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Alexander & Baldwin, Inc. Reports 2011 Results

Stocks in this article: ALEX

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 %
Development sales 6.7 5.8 16 %
Unimproved/other property sales   14.3   16.6 -14 %
Total revenue   $ 66.2     $ 136.1     -51 %
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.

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