In real estate, our commercial portfolio produced a nice double-digit year-over-year improvement in operating profit despite a still soft national economy. We made the long term strategic decision in 2011 to refocus our commercial portfolio back to Hawaii over time. Accordingly, the pace of sales from our commercial portfolio was, and will increasingly be dictated by the ability to locate acquisition opportunities in Hawaii. As a result, we saw far fewer large sales from our commercial portfolio in 2011 than in prior years.In addition, offshore demand for Hawaii Resort Residential product remained weak, resulting in fewer development and property sales than were expected when we started the year. Importantly however, we continued to make good progress in expanding and positioning our pipeline of development projects in Hawaii for eventual market recovery.
Alexander & Baldwin's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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