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Alexander & Baldwin, Inc. Reports 2011 Results

Operating profit for the fourth quarter of 2011, before subtracting amounts presented as discontinued operations, was eight percent higher than 2010, principally due to the reasons mentioned above.

Real Estate Leasing – 2011 compared with 2010

(dollars in millions)   2011   2010   Change
Revenue   $ 100.1   $ 94.4   6 %
Operating profit $ 39.3 $ 35.3 11 %
Operating profit margin     39.3 %     37.4 %      
Average Occupancy Rates:
Mainland 92 % 85 %
Hawaii     91 %     92 %      
Leasable Space (million sq. ft.) - Improved
Mainland 6.5 6.4 2 %
Hawaii 1.4 1.5 -7 %
Total     7.9       7.9     -- %
 

Real Estate Leasing revenue for 2011 was six percent higher than the amount reported for 2010. The increase was principally due to the timing of portfolio acquisitions and dispositions, and a seven percentage point increase in Mainland occupancy. Operating profit was 11 percent higher in 2011, compared with 2010, principally due to the same reasons cited for the revenue increase.

Real Estate Sales – Fourth quarter of 2011 compared with 2010

    Quarter Ended December 31,
(dollars in millions)   2011   2010   Change
Improved property sales   $ -   $ 43.0   NM
Development sales 1.3 1.1 18 %
Unimproved/other property sales   1.5   5.4 -72 %
Total revenue   $ 2.8     $ 49.5     -94 %
Operating profit (loss) before joint ventures $

(2.1

)

$ 19.4 NM
Equity in loss of joint ventures  

(8.5

)

  (1.6 ) 5 X
Total operating profit (loss) $ (10.6

)

$ 17.8 NM
Operating profit margin     NM       36.0 %      
 

Sales activity in the fourth quarter of 2011 and 2010 is described below.

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