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Alexander & Baldwin, Inc. (NYSE: ALEX), headquartered in Honolulu, Hawaii, is an established player in the land and real estate sector with a rich history spanning over 154 years. The company operates primarily through two segments: Commercial Real Estate and Land Operations.
With an impressive portfolio, Alexander & Baldwin owns approximately 88,000 acres of land in Hawaii, including 45 commercial properties in the state and eight on the mainland. Their holdings encompass around 3.9 million square feet of commercial space, which includes retail centers, industrial assets, and office properties. Notably, the company is the largest owner of grocery-anchored neighborhood shopping centers in Hawaii.
The Commercial Real Estate segment focuses on owning and managing retail, industrial spaces, and urban ground leases in Hawaii. This segment is the primary revenue generator for the company. The Land Operations segment manages the company's land and real estate assets, optimizing their use for maximum returns.
The company has been actively involved in key projects and transactions recently. One of the significant milestones includes the sale of Grace Pacific LLC to Nan, Inc., a move that aligns with A&B's strategic focus on commercial real estate. This sale marks the culmination of A&B's simplification strategy, enabling them to concentrate on their core business.
In terms of financial performance, Alexander & Baldwin reported a net income available to common shareholders of $29.7 million for the full year 2023. The company also declared several dividends throughout the year, reflecting its commitment to delivering value to shareholders. The company’s latest strategic initiatives include the development of commercial spaces at the Maui Business Park Phase II, which is set to attract a diverse range of businesses to the area.
Alexander & Baldwin remains dedicated to its mission of owning, operating, and developing high-quality commercial real estate in Hawaii, continuously evolving with the state's economy. Their longstanding presence and substantial portfolio make them a significant entity in Hawaii’s real estate landscape.
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%.
Alexander & Baldwin (NYSE: ALEX), a Hawai'i-based commercial real estate firm, announced a third quarter 2024 dividend of $0.2225 per share. This dividend is payable on October 7, 2024, to shareholders of record as of September 20, 2024. Alexander & Baldwin, the largest owner of grocery-anchored, neighborhood shopping centers in Hawai'i, manages around 3.9 million square feet of commercial space across 22 retail centers, 13 industrial assets, four office properties, and 142.0 acres of ground lease assets. The company holds a significant presence in Hawai'i's commercial real estate sector, with a history spanning 154 years.
Alexander & Baldwin (NYSE: ALEX), a Hawai'i-based commercial real estate firm, will release its second quarter 2024 financial results on July 25, 2024, after the market closes. The company will host a conference call and webcast the same day at 5:00 p.m. ET, where senior management, including CEO Lance Parker and CFO Clayton Chun, will discuss the company's performance. The conference call can be accessed domestically at 1-800-836-8184 and internationally at 1-646-357-8785. The webcast will be available on the company's website, where earnings documents will also be accessible post-market close.
Alexander & Baldwin (NYSE: ALEX), a prominent Hawai'i-based commercial real estate company, will participate in Nareit's REITweek: 2024 Investor Conference in New York.
The company's management will present an overview of its business and operations, followed by a Q&A session on June 4, 2024, from 2:15 p.m. to 2:45 p.m. Eastern Time.
The live webcast and replay will be accessible online. Investor materials for the conference scheduled from June 3-6, 2024, will be available on Alexander & Baldwin's official website.
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