Alexander & Baldwin, Inc. Reports Fourth Quarter and Full-Year 2023 Results

• Net loss available to A&B common shareholders and diluted loss per share available to A&B shareholders for the fourth quarter of 2023 were $3.5 million and $0.05 per diluted share, respectively, compared to $71.6 million and $0.99 per diluted share in the same quarter of 2022. Net income available to A&B common shareholders and diluted earnings per share available to A&B shareholders for the full-year 2023 were $29.7 million and $0.41 per diluted share, respectively compared to net loss available to A&B common shareholders and diluted loss per share available to A&B shareholders of $50.8 million and $0.70 per diluted share in 2022.
• Income from continuing operations available to A&B shareholders for the fourth quarter of 2023 was $8.5 million, or $0.12 per diluted share, compared to $16.2 million, or $0.22 per diluted share, in the same quarter of 2022. Income from continuing operations available to A&B shareholders for the full-year 2023 was $40.7 million, or $0.56 per diluted share, compared to $36.9 million, or $0.50 per diluted share in 2022.
• FFO and FFO per diluted share for the fourth quarter of 2023 were $19.9 million and $0.27 per diluted share, respectively, compared to $25.3 million and $0.35 per diluted share, in the same quarter of 2022. FFO and FFO per diluted share for the full-year 2023 were $79.4 million and $1.09 per diluted share, respectively, compared to $73.4 million and $1.01 per diluted share in 2022.
• Core FFO and Core FFO per diluted share for the fourth quarter of 2023 were $21.0 million and $0.29 per diluted share, respectively, compared to $22.2 million and $0.31 per diluted share in the same quarter of 2022. The change in Core FFO from the prior year quarter was due primarily to higher interest expense. Core FFO and Core FFO per diluted share for the full-year 2023 were $85.3 million and $1.17 per diluted share, respectively, compared to $82.2 million and $1.13 per diluted share in 2022. The increase in full-year Core FFO was due primarily to higher CRE income, partially offset by higher interest expense.

CRE Highlights for Q4 and FY 2023

• CRE operating revenue for the fourth quarter of 2023 was flat compared to the same quarter in 2022 at $48.4 million. CRE operating revenue for the full-year 2023 increased $6.8 million, or 3.6%, to $194.0 million compared to $187.2 million in 2022.
• CRE operating profit for the fourth quarter of 2023 decreased by $4.2 million, or 19.8%, to $17.0 million, compared to $21.2 million in the same quarter of 2022. The decrease is related primarily to the impairment of assets recognized as a result of the abandonment of potential CRE development projects and changes in the expected holding period assumption for a CRE improved property. CRE operating profit for the full-year 2023 decreased by $0.3 million, or 0.4%, to $81.2 million, compared to $81.5 million in 2022.
• CRE NOI for the fourth quarter of 2023 increased by $1.4 million, or 4.7%, to $30.6 million, compared to $29.2 million in the same quarter of 2022. CRE NOI for the full-year 2023 increased by $5.5 million, or 4.7%, to $123.3 million, compared to $117.8 million in 2022.
• CRE Same-Store NOI for the fourth quarter of 2023 increased by $1.2 million, or 4.3%, to $30.1 million, compared to $28.9 million in the same quarter of 2022. CRE Same-Store NOI for the full-year 2023 increased $5.1 million, or 4.3%, to $122.4 million, compared to $117.4 million in 2022.
• Collections of previously reserved amounts in the fourth quarter of 2023 were $0.4 million compared to $0.5 million in the same quarter of 2022. Collections of previously reserved amounts in 2023 were $2.1 million compared to $4.7 million in 2022.
• During the fourth quarter of 2023, the Company executed a total of 50 improved-property leases, covering approximately 114,300 square feet of gross leasable area ("GLA"). There were 239 leases executed in 2023, comprised of 233 improved-property, covering approximately 623,600 square feet of GLA and six ground leases.
• Comparable leasing spreads in our improved property portfolio were 7.8% for the fourth quarter of 2023, 14.7% for industrial spaces and 7.4% for retail spaces. Full-year comparable leasing spreads for the improved property portfolio were 7.7%,  7.5% for industrial spaces and 7.8% for retail spaces.
• Significant leases executed in our improved property portfolio during the fourth quarter of 2023 included:
  • Two leases at Pearl Highlands Center totaling approximately 46,600 square feet of GLA and $1.8 million of annualized base rent ("ABR").
  • Nine leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 11,100 square feet of GLA and $0.6 million of ABR.
• Significant leases executed in our improved property portfolio in 2023 included:
  • Fifty-one leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 85,100 square feet of GLA and $3.4 million of ABR.
  • Eight leases at Pearl Highlands Center totaling approximately 92,300 square feet of GLA and $3.3 million of ABR.
  • Twelve leases at Laulani Village totaling approximately 41,700 square feet of GLA and $1.9 million of ABR.
  • Fifteen leases at Queens' Marketplace totaling approximately 35,700 square feet of GLA and $1.5 million of ABR.
  • Seventeen leases at Waipio Industrial totaling approximately 63,000 square feet of GLA and $1.2 million of ABR.
• Significant leasing activity in the ground portfolio during the year included the ground lease renewal at Windward City Shopping Center which increased ABR from $2.8 million to $3.9 million, an increase of $1.1 million, or approximately 39%.
• Overall leased and Same-Store leased occupancy was 95.5% as of December 31, 2023, a decrease of 30 basis points compared to December 31, 2022.
  • Leased occupancy in the retail portfolio was 94.3% as of December 31, 2023, an increase of 50 basis points compared to December 31, 2022. Same-Store leased occupancy in the retail portfolio was 95.6% as of December 31, 2023, an increase of 60 basis points compared to December 31, 2022.
  • Leased occupancy in the industrial portfolio was 96.8% as of December 31, 2023, a decrease of 160 basis points compared to December 31, 2022. Same-Store leased occupancy in the industrial portfolio was 96.7% as of December 31, 2023, a decrease of 170 basis points compared to December 31, 2022.

CRE Investment Activity for Q4 and FY 2023

• In the fourth quarter of 2023, the Company began permitting for a 29,500-square-foot warehouse and distribution center at Maui Business Park II. The single-user space includes 32' clear height and can accommodate up to 14 dock-high loading bays. Construction of this pre-leased space will begin in the second half of 2024, with an in-service date expected in the fourth quarter of 2025.
• In the fourth quarter of 2023, the Company completed construction of a 464-kilowatt rooftop photovoltaic system at Kaka'ako Commerce Center, the second of many on-site renewable energy generation projects planned for our CRE portfolio.
• In the third quarter of 2023, the Company completed the Manoa Marketplace redevelopment project. The project is expected to generate a stabilized yield on total estimated project costs in the range of 8.0% to 8.5%.
• In the second quarter of 2023, the Company completed the sale-leaseback acquisition of a 33,000-square-foot industrial property located on the island of O'ahu for $9.5 million, representing a going-in cap rate of 5.6%.

Land Operations

• Land Operations operating profit was $6.3 million for the quarter ended December 31, 2023, compared to an operating profit of $5.7 million for the quarter ended December 31, 2022. Land Operations operating profit for the full-year 2023 was $10.8 million compared to an operating loss of $1.4 million in 2022. The change in full-year Land Operations operating profit is due primarily to activity that occurred in 2022 that did not occur in 2023, including charges to the Land Operations segment related to the termination of the defined benefit pension plans, partially offset by the gain on disposal recognized upon the sale of conservation and agricultural land on the island of Kaua'i and 100% of the Company's ownership interest in McBryde Resources, Inc.
• Land Operations Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") was $6.3 million for the fourth quarter of 2023, as compared to $10.7 million in the fourth quarter of 2022. Land Operations Adjusted EBITDA was $10.8 million for the full-year 2023 compared to $67.0 million in 2022. The change in full-year Land Operations Adjusted EBITDA is due primarily to charges to the Land Operations segment related to the termination of the defined benefit pension plans that occurred in 2022.

Balance Sheet, Market Value and Liquidity

• As of December 31, 2023, the Company had an equity market capitalization of $1.4 billion and $464.0 million in total debt, for a total market capitalization of approximately $1.8 billion. The Company's debt-to-total market capitalization was 25.2% as of December 31, 2023. The Company's debt has a weighted-average maturity of 2.5 years, with a weighted-average interest rate of 4.41%. At year end, 92% of the Company's debt was at fixed rates.
• As of December 31, 2023, the Company had total liquidity of $476.5 million, consisting of cash on hand of $13.5 million and $463.0 million available on its revolving line of credit.
• Net Debt to Trailing Twelve Months ("TTM") Consolidated Adjusted EBITDA was 4.2 times as of December 31, 2023, with TTM Consolidated Adjusted EBITDA of $108.1 million for the period ended December 31, 2023.
• During the quarter ended December 31, 2023, the Company repurchased 89,781 of its common shares at a weighted-average price of $16.34 per share, for a total investment of $1.5 million. During 2023, the Company repurchased 181,491 of its common shares at a weighted-average price of $16.53 per share, for a total investment of $3.0 million. These shares were retired upon repurchase.

Dividend

• The Company paid a fourth quarter 2023 dividend of $0.2225 per share on January 8, 2024.
• The Company's Board declared a first quarter 2024 dividend of $0.2225 per share, payable on April 5, 2024, to shareholders of record as of the close of business on March 15, 2024.

2024 Full-Year Guidance

In 2024, the Company will no longer report Core FFO and will begin to report Adjusted FFO.  The Company will also provide full-year guidance for FFO per share and Adjusted FFO per share in addition to CRE Same-Store NOI growth % and CRE Same-Store NOI growth %. 

• Full-year 2024 guidance is as follows.

• FFO per diluted share guidance is comprised of:

ABOUT ALEXANDER & BALDWIN

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai'i, including 22 retail centers, 13 industrial assets and four office properties, as well as 142.0 acres of ground lease assets. A&B is expanding and strengthening its CRE portfolio and achieving its strategic focus on commercial real estate in Hawai'i. Over its 154-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Learn more about A&B at www.alexanderbaldwin.com.

Contact:
Clayton Chun
(808) 525-8475
investorrelations@abhi.com

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
SEGMENT DATA & OTHER FINANCIAL INFORMATION
(amounts in millions, except per share data; unaudited)
		Three Months Ended December 31,				Twelve Months Ended December 31,
		2023		2022		2023		2022
Operating Revenue:
Commercial Real Estate		$               48.4		$               48.4		$             194.0		$             187.2
Land Operations		4.5		22.4		14.9		43.3
Total operating revenue		52.9		70.8		208.9		230.5
Operating Profit (Loss):
Commercial Real Estate		17.0		21.2		81.2		81.5
Land Operations		6.3		5.7		10.8		(1.4)
Total operating profit (loss)		23.3		26.9		92.0		80.1
Interest expense		(6.0)		(5.3)		(23.0)		(22.0)
Corporate and other expense		(8.8)		(5.6)		(28.2)		(39.3)
Income (Loss) from Continuing Operations Before Income Taxes		8.5		16.0		40.8		18.8
Income tax benefit (expense)		—		0.2		—		18.3
Income (Loss) from Continuing Operations		8.5		16.2 Werbung Mehr Nachrichten zur Alexander & Baldwin Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 27.04.24 - XTB BITCOIN am Wochende: WARTEN auf die FED! 27.04.24 - wallstreet:online ... Zunehmende Krankheitsfälle: Megatrend chronische Erkrankungen, 5 passende Fonds und ETFs 27.04.24 - Small- & Micro Cap ... Green Tech ist einer der größten Megatrends – RWE, TerrAscend und Veolia