2011 Fourth Quarter : Real Estate Sales revenue, before subtracting amounts presented as discontinued operations, was $2.8 million. Real Estate Sales posted an operating loss of $10.6 million in the quarter. Two residential units on Oahu, a leased fee parcel and two non-core parcels closed in the fourth quarter of 2011, but were more than offset by general and administrative costs. The operating loss also included a non-cash, $6.4 million reduction in carrying value of the Company’s Waiawa joint venture investment based on the venture’s planned dissolution and decision not to proceed with development.
2010 Fourth Quarter : Real Estate Sales revenue and operating profit, before subtracting amounts presented as discontinued operations, were $49.5 million and $17.8 million, respectively, and included the sales of the Ontario Distribution Center in California and an unimproved land parcel on Maui. Revenue and operating profit also included a $3.6 million gain from the Company’s Lahaina Square debt acquisition and subsequent receipt of title in lieu of foreclosure.
Real Estate Sales – 2011 compared with 2010
|(dollars in millions)||2011||2010||Change|
|Improved property sales||$||45.2||$||113.7||-60||%|
|Unimproved/other property sales||14.3||16.6||-14||%|
|Operating profit before joint ventures||$||23.4||$||48.1||-51||%|
|Earnings (losses) from joint ventures/other||(7.9||)||2.0||NM|
|Total operating profit||$||15.5||$||50.1||-69||%|
|Operating profit margin||23.4||%||36.8||%|
Sales activity for 2011 and 2010 is described below.