comscore A&B says 90% of Collection tower in Kakaako sold | Honolulu Star-Advertiser
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A&B says 90% of Collection tower in Kakaako sold

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  • COURTESY ALEXANDER & BALDWIN
    A small line formed Friday to buy mostly studio condominiums in this planned building fronting Ala Moana Boulevard.

Alexander & Baldwin, Inc. said Monday 90 percent of the 464 units in its Collection tower in Kakaako have been sold with the “vast majority” going to local owners.

The company began construction in October on the Collection, at the site of the former CompUSA store on Ala Moana Boulevard.

A&B also said that as of last month it has closed all sales at the recently completed 340-unit Waihonua high-rise project in Kakaako, “thus bringing this project to a very successful conclusion.”

The updates came as A&B released its fourth quarter results minus net income figures.

“The company is not reporting net income at this time because it requires additional time to finalize its financial statements for the year ended Dec. 31, 2014, following an extended review of its deferred income tax accounts,” the company said in a news release.

Revenue before discontinued operations for the fourth quarter of 2014 was $165.1 million, compared to $496.1 million for the fourth quarter of 2013, the company said. Fourth quarter operating profit before discontinued operations was $26.5 million, compared to $48.1 million for the fourth quarter of 2013.

“These year-over-year declines were primarily attributable to 2013 sales of seven mainland properties to fund the company’s acquisition of the Kailua Town portfolio and Pearl Highlands Center, the 2013 sale of a 24-acre parcel adjacent to Maui Business Park for the development of Maui’s first Target-anchored center, and lower Agribusiness performance in 2014,” A&B said.

A&B said full-year 2014 operating profit before discontinued operations was $147.3 million, compared to $101.4 million for 2013, and full-year operating profit was $91.1 million in 2014, compared to $64.7 million for 2013.

“Solid fourth quarter operating performance from our Real Estate segments and Grace Pacific capped off a positive year of operating results in 2014,” said Stanley Kuriyama, A&B’s CEO.

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