good an results Today, strategic guidance call our our to questions. high-level and listeners. on Then which third for our financial summarize in will maintaining. your provide review balance afternoon we’ll open detail, more and results. sheet Steve, operational I and review our provide will XXXX, our we Thanks, our Brett plan update are quarter for then comments on and the
Before I ICR and begin, I A&B the want Steve to colleagues his team. to welcome
of the move as the costs. and with ICR their and forward to knowledge from their We part as forward. our benefiting look have REIT company transition expertise partnered to efforts We rationalize we deep of a sector leveraging
the relates will Our walk effort to on and our our toward path, each strategy us accelerate X Commercial our on update planning encouraged our of Hawaii of Real expectations. as focus especially Estate I model. validated recent you elements business path strategic and a and it that the progress has through to of simplification
portfolio. Commercial strategy Real done of Estate The third to And from a first this way course, total In NOI pillar our of the our last significant XX last we we the quarter the in compared the completed benefit cash that third Hawaii in and is, we’ve acquisitions continue to year. XX% increase to of increased revenue XX% CRE the increased capture year as months. quarter, NOI
now own the Estate, the highest ground At XXX square occupancy portfolio occupied, of rate we it quarter-end of Hawaii Hawaii of quarter-end, portfolio and decade. leases. is operating in have income-producing Real We acres million feet of achieved past Real all a in Hawaii our Commercial X.X XX% Commercial Estate total
at the ago. XXX XX.X% Our the third same-store end portfolio was than higher of X points quarter basis year occupied,
All of Hawaii reflect this continues and our strategy. team’s of execution strong merits investment to our the
a Industrial these at Highlands Pearl activity X.X% retail lease X results Highlands And Significant with neighbor at bring of result Pearl occupancy XX.X%, Port in drivers This asset. Industrial. of of island Dunn executed is side. direct properties, the a Center We to repositioning on include Allen Roger the leasing and Center year-over-year. Harbor of Golf to that increase occupancy at an industrial strong
we XX signed about leasing quarter as square GLA. feet in remains strong XXX,XXX the for third leases Our activity of
XX,XXX of we square the feet comparable leases spread an For recorded leasing of signed, X%. average
is Estate you just our value-add efforts. strategy growth As Commercial know, our portfolio, leasing includes not Real redevelopment about it also effective of
Shopping of vacant purchased of Park Aikahi planning investment theater space in plan on center. conversion since a center old repurposing $XX The an has currently foot capital total approximately square million. the this that calls for XX,XXX and at where we’re focused Center, we Kailua We’re been
available and creative needs and for a their tenant reuse the us make This a old adaptive expansion helps new of meet local space tenant.
of mid-XXXX, grand the tenant. incremental with on expected capital. will stabilized outdoor the for have project center nearby dining, gathering shopping of X% vibrant an refresh be doing our and Shops, visitors. This service of anticipated in residents resulting Lau with yield creating community area follows a spaces, an mix final excellent we in and a will redevelopment also new and on of We center Hala general options where successful the is opening Completion soon
Center, a yield center opening convenience fully station and of be square is gas total expected of The will phase. on occupied represents center square-foot we quarter-end Shopping the first our stabilized XX% growth XX,XXX for is million. well-received to At anticipate Ho’okele $XX This of our phase the soon subsequent $XX square XX,XXX around of a approximately Kahului, ground-up investment X,XXX the October yield generating community-focused XX. strategy, The of the element on celebrated foot on of in X% this capital another was total grand million. the is project When and development. foot store Safeway cost project approximately which completed, CRE
pillar strategic this out me plan, on first round of comment let through our To growth CRE acquisitions.
acquisitions extremely fueled of this the We’re year NOI. year-over-year portfolio proud in that our earlier growth XX%
value were We’re of demonstrations our proceeds Commercial This pleased is value the we to the to easier exchange boost not assets strategy but fact with land. only to NOI to Real convert to them acquired, acquire we of yet the with sale non-income-producing from best Estate. to the of one able assets difficult
look kind to But land. continue will of We agricultural of we’ve our for this opportunity. sold most
and exchanges story. that of of capital may we be to moderate proceeds this future the on on simplifying with incremental balance acquisitions as smaller sheet plan acquisitions. a strengthening likely will appropriate So scale, augment pace we our when for to focus reason fund exchange this type our It’s future and
are do, healthy of opportunistic. for have will we assets We and remain future evaluating a however, acquisition pipeline
product. Hawaii portfolio. We’re if absolutely, often own asked We about growth X% the industrial the room of Hawaii of XX% for only yes. about we in supply and grocery-anchored the And see is answer enough our
to acquisition there. like to continue focus activity asset and our both We classes of expect these
positions and now And CRE have monetization $X closed central for including of us Business our sale and binding our resulting equally Pacific. Maui, in assets in our the but invested of X and assets. for our our second is lot more this in us, improve is simplification for growth. shift unlock these critical X.X This we will $X contracts because projects our we our expected with but is easier which make for Let land place, XXX-acre remaining helps and and Park, development believe At me business close million, Monetization us capital that commercial and of one to non-CRE the we we provide land developments, we million. the because balance Grace model. will sales, fourth strategic important monetization for and assets, begins not pillar the a to company, it development in acre priority simplification Maui quarter land value only metrics additional and sheet have to to continue importantly, plan,
we $XX.X had in escrow. currently contracts, in XX we the sales sold units the at XXXX. Kukui’ula, have X project have any in year. to million outlook strong in not for subsidy the strong, other remains units the another we With for Momentum quarter. developer At a this project have And and fund
our on sold out in have We inherently also assets. year. our difficult of accelerating to monetize More early expect land to future. on efforts XXXX provide Kahala sales properties one more near for will color the broadly, binding but be are that These escrow $XXX,XXX, Kauai last we project project, for parcel we are to and we in X sold and and expectations next development one with both
Pacific. Grace Turning to
challenging bidding. Still, team operations was paving to the The doing way solicitations continued I very government decline third new our in confidence as our to the and structure the in for is a discipline in have delays projects. our asphalt the projects and challenge of to backlog. through in quarter is bids cost Adding low-margin on work experience management we year-over-year right-size project work improve
out collecting annualized $X Grace net was I’m quarter, in the combined on cost of second that, million the basis. the and During win from yield quarter, compared third quarter, flow when first the first and receivables, are half to implemented focusing year. the reductions to rate cash projects savings our to up additional on ticked the By with we an old positive closing bid the sorry, quarter, reductions expected in
bid. because has a Of these improvement work for course, to simply up not operational the time coming will new of realize full lot been take payback efforts on there
remaining in result with noncash a profitability we charge a year, As million the paving impairment sharp quarter the to associated of write-down revenue goodwill this $XX.X the operation. drop recognized the and in Grace’s
potential know, you of Grace actively sale a exploring Pacific. are we As
a memorandum have of our evaluating offering at promising list time. We this bidders
right Grace quarterly We to Pacific you forward. call. further I position offers update will finding in next evaluating expect we move be to as our committed owner the a to be are to next on would in critical
with on up made few focused second our comments over company strategic the are have shown on on we past pleased our of plan, of are Wrapping progress as the we my slide. and this years, simplification the the pillar
be monetize more generate seeking and yet, done to to not we’ll additional are leverage. cash and assets reduce however, our We
not are to one any on be We transaction. fortunate relying
consider an selling our the achieving committed we to shareholders as for best objective, While results are Grace is any transaction. we
an been with The steady our next of some plan has This but simplification not streamlining. a time is our that make going process, along for continue. be to progress process underway and efforts. It’s will we strategic overnight important element organizational is will
shedding entails many And As I processes often in a into support XXX-year-old say, our the and we are Commercial policies. legacy of a That appreciative of conglomerate Estate transforming immensely Real effort. focused I’m team that company.
last important As announced and plan, that benefit defined our G&A an is expense. reduction this an the to we example, operating prerequisite eventual freezing month termination elements plan and both are the of of which of an we
reduce both Other A&B, progress at to Grace in regard expect steps for G&A I XXXX. meaningful have and this been taken and
As and this we parallel in to will transition to further. and achieve be business, a managing able structure remain strategic milestones simplify committed further issues, simplify diversified are through our many We we reduce company working legacy costs to fairly thoughtfully. our we organizational
is of and we how social governance strategic operate plan related as final matters, or pillar and our to a company. ESG, environmental, The
separate all stakeholders we business engagement all of top consistent to it we forward. I’m pleased our have work have so While going with with opportunity is to integral of with position it how our business These identified in the no this to of and the tell of and prominent years recent representatives we this to over even a past way the do welcome stream completely activities, themes investors. ESG more the is assume XX A&B’s question shareholders convey it for values. an been cycle important us. had prominent as that side will our have There’s the couple our communications to our that story and this right is can our planning to
are of ESG communities, focusing our resilience are issues those our engagement particular, to deem efficiency, tenants all areas our change, in importance. that and material energy our taking making we’re home, and to our the the I’m employees of with of to We and industry climate of are values. the be efforts pleased proud our paramount on we see commitment progress to these these to and most pride areas Hawaii company in in our culture
detail, and our discuss the financial Brett in results to With return I’ll thoughts. that, call some then I over will closing operational to turn more and for
