Logistics Services’ 2011 operating profit was $2.2 million lower compared to 2010. Operating profit decreased despite the increased intermodal volume noted above principally due to lower warehousing results from lower demand, and a decrease in highway results due to lower volume and a large move for the Department of Defense in 2010.
REAL ESTATE INDUSTRY
Real Estate Leasing and Real Estate Sales revenue and operating profit are analyzed before subtracting amounts related to discontinued operations. This is consistent with how the Company evaluates and makes decisions regarding capital allocation, acquisitions, and dispositions for the Company’s real estate businesses. Direct year-over-year comparison of real estate sales results may not provide a consistent, measurable indicator of future performance because results from period to period are significantly affected by the mix and timing of property sales. Operating results, by virtue of each project’s asset class, geography, and timing, are inherently episodic. Earnings from joint venture investments are not included in segment revenue, but are included in operating profit.
|Real Estate Leasing – Fourth quarter of 2011 compared with 2010|
|Quarter Ended December 31,|
|(dollars in millions)||2011||2010||Change|
|Operating profit margin||37.3||%||36.2||%|
|Average Occupancy Rates:|
Real Estate Leasing revenue for the fourth quarter of 2011, before subtracting amounts presented as discontinued operations, was $1.2 million higher than the fourth quarter of 2010, principally due to a six percentage point increase in Mainland occupancy, primarily in the Company’s industrial properties. Hawaii occupancy remained unchanged at 91 percent.
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