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27.07.2023 16:05
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Alexander & Baldwin, Inc. Reports Second Quarter 2023 Results
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PR Newswire
HONOLULU, July 27, 2023
HONOLULU, July 27, 2023 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based company focused on owning, operating, and developing high-quality commercial real estate in Hawai'i, today announced net income available to A&B common shareholders of $13.3 million, or $0.18 per diluted share, and Commercial Real Estate (CRE) operating profit of $22.7 million for the second quarter of 2023.
Quarterly Highlights for Q2 2023
- Nareit-defined Funds From Operations ("FFO") of $19.8 million, or $0.27 per diluted share / Core FFO of $21.3 million, or $0.29 per diluted share
- CRE Same-Store Net Operating Income ("NOI") growth of 4.6% / CRE Same-Store NOI growth of 9.2%, excluding collections of previously reserved amounts
- Leased occupancy as of June 30, 2023 was 94.4%
- Comparable new and renewal leasing spreads for the improved portfolio were 10.1% and 4.7%, respectively
- Executed the renewal of the Windward City Shopping Center ground lease, which resulted in a $1.1 million increase to Annualized Base Rent ("ABR")
- As previously announced, acquisition of a 33,200-square-foot industrial asset for $9.5 million
Lance Parker, president and chief executive officer, stated: "In the second quarter, the strength of our commercial real estate portfolio continued to produce exceptional results. CRE revenue increased 7.6% over the same quarter in 2022, and CRE Same-Store NOI increased by 4.6%. Total leased occupancy was strong at 94.4%, and we continue to see robust leasing demand for our high-quality retail and industrial properties, with blended leasing spreads for the quarter at 5.8%."
"As we look to the second half of the year, we believe the ongoing strength of the Hawaii market along with the quality of our portfolio, will continue to produce solid results. Further, our deep market knowledge provides significant advantages to pursue growth opportunities. However, we will remain disciplined as markets evolve in the current environment to ensure sustained cash flow growth and value creation in 2023 and beyond."
Financial Results for Q2 2023
- Net income available to A&B common shareholders and diluted earnings per share available to A&B shareholders for the second quarter of 2023 were $13.3 million and $0.18 per diluted share, respectively, compared to $4.0 million and $0.05 per diluted share in the same quarter of 2022. Income from continuing operations available to A&B shareholders was $10.7 million, or $0.15 per diluted share, compared to $5.4 million, or $0.07 per diluted share, in the same quarter of 2022.
- FFO and FFO per-diluted share for the second quarter of 2023 were $19.8 million and $0.27 per diluted share, respectively, compared to $14.6 million and $0.20 per diluted share in the same quarter of 2022.
- Core FFO and Core FFO per-diluted share for the second quarter of 2023 were $21.3 million and $0.29 per diluted share, respectively, compared to $20.5 million and $0.28 per diluted share in the same quarter of 2022.
- The Company reported Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") of $105.3 million for the twelve-month period ended June 30, 2023, compared to $182.3 million for the same period ended June 30, 2022.
CRE Highlights for Q2 2023
- CRE revenue increased by $3.5 million, or 7.6%, to $49.5 million, as compared to $46.0 million in the same quarter of 2022, due primarily to higher base rents, the impact of removing certain tenants from cash basis revenue recognition and recoveries.
- CRE operating profit increased by $3.4 million, or 17.6%, to $22.7 million, as compared to $19.3 million in the same quarter of 2022.
- CRE NOI increased by $1.5 million, or 5.0%, to $31.3 million, as compared to $29.8 million in the same quarter of 2022.
- CRE Same-Store NOI increased 4.6% compared to the prior year second quarter.
- Excluding collections of previously reserved amounts of $0.6 million in the second quarter of 2023 and $1.8 million in the same quarter of 2022, CRE Same-Store NOI increased 9.2% compared to the prior year second quarter.
- During the second quarter of 2023, the Company executed a total of 72 improved-property leases, covering approximately 220,100 square feet of gross leasable area ("GLA").
- Comparable leasing spreads in our improved property portfolio were 5.8% for the second quarter of 2023, 6.6% for industrial spaces and 5.6% for retail spaces.
- Significant leases executed in our improved property portfolio during the second quarter of 2023 included:
- Twenty leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 31,000 square feet of GLA and $1.3 million of ABR.
- One lease at Pearl Highlands Center totaling approximately 35,000 square feet of GLA and $1.0 million of ABR.
- Four leases at Queens' Marketplace totaling approximately 13,700 square feet of GLA and $0.7 million of ABR.
- Significant leasing activity in the ground portfolio 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 as of June 30, 2023, were 94.4% and 94.3%, respectively, representing decreases from June 30, 2022 of 20 basis points and 30 basis points, respectively.
- Both leased and Same-Store leased occupancy in the retail portfolio were 94.0% as of June 30, 2023, each reflecting an increase of 90 basis points compared to June 30, 2022.
- Leased occupancy in the industrial portfolio was 95.9% as of June 30, 2023, a decrease of 250 basis points compared to June 30, 2022, due primarily to the move-out of a tenant at Kaka'ako Commerce Center in the first quarter of 2023. Same-Store leased occupancy in the industrial portfolio was 95.8% as of June 30, 2023, a decrease of 260 basis points compared to June 30, 2022.
CRE Investment Activity
- The Manoa Marketplace redevelopment project is progressing and remains on budget and on schedule for completion in the third quarter of 2023. The project is expected to generate a stabilized yield on total estimated project costs in the range of 8.0% and 8.5%.
- On May 3, 2023, the Company completed the acquisition of a 33,200-square-foot industrial property located on the island of O'ahu for $9.5 million, representing a going-in cap rate of 5.6%. The acquisition is expected to be accretive to long-term value.
Land Operations
- Land Operations operating profit was $1.7 million for the quarter ended June 30, 2023, as compared to an operating loss of $7.5 million for the quarter ended June 30, 2022. The operating loss for the second quarter of 2022 was due primarily to the $59.9 million charge related to the termination of the defined benefit pension plans, partially offset by a gain of $54.0 million related to the sale of approximately 18,900 acres of non-core landholdings on Kaua'i.
- Land Operations Adjusted EBITDA was $1.7 million for the second quarter of 2023, as compared to $53.0 million in the second quarter of 2022.
Balance Sheet, Market Value and Liquidity
- As of June 30, 2023, the Company had an equity market capitalization of $1.3 billion and $506.9 million in total debt, for a total market capitalization of approximately $1.9 billion. The Company's debt-to-total market capitalization was 27.3% as of June 30, 2023. The Company's debt has a weighted-average maturity of 2.9 years, with a weighted-average interest rate of 4.5%. Eighty-seven percent of the Company's debt was at fixed rates at quarter end.
- As of June 30, 2023, the Company had total liquidity of $441.1 million, consisting of cash on hand of $8.2 million and $432.9 million available on its revolving line of credit.
- Net Debt to Trailing Twelve Months ("TTM") Consolidated Adjusted EBITDA was 4.7 times as of June 30, 2023.
Dividend
- The Company paid a second quarter 2023 dividend of $0.22 per share on July 5, 2023.
- The Company's Board declared a third quarter 2023 dividend of $0.22 per share, payable on October 4, 2023, to shareholders of record as of the close of business on September 18, 2023.
2023 Full-Year Guidance
- The Company revised its annual 2023 guidance to reflect its improved outlook as follows:
| | 2023 Guidance | |
| | Revised | Prior |
| Core FFO per diluted share | $1.10 to $1.14 | $1.08 to $1.13 |
| CRE Same-Store NOI | 2.5% to 4.25% | 2% to 4% |
| CRE Same-Store NOI, excluding prior year reserve reversals | 5.5% to 6.75% | 5% to 6.5% |
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 leases. A&B is expanding and strengthening its Hawai'i CRE portfolio and achieving its strategic focus on commercial real estate by monetizing its remaining non-core assets. Over its 153-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 June 30, | | Six Months Ended June 30, | ||||
| | | 2023 | | 2022 | | 2023 | | 2022 |
| Operating Revenue: | | | | | | | | |
| Commercial Real Estate | | $ 49.5 | | $ 46.0 | | $ 97.4 | | $ 92.3 |
| Land Operations | | 3.6 | | 5.1 | | 6.1 | | 18.0 |
| Total operating revenue | | 53.1 | | 51.1 | | 103.5 | | 110.3 |
| Operating Profit (Loss): | | | | | | | | |
| Commercial Real Estate | | 22.7 | | 19.3 | | 43.6 | | 40.0 |
| Land Operations | | 1.7 | | (7.5) | | 1.6 | | (5.8) |
| Total operating profit (loss) | | 24.4 | | 11.8 | | 45.2 | | 34.2 |
| Interest expense | | (5.9) | | (5.6) | | (10.9) | | (11.3) |
| Corporate and other expense | | (7.7) | | (18.8) | | (14.0) | | (25.9) |
| Income (Loss) from Continuing Operations Before Income Taxes | | 10.8 | | (12.6) | | 20.3 | | (3.0) |
| Income tax benefit (expense) | | — | | 18.1 | | — | | 18.1 |
| Income (Loss) from Continuing Operations | | 10.8 | | 5.5 | | 20.3 | | 15.1 |
| Income (loss) from discontinued operations, net of income taxes | | 4.2 Werbung Mehr Nachrichten zur Alexander & Baldwin Aktie kostenlos abonnieren
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