Financial Data and Key Metrics Changes - In Q4 2024, the company reported FFO of $0.30 per share, a $0.03 increase compared to the same quarter last year, and AFFO of $0.19 per share, $0.02 higher than last year [19][20] - For the full year 2024, FFO was $1.37 per share, $0.28 higher than the prior year, driven by higher land sale margins and improved G&A [20][21] - The company decreased G&A expenses by $4.2 million or 12.4% in 2024 compared to 2023 [22] Business Line Data and Key Metrics Changes - Same-store NOI grew by 2.4% for Q4 and 2.9% for the year, with a notable increase in leasing activity [14][15] - The company executed 47 leases in Q4, representing over 140,000 square feet of GLA, and 209 leases totaling 630,000 square feet during 2024 [15] - Blended leasing spreads remained strong at 14% for Q4 and 11.7% for the full year [15] Market Data and Key Metrics Changes - The retail portfolio saw a sequential improvement in occupancy, increasing by 230 basis points due to backfilling a large vacancy at Waianae Mall [16][56] - Economic occupancy at quarter-end was 92.9%, down 10 basis points from the previous quarter and the same period last year [16] Company Strategy and Development Direction - The company emphasized four priorities for 2024: operational excellence, balance sheet strength, streamlining business and cost structure, and growth [12] - Looking ahead to 2025, the company aims to improve revenue in retail assets, increase occupancy in the industrial portfolio, and pursue external acquisitions [18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about external growth opportunities despite challenging pricing conditions [35] - The company expects same-store NOI growth of 2.4% to 3.2% and FFO between $1.13 and $1.20 per share for 2025 [26] Other Important Information - The company refinanced $130 million of mortgage debt with unsecured debt at fixed rates and extended the maturity date on its revolving credit facility to 2028 [12] - The company sold over 400 acres of non-core landholdings to reduce carrying costs [12] Q&A Session Summary Question: What are the 2025 priorities around external growth? - Management is optimistic about external growth opportunities and is looking at development and redevelopment opportunities, particularly in the industrial market [35][36] Question: Are there any known move-outs for leases expiring in 2025? - There are expected move-outs, but backfill opportunities are being actively pursued [44][45] Question: What drove the increase in leased occupancy in the retail portfolio? - The increase was primarily due to the backfill of the Waianae Mall anchor space [56] Question: What are the biggest factors affecting guidance for 2025? - Delayed tenant occupancy and unplanned vacancies could impact the low end of guidance, while earlier tenant possession could positively affect the high end [58] Question: What is the buyer appetite for land? - Interest in land remains high, although financing for smaller agricultural lots can be challenging [74][75]