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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, Inc. (NYSE:ALEX) will release its first-quarter 2022 financial results after the market closes on May 5, 2022. Following the announcement, a conference call and webcast will take place at 5:00 p.m. ET, featuring senior management, including CEO Chris Benjamin. The event will cover operating and financial performance, along with a Q&A session with sell-side analysts. Presentation slides will be available on A&B's Investors page following the market's closure on the same date.
Alexander & Baldwin (NYSE:ALEX) announced participation in the Citi 2022 Global Property CEO Conference by key executives, including CEO Chris Benjamin and COO Lance Parker. The event will feature a live webcast on March 9, 2022, from 10:30 a.m. to 11:05 a.m. ET. A replay will be available twelve hours post-event. A&B focuses on Hawai'i commercial real estate, managing about 3.9 million square feet of commercial space. For more details, visit www.alexanderbaldwin.com.
Alexander & Baldwin (ALEX) announced strong financial results for Q4 and full-year 2021, with a significant 17% increase in Commercial Real Estate (CRE) Net Operating Income (NOI) and a 26% rise in Core Funds From Operations (Core FFO).
Fourth-quarter net income was $6.1 million ($0.08/share), compared to $1.0 million ($0.01/share) in Q4 2020. Full-year net income reached $35.1 million ($0.48/share), boosted by strong CRE performance, despite a $29 million impairment in the Materials & Construction segment.
The company plans to focus on growth as it transitions to a pure-play Hawai'i CRE firm.
The Board of Directors of Alexander & Baldwin, Inc. (NYSE:ALEX) has approved a first quarter 2022 dividend of $0.19 per share, reflecting a 1-cent increase from the fourth quarter 2021 dividend of $0.18. This dividend return is the company’s first step back to its pre-pandemic level. The payment date is set for April 5, 2022, for shareholders on record by the close of business on March 18, 2022.
Alexander & Baldwin, Inc. (NYSE:ALEX) will announce its fourth quarter and full-year 2021 results on February 24, 2022, after market close. A conference call and webcast are scheduled for the same day at 5:00 p.m. ET, featuring presentations from top executives including CEO Chris Benjamin and CFO Brett Brown. A&B is a major player in Hawai'i's commercial real estate sector, managing approximately 3.9 million square feet of commercial space, and will provide insights into its financial performance during the call. Presentation slides will be available post-market close.
Alexander & Baldwin, Inc. (NYSE:ALEX) announced 2021 dividend distributions totaling $0.670 per share. The company provided details on the ex-dividend, record, and payable dates for four distributions: $0.150 on March 17, $0.160 on June 25, and $0.180 on September 16 and December 22. Shareholders will receive IRS Form 1099-DIV for tax purposes. A&B specializes in Hawai'i commercial real estate and is the largest owner of grocery-anchored shopping centers in the state.
Alexander & Baldwin (NYSE:ALEX) announced participation in the Capital One Securities 2022 REIT Conference on January 10-11, 2022. Key executives including Chris Benjamin, Lance Parker, Brett Brown, and Clayton Chun will represent the company. Investor materials will be accessible on their website. A&B focuses exclusively on Hawai'i commercial real estate, owning approximately 3.9 million square feet of commercial space, including grocery-anchored shopping centers. The company aims to enhance its portfolio by monetizing non-core assets.
Alexander & Baldwin (NYSE:ALEX) has announced that key executives, including Chris Benjamin and Lance Parker, will participate in the Jefferies Real Estate Conference on December 15-16, 2021. The event will be held virtually, allowing investors to access relevant materials on their website. A&B focuses on Hawai'i commercial real estate, managing approximately 3.9 million square feet of commercial space, including grocery-anchored centers and industrial assets. The company aims to enhance its portfolio by monetizing non-core assets.
The Board of Directors of Alexander & Baldwin (NYSE:ALEX) has declared a fourth quarter 2021 dividend of $0.18 per share, payable on January 6, 2022. Shareholders on record as of December 23, 2021 will receive this dividend. As Hawaii's largest owner of grocery-anchored shopping centers, A&B continues to focus on expanding its commercial real estate portfolio while monetizing non-core assets, reflecting its long-term commitment to the state's economy.
On November 12, 2021, Alexander & Baldwin (NYSE:ALEX) completed the sale of its Kukui`ula residential development in Kaua`i to Brue Baukol Capital Partners. A&B, in partnership with DMB Development, had focused on the project since 2002, resulting in a thriving community with over 280 lots sold. The sale aligns with A&B's strategy to concentrate on commercial real estate, allowing for potential expansion in this sector. A&B retains interests in Kaua`i, including the nearby Shops at Kukui`ula retail center.
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