Alexander & Baldwin, Inc. Reports Fourth Quarter and Full-Year 2024 Results

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]