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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) announced participation in two virtual investor conferences set for January 11-13, 2021. Chris Benjamin, Brett Brown, and Lance Parker will present at the ICR Conference 2021 on January 11 at 2:30 pm EST, and at the Capital One Securities Inaugural REIT Conference on January 11-12. Updated investor materials will be available starting January 11 on their website. A&B is a leading commercial real estate company in Hawai'i, owning approximately 3.9 million square feet of commercial space, focusing on expanding its real estate portfolio.
The Board of Directors of Alexander & Baldwin (NYSE:ALEX) approved a fourth quarter 2020 dividend of $0.15 per share, payable on January 12, 2021, to shareholders recorded as of December 28, 2020. This reinstatement reflects the Board's confidence in A&B's portfolio and the improving economy in Hawai'i. A&B owns approximately 3.9 million square feet of commercial space and is focused on enhancing its Hawai'i real estate assets while monetizing non-core holdings.
Alexander & Baldwin (NYSE:ALEX) announces participation in the Nareit REITworld 2020 Virtual Annual Conference from November 17-19, 2020. Key executives, including CEO Chris Benjamin and CFO Brett Brown, will present updated investor materials and November collections data, accessible on their website. A&B is a leading commercial real estate company in Hawai'i, managing approximately 3.9 million square feet of commercial space, including retail centers and industrial assets, focusing on enhancing its Hawai'i CRE portfolio.
Alexander & Baldwin (ALEX) reported third-quarter 2020 financial results showing a net income of $3.0 million, a significant turnaround from a $49.8 million loss in Q3 2019. Funds From Operations (FFO) improved to $12.5 million, a shift from a negative $40 million the previous year. While commercial real estate revenue declined by 16.4% to $35.7 million, the company achieved an 81% collection rate for the quarter. The portfolio maintained a 93.5% occupancy rate, with 35 new leases signed. The company anticipates a catch-up dividend in Q4 and is focused on supporting the tourism sector amidst ongoing COVID-19 uncertainties.
Alexander & Baldwin, Inc. (ALEX) will report its third quarter 2020 results after market close on October 29, 2020. A live webcast will follow at 5:00 p.m. ET for financial analysts and investors, featuring insights into the company's operating and financial performance. This event will be accessible through A&B's website, with presentation slides available post-market close. A&B is a leading commercial real estate company in Hawai'i, managing significant retail and industrial spaces.
Alexander & Baldwin, Inc. (NYSE:ALEX) participated in the Sidoti Fall 2020 Virtual Investor Conference on September 23-24, 2020. Key executives, including Chris Benjamin, Brett Brown, and Lance Parker, represented the company. Attendees can access updated investor materials, including September collections data, on the company's website. A&B is a leading commercial real estate firm in Hawaii, managing approximately 3.9 million square feet of commercial space and focusing on expanding its Hawaii CRE portfolio.
On September 15, 2020, Alexander & Baldwin (NYSE:ALEX) announced participation in the Bank of America Merrill Lynch 2020 Global Real Estate Virtual Conference. Key executives, including CEO Chris Benjamin and CFO Brett Brown, will represent the company. Updated investor materials, including September collections data, are available on their website. A&B, a leading commercial real estate firm in Hawai'i, operates approximately 3.9 million square feet of commercial space and aims to strengthen its local portfolio while monetizing non-core assets.
Alexander & Baldwin (ALEX) announced participation in the virtual BMO Capital Markets 2020 Real Assets Conference on September 2-3, 2020. Key executives including Chris Benjamin, Brett Brown, and Lance Parker will represent the company. Investors can access materials from the conference on the company’s website. As the largest owner of grocery-anchored shopping centers in Hawai'i, A&B operates 3.9 million square feet of commercial space, focusing on expanding its Hawai'i CRE portfolio and monetizing non-core assets.
Alexander & Baldwin reported Q2 2020 financial results highlighting significant impacts from the COVID-19 pandemic. The company faced a 12.2% decline in Net Operating Income (NOI) and a 16.8% drop in Same-Store NOI compared to Q2 2019. While commercial real estate (CRE) revenue decreased by 13.0%, occupancy rates remained relatively stable at 94.6%. The company executed 42 leases, demonstrating resilience, while also closing several non-core asset sales to enhance liquidity. Due to market uncertainties, A&B suspended dividends and refrained from providing guidance.
Alexander & Baldwin (NYSE: ALEX) announced the retirement of Chairman Stan Kuriyama, effective September 30, 2020. He will be succeeded by Eric Yeaman, an independent director since 2012. John Leong has been appointed as an independent director, effective October 1, 2020, and will stand for election at the 2021 annual meeting. The board remains largely independent, reinforcing governance practices. This leadership transition aims to foster growth and uphold commitments to environmental and social stewardship.
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