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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 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.
The Board of Directors of Alexander & Baldwin (NYSE:ALEX) has declared a $0.18 per share dividend for Q3 2021, marking a 12.5% increase from the previous quarter's $0.16. This is the second consecutive quarterly increase, reflecting the Board's confidence in the recovery of the Hawai'i economy and improved commercial real estate performance. The dividend is scheduled for payment on October 4, 2021, for shareholders recorded by the close of business on September 17, 2021.
Alexander & Baldwin, Inc. (NYSE:ALEX) will release its second-quarter earnings on July 29, 2021, following the market close. A conference call will take place the same day at 5:00 p.m. ET, featuring key executives including CEO Chris Benjamin and CFO Brett Brown. The call will provide insights into the company's operating and financial performance, followed by an interactive Q&A session. Investors can access the webcast on the company's website, with presentation slides available post-market close.
Alexander & Baldwin (NYSE:ALEX) will participate in Nareit's REITweek: 2021 Investor Conference on June 8, 2021, from 4:30 - 5:00 pm Eastern Time. Key executives, including Chris Benjamin (CEO) and Brett Brown (CFO), will present. The event is virtual, and registered attendees can access the session live or on-demand via the Nareit's website. Alexander & Baldwin focuses on Hawai'i's commercial real estate, owning approximately 3.9 million square feet of space, including retail and industrial properties. More information is available on their website.
On May 7, 2021, Alexander & Baldwin (NYSE: ALEX) announced a successful land sale at its Maui Business Park, totaling 8.7 acres sold for $15.1 million since March 2020. The recent sale involved five parcels in Maui Business Park Phase II, sold for $10.9 million. A&B is expanding land offerings in the high-demand area, with new units priced between $44 to $58 per square foot. The company remains optimistic about generating jobs and supporting the local economy amidst ongoing buyer interest.
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