Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a great growth stock is not easy at all.In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Gr ...

Alpha Exploration Announces New Drill Results from the Aburna Gold District Including 29 Meters Averaging 2.89 g/t Gold at Hill 52 Prospect, and 8 Meters Averaging 3.77 g/t Gold at the Northeast ProspectNovember 14, 2024 5:15 AM EST | Source: Alpha Exploration Ltd.Calgary, Alberta--(Newsfile Corp. - November 14, 2024) - Alpha Exploration Ltd. (TSXV: ALEX) ("Alpha" or the "Company") announces initial drill results from its 7,868m drill program at the Aburna orogenic gold prospect within its 100 ...

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.However, it's pretty easy to find cutting-edge growth stocks with the ...

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock. In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end. However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Sco ...

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, 2024 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 ...

PARTNERS FOR HAWAI'S Premier Commercial Real Estate Company Third Quarter 2024 Earnings Presentation October 24, 2024 Safe Harbor Statement Statements in this presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements in ...

Financial Data and Key Metrics Changes - The company reported FFO of $28.2 million or $0.39 per share for Q3 2024, compared to $21.2 million or $0.29 per share in the same quarter last year, reflecting a significant year-over-year increase [10] - AFFO for Q3 2024 was $23.4 million or $0.32 per share, up from $17.4 million or $0.24 per share in Q3 2023, indicating strong operational performance [10] - G&A expenses decreased by $200,000 or 1.7% to $7.4 million compared to Q3 2023, with revised expectations for 2024 G&A now ranging between $29 million and $30.5 million [11][12] Business Line Data and Key Metrics Changes - Total NOI grew by 4.4%, with same-store NOI increasing by 4.1%, and same-store NOI excluding collections of prior year reserves growing at 4.7% [7] - The company executed 71 leases representing over 182,000 square feet of GLA with blended spreads of 15.3%, driven by strong leasing activity [8] - Same-store leased occupancy remained flat at 94.8% from the previous quarter, while same-store economic occupancy was also flat at 93.7% [8] Market Data and Key Metrics Changes - Hawaii's personal income growth was reported at 5.5%, with an unemployment rate of 2.9%, significantly lower than the national average of 4.2% [9] - Visitor arrivals to Hawaii were down 2.2% year-to-date compared to 2023, primarily due to the impact of the Maui wildfires, currently at 88% of 2019 levels [9] Company Strategy and Development Direction - The company is focusing on operational excellence, balance sheet strength, streamlining business and cost structure, and growth opportunities [6] - The acquisition of an 81,500 square foot industrial asset for $29.7 million at a cap rate of 5.4% reflects the company's strategy to recycle capital and enhance its portfolio [7] - The company raised its full-year guidance for same-store NOI growth and FFO, indicating confidence in future performance [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about investment prospects due to increased deal volume and operational efficiencies [7] - The company anticipates some vacancies in Q4 but remains encouraged by ongoing discussions for backfill opportunities [22][23] - Management highlighted the importance of maintaining liquidity and access to capital markets through the new ATM program and credit facility recast [12][14] Other Important Information - The company completed the sale of 81 acres of non-core land, enhancing liquidity and streamlining operations [7] - The company has a $200 million ATM program in place, which has not yet been utilized, providing flexibility for future capital needs [12][36] Q&A Session Summary Question: Insights on new and renewal rent spreads - The leasing team had a strong quarter with 23 new deals, indicating healthy demand for retail and industrial spaces, although one significant deal influenced the spread [19][20] Question: Guidance on expected move-outs in Q4 - Three tenants are expected to move out, with ongoing discussions for backfill opportunities, although some vacancies may persist into 2025 [21][22][23] Question: Proceeds from Waipouli Town Center disposition - The disposition was viewed as a strategic recycling of capital, eliminating drag on expenses from the underperforming asset [26][28] Question: Acquisition pipeline and market conditions - The company is seeing more opportunities in the market, with an optimistic outlook for potential acquisitions [29] Question: Clean FFO number for the quarter - The company presented a bifurcation of FFO between CRE corporate and land operations, emphasizing the episodic nature of land operations [48][49] Question: Legacy joint venture impact - The legacy joint venture is a passive investment that does not require significant management and is expected to have minimal impact on Q4 guidance [53][56] Question: SG&A efficiency improvements - The company has focused on process improvements and simplification to lower overall G&A expenses [57] Question: Decision to utilize the revolver for Pearl Highlands mortgage - The decision to refinance the Pearl Highlands mortgage using the revolver was based on favorable interest rate conditions [58][59]

For the quarter ended September 2024, Alexander & Baldwin Holdings, Inc. (ALEX) reported revenue of $61.94 million, up 18% over the same period last year. EPS came in at $0.39, compared to $0.16 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $60 million, representing a surprise of +3.24%. The company delivered an EPS surprise of +18.18%, with the consensus EPS estimate being $0.33.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Company Performance - Alexander & Baldwin Holdings, Inc. reported quarterly funds from operations (FFO) of $0.39 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, and up from $0.30 per share a year ago, representing an FFO surprise of 18.18% [1] - The company posted revenues of $61.94 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 3.24%, compared to year-ago revenues of $52.5 million [1] - Over the last four quarters, the company has consistently surpassed consensus FFO and revenue estimates [1] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [2] - The current consensus FFO estimate for the coming quarter is $0.26 on revenues of $51.1 million, and for the current fiscal year, it is $1.27 on revenues of $223.35 million [4] - The estimate revisions trend for Alexander & Baldwin Holdings is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The REIT and Equity Trust - Other industry, to which Alexander & Baldwin Holdings belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a positive outlook for stocks in this sector [5] - Another company in the same industry, Pebblebrook Hotel, is expected to report quarterly earnings of $0.54 per share, reflecting a year-over-year change of -11.5%, with revenues projected at $403.23 million, up 1.9% from the previous year [5]

[Q3 2024 Performance Overview](index=1&type=section&id=Q3%202024%20Performance%20Overview) Alexander & Baldwin reported strong Q3 2024 financial results, with significant growth in FFO and net income, alongside solid Commercial Real Estate performance [Q3 2024 Highlights](index=1&type=section&id=Q3%202024%20Highlights) Alexander & Baldwin reported strong Q3 2024 results, highlighted by significant growth in Funds From Operations (FFO) and solid performance in its Commercial Real Estate (CRE) portfolio, including a 4.1% increase in Same-Store Net Operating Income (NOI) Q3 2024 Key Performance Indicators | Metric | Value | | :--- | :--- | | Funds From Operations (FFO) | $28.2 million ($0.39/share) | | Adjusted FFO | $23.4 million ($0.32/share) | | CRE Same-Store NOI Growth | 4.1% | | Leased Occupancy (as of Sep 30, 2024) | 94.0% | | Comparable Blended Leasing Spreads | 15.3% | - The company successfully closed on the acquisition of an **81,500 square foot** food and distribution facility, demonstrating its strategy of recycling capital and growing its industrial portfolio[2](index=2&type=chunk)[8](index=8&type=chunk) - CEO Lance Parker noted that strong performance in both CRE and Land Operations led the company to **raise its 2024 guidance** Strategic actions were also taken to support growth, including establishing a **new at-the-market (ATM) equity program** and **recasting the revolving credit facility**[3](index=3&type=chunk) [Financial Results for Q3 2024](index=1&type=section&id=Financial%20Results%20for%20Q3%202024) The company's net income available to common shareholders grew to $19.0 million, or $0.26 per diluted share, a significant increase from the prior year Q3 2024 vs. Q3 2023 Financial Comparison | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income to Shareholders | $19.0 million | $14.6 million | +30.1% | | Diluted EPS | $0.26 | $0.20 | +30.0% | | FFO | $28.2 million | $21.2 million | +33.0% | | FFO per Diluted Share | $0.39 | $0.29 | +34.5% | | Adjusted FFO | $23.4 million | $17.4 million | +34.5% | | Adjusted FFO per Diluted Share | $0.32 | $0.24 | +33.3% | - Selling, general and administrative (SG&A) expense **decreased by 1.7%** to **$7.4 million** from **$7.6 million** in the same quarter of 2023[4](index=4&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) The company's Commercial Real Estate and Land Operations segments demonstrated strong performance in Q3 2024, driven by healthy organic growth, strategic acquisitions, and increased land sales [Commercial Real Estate (CRE) Operations](index=1&type=section&id=Commercial%20Real%20Estate%20%28CRE%29%20Operations) The Commercial Real Estate segment demonstrated healthy organic growth in Q3 2024, with increases in operating revenue, profit, and Net Operating Income (NOI) CRE Financial Performance (Q3 2024 vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Operating Revenue | $49.4 million | $48.2 million | +2.4% | | Operating Profit | $22.8 million | $20.6 million | +10.6% | | NOI | $32.4 million | $31.0 million | +4.4% | | Same-Store NOI | $32.2 million | $30.9 million | +4.1% | - The company executed **71** improved-property leases covering approximately **182,100 square feet** of gross leasable area (GLA)[6](index=6&type=chunk) - Comparable leasing spreads were strong at **15.3%**, comprising **18.2%** for retail spaces and **9.9%** for industrial spaces[6](index=6&type=chunk) Portfolio Occupancy (as of Sep 30, 2024) | Portfolio | Leased Occupancy | Change vs. Jun 30, 2024 | Change vs. Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Overall | 94.0% | +10 bps | -60 bps | | Retail | 92.9% | +10 bps | -110 bps | | Industrial | 97.4% | +30 bps | +60 bps | [CRE Investment Activity](index=3&type=section&id=CRE%20Investment%20Activity) During the third quarter, the company strategically recycled capital by acquiring an off-market distribution facility for $29.7 million - On September 20, 2024, the company acquired an **81,500-square-foot** distribution facility for **$29.7 million** The property is **fully leased** to Hansen Distribution Group[8](index=8&type=chunk) - The company is proceeding with the development of a **29,550-square-foot** pre-leased warehouse at Maui Business Park II, with construction expected to start in **early 2025** and an in-service date in **late 2025**[8](index=8&type=chunk) [Land Operations](index=3&type=section&id=Land%20Operations) The Land Operations segment reported a significant increase in profitability, with operating profit rising to $7.9 million in Q3 2024 from $2.9 million in the prior-year quarter - Operating profit for Land Operations was **$7.9 million** for Q3 2024, a substantial increase from **$2.9 million** in Q3 2023[9](index=9&type=chunk) - The profit increase was mainly due to **higher sales**, including an **81-acre parcel** on Maui and a lot at Maui Business Park, as well as **higher legacy joint venture income**[9](index=9&type=chunk) [Financial Position and Capital Management](index=3&type=section&id=Financial%20Position%20and%20Capital%20Management) The company maintained a strong financial position with substantial liquidity and a conservative debt profile, while enhancing flexibility through capital market initiatives and consistent shareholder returns [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) As of September 30, 2024, Alexander & Baldwin maintained a strong financial position with a total market capitalization of approximately $1.9 billion and a conservative debt-to-total market capitalization ratio of 25.3% Key Financial Metrics (as of Sep 30, 2024) | Metric | Value | | :--- | :--- | | Equity Market Capitalization | $1.4 billion | | Total Debt | $472.2 million | | Debt-to-Total Market Cap | 25.3% | | Total Liquidity | $445.9 million | | Net Debt to TTM Adj. EBITDA | 3.6x | - The company's debt has a weighted-average maturity of **2.9 years**, a weighted-average interest rate of **4.58%**, and **96.8%** of the debt is at fixed rates (including interest rate swaps)[10](index=10&type=chunk)[11](index=11&type=chunk) [Capital Markets and Dividends](index=4&type=section&id=Capital%20Markets%20and%20Dividends) The company enhanced its financial flexibility by establishing a new $200 million at-the-market (ATM) equity offering program and extending its revolving credit facility to 2028 - A new ATM equity program was established on August 13, 2024, allowing for the sale of up to **$200.0 million** in common stock No shares were sold under the new or expired programs in the current year[11](index=11&type=chunk) - Subsequent to the quarter's end, the company amended and extended its revolving credit facility to **October 2028**, maintaining its **$450.0 million** borrowing capacity[11](index=11&type=chunk) - A third quarter 2024 dividend of **$0.2225 per share** was paid on October 7, 2024[11](index=11&type=chunk) [2024 Full-Year Guidance](index=4&type=section&id=2024%20Full-Year%20Guidance) Reflecting strong year-to-date performance, the company has raised its full-year 2024 guidance across several key metrics Revised 2024 Full-Year Guidance | Metric | 2024 Revised Guidance | Prior Guidance | | :--- | :--- | :--- | | Net Income per diluted share | $0.74 to $0.82 | $0.64 to $0.73 | | FFO per diluted share | $1.27 to $1.35 | $1.17 to $1.26 | | Adjusted FFO per diluted share | $1.05 to $1.12 | $0.99 to $1.08 | | CRE Same-Store NOI growth % | 1.75% to 2.75% | 1.25% to 2.25% | FFO per Diluted Share Guidance Breakdown | Component | 2024 Revised Guidance | Prior Guidance | | :--- | :--- | :--- | | CRE and Corporate | $1.07 to $1.11 | $1.04 to $1.08 | | Land Operations | $0.20 to $0.24 | $0.13 to $0.18 | | **Total FFO per diluted share** | **$1.27 to $1.35** | **$1.17 to $1.26** | [Financial Statements](index=6&type=section&id=Financial%20Statements) The financial statements for Q3 2024 reflect increased operating revenue and net income, a stable balance sheet with growing assets, and positive cash flow from operations [Segment Data & Other Financial Information](index=6&type=section&id=Segment%20Data%20%26%20Other%20Financial%20Information) The company's total operating revenue for Q3 2024 was $61.9 million, up from $52.5 million in Q3 2023, driven by growth in both the Commercial Real Estate and Land Operations segments Q3 2024 vs. Q3 2023 Income Statement Highlights (in thousands) | Line Item | Q3 2024 (in thousands) | Q3 2023 (in thousands) | | :--- | :--- | :--- | | Total Operating Revenue | $61,944 | $52,495 | | CRE Operating Profit | $22,829 | $20,649 | | Land Operations Operating Profit | $7,881 | $2,878 | | Total Operating Profit | $30,710 | $23,527 | | Net Income Attributable to A&B | $19,004 | $14,649 | | Diluted EPS | $0.26 | $0.20 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheet as of September 30, 2024, shows total assets of $1.650 billion, a slight increase from year-end 2023 Balance Sheet Summary (in thousands) | Account | Sep 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Real estate investments, net | $1,488,179 | $1,482,989 | | Cash and cash equivalents | $17,919 | $13,517 | | **Total Assets** | **$1,650,002** | **$1,646,241** | | **Liabilities & Equity** | | | | Notes payable and other debt | $472,179 | $463,964 | | **Total Liabilities** | **$651,820** | **$643,230** | | **Total Equity** | **$998,182** | **$1,003,011** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash provided by operating activities was $73.7 million Cash Flow Summary - Nine Months Ended Sep 30 (in thousands) | Activity | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Net Cash from Operations | $73,674 | $43,613 | | Net Cash from Investing | ($25,847) | ($19,353) | | Net Cash from Financing | ($43,425) | ($43,220) | | **Net Change in Cash** | **$4,402** | **($18,960)** | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) The company provides non-GAAP financial measures including NOI, FFO, Adjusted FFO, Net Debt, and Adjusted EBITDA to offer additional insights into its operational and financial performance [NOI and Same-Store NOI](index=9&type=section&id=NOI%20and%20Same-Store%20NOI) The company utilizes Net Operating Income (NOI) and Same-Store NOI as key non-GAAP metrics to assess the unlevered performance of its Commercial Real Estate portfolio - Management believes NOI provides **useful information** because it reflects **contract-based income** and **cash-based expenses** at the property level, removing the effects of non-cash items like depreciation and straight-line rent adjustments[22](index=22&type=chunk) Reconciliation of CRE Operating Profit to Same-Store NOI (Q3, in thousands) | Line Item | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | CRE Operating Profit | $22,829 | $20,649 | | Adjustments (Depreciation, etc.) | $9,539 | $10,362 | | **NOI** | **$32,368** | **$31,011** | | Less: Non-Same-Store NOI | ($212) | ($132) | | **Same-Store NOI** | **$32,156** | **$30,879** | [Funds From Operations (FFO) and Adjusted FFO (AFFO)](index=10&type=section&id=Funds%20From%20Operations%20%28FFO%29%20and%20Adjusted%20FFO%20%28AFFO%29) FFO and Adjusted FFO are used as supplemental measures to evaluate performance in comparison to other REITs - Management uses FFO to provide an indication of the company's **ability to service debt and fund capital needs** Adjusted FFO further refines this by **excluding certain items not related to ongoing property operations** to **enhance comparability**[26](index=26&type=chunk)[27](index=27&type=chunk) Reconciliation of Net Income to FFO and Adjusted FFO (Q3, in thousands) | Line Item | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Net Income to Shareholders | $18,998 | $14,628 | | Depreciation & Amortization (CRE) | $8,932 | $9,166 | | (Income) loss from disc. ops. | $300 | ($3,894) | | **FFO** | **$28,230** | **$21,150** | | Adjustments | ($4,803) | ($3,723) | | **Adjusted FFO** | **$23,427** | **$17,427** | [Net Debt](index=12&type=section&id=Net%20Debt) Net Debt, a non-GAAP measure, is calculated by adjusting total debt for unamortized costs and subtracting cash Net Debt Reconciliation (in thousands) | Line Item | Sep 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Total Debt | $472,179 | $463,964 | | Net unamortized costs | $329 | $149 | | Cash and cash equivalents | ($17,919) | ($13,517) | | **Net Debt** | **$454,589** | **$450,596** | [EBITDA and Adjusted EBITDA](index=13&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) The company reports EBITDA and Adjusted EBITDA to evaluate operating performance Consolidated Adjusted EBITDA Reconciliation (TTM, in thousands) | Line Item | TTM Sep 30, 2024 (in thousands) | TTM Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net Income (Loss) | $44,856 | $32,963 | | D&A, Interest, Taxes | $59,507 | $59,789 | | **Consolidated EBITDA** | **$104,375** | **$93,248** | | Adjustments | $20,430 | $14,837 | | **Consolidated Adjusted EBITDA** | **$124,805** | **$108,085** |