results core afternoon listeners. again, Thanks, the Commercial to produced in Kenny, of Estate and our our segment. Real Once good we’ve very proud I’m
XXXX, same operating In early increase of were non-income we last producing XX.X% Hawaii XXXX proceeds and X increase the compared second with quarter the in late from lands. the generated quarter to NOI, or agricultural XXXX the drivers largest of net The assets of ground a commercial in year. leases remarkable and this purchases income cash sale
company’s preferred process properties. This to and year. simplifying to are are roughly assets next they $XX.X in annualized we The produce million asset was easier in once will it land stabilized classes company X we making the and important non-income-producing converted step an as income-generating the the NOI value fully purchased commercial collectively of of
$XXX first $X.X time. million NOI on than acquired they $XXX generated for the when in figure, Hawaii based help That timing them, will NOI just to million million of more approximately year, the Hawaii of XXXX. and NOI, This eclipse compares of we generate of NOI us mark $XX.X million the
NOI X generated in Hawaii a achievement. our just quadrupled years, nearly really remarkable have We
by this an second quarter the Contributing NOI compared XXXX, X.X% consistently to quarter. of economic to continued the NOI second in Ulta growth same-store the saw there. our including been driven were quarter We NOI in the Ulta and over Pearl and and while that strong Center strong in of at Guitar leasing portfolio, spreads occupancy another figures Retail in time Highlands performance strong of increase Kailua were has same-store growth in a store These continued X.X%.
same-store spread strong up year-to-date. between XXXX basis first-half point is XX.X% the increase. year-to-date. our and Total are we similarly the performance NOI NOI in to first-half this increased of of points; X.X%, X.X% the to of our for an are rest a compared cash has for outlook XXX With strong while adjusting cash between leasing and X.X% guidance Results also our year, full-year increase guidance XXXX to cash and X.X%, X.X% and increasing XXX-basis NOI the same-store the XXXX
to also today our in taxable in REIT We’ve sizable better-than-expected a announced due increase quarterly income. growth dividend
an Board dividend second share, increase quarter our of of and XX% an our of dividend. third first quarter Our today XX.X% quarter from approved dividend from per $X.XX increase a
XXX% As a our taxable to a REIT is our of reminder, target distribution year. practice of each income
that so years. close As get have sustain are distribution full the grows, as by proactive can our this possible to we dividend number goal yearend adjusting in and future dividend as in a we year we can quarterly level being
on or sale announced now Real our I last X described call, On behind assets hadn’t activities I’ll with were last acquiring types on we the light are Maui agricultural closed proceeds. performance. more the that Estate yet the some shed But the of land assets. Commercial our we strong
locations offer us or expansion we goal centers closer tenants existing so retail final A located centers, having Hawaii complement multiple on move Class assets X and investments leases, Island. These acquisitions in of needs. industrial on of Hawaii regions X and entry to ground X located virtually their X all one and our one that our In were retail included portfolio total, state which for Kauai the our can grocery-anchored properties, the
$XX.X which On May in million on off-market Town closed the of Kapaa, the we XX, Center located acquisition Kauai. Waipouli is
geographic the region, that Center the our in populous coverage Maui population increases as center the XXXX. in Sale grocery-anchored utilized Land the XX,XXX-square-foot-grocery-anchored Kauai Kauai, existing now portfolio As grocery-anchored town Kapaa on nearly a noted, complements a purchase most December, on proceeds Waipouli §XXXX center the with and we of of Agricultural XX,XXX closed from Town people. our have
and population, northbound X is highway Lihue. from popular a in lies resident to miles just destination main airport tourist Kapaa addition having the Kauai, on main the a In on large
there can are now or including store Foodland occupancy one across on our mix before either Kauai. go the when square highways has centers retailers, other needs-based and and which XX,XXX Waipouli airport, come just will excellent And X foot Regardless you grocery an you north leave you you of west. of XX%. a Essentially tenant way choose, of shy long.
on on grocery-anchored Maui known Queens’ Big the largest Kohala and the proceeds MarketPlace, retail was of the also the Hawaii Coast with center Land Our final as Island, acquisition Class a A located XXX,XXX-square-foot Island. We our for this miles in closed built and asset XX is $XX purchase Marketplace Lanihau million. in was of north XXXX XX Kona. on The May center
theater Queens’ on Shops Like with local heavily dining mix by store, MarketPlace and dependent traffic, Kukui’ula, it gourmet visitors. movie selection center the to wholly retail residents local tenant and resort of is is MarketPlace resort residents. high other utilized a Queens’ outstanding at an it not including options a is our grocery center, a while it. both benefits and diverse And from performing appeal that
beautiful this add center to to excited are our We portfolio.
pleased boost all with asset but the management improving management, six and efficiently increase with funds are way our development only not teams, they now, fully acquisitions leasing, results. operate property functioning efficiency we our These the XXXX and which I’m in NOI, in-house using our very and Hawaii.
expand existing We’re do and tenants seeing the for to of helping just time our benefits that the able are with tenants being presence. their first leases multiple Hawaii entering Hawaii
four talk stores, we Hawaii on often the Ulta’s other multi-location and new are that of tenants. working we’re We about to three deals with fact landlord
As stop that retailers in we looking for. Hawaii, are the offer largest centers the grocery-anchored owner one many of shopping can
to achieved so the just proud we I’m islands lot on with state that decisions closely the one over I it the of but described, had of positioning The activity was years, portfolio several we on population of as balance neighbor is state. this and acquisition our statewide in of to a Oahu. critically made concentrate strategic important balance not the activity by We’ve land had center slide. is the are a past our the Oahu, aligned have them shown major most of but success economic quite that still and Historically,
you executing this in island domestic gross to compare island you done a product our element what NOI, see great has of by can A&B particular strategy. If acquisitions team our job
and been thoughtful haven’t We building just buying Hawaii we’ve complementary portfolio. assets, been a
Beyond performance existing with acquisitions, we the pleased are also of portfolio. strong extremely the
from XX% of reopening same-store was this in XXXX, significant earlier, increased and X.X% not Pearl the in we to year-over-year second the of XXXX a second Shops NOI were increase with recorded Ulta, X.X% As leasing food Lau performed quarter also of in performance of where Kailua driver renovated opening of spreads Guitar included numbers. A and the thanks of Retail court. NOI the quarter. well, of which Center, addition the quarter in course Highlands mentioned is the the Hala Center same-store cash
Our Kailua NOI. XX% increase total portfolio in cash a produced year-over-year
now strong with and of X.X% in increase so X.X% the not is year, year. last portfolio performance is for same-store for between our this we same-store third in year’s leases are growth the we’ve the the XXX mentioned third our year-to-date quarter. outlook despite points earlier, the increase some by year-over-year projecting X.X% the range that NOI and fueled basis lose remainder our this we of higher The impact in As and did the guidance reason commenced that year, of year-to-date logged, the improvement quarter
on of third XXXX the lease fourth by Overall, quarter we’ve We same-store roughly XXXX. based NOI. X% our to commencements all stronger of a by timing be pleased very NOI growth the in followed trajectory quarter. is and This expect
leasable In executed square of leases the feet gross covering XXX,XXX quarter, XX second we area.
portfolio-wide quarter. the X.X% Shopping spreads a the portfolio-wide portfolio. were mentioned, basis, executed year-to-date Kailua and including Park portfolio, strong of performance at retail in leases I the they result second Center, X.X% in within As quarter leasing which were leasing stand X.X% six On spreads Aikahi second retail in had a the as
also executed activity quarter. Center with Commerce notable in at Kakaako We leasing leases second the XX had
X.X% spread increasing XXX to As mentioned increase points basis our earlier, guidance our we an from are of guidance. X.X%, to previous leasing
to points tenants occupancy second which XXX% successful by drew of of now repositioning national XXX the Highlands last Contributing and tenant, XX.X% the this last of center. new the to several be which year-end. at increase quarter, of end increased quarter our to Portfolio-wide from Dunn leased the an Golf, is was center Center, we basis the second to was year. Roger The expect economic Pearl increase
Laulani new including Waipio both Center restaurants for respective gains tenants and of experienced XX% both above centers. communities, bringing significant Shopping service the at and occupancy options grocery-anchored with occupancy Village these
reported our at quarters occupancy numbers achieving and in Park lease I that acquired Kakaako Komohana was a occupancy to Pu’unene our when to mode. though with expect Ho’okele even centers, ground that Continued moderation resulted increased note be Industrial full the Center. developed purchased portfolio and it Recall should not newly industrial up, under in and build in we is development future we it continues two in will before added did demand as some Commerce pattern stabilization. normal we it from assets. Pu’unene the construction and This still up be
Hala and spaces the some square remaining redevelopment hold the Shifting including in-line leased the fully Macy’s center in with will and fully restaurants, its open are opening next Lau shops based will store, projects, the The open now three the locally to foot a Earth, the end retail that We fully organic remaining and week. to grand XX,XXX our by leased Kailua, be UFC is development Gym. in-line several and tenants the occupied. redeveloped of year grocery anticipate will the spaces Shops, Down
space in specifications existing property, opens tenant an that theater vacant Aikahi The the repurposing million we for approved space Center the meet the Aikahi Park current the theater tenant is at expand us. and space the center. for when other to for Kailua, tenant’s which to have and includes up an was It the conversion bought demand. an plan center space of nearby At opportunity we the announced the wants exciting Shopping $XX just repositioning unused of
a center, We gathering the general deferred of and addressing be refresh maintenance outdoor issues. doing places some also will adding
facilitate of X% will project experience With a the place. while and completing anticipate community commencing center renovation leasing the project making improving when anticipate to shopping improvements, mid-XXXX. We renovation greater end center interest opportunities the year projected The by gathering a this which we tenant in the the yield stabilized. in the and the is new generate
be schedule. opened end Moving the last almost Ho’okele gas to first The say I’m now scheduled ahead XX,XXX to Maui station phase open spaces store development, X to Safeway to a second month that be of The week, in the and we will $XX.X for is ground-up NOI X.X%. at at phase leases months XX,XXX The of cost estimated pleased to square foot the $X.X as the in of the million is the on stabilized generating project X.X% two scheduled of The remaining are square of are in-line third total between million. development phase Ho’okele complete. Safeway our yield $X.X foot to anticipate and quarter. for completed is complete, When place. projected million of commence
of workforce estate the continue project on to affordable housing of of we This subsequent through and XX the land units toward our for In work Moving increments the we commercial work to a monetization the additional to Land Kamalani, sale goal requirements company. and now, of projects project quarter, the XXX Operations final Maui for units we affordable Kamalani second focused community, out development becoming delivered Increment real Maui. development XX closed our has satisfied housing residential credits. the housing housing X generated in as
partner While projects. will the home increments and Land from a or project, sorry, anticipate lot to take over builder sales subsequent us. the also I’m seek proceeds quarter we we building the qualified increments included – Kahala the Park the Operations subdivision don’t out for Maui Business our of project with
projects write self-funding to and made subsidy focusing our pace new a We’ve sales venture has sales check sale our The last a be over and importantly pulling current a year. progress in on to which project activity the capital At highest have the not were year’s is in out capital had project we sales Kukui’ula results, development development of over enabling development joint decade. in for good outpacing is Kauai, seen of on hold. annual the for
development of In the sale X. out Kamalani four Milo, past Ka year, and Keala Increment for we Wailea, Collection have O closed projects, The
through Park inventory We continue demand sell where Maui strong. seems to project Business at our
where balance just current have to on Kukui’ula benefits in and sheet lots momentum. down to have We we monetization Brett had of three about talk our contiguous that have will continue will as efforts pay Kahala, the the our on continue left favorable debt. course, we capitalize we
to produced Shifting million The faced for year. in the we second Pacific as adjusted were Construction, now combination positive the Grace contracted of to quarter in margin for negative $XXX,XXX a and last second the to primarily EBITDA to of Materials & compared government are delays continued quarter and a $X.X underperform segment quarter working challenges that due low we work through. paving backlog the
in seeing an meaningful Grace I’m operations. asphalt predict turnaround produce quarter hot to new to not it our cannot take mix a I and at enough losses encouraged the leadership in will are reform in sales the foundational the how offset although uptick assess steps quarry from by performance. is to business, paving but We long taking from the and businesses, the
to are competitive environment. ways of and face market a costs challenging the very in We looking best at manage the
with Meanwhile, the a evaluating work a strategic business for are advisor continue we and sale. financial possible to including options
once we’ve be sell conclusion decision We recognize our feedback paving year. we when valuation and transitioned cleaner have story the be marketing it. have not won’t will a But from optimal make the the business until mindful a of not we’ve of that reached aggregate that the do regarding gotten process operation to REIT owner and we’re we and that long-term later We considerations. out of this might
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