Overview

• Hawaii land and real estate firm's Q1 revenue declined, mainly due to suspended housing project

• Company reported Q1 net loss, narrower than prior year

• Company revised segment reporting to improve transparency for investors

Outlook

• Company expects increasing revenue from commercial real estate as leased properties reach stabilization

• Company aims to improve revenue and NOI in future quarters by expanding agricultural land leasing

• Negotiations for the sale and lease of water-related assets continue to progress

Result Drivers

• HOUSING PROJECT SUSPENSION - Revenue and expenses in Land Development & Sales fell due to the suspension of the Honokeana Homes Housing Project by the State of Hawaii

• HIGH OCCUPANCY - Commercial real estate leasing occupancy reached 93%, but segment revenue and net operating income were unchanged year over year

• AGRICULTURAL LAND EXPANSION - Leased agricultural lands increased by 33.73%, but related revenue was flat and expenses rose as land was prepared for use

Company press release: ID:nGNX5GxZVp

Key Details

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