remains retail project project gas to Shopping At our as in-line the at store, opening schedule share Maui Ho'okele our
square retail of construction space of as second project, will leases The XX,XXX includes feet this commence executed. approximately which are phase additional
Operations on move to our we Now Land segment.
Mahi to in ventures, is joint X venture the at at Pono, Kahala joint tranche at sale strategic including $X.X projects. to we distributions first and a of of closing joint continue The at of Kukui'ula. builder million our project. Kamalani land development quarter, units including revenue our land agricultural the revenue In included transformation, $XX for XXX bulk million Also XX the of monetize cash development venture Wailea, and final land sales, part from sale we As the and generated the Collection and figure from acres lot of of
the Kukui'ula with continues developer X unit with project at main we're Our happy sales joint to enjoy seeing sales the venture in project. strong the performance, We're progress quarter.
of in the in the XX, confident held the and and $X.X Grace changes. XXXX. we a is Grace April and restoring our engaged years, has year. combination Prior continued Jerrod struggle Jerrod lands of the for last in as developing at change and While Construction two year systems faced overseen in to complicated with Commercial the the the and Jerrod to were to very drive he and will on The the Schreck companies. he the shutdown Hawaii & contracted most our the Land plan quarter A&B, operational with I'm government the for a to first The negative joining operational quarter in of subsequent actively assumed sale XXXX million plantation been and primarily costs in reins well, new and several Real executive EBITDA of $X.X associated tracking adjusted a almost challenges Operations recent due heads sugar Estate with underlying the roles of appointment in most with business other of the and at to president first is that for million compared work are Materials delays business. lead of operating A&B quarter unit many business. has Jerrod four improvements profitability. in undertakings, well-executed plantation time, our
from Jerrod months, in opportunities arms will refrain disappointing, part full I'm of us provide their of a business better bidding Our first in because new giving activity our will next into financial of year the we there as business. drivers that at a his positive completed next in quarter an financial system to couple get call. insights results we were in have as implementation this team But our our signs the up are outlook on to a give going point. and the picks be position outlook better around the and
cover progressing our a over it this efforts me the With to to for are are explore options strategic preparing possible year. let marketing business for effort financial We in later and that, to matters. turn Diana
