NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Alexander & Baldwin, Inc. (NYSE: ALEX) to MW Group and funds affiliated with Blackstone Real Estate and DivcoWest for $21.20 per share in cash is fair to A&B shareholders. Halper Sadeh encourages A&B shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. The inve ...

智通财经APP获悉，美国商业房地产公司Alexander & Baldwin(ALEX.US)将被MW集团、黑石房地产和 DivcoWest的合资企业以每股21.20美元的现金收购，公司估值(含债务)约为23亿美元。该收购价较 Alexander & Baldwin周一美股收盘价溢价40%。受此消息提振，截至发稿，Alexander & Baldwin周一美 股盘后涨超37%。 交易完成后，Alexander & Baldwin将变为私有企业，其股票将从纽约证券交易所退市。此项合并已获得 该公司董事会一致批准，预计将于2026年第一季度完成。该公司将保留其名称、品牌及檀香山总部，并 继续由位于夏威夷的团队领导。投资财团计划向该公司的房地产组合投入逾1亿美元，以加强其服务于 社区的资产。 ...

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Core Points - Alexander & Baldwin, Inc. has entered into a definitive merger agreement with a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest, where shareholders will receive $21.20 per share in cash, representing a 40.0% premium to the closing price on December 8, 2025, with an enterprise value of approximately $2.3 billion [1][7][8] - The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions including shareholder approval [8] - A&B is the largest owner of high-quality, grocery-anchored shopping centers in Hawaii, with a portfolio of approximately 4.0 million square feet of commercial space [2][11] Company Overview - A&B has a diverse portfolio that includes 21 retail centers, 14 industrial assets, and four office properties, along with fee interests in 146 acres of ground lease assets [2][11] - The company has a 155-year history and has played a significant role in the development of various industries in Hawaii [11] Leadership and Future Plans - A&B will retain its name, brand, and Honolulu headquarters post-transaction, and will continue to be led by a Hawaii-based team [5] - The Investor Group plans to invest over $100 million to enhance A&B's existing portfolio of properties [6] Shareholder Value - The merger agreement delivers significant immediate value to shareholders, with a substantial cash premium [3][7] - A fourth quarter 2025 dividend of $0.35 per share has been approved, payable on January 8, 2026, which will reduce the per-share consideration in the merger [9] Investor Group Background - MW Group has over three decades of experience in commercial real estate development in Hawaii [13] - Blackstone Real Estate has a long history of responsible ownership in Hawaii, with investments creating over 9,000 jobs [4][14] - DivcoWest is known for its experience across various real estate sectors and aims to enhance the environments it invests in [16]

Revenue and Income - Operating revenue for the third quarter of 2025 decreased by 18.9%, or $11.7 million, to $50.2 million, primarily due to lower revenues from the Land Operations segment's unimproved and development land sales[106]. - Net income for the third quarter of 2025 was $14.3 million, a decrease of 24.5% compared to $19.0 million in the same period of 2024[105]. - Funds From Operations (FFO) decreased by 24.2% to $21.4 million, compared to $28.2 million in the third quarter of 2024[105]. - Adjusted FFO decreased by 18.4% to $19.1 million, down from $23.4 million in the same period last year[105]. - Operating revenue for the nine months ended September 30, 2025, decreased by 10.6%, or $18.5 million, to $155.7 million, primarily due to lower revenues from the Land Operations segment[113]. - Net income for the nine months ended September 30, 2025, was $60.9 million, an increase of 26.6% compared to $48.1 million in 2024[112]. - For the nine months ended September 30, 2025, net income available to A&B common shareholders was $60.90 million, an increase from $48.08 million in 2024[156]. Expenses and Costs - Cost of operations decreased by 15.1%, or $4.9 million, to $27.6 million, mainly due to lower expenses related to unimproved and development land sales in the Land Operations segment[107]. - Selling, general, and administrative expenses decreased by 18.2%, or $1.4 million, to $6.1 million, attributed to lower professional services and personnel-related expenses[107]. - Cost of operations for the same period decreased by 10.4%, or $9.6 million, to $82.7 million, mainly due to lower costs associated with unimproved and development land sales[114]. - Selling, general, and administrative expenses decreased by 8.4%, or $1.8 million, to $20.1 million, primarily due to lower software, technology, and personnel-related expenses[116]. Gains and Other Income - The gain on commercial real estate transactions was $2.6 million, resulting from a tenant's exercise of a purchase option, leading to the derecognition of the associated real estate property[108]. - Gain on commercial real estate transactions was $6.7 million, attributed to two leases classified as sales-type leases[117]. - Gain on disposal of assets and settlements was $11.8 million, significantly higher than $2.1 million in the prior year, due to favorable contract modifications[118]. - Income related to joint ventures and partnerships decreased by $0.6 million to $1.6 million, primarily due to lower earnings from an unconsolidated investment in a materials company[109]. - Income related to joint ventures and partnerships increased by 87.9%, or $3.4 million, to $7.2 million, driven by higher income from a legacy real estate joint venture[119]. Occupancy and Leasing - Total leased occupancy increased to 95.6% as of September 30, 2025, up from 94.0% in the previous year, representing a 160 basis point improvement[131]. - Economic occupancy also improved to 94.3% from 93.0% year-over-year, reflecting a 130 basis point increase[133]. - The retail segment's leased occupancy improved to 95.5% in Q3 2025, up from 92.9% in Q3 2024, marking a 260 basis point increase[132]. - The industrial segment maintained a high leased occupancy of 97.5%, slightly up from 97.4% year-over-year[132]. - In Q3 2025, the Company signed 22 new leases covering 36,900 square feet at an average annual base rent of $41.73 per square foot, while 27 renewal leases covered 126,800 square feet at an average annual base rent of $14.02 per square foot[126][127]. - The average base rent for 6 comparable new leases decreased by 2.8% compared to expiring leases, while 19 comparable renewal leases saw a 7.4% increase[126]. Financial Position and Cash Flow - As of September 30, 2025, the Company had $422.5 million in fixed-rate debt and $53.0 million in variable-rate debt, with a total weighted average interest rate of 4.67%[164]. - The Company expects that funds generated from operating activities and available cash will be sufficient to meet its short-term and long-term business requirements[165]. - As of September 30, 2025, operating cash flows from continuing operations were $67.0 million, a decrease of $8.3 million from $75.4 million for the same period in 2024[172]. - The Company had cash on-hand of $17.3 million and $267.0 million of available capacity under its $450.0 million A&B Revolver as of September 30, 2025[173]. - Cash used in investing activities for continuing operations was $30.4 million for the nine months ended September 30, 2025, down from $40.8 million for the same period in 2024[175]. - Total capital expenditures for real estate were $36.9 million for the nine months ended September 30, 2025, compared to $41.6 million for the same period in 2024[177]. Shareholder Returns and Stock Activity - The Company repurchased 5,830 shares of its common stock for an aggregate purchase price of $0.1 million during the nine months ended September 30, 2025, with $99.9 million remaining under the stock repurchase program[179]. - Cash dividend payments totaled $49.3 million during the nine months ended September 30, 2025[177]. Economic and Market Conditions - The Federal Reserve lowered the federal funds target rate range by 0.25% in September 2025, which may impact the Company's financial condition and results of operations[182].

Core Viewpoint - Alexander & Baldwin Holdings, Inc. reported quarterly funds from operations (FFO) of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, but down from $0.39 per share a year ago, indicating a mixed performance in terms of earnings [1][2]. Financial Performance - The company achieved an FFO surprise of +3.57% for the recent quarter and had previously delivered a surprise of +23.08% in the prior quarter [1][2]. - Revenues for the quarter ended September 2025 were $50.25 million, missing the Zacks Consensus Estimate by 3.18%, and down from $61.94 million year-over-year [2]. - Over the last four quarters, the company has surpassed consensus FFO estimates four times and topped consensus revenue estimates three times [2]. Stock Performance - Alexander & Baldwin Holdings shares have declined approximately 7.4% since the beginning of the year, contrasting with the S&P 500's gain of 17.2% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Future Outlook - The consensus FFO estimate for the upcoming quarter is $0.28 on revenues of $52.15 million, and for the current fiscal year, it is $1.40 on revenues of $209.5 million [7]. - The estimate revisions trend for the company was mixed ahead of the earnings release, which may influence future stock movements [5][6]. Industry Context - The REIT and Equity Trust - Other industry, to which Alexander & Baldwin Holdings belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable industry outlook [8].

Financial Data and Key Metrics Changes - The company reported a third quarter NOI of $32.8 million, reflecting a 1.2% increase year-over-year, primarily driven by higher base rent [8] - Same-store NOI was $31.9 million for the quarter, a 60 basis point increase year-over-year [8] - Third quarter FFO per share for CRE and corporate was $0.30, up $0.02 or 7.1% from the same quarter last year [8][9] - Total company FFO for the quarter was $0.29 per share, which included an operating loss of $298,000 from land operations [9] - G&A expenses were $6.1 million for the quarter, approximately $1.4 million lower than the same period last year [9] Business Line Data and Key Metrics Changes - The CRE portfolio experienced same-store NOI growth of 0.6% for the quarter [5] - The company executed 49 leases in its improved property portfolio, representing approximately 164,000 square feet of GLA and $3.3 million of ABR [7] - Lease occupancy was 95.6%, which is 160 basis points higher compared to the third quarter of last year [7] - Economic occupancy at quarter end was 94.3%, 130 basis points higher than the same period last year [7] Market Data and Key Metrics Changes - The company noted increased momentum in the Hawaii investment market, with three large portfolios being marketed for sale [7] - The company is actively pursuing acquisition opportunities aligned with its long-term growth strategy [7] Company Strategy and Development Direction - The company is focused on executing its strategy to drive long-term value for shareholders, with a positive full-year outlook and raised FFO guidance [5][12] - Internal growth initiatives include the development of new buildings at Kumuana Industrial Park and Maui Business Park, expected to generate significant annual NOI upon stabilization [6][10] - The company is also exploring external growth through acquisitions, with a focus on larger assets and portfolios [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook, citing strong portfolio performance and better-than-expected expense management [12] - The company anticipates that the $6.4 million of ABR from SNO leases will start impacting earnings within 9 to 12 months [15] - Management acknowledged challenges from tenant move-outs earlier in the year but noted that all have been backfilled [35] Other Important Information - The company plans to declare a fourth quarter 2025 dividend in December, with payment in January [10] - The sale of three floors at Kaka'ako Commerce Center is expected to generate $24.1 million in proceeds, which will be recycled into acquisition properties via a 1031 exchange [10] Q&A Session Summary Question: When will the $6.4 million of ABR from the SNO leases start to impact earnings? - Management indicated that normal SNO typically becomes economic over 9 to 12 months, with specific projects expected to contribute in Q1 of next year [15] Question: Has the asset for the $24 million purchase option been identified? - Management stated that the asset has not yet been determined, but they are actively underwriting opportunities in the market [16] Question: What is the expected G&A for the fourth quarter? - Management expects an uptick in G&A in the fourth quarter due to timing differences and transaction-related costs [17] Question: Is the sale of the two floors at Kaka'ako common in other properties? - Management noted that this structure is unique to Kaka'ako and not common in their other properties [22] Question: What is the expected impact of land operations on future earnings? - Management indicated that absent land sales, there could be a modest loss in the Land Operations division [27] Question: What are the expected cap rates for the portfolios being marketed? - Management refrained from discussing specific cap rates but indicated a general expectation of 5% to 6% cap type deals in the market [51][52] Question: What is the status of the Lono Center office property? - Management confirmed that they are actively looking to dispose of the Lono Center as it is considered a non-strategic asset [53]

Financial Performance - Net income available to A&B common shareholders for Q3 2025 was $143 million, or $020 per diluted share[1] - Commercial Real Estate (CRE) operating profit for Q3 2025 was $227 million[1] - Funds From Operations (FFO) for Q3 2025 was $214 million, or $029 per diluted share[6] - FFO related to CRE and Corporate for Q3 2025 was $217 million, or $030 per diluted share[6] Commercial Real Estate Operations - CRE Same-Store Net Operating Income (NOI) increased by 06%[6] - Leased occupancy as of September 30, 2025, was 956%[6] - Comparable blended leasing spreads for the improved portfolio were 44%[6] - The company executed 49 improved-property leases totaling approximately 163800 sq ft of GLA, representing $33 million of annualized base rent[12] - The company recognized selling profit of $26 million in connection with a tenant exercising its option to purchase three subdivided units at Kaka'ako Commerce Center[13] Future Outlook - The company is raising FFO guidance for the full year 2025[3]

Financial Performance - Net income available to A&B common shareholders for Q3 2025 was $14.3 million, or $0.20 per diluted share, compared to $18.998 million, or $0.26 per diluted share in Q3 2024[2][6]. - Funds From Operations (FFO) for Q3 2025 was $21.4 million, or $0.29 per diluted share, down from $28.230 million, or $0.39 per diluted share in Q3 2024[7][6]. - Net income for the nine months ended September 30, 2025, increased to $60,898 thousand, up from $48,094 thousand in the same period of 2024, reflecting a growth of 26.0%[25]. - FFO (Funds From Operations) for Q3 2025 was $21,409, compared to $28,230 in Q3 2024, indicating a decline of about 24%[38]. - Consolidated EBITDA for the trailing twelve months ended September 30, 2025, was $135,229, up from $120,192 for the same period in 2024, representing an increase of approximately 12.5%[46]. - Consolidated Adjusted EBITDA for the trailing twelve months ended September 30, 2025, was $129,440, compared to $122,589 in 2024, indicating an increase of about 5.6%[46]. Revenue and Operating Income - Commercial Real Estate (CRE) operating revenue increased to $50.213 million in Q3 2025 from $49.381 million in Q3 2024, while CRE operating profit was $22.719 million, slightly down from $22.829 million[9][8]. - Same-Store Net Operating Income (NOI) for CRE increased by 0.6% in Q3 2025, compared to a 4.1% increase in Q3 2024[9][7]. - Same-Store NOI for the three months ended September 30, 2025, was $31,916 thousand, a slight increase of 0.6% compared to $31,731 thousand in 2024[31]. Occupancy and Leasing Activity - Leased occupancy as of September 30, 2025, was 95.6%, a slight decrease from 95.8% in the previous quarter but an increase from 94.0% a year ago[10][7]. - The company executed 49 improved-property leases totaling approximately 163,800 square feet, representing $3.3 million of annualized base rent during Q3 2025[13][12]. - A lease renewal with an anchor tenant in Kailua Town achieved an 11% lease renewal spread, reinforcing leasing strength[7][4]. Liquidity and Capital Structure - Total liquidity as of September 30, 2025, was $284.3 million, consisting of $17.3 million in cash and $267.0 million available on its revolving line of credit[14][12]. - Total assets decreased to $1,657,219 thousand as of September 30, 2025, from $1,670,432 thousand as of December 31, 2024, representing a decline of approximately 0.9%[23]. - Total liabilities decreased to $645,656 thousand as of September 30, 2025, from $666,889 thousand as of December 31, 2024, a reduction of approximately 3.2%[23]. - Cash and cash equivalents decreased to $17,294 thousand as of September 30, 2025, from $33,436 thousand as of December 31, 2024, a decline of 48.3%[23]. - Total debt as of September 30, 2025, was $475,231, slightly up from $474,837 as of December 31, 2024[42]. - Net debt increased to $458,233 as of September 30, 2025, compared to $441,748 at the end of 2024, marking an increase of about 3.9%[42]. Guidance and Future Outlook - The company raised its full-year guidance for net income per diluted share to a range of $0.95 to $1.00, up from the previous range of $0.91 to $0.96[15][16]. - The full-year 2025 guidance for FFO per diluted share ranges from $1.14 to $1.41, with FFO related to CRE and Corporate expected to range from $0.88 to $1.17[39]. Expenses and Depreciation - The company reported a depreciation and amortization expense of $28,912 thousand for the nine months ended September 30, 2025, compared to $26,979 thousand in 2024, an increase of 7.2%[25]. - The company reported a depreciation and amortization expense of $9,589 for Q3 2025, compared to $8,932 in Q3 2024, reflecting an increase of approximately 7.3%[38]. Other Financial Metrics - The company incurred a refund liability of $45,300 thousand as of September 30, 2025, which was not present in the previous reporting period[23]. - The company utilized non-GAAP measures such as NOI and FFO to provide additional insights into operating performance and trends affecting financial results[26][32]. - The company experienced a gain of $2,556 on commercial real estate transactions in Q3 2025, compared to no gains reported in Q3 2024[38].

Core Insights - Alexander & Baldwin, Inc. reported a net income of $14.3 million, or $0.20 per diluted share, for Q3 2025, alongside a Commercial Real Estate operating profit of $22.7 million [1][4][10] Financial Performance - The net income available to A&B common shareholders decreased from $18.998 million in Q3 2024 to $14.337 million in Q3 2025 [4][29] - FFO (Funds From Operations) for Q3 2025 was $21.4 million, down from $28.2 million in Q3 2024, with FFO per diluted share at $0.29 compared to $0.39 in the prior year [4][29] - Same-Store NOI (Net Operating Income) growth was 0.6% in Q3 2025, a decline from 4.1% in Q3 2024 [4][8] Commercial Real Estate Segment - CRE operating revenue increased to $50.213 million in Q3 2025 from $49.381 million in Q3 2024, while operating profit slightly decreased from $22.829 million to $22.719 million [4][14] - Total leased occupancy was reported at 95.6%, a slight decrease from 95.8% in the previous quarter but an increase from 94.0% year-over-year [5][9] Leasing and Development Activities - The company executed 49 improved-property leases totaling approximately 163,800 sq. ft. of GLA, representing $3.3 million of annualized base rent [9][10] - A key lease renewal was executed in Kailua Town, achieving an 11% lease renewal spread [2][8] - Construction is underway for two industrial projects, including a 91,000 sq. ft. distribution center pre-leased to Lowe's, expected to be completed in Q4 2026 [6][8] Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $284.3 million, consisting of $17.3 million in cash and $267.0 million available on its revolving line of credit [10][12] - The net debt to trailing twelve months consolidated adjusted EBITDA ratio was 3.5 times, with TTM consolidated adjusted EBITDA of $129.4 million [10][12] Dividend Information - The company paid a dividend of $0.2250 per share on October 7, 2025, with plans to declare a fourth quarter 2025 dividend in December 2025 [10][12]