Workflow
Alexander & Baldwin(ALEX) - 2024 Q4 - Annual Results
ALEXAlexander & Baldwin(ALEX)2025-02-27 21:38

Financial Performance - Net income available to A&B common shareholders for Q4 2024 was 12.4million,or12.4 million, or 0.17 per diluted share, compared to a loss of 3.5millioninQ42023[1][5]−Full−year2024netincomeavailabletocommonshareholderswas3.5 million in Q4 2023[1][5] - Full-year 2024 net income available to common shareholders was 60.5 million, or 0.83perdilutedshare,upfrom0.83 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 32,963millionin2023,representingan83.632,963 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 0.56in2023,reflectinga57.10.56 in 2023, reflecting a 57.1% increase[21] - Consolidated net income for 2024 was 60,537,000, an increase from 32,963,000in2023[45]FundsFromOperations(FFO)−FundsFromOperations(FFO)forQ42024was32,963,000 in 2023[45] Funds From Operations (FFO) - Funds From Operations (FFO) for Q4 2024 was 22.0 million, or 0.30perdilutedshare,comparedto0.30 per diluted share, compared to 19.8 million, or 0.27perdilutedshareinQ42023[6][8]−AdjustedFFOforthefullyear2024was0.27 per diluted share in Q4 2023[6][8] - Adjusted FFO for the full year 2024 was 80.1 million, or 1.10perdilutedshare,anincreasefrom1.10 per diluted share, an increase from 63.6 million, or 0.87perdilutedsharein2023[6][8]−FFOforQ42024was0.87 per diluted share in 2023[6][8] - FFO for Q4 2024 was 21,952,000, compared to 19,824,000inQ42023,representinga10.719,824,000 in Q4 2023, representing a 10.7% increase[37] - Adjusted FFO for Q4 2024 was 14,178,000, an increase from 12,182,000inQ42023,markinga16.412,182,000 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]RevenueandOperatingProfit−TotalsegmentoperatingrevenueforthethreemonthsendedDecember31,2024,was1.20[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 52,867millioninthesameperiodof2023[21]−OperatingprofitfortheCommercialRealEstatesegmentwas52,867 million in the same period of 2023[21] - Operating profit for the Commercial Real Estate segment was 21,990 million, up 29.1% from 17,019millionyear−over−year[21]−ConsolidatedEBITDAfor2024reached17,019 million year-over-year[21] - Consolidated EBITDA for 2024 reached 120,192,000, compared to 93,248,000in2023,reflectingagrowthofapproximately2993,248,000 in 2023, reflecting a growth of approximately 29%[45] - Consolidated Adjusted EBITDA for 2024 was 122,589,000, up from 108,085,000in2023,indicatinganincreaseofabout13.4108,085,000 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 13,517millionin2023,indicatingasubstantialimprovementinliquidity[23]−Thecompanyreportednetcashprovidedbyoperatingactivitiesof13,517 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 67,092millionin2023,a46.167,092 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 20,656millionin2023[26]AssetsandLiabilities−Totalassetsincreasedto20,656 million in 2023[26] Assets and Liabilities - Total assets increased to 1,670,432 million in 2024 from 1,646,241millionin2023,markingagrowthof1.51,646,241 million in 2023, marking a growth of 1.5%[23] - Total liabilities rose to 666,889 million in 2024, up from 643,230millionin2023,reflectinga3.7643,230 million in 2023, reflecting a 3.7% increase[23] - Total debt as of December 31, 2024, was 474,837,000, slightly up from 463,964,000in2023[41]−Netdebtdecreasedto463,964,000 in 2023[41] - Net debt decreased to 441,748,000 in 2024 from 450,596,000in2023[41]InvestmentsandAcquisitions−Thecompanybeganconstructionofa29,550squarefootwarehouseanddistributioncenteratMauiBusinessParkII,expectedtobeoperationalinlate2025[6][14]−Thecompanyclosedontheacquisitionofan81,500squarefootfoodanddistributionfacilityfor450,596,000 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 29,826millionin2024,significantlyhigherthan29,826 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,reflectinga2.431,202,000, 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,up2.930,969,000, 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]