HONOLULU, Jan. 31, 2024 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based company focused on owning, operating, and developing high-quality commercial real estate in Hawai'i, today announced the allocations of the Company's 2023 dividend distributions to its common shares. The table below, presented on a per share basis is provided for information purposes only and should only be used to clarify the information on Form 1099-DIV. Common Shares (CUSIP # 014491104) ...

Core Viewpoint - Alexander & Baldwin, Inc. (A&B) will report its fourth quarter and full-year 2023 results on February 28, 2024, and will host a conference call to discuss its operating and financial performance [1]. Company Overview - A&B is the only publicly traded real estate investment trust focused exclusively on Hawai'i commercial real estate and is the largest owner of grocery-anchored neighborhood shopping centers in the state [3]. - The company owns, operates, and manages approximately 3.9 million square feet of commercial space in Hawai'i, which includes 22 retail centers, 13 industrial assets, four office properties, and 142 acres of ground leases [3]. - A&B is actively expanding and strengthening its Hawai'i commercial real estate portfolio by monetizing its remaining non-core assets [3]. - Over its 154-year history, A&B has played a leadership role in the development of various industries in Hawai'i, including agriculture, transportation, tourism, construction, residential, and commercial real estate [3].

Alexander & Baldwin, Inc. Table of Contents Company Overview Company Profile...................................................................................................................................................... 4 Glossary of Terms.................................................................................................................................................... 6 Statement on Management's Use of Non-GAAP Financial Measures ...................................................... ...

Alexander & Baldwin, Inc. (NYSE:ALEX) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET Company Participants Steve Swett - Investor Relations Lance Parker - Chief Executive Officer Clayton Chun - Chief Financial Officer Kit Millan - Senior Vice President-Asset Management Conference Call Participants Connor Mitchell - Piper Sandler Operator Hello, and welcome to the Alexander & Baldwin Third Quarter 2023 earnings conference call. All participants will be in listen only mode. [Operator Instructions ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________________ to _________________ Commission file number 001-35492 ALEXANDER & BALDWIN, INC. (Exact name of registrant as specified in its charter) Hawaii ...

Alexander & Baldwin, Inc. (NYSE:ALEX) Q2 2023 Earnings Conference Call July 27, 2023 5:00 PM ET Company Participants Steve Swett – Investor Relations Lance Parker – Chief Executive Officer Clayton Chun – Chief Financial Officer Kit Millan – Senior Vice President-Asset Management Conference Call Participants Alexander Goldfarb – Piper Sandler Mitch Germain – JMP Securities Operator Good afternoon, and welcome to the Alexander & Baldwin Second Quarter 2023 Earnings Conference Call. All participants will be in ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Alexander & Baldwin, Inc.'s unaudited condensed consolidated financial statements, detailing changes in assets, net income, and cash flows Condensed Consolidated Balance Sheet Summary (in millions) | Account | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,784.9** | **$1,787.3** | | Cash and cash equivalents | $8.2 | $33.3 | | Real estate investments, net | $1,505.4 | $1,507.6 | | Assets held for sale | $154.9 | $126.8 | | **Total Liabilities** | **$752.0** | **$743.6** | | Notes payable and other debt | $506.9 | $472.2 | | **Total A&B shareholders' equity** | **$1,023.7** | **$1,035.7** | Condensed Consolidated Statements of Operations Summary (in millions, except EPS) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenue | $53.1 | $51.1 | $103.5 | $110.3 | | Operating Income (Loss) | $16.2 | $66.2 | $30.4 | $83.4 | | Net Income (Loss) | $15.0 | $4.4 | $20.3 | $15.4 | | Net Income Attributable to A&B | $13.4 | $4.1 | $18.7 | $14.6 | | Diluted EPS | $0.18 | $0.05 | $0.26 | $0.20 | Condensed Consolidated Statements of Cash Flows Summary (in millions) | Cash Flow Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operations | $9.2 | $0.7 | | Net cash provided by (used in) investing activities | ($12.5) | $62.9 | | Net cash provided by (used in) financing activities | ($21.1) | ($101.2) | | **Net (decrease) in cash** | **($24.4)** | **($37.6)** | - The company operates in two segments: Commercial Real Estate (CRE) and Land Operations. As of June 30, 2023, the CRE portfolio is entirely in Hawai'i and includes 22 retail centers, 13 industrial assets, and four office properties[31](index=31&type=chunk) - The Grace Disposal Group, which comprised the majority of the former Materials & Construction (M&C) segment, was classified as held for sale and discontinued operations in Q4 2022. Historical financial data has been retrospectively adjusted to reflect this change[33](index=33&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, business segments, and strategic initiatives, highlighting CRE growth, varied Land Operations results, and sufficient liquidity [Business Overview](index=27&type=section&id=Business%20Overview) The company operates two segments: Commercial Real Estate (CRE) and Land Operations, strategically simplifying through asset monetization - The company operates two reportable segments: Commercial Real Estate (CRE) and Land Operations[124](index=124&type=chunk) - The CRE segment is a vertically integrated real estate investment company focused on retail (especially grocery-anchored centers) and industrial properties in Hawai'i[124](index=124&type=chunk) - The Land Operations segment includes legacy landholdings and assets subject to a simplification and monetization strategy[125](index=125&type=chunk) - As part of its simplification strategy, the company is monetizing non-core assets. The Grace Disposal Group (formerly the M&C segment) was classified as held for sale and discontinued operations as of December 31, 2022[126](index=126&type=chunk)[127](index=127&type=chunk) [Consolidated Results of Operations](index=28&type=section&id=Consolidated%20Results%20of%20Operations) Net income attributable to A&B shareholders increased in Q2 and H1 2023 due to the non-recurrence of a prior-year pension termination loss, while operating income decreased due to a non-recurring asset disposal gain Consolidated Financial Results - Q2 2023 vs. Q2 2022 (in millions) | Metric | Q2 2023 | Q2 2022 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Operating revenue | $53.1 | $51.1 | $2.0 | 3.9% | | Operating income | $16.2 | $66.2 | ($50.0) | (75.5)% | | Net income attributable to A&B | $13.4 | $4.1 | $9.3 | 2X | | Diluted EPS | $0.18 | $0.05 | $0.13 | 3X | Consolidated Financial Results - H1 2023 vs. H1 2022 (in millions) | Metric | H1 2023 | H1 2022 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Operating revenue | $103.5 | $110.3 | ($6.8) | (6.2)% | | Operating income | $30.4 | $83.4 | ($53.0) | (63.5)% | | Net income attributable to A&B | $18.7 | $14.6 | $4.1 | 28.1% | | Diluted EPS | $0.26 | $0.20 | $0.06 | 30.0% | - The significant decrease in Q2 and H1 operating income was primarily due to a **$54.0 million** gain on the disposal of non-core assets in 2022, which did not recur in 2023[133](index=133&type=chunk)[138](index=138&type=chunk) - The increase in net income was driven by a pension termination loss of **$73.7 million** in Q2 2022 and **$76.9 million** in H1 2022 that did not recur in 2023[134](index=134&type=chunk)[139](index=139&type=chunk) [Analysis of Operating Revenue and Profit by Segment](index=32&type=section&id=Analysis%20of%20Operating%20Revenue%20and%20Profit%20by%20Segment) The Commercial Real Estate (CRE) segment experienced revenue and profit growth driven by higher rents and strong leasing, while Land Operations results were volatile due to asset sales and prior-year charges Commercial Real Estate Financial Results - Q2 2023 vs. Q2 2022 (in millions) | Metric | Q2 2023 | Q2 2022 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Operating revenue | $49.5 | $46.0 | $3.5 | 7.6% | | Operating profit | $22.7 | $19.3 | $3.4 | 17.6% | | Net Operating Income (NOI) | $31.3 | $29.8 | $1.5 | 5.0% | | Same-Store NOI | $31.1 | $29.8 | $1.3 | 4.6% | - In Q2 2023, the company signed 72 leases for improved properties, covering 220,100 sq. ft., achieving an average rent spread of **5.8%** on comparable leases[151](index=151&type=chunk)[153](index=153&type=chunk) Portfolio Occupancy as of June 30 | Occupancy Type | 2023 | 2022 | Basis Point Change | | :--- | :--- | :--- | :--- | | Leased Occupancy | 94.4% | 94.6% | (20) | | Physical Occupancy | 93.5% | 93.7% | (20) | | Economic Occupancy | 92.4% | 92.6% | (20) | - Land Operations Q2 2023 operating profit was **$1.7 million**, primarily from unimproved land sales. This compares to a Q2 2022 operating loss of **$7.5 million**, which was impacted by a **$54.0 million** asset sale gain and a **$59.9 million** pension termination charge[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) [Use of Non-GAAP Financial Measures](index=37&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like FFO, Core FFO, and NOI to evaluate performance, with Core FFO and CRE NOI showing increases in Q2 2023 - The company uses FFO, Core FFO, and NOI as supplemental measures to evaluate operating performance, consistent with real estate industry practices[173](index=173&type=chunk)[177](index=177&type=chunk) FFO and Core FFO Reconciliation Summary (in millions) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income available to A&B | $13.3 | $4.0 | $18.6 | $14.5 | | **FFO** | **$19.8** | **$14.6** | **$38.4** | **$33.4** | | Adjustments for non-core items | $1.5 | $5.9 | $4.1 | $7.9 | | **Core FFO** | **$21.3** | **$20.5** | **$42.5** | **$41.3** | Commercial Real Estate NOI Reconciliation Summary (in millions) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | CRE Operating Profit | $22.7 | $19.3 | $43.6 | $40.0 | | Adjustments | $8.6 | $10.5 | $18.1 | $19.6 | | **NOI** | **$31.3** | **$29.8** | **$61.7** | **$59.6** | | **Same-Store NOI** | **$31.1** | **$29.8** | **$61.5** | **$59.5** | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from operating cash flows, cash on hand, and its revolving credit facility, deemed sufficient to meet obligations, with compliance to financial covenants - Principal sources of liquidity are cash from operations, available cash, and borrowing capacity under its credit facility[186](index=186&type=chunk) - As of June 30, 2023, the company had **$8.2 million** in cash and cash equivalents and **$432.9 million** of available capacity on its A&B Revolver[194](index=194&type=chunk) - For H1 2023, cash used in investing activities was **$13.8 million**, primarily for a **$9.5 million** industrial property acquisition and **$7.2 million** in other capex. Cash used in financing was **$15.9 million**, driven by **$48.2 million** in dividends, offset by **$54.0 million** in net borrowings on the revolver[196](index=196&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - The company was in compliance with its financial covenants as of June 30, 2023[187](index=187&type=chunk) [Other Matters](index=44&type=section&id=Other%20Matters) This section discusses critical accounting estimates, particularly the classification of the Grace Disposal Group as held for sale, a strategic shift materially affecting future operations - The classification of the Grace Disposal Group as 'held for sale' involves significant management judgment regarding the probability and timing of a sale[205](index=205&type=chunk)[207](index=207&type=chunk) - The planned sale of the Grace Disposal Group is considered a strategic shift that will have a major effect on the Company's operations and financial results, leading to its classification as a discontinued operation[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in the company's quantitative and qualitative disclosures about market risk since December 31, 2022 - There have been no material changes in the quantitative and qualitative disclosures about market risk since December 31, 2022[211](index=211&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2023[212](index=212&type=chunk) - There were no material changes in the Company's internal control over financial reporting during the fiscal second quarter[213](index=213&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference legal proceedings information from Note 8, primarily concerning ongoing litigation related to East Maui water rights - Information regarding legal proceedings is incorporated by reference from Note 8 of the financial statements[215](index=215&type=chunk) - The primary legal contingencies relate to ongoing disputes over water licenses and revocable permits for East Maui, involving parties such as the Sierra Club and the State Board of Land and Natural Resources (BLNR)[70](index=70&type=chunk)[71](index=71&type=chunk)[76](index=76&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's most recent Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the Company's most recent annual report on Form 10-K[216](index=216&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell any unregistered equity securities or repurchase shares during the quarter, with **$145.4 million** remaining available under the stock repurchase program - No unregistered equity securities were sold during the period[217](index=217&type=chunk) - No shares were repurchased during the quarter ended June 30, 2023[217](index=217&type=chunk) - As of June 30, 2023, **$145.4 million** remains available under the stock repurchase program, which is authorized through December 31, 2023[217](index=217&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information concerning mine safety disclosures, as required by the Dodd-Frank Act, is included in Exhibit 95 of this Form 10-Q report - Information concerning mine safety disclosures is included in Exhibit 95 to this Form 10-Q[218](index=218&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including material contracts, CEO and CFO certifications, mine safety disclosures, and the Interactive Data File - The Exhibit Index lists all documents filed with the report, including CEO/CFO certifications and the Inline XBRL data[220](index=220&type=chunk)[221](index=221&type=chunk)

Alexander & Baldwin, Inc. (NYSE:ALEX) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Steve Swett - IR Chris Benjamin - CEO Lance Parker - President and COO Clayton Chun - CFO Conference Call Participants Alexander Goldfarb - Piper Sandler Mitch Germain - JMP Securities Operator Good afternoon, and welcome to the Alexander Baldwin First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode for the duration of the call. [Operator Instructions]. Ple ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________________ to _________________ Commission file number 001-35492 ALEXANDER & BALDWIN, INC. (Exact name of registrant as specified in its charter) Hawaii 45-4 ...

Financial Data and Key Metrics Changes - For Q4 2022, the company reported income from continuing operations available to shareholders of $16.2 million or $0.22 per diluted share, with fourth quarter FFO at $25.3 million or $0.35 per diluted share, and core FFO at $22.2 million or $0.31 per diluted share [19][20] - For the full year 2022, income from continuing operations available to shareholders was $36.9 million or $0.50 per diluted share, with FFO at $73.4 million or $1.01 per diluted share, and core FFO at $82.2 million or $1.13 per diluted share [19][20] - Core FFO increased 18.3% year-over-year, and core FFO per share was up 17.7% [8] Business Line Data and Key Metrics Changes - Commercial real estate revenue grew 7.5% year-over-year, with Same-Store NOI increasing by 6% [8] - In Q4 2022, CRE revenue was up 4.8% year-over-year, and NOI increased by 1.3% [13][20] - The company executed 61 leases for approximately 130,000 square feet during Q4, achieving spreads of 3.2% for new leases and 5.7% for renewal leases [15][20] Market Data and Key Metrics Changes - Domestic visitor arrivals in Hawaii exceeded pre-pandemic levels for each month of 2022, with international visitors returning to approximately 50% of 2019 levels [10] - The unemployment rate in Hawaii was 3.2% in December 2022, below the national rate of 3.5% [10] Company Strategy and Development Direction - The company is focused on simplifying its business model by exiting the Grace Pacific operation, which has been classified as a discontinued operation [7][21] - The management is pursuing acquisition opportunities that complement the current portfolio while also focusing on internal growth through development and redevelopment projects [17] - The company aims to strengthen its ESG programs and enhance disclosures to shareholders, including renewable energy projects [12] Management Comments on Operating Environment and Future Outlook - Management noted that while there are economic headwinds, the portfolio is primarily needs-based and has lower exposure to at-risk tenants [41] - The company expects to continue seeing top-line growth for tenants despite potential cost pressures [42] - Guidance for full-year 2023 core FFO is projected between $1.08 to $1.13 per share, reflecting anticipated Same-Store NOI growth [24] Other Important Information - The company raised its quarterly cash dividend three times during the year, from $0.18 to $0.22 per share [9] - The balance sheet remains strong, with a debt-to-total market capitalization ratio of 25.8% at year-end [9][22] Q&A Session Summary Question: Comments on Grace Pacific exit and cash recycling - Management indicated that while there is some cash expected to be redeployed from the Grace exit, it will not be a significant amount [27][28] Question: Guidance for core FFO and differences from NAREIT - Management clarified that the guidance provided is considered clean and reflects all anticipated one-time costs, including executive transition expenses [29][31] Question: Retail sector exposure to economic headwinds - Management stated that their portfolio is more needs-based and has lower exposure to at-risk tenants, with ongoing conversations with tenants indicating increased sales despite cost pressures [41][42] Question: Capital allocation priorities - Management emphasized a disciplined approach to capital allocation, focusing on opportunities that are accretive across retail, industrial, and ground lease sectors [44][45]