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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, 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.
Alexander & Baldwin (NYSE:ALEX) announced participation in the virtual Nareit's REITworld: 2021 Annual Conference from November 9–11, 2021. Key executives, including Chris Benjamin, Lance Parker, Brett Brown, and Clayton Chun, will represent the company. Investors can access conference materials via the company's website. A&B is Hawaii's largest grocery-anchored shopping center owner, managing approximately 3.9 million square feet of commercial real estate. They focus on expanding their Hawaii portfolio by monetizing non-core assets.
Alexander & Baldwin reported strong third-quarter results for 2021, achieving net income of $6.3 million ($0.09/share), up from $3.0 million in Q3 2020. Funds From Operations (FFO) reached $15.5 million, a 24% increase year-over-year. Commercial real estate revenue rose by 23.2% to $44.0 million, with net operating income (NOI) climbing 30.2% to $28.1 million. The company executed 77 leases and improved occupancy rates across its portfolio. A dividend of $0.18/share was declared, signaling confidence in recovery. The 2021 guidance was revised upward, reflecting a positive market outlook.
On November 1, 2021, Alexander & Baldwin (NYSE: ALEX) announced the promotion of Lance K. Parker to Chief Operating Officer, recognizing his pivotal role in the company's shift towards a focused Hawai'i commercial real estate (CRE) model. Scott G. Morita has also been elevated to Vice President and Corporate Counsel, taking on responsibilities from retiring Chief Legal Officer Nelson Chun. CEO Chris Benjamin highlighted the importance of these promotions in enhancing A&B's real estate operations and preserving collaboration between their legal and CRE teams.
Alexander & Baldwin, Inc. (NYSE:ALEX) will disclose its third-quarter 2021 financial results on November 4, 2021, after market close. A conference call and webcast will follow at 5:00 p.m. ET, featuring key management discussions and a Q&A session with analysts. A&B focuses on Hawai'i commercial real estate, managing approximately 3.9 million square feet of commercial space. The company aims to strengthen its portfolio through the monetization of non-core assets.
Alexander & Baldwin reported a strong second quarter of 2021 with a net income of $12.8 million, up from a net loss of $4.7 million in Q2 2020. The company experienced a 13% increase in Commercial Real Estate (CRE) Net Operating Income and a 20% rise in Core FFO compared to the prior quarter. Significant achievements included the execution of 59 leases and monetization of $19 million from the Kukui'ula joint venture projects. A quarterly dividend of $0.18 per share was announced, reflecting continued confidence in CRE growth. The annual guidance was revised upward for Core FFO and Same-Store NOI.
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