S&P cited the rationale behind the ratings upgrade in their report: "The upgrade follows Safehold's steady asset quality and business stability despite the stress in the CRE sector, which we believe demonstrates the structural integrity of the company's ground leases and differentiates it from other 'BBB+' rated companies." NEW YORK, Nov. 24, 2025 /PRNewswire/ -- Safehold Inc. (the "Company" or "Safehold") (NYSE: SAFE) announced today that S&P Global Ratings ("S&P") has upgraded its credit ratings on the Co ...

Summary of Alexander & Baldwin (ALEX) 2025 Conference Call Company Overview - **Company Name**: Alexander & Baldwin (ALEX) - **Type**: Diversified Hawaiian Real Estate Investment Trust (REIT) - **History**: Established 155 years ago, converted to a REIT in 2017 - **Focus**: Exclusively operates in Hawaii, leveraging unique market conditions and high barriers to entry [2][4] Portfolio Composition - **Net Operating Income (NOI) Breakdown**: - Retail: Approximately 66% (primarily grocery-anchored) [4][6] - Industrial: About 18% [5][6] - Ground Leases: Roughly 17% [5][6] - Office: Approximately 3-4% (considered non-strategic) [5][9] Growth Opportunities - **Retail Sector**: Strong fundamentals with potential for tenant demand growth; many large retailers lack a presence in Hawaii, presenting long-term opportunities [6][7] - **Industrial Sector**: Extremely tight market with a vacancy rate of 1.2% on Oahu; logistical challenges create opportunities for growth [7][8] - **Existing Portfolio**: High occupancy rates (95.4% overall, 95.2% in retail) with potential for further increases [11] Recent Transactions and Developments - **Maui Business Park**: Secured a 75-year ground lease with a self-storage developer; ongoing construction of a 30,000 square foot industrial building [13][15] - **Oahu Developments**: Building a 21,000 square foot facility pre-leased to Lowe's, capitalizing on retail-driven industrial demand [16][17] Financial Metrics - **Debt Metrics**: Net debt to adjusted EBITDA ratio of 3.6 times; total liquidity over $300 million [26] - **Dividend Policy**: Targets a payout of 100% of re-taxable income; consistent dividend payer since REIT conversion [27][28] Economic Context - **Tourism Impact**: Tourism accounts for about 20% of Hawaii's GDP; visitor counts up 3.2% year-to-date compared to 2024, though still below pre-COVID levels [30][31] - **Government Spending**: Also represents about 20% of GDP; stable federal funding due to Hawaii's strategic military importance [32][33] Challenges and Barriers - **Zoning and Development**: High barriers to entry for new developments; lengthy entitlement processes can take years [39][40] - **Construction Costs**: Elevated due to reliance on imported materials; management's local expertise helps navigate these challenges [41] Investment Thesis - **Differentiated Strategy**: Focused on Hawaii with a diverse asset class portfolio; historically strong performance with a CAGR in same-store NOI growth [42][43] - **Valuation Opportunity**: Current stock price does not reflect the underlying real estate value and growth potential [44] Conclusion - **Overall Positioning**: Alexander & Baldwin presents a unique investment opportunity in a specialized market with strong fundamentals and growth potential, despite challenges in development and construction [42][44]