HONOLULU, April 3, 2025 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based owner, operator, and developer of high-quality commercial real estate in Hawai'i, will report results for the first quarter 2025, after the market closes, on Thursday, April 24, 2025. In connection with this announcement, A&B will host a conference call and webcast on Thursday, April 24, 2025, at 5:00 p.m. ET. The call and webcast will feature a discussion on first quarter 2025 operating and ...

Alexander & Baldwin Holdings, Inc. (ALEX) closed the last trading session at $17.58, gaining 0.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $22 indicates a 25.1% upside potential.The mean estimate comprises four short-term price targets with a standard deviation of $1.41. While the lowest estimate of $21 indicates a 19.5% increase from the current price level, the most optimi ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RLJ, APLE, ARE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. A Buy, Sell, or Hold rating in this article does not constitute a Buy, Sell, or Hold recommendation. All investors should exercise t ...

Financial Performance - Operating revenue for 2024 increased by 13.3%, or $27.8 million, to $236.6 million, primarily due to higher revenues from land sales in the Land Operations segment [162]. - Cost of operations for 2024 rose by 21.1%, or $22.5 million, to $129.0 million, mainly due to increased costs associated with land sales in the Land Operations segment [163]. - Net income for 2024 was $60.5 million, a significant increase of 83.7% compared to $33.0 million in 2023 [161]. - Income from continuing operations increased by 56.8%, or $23.2 million, to $64.0 million in 2024 [161]. - Funds From Operations (FFO) for 2024 was $100.0 million, up 26.0% from $79.4 million in 2023 [161]. - The Company reported a net income available to common shareholders of $60.5 million for 2024, up from $29.7 million in 2023, representing a 103% increase [198]. - Adjusted Funds from Operations (Adjusted FFO) increased to $80.1 million in 2024 from $63.6 million in 2023, marking a 26% growth [198]. - Same-store Net Operating Income (NOI) for 2024 was $126.4 million, up from $122.8 million in 2023, indicating a 3% increase [202]. Land Operations - The Company completed sales of approximately 430 acres of legacy land holdings for a total of $20.2 million in 2024, compared to 460 acres for $12.3 million in 2023 [158]. - Total Land Operations operating revenue increased significantly to $39.3 million in 2024 from $14.9 million in 2023, primarily due to land sales [187]. - Land Operations operating profit for 2024 was $18.9 million, compared to $10.8 million in 2023, driven by margins from land sales and equity earnings from joint ventures [188]. - The impairment of assets decreased significantly from $4.8 million in 2023 to $0.3 million in 2024, reflecting fewer abandoned projects [164]. Commercial Real Estate - Commercial Real Estate operating revenue increased by 1.7% to $197.4 million for the year ended December 31, 2024, compared to $193.9 million in 2023 [172]. - Operating profit for Commercial Real Estate rose by 10.1% to $89.4 million in 2024, up from $81.2 million in 2023 [172]. - Net Operating Income (NOI) for Commercial Real Estate was $127.5 million in 2024, a 3.4% increase from $123.3 million in 2023 [172]. - The Company signed 60 new leases covering 131,500 square feet with an average annual base rent of $27.45 per square foot, resulting in an 11.6% average base rent increase over comparable expiring leases [175]. Discontinued Operations - The Company reported a loss from discontinued operations of $3.5 million in 2024, an improvement from a loss of $7.8 million in 2023 [168]. - Cash flows from discontinued operations for the year ended December 31, 2024, included $4.1 million in operating activities and $15.0 million from investing activities related to the Grace Disposal Group [219]. Capital Expenditures and Investments - The Company expects short-term capital expenditures of $41.5 million over the next twelve months, with significant commitments including $19.7 million for tenant improvements [208]. - Cash used in investing activities for the year ended December 31, 2024, was $31.1 million, an increase from $27.6 million in 2023, with capital expenditures totaling $50.8 million, including a $29.8 million commercial real estate acquisition [215]. - Total capital expenditures for real estate in 2024 amounted to $50.7 million, compared to $31.1 million in 2023, with discretionary capital expenditures increasing from $15.4 million in 2023 to $32.8 million in 2024 [217]. - The Company expects capital expenditures for 2025, excluding potential acquisitions, to be approximately $60.0 million to $70.0 million, indicating a strategic focus on growth [217]. Liquidity and Debt Management - The Company has a liquidity source of $22.5 million in short-term contractual interest payments and $68.5 million in long-term payments [207]. - As of December 31, 2024, the Company had cash and cash equivalents of $33.4 million and $150.0 million of borrowings outstanding under its revolving credit facility, with $300.0 million of available capacity [213]. - The Company remains compliant with its financial covenants as of December 31, 2024, ensuring continued access to its credit facilities [204]. - The Company is exposed to interest rate changes due to its borrowing activities and manages this risk through a mix of fixed-rate and variable-rate debt, along with interest rate swaps [235]. - As of December 31, 2024, the Company has $455.2 million in fixed-rate debt and $20.0 million in variable-rate debt [236]. - The weighted average interest rate on remaining fixed-rate principal is projected to range from 4.63% to 6.09% over the next five years [238]. - The weighted average interest rate on remaining variable-rate principal is 5.48% for the next four years [238]. - The Company has three interest rate swap agreements with an average pay fixed rate of 4.37% and an average receive rate of 5.61% [238]. - The fair value of the interest rate derivatives for variable to fixed interest rate swaps is recorded as an asset of $1.4 million as of December 31, 2023 [238]. - The Company actively monitors economic conditions and their impact on interest rates to make informed decisions regarding its financial condition and liquidity [240]. Other Financial Metrics - Basic earnings per share for continuing operations increased by 57.1% to $0.88 in 2024, compared to $0.56 in 2023 [161]. - Cash flows from continuing operations rose to $102.1 million in 2024, an increase of $26.6 million from $75.5 million in 2023, primarily due to higher land sales [210]. - The Company collected $3.9 million in financing receivables related to prior years' land sales in 2024 [211]. - The Company differentiates capital expenditures into ongoing maintenance and discretionary categories, with ongoing maintenance expenditures totaling $15.1 million in 2024 [216]. - The Company has not sold any shares under its at-the-market equity distribution agreement, which allows for sales up to $200.0 million [214]. - The estimated exposure to interest rate risk is based on the expected remaining principal obligation as of December 31, 2024 [237]. - The estimated principal outstanding for variable-rate debt may vary from the amounts indicated due to actual market conditions [238].

Alexander & Baldwin, Inc. (NYSE:ALEX) Q4 2024 Results Conference Call February 27, 2025 5:00 PM ET Company Participants Michael Imanaka - Senior Manager Lance Parker - CEO Clayton Chun - CFO Kit Millan - Senior Vice President of Asset Management Conference Call Participants Gaurav Mehta - Alliance Global Partners Rob Stevenson - Janney Alexander Goldfarb - Piper Sandler Mitch Germain - Citizens JMP Brendan McCarthy - Sidoti Operator Good afternoon, ladies and gentlemen, welcome to the Fourth Quarter 2024 Al ...

For the quarter ended December 2024, Alexander & Baldwin Holdings, Inc. (ALEX) reported revenue of $62.45 million, up 18.1% over the same period last year. EPS came in at $0.30, compared to $0.12 in the year-ago quarter.The reported revenue represents a surprise of +20.92% over the Zacks Consensus Estimate of $51.65 million. With the consensus EPS estimate being $0.28, the EPS surprise was +7.14%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Alexander & Baldwin Holdings, Inc. (ALEX) came out with quarterly funds from operations (FFO) of $0.30 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to FFO of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 7.14%. A quarter ago, it was expected that this company would post FFO of $0.33 per share when it actually produced FFO of $0.39, delivering a surprise of 18.18%.Over the last four quart ...

Financial Performance - Net income available to A&B common shareholders for Q4 2024 was $12.4 million, or $0.17 per diluted share, compared to a loss of $3.5 million in Q4 2023[1][5] - Full-year 2024 net income available to common shareholders was $60.5 million, or $0.83 per diluted share, up from $29.7 million, or $0.41 per diluted share in 2023[1][5] - Net income attributable to A&B shareholders for the year ended December 31, 2024, was $60,537 million, a significant increase from $32,963 million in 2023, representing an 83.6% growth[21] - Basic earnings per share from continuing operations available to A&B shareholders increased to $0.88 for the year ended December 31, 2024, compared to $0.56 in 2023, reflecting a 57.1% increase[21] - Consolidated net income for 2024 was $60,537,000, an increase from $32,963,000 in 2023[45] Funds From Operations (FFO) - Funds From Operations (FFO) for Q4 2024 was $22.0 million, or $0.30 per diluted share, compared to $19.8 million, or $0.27 per diluted share in Q4 2023[6][8] - Adjusted FFO for the full year 2024 was $80.1 million, or $1.10 per diluted share, an increase from $63.6 million, or $0.87 per diluted share in 2023[6][8] - FFO for Q4 2024 was $21,952,000, compared to $19,824,000 in Q4 2023, representing a 10.7% increase[37] - Adjusted FFO for Q4 2024 was $14,178,000, an increase from $12,182,000 in Q4 2023, marking a 16.4% growth[37] - The forward-looking guidance for FFO per diluted share for 2025 is estimated between $1.13 and $1.20[38] Revenue and Operating Profit - Total segment operating revenue for the three months ended December 31, 2024, was $62,454 million, an increase of 18.2% compared to $52,867 million in the same period of 2023[21] - Operating profit for the Commercial Real Estate segment was $21,990 million, up 29.1% from $17,019 million year-over-year[21] - Consolidated EBITDA for 2024 reached $120,192,000, compared to $93,248,000 in 2023, reflecting a growth of approximately 29%[45] - Consolidated Adjusted EBITDA for 2024 was $122,589,000, up from $108,085,000 in 2023, indicating an increase of about 13.4%[45] Cash and Liquidity - Cash and cash equivalents rose to $33,436 million as of December 31, 2024, compared to $13,517 million in 2023, indicating a substantial improvement in liquidity[23] - The company reported net cash provided by operating activities of $97,991 million for the year ended December 31, 2024, compared to $67,092 million in 2023, a 46.1% increase[26] - The company experienced a net increase in cash, cash equivalents, and restricted cash of $19,919 million for the year ended December 31, 2024, compared to a decrease of $20,656 million in 2023[26] Assets and Liabilities - Total assets increased to $1,670,432 million in 2024 from $1,646,241 million in 2023, marking a growth of 1.5%[23] - Total liabilities rose to $666,889 million in 2024, up from $643,230 million in 2023, reflecting a 3.7% increase[23] - Total debt as of December 31, 2024, was $474,837,000, slightly up from $463,964,000 in 2023[41] - Net debt decreased to $441,748,000 in 2024 from $450,596,000 in 2023[41] Investments and Acquisitions - The company began construction of a 29,550 square foot warehouse and distribution center at Maui Business Park II, expected to be operational in late 2025[6][14] - The company closed on the acquisition of an 81,500 square foot food and distribution facility for $29.7 million in September 2024[6][13] - Capital expenditures for acquisitions were $29,826 million in 2024, significantly higher than $9,464 million in 2023, indicating aggressive investment strategies[26] Operational Metrics - Leased occupancy as of December 31, 2024, was 94.6%, with retail portfolio occupancy at 95.2% and industrial portfolio occupancy at 95.2%[6][12] - CRE Same-Store Net Operating Income (NOI) growth for Q4 2024 was 2.4%, and 2.9% for the full year, compared to 4.3% in 2023[6][10] - Same-Store NOI for Q4 2024 was $31,202,000, reflecting a 2.4% increase from $30,471,000 in Q4 2023[31] - Same-Store NOI excluding collections of amounts reserved in prior years for Q4 2024 was $30,969,000, up 2.9% from $30,092,000 in Q4 2023[31] Strategic Initiatives - The company executed a simplification strategy, selling legacy assets including Grace Pacific, LLC, enhancing its focus on commercial real estate in Hawai'i[33] - The company amended its revolving credit facility, extending the term to October 2028, with a borrowing capacity of $450.0 million[6][16] Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks and uncertainties that could impact future performance, including market conditions and legacy asset evaluations[46] - The company does not undertake any obligation to update its forward-looking statements, which are subject to various risks[47]

Core Insights - Alexander & Baldwin, Inc. reported a net income of $12.4 million, or $0.17 per diluted share, for Q4 2024, and a full-year net income of $60.5 million, or $0.83 per diluted share [1][4][5] - The company achieved a Commercial Real Estate (CRE) operating profit of $22.0 million for Q4 2024 and $89.4 million for the full year [1][4][5] - The CEO expressed optimism for 2025, highlighting strong occupancy rates and leasing volumes, indicating potential for continued earnings growth [4] Q4 2024 Highlights - Net income available to A&B common shareholders was $12.4 million, compared to a loss of $3.5 million in Q4 2023 [5][6] - Funds From Operations (FFO) for Q4 2024 was $22.0 million, or $0.30 per diluted share, up from $19.8 million, or $0.27 per diluted share in Q4 2023 [6][34] - Same-Store Net Operating Income (NOI) growth was 2.4%, with a 2.9% increase when excluding collections of prior year reserves [6][28] Full-Year 2024 Highlights - Full-year net income available to A&B common shareholders was $60.5 million, compared to $29.7 million in 2023 [5][6] - Full-year FFO reached $100.0 million, or $1.37 per diluted share, compared to $79.4 million, or $1.09 per diluted share in 2023 [6][34] - Same-Store NOI growth for the full year was 2.9%, with a 3.3% increase when excluding collections of prior year reserves [6][28] Financial Performance - The company reported a total operating revenue of $62.5 million for Q4 2024, compared to $52.9 million in Q4 2023 [17] - Selling, general, and administrative expenses decreased by $4.2 million, or 12.4%, compared to 2023 [6][7] - The company closed on the acquisition of an 81,500-square-foot food and distribution facility for $29.7 million [13] Investment and Growth Activities - Construction began on a 29,550-square-foot warehouse and distribution center at Maui Business Park II, expected to be operational by late 2025 [6][13] - The company established a new $200 million at-the-market equity offering program [6] - The company amended its revolving credit facility, extending the term to October 2028, with a borrowing capacity of $450 million [6][13] 2025 Guidance - The company projects net income per diluted share for 2025 to be between $0.64 and $0.71, and FFO per diluted share to be between $1.13 and $1.20 [15][35] - CRE Same-Store NOI growth is expected to be between 2.4% and 3.2% for 2025 [15][35]

Company Overview - Alexander & Baldwin, Inc. (A&B) is the only publicly-traded real estate investment trust focusing exclusively on Hawai'i commercial real estate [2] - A&B is the largest owner of grocery-anchored neighborhood shopping centers in Hawai'i, managing approximately 4.0 million square feet of commercial space [2] - The company owns and operates 21 retail centers, 14 industrial assets, four office properties, and 142 acres of ground lease assets [2] - A&B has a 155-year history and has played a leadership role in various industries including agriculture, transportation, tourism, construction, residential, and commercial real estate [2] Dividend Announcement - The Board of Directors of A&B approved a first quarter 2025 dividend of $0.225 per share [1] - The dividend is scheduled to be payable on April 7, 2025, to shareholders of record as of the close of business on March 14, 2025 [1]