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02.11.2023 16:05
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Alexander & Baldwin, Inc. Reports Third Quarter 2023 Results
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PR Newswire
HONOLULU, Nov. 2, 2023
HONOLULU, Nov. 2, 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 $14.6 million, or $0.20 per diluted share, and Commercial Real Estate (CRE) operating profit of $20.6 million for the third quarter of 2023.
Quarterly Highlights for Q3 2023
- Nareit-defined Funds From Operations ("FFO") of $21.1 million, or $0.29 per diluted share / Core FFO of $21.8 million, or $0.30 per diluted share
- CRE Same-Store Net Operating Income ("NOI") growth and CRE Same-Store NOI growth excluding collections of previously reserved amounts of 6.3%
- Leased occupancy as of September 30, 2023 was 94.6%
- Comparable new and renewal leasing spreads for the improved portfolio were 5.5% and 12.3%, respectively
Lance Parker, president and chief executive officer, stated: "In the third quarter, our commercial real estate portfolio continued to perform well. CRE revenue increased 3.7% over the same quarter in 2022, and CRE Same-Store NOI increased by 6.3%. Total leased occupancy ticked up from last quarter to 94.6%, and we continue to see robust leasing demand for our high-quality retail and industrial properties, with blended leasing spreads for the quarter at 11.2%."
"It has been nearly three months since the devastating wildfires in Lahaina on the island of Maui. The tragedy hits close to our hearts with losses that include lives, homes, and livelihoods. Our thoughts are with those who were impacted. I am grateful that our employees and assets on the island were safe, and commend our team and other members of the community for their immediate response to support the people of Maui."
Financial Results for Q3 2023
- Net income available to A&B common shareholders and diluted earnings per share available to A&B shareholders for the third quarter of 2023 were $14.6 million and $0.20 per diluted share, respectively, compared to $6.3 million and $0.09 per diluted share in the same quarter of 2022.
- Income from continuing operations available to A&B shareholders was $12.0 million, or $0.16 per diluted share, compared to $5.7 million, or $0.08 per diluted share, in the same quarter of 2022.
- FFO and FFO per-diluted share for the third quarter of 2023 were $21.1 million and $0.29 per diluted share, respectively, compared to $14.7 million and $0.20 per diluted share in the same quarter of 2022.
- Core FFO and Core FFO per-diluted share for the third quarter of 2023 were $21.8 million and $0.30 per diluted share, respectively, compared to $18.7 million and $0.26 per diluted share in the same quarter of 2022.
CRE Highlights for Q3 2023
- CRE operating revenue increased by $1.7 million, or 3.7%, to $48.2 million, as compared to $46.5 million in the same quarter of 2022.
- CRE operating profit increased by $0.3 million, or 1.5%, to $20.6 million, as compared to $20.3 million in the same quarter of 2022.
- CRE NOI increased by $2.0 million, or 6.9%, to $31.0 million, as compared to $29.0 million in the same quarter of 2022.
- CRE Same-Store NOI increased by $1.8 million, or 6.3%, to $30.8 million as compared to $29.0 million in the same quarter of 2022. Collections of previously reserved amounts in the third quarter of 2023 were $0.5 million compared to $0.4 million in the same quarter of 2022.
- During the third quarter of 2023, the Company executed a total of 62 improved-property leases, covering approximately 149,900 square feet of gross leasable area ("GLA").
- Comparable leasing spreads in our improved property portfolio were 11.2% for the third quarter of 2023, 4.1% for industrial spaces and 13.8% for retail spaces.
- Significant leases executed in our improved property portfolio during the third quarter of 2023 included:
- Fourteen leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 25,000 square feet of GLA and $0.9 million of ABR.
- Four leases at Queens' Marketplace totaling approximately 12,400 square feet of GLA and $0.4 million of ABR.
- Overall leased occupancy was 94.6% as of September 30, 2023 and September 30, 2022.
- Overall Same-Store leased occupancy was 94.5% as of September 30, 2023, a decrease of 10 basis point compared to September 30, 2022 .
- Both leased and Same-Store leased occupancy in the retail portfolio were 94.0% as of September 30, 2023, each reflecting an increase of 70 basis points compared to September 30, 2022.
- Leased occupancy in the industrial portfolio was 96.8% as of September 30, 2023, a decrease of 120 basis points compared to September 30, 2022. Same-Store leased occupancy in the industrial portfolio was 96.7% as of September 30, 2023, a decrease of 130 basis points compared to September 30, 2022.
CRE Investment Activity
- The Manoa Marketplace redevelopment project is substantially complete with only punch list items remaining. The project is expected to generate a stabilized yield on total estimated project costs in the range of 8.0% to 8.5%.
Land Operations
- Land Operations operating profit was $2.9 million for the quarter ended September 30, 2023, as compared to an operating loss of $1.3 million for the quarter ended September 30, 2022. Results in the quarter ended September 30, 2023, reflect unimproved/other property sales. There were no such sales in the quarter ended September 30, 2022.
- Land Operations Adjusted EBITDA was $2.9 million for the third quarter of 2023, as compared to $(1.3) million in the third quarter of 2022.
Balance Sheet, Market Value and Liquidity
- As of September 30, 2023, the Company had an equity market capitalization of $1.2 billion and $507.6 million in total debt, for a total market capitalization of approximately $1.7 billion. The Company's debt-to-total market capitalization was 29.5% as of September 30, 2023. The Company's debt has a weighted-average maturity of 2.7 years, with a weighted-average interest rate of 4.6%. 84% of the Company's debt was at fixed rates at quarter end.
- As of September 30, 2023, the Company had total liquidity of $429.7 million, consisting of cash on hand of $11.8 million and $417.9 million available on its revolving line of credit.
- Net Debt to Trailing Twelve Months ("TTM") Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") was 4.4 times as of September 30, 2023, with TTM Consolidated Adjusted EBITDA of $113.0 million for the period ended September 30, 2023.
- During the quarter ended September 30, 2023, the Company repurchased 91,710 of its common shares at a weighted-average price of $16.72 per share, for a total investment of $1.5 million. These shares were retired upon repurchase.
Dividend
- The Company paid a third quarter 2023 dividend of $0.22 per share on October 4, 2023.
- Consistent with historical practice, the Company's Board plans to declare a fourth quarter 2023 dividend in December 2023, with payment in January 2024.
2023 Full-Year Guidance
- The Company revised its annual 2023 guidance to reflect its improved outlook as follows:
| | 2023 Guidance | ||
| | Revised | Prior | Initial |
| Core FFO per diluted share | $1.13 to $1.16 | $1.10 to $1.14 | $1.08 to $1.13 |
| CRE Same-Store NOI | 2.75% to 4.25% | 2.5% to 4.25% | 2% to 4% |
| CRE Same-Store NOI, excluding prior year reserve reversals | 5.75% to 6.75% | 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 | | Nine Months Ended | ||||
| | | 2023 | | 2022 | | 2023 | | 2022 |
| Operating Revenue: | | | | | | | | |
| Commercial Real Estate | | $ 48.2 | | $ 46.5 | | $ 145.6 | | $ 138.8 |
| Land Operations | | 4.3 | | 2.9 | | 10.4 | | 20.9 |
| Total operating revenue | | 52.5 | | 49.4 | | 156.0 | | 159.7 |
| Operating Profit (Loss): | | | | | | | | |
| Commercial Real Estate | | 20.6 | | 20.3 | | 64.2 | | 60.3 |
| Land Operations | | 2.9 | | (1.3) | | 4.5 | | (7.1) |
| Total operating profit (loss) | | 23.5 | | 19.0 | | 68.7 | | 53.2 |
| Interest expense | | (6.1) | | (5.4) | | (17.0) | | (16.7) |
| Corporate and other expense | | (5.4) | | (7.8) | | (19.4) | | (33.7) |
| Income (Loss) from Continuing Operations Before Income Taxes | | 12.0 | | 5.8 | | 32.3 | | 2.8 |
| Income tax benefit (expense) | | — | | — | | — | | 18.1 |
| Income (Loss) from Continuing Operations | | 12.0 | | 5.8 | | 32.3 | | 20.9 Werbung Mehr Nachrichten zur Alexander & Baldwin Aktie kostenlos abonnieren
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