Financial Performance - Operating revenue for the first quarter of 2025 decreased by 12.2%, or $7.5 million, to $53.7 million compared to the same period in 2024, primarily due to lower revenues from the Land Operations segment's land sales[100] - Cost of operations decreased by 10.4%, or $3.1 million, to $27.1 million, mainly due to lower cost of sales associated with land sales in the Land Operations segment[101] - Net income for the first quarter of 2025 was $21.4 million, an increase of 7.3% or $1.5 million compared to $20.0 million in 2024[99] - Funds From Operations (FFO) decreased by 9.8%, or $2.9 million, to $26.3 million for the first quarter of 2025 compared to $29.2 million in 2024[99] - Adjusted FFO decreased by 12.7%, or $3.2 million, to $22.3 million for the first quarter of 2025 compared to $25.5 million in 2024[99] - Same-store net operating income (NOI) increased to $32.4 million in Q1 2025 from $31.1 million in Q1 2024, a growth of 4.2%[140] Real Estate Operations - Gain on commercial real estate transactions was $4.1 million, attributed to a ground lease agreement for a 4.7-acre land parcel in Maui Business Park[102] - Commercial Real Estate operating revenue increased by 4.4%, or $2.2 million, to $51.0 million for the first quarter of 2025 compared to the same period in 2024[107] - Commercial Real Estate operating profit rose by 6.6%, or $1.4 million, to $23.4 million for the first quarter of 2025 compared to the prior year[107] - Land Operations segment reported total operating revenue of $2.7 million for Q1 2025, down from $12.3 million in Q1 2024, with operating profit decreasing from $7.9 million to $4.9 million[122][123] Leasing Activity - The Company signed 10 new leases and 32 renewal leases covering a total of 236,800 square feet of GLA, with new leases averaging $16.34 per square foot and renewal leases averaging $27.58 per square foot[109] - The average base rent for 6 comparable new leases increased by 34.6% over expiring leases, while 27 comparable renewal leases saw a 6.4% increase[109] - As of March 31, 2025, the Leased Occupancy rate was 95.4%, up from 94.0% in the previous year, representing a 140 basis point increase[114] - Economic Occupancy improved to 93.9% as of March 31, 2025, compared to 92.3% a year earlier, marking a 160 basis point increase[116] - The retail sector's Leased Occupancy increased to 95.2% from 93.2%, while the industrial sector rose to 97.3% from 96.8%, and the office sector decreased to 79.5% from 83.9%[115] Cash Flow and Capital Expenditures - Operating cash flows from continuing operations for Q1 2025 were $25.9 million, an increase of $9.4 million compared to $16.5 million in Q1 2024, representing a growth of 56.8%[148] - Total capital expenditures for real estate in Q1 2025 amounted to $4,053,000, an increase of 9.3% compared to $3,706,000 in Q1 2024[154] - Cash used in investing activities for continuing operations was $0.8 million in Q1 2025, down from $3.7 million in Q1 2024[152] - Cash used in financing activities for continuing operations was $41.3 million in Q1 2025, up from $25.2 million in Q1 2024, primarily due to cash dividend payments of $16.5 million and debt repayments of $16.6 million[154] Debt and Financial Position - As of March 31, 2025, the company had $440.2 million in fixed-rate debt and $13.0 million in variable-rate debt, with a total weighted average interest rate of 4.62%[143] - The company had $16.9 million in cash on hand as of March 31, 2025, and $307.0 million of available capacity under its revolving credit facility[150] - The Company intends to maintain compliance with financial covenants to ensure continued access to its credit facilities[142] Stock and Market Considerations - The Company has authorized a stock repurchase program of up to $100.0 million, with no shares repurchased during Q1 2025[155] - The company entered into an at-the-market equity distribution agreement allowing for the sale of common stock up to $200.0 million, with no shares sold as of March 31, 2025[151] - The Company faces potential negative impacts from general economic conditions, including inflationary pressures and market volatility, which could affect operating results[158] - The impact of an elevated federal funds rate has contributed to credit tightening and volatility in various industries, including banking and housing[158] - Management's estimates in financial statements are subject to uncertainty, and actual results may differ materially from these estimates[159] - There have been no material changes in market risk disclosures since December 31, 2024[162]

Premier Commercial Real Estate Company First Quarter 2025 Earnings Presentation April 24, 2025 Safe Harbor Statement Statements in this presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include, but are not limi ...

Core Insights - Alexander & Baldwin Holdings, Inc. reported revenue of $53.74 million for the quarter ended March 2025, reflecting a year-over-year decline of 12.2% [1] - The earnings per share (EPS) for the same period was $0.36, an increase from $0.28 a year ago, indicating a positive trend in profitability [1] - The reported revenue exceeded the Zacks Consensus Estimate of $51.7 million by 3.94%, while the EPS surpassed the consensus estimate of $0.28 by 28.57% [1] Financial Performance Metrics - The company's operating revenue from Commercial Real Estate was $51.04 million, exceeding the two-analyst average estimate of $50.20 million, with a year-over-year increase of 4.4% [4] - In contrast, the operating revenue from Land Operations was reported at $2.70 million, significantly lower than the average estimate of $1.50 million, showing a year-over-year decline of 78.1% [4] - The diluted earnings per share were reported at $0.29, compared to the average estimate of $0.15 from three analysts, indicating stronger-than-expected earnings performance [4] Stock Performance - Over the past month, shares of Alexander & Baldwin Holdings have returned -3.9%, which is better than the Zacks S&P 500 composite's decline of -5.1% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - The company reported a same-store NOI growth of 4.2% for the quarter, with the commercial real estate (CRE) portfolio generating $33.2 million of NOI, representing a 4.6% increase from Q1 of last year [10][18] - Total FFO was $0.36 per share for Q1 2025, consisting of $0.06 from land operations and $0.30 from CRE and corporate [19] - G&A expenses were approximately $7 million, a decrease of 3.4% compared to the same period last year [21] - The company raised its total FFO per share guidance to a range of $1.17 to $1.23, reflecting better-than-expected results in land operations [23] Business Line Data and Key Metrics Changes - The company executed 42 leases in its improved property portfolio, representing approximately 237,000 square feet of GLA and $5.6 million of ABR [13] - Leased occupancy was 95.4%, up 80 basis points sequentially and 40 basis points year-over-year [14] - The company sold 90 acres of primarily agricultural land, contributing approximately 6 cents to land operations earnings for the quarter [13] Market Data and Key Metrics Changes - The company backfilled approximately 75% of a 50,000 square feet industrial vacancy by signing a lease at Kakaako Commerce Center [24] - Economic occupancy at quarter-end was 93.9%, up 100 basis points from the previous quarter and 160 basis points from the same period last year [14] Company Strategy and Development Direction - The company is focusing on improving its CRE portfolio performance, internal and external growth, and streamlining its business and cost structure [10] - A notable transaction involved transferring a five-acre lot at Maui Business Park into the ground lease portfolio, which is expected to contribute nearly a penny in FFO for 2025 [12] - The company is committed to a Hawaii-focused asset class diverse strategy, with self-storage being a new area of investment [12][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current macroeconomic uncertainty but emphasized strong first-quarter results and the ability to manage through challenges [27] - There have been no significant concerns from tenants regarding their operations, and leasing activity remains robust [40][51] - The company is taking proactive measures to mitigate potential impacts from tariffs on construction costs by pre-purchasing materials [42][70] Other Important Information - The company maintains a strong balance sheet with total liquidity of over $300 million and a net debt to adjusted EBITDA ratio of 3.6 times [22] - The Board declared a second-quarter 2025 dividend of $0.225 per share, payable on July 9 [23] Q&A Session Summary Question: Can you provide details on the self-storage transaction and the equity investment opportunity? - The self-storage transaction involved converting non-income-producing land into long-term rental income through a 75-year ground lease, contributing nearly a penny of FFO for 2025 [34][35] Question: What are the concerns from tenants regarding macroeconomic uncertainty? - While there is some uncertainty around tariffs, there have been no real-time concerns from tenants, and leasing activity remains positive [40][51] Question: Is the construction completion delay related to tariffs? - The delay in construction completion is due to the natural course of construction and not directly related to tariffs [44] Question: How significant is the impact of tariffs on building materials? - An 8% increase in steel prices was noted, and the company is taking steps to pre-purchase materials to mitigate costs [69][70] Question: Are there any anticipated drags on FFO as the year progresses? - There are no known anticipated drags due to move-outs or other factors at this time [78] Question: Is there potential for additional legacy issues impacting future earnings? - While there is always a possibility of legacy issues arising, the company does not anticipate anything out of the ordinary in the near term [86]

Financial Performance - Alexander & Baldwin Holdings, Inc. reported quarterly funds from operations (FFO) of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, and showing an increase from $0.35 per share a year ago, resulting in an FFO surprise of 28.57% [1] - The company posted revenues of $53.74 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.94%, although this represents a decline from year-ago revenues of $61.2 million [2] Market Performance - Alexander & Baldwin Holdings shares have declined approximately 6.2% since the beginning of the year, while the S&P 500 has decreased by 8.6% [3] - The company has consistently outperformed consensus FFO estimates over the last four quarters [2] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.29 on revenues of $52.5 million, and for the current fiscal year, it is $1.16 on revenues of $210.7 million [7] - The estimate revisions trend for Alexander & Baldwin Holdings is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Other industry, to which Alexander & Baldwin Holdings belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Performance - Net income available to A&B common shareholders for Q1 2025 was $21.4 million, or $0.29 per diluted share, compared to $19.9 million, or $0.28 per diluted share in Q1 2024[2][6]. - Net income for the three months ended March 31, 2025, was $21,433,000, an increase of 7.2% compared to $19,982,000 in 2024[27]. - The company reported a net income of $61.988 million for the trailing twelve months ending March 31, 2025[46]. Funds From Operations (FFO) - Funds From Operations (FFO) for Q1 2025 was $26.3 million, or $0.36 per diluted share, down from $29.2 million, or $0.40 per diluted share in Q1 2024[7][6]. - Funds From Operations (FFO) for the three months ended March 31, 2025, was $26,346,000, down from $29,205,000 in 2024, indicating a decrease of 9.9%[37]. - Funds from operations (FFO) per diluted share for Q1 2025 was $0.36, with full-year guidance between $1.13 and $1.23[39]. Revenue and Operating Income - Total segment operating revenue for Q1 2025 was $53.7 million, down from $61.2 million in Q1 2024[22]. - Commercial Real Estate (CRE) operating profit increased to $23.4 million in Q1 2025 from $22.0 million in Q1 2024, with CRE Same-Store Net Operating Income (NOI) growth of 4.2%[4][9]. - Same-Store NOI for the three months ended March 31, 2025, was $32,389,000, reflecting a 4.2% increase from $31,090,000 in 2024[32]. Cash Flow and Liquidity - Operating cash flows from continuing operations increased to $25,882,000, up from $16,464,000, representing a 57.5% increase year-over-year[27]. - Total liquidity as of March 31, 2025, was $323.9 million, consisting of $16.9 million in cash and $307.0 million available on the revolving line of credit[16]. - Total cash, cash equivalents, and restricted cash at the end of the period was $17,552,000, down from $15,919,000 at the end of the same period in 2024[27]. Debt and Capital Expenditures - Total debt as of March 31, 2025, was $452.843 million, a decrease from $474.837 million as of December 31, 2024[42]. - Net debt as of March 31, 2025, was $436.315 million, down from $441.748 million at the end of 2024[42]. - The Company incurred capital expenditures of $4,169,000 for property, plant, and equipment during the three months ended March 31, 2025, compared to $3,746,000 in 2024[27]. Dividends and Guidance - The company declared a second quarter 2025 dividend of $0.2250 per share, payable on July 9, 2025[16]. - The company revised its 2025 guidance, projecting FFO per diluted share to be between $1.17 and $1.23, compared to the initial guidance of $1.13 to $1.20[18]. - Net income available to A&B common shareholders per diluted share for Q1 2025 was $0.29, with full-year guidance ranging from $0.64 to $0.74[39]. Impairment and Future Outlook - The company identified non-cash impairment as a non-recurring item affecting its financial performance[45]. - The company anticipates future growth opportunities and strategies, although specific projections are subject to market conditions and other risks[47].

Group 1 - The Board of Directors of Alexander & Baldwin, Inc. approved a second quarter 2025 dividend of $0.225 per share, payable on July 9, 2025, to shareholders of record as of June 13, 2025 [1] Group 2 - Alexander & Baldwin, Inc. is the only publicly-traded real estate investment trust focusing exclusively on Hawai'i commercial real estate and is the largest owner of grocery-anchored neighborhood shopping centers in the state [2] - The company owns, operates, and manages approximately 4.0 million square feet of commercial space in Hawai'i, including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease assets [2] - Over its 155-year history, Alexander & Baldwin has played a leadership role in the development of various industries in Hawai'i, including agriculture, transportation, tourism, construction, residential, and commercial real estate [2]

Core Insights - Alexander & Baldwin, Inc. has executed a 75-year ground lease for 4.7 acres at its Maui Business Park Phase II project, indicating strong commercial activity and interest in the area [1][2] - The lease agreement is with a prominent self-storage developer, which aligns with the company's strategy to transform non-income generating land into productive assets [2] - Maui Business Park Phase II is a 125-acre mixed-use development that has attracted various businesses and is located near key infrastructure such as Kahului Harbor and Kahului Airport [3] Company Overview - Alexander & Baldwin, Inc. is the only publicly-traded real estate investment trust focused exclusively on Hawai'i commercial real estate and is the largest owner of grocery-anchored neighborhood shopping centers in the state [4] - The company manages approximately 4.0 million square feet of commercial space in Hawai'i, including 21 retail centers, 14 industrial assets, and four office properties [4] - Over its 155-year history, the company has played a significant role in the development of various industries in Hawai'i, including agriculture, transportation, tourism, and commercial real estate [4]

Core Insights - The article highlights Steven Cress's role as VP of Quantitative Strategy and Market Data at Seeking Alpha, emphasizing his contributions to the platform's quantitative stock rating system and analytical tools [1][2] - Cress is dedicated to removing emotional biases from investment decisions through a data-driven approach, utilizing sophisticated algorithms to simplify investment research [2][4] - His background includes founding CressCap Investment Research, which was acquired by Seeking Alpha in 2018, and previously running a proprietary trading desk at Morgan Stanley [3][4] Company Contributions - Seeking Alpha benefits from Cress's expertise in quantitative strategies, which form the foundation of its Quant Rating system designed to provide insights for investors [1][2] - The platform offers a systematic stock recommendation tool, Alpha Picks, aimed at helping long-term investors build high-quality portfolios [1] Industry Experience - Cress has over 30 years of experience in equity research, quantitative strategies, and portfolio management, positioning him as a knowledgeable figure in the investment industry [4]

Core Viewpoint - Alexander & Baldwin, Inc. (A&B) will report its first quarter 2025 results on April 24, 2025, and will host a conference call and webcast to discuss its operating and financial performance [1][2]. Company Overview - A&B is the only publicly-traded real estate investment trust focused exclusively on Hawai'i commercial real estate and is the largest owner of grocery-anchored neighborhood shopping centers in the state [4]. - The company owns, operates, and manages approximately 4.0 million square feet of commercial space in Hawai'i, which includes 21 retail centers, 14 industrial assets, and four office properties, along with 142 acres of ground lease assets [4]. - Over its 155-year history, A&B has played a significant role in the development of various industries in Hawai'i, including agriculture, transportation, tourism, construction, residential, and commercial real estate [4].