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Fully-diluted earnings per share from continuing operations available to A&B shareholders ("EPS") was $0.15 for 3Q17, compared to $0.24 for the third quarter of 2016 ("3Q16"). EPS for 3Q17 included REIT conversion costs of $0.06, compared to $0.03 for 3Q16, and included $0.03 of expenses associated with personnel-related transitions that were not incurred in 3Q16.
Commercial Real Estate (“CRE”) 3Q17 operating profit was $13.6 million, compared to $13.5 million for 3Q16 and Same-Store Cash Net Operating Income1 ("Same-Store Cash NOI") for 3Q17 increased 4.0% from 3Q16.
Both occupancy and same-store occupancy at the end of 3Q17 increased 280 basis points ("bps") to 94.1%, compared to 91.3% at the end of 3Q16.
Solid leasing momentum continued:
Forty-seven leases comprising 142,508 square feet of GLA were renewed or re-leased in the third quarter, with re-leasing spreads of 8.4% on 26 comparable leases.
Three ground leases reset at a weighted-average increase of 33%.
Leases were signed with ULTA Beauty, for two locations on Oahu representing 23,800 square feet of gross leasable area ("GLA").
Cash proceeds of $13.6 million were generated from sales in the development portfolio.
Materials & Construction produced operating profit of $6.5 million for 3Q17, compared to $5.6 million for 3Q16, and Adjusted EBITDA1 of $9.1 million for 3Q17, compared to $8.0 million for 3Q16.
Progress was made in transitioning the Company's former sugarcane lands on Maui to diversified agriculture, with farming and ranching operations now utilizing 4,500 acres and lease negotiations progressing for a variety of uses totaling roughly 15,000 additional acres.
The following information was filed by Alexander Baldwin, Inc. (ALEX) on Tuesday, November 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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