☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Hawaii | 45-4849780 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
822 Bishop Street | |||||||||||
P. O. Box 3440, | Honolulu, | Hawaii | 96801 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, without par value | ALEX | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||||||||
PART I. FINANCIAL INFORMATION | ||||||||||||||
Item 1. | ||||||||||||||
Condensed Consolidated Balance Sheets - As of | ||||||||||||||
Condensed Consolidated Statements of Operations - Three and | ||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and | ||||||||||||||
Condensed Consolidated Statements of Cash Flows - | ||||||||||||||
Condensed Consolidated Statements of Equity and Redeemable Noncontrolling Interest - Three and | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
PART II. OTHER INFORMATION | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 4. | ||||||||||||||
Item 6. | ||||||||||||||
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||
Real estate investments | Real estate investments | Real estate investments | ||||||||||||||||||||||||||
Real estate property | Real estate property | $ | 1,589.0 | $ | 1,588.2 | Real estate property | $ | 1,598.3 | $ | 1,588.2 | ||||||||||||||||||
Accumulated depreciation | Accumulated depreciation | (190.6) | (180.5) | Accumulated depreciation | (197.6) | (180.5) | ||||||||||||||||||||||
Real estate property, net | Real estate property, net | 1,398.4 | 1,407.7 | Real estate property, net | 1,400.7 | 1,407.7 | ||||||||||||||||||||||
Real estate developments | Real estate developments | 64.6 | 65.0 | Real estate developments | 64.8 | 65.0 | ||||||||||||||||||||||
Investments in real estate joint ventures and partnerships | Investments in real estate joint ventures and partnerships | 8.8 | 8.8 | Investments in real estate joint ventures and partnerships | 8.2 | 8.8 | ||||||||||||||||||||||
Real estate intangible assets, net | Real estate intangible assets, net | 47.4 | 51.6 | Real estate intangible assets, net | 45.4 | 51.6 | ||||||||||||||||||||||
Real estate investments, net | Real estate investments, net | 1,519.2 | 1,533.1 | Real estate investments, net | 1,519.1 | 1,533.1 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 33.2 | 70.0 | Cash and cash equivalents | 7.3 | 70.0 | ||||||||||||||||||||||
Restricted cash | Restricted cash | 0.2 | 1.0 | Restricted cash | 0.2 | 1.0 | ||||||||||||||||||||||
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $1.2 million and $1.3 million as of June 30, 2022, and December 31, 2021, respectively | 34.9 | 28.9 | ||||||||||||||||||||||||||
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $1.1 million and $1.3 million as of September 30, 2022, and December 31, 2021, respectively | Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $1.1 million and $1.3 million as of September 30, 2022, and December 31, 2021, respectively | 35.9 | 28.9 | |||||||||||||||||||||||||
Inventories | Inventories | 24.6 | 20.3 | Inventories | 30.1 | 20.3 | ||||||||||||||||||||||
Other property, net | Other property, net | 68.5 | 83.5 | Other property, net | 69.6 | 83.5 | ||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 37.4 | 20.1 | Operating lease right-of-use assets | 37.0 | 20.1 | ||||||||||||||||||||||
Goodwill | Goodwill | 8.7 | 8.7 | Goodwill | 8.7 | 8.7 | ||||||||||||||||||||||
Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $2.2 million and $2.5 million as of June 30, 2022, and December 31, 2021, respectively | 5.8 | 11.6 | ||||||||||||||||||||||||||
Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $2.2 million and $2.5 million as of September 30, 2022, and December 31, 2021, respectively | Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $2.2 million and $2.5 million as of September 30, 2022, and December 31, 2021, respectively | 6.1 | 11.6 | |||||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 121.6 | 102.6 | Prepaid expenses and other assets | 133.9 | 102.6 | ||||||||||||||||||||||
Total assets | Total assets | $ | 1,854.1 | $ | 1,879.8 | Total assets | $ | 1,847.9 | $ | 1,879.8 | ||||||||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Notes payable and other debt | Notes payable and other debt | $ | 475.9 | $ | 532.7 | Notes payable and other debt | $ | 469.7 | $ | 532.7 | ||||||||||||||||||
Accounts payable | Accounts payable | 14.8 | 9.9 | Accounts payable | 18.5 | 9.9 | ||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 36.7 | 19.4 | Operating lease liabilities | 36.8 | 19.4 | ||||||||||||||||||||||
Accrued pension and post-retirement benefits | Accrued pension and post-retirement benefits | 11.0 | 56.3 | Accrued pension and post-retirement benefits | 10.4 | 56.3 | ||||||||||||||||||||||
Deferred revenue | Deferred revenue | 68.7 | 68.5 | Deferred revenue | 71.3 | 68.5 | ||||||||||||||||||||||
Accrued and other liabilities | Accrued and other liabilities | 103.3 | 119.5 | Accrued and other liabilities | 105.9 | 119.5 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 710.4 | 806.3 | Total liabilities | 712.6 | 806.3 | ||||||||||||||||||||||
Commitments and Contingencies (Note 8) | Commitments and Contingencies (Note 8) | 0 | 0 | Commitments and Contingencies (Note 8) | ||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | 7.7 | 6.9 | Redeemable Noncontrolling Interest | 8.1 | 6.9 | ||||||||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||||||||
Common stock - no par value; authorized, 150.0 million shares; outstanding, 72.7 million and 72.5 million shares at June 30, 2022 and December 31, 2021, respectively | 1,811.2 | 1,810.5 | ||||||||||||||||||||||||||
Common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.5 million shares at September 30, 2022 and December 31, 2021, respectively | Common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.5 million shares at September 30, 2022 and December 31, 2021, respectively | 1,809.4 | 1,810.5 | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 1.9 | (80.7) | Accumulated other comprehensive income (loss) | 4.5 | (80.7) | ||||||||||||||||||||||
Distributions in excess of accumulated earnings | Distributions in excess of accumulated earnings | (677.1) | (663.2) | Distributions in excess of accumulated earnings | (686.7) | (663.2) | ||||||||||||||||||||||
Total equity | Total equity | 1,136.0 | 1,066.6 | Total equity | 1,127.2 | 1,066.6 | ||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 1,854.1 | $ | 1,879.8 | Total liabilities and equity | $ | 1,847.9 | $ | 1,879.8 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Operating Revenue: | Operating Revenue: | Operating Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | $ | 45.8 | $ | 43.3 | $ | 91.9 | $ | 83.2 | Commercial Real Estate | $ | 46.2 | $ | 44.0 | $ | 138.1 | $ | 127.2 | ||||||||||||||||||||||||||||||||||
Land Operations | Land Operations | 5.1 | 16.0 | 18.0 | 33.1 | Land Operations | 2.9 | 5.4 | 20.9 | 38.5 | ||||||||||||||||||||||||||||||||||||||||||
Materials & Construction | Materials & Construction | 37.2 | 30.0 | 76.4 | 54.0 | Materials & Construction | 48.1 | 34.9 | 124.5 | 88.9 | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | Total operating revenue | 88.1 | 89.3 | 186.3 | 170.3 | Total operating revenue | 97.2 | 84.3 | 283.5 | 254.6 | ||||||||||||||||||||||||||||||||||||||||||
Operating Costs and Expenses: | Operating Costs and Expenses: | Operating Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Commercial Real Estate | Cost of Commercial Real Estate | 24.2 | 23.5 | 48.2 | 46.9 | Cost of Commercial Real Estate | 25.0 | 24.1 | 73.2 | 71.0 | ||||||||||||||||||||||||||||||||||||||||||
Cost of Land Operations | Cost of Land Operations | 5.6 | 10.6 | 14.9 | 18.7 | Cost of Land Operations | 4.2 | 4.7 | 19.1 | 23.4 | ||||||||||||||||||||||||||||||||||||||||||
Cost of Materials & Construction | Cost of Materials & Construction | 34.1 | 28.7 | 68.2 | 52.4 | Cost of Materials & Construction | 43.3 | 31.8 | 111.5 | 84.2 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | 13.2 | 12.4 | 25.6 | 24.6 | Selling, general and administrative | 12.7 | 12.6 | 38.3 | 37.2 | ||||||||||||||||||||||||||||||||||||||||||
Total operating costs and expenses | Total operating costs and expenses | 77.1 | 75.2 | 156.9 | 142.6 | Total operating costs and expenses | 85.2 | 73.2 | 242.1 | 215.8 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of commercial real estate properties, net | Gain (loss) on disposal of commercial real estate properties, net | — | — | — | 0.2 | Gain (loss) on disposal of commercial real estate properties, net | — | — | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of non-core assets, net | Gain (loss) on disposal of non-core assets, net | 54.0 | 0.1 | 54.0 | 0.2 | Gain (loss) on disposal of non-core assets, net | — | — | 54.0 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Total gain (loss) on disposal of assets, net | Total gain (loss) on disposal of assets, net | 54.0 | 0.1 | 54.0 | 0.4 | Total gain (loss) on disposal of assets, net | — | — | 54.0 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | Operating Income (Loss) | 65.0 | 14.2 | 83.4 | 28.1 | Operating Income (Loss) | 12.0 | 11.1 | 95.4 | 39.2 | ||||||||||||||||||||||||||||||||||||||||||
Other Income and (Expenses): | Other Income and (Expenses): | Other Income and (Expenses): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | Income (loss) related to joint ventures | (0.2) | 6.1 | 1.4 | 9.5 | Income (loss) related to joint ventures | 0.4 | 2.7 | 1.8 | 12.2 | ||||||||||||||||||||||||||||||||||||||||||
Pension termination | Pension termination | (73.7) | — | (76.9) | — | Pension termination | — | — | (76.9) | — | ||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net (Note 2) | Interest and other income (expense), net (Note 2) | 0.9 | (0.5) | 0.8 | (0.8) | Interest and other income (expense), net (Note 2) | (0.1) | (0.2) | 0.7 | (1.0) | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (5.6) | (6.7) | (11.3) | (13.7) | Interest expense | (5.5) | (6.5) | (16.8) | (20.2) | ||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | Income (Loss) from Continuing Operations Before Income Taxes | (13.6) | 13.1 | (2.6) | 23.1 | Income (Loss) from Continuing Operations Before Income Taxes | 6.8 | 7.1 | 4.2 | 30.2 | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | 18.1 | — | 18.1 | (0.1) | Income tax benefit (expense) | — | — | 18.1 | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations | Income (Loss) from Continuing Operations | 4.5 | 13.1 | 15.5 | 23.0 | Income (Loss) from Continuing Operations | 6.8 | 7.1 | 22.3 | 30.1 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | Income (loss) from discontinued operations, net of income taxes | (0.1) | (0.1) | (0.1) | (0.1) | Income (loss) from discontinued operations, net of income taxes | — | (0.6) | (0.1) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | 4.4 | 13.0 | 15.4 | 22.9 | Net Income (Loss) | 6.8 | 6.5 | 22.2 | 29.4 | ||||||||||||||||||||||||||||||||||||||||||
Loss (income) attributable to noncontrolling interest | Loss (income) attributable to noncontrolling interest | (0.3) | (0.2) | (0.8) | (0.2) | Loss (income) attributable to noncontrolling interest | (0.4) | (0.1) | (1.2) | (0.3) | ||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to A&B Shareholders | Net Income (Loss) Attributable to A&B Shareholders | $ | 4.1 | $ | 12.8 | $ | 14.6 | $ | 22.7 | Net Income (Loss) Attributable to A&B Shareholders | $ | 6.4 | $ | 6.4 | $ | 21.0 | $ | 29.1 | ||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share Available to A&B Shareholders: | Earnings (Loss) Per Share Available to A&B Shareholders: | Earnings (Loss) Per Share Available to A&B Shareholders: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock: | Basic Earnings (Loss) Per Share of Common Stock: | Basic Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations available to A&B shareholders | Continuing operations available to A&B shareholders | $ | 0.06 | $ | 0.18 | $ | 0.20 | $ | 0.31 | Continuing operations available to A&B shareholders | $ | 0.09 | $ | 0.10 | $ | 0.29 | $ | 0.41 | ||||||||||||||||||||||||||||||||||
Discontinued operations available to A&B shareholders | Discontinued operations available to A&B shareholders | — | (0.01) | — | (0.01) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B shareholders | Net income (loss) available to A&B shareholders | $ | 0.06 | $ | 0.18 | $ | 0.20 | $ | 0.31 | Net income (loss) available to A&B shareholders | $ | 0.09 | $ | 0.09 | $ | 0.29 | $ | 0.40 | ||||||||||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share of Common Stock: | Diluted Earnings (Loss) Per Share of Common Stock: | Diluted Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations available to A&B shareholders | Continuing operations available to A&B shareholders | $ | 0.05 | $ | 0.18 | $ | 0.20 | $ | 0.31 | Continuing operations available to A&B shareholders | $ | 0.09 | $ | 0.10 | $ | 0.29 | $ | 0.41 | ||||||||||||||||||||||||||||||||||
Discontinued operations available to A&B shareholders | Discontinued operations available to A&B shareholders | — | (0.01) | — | (0.01) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B shareholders | Net income (loss) available to A&B shareholders | $ | 0.05 | $ | 0.18 | $ | 0.20 | $ | 0.31 | Net income (loss) available to A&B shareholders | $ | 0.09 | $ | 0.09 | $ | 0.29 | $ | 0.40 | ||||||||||||||||||||||||||||||||||
Weighted-Average Number of Shares Outstanding: | Weighted-Average Number of Shares Outstanding: | Weighted-Average Number of Shares Outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 72.7 | 72.5 | 72.7 | 72.5 | Basic | 72.7 | 72.5 | 72.7 | 72.5 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 72.8 | 72.6 | 72.8 | 72.6 | Diluted | 72.8 | 72.7 | 72.8 | 72.6 | ||||||||||||||||||||||||||||||||||||||||||
Amounts Available to A&B Common Shareholders (Note 15): | Amounts Available to A&B Common Shareholders (Note 15): | Amounts Available to A&B Common Shareholders (Note 15): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations available to A&B common shareholders | Continuing operations available to A&B common shareholders | $ | 4.1 | $ | 12.9 | $ | 14.6 | $ | 22.8 | Continuing operations available to A&B common shareholders | $ | 6.3 | $ | 6.9 | $ | 20.9 | $ | 29.7 | ||||||||||||||||||||||||||||||||||
Discontinued operations available to A&B common shareholders | Discontinued operations available to A&B common shareholders | (0.1) | (0.1) | (0.1) | (0.1) | Discontinued operations available to A&B common shareholders | — | (0.6) | (0.1) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B common shareholders | Net income (loss) available to A&B common shareholders | $ | 4.0 | $ | 12.8 | $ | 14.5 | $ | 22.7 | Net income (loss) available to A&B common shareholders | $ | 6.3 | $ | 6.3 | $ | 20.8 | $ | 29.0 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 4.4 | $ | 13.0 | $ | 15.4 | $ | 22.9 | Net Income (Loss) | $ | 6.8 | $ | 6.5 | $ | 22.2 | $ | 29.4 | ||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax: | Other Comprehensive Income (Loss), net of tax: | Other Comprehensive Income (Loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized interest rate hedging gain (loss) | Unrealized interest rate hedging gain (loss) | 2.0 | (1.4) | 5.4 | 1.7 | Unrealized interest rate hedging gain (loss) | 2.6 | 0.2 | 8.0 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||
Impact of reclassification adjustment to interest expense included in Net Income (Loss) | Impact of reclassification adjustment to interest expense included in Net Income (Loss) | 0.2 | 0.5 | 0.6 | 0.8 | Impact of reclassification adjustment to interest expense included in Net Income (Loss) | (0.1) | 0.4 | 0.5 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Realized interest rate hedging gain (loss) | Realized interest rate hedging gain (loss) | (0.5) | — | (0.5) | — | Realized interest rate hedging gain (loss) | — | — | (0.5) | — | ||||||||||||||||||||||||||||||||||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial gain (loss) | Actuarial gain (loss) | 16.6 | — | 16.6 | — | Actuarial gain (loss) | — | (4.7) | 16.6 | (4.7) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss included in net periodic benefit cost | Amortization of net loss included in net periodic benefit cost | 0.9 | 0.8 | 1.8 | 1.4 | Amortization of net loss included in net periodic benefit cost | 0.1 | 0.5 | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost included in net periodic benefit cost | Amortization of prior service cost included in net periodic benefit cost | 0.1 | — | 0.1 | — | Amortization of prior service cost included in net periodic benefit cost | — | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||
Pension termination | Pension termination | 73.7 | — | 76.9 | — | Pension termination | — | — | 76.9 | — | ||||||||||||||||||||||||||||||||||||||||||
Income taxes related to other comprehensive income (loss) | Income taxes related to other comprehensive income (loss) | (18.3) | — | (18.3) | — | Income taxes related to other comprehensive income (loss) | — | — | (18.3) | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | 74.7 | (0.1) | 82.6 | 3.9 | Other comprehensive income (loss), net of tax | 2.6 | (3.6) | 85.2 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | 79.1 | 12.9 | 98.0 | 26.8 | Comprehensive Income (Loss) | 9.4 | 2.9 | 107.4 | 29.7 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | Comprehensive (income) loss attributable to noncontrolling interest | (0.3) | (0.2) | (0.8) | (0.2) | Comprehensive (income) loss attributable to noncontrolling interest | (0.4) | (0.1) | (1.2) | (0.3) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to A&B Shareholders | Comprehensive Income (Loss) Attributable to A&B Shareholders | $ | 78.8 | $ | 12.7 | $ | 97.2 | $ | 26.6 | Comprehensive Income (Loss) Attributable to A&B Shareholders | $ | 9.0 | $ | 2.8 | $ | 106.2 | $ | 29.4 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 15.4 | $ | 22.9 | Net income (loss) | $ | 22.2 | $ | 29.4 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 22.7 | 25.4 | Depreciation and amortization | 33.1 | 37.7 | ||||||||||||||||||||||
Income tax benefit of pension termination and other, net | (18.1) | — | ||||||||||||||||||||||||||
Income tax benefit related to pension termination and other, net | Income tax benefit related to pension termination and other, net | (18.3) | — | |||||||||||||||||||||||||
Loss (gain) from disposals and asset transactions, net | Loss (gain) from disposals and asset transactions, net | (54.4) | (0.4) | Loss (gain) from disposals and asset transactions, net | (54.0) | (0.4) | ||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 3.0 | 2.8 | Share-based compensation expense | 4.6 | 4.4 | ||||||||||||||||||||||
Equity in (income) loss from affiliates, net of operating cash distributions | Equity in (income) loss from affiliates, net of operating cash distributions | (1.4) | (7.5) | Equity in (income) loss from affiliates, net of operating cash distributions | (1.1) | (10.1) | ||||||||||||||||||||||
Pension termination | Pension termination | 76.9 | — | Pension termination | 76.9 | — | ||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Trade, contracts retention, and other contract receivables | Trade, contracts retention, and other contract receivables | (6.3) | 13.9 | Trade, contracts retention, and other contract receivables | (8.7) | 9.5 | ||||||||||||||||||||||
Inventories | Inventories | (4.3) | (5.7) | Inventories | (9.8) | (3.8) | ||||||||||||||||||||||
Prepaid expenses, income tax receivable and other assets | Prepaid expenses, income tax receivable and other assets | (7.7) | 7.0 | Prepaid expenses, income tax receivable and other assets | (13.1) | 0.3 | ||||||||||||||||||||||
Development/other property inventory | Development/other property inventory | 9.6 | 0.5 | Development/other property inventory | 9.5 | 0.4 | ||||||||||||||||||||||
Accrued pension and post-retirement benefits | Accrued pension and post-retirement benefits | (29.8) | 1.8 | Accrued pension and post-retirement benefits | (31.3) | (4.0) | ||||||||||||||||||||||
Accounts payable | Accounts payable | 4.5 | (0.3) | Accounts payable | 5.7 | 2.9 | ||||||||||||||||||||||
Accrued and other liabilities | Accrued and other liabilities | (9.4) | (0.8) | Accrued and other liabilities | (6.7) | 0.9 | ||||||||||||||||||||||
Net cash provided by (used in) operations | Net cash provided by (used in) operations | 0.7 | 59.6 | Net cash provided by (used in) operations | 9.0 | 67.2 | ||||||||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||||||||
Capital expenditures for property, plant and equipment | Capital expenditures for property, plant and equipment | (9.6) | (14.8) | Capital expenditures for property, plant and equipment | (15.7) | (26.1) | ||||||||||||||||||||||
Proceeds from disposal of assets | Proceeds from disposal of assets | 74.0 | 0.6 | Proceeds from disposal of assets | 73.1 | 0.6 | ||||||||||||||||||||||
Payments for purchases of investments in affiliates and other investments | Payments for purchases of investments in affiliates and other investments | (1.5) | (0.8) | Payments for purchases of investments in affiliates and other investments | (1.5) | (0.8) | ||||||||||||||||||||||
Distributions of capital and other receipts from investments in affiliates and other investments | Distributions of capital and other receipts from investments in affiliates and other investments | — | 30.0 | Distributions of capital and other receipts from investments in affiliates and other investments | 0.1 | 40.2 | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 62.9 | 15.0 | Net cash provided by (used in) investing activities | 56.0 | 13.9 | ||||||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||||||||
Proceeds from issuance of notes payable and other debt | Proceeds from issuance of notes payable and other debt | 5.1 | 6.0 | Proceeds from issuance of notes payable and other debt | 13.5 | 128.0 | ||||||||||||||||||||||
Payments of notes payable and other debt and deferred financing costs | Payments of notes payable and other debt and deferred financing costs | (12.0) | (95.4) | Payments of notes payable and other debt and deferred financing costs | (29.3) | (192.2) | ||||||||||||||||||||||
Borrowings (payments) on line-of-credit agreement, net | Borrowings (payments) on line-of-credit agreement, net | (50.0) | — | Borrowings (payments) on line-of-credit agreement, net | (50.0) | — | ||||||||||||||||||||||
Cash dividends paid | Cash dividends paid | (41.7) | (21.8) | Cash dividends paid | (57.7) | (46.5) | ||||||||||||||||||||||
Proceeds from issuance (repurchase) of capital stock and other, net | (2.6) | (0.7) | ||||||||||||||||||||||||||
Repurchases of common stock and other payments | Repurchases of common stock and other payments | (5.0) | (1.1) | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (101.2) | (111.9) | Net cash provided by (used in) financing activities | (128.5) | (111.8) | ||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash | (37.6) | (37.3) | Net increase (decrease) in cash, cash equivalents and restricted cash | (63.5) | (30.7) | ||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | 71.0 | 57.4 | Balance, beginning of period | 71.0 | 57.4 | ||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 33.4 | $ | 20.1 | Balance, end of period | $ | 7.5 | $ | 26.7 |
Other Cash Flow Information: | Other Cash Flow Information: | Other Cash Flow Information: | ||||||||||||||||||||||||||
Interest paid, net of capitalized interest | Interest paid, net of capitalized interest | $ | (11.3) | $ | (12.8) | Interest paid, net of capitalized interest | $ | (15.8) | $ | (18.4) | ||||||||||||||||||
Income tax (payments)/refunds, net | Income tax (payments)/refunds, net | $ | — | $ | 0.4 | Income tax (payments)/refunds, net | $ | 0.1 | $ | 0.4 | ||||||||||||||||||
Noncash Investing and Financing Activities: | Noncash Investing and Financing Activities: | Noncash Investing and Financing Activities: | ||||||||||||||||||||||||||
Capital expenditures included in accounts payable and accrued and other liabilities | Capital expenditures included in accounts payable and accrued and other liabilities | $ | 0.2 | $ | 5.9 | Capital expenditures included in accounts payable and accrued and other liabilities | $ | 0.3 | $ | 1.6 | ||||||||||||||||||
Operating lease liabilities arising from obtaining ROU assets | Operating lease liabilities arising from obtaining ROU assets | $ | 19.3 | $ | 5.5 | Operating lease liabilities arising from obtaining ROU assets | $ | 20.0 | $ | 5.5 | ||||||||||||||||||
Finance lease liabilities arising from obtaining ROU assets | Finance lease liabilities arising from obtaining ROU assets | $ | 0.1 | $ | — | Finance lease liabilities arising from obtaining ROU assets | $ | 2.7 | $ | 0.1 | ||||||||||||||||||
Dividends declared but unpaid at end of period | Dividends declared but unpaid at end of period | $ | 0.2 | $ | 11.6 | Dividends declared but unpaid at end of period | $ | 0.3 | $ | — | ||||||||||||||||||
Repurchases of capital stock in accrued and other liabilities | Repurchases of capital stock in accrued and other liabilities | $ | 0.9 | $ | — | |||||||||||||||||||||||
Escrow receivable from disposal of assets | Escrow receivable from disposal of assets | $ | 0.9 | $ | — | Escrow receivable from disposal of assets | $ | 0.9 | $ | — | ||||||||||||||||||
Liabilities arising from disposal of assets | $ | 0.8 | $ | — | ||||||||||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash: | Reconciliation of cash, cash equivalents and restricted cash: | Reconciliation of cash, cash equivalents and restricted cash: | ||||||||||||||||||||||||||
Beginning of the period: | Beginning of the period: | Beginning of the period: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 70.0 | $ | 57.2 | Cash and cash equivalents | $ | 70.0 | $ | 57.2 | ||||||||||||||||||
Restricted cash | Restricted cash | 1.0�� | 0.2 | Restricted cash | 1.0 | 0.2 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | $ | 71.0 | $ | 57.4 | Cash, cash equivalents and restricted cash | $ | 71.0 | $ | 57.4 | ||||||||||||||||||
End of the period: | End of the period: | End of the period: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 33.2 | $ | 19.9 | Cash and cash equivalents | $ | 7.3 | $ | 26.5 | ||||||||||||||||||
Restricted cash | Restricted cash | 0.2 | 0.2 | Restricted cash | 0.2 | 0.2 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | $ | 33.4 | $ | 20.1 | Cash, cash equivalents and restricted cash | $ | 7.5 | $ | 26.7 |
Total Equity | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Stated Value | Stated Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2021 | 72.5 | $ | 1,806.2 | $ | (56.0) | $ | (650.4) | $ | 1,099.8 | $ | 6.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2021 | Balance, July 1, 2021 | 72.5 | $ | 1,807.5 | $ | (56.1) | $ | (649.2) | $ | 1,102.2 | $ | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 12.8 | 12.8 | 0.2 | Net income (loss) | — | — | — | 6.4 | 6.4 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | — | — | (0.1) | — | (0.1) | — | Other comprehensive income (loss), net of tax | — | — | (3.6) | — | (3.6) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.16 per share) | — | — | — | (11.6) | (11.6) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.18 per share) | Dividend on common stock ($0.18 per share) | — | — | — | (13.2) | (13.2) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | 1.4 | — | — | 1.4 | — | Share-based compensation | — | 1.6 | — | — | 1.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (repurchased), net | Shares issued (repurchased), net | — | (0.1) | — | — | (0.1) | — | Shares issued (repurchased), net | — | (0.1) | — | — | (0.1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 72.5 | $ | 1,807.5 | $ | (56.1) | $ | (649.2) | $ | 1,102.2 | $ | 6.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | 72.5 | $ | 1,809.0 | $ | (59.7) | $ | (656.0) | $ | 1,093.3 | $ | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Stated Value | Stated Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2022 | 72.7 | $ | 1,809.6 | $ | (72.8) | $ | (666.4) | $ | 1,070.4 | $ | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | Balance, July 1, 2022 | 72.7 | $ | 1,811.2 | $ | 1.9 | $ | (677.1) | $ | 1,136.0 | $ | 7.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 4.1 | 4.1 | 0.3 | Net income (loss) | — | — | — | 6.4 | 6.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | — | — | 74.7 | — | 74.7 | — | Other comprehensive income (loss), net of tax | — | — | 2.6 | — | 2.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.20 per share) | Dividend on common stock ($0.20 per share) | — | — | — | (14.7) | (14.7) | — | Dividend on common stock ($0.20 per share) | — | — | — | (16.2) | (16.2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | 1.5 | — | — | 1.5 | — | Share-based compensation | — | 1.6 | — | — | 1.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (repurchased), net | Shares issued (repurchased), net | — | 0.1 | — | (0.1) | — | — | Shares issued (repurchased), net | (0.2) | (3.4) | — | 0.2 | (3.2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 72.7 | $ | 1,811.2 | $ | 1.9 | $ | (677.1) | $ | 1,136.0 | $ | 7.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | 72.5 | $ | 1,809.4 | $ | 4.5 | $ | (686.7) | $ | 1,127.2 | $ | 8.1 |
Total Equity | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Stated Value | Stated Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | Balance, January 1, 2021 | 72.4 | $ | 1,805.5 | $ | (60.0) | $ | (649.4) | $ | 1,096.1 | $ | 6.5 | Balance, January 1, 2021 | 72.4 | $ | 1,805.5 | $ | (60.0) | $ | (649.4) | $ | 1,096.1 | $ | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 22.7 | 22.7 | 0.2 | Net income (loss) | — | — | — | 29.1 | 29.1 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | — | — | 3.9 | — | 3.9 | — | Other comprehensive income (loss), net of tax | — | — | 0.3 | — | 0.3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.31 per share) | — | — | — | (22.5) | (22.5) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.49 per share) | Dividend on common stock ($0.49 per share) | — | — | — | (35.7) | (35.7) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | 2.8 | — | — | 2.8 | — | Share-based compensation | — | 4.4 | — | — | 4.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (repurchased), net | Shares issued (repurchased), net | 0.1 | (0.8) | — | — | (0.8) | — | Shares issued (repurchased), net | 0.1 | (0.9) | — | — | (0.9) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | 72.5 | $ | 1,807.5 | $ | (56.1) | $ | (649.2) | $ | 1,102.2 | $ | 6.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | Balance, September 30, 2021 | 72.5 | $ | 1,809.0 | $ | (59.7) | $ | (656.0) | $ | 1,093.3 | $ | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | Redeemable Non- Controlling Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Non- Controlling Interest | Common Stock | Accumulated Other Compre- hensive Income (Loss) | (Distribution in Excess of Accumulated Earnings) Earnings Surplus | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Stated Value | Stated Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | Balance, January 1, 2022 | 72.5 | $ | 1,810.5 | $ | (80.7) | $ | (663.2) | $ | 1,066.6 | $ | 6.9 | Balance, January 1, 2022 | 72.5 | $ | 1,810.5 | $ | (80.7) | $ | (663.2) | $ | 1,066.6 | $ | 6.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 14.6 | 14.6 | 0.8 | Net income (loss) | — | — | — | 21.0 | 21.0 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | — | — | 82.6 | — | 82.6 | — | Other comprehensive income (loss), net of tax | — | — | 85.2 | — | 85.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.39 per share) | — | — | — | (28.6) | (28.6) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend on common stock ($0.61 per share) | Dividend on common stock ($0.61 per share) | — | — | — | (44.8) | (44.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | 3.0 | — | — | 3.0 | — | Share-based compensation | — | 4.6 | — | — | 4.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued (repurchased), net | Shares issued (repurchased), net | 0.2 | (2.3) | — | 0.1 | (2.2) | — | Shares issued (repurchased), net | — | (5.7) | — | 0.3 | (5.4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 72.7 | $ | 1,811.2 | $ | 1.9 | $ | (677.1) | $ | 1,136.0 | $ | 7.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | 72.5 | $ | 1,809.4 | $ | 4.5 | $ | (686.7) | $ | 1,127.2 | $ | 8.1 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | 0.1 | $ | 0.3 | $ | 0.2 | $ | 0.6 | Interest income | $ | — | $ | 0.2 | $ | 0.2 | $ | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and post-retirement benefit (expense) | Pension and post-retirement benefit (expense) | (0.3) | (0.8) | (0.5) | (1.4) | Pension and post-retirement benefit (expense) | (0.1) | (0.7) | (0.6) | (2.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | 1.1 | — | 1.1 | — | Other income (expense), net | — | 0.3 | 1.1 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | $ | 0.9 | $ | (0.5) | $ | 0.8 | $ | (0.8) | Interest and other income (expense), net | $ | (0.1) | $ | (0.2) | $ | 0.7 | $ | (1.0) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 35.8 | $ | 58.4 | $ | 74.1 | $ | 128.3 | Revenues | $ | 46.8 | $ | 60.6 | $ | 120.9 | $ | 188.9 | ||||||||||||||||||||||||||||||||||
Operating costs and expenses | Operating costs and expenses | 33.8 | 45.9 | 70.2 | 108.9 | Operating costs and expenses | 41.4 | 58.3 | 111.6 | 167.2 | ||||||||||||||||||||||||||||||||||||||||||
Gross Profit (Loss) | Gross Profit (Loss) | $ | 2.0 | $ | 12.5 | $ | 3.9 | $ | 19.4 | Gross Profit (Loss) | $ | 5.4 | $ | 2.3 | $ | 9.3 | $ | 21.7 | ||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations1 | Income (Loss) from Continuing Operations1 | $ | (2.5) | $ | 5.1 | $ | (4.7) | $ | 9.0 | Income (Loss) from Continuing Operations1 | $ | 1.2 | $ | 1.0 | $ | (3.5) | $ | 10.0 | ||||||||||||||||||||||||||||||||||
Net Income (Loss)1 | Net Income (Loss)1 | $ | (2.3) | $ | 5.9 | $ | 0.7 | $ | 9.6 | Net Income (Loss)1 | $ | 1.3 | $ | (0.5) | $ | 2.0 | $ | 9.1 | ||||||||||||||||||||||||||||||||||
1 Includes earnings from equity method investments held by the investee. | 1 Includes earnings from equity method investments held by the investee. | 1 Includes earnings from equity method investments held by the investee. |
June 30, | December 31, | September 30, | December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Asphalt | Asphalt | $ | 5.5 | $ | 4.7 | Asphalt | $ | 9.0 | $ | 4.7 | ||||||||||||||||||
Processed rock and sand | Processed rock and sand | 10.9 | 8.1 | Processed rock and sand | 12.5 | 8.1 | ||||||||||||||||||||||
Retail merchandise | Retail merchandise | 2.4 | 2.1 | Retail merchandise | 2.4 | 2.1 | ||||||||||||||||||||||
Parts, materials and supplies inventories | Parts, materials and supplies inventories | 5.8 | 5.4 | Parts, materials and supplies inventories | 6.2 | 5.4 | ||||||||||||||||||||||
Total | Total | $ | 24.6 | $ | 20.3 | Total | $ | 30.1 | $ | 20.3 |
Interest Rate (%) | Maturity Date | Principal Outstanding | Interest Rate (%) | Maturity Date | Principal Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Secured: | Secured: | Secured: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Heavy Equipment Financing | Heavy Equipment Financing | (1) | (1) | $ | 1.5 | $ | 1.9 | Heavy Equipment Financing | (1) | (1) | $ | 1.3 | $ | 1.9 | ||||||||||||||||||||||||||||||||||||||
Laulani Village | Laulani Village | 3.93% | 2024 | 59.6 | 60.2 | Laulani Village | 3.93% | 2024 | 59.4 | 60.2 | ||||||||||||||||||||||||||||||||||||||||||
Pearl Highlands | Pearl Highlands | 4.15% | 2024 | 78.4 | 79.4 | Pearl Highlands | 4.15% | 2024 | 77.9 | 79.4 | ||||||||||||||||||||||||||||||||||||||||||
Photovoltaic Financing | Photovoltaic Financing | (2) | 2027 | 2.6 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Manoa Marketplace | Manoa Marketplace | (2) | 2029 | 55.4 | 56.3 | Manoa Marketplace | (3) | 2029 | 54.9 | 56.3 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | $ | 194.9 | $ | 197.8 | Subtotal | $ | 196.1 | $ | 197.8 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured: | Unsecured: | Unsecured: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Note | Series A Note | 5.53% | 2024 | $ | 21.3 | $ | 21.3 | Series A Note | 5.53% | 2024 | $ | 14.2 | $ | 21.3 | ||||||||||||||||||||||||||||||||||||||
Series J Note | Series J Note | 4.66% | 2025 | 10.0 | 10.0 | Series J Note | 4.66% | 2025 | 10.0 | 10.0 | ||||||||||||||||||||||||||||||||||||||||||
Series B Note | Series B Note | 5.55% | 2026 | 36.0 | 45.0 | Series B Note | 5.55% | 2026 | 36.0 | 45.0 | ||||||||||||||||||||||||||||||||||||||||||
Series C Note | Series C Note | 5.56% | 2026 | 13.0 | 13.0 | Series C Note | 5.56% | 2026 | 11.0 | 13.0 | ||||||||||||||||||||||||||||||||||||||||||
Series F Note | Series F Note | 4.35% | 2026 | 15.2 | 15.2 | Series F Note | 4.35% | 2026 | 15.2 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||
Series H Note | Series H Note | 4.04% | 2026 | 50.0 | 50.0 | Series H Note | 4.04% | 2026 | 50.0 | 50.0 | ||||||||||||||||||||||||||||||||||||||||||
Series K Note | Series K Note | 4.81% | 2027 | 34.5 | 34.5 | Series K Note | 4.81% | 2027 | 34.5 | 34.5 | ||||||||||||||||||||||||||||||||||||||||||
Series G Note | Series G Note | 3.88% | 2027 | 28.1 | 28.1 | Series G Note | 3.88% | 2027 | 28.1 | 28.1 | ||||||||||||||||||||||||||||||||||||||||||
Series L Note | Series L Note | 4.89% | 2028 | 18.0 | 18.0 | Series L Note | 4.89% | 2028 | 18.0 | 18.0 | ||||||||||||||||||||||||||||||||||||||||||
Series I Note | Series I Note | 4.16% | 2028 | 25.0 | 25.0 | Series I Note | 4.16% | 2028 | 25.0 | 25.0 | ||||||||||||||||||||||||||||||||||||||||||
Term Loan 5 | Term Loan 5 | 4.30% | 2029 | 25.0 | 25.0 | Term Loan 5 | 4.30% | 2029 | 25.0 | 25.0 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | $ | 276.1 | $ | 285.1 | Subtotal | $ | 267.0 | $ | 285.1 | ||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facilities: | Revolving Credit Facilities: | Revolving Credit Facilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GLP Asphalt Wells Fargo revolving credit facility | GLP Asphalt Wells Fargo revolving credit facility | (3) | 2022 | $ | — | $ | — | GLP Asphalt Wells Fargo revolving credit facility | (4) | 2022 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
GLP Asphalt FHB revolving credit facility | GLP Asphalt FHB revolving credit facility | (4) | 2024 | 5.1 | — | GLP Asphalt FHB revolving credit facility | (5) | 2024 | 6.8 | — | ||||||||||||||||||||||||||||||||||||||||||
A&B Revolver | A&B Revolver | (5) | 2025 | — | 50.0 | A&B Revolver | (6) | 2025 | — | 50.0 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | $ | 5.1 | $ | 50.0 | Subtotal | $ | 6.8 | $ | 50.0 | ||||||||||||||||||||||||||||||||||||||||||
Total debt (contractual) | Total debt (contractual) | $ | 476.1 | $ | 532.9 | Total debt (contractual) | $ | 469.9 | $ | 532.9 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | Unamortized debt issuance costs | (0.2) | (0.2) | Unamortized debt issuance costs | (0.2) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||||
Total debt (carrying value) | Total debt (carrying value) | $ | 475.9 | $ | 532.7 | Total debt (carrying value) | $ | 469.7 | $ | 532.7 | ||||||||||||||||||||||||||||||||||||||||||
(1) Loans have a weighted average stated interest rate of approximately 2.88% and stated maturity dates ranging from 2022 to 2027. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Loan had a stated interest rate of SOFR plus 1.75%. Credit agreement terminated on June 15, 2022. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Loan has a stated interest rate of BSBY plus 1.25%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Financing leases have a weighted average stated interest rate of approximately 2.90% and stated maturity dates ranging from 2022 to 2027. | (1) Financing leases have a weighted average stated interest rate of approximately 2.90% and stated maturity dates ranging from 2022 to 2027. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Financing lease has a discount rate of 4.14%. | (2) Financing lease has a discount rate of 4.14%. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (3) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Loan had a stated interest rate of SOFR plus 1.75%. Credit agreement terminated on June 15, 2022. | (4) Loan had a stated interest rate of SOFR plus 1.75%. Credit agreement terminated on June 15, 2022. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(5) Loan has a stated interest rate of BSBY plus 1.25%. | (5) Loan has a stated interest rate of BSBY plus 1.25%. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(6) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid. $50.0 million was swapped through June 2022 to a 2.40% fixed rate. | (6) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid. $50.0 million was swapped through June 2022 to a 2.40% fixed rate. |
Effective | Effective | Maturity | Fixed Interest | Notional Amount at | Asset (Liability) Fair Value at | Effective | Maturity | Fixed Interest | Notional Amount at | Asset (Liability) Fair Value at | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date | Date | Date | Rate | June 30, 2022 | June 30, 2022 | December 31, 2021 | Date | Date | Rate | September 30, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/7/2016 | 4/7/2016 | 8/1/2029 | 3.14% | $ | 55.4 | $ | 3.3 | $ | (1.7) | 4/7/2016 | 8/1/2029 | 3.14% | $ | 54.9 | $ | 5.9 | $ | (1.7) | ||||||||||||||||||||||||||||||||||||||||||||||
2/13/2020 | 2/13/2020 | 2/27/2023 | (1) | $ | — | $ | — | $ | (0.5) | 2/13/2020 | 2/27/2023 | (1) | $ | — | $ | — | $ | (0.5) | ||||||||||||||||||||||||||||||||||||||||||||||
(1) $50.0 million in notional interest rate swap was terminated on June 30, 2022, resulting in a realized gain of $0.5 million included within Interest and other income (expense), net. | (1) $50.0 million in notional interest rate swap was terminated on June 30, 2022, resulting in a realized gain of $0.5 million included within Interest and other income (expense), net. | (1) $50.0 million in notional interest rate swap was terminated on June 30, 2022, resulting in a realized gain of $0.5 million included within Interest and other income (expense), net. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Designated Cash Flow Hedging Relationships: | Derivatives in Designated Cash Flow Hedging Relationships: | Derivatives in Designated Cash Flow Hedging Relationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) recognized in OCI on derivatives | Amount of gain (loss) recognized in OCI on derivatives | $ | 2.0 | $ | (1.4) | $ | 5.4 | $ | 1.7 | Amount of gain (loss) recognized in OCI on derivatives | $ | 2.6 | $ | 0.2 | $ | 8.0 | $ | 1.9 | ||||||||||||||||||||||||||||||||||
Impact of reclassification adjustment to interest expense included in Net Income (Loss) | Impact of reclassification adjustment to interest expense included in Net Income (Loss) | $ | 0.2 | $ | 0.5 | $ | 0.6 | $ | 0.8 | Impact of reclassification adjustment to interest expense included in Net Income (Loss) | $ | (0.1) | $ | 0.4 | $ | 0.5 | $ | 1.2 | ||||||||||||||||||||||||||||||||||
Realized interest rate hedging gain (loss) | Realized interest rate hedging gain (loss) | $ | (0.5) | $ | — | $ | (0.5) | $ | — | Realized interest rate hedging gain (loss) | $ | — | $ | — | $ | (0.5) | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | $ | 45.8 | $ | 43.3 | $ | 91.9 | $ | 83.2 | Commercial Real Estate | $ | 46.2 | $ | 44.0 | $ | 138.1 | $ | 127.2 | ||||||||||||||||||||||||||||||||||
Land Operations: | Land Operations: | Land Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Development sales revenue | Development sales revenue | — | 11.2 | 6.3 | 11.2 | Development sales revenue | — | — | 6.3 | 11.2 | ||||||||||||||||||||||||||||||||||||||||||
Unimproved/other property sales revenue | Unimproved/other property sales revenue | 0.2 | — | 2.0 | 11.3 | Unimproved/other property sales revenue | — | 0.6 | 2.0 | 11.9 | ||||||||||||||||||||||||||||||||||||||||||
Other operating revenue | Other operating revenue | 4.9 | 4.8 | 9.7 | 10.6 | Other operating revenue | 2.9 | 4.8 | 12.6 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||
Land Operations | Land Operations | 5.1 | 16.0 | 18.0 | 33.1 | Land Operations | 2.9 | 5.4 | 20.9 | 38.5 | ||||||||||||||||||||||||||||||||||||||||||
Materials & Construction | Materials & Construction | 37.2 | 30.0 | 76.4 | 54.0 | Materials & Construction | 48.1 | 34.9 | 124.5 | 88.9 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 88.1 | $ | 89.3 | $ | 186.3 | $ | 170.3 | Total revenues | $ | 97.2 | $ | 84.3 | $ | 283.5 | $ | 254.6 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Accounts receivable | $ | 31.1 | $ | 25.1 | ||||||||||
Contracts retention | 5.0 | 5.1 | ||||||||||||
Allowances (credit losses and doubtful accounts) | (1.2) | (1.3) | ||||||||||||
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts | $ | 34.9 | $ | 28.9 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 11.5 | $ | 10.4 | ||||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ | 7.7 | $ | 6.8 | ||||||||||
Variable consideration1 | $ | 62.0 | $ | 62.0 | ||||||||||
Other deferred revenue | $ | 6.7 | $ | 6.5 | ||||||||||
1 Variable consideration deferred as of the end of the periods related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price. | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Accounts receivable | $ | 31.7 | $ | 25.1 | ||||||||||
Contracts retention | 5.3 | 5.1 | ||||||||||||
Allowances (credit losses and doubtful accounts) | (1.1) | (1.3) | ||||||||||||
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts | $ | 35.9 | $ | 28.9 | ||||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 13.8 | $ | 10.4 | ||||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ | 8.5 | $ | 6.8 | ||||||||||
Variable consideration1 | $ | 62.0 | $ | 62.0 | ||||||||||
Other deferred revenue | $ | 9.3 | $ | 6.5 | ||||||||||
1 Variable consideration deferred as of the end of the periods related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price. | ||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Leased property - real estate | Leased property - real estate | $ | 1,568.5 | $ | 1,563.2 | Leased property - real estate | $ | 1,573.5 | $ | 1,563.2 | ||||||||||||||||||
Less: Accumulated depreciation | Less: Accumulated depreciation | (190.1) | (182.2) | Less: Accumulated depreciation | (197.0) | (182.2) | ||||||||||||||||||||||
Property under operating leases, net | Property under operating leases, net | $ | 1,378.4 | $ | 1,381.0 | Property under operating leases, net | $ | 1,376.5 | $ | 1,381.0 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Lease payments | Lease payments | $ | 31.8 | $ | 29.3 | $ | 64.3 | $ | 58.9 | Lease payments | $ | 32.8 | $ | 30.7 | $ | 97.1 | $ | 89.6 | ||||||||||||||||||||||||||||||||||
Variable lease payments | Variable lease payments | 16.1 | 14.8 | 31.3 | 26.5 | Variable lease payments | 14.0 | 14.8 | 45.3 | 41.3 | ||||||||||||||||||||||||||||||||||||||||||
Total rental income | Total rental income | $ | 47.9 | $ | 44.1 | $ | 95.6 | $ | 85.4 | Total rental income | $ | 46.8 | $ | 45.5 | $ | 142.4 | $ | 130.9 |
June 30, 2022 | September 30, 2022 | |||||||||||||||
2022 | 2022 | $ | 62.1 | 2022 | $ | 31.5 | ||||||||||
2023 | 2023 | 118.3 | 2023 | 120.7 | ||||||||||||
2024 | 2024 | 105.8 | 2024 | 108.3 | ||||||||||||
2025 | 2025 | 89.2 | 2025 | 91.8 | ||||||||||||
2026 | 2026 | 77.7 | 2026 | 80.0 | ||||||||||||
2027 | 2027 | 67.5 | 2027 | 69.6 | ||||||||||||
Thereafter | Thereafter | 535.7 | Thereafter | 542.6 | ||||||||||||
Total future lease payments to be received | Total future lease payments to be received | $ | 1,056.3 | Total future lease payments to be received | $ | 1,044.5 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | $ | 1.4 | $ | 1.2 | $ | 2.6 | $ | 2.3 | Operating lease cost | $ | 1.6 | $ | 1.2 | $ | 4.2 | $ | 3.5 | ||||||||||||||||||||||||||||||||||
Finance lease cost | Finance lease cost | $ | 0.2 | $ | 0.3 | $ | 0.5 | $ | 0.6 | Finance lease cost | $ | 0.3 | $ | 0.5 | $ | 0.8 | $ | 1.1 |
2022 Grants | 2021 Grants | |||||||||||||
Volatility of A&B common stock | 47.7% | 47.2% | ||||||||||||
Average volatility of peer companies | 49.5% | 49.6% | ||||||||||||
Risk-free interest rate | 1.4% | 0.2% |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Share-based expense: | Share-based expense: | Share-based expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Time-based and market-based restricted stock units | Time-based and market-based restricted stock units | $ | 1.5 | $ | 1.4 | $ | 3.0 | $ | 2.8 | Time-based and market-based restricted stock units | $ | 1.6 | $ | 1.6 | $ | 4.6 | $ | 4.4 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 0.7 | $ | 0.4 | $ | 1.4 | $ | 0.6 | Service cost | $ | 0.1 | $ | 0.4 | $ | 1.5 | $ | 1.0 | ||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 0.4 | 0.9 | 0.9 | 2.6 | Interest cost | — | 1.5 | 0.9 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (1.3) | (0.8) | (2.5) | (2.5) | Expected return on plan assets | — | (1.3) | (2.5) | (3.8) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss | Amortization of net loss | 0.9 | 0.8 | 1.8 | 1.4 | Amortization of net loss | 0.1 | 0.5 | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Amortization of prior service credit | 0.1 | — | 0.1 | — | Amortization of prior service credit | — | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||
Pension termination | Pension termination | 73.7 | — | 76.9 | — | Pension termination | — | — | 76.9 | — | ||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 74.5 | $ | 1.3 | $ | 78.6 | $ | 2.1 | Net periodic benefit cost | $ | 0.2 | $ | 1.1 | $ | 78.8 | $ | 3.2 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | $ | 4.5 | $ | 13.1 | $ | 15.5 | $ | 23.0 | Income (loss) from continuing operations | $ | 6.8 | $ | 7.1 | $ | 22.3 | $ | 30.1 | ||||||||||||||||||||||||||||||||||
Exclude: (Income) loss attributable to noncontrolling interest | Exclude: (Income) loss attributable to noncontrolling interest | (0.3) | (0.2) | (0.8) | (0.2) | Exclude: (Income) loss attributable to noncontrolling interest | (0.4) | (0.1) | (1.2) | (0.3) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to A&B shareholders | Income (loss) from continuing operations attributable to A&B shareholders | 4.2 | 12.9 | 14.7 | 22.8 | Income (loss) from continuing operations attributable to A&B shareholders | 6.4 | 7.0 | 21.1 | 29.8 | ||||||||||||||||||||||||||||||||||||||||||
Distributions and allocations to participating securities | Distributions and allocations to participating securities | (0.1) | — | (0.1) | — | Distributions and allocations to participating securities | (0.1) | (0.1) | (0.2) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations available to A&B shareholders | 4.1 | 12.9 | 14.6 | 22.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations available to A&B common shareholders | Income (loss) from continuing operations available to A&B common shareholders | 6.3 | 6.9 | 20.9 | 29.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations available to A&B common shareholders | Income (loss) from discontinued operations available to A&B common shareholders | (0.1) | (0.1) | (0.1) | (0.1) | Income (loss) from discontinued operations available to A&B common shareholders | — | (0.6) | (0.1) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B common shareholders | Net income (loss) available to A&B common shareholders | $ | 4.0 | $ | 12.8 | $ | 14.5 | $ | 22.7 | Net income (loss) available to A&B common shareholders | $ | 6.3 | $ | 6.3 | $ | 20.8 | $ | 29.0 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic EPS - weighted average shares outstanding | Denominator for basic EPS - weighted average shares outstanding | 72.7 | 72.5 | 72.7 | 72.5 | Denominator for basic EPS - weighted average shares outstanding | 72.7 | 72.5 | 72.7 | 72.5 | ||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options and restricted stock unit awards | Stock options and restricted stock unit awards | 0.1 | 0.1 | 0.1 | 0.1 | Stock options and restricted stock unit awards | 0.1 | 0.2 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted EPS - weighted average shares outstanding | Denominator for diluted EPS - weighted average shares outstanding | 72.8 | 72.6 | 72.8 | 72.6 | Denominator for diluted EPS - weighted average shares outstanding | 72.8 | 72.7 | 72.8 | 72.6 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Number of anti-dilutive securities | 0.1 | 0.4 | 0.1 | 0.4 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Number of anti-dilutive securities | 0.1 | — | 0.1 | — | ||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Employee benefit plans: | Employee benefit plans: | Employee benefit plans: | ||||||||||||||||||||||||||
Pension plans | Pension plans | $ | — | $ | (74.6) | Pension plans | $ | — | $ | (74.6) | ||||||||||||||||||
Post-retirement plans | Post-retirement plans | (0.1) | (2.6) | Post-retirement plans | — | (2.6) | ||||||||||||||||||||||
Non-qualified benefit plans | Non-qualified benefit plans | (0.7) | (0.7) | Non-qualified benefit plans | (0.7) | (0.7) | ||||||||||||||||||||||
Total employee benefit plans | Total employee benefit plans | (0.8) | (77.9) | Total employee benefit plans | (0.7) | (77.9) | ||||||||||||||||||||||
Interest rate swap | Interest rate swap | 2.7 | (2.8) | Interest rate swap | 5.2 | (2.8) | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | $ | 1.9 | $ | (80.7) | Accumulated other comprehensive income (loss) | $ | 4.5 | $ | (80.7) |
Employee Benefit Plans | Interest Rate Swap | Total | Employee Benefit Plans | Interest Rate Swap | Total | |||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | Balance, January 1, 2022 | $ | (77.9) | $ | (2.8) | $ | (80.7) | Balance, January 1, 2022 | $ | (77.9) | $ | (2.8) | $ | (80.7) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 16.6 | 5.4 | 22.0 | Other comprehensive income (loss) before reclassifications | 16.6 | 8.0 | 24.6 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)1 | Amounts reclassified from accumulated other comprehensive income (loss)1 | 78.8 | 0.1 | 78.9 | Amounts reclassified from accumulated other comprehensive income (loss)1 | 78.9 | — | 78.9 | ||||||||||||||||||||||||||||||||
Taxes on other comprehensive income (loss) | Taxes on other comprehensive income (loss) | (18.3) | — | (18.3) | Taxes on other comprehensive income (loss) | (18.3) | — | (18.3) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | Other comprehensive income (loss), net of taxes | 77.1 | 5.5 | 82.6 | Other comprehensive income (loss), net of taxes | 77.2 | 8.0 | 85.2 | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | (0.8) | $ | 2.7 | $ | 1.9 | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | (0.7) | $ | 5.2 | $ | 4.5 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Operating Revenue: | Operating Revenue: | Operating Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | $ | 45.8 | $ | 43.3 | $ | 91.9 | $ | 83.2 | Commercial Real Estate | $ | 46.2 | $ | 44.0 | $ | 138.1 | $ | 127.2 | ||||||||||||||||||||||||||||||||||
Land Operations | Land Operations | 5.1 | 16.0 | 18.0 | 33.1 | Land Operations | 2.9 | 5.4 | 20.9 | 38.5 | ||||||||||||||||||||||||||||||||||||||||||
Materials & Construction | Materials & Construction | 37.2 | 30.0 | 76.4 | 54.0 | Materials & Construction | 48.1 | 34.9 | 124.5 | 88.9 | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenue | Total operating revenue | 88.1 | 89.3 | 186.3 | 170.3 | Total operating revenue | 97.2 | 84.3 | 283.5 | 254.6 | ||||||||||||||||||||||||||||||||||||||||||
Operating Profit (Loss): | Operating Profit (Loss): | Operating Profit (Loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate1 | Commercial Real Estate1 | 19.4 | 18.6 | 40.0 | 34.0 | Commercial Real Estate1 | 20.3 | 19.0 | 60.3 | 53.0 | ||||||||||||||||||||||||||||||||||||||||||
Land Operations2,3 | Land Operations2,3 | (7.7) | 9.1 | (7.8) | 20.5 | Land Operations2,3 | (2.2) | 1.7 | (10.0) | 22.3 | ||||||||||||||||||||||||||||||||||||||||||
Materials & Construction | Materials & Construction | (0.6) | (1.9) | 2.6 | (5.9) | Materials & Construction | 1.8 | (0.3) | 4.4 | (6.2) | ||||||||||||||||||||||||||||||||||||||||||
Total operating profit (loss) | Total operating profit (loss) | 11.1 | 25.8 | 34.8 | 48.6 | Total operating profit (loss) | 19.9 | 20.4 | 54.7 | 69.1 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of commercial real estate properties, net | Gain (loss) on disposal of commercial real estate properties, net | — | — | — | 0.2 | Gain (loss) on disposal of commercial real estate properties, net | — | — | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (5.6) | (6.7) | (11.3) | (13.7) | Interest expense | (5.5) | (6.5) | (16.8) | (20.2) | ||||||||||||||||||||||||||||||||||||||||||
Corporate and other expense4 | Corporate and other expense4 | (19.1) | (6.0) | (26.1) | (12.0) | Corporate and other expense4 | (7.6) | (6.8) | (33.7) | (18.9) | ||||||||||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | Income (Loss) from Continuing Operations Before Income Taxes | $ | (13.6) | $ | 13.1 | $ | (2.6) | $ | 23.1 | Income (Loss) from Continuing Operations Before Income Taxes | $ | 6.8 | $ | 7.1 | $ | 4.2 | $ | 30.2 | ||||||||||||||||||||||||||||||||||
1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the consolidated results of operations and a pension termination charge of $0.7 million for the three and six months ended June 30, 2022. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the consolidated results of operations and pension termination charges of zero and $0.7 million for the three and nine months ended September 30, 2022, respectively. | 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the consolidated results of operations and pension termination charges of zero and $0.7 million for the three and nine months ended September 30, 2022, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||
2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various equity method investments (primarily real estate joint ventures). | 2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various equity method investments (primarily real estate joint ventures). | 2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various equity method investments (primarily real estate joint ventures). | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 Land Operations segment operating profit (loss) include pension termination charges of $59.9 million and $62.2 million for the three and six months ended June 30, 2022, respectively, related to the termination of the defined benefit plans, as well as a gain on sale of non-core assets, net, of $54.0 million for the three and six months ended June 30, 2022 related to the McBryde transaction (Note 19). | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4 Corporate and other expense includes pension termination charges of $13.1 million and $14.0 million for the three and six months ended June 30, 2022, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3 Land Operations segment operating profit (loss) includes pension termination charges of zero and $62.2 million for the three and nine months ended September 30, 2022, respectively, related to the termination of the defined benefit plans, as well as a gain on sale of non-core assets, net, of $54.0 million for the nine months ended September 30, 2022, related to the McBryde transaction (Note 19). | 3 Land Operations segment operating profit (loss) includes pension termination charges of zero and $62.2 million for the three and nine months ended September 30, 2022, respectively, related to the termination of the defined benefit plans, as well as a gain on sale of non-core assets, net, of $54.0 million for the nine months ended September 30, 2022, related to the McBryde transaction (Note 19). | |||||||||||||||||||||||||||||||||||||||||||||||||||
4 Corporate and other expense includes pension termination charges of zero and $14.0 million for the three and nine months ended September 30, 2022, respectively. | 4 Corporate and other expense includes pension termination charges of zero and $14.0 million for the three and nine months ended September 30, 2022, respectively. |
(amounts in millions, except percentage data and per share data; unaudited) | (amounts in millions, except percentage data and per share data; unaudited) | Three Months Ended June 30, | 2022 vs 2021 | (amounts in millions, except percentage data and per share data; unaudited) | Three Months Ended September 30, | 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | Operating revenue | $ | 88.1 | $ | 89.3 | $ | (1.2) | (1.3) | % | Operating revenue | $ | 97.2 | $ | 84.3 | $ | 12.9 | 15.3 | % | ||||||||||||||||||||||||||||||||||
Cost of operations | Cost of operations | (63.9) | (62.8) | (1.1) | 1.8 | % | Cost of operations | (72.5) | (60.6) | (11.9) | 19.6 | % | ||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (13.2) | (12.4) | (0.8) | 6.5 | % | Selling, general and administrative | (12.7) | (12.6) | (0.1) | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of assets, net | 54.0 | 0.1 | 53.9 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 65.0 | 14.2 | 50.8 | 357.7 | % | Operating income (loss) | 12.0 | 11.1 | 0.9 | 8.1 | % | ||||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | Income (loss) related to joint ventures | (0.2) | 6.1 | (6.3) | (103.3) | % | Income (loss) related to joint ventures | 0.4 | 2.7 | (2.3) | (85.2) | % | ||||||||||||||||||||||||||||||||||||||||
Pension termination | (73.7) | — | (73.7) | NM | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | 0.9 | (0.5) | 1.4 | (280.0) | % | Interest and other income (expense), net | (0.1) | (0.2) | 0.1 | (50.0) | % | ||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (5.6) | (6.7) | 1.1 | (16.4) | % | Interest expense | (5.5) | (6.5) | 1.0 | (15.4) | % | ||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 18.1 | — | 18.1 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | 4.5 | 13.1 | (8.6) | (65.6) | % | Income (loss) from continuing operations | 6.8 | 7.1 | (0.3) | (4.2) | % | ||||||||||||||||||||||||||||||||||||||||
Discontinued operations (net of income taxes) | Discontinued operations (net of income taxes) | (0.1) | (0.1) | — | — | % | Discontinued operations (net of income taxes) | — | (0.6) | 0.6 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 4.4 | 13.0 | (8.6) | (66.2) | % | Net income (loss) | 6.8 | 6.5 | 0.3 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||
(Income) loss attributable to noncontrolling interest | (Income) loss attributable to noncontrolling interest | (0.3) | (0.2) | (0.1) | 50.0 | % | (Income) loss attributable to noncontrolling interest | (0.4) | (0.1) | (0.3) | 300.0 | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to A&B | Net income (loss) attributable to A&B | $ | 4.1 | $ | 12.8 | $ | (8.7) | (68.0) | % | Net income (loss) attributable to A&B | $ | 6.4 | $ | 6.4 | $ | — | — | % | ||||||||||||||||||||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock: | Basic Earnings (Loss) Per Share of Common Stock: | Basic Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share - continuing operations | Basic earnings (loss) per share - continuing operations | $ | 0.06 | $ | 0.18 | $ | (0.12) | (66.7) | % | Basic earnings (loss) per share - continuing operations | $ | 0.09 | $ | 0.10 | $ | (0.01) | (10.0) | % | ||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share - discontinued operations | Basic earnings (loss) per share - discontinued operations | — | — | — | NM | Basic earnings (loss) per share - discontinued operations | — | (0.01) | 0.01 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||
$ | 0.06 | $ | 0.18 | $ | (0.12) | (66.7) | % | $ | 0.09 | $ | 0.09 | $ | — | — | % | |||||||||||||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share of Common Stock: | Diluted Earnings (Loss) Per Share of Common Stock: | Diluted Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share - continuing operations | Diluted earnings (loss) per share - continuing operations | $ | 0.05 | $ | 0.18 | $ | (0.13) | (72.2) | % | Diluted earnings (loss) per share - continuing operations | $ | 0.09 | $ | 0.10 | $ | (0.01) | (10.0) | % | ||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share - discontinued operations | Diluted earnings (loss) per share - discontinued operations | — | — | — | NM | Diluted earnings (loss) per share - discontinued operations | — | (0.01) | 0.01 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||
$ | 0.05 | $ | 0.18 | $ | (0.13) | (72.2) | % | $ | 0.09 | $ | 0.09 | $ | — | — | % | |||||||||||||||||||||||||||||||||||||
Continuing operations available to A&B common shareholders | Continuing operations available to A&B common shareholders | $ | 4.1 | $ | 12.9 | $ | (8.8) | (68.2) | % | Continuing operations available to A&B common shareholders | $ | 6.3 | $ | 6.9 | $ | (0.6) | (8.7) | % | ||||||||||||||||||||||||||||||||||
Discontinued operations available to A&B common shareholders | Discontinued operations available to A&B common shareholders | (0.1) | (0.1) | — | — | % | Discontinued operations available to A&B common shareholders | — | (0.6) | 0.6 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B common shareholders | Net income (loss) available to A&B common shareholders | $ | 4.0 | $ | 12.8 | $ | (8.8) | (68.8) | % | Net income (loss) available to A&B common shareholders | $ | 6.3 | $ | 6.3 | $ | — | — | % | ||||||||||||||||||||||||||||||||||
Funds From Operations ("FFO")1 | Funds From Operations ("FFO")1 | $ | 13.2 | $ | 22.3 | $ | (9.1) | (40.8) | % | Funds From Operations ("FFO")1 | $ | 15.3 | $ | 15.5 | $ | (0.2) | (1.3) | % | ||||||||||||||||||||||||||||||||||
Core FFO1 | Core FFO1 | $ | 20.3 | $ | 18.5 | $ | 1.8 | 9.7 | % | Core FFO1 | $ | 18.9 | $ | 17.9 | $ | 1.0 | 5.6 | % | ||||||||||||||||||||||||||||||||||
FFO per diluted share | FFO per diluted share | $ | 0.18 | $ | 0.31 | $ | (0.13) | (41.9) | % | FFO per diluted share | $ | 0.21 | $ | 0.21 | $ | — | — | % | ||||||||||||||||||||||||||||||||||
Core FFO per diluted share | Core FFO per diluted share | $ | 0.28 | $ | 0.25 | $ | 0.03 | 12.0 | % | Core FFO per diluted share | $ | 0.26 | $ | 0.25 | $ | 0.01 | 4.0 | % | ||||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding (FFO/Core FFO)2 | Weighted average diluted shares outstanding (FFO/Core FFO)2 | 72.8 | 72.6 | Weighted average diluted shares outstanding (FFO/Core FFO)2 | 72.8 | 72.7 | ||||||||||||||||||||||||||||||||||||||||||||||
1 For definitions of capitalized terms and a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 1 For definitions of capitalized terms and a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 1 For definitions of capitalized terms and a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO/Core FFO. | 2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO/Core FFO. | 2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO/Core FFO. |
(amounts in millions, except percentage data and per share data; unaudited) | (amounts in millions, except percentage data and per share data; unaudited) | Six Months Ended June 30, | 2022 vs 2021 | (amounts in millions, except percentage data and per share data; unaudited) | Nine Months Ended September 30, | 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | Operating revenue | $ | 186.3 | $ | 170.3 | $ | 16.0 | 9.4 | % | Operating revenue | $ | 283.5 | $ | 254.6 | $ | 28.9 | 11.4 | % | ||||||||||||||||||||||||||||||||||
Cost of operations | Cost of operations | (131.3) | (118.0) | (13.3) | 11.3 | % | Cost of operations | (203.8) | (178.6) | (25.2) | 14.1 | % | ||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (25.6) | (24.6) | (1.0) | 4.1 | % | Selling, general and administrative | (38.3) | (37.2) | (1.1) | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of assets, net | Gain (loss) on disposal of assets, net | 54.0 | 0.4 | 53.6 | NM | Gain (loss) on disposal of assets, net | 54.0 | 0.4 | 53.6 | NM | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 83.4 | 28.1 | 55.3 | 196.8 | % | Operating income (loss) | 95.4 | 39.2 | 56.2 | 143.4 | % | ||||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | Income (loss) related to joint ventures | 1.4 | 9.5 | (8.1) | (85.3) | % | Income (loss) related to joint ventures | 1.8 | 12.2 | (10.4) | (85.2) | % | ||||||||||||||||||||||||||||||||||||||||
Pension termination | Pension termination | (76.9) | — | (76.9) | NM | Pension termination | (76.9) | — | (76.9) | NM | ||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | 0.8 | (0.8) | 1.6 | (200.0) | % | Interest and other income (expense), net | 0.7 | (1.0) | 1.7 | (170.0) | % | ||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (11.3) | (13.7) | 2.4 | (17.5) | % | Interest expense | (16.8) | (20.2) | 3.4 | (16.8) | % | ||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | 18.1 | (0.1) | 18.2 | NM | Income tax benefit (expense) | 18.1 | (0.1) | 18.2 | NM | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | Income (loss) from continuing operations | 15.5 | 23.0 | (7.5) | (32.6) | % | Income (loss) from continuing operations | 22.3 | 30.1 | (7.8) | (25.9) | % | ||||||||||||||||||||||||||||||||||||||||
Discontinued operations (net of income taxes) | Discontinued operations (net of income taxes) | (0.1) | (0.1) | — | — | % | Discontinued operations (net of income taxes) | (0.1) | (0.7) | 0.6 | (85.7) | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 15.4 | 22.9 | (7.5) | (32.8) | % | Net income (loss) | 22.2 | 29.4 | (7.2) | (24.5) | % | ||||||||||||||||||||||||||||||||||||||||
(Income) loss attributable to noncontrolling interest | (Income) loss attributable to noncontrolling interest | (0.8) | (0.2) | (0.6) | 300.0 | % | (Income) loss attributable to noncontrolling interest | (1.2) | (0.3) | (0.9) | 300.0 | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to A&B | Net income (loss) attributable to A&B | $ | 14.6 | $ | 22.7 | $ | (8.1) | (35.7) | % | Net income (loss) attributable to A&B | $ | 21.0 | $ | 29.1 | $ | (8.1) | (27.8) | % | ||||||||||||||||||||||||||||||||||
Basic Earnings (Loss) Per Share of Common Stock: | Basic Earnings (Loss) Per Share of Common Stock: | Basic Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share - continuing operations | Basic earnings (loss) per share - continuing operations | $ | 0.20 | $ | 0.31 | $ | (0.11) | (35.5) | % | Basic earnings (loss) per share - continuing operations | $ | 0.29 | $ | 0.41 | $ | (0.12) | (29.3) | % | ||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share - discontinued operations | Basic earnings (loss) per share - discontinued operations | — | — | — | NM | Basic earnings (loss) per share - discontinued operations | — | (0.01) | 0.01 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||
$ | 0.20 | $ | 0.31 | $ | (0.11) | (35.5) | % | $ | 0.29 | $ | 0.40 | $ | (0.11) | (27.5) | % | |||||||||||||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share of Common Stock: | Diluted Earnings (Loss) Per Share of Common Stock: | Diluted Earnings (Loss) Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share - continuing operations | Diluted earnings (loss) per share - continuing operations | $ | 0.20 | $ | 0.31 | $ | (0.11) | (35.5) | % | Diluted earnings (loss) per share - continuing operations | $ | 0.29 | $ | 0.41 | $ | (0.12) | (29.3) | % | ||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per share - discontinued operations | Diluted earnings (loss) per share - discontinued operations | — | — | — | NM | Diluted earnings (loss) per share - discontinued operations | — | (0.01) | 0.01 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||
$ | 0.20 | $ | 0.31 | $ | (0.11) | (35.5) | % | $ | 0.29 | $ | 0.40 | $ | (0.11) | (27.5) | % | |||||||||||||||||||||||||||||||||||||
Continuing operations available to A&B common shareholders | Continuing operations available to A&B common shareholders | $ | 14.6 | $ | 22.8 | $ | (8.2) | (36.0) | % | Continuing operations available to A&B common shareholders | $ | 20.9 | $ | 29.7 | $ | (8.8) | (29.6) | % | ||||||||||||||||||||||||||||||||||
Discontinued operations available to A&B common shareholders | Discontinued operations available to A&B common shareholders | (0.1) | (0.1) | — | — | % | Discontinued operations available to A&B common shareholders | (0.1) | (0.7) | 0.6 | (85.7) | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B common shareholders | Net income (loss) available to A&B common shareholders | $ | 14.5 | $ | 22.7 | $ | (8.2) | (36.1) | % | Net income (loss) available to A&B common shareholders | $ | 20.8 | $ | 29.0 | $ | (8.2) | (28.3) | % | ||||||||||||||||||||||||||||||||||
Funds From Operations ("FFO")1 | Funds From Operations ("FFO")1 | $ | 32.9 | $ | 41.5 | $ | (8.6) | (20.7) | % | Funds From Operations ("FFO")1 | $ | 48.2 | $ | 57.0 | $ | (8.8) | (15.4) | % | ||||||||||||||||||||||||||||||||||
Core FFO1 | Core FFO1 | $ | 41.1 | $ | 33.9 | $ | 7.2 | 21.2 | % | Core FFO1 | $ | 60.0 | $ | 51.9 | $ | 8.1 | 15.6 | % | ||||||||||||||||||||||||||||||||||
FFO per diluted share | FFO per diluted share | $ | 0.45 | $ | 0.57 | $ | (0.12) | (21.1) | % | FFO per diluted share | $ | 0.66 | $ | 0.79 | $ | (0.13) | (16.5) | % | ||||||||||||||||||||||||||||||||||
Core FFO per diluted share | Core FFO per diluted share | $ | 0.56 | $ | 0.47 | $ | 0.09 | 19.1 | % | Core FFO per diluted share | $ | 0.82 | $ | 0.71 | $ | 0.11 | 15.5 | % | ||||||||||||||||||||||||||||||||||
Weighted average diluted shares outstanding (FFO/Core FFO)2 | Weighted average diluted shares outstanding (FFO/Core FFO)2 | 72.8 | 72.6 | Weighted average diluted shares outstanding (FFO/Core FFO)2 | 72.8 | 72.6 | ||||||||||||||||||||||||||||||||||||||||||||||
1 For definitions of capitalized terms and a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 1 For definitions of capitalized terms and a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 1 For definitions of capitalized terms and a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO/Core FFO. | 2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO/Core FFO. | 2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO/Core FFO. |
(amounts in millions, except percentage data and acres; unaudited) | (amounts in millions, except percentage data and acres; unaudited) | Three Months Ended June 30, | 2022 vs 2021 | (amounts in millions, except percentage data and acres; unaudited) | Three Months Ended September 30, | 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | %1 | 2022 | 2021 | $ | %1 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate operating revenue | Commercial Real Estate operating revenue | $ | 45.8 | $ | 43.3 | $ | 2.5 | 5.8 | % | Commercial Real Estate operating revenue | $ | 46.2 | $ | 44.0 | $ | 2.2 | 5.0 | % | ||||||||||||||||||||||||||||||||||
Commercial Real Estate operating costs and expenses | Commercial Real Estate operating costs and expenses | (24.2) | (23.5) | (0.7) | 3.0 | % | Commercial Real Estate operating costs and expenses | (25.0) | (24.1) | (0.9) | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (1.8) | (1.7) | (0.1) | 5.9 | % | Selling, general and administrative | (1.8) | (1.6) | (0.2) | 12.5 | % | ||||||||||||||||||||||||||||||||||||||||
Intersegment operating revenue, net2 | Intersegment operating revenue, net2 | 0.5 | 0.4 | 0.1 | 25.0 | % | Intersegment operating revenue, net2 | 0.3 | 0.3 | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Pension termination | (0.7) | — | (0.7) | NM | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | (0.2) | 0.1 | (0.3) | (300.0) | % | Interest and other income (expense), net | 0.6 | 0.4 | 0.2 | 50.0 | % | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate operating profit (loss) | Commercial Real Estate operating profit (loss) | $ | 19.4 | $ | 18.6 | $ | 0.8 | 4.3 | % | Commercial Real Estate operating profit (loss) | $ | 20.3 | $ | 19.0 | $ | 1.3 | 6.8 | % | ||||||||||||||||||||||||||||||||||
Operating profit (loss) margin | Operating profit (loss) margin | 42.4 | % | 43.0 | % | Operating profit (loss) margin | 43.9 | % | 43.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Net Operating Income ("NOI")3 | Net Operating Income ("NOI")3 | $ | 29.8 | $ | 28.5 | $ | 1.3 | 4.5 | % | Net Operating Income ("NOI")3 | $ | 29.0 | $ | 28.1 | $ | 0.9 | 3.3 | % | ||||||||||||||||||||||||||||||||||
Same-Store Net Operating Income ("Same-Store NOI")3 | Same-Store Net Operating Income ("Same-Store NOI")3 | $ | 29.7 | $ | 28.4 | $ | 1.3 | 4.4 | % | Same-Store Net Operating Income ("Same-Store NOI")3 | $ | 28.9 | $ | 28.1 | $ | 0.8 | 2.8 | % | ||||||||||||||||||||||||||||||||||
Gross leasable area ("GLA") in square feet ("SF") for improved properties at end of period | Gross leasable area ("GLA") in square feet ("SF") for improved properties at end of period | 3.9 | 3.9 | — | — | % | Gross leasable area ("GLA") in square feet ("SF") for improved properties at end of period | 3.9 | 3.9 | — | — | % | ||||||||||||||||||||||||||||||||||||||||
Ground leases (acres at end of period) | Ground leases (acres at end of period) | 140.7 | 149.1 | (8.4) | (5.6) | % | Ground leases (acres at end of period) | 140.8 | 146.0 | (5.2) | (3.6) | % | ||||||||||||||||||||||||||||||||||||||||
1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different. | 1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different. | 1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different. | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 Intersegment operating revenue, net for Commercial Real Estate is primarily from the Materials & Construction segment and is eliminated in the consolidated results of operations. | 2 Intersegment operating revenue, net for Commercial Real Estate is primarily from the Materials & Construction segment and is eliminated in the consolidated results of operations. | 2 Intersegment operating revenue, net for Commercial Real Estate is primarily from the Materials & Construction segment and is eliminated in the consolidated results of operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 For a discussion of management's use of a non-GAAP financial measures and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 3 For a discussion of management's use of a non-GAAP financial measures and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 3 For a discussion of management's use of a non-GAAP financial measures and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. |
Six Months Ended June 30, | 2022 vs. 2021 | Nine Months Ended September 30, | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in millions, except percentage data; unaudited) | (amounts in millions, except percentage data; unaudited) | 2022 | 2021 | $ | %1 | (amounts in millions, except percentage data; unaudited) | 2022 | 2021 | $ | %1 | ||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate operating revenue | Commercial Real Estate operating revenue | $ | 91.9 | $ | 83.2 | $ | 8.7 | 10.5 | % | Commercial Real Estate operating revenue | $ | 138.1 | $ | 127.2 | $ | 10.9 | 8.6 | % | ||||||||||||||||||||||||||||||||||
Commercial Real Estate operating costs and expenses | Commercial Real Estate operating costs and expenses | (48.2) | (46.9) | (1.3) | 2.8 | % | Commercial Real Estate operating costs and expenses | (73.2) | (71.0) | (2.2) | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (3.4) | (3.2) | (0.2) | 6.3 | % | Selling, general and administrative | (5.2) | (4.8) | (0.4) | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||
Intersegment operating revenue, net2 | Intersegment operating revenue, net2 | 0.6 | 0.7 | (0.1) | (14.3) | % | Intersegment operating revenue, net2 | 0.9 | 1.0 | (0.1) | (10.0) | % | ||||||||||||||||||||||||||||||||||||||||
Pension termination | Pension termination | (0.7) | — | (0.7) | NM | Pension termination | (0.7) | — | (0.7) | NM | ||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | (0.2) | 0.2 | (0.4) | (200.0) | % | Interest and other income (expense), net | 0.4 | 0.6 | (0.2) | (33.3) | % | ||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate operating profit (loss) | Commercial Real Estate operating profit (loss) | $ | 40.0 | $ | 34.0 | $ | 6.0 | 17.6 | % | Commercial Real Estate operating profit (loss) | $ | 60.3 | $ | 53.0 | $ | 7.3 | 13.8 | % | ||||||||||||||||||||||||||||||||||
Operating profit (loss) margin | Operating profit (loss) margin | 43.5 | % | 40.9 | % | Operating profit (loss) margin | 43.7 | % | 41.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Net Operating Income ("NOI")3 | Net Operating Income ("NOI")3 | $ | 59.6 | $ | 53.8 | $ | 5.8 | 10.6 | % | Net Operating Income ("NOI")3 | $ | 88.6 | $ | 81.9 | $ | 6.7 | 8.1 | % | ||||||||||||||||||||||||||||||||||
Same-Store Net Operating Income ("Same-Store NOI")3 | Same-Store Net Operating Income ("Same-Store NOI")3 | $ | 59.3 | $ | 53.7 | $ | 5.6 | 10.3 | % | Same-Store Net Operating Income ("Same-Store NOI")3 | $ | 88.2 | $ | 81.8 | $ | 6.4 | 7.7 | % | ||||||||||||||||||||||||||||||||||
1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different. | 1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different. | 1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different. | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 Intersegment operating revenue, net for Commercial Real Estate is primarily from the Materials & Construction segment and is eliminated in the consolidated results of operations. | 2 Intersegment operating revenue, net for Commercial Real Estate is primarily from the Materials & Construction segment and is eliminated in the consolidated results of operations. | 2 Intersegment operating revenue, net for Commercial Real Estate is primarily from the Materials & Construction segment and is eliminated in the consolidated results of operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 For a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 3 For a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. | 3 For a discussion of management's use of a non-GAAP financial measure and the required reconciliation of non-GAAP measures to GAAP measures, refer to page 36. |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | ABR/SF | Rent Spread1 | Leases | GLA | ABR/SF | Rent Spread1 | Leases | GLA (SF) | ABR/SF | Rent Spread1 | Leases | GLA (SF) | ABR/SF | Rent Spread1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Retail | 50 | 82,979 | $44.90 | 5.9% | 105 | 354,418 | $30.89 | 3.6% | Retail | 37 | 83,646 | $31.98 | 4.6% | 142 | 438,064 | $31.10 | 3.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | 20 | 77,778 | $15.15 | 4.7% | 35 | 171,549 | $13.73 | 5.8% | Industrial | 11 | 18,660 | $14.55 | 1.3% | 46 | 190,209 | $13.81 | 5.3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Office | 6 | 13,316 | $33.23 | 10.3% | 10 | 17,398 | $33.41 | 9.1% | Office | 2 | 2,569 | $41.33 | 2.7% | 12 | 19,967 | $34.43 | 8.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Rent spread is calculated as percentage change in ABR in the first year of a signed lease relative to the ABR in the last year of the prior lease for comparable leases, a subset of the total population of leases for the period presented (described above). | 1 Rent spread is calculated as percentage change in ABR in the first year of a signed lease relative to the ABR in the last year of the prior lease for comparable leases, a subset of the total population of leases for the period presented (described above). | 1 Rent spread is calculated as percentage change in ABR in the first year of a signed lease relative to the ABR in the last year of the prior lease for comparable leases, a subset of the total population of leases for the period presented (described above). |
As of | As of | Basis Point Change | As of | As of | Basis Point Change | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Leased Occupancy | Leased Occupancy | 94.6% | 94.0% | 60 | Leased Occupancy | 94.6% | 94.6% | — | ||||||||||||||||||||||||||||||||
Physical Occupancy | Physical Occupancy | 93.7% | 93.7% | — | Physical Occupancy | 93.8% | 94.0% | (20) | ||||||||||||||||||||||||||||||||
Economic Occupancy | Economic Occupancy | 92.6% | 92.2% | 40 | Economic Occupancy | 93.1% | 92.0% | 110 |
Leased Occupancy | Leased Occupancy | Leased Occupancy | ||||||||||||||||||||||||||||||||||||||
As of | As of | Basis Point Change | As of | As of | Basis Point Change | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Retail | Retail | 93.1% | 92.3% | 80 | Retail | 93.3% | 93.2% | 10 | ||||||||||||||||||||||||||||||||
Industrial | Industrial | 98.4% | 97.8% | 60 | Industrial | 98.0% | 98.0% | — | ||||||||||||||||||||||||||||||||
Office | Office | 88.1% | 91.6% | (350) | Office | 89.1% | 90.2% | (110) | ||||||||||||||||||||||||||||||||
Total Leased Occupancy | Total Leased Occupancy | 94.6% | 94.0% | 60 | Total Leased Occupancy | 94.6% | 94.6% | — |
Economic Occupancy | Economic Occupancy | Economic Occupancy | ||||||||||||||||||||||||||||||||||||||
As of | As of | Basis Point Change | As of | As of | Basis Point Change | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Retail | Retail | 90.6% | 89.6% | 100 | Retail | 91.3% | 89.5% | 180 | ||||||||||||||||||||||||||||||||
Industrial | Industrial | 97.3% | 97.7% | (40) | Industrial | 97.6% | 97.4% | 20 | ||||||||||||||||||||||||||||||||
Office | Office | 85.4% | 90.7% | (530) | Office | 85.7% | 89.3% | (360) | ||||||||||||||||||||||||||||||||
Total Economic Occupancy | Total Economic Occupancy | 92.6% | 92.2% | 40 | Total Economic Occupancy | 93.1% | 92.0% | 110 |
Same-Store Leased Occupancy | Same-Store Leased Occupancy | Same-Store Leased Occupancy | ||||||||||||||||||||||||||||||||||||||
As of | As of | Basis Point Change | As of | As of | Basis Point Change | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Retail | Retail | 93.1% | 92.3% | 80 | Retail | 93.3% | 93.2% | 10 | ||||||||||||||||||||||||||||||||
Industrial | Industrial | 98.3% | 97.8% | 50 | Industrial | 97.9% | 98.0% | (10) | ||||||||||||||||||||||||||||||||
Office | Office | 88.1% | 91.6% | (350) | Office | 89.1% | 90.2% | (110) | ||||||||||||||||||||||||||||||||
Total Same-Store Leased Occupancy | Total Same-Store Leased Occupancy | 94.6% | 94.0% | 60 | Total Same-Store Leased Occupancy | 94.6% | 94.6% | — |
Same-Store Economic Occupancy | Same-Store Economic Occupancy | Same-Store Economic Occupancy | ||||||||||||||||||||||||||||||||||||||
As of | As of | Basis Point Change | As of | As of | Basis Point Change | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Retail | Retail | 90.6% | 89.6% | 100 | Retail | 91.3% | 89.5% | 180 | ||||||||||||||||||||||||||||||||
Industrial | Industrial | 97.2% | 97.7% | (50) | Industrial | 97.5% | 97.4% | 10 | ||||||||||||||||||||||||||||||||
Office | Office | 85.4% | 90.7% | (530) | Office | 85.7% | 89.3% | (360) | ||||||||||||||||||||||||||||||||
Total Same-Store Economic Occupancy | Total Same-Store Economic Occupancy | 92.5% | 92.2% | 30 | Total Same-Store Economic Occupancy | 93.0% | 92.0% | 100 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||
(amounts in millions; unaudited) | (amounts in millions; unaudited) | 2022 | 2021 | (amounts in millions; unaudited) | 2022 | 2021 | ||||||||||||||||||||||
Development sales revenue | $ | — | $ | 11.2 | ||||||||||||||||||||||||
Unimproved/other property sales revenue | Unimproved/other property sales revenue | 0.2 | — | Unimproved/other property sales revenue | — | 0.6 | ||||||||||||||||||||||
Other operating revenue1 | Other operating revenue1 | 4.9 | 4.8 | Other operating revenue1 | 2.9 | 4.8 | ||||||||||||||||||||||
Total Land Operations operating revenue | Total Land Operations operating revenue | 5.1 | 16.0 | Total Land Operations operating revenue | 2.9 | 5.4 | ||||||||||||||||||||||
Land Operations operating costs and expenses2 | Land Operations operating costs and expenses2 | (5.6) | (10.6) | Land Operations operating costs and expenses2 | (4.6) | (4.7) | ||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (1.2) | (1.0) | Selling, general and administrative | (0.6) | (0.9) | ||||||||||||||||||||||
Gain (loss) on disposal of assets, net | 54.0 | — | ||||||||||||||||||||||||||
Intersegment operating charges, net2 | Intersegment operating charges, net2 | 0.2 | (0.1) | |||||||||||||||||||||||||
Earnings (loss) from joint ventures | Earnings (loss) from joint ventures | (0.1) | 5.3 | Earnings (loss) from joint ventures | — | 2.4 | ||||||||||||||||||||||
Pension termination | (59.9) | — | ||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | — | (0.6) | Interest and other income (expense), net | (0.1) | (0.4) | ||||||||||||||||||||||
Total Land Operations operating profit (loss) | Total Land Operations operating profit (loss) | $ | (7.7) | $ | 9.1 | Total Land Operations operating profit (loss) | $ | (2.2) | $ | 1.7 | ||||||||||||||||||
1 Other operating revenue includes legacy land licensing and leasing, trucking service, and renewable energy. | 1 Other operating revenue includes legacy land licensing and leasing, trucking service, and renewable energy. | 1 Other operating revenue includes legacy land licensing and leasing, trucking service, and renewable energy. | ||||||||||||||||||||||||||
2 Includes intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. | ||||||||||||||||||||||||||||
2 Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. | 2 Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(amounts in millions; unaudited) | (amounts in millions; unaudited) | 2022 | 2021 | (amounts in millions; unaudited) | 2022 | 2021 | ||||||||||||||||||||||
Development sales revenue | Development sales revenue | $ | 6.3 | $ | 11.2 | Development sales revenue | $ | 6.3 | $ | 11.2 | ||||||||||||||||||
Unimproved/other property sales revenue | Unimproved/other property sales revenue | 2.0 | 11.3 | Unimproved/other property sales revenue | 2.0 | 11.9 | ||||||||||||||||||||||
Other operating revenue1 | Other operating revenue1 | 9.7 | 10.6 | Other operating revenue1 | 12.6 | 15.4 | ||||||||||||||||||||||
Total Land Operations operating revenue | Total Land Operations operating revenue | 18.0 | 33.1 | Total Land Operations operating revenue | 20.9 | 38.5 | ||||||||||||||||||||||
Land Operations operating costs and expenses2 | (14.9) | (18.8) | ||||||||||||||||||||||||||
Land Operations operating costs and expenses | Land Operations operating costs and expenses | (19.1) | (23.4) | |||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (2.4) | (1.9) | Selling, general and administrative | (3.0) | (2.8) | ||||||||||||||||||||||
Intersegment operating charges, net2 | Intersegment operating charges, net2 | (0.2) | (0.2) | |||||||||||||||||||||||||
Gain (loss) on disposal of assets, net | Gain (loss) on disposal of assets, net | 54.0 | 0.1 | Gain (loss) on disposal of assets, net | 54.0 | 0.1 | ||||||||||||||||||||||
Earnings (loss) from joint ventures | Earnings (loss) from joint ventures | (0.3) | 8.9 | Earnings (loss) from joint ventures | (0.3) | 11.3 | ||||||||||||||||||||||
Pension termination | Pension termination | (62.2) | — | Pension termination | (62.2) | — | ||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | — | (0.9) | Interest and other income (expense), net | (0.1) | (1.2) | ||||||||||||||||||||||
Total Land Operations operating profit (loss) | Total Land Operations operating profit (loss) | $ | (7.8) | $ | 20.5 | Total Land Operations operating profit (loss) | $ | (10.0) | $ | 22.3 | ||||||||||||||||||
1 Other operating revenue includes legacy land licensing and leasing, trucking service, and renewable energy. | 1 Other operating revenue includes legacy land licensing and leasing, trucking service, and renewable energy. | 1 Other operating revenue includes legacy land licensing and leasing, trucking service, and renewable energy. | ||||||||||||||||||||||||||
2 Includes intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. | ||||||||||||||||||||||||||||
2 Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. | 2 Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. |
(dollars in millions; unaudited) | (dollars in millions; unaudited) | Three Months Ended June 30, | 2022 vs 2021 | (dollars in millions; unaudited) | Three Months Ended September 30, | 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||
Materials & Construction | Materials & Construction | Materials & Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | Operating revenue | $ | 37.2 | $ | 30.0 | $ | 7.2 | 24.0% | Operating revenue | $ | 48.1 | $ | 34.9 | $ | 13.2 | 37.8% | ||||||||||||||||||||||||||||||||||||
Operating costs and expenses | Operating costs and expenses | (34.1) | (28.7) | (5.4) | 18.8% | Operating costs and expenses | (43.3) | (31.8) | (11.5) | 36.2% | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (3.9) | (3.9) | — | —% | Selling, general and administrative | (3.1) | (3.5) | 0.4 | (11.4)% | ||||||||||||||||||||||||||||||||||||||||||
Intersegment operating charges, net1 | Intersegment operating charges, net1 | 0.1 | (0.4) | 0.5 | (125.0)% | Intersegment operating charges, net1 | (0.7) | (0.1) | (0.6) | 600.0% | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of assets, net | — | 0.1 | (0.1) | NM | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | Income (loss) related to joint ventures | (0.1) | 0.9 | (1.0) | (111.1)% | Income (loss) related to joint ventures | 0.4 | 0.2 | 0.2 | 100.0% | ||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | 0.2 | 0.1 | 0.1 | 100.0% | Interest and other income (expense), net | 0.4 | — | 0.4 | NM | ||||||||||||||||||||||||||||||||||||||||||
Materials & Construction operating profit (loss) | Materials & Construction operating profit (loss) | $ | (0.6) | $ | (1.9) | $ | 1.3 | (68.4)% | Materials & Construction operating profit (loss) | $ | 1.8 | $ | (0.3) | $ | 2.1 | (700.0)% | ||||||||||||||||||||||||||||||||||||
Gross margin percentage | Gross margin percentage | 8.3 | % | 4.3 | % | Gross margin percentage | 10.0 | % | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 1.6 | $ | 2.8 | $ | (1.2) | (42.9)% | Depreciation and amortization | $ | 1.3 | $ | 2.6 | $ | (1.3) | (50.0)% | ||||||||||||||||||||||||||||||||||||
Backlog at period end2 | Backlog at period end2 | $ | 212.1 | $ | 144.3 | $ | 67.8 | 47.0% | Backlog at period end2 | $ | 216.9 | $ | 193.5 | $ | 23.4 | 12.1% | ||||||||||||||||||||||||||||||||||||
1 Intersegment operating charges, net for Materials & Construction represent amounts primarily from the Commercial Real Estate segment and are eliminated in the consolidated results of operations. | 1 Intersegment operating charges, net for Materials & Construction represent amounts primarily from the Commercial Real Estate segment and are eliminated in the consolidated results of operations. | 1 Intersegment operating charges, net for Materials & Construction represent amounts primarily from the Commercial Real Estate segment and are eliminated in the consolidated results of operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 Backlog represents the total amount of revenue that Grace Pacific, Maui Paving, LLC (“Maui Paving”) and Goodfellow Grace Pacific A J.V. (“Goodfellow Grace Pacific”) expect to realize on contracts awarded. Both Maui Paving and Goodfellow Grace Pacific are 50-percent-owned unconsolidated affiliates. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its construction-and traffic control-related products and services. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months, or longer, for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of contracts in which Grace Pacific has been confirmed to be the lowest bidder at the time of this disclosure (such amounts were $82.0 million and $73.1 million as of June 30, 2022 and 2021, respectively). Circumstances outside the Company's control such as procurement or technical protests, and/or changes in the availability of project funding, among others, may arise that prevent the finalization of such contracts. Maui Paving's backlog as of June 30, 2022 and 2021 was $18.4 million and $8.3 million, respectively. Goodfellow Grace Pacific's backlog as of June 30, 2022 was $16.0 million. There was no backlog related to Goodfellow Grace Pacific as of June 30, 2021. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2 Backlog represents the total amount of revenue that Grace Pacific, Maui Paving, LLC (“Maui Paving”) and Goodfellow Grace Pacific A J.V. (“Goodfellow Grace Pacific”) expect to realize on contracts awarded. Both Maui Paving and Goodfellow Grace Pacific are 50-percent-owned unconsolidated affiliates. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its construction-and traffic control-related products and services. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months, or longer, for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of contracts in which Grace Pacific has been confirmed to be the lowest bidder at the time of this disclosure (such amounts were $58.7 million and $85.2 million as of September 30, 2022 and 2021, respectively). Circumstances outside the Company's control such as procurement or technical protests, and/or changes in the availability of project funding, among others, may arise that prevent the finalization of such contracts. Maui Paving's backlog as of September 30, 2022 and 2021 was $25.2 million and $12.8 million, respectively. Goodfellow Grace Pacific's backlog as of September 30, 2022 was $10.6 million. There was $24.2 million backlog related to Goodfellow Grace Pacific as of September 30, 2021. | 2 Backlog represents the total amount of revenue that Grace Pacific, Maui Paving, LLC (“Maui Paving”) and Goodfellow Grace Pacific A J.V. (“Goodfellow Grace Pacific”) expect to realize on contracts awarded. Both Maui Paving and Goodfellow Grace Pacific are 50-percent-owned unconsolidated affiliates. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its construction-and traffic control-related products and services. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months, or longer, for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of contracts in which Grace Pacific has been confirmed to be the lowest bidder at the time of this disclosure (such amounts were $58.7 million and $85.2 million as of September 30, 2022 and 2021, respectively). Circumstances outside the Company's control such as procurement or technical protests, and/or changes in the availability of project funding, among others, may arise that prevent the finalization of such contracts. Maui Paving's backlog as of September 30, 2022 and 2021 was $25.2 million and $12.8 million, respectively. Goodfellow Grace Pacific's backlog as of September 30, 2022 was $10.6 million. There was $24.2 million backlog related to Goodfellow Grace Pacific as of September 30, 2021. |
(dollars in millions, tons delivered in thousands; unaudited) | (dollars in millions, tons delivered in thousands; unaudited) | Six Months Ended June 30, | 2022 vs 2021 | (dollars in millions, tons delivered in thousands; unaudited) | Nine Months Ended September 30, | 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ Change | Change | 2022 | 2021 | $ Change | Change | |||||||||||||||||||||||||||||||||||||||||||||
Materials & Construction | Materials & Construction | Materials & Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenue | Operating revenue | $ | 76.4 | $ | 54.0 | $ | 22.4 | 41.5% | Operating revenue | $ | 124.5 | $ | 88.9 | $ | 35.6 | 40.0% | ||||||||||||||||||||||||||||||||||||
Operating costs and expenses | Operating costs and expenses | (68.2) | (52.4) | (15.8) | 30.2% | Operating costs and expenses | (111.5) | (84.2) | (27.3) | 32.4% | ||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | Selling, general and administrative | (7.5) | (7.8) | 0.3 | (3.8)% | Selling, general and administrative | (10.6) | (11.3) | 0.7 | (6.2)% | ||||||||||||||||||||||||||||||||||||||||||
Intersegment operating charges, net1 | Intersegment operating charges, net1 | (0.1) | (0.6) | 0.5 | (83.3)% | Intersegment operating charges, net1 | (0.8) | (0.7) | (0.1) | 14.3% | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal of assets, net | Gain (loss) on disposal of assets, net | — | 0.1 | (0.1) | (100.0)% | Gain (loss) on disposal of assets, net | — | 0.1 | (0.1) | (100.0)% | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | Income (loss) related to joint ventures | 1.7 | 0.7 | 1.0 | 142.9% | Income (loss) related to joint ventures | 2.1 | 0.9 | 1.2 | 133.3% | ||||||||||||||||||||||||||||||||||||||||||
Interest and other income (expense), net | Interest and other income (expense), net | 0.3 | 0.1 | 0.2 | 200.0% | Interest and other income (expense), net | 0.7 | 0.1 | 0.6 | 600.0% | ||||||||||||||||||||||||||||||||||||||||||
Materials & Construction operating profit (loss) | Materials & Construction operating profit (loss) | $ | 2.6 | $ | (5.9) | $ | 8.5 | (144.1)% | Materials & Construction operating profit (loss) | $ | 4.4 | $ | (6.2) | $ | 10.6 | (171.0)% | ||||||||||||||||||||||||||||||||||||
Gross margin percentage | Gross margin percentage | 10.7 | % | 3.0 | % | Gross margin percentage | 10.4 | % | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 3.0 | $ | 5.4 | $ | (2.4) | (44.4)% | Depreciation and amortization | $ | 4.3 | $ | 8.1 | $ | (3.8) | (46.9)% | ||||||||||||||||||||||||||||||||||||
Backlog at period end2 | Backlog at period end2 | 212.1 | 144.3 | 67.8 | 47.0% | Backlog at period end2 | 216.9 | 193.5 | 23.4 | 12.1% | ||||||||||||||||||||||||||||||||||||||||||
1 Intersegment operating charges, net for Materials & Construction is primarily from the Commercial Real Estate segment and are eliminated in the consolidated results of operations. | 1 Intersegment operating charges, net for Materials & Construction is primarily from the Commercial Real Estate segment and are eliminated in the consolidated results of operations. | 1 Intersegment operating charges, net for Materials & Construction is primarily from the Commercial Real Estate segment and are eliminated in the consolidated results of operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 Backlog represents the total amount of revenue that Grace Pacific, Maui Paving, LLC (“Maui Paving”), and Goodfellow Grace Pacific A J.V. (“Goodfellow Grace Pacific”) expect to realize on contracts awarded. Both Maui Paving and Goodfellow Grace Pacific are 50-percent-owned unconsolidated affiliates. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its construction-and traffic control-related products and services. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months, or longer, for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of contracts in which Grace Pacific has been confirmed to be the lowest bidder at the time of this disclosure (such amounts were $65.8 million and $73.1 million as of June 30, 2022 and 2,021, respectively). Circumstances outside the Company's control such as procurement or technical protests, and/or changes in the availability of project funding, among others, may arise that prevent the finalization of such contracts. Maui Paving's backlog as of June 30, 2022 and 2,021 was $18.4 million and $8.3 million, respectively. Goodfellow Grace Pacific's backlog as of June 30, 2022 was $16.0 million. There was no backlog related to Goodfellow Grace Pacific as of June 30, 2021. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2 Backlog represents the total amount of revenue that Grace Pacific, Maui Paving, LLC (“Maui Paving”), and Goodfellow Grace Pacific A J.V. (“Goodfellow Grace Pacific”) expect to realize on contracts awarded. Both Maui Paving and Goodfellow Grace Pacific are 50-percent-owned unconsolidated affiliates. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its construction-and traffic control-related products and services. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months, or longer, for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of contracts in which Grace Pacific has been confirmed to be the lowest bidder at the time of this disclosure (such amounts were $58.7 million and $85.2 million as of September 30,2022 and 2021, respectively). Circumstances outside the Company's control such as procurement or technical protests, and/or changes in the availability of project funding, among others, may arise that prevent the finalization of such contracts. Maui Paving's backlog as of September 30,2022 and 2021, was $25.2 million and $12.8 million, respectively. Goodfellow Grace Pacific's backlog as of September 30,2022 and 2021, was $10.6 million and $24.2 million, respectively. | 2 Backlog represents the total amount of revenue that Grace Pacific, Maui Paving, LLC (“Maui Paving”), and Goodfellow Grace Pacific A J.V. (“Goodfellow Grace Pacific”) expect to realize on contracts awarded. Both Maui Paving and Goodfellow Grace Pacific are 50-percent-owned unconsolidated affiliates. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its construction-and traffic control-related products and services. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months, or longer, for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of contracts in which Grace Pacific has been confirmed to be the lowest bidder at the time of this disclosure (such amounts were $58.7 million and $85.2 million as of September 30,2022 and 2021, respectively). Circumstances outside the Company's control such as procurement or technical protests, and/or changes in the availability of project funding, among others, may arise that prevent the finalization of such contracts. Maui Paving's backlog as of September 30,2022 and 2021, was $25.2 million and $12.8 million, respectively. Goodfellow Grace Pacific's backlog as of September 30,2022 and 2021, was $10.6 million and $24.2 million, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to A&B common shareholders | Net income (loss) available to A&B common shareholders | $ | 4.0 | $ | 12.8 | $ | 14.5 | $ | 22.7 | Net income (loss) available to A&B common shareholders | $ | 6.3 | $ | 6.3 | $ | 20.8 | $ | 29.0 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of commercial real estate properties | Depreciation and amortization of commercial real estate properties | 9.2 | 9.5 | 18.4 | 19.0 | Depreciation and amortization of commercial real estate properties | 9.0 | 9.2 | 27.4 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||
Gain on the disposal of commercial real estate properties, net | Gain on the disposal of commercial real estate properties, net | — | — | — | (0.2) | Gain on the disposal of commercial real estate properties, net | — | — | — | (0.2) | ||||||||||||||||||||||||||||||||||||||||||
FFO | FFO | $ | 13.2 | $ | 22.3 | $ | 32.9 | $ | 41.5 | FFO | $ | 15.3 | $ | 15.5 | $ | 48.2 | $ | 57.0 | ||||||||||||||||||||||||||||||||||
Exclude items not related to core business: | Exclude items not related to core business: | Exclude items not related to core business: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Land Operations Operating (Profit) Loss | Land Operations Operating (Profit) Loss | 7.7 | (9.1) | 7.8 | (20.5) | Land Operations Operating (Profit) Loss | 2.2 | (1.7) | 10.0 | (22.3) | ||||||||||||||||||||||||||||||||||||||||||
Materials & Construction Operating (Profit) Loss | Materials & Construction Operating (Profit) Loss | 0.6 | 1.9 | (2.6) | 5.9 | Materials & Construction Operating (Profit) Loss | (1.8) | 0.3 | (4.4) | 6.2 | ||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | Loss from discontinued operations | 0.1 | 0.1 | 0.1 | 0.1 | Loss from discontinued operations | — | 0.6 | 0.1 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) attributable to noncontrolling interest | Income (loss) attributable to noncontrolling interest | 0.3 | 0.2 | 0.8 | 0.2 | Income (loss) attributable to noncontrolling interest | 0.4 | 0.1 | 1.2 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (18.1) | — | (18.1) | 0.1 | Income tax expense (benefit) | — | — | (18.1) | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Non-core business interest expense | Non-core business interest expense | 2.7 | 3.1 | 5.5 | 6.6 | Non-core business interest expense | 2.8 | 3.1 | 8.3 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||
Pension termination - CRE and Corporate | Pension termination - CRE and Corporate | 13.8 | — | 14.7 | — | Pension termination - CRE and Corporate | — | — | 14.7 | — | ||||||||||||||||||||||||||||||||||||||||||
Core FFO | Core FFO | $ | 20.3 | $ | 18.5 | $ | 41.1 | $ | 33.9 | Core FFO | $ | 18.9 | $ | 17.9 | $ | 60.0 | $ | 51.9 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate Operating Profit (Loss) | Commercial Real Estate Operating Profit (Loss) | $ | 19.4 | $ | 18.6 | $ | 40.0 | $ | 34.0 | Commercial Real Estate Operating Profit (Loss) | $ | 20.3 | $ | 19.0 | $ | 60.3 | $ | 53.0 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization of commercial real estate properties | Depreciation and amortization of commercial real estate properties | 9.2 | 9.5 | 18.4 | 19.0 | Depreciation and amortization of commercial real estate properties | 9.0 | 9.2 | 27.4 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||
Corporate and other expense | Corporate and other expense | (19.1) | (6.0) | (26.1) | (12.0) | Corporate and other expense | (7.6) | (6.8) | (33.7) | (18.9) | ||||||||||||||||||||||||||||||||||||||||||
Pension termination - CRE and Corporate | Pension termination - CRE and Corporate | 13.8 | — | 14.7 | — | Pension termination - CRE and Corporate | — | — | 14.7 | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to participating securities | Distributions to participating securities | (0.1) | — | (0.1) | — | Distributions to participating securities | (0.1) | — | (0.2) | — | ||||||||||||||||||||||||||||||||||||||||||
Core business interest expense | Core business interest expense | (2.9) | (3.6) | (5.8) | (7.1) | Core business interest expense | (2.7) | (3.5) | (8.5) | (10.4) | ||||||||||||||||||||||||||||||||||||||||||
Core FFO | Core FFO | $ | 20.3 | $ | 18.5 | $ | 41.1 | $ | 33.9 | Core FFO | $ | 18.9 | $ | 17.9 | $ | 60.0 | $ | 51.9 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate Operating Profit (Loss) | Commercial Real Estate Operating Profit (Loss) | $ | 19.4 | $ | 18.6 | $ | 40.0 | $ | 34.0 | Commercial Real Estate Operating Profit (Loss) | $ | 20.3 | $ | 19.0 | $ | 60.3 | $ | 53.0 | ||||||||||||||||||||||||||||||||||
Plus: Depreciation and amortization | Plus: Depreciation and amortization | 9.2 | 9.5 | 18.4 | 19.0 | Plus: Depreciation and amortization | 9.0 | 9.2 | 27.4 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||
Less: Straight-line lease adjustments | Less: Straight-line lease adjustments | (1.1) | (1.0) | (2.5) | (1.8) | Less: Straight-line lease adjustments | (1.2) | (1.1) | (3.7) | (2.9) | ||||||||||||||||||||||||||||||||||||||||||
Less: Favorable/(unfavorable) lease amortization | Less: Favorable/(unfavorable) lease amortization | (0.4) | (0.2) | (0.6) | (0.4) | Less: Favorable/(unfavorable) lease amortization | (0.2) | (0.1) | (0.8) | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Less: Termination income | Less: Termination income | (0.1) | (0.1) | (0.1) | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||
Plus: Other (income)/expense, net | Plus: Other (income)/expense, net | 0.9 | (0.1) | 0.9 | (0.2) | Plus: Other (income)/expense, net | (0.6) | (0.4) | 0.3 | (0.6) | ||||||||||||||||||||||||||||||||||||||||||
Plus: Selling, general, administrative and other expenses | Plus: Selling, general, administrative and other expenses | 1.8 | 1.7 | 3.4 | 3.2 | Plus: Selling, general, administrative and other expenses | 1.8 | 1.6 | 5.2 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate NOI | Commercial Real Estate NOI | 29.8 | 28.5 | 59.6 | 53.8 | Commercial Real Estate NOI | 29.0 | 28.1 | 88.6 | 81.9 | ||||||||||||||||||||||||||||||||||||||||||
Less: NOI from acquisitions, dispositions, and other adjustments | Less: NOI from acquisitions, dispositions, and other adjustments | (0.1) | (0.1) | (0.3) | (0.1) | Less: NOI from acquisitions, dispositions, and other adjustments | (0.1) | — | (0.4) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate Same-Store NOI | Commercial Real Estate Same-Store NOI | $ | 29.7 | $ | 28.4 | $ | 59.3 | $ | 53.7 | Commercial Real Estate Same-Store NOI | $ | 28.9 | $ | 28.1 | $ | 88.2 | $ | 81.8 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
(dollars in millions; unaudited) | (dollars in millions; unaudited) | 2022 | 2021 | Change | (dollars in millions; unaudited) | 2022 | 2021 | Change | ||||||||||||||||||||||||||||||||
CRE property acquisitions, development and redevelopment | CRE property acquisitions, development and redevelopment | $ | 3.0 | $ | 8.1 | (63.0)% | CRE property acquisitions, development and redevelopment | $ | 4.8 | $ | 14.3 | (66.4)% | ||||||||||||||||||||||||||||
CRE building/area improvements (Maintenance Capital Expenditures) | CRE building/area improvements (Maintenance Capital Expenditures) | 2.3 | 2.6 | (11.5)% | CRE building/area improvements (Maintenance Capital Expenditures) | 3.5 | 5.2 | (32.7)% | ||||||||||||||||||||||||||||||||
CRE tenant space improvements (Maintenance Capital Expenditures) | CRE tenant space improvements (Maintenance Capital Expenditures) | 0.9 | 0.9 | —% | CRE tenant space improvements (Maintenance Capital Expenditures) | 2.4 | 1.9 | 26.3% | ||||||||||||||||||||||||||||||||
Materials & Construction | Materials & Construction | 2.8 | 2.8 | —% | Materials & Construction | 4.7 | 2.8 | 67.9% | ||||||||||||||||||||||||||||||||
Land Operations and Corporate | Land Operations and Corporate | 0.6 | 0.4 | 50.0% | Land Operations and Corporate | 0.3 | 1.9 | (84.2)% | ||||||||||||||||||||||||||||||||
Total capital expenditures1 | Total capital expenditures1 | $ | 9.6 | $ | 14.8 | (35.1)% | Total capital expenditures1 | $ | 15.7 | $ | 26.1 | (39.8)% |
Issuer Purchases of Equity Securities | |||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share¹ | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||
(in thousands) | |||||||||||||||||
July 1-31, 2022 | — | $ | — | — | $ | — | |||||||||||
August 1-31, 2022 | — | $ | — | — | $ | — | |||||||||||
September 1-30, 2022 | 196,050 | $ | 16.46 | 196,050 | $ | 146,772 |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. | ||||||||
ALEXANDER & BALDWIN, INC. | ||||||||
By: /s/ Brett A. Brown | ||||||||
Brett A. Brown | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
By: /s/ Clayton K.Y. Chun | ||||||||
Clayton K.Y. Chun | ||||||||
Senior Vice President and Chief Accounting Officer |