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Overview of Alexander & Baldwin Inc. (NYSE: ALEX)
Alexander & Baldwin Inc. (A&B) is a Hawai'i-based real estate investment trust (REIT) with a legacy spanning over 155 years. As the only publicly traded REIT focused exclusively on Hawai'i, A&B has established itself as a cornerstone of the state’s commercial real estate sector. The company owns, operates, and manages approximately four million square feet of commercial space, including grocery-anchored retail centers, industrial properties, and office spaces. A&B also holds 142 acres of ground lease assets and maintains a portfolio of legacy land holdings, reflecting its historical significance in the region.
Core Business Segments
1. Commercial Real Estate (CRE)
The Commercial Real Estate segment is the primary revenue driver for A&B, encompassing a diverse portfolio of properties strategically located across Hawai'i. This segment includes:
- Retail Properties: A&B is the state's largest owner of grocery-anchored, neighborhood shopping centers, providing essential retail spaces that cater to local communities.
- Industrial Properties: The company owns and operates industrial assets that support Hawai'i's growing logistics and distribution needs.
- Office Properties: A&B manages office spaces that serve businesses across various sectors.
- Ground Leases: The company holds significant ground lease assets, generating stable, long-term income streams.
With a focus on high-quality, well-located properties, A&B benefits from robust leasing demand and resilient income streams, particularly in essential sectors like grocery retail and logistics.
2. Land Operations
The Land Operations segment manages A&B’s extensive landholdings, including 88,000 acres in Hawai'i. This segment focuses on:
- Land Monetization: Actively selling legacy assets to streamline operations and unlock value.
- Development Projects: Overseeing a pipeline of residential and commercial developments tailored to Hawai'i's unique market needs.
This segment complements the CRE business by providing additional revenue through land sales and development activities.
Strategic Differentiation
A&B’s exclusive focus on Hawai'i sets it apart from other REITs. The company leverages its deep understanding of the local market, long-standing relationships, and community-oriented approach to create value. Its strategic transformation into a pure-play REIT, marked by the divestment of non-core assets, underscores its commitment to growth and operational efficiency.
Historical Significance
Founded in 1870, A&B has played a pivotal role in Hawai'i’s economic development, transitioning from agriculture and transportation to real estate. This legacy continues to influence its operations, with the company maintaining a leadership role in shaping Hawai'i's built environment.
Market Position and Outlook
A&B’s portfolio is well-positioned to capitalize on Hawai'i’s economic stability and unique market dynamics. The company’s focus on grocery-anchored retail centers and industrial properties aligns with resilient market segments, providing a strong foundation for sustainable growth. Additionally, its ongoing efforts to monetize legacy assets and invest in high-quality properties reflect a forward-looking strategy aimed at delivering long-term value to stakeholders.
Conclusion
Alexander & Baldwin Inc. stands as a premier player in Hawai'i’s commercial real estate market. Through its focused strategy, historical roots, and commitment to community-centric development, A&B continues to shape the future of real estate in Hawai'i while honoring its storied past.
Alexander & Baldwin (NYSE: ALEX) reported strong Q4 2024 financial results with net income of $12.4 million ($0.17 per diluted share) and Commercial Real Estate operating profit of $22.0 million. For full-year 2024, net income reached $60.5 million ($0.83 per diluted share) with CRE operating profit of $89.4 million.
Key highlights include FFO of $22.0 million in Q4 and $100.0 million for the full year. The company achieved healthy occupancy rates of 94.6% and impressive leasing spreads of 14.0% in Q4. Notable developments include construction of a 29,550 sq ft warehouse at Maui Business Park II and acquisition of an 81,500 sq ft distribution facility for $29.7 million.
The company maintains strong liquidity of $333.4 million and successfully amended its revolving credit facility to $450.0 million, extending to October 2028. The quarterly dividend remains steady at $0.2250 per share.
Alexander & Baldwin (NYSE: ALEX) has declared its first quarter 2025 dividend of $0.225 per share. The dividend will be distributed on April 7, 2025, to shareholders who are on record as of the market close on March 14, 2025.
Alexander & Baldwin (NYSE: ALEX) has released its 2024 dividend distribution reporting information for common shares. The company paid quarterly dividends totaling $0.8925 per share throughout 2024, distributed as follows:
- Q1: $0.2225 (payable April 5, 2024)
- Q2: $0.2225 (payable July 8, 2024)
- Q3: $0.2225 (payable October 7, 2024)
- Q4: $0.2250 (payable January 8, 2025)
All distributions were classified as ordinary income, with 100% being non-qualified dividends. Shareholders will receive Form 1099-DIV from Computershare or their brokers for tax reporting purposes.
Alexander & Baldwin (NYSE: ALEX), a Hawai'i-based commercial real estate company, has scheduled its fourth quarter and full-year 2024 earnings release for Thursday, February 27, 2025, after market close. The company will host a conference call and webcast at 5:00 p.m. ET on the same day.
The event will feature discussions on quarterly and annual operating and financial performance, followed by a Q&A session with sell-side research analysts. Lance Parker, president and CEO, and Clayton Chun, executive vice president, CFO and treasurer, along with other senior management members will participate.
Investors can access the call via phone (Domestic: 1-800-836-8184; International: 1-646-357-8785) or webcast at https://app.webinar.net/1pBdPKEQRZL. Earnings documents will be available on the company's investor website after market close on February 27.
Alexander & Baldwin (NYSE: ALEX) announced that its Board of Directors approved an increased fourth quarter 2024 dividend. The dividend has been raised to $0.225 per share from the previous $0.2225 per share. This dividend is payable on January 8, 2025 to shareholders of record as of the close of business on December 20, 2024.
Alexander & Baldwin (NYSE: ALEX) reported strong Q3 2024 results with net income of $19.0 million ($0.26 per diluted share) and Commercial Real Estate operating profit of $22.8 million. The company achieved FFO of $28.2 million ($0.39 per diluted share) and Adjusted FFO of $23.4 million ($0.32 per diluted share). Key highlights include 4.1% CRE Same-Store NOI growth, 94.0% leased occupancy, and 15.3% comparable blending leasing spreads. The company completed the acquisition of an 81,500 square foot food distribution facility and raised its 2024 guidance, with revised FFO guidance of $1.27-$1.35 per diluted share.
Alexander & Baldwin, Inc. (NYSE: ALEX), a Hawai'i-based commercial real estate company, has amended its revolving credit facility. The key changes include:
1. Extended term to October 2028, with two six-month extension options
2. Borrowing capacity of $450 million
3. Interest rate remains at SOFR plus 1.05% based on a leverage-based pricing grid, plus a SOFR adjustment of 0.10%
4. Facility fee unchanged at 0.15% based on a leverage-based pricing grid
The facility's Joint Lead Arrangers and Joint Bookrunners are BofA Securities, Inc., First Hawaiian Bank, KeyBanc Capital Markets Inc., and Wells Fargo Securities, Bank of America N.A. serves as the administrative agent.
Alexander & Baldwin (NYSE: ALEX) has announced its plans to report third quarter 2024 earnings on Thursday, October 24, 2024, after market close. The company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the results. The event will feature a presentation on Q3 2024 operating and financial performance, followed by a Q&A session with sell-side research analysts.
Key participants in the call will include Lance Parker, president and CEO, and Clayton Chun, executive VP, CFO, and treasurer. Interested parties can join via phone (Domestic: 1-800-836-8184, International: 1-646-357-8785) or access the webcast online. Earnings documents will be available for download from A&B's investor website after market close on October 24.
Alexander & Baldwin (NYSE: ALEX) has acquired an industrial property in Pearl City, O'ahu for $29.7 million. The 81,500-square-foot food distribution facility is fully leased to Hansen Distribution Group, a subsidiary of C&S Wholesale Grocers. The property's central location provides easy access to key transportation hubs.
Lance Parker, A&B's president & CEO, stated that this acquisition aligns with the company's strategy to expand its commercial real estate portfolio in Hawai'i, focusing on retail, industrial, and ground lease assets. The investment is expected to be immediately accretive to Funds From Operations (FFO) and allows A&B to reinvest proceeds from asset sales into higher-yielding investments.
Alexander & Baldwin, Inc. (NYSE: ALEX) reported Q2 2024 results with net income of $9.1 million, or $0.13 per diluted share. Commercial Real Estate (CRE) operating profit was $22.6 million. Key highlights include:
- Funds From Operations (FFO) of $20.6 million, or $0.28 per diluted share
- CRE Same-Store Net Operating Income (NOI) growth of 0.9%
- Leased occupancy at 93.9% as of June 30, 2024
- Comparable blended leasing spreads of 7.3% for the improved portfolio
The company raised its 2024 guidance, projecting CRE Same-Store NOI growth of 1.25% to 2.25% and FFO per diluted share of $1.17 to $1.26. ALEX's balance sheet shows total debt of $469.8 million and a debt-to-total market capitalization of 27.6%.
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