Significant standard leases executed included: Leasing spreads for all comparable leases were 2.3% portfolio-wide for the third quarter of 2021 and 8.7% for new comparable leases. The Company executed a total of 77 standard leases, covering approximately 215,900 square feet of gross leasable area ("GLA"). Same-Store NOI of $27.4 million was $6.3 million, or 29.7%, more than the $21.1 million result in the same quarter of 2020. Nareit-defined Funds From Operations ("FFO") and FFO per-diluted share were $15.5 million and $0.21 per share, respectively, compared to $12.5 million and $0.17 per share in the same quarter of 2020.Ĭore FFO and Core FFO per-diluted share were $17.9 million and $0.25 per share, respectively, compared to $11.6 million and $0.16 per share in the same quarter of 2020.Ĭommercial Real Estate (CRE) Highlights for Q3 2021ĬRE revenue of $44.0 million was $8.3 million, or 23.2%, more than the $35.7 million result in the same quarter of 2020.ĬRE NOI of $28.1 million was $6.5 million, or 30.2%, more than the $21.6 million result in the same quarter of 2020. Net income available to A&B common shareholders and diluted earnings per share were $6.3 million and $0.09 per share, respectively, compared to $3.0 million and $0.04 per share in the same quarter of 2020. "Our confident outlook is supported by the resilience of our portfolio, the continued market demand for Hawai'i real estate and operating assets, and the great work of our team members who remain focused on driving superior portfolio performance as we pivot to growth." Our improved balance sheet and steady monetization activities highlight the ongoing success of our efforts and support our renewed pivot toward CRE portfolio growth." Such elevated market interest is aiding our ability to complete our strategic simplification efforts, and we are positioned for additional non-core asset monetization. Year-to-date, Kukui'ula closed sales of 37 units and two bulk parcels, comprising 165 units, making this the best annual sales result of the last decade. Robust demand for Hawai'i real estate persists, as evidenced by sales of 11 units and a bulk parcel at the Kukui'ula joint venture projects during the quarter.
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"We materially advanced our simplification efforts in the quarter with a combination of closed sales and progress on potential future sales.