everyone and Thanks, call and to We good and this listeners. healthy. afternoon Steve, hope family our finds their safe
commercial progress but in to businesses we also good real growth will to forget, perform in how success make growing While our transformation company very and we what intend the company. A&B not A&B and completing about a for the positioned I'm proud to year, strategic I only a this our feel have year COVID-XX year of made accomplished how readying past generally our over XXXX XXXX. estate we as for
retain to of success our Construction XXXX. our short the XXXX process all and While turnaround our results in progress simplification occupancy, Materials continued business noncore our monetizing of in and success our entering pre us expectations, financial COVID well our working & in fell advancing tenants our assets with our position
a an to our grow real We optimism attractive efficient estate endgame the are strategically. for company ability are with and focused, as portfolio that reasons commercial The many. steadily approaching my portfolio
of critically will First, neighborhoods. services for of portfolio activities some portfolio as in lives our lifestyle only is in the centered market. period a tenants may communities transition, services our an believe but homes, importance industrial and our local post increasingly and in people's And COVID will be and support Grocery-anchored in and tenants going assets are certain retail in community-based of the help fallout grow food, and to demand their I goods, families its world. a needs light retail complementary There of remain are around evolving fulfillment important.
is Second, and will Hawaii strong remain so.
of both COVID per the Our over are cases pandemic the capita, and the any today state in course the nation. of lowest
taken is is eased a resuming and and ready into unemployment unemployment creating has are is and state, in overlook is months and are sell on flowing mostly backdrop steadily Hawaii's the dropping but to I Americans favorably. Our are efforts vaccinated to further, remaining turning businesses for strong want industry, likely local off to to the toll tide the and land the don't take that I coming pandemic surged, residents our believe capital the restrictions travel the COVID Tourism assets. induced as our is again. visitor residential open. has noncore in as
CRE functions, are goals obligations assets we now capabilities. taking our technology in work, our the land steps for we've back-office streamline work financial monetization. business well progress our the end efforts. our tenant to done for our certain operational team Third, work XXXX acceleration simplification a us and to in in has has rebound to retention Grace, proud position of enhance of our be and our sight, core our I and legacy positioned also advancement the game expect strategic focused With done the at dramatic. I'm eliminate of
my turn optimism. me details Let some the now to supporting of
encouraged in COVID the best Hawaii's As remain outcomes are country. I that we the noted,
with when Over than consider you the of X% pandemic, average course the nearly truly decisive both the leaders, national been We're where retailers, few expands have And the distancing and our effectively quarters of three COVID, fully restaurants of Though gyms. that into Even our reopening. months unemployment, citizens past our of generated over moved of have tier has X%. effective remarkable diagnosed social off for which Oahu and restaurants, less next of appreciative our and communities is restrictions restores requirements. the open. shut in government our these tourism, same today This requisite states, actions the NOI disciplined cases our economies in elevated remain capacity and restrictions are other our capacity surging when is were local resulted with gyms helped operational retail and behavior. open Island local quite
as While for increase vaccination expect begin Hawaii those loosening drop place a unemployment in climb. in we further rates and restrictions improvement of tourism travelers, incoming some This case still to has continued and statistics. mainland counts in support should
But December high XXXX, the seasonally quite adjusted rate of of XXXX. X.X% December XXXX. our of far from in in from rate May As unemployment of pre COVID a in X.X% still improved XX.X% we're to Hawaii
is portfolio. to the have very communities, I so the of be broad making want of improving closely both The outlook thanks at our difficult the on particular the the Only in our important resort by resilient Tourism hurt to to COVID important assets been and our marketplace This to Despite of on is ground restrictions tenants and COVID's driver industrial, are depend the broad assets with on pre the X% resort our proven been our retail sector and teams the working has mitigated it's Kauai. not impact portfolio on leasing ABR. have COVID heavily income of that our retail those employment spending are at and us leases. nature to Queen's two for centers property has up clearly economy extend tenants which tourists. needs-based dramatically. direct two my tenants Hawaii's remember have retail stress not our Island Kukui'ula of of spending been of our but there has Nonetheless, safe, Big and management to shops our therefore kept While on mix resort tourism-dependent. appreciation an and do most heavily impacts of retail, them. things that
of our We for our at of increased of for tenants year-over-year. experience basis right community endeavored rents collected fourth rents, January With economy rents a open. local are to XX% in by retail we same-store We continued the collected this which and actually we to points the as A&B. occupancy months XXXX our in and of was our results, occupancy from select XX% place with December and tenants we quarter, have engagement their of is with our the our due XXX ahead the and occupancy to time of associated pandemic, tenancy Still ensure much did a similar to prior COVID. is reduced tenants regard sequentially felt These overall. have work occupancy strongest kept Portfolio-wide all XX success. XX% beginning decline long-term same-store thing of of with point lease we risk. in terminations believe the basis and points have XX% For month we collected retail future into trends of as
were open the as stopped tenants are closely. at we the our points can through make want health with tenant who to provided to occupancy industrial in make tracking work year-end COVID in XXX meaningful Our basis side XXXX. increase those not same-store stability other sure has and we of it Further,
the we our unutilized refreshing that the Hawaii return Shopping tourism pleased spend. an we portfolio isolation Park relative coming at retail has our the of in our XXXX recovers in redevelopment solid and complete geographic as have to development from Aikahi steadily also believe most our tourists I'm center we our reclaiming Center space previously generate the year recovery efforts and some for peers quarters returns metrics where advanced we to unemployment mainland and While hurt the of near outsized shutdown are that to performance particularly potential for expecting further.
with enhancing service schedule the an project we interest the $XXXXXX to XXXX. renewal outstanding project this with and And asset strong in of During XXXX Hawaii encouraging a community-focused though from significant grocery successful center at and in and renewal This until do was we mix of leasing continued with XXXX Land is in assets. NOI end indicator on the slated in incremental the for activity year strong the not anchor, of even budget. other remains this in upside expect lease tenant the shopping center's help sales quarter, The further generate we'll completion options. on signed dining activity be ensure Safeway.
total of proceeds of generating $XX.X we the For projects for noncore in of year, eliminated for which capital need the closed joint year, million the joint full the from venture land we for any the Park Also at sale the II Business units holdings. Kukui'ula and revenue Maui generated year. land at XX venture contributions million the $XX.X
facility sold the on also Port We Kauai. Allen solar
improvements, Operations focus total groundwork $X would the & for million pleased EBITDA so progress a Land to and of Historically, far sales $XX flag our in things year we year-over-year improvement moving trimmed This but the Officer Chief in the with winning revenue success several signals been seek For Hawaii and management most of Operating operational that helps had EBITDA a I a proven relatively sustained jobs made Though of record return XXXX that increasing I negative in backlog. in with than that we generated of be the simplification. strengthened need more it XXXX in We industry. G&A, mentioned be our million additional was We've recently as market to team will are backlog year the direction. In new we favor. as our estate. with operating Materials timing of operations. with are the improved hiring growing our right new not and acceleration an our in sustained in year a pleased seems in $XX.X a to interest likely the also and expect with The this profitability confidence track our a we million have of an increase construction first advance laid improving full important of projects. quarter, in paving for and an we're to Construction, light do Hawaii non-core XXXX, of real result We've the seeing XXXX. in
expect performance the progresses We and as jobs better year more commence.
our has create a our for we A&B our corporate advancing been turning us value for initiatives, culture advancing commitment shareholders. believe to monetizing enables addition core and In partners our assets distinguishes ESG business, us CRE and noncore to as strengthening Hawaii, around and major focus Grace, something for demonstrating
efforts enhanced details. awards. separate. anniversary commitment perspectives, utilizing Business us The out to our lifestyle annual to environment efficiency. many celebrated front, our supported we properties, while We the ESG I'll diversity. and to of of in communities, As our our by CEO we and call added live of at of values giveaways transformed tenants on total Medal center, offered the to Macy's ICSC won adaptive our former and the to generation two feet by where increased the open-air Inclusion and Board over open we which in financial In ethnic now responsibility including square our components. Business its were Pride few Pacific nonprofits. keeping XX,XXX opportunity our for during food for governance A&B COVID-impacted gave the XXXX, achievements their awards Gold Silver independence including an released remain accomplishments, hosted our and Kailua, developments We winner We also new our increase highlights and And and efforts the National organizations supported support for XXX employees, as energy Shops Award the our reuse roles slide shareholders. to retail local gender at This Diversity COVID and finally under operational changes the giving news and XXXth of for Lau of Hala and the safe. corporate sustainable the Equity nonprofits the into turn Chairman recognized Brett in their and our report just inaugural demonstrate our highlighted Brett? Board XXXX. of its charitable local in year We NAREIT a
