Six New York Mets Months Ended June dollars

Six expresses 1969 world series Months Ended johan santana jerseys conclude June 30, (dollars in millions)2009 2008 ChangeRevenue$53.1$56.1-5%Operating profit $23.0$26.5-13 %Operating profit margin 43.3%47.2%Occupancy Rates:Mainland87%96% -9%Hawaii95%99% -4% For the first half of 2009, real estate leasing revenue and operating profitdecreased by 5 percent and 13 percent respectively, from the year earlierperiod. In June 2009, the Company sold the Hawaii Business Park (Oahu). Leasable spaceincreased by a net 1.2 million square feet as compared to the second quarter of2008, due to the net effect of several acquisitions and dispositions throughoutthe preceding year and to the placement in service of several industrialproperties after the second quarter of 2008 with large gross leasable areas.These include Savannah Logistic Park Building B and Republic DistributionCenter, which accounted for 4 percent and 2 percent, respectively, of the 12percent year over year decline in occupancy. Quarter Ended June 30,(dollars in millions)2009 2008 ChangeRevenue$25.9$27.3-5%Operating profit $11.0$12.6-13 %Operating profit margin 42.5%46.2%Occupancy Rates:Mainland84%96% -12 %Hawaii95%99% -4%Leasable Space (million sq. ft.): Mainland7.15.9 20%Hawaii1.31.3 --% Real Estate Leasing revenue for the second quarter of 2009 was $25.9 million, adecrease of 5 percent from the second quarter of 2008, due to lower occupancies,primarily in the mainland portfolio, the net effect of property sales andacquisitions and the non-reinvestment of proceeds from a late 2008 disposition.Operating profit of $11.0 million was $1.6 million, or 13 percent, lower thanthe second quarter of 2008 for the reasons cited above, as well as to higherdepreciation expenses and increased bad debt reserves. Further, due to theinherent timing lag between disposition and reinvestment, the Company incursmodest loss of revenue and income in these interim periods.

Asa result, the Company typically incurs higher depreciation expenses attributableto a step-up in the cost basis of its properties or to the replacement offormerly non-depreciable property with depreciable property baseball managers . REAL ESTATE-LEASING The Company regularly makes dispositions of commercial properties from itsleasing portfolio and land under ground leases or vacant land parcels andsubsequently reinvests proceeds, on a tax-deferred basis, in new properties keith hernandez . This is consistent with how the Companyevaluates and makes investment, disposition and capital allocation decisions nationals baseball tickets . REAL ESTATE-INDUSTRY Real estate leasing and sales revenue and operating profit are analyzed beforediscontinued operations are removed nationals tickets .

Operating profit and volumedecreases were due to the same factors cited for the quarter baseball season tickets . Six Months Ended June 30, (dollars in millions)2009 2008 ChangeIntermodal revenue $91.3 $138.3-34 %Highway revenue 65.279.8 -18 %Total Revenue$156.5$218.1-28 %Operating profit $3.3$9.3-65 %Operating profit margin 2.1%4.3% For the first half of 2009, logistics revenue and gross margins decreased as aresult of principally the same factors cited for the quarter new york mets . Intermodal andHighway volume decreased by 25 and 16 percent, respectively, in the first halfof 2009 as compared to the first half of 2008 pro baseball tickets . Logistics operating profit fell by $2.8 million compared to the secondquarter of 2008, due principally to the lower volumes cited above yogi berra . In the second quarter 2009, Intermodal and Highway volumedecreased by 26 and 12 percent, respectively, as compared to the second quarterof 2008.

Improved yields, lower fuel costs, and cost containmentinitiatives, including improved equipment control and fleet management efforts,partially offset reductions in operating profit baseball tickets . TRANSPORTATION-LOGISTICS SERVICESQuarter Ended June 30, (dollars in millions)20092008 ChangeIntermodal revenue $46.8$73.3 -36 %Highway revenue 33.5 42.2 -21 %Total Revenue$80.3$115.5-30 %Operating profit $1.8 $4.6-61 %Operating profit margin 2.2 %4.0%Logistics Services revenue for the second quarter of 2009 was 30 percent, or$35.2 million, lower than the second quarter of 2008 due primarily to lowervolume in all service lines and lower rates, which were driven largely by lowerfuel surcharges johan santana jerseys . Auto volume declined intotal in the first half of the year due principally to the economic downturn,despite a second quarter volume increase related to the timing of rental fleetshipments keith hernandez . Operating profit for the first six months of 2009 decreased by 61percent, primarily due to lower volume, higher operating and terminal handlingcosts, headcount reduction expenses, higher dry dock costs and higher non-cashpension expense nationals baseball tickets . Container volume decreasesalso were due to the same factors cited for the quarter.

Six Months Ended June 30, (dollars in millions)20092008ChangeRevenue$419.6 $511.4 -18 %Operating profit $20.6$53.3-61 %Operating profit margin 4.9 %10.4%Volume (Units)Hawaii containers 66,800 76,900-13 %Hawaii automobiles41,600 49,200-15 %China containers20,700 24,400-15 %Guam containers 7,0007,000 --% For the first half of 2009, Ocean Transportation revenue decreased, principallydue to the same factors cited for the second quarter citifield . Automobile volume increased 15 percent from the year earlierperiod, due primarily to the timing of rental fleet replacement shipments.Operating profit was $16.3 million lower in the second quarter compared to 2008due to lower volume, higher inactive vessel and dry-dock expenses, increases interminal handling costs attributable to higher contractual stevedoring rates andhigher non-cash pension expense, partially offset by improved net yields, andcost containment initiatives, including headcount reductions and fleetoptimization efforts in first quarter 2009 nationals tickets . Container volume continues to be affected by the economic downturn,resulting in weak demand in the Hawaii and China trade lanes, where secondquarter volumes were 12 and 13 percent lower, respectively, than the secondquarter of 2008 new york mets . The favorable pricing realized reflects theintrinsic value of Hawaii holdings and allows the Company to capture embeddedgains within our portfolio to generate cash for 1031 tax-deferred re-investmentin higher-return opportunities .