Alexander & Baldwin Holdings, Inc. (ALEX) closed the last trading session at $17.58, gaining 0.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $22 indicates a 25.1% upside potential.The mean estimate comprises four short-term price targets with a standard deviation of $1.41. While the lowest estimate of $21 indicates a 19.5% increase from the current price level, the most optimi ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RLJ, APLE, ARE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. A Buy, Sell, or Hold rating in this article does not constitute a Buy, Sell, or Hold recommendation. All investors should exercise t ...

Financial Performance - Operating revenue for 2024 increased by 13.3%, or $27.8 million, to $236.6 million, primarily due to higher revenues from land sales in the Land Operations segment [162]. - Cost of operations for 2024 rose by 21.1%, or $22.5 million, to $129.0 million, mainly due to increased costs associated with land sales in the Land Operations segment [163]. - Net income for 2024 was $60.5 million, a significant increase of 83.7% compared to $33.0 million in 2023 [161]. - Income from continuing operations increased by 56.8%, or $23.2 million, to $64.0 million in 2024 [161]. - Funds From Operations (FFO) for 2024 was $100.0 million, up 26.0% from $79.4 million in 2023 [161]. - The Company reported a net income available to common shareholders of $60.5 million for 2024, up from $29.7 million in 2023, representing a 103% increase [198]. - Adjusted Funds from Operations (Adjusted FFO) increased to $80.1 million in 2024 from $63.6 million in 2023, marking a 26% growth [198]. - Same-store Net Operating Income (NOI) for 2024 was $126.4 million, up from $122.8 million in 2023, indicating a 3% increase [202]. Land Operations - The Company completed sales of approximately 430 acres of legacy land holdings for a total of $20.2 million in 2024, compared to 460 acres for $12.3 million in 2023 [158]. - Total Land Operations operating revenue increased significantly to $39.3 million in 2024 from $14.9 million in 2023, primarily due to land sales [187]. - Land Operations operating profit for 2024 was $18.9 million, compared to $10.8 million in 2023, driven by margins from land sales and equity earnings from joint ventures [188]. - The impairment of assets decreased significantly from $4.8 million in 2023 to $0.3 million in 2024, reflecting fewer abandoned projects [164]. Commercial Real Estate - Commercial Real Estate operating revenue increased by 1.7% to $197.4 million for the year ended December 31, 2024, compared to $193.9 million in 2023 [172]. - Operating profit for Commercial Real Estate rose by 10.1% to $89.4 million in 2024, up from $81.2 million in 2023 [172]. - Net Operating Income (NOI) for Commercial Real Estate was $127.5 million in 2024, a 3.4% increase from $123.3 million in 2023 [172]. - The Company signed 60 new leases covering 131,500 square feet with an average annual base rent of $27.45 per square foot, resulting in an 11.6% average base rent increase over comparable expiring leases [175]. Discontinued Operations - The Company reported a loss from discontinued operations of $3.5 million in 2024, an improvement from a loss of $7.8 million in 2023 [168]. - Cash flows from discontinued operations for the year ended December 31, 2024, included $4.1 million in operating activities and $15.0 million from investing activities related to the Grace Disposal Group [219]. Capital Expenditures and Investments - The Company expects short-term capital expenditures of $41.5 million over the next twelve months, with significant commitments including $19.7 million for tenant improvements [208]. - Cash used in investing activities for the year ended December 31, 2024, was $31.1 million, an increase from $27.6 million in 2023, with capital expenditures totaling $50.8 million, including a $29.8 million commercial real estate acquisition [215]. - Total capital expenditures for real estate in 2024 amounted to $50.7 million, compared to $31.1 million in 2023, with discretionary capital expenditures increasing from $15.4 million in 2023 to $32.8 million in 2024 [217]. - The Company expects capital expenditures for 2025, excluding potential acquisitions, to be approximately $60.0 million to $70.0 million, indicating a strategic focus on growth [217]. Liquidity and Debt Management - The Company has a liquidity source of $22.5 million in short-term contractual interest payments and $68.5 million in long-term payments [207]. - As of December 31, 2024, the Company had cash and cash equivalents of $33.4 million and $150.0 million of borrowings outstanding under its revolving credit facility, with $300.0 million of available capacity [213]. - The Company remains compliant with its financial covenants as of December 31, 2024, ensuring continued access to its credit facilities [204]. - The Company is exposed to interest rate changes due to its borrowing activities and manages this risk through a mix of fixed-rate and variable-rate debt, along with interest rate swaps [235]. - As of December 31, 2024, the Company has $455.2 million in fixed-rate debt and $20.0 million in variable-rate debt [236]. - The weighted average interest rate on remaining fixed-rate principal is projected to range from 4.63% to 6.09% over the next five years [238]. - The weighted average interest rate on remaining variable-rate principal is 5.48% for the next four years [238]. - The Company has three interest rate swap agreements with an average pay fixed rate of 4.37% and an average receive rate of 5.61% [238]. - The fair value of the interest rate derivatives for variable to fixed interest rate swaps is recorded as an asset of $1.4 million as of December 31, 2023 [238]. - The Company actively monitors economic conditions and their impact on interest rates to make informed decisions regarding its financial condition and liquidity [240]. Other Financial Metrics - Basic earnings per share for continuing operations increased by 57.1% to $0.88 in 2024, compared to $0.56 in 2023 [161]. - Cash flows from continuing operations rose to $102.1 million in 2024, an increase of $26.6 million from $75.5 million in 2023, primarily due to higher land sales [210]. - The Company collected $3.9 million in financing receivables related to prior years' land sales in 2024 [211]. - The Company differentiates capital expenditures into ongoing maintenance and discretionary categories, with ongoing maintenance expenditures totaling $15.1 million in 2024 [216]. - The Company has not sold any shares under its at-the-market equity distribution agreement, which allows for sales up to $200.0 million [214]. - The estimated exposure to interest rate risk is based on the expected remaining principal obligation as of December 31, 2024 [237]. - The estimated principal outstanding for variable-rate debt may vary from the amounts indicated due to actual market conditions [238].

Alexander & Baldwin, Inc. (NYSE:ALEX) Q4 2024 Results Conference Call February 27, 2025 5:00 PM ET Company Participants Michael Imanaka - Senior Manager Lance Parker - CEO Clayton Chun - CFO Kit Millan - Senior Vice President of Asset Management Conference Call Participants Gaurav Mehta - Alliance Global Partners Rob Stevenson - Janney Alexander Goldfarb - Piper Sandler Mitch Germain - Citizens JMP Brendan McCarthy - Sidoti Operator Good afternoon, ladies and gentlemen, welcome to the Fourth Quarter 2024 Al ...

For the quarter ended December 2024, Alexander & Baldwin Holdings, Inc. (ALEX) reported revenue of $62.45 million, up 18.1% over the same period last year. EPS came in at $0.30, compared to $0.12 in the year-ago quarter.The reported revenue represents a surprise of +20.92% over the Zacks Consensus Estimate of $51.65 million. With the consensus EPS estimate being $0.28, the EPS surprise was +7.14%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Alexander & Baldwin Holdings, Inc. (ALEX) came out with quarterly funds from operations (FFO) of $0.30 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to FFO of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 7.14%. A quarter ago, it was expected that this company would post FFO of $0.33 per share when it actually produced FFO of $0.39, delivering a surprise of 18.18%.Over the last four quart ...

Financial Performance - Net income available to A&B common shareholders for Q4 2024 was $12.4 million, or $0.17 per diluted share, compared to a loss of $3.5 million in Q4 2023[1][5] - Full-year 2024 net income available to common shareholders was $60.5 million, or $0.83 per diluted share, up from $29.7 million, or $0.41 per diluted share in 2023[1][5] - Net income attributable to A&B shareholders for the year ended December 31, 2024, was $60,537 million, a significant increase from $32,963 million in 2023, representing an 83.6% growth[21] - Basic earnings per share from continuing operations available to A&B shareholders increased to $0.88 for the year ended December 31, 2024, compared to $0.56 in 2023, reflecting a 57.1% increase[21] - Consolidated net income for 2024 was $60,537,000, an increase from $32,963,000 in 2023[45] Funds From Operations (FFO) - Funds From Operations (FFO) for Q4 2024 was $22.0 million, or $0.30 per diluted share, compared to $19.8 million, or $0.27 per diluted share in Q4 2023[6][8] - Adjusted FFO for the full year 2024 was $80.1 million, or $1.10 per diluted share, an increase from $63.6 million, or $0.87 per diluted share in 2023[6][8] - FFO for Q4 2024 was $21,952,000, compared to $19,824,000 in Q4 2023, representing a 10.7% increase[37] - Adjusted FFO for Q4 2024 was $14,178,000, an increase from $12,182,000 in Q4 2023, marking a 16.4% growth[37] - The forward-looking guidance for FFO per diluted share for 2025 is estimated between $1.13 and $1.20[38] Revenue and Operating Profit - Total segment operating revenue for the three months ended December 31, 2024, was $62,454 million, an increase of 18.2% compared to $52,867 million in the same period of 2023[21] - Operating profit for the Commercial Real Estate segment was $21,990 million, up 29.1% from $17,019 million year-over-year[21] - Consolidated EBITDA for 2024 reached $120,192,000, compared to $93,248,000 in 2023, reflecting a growth of approximately 29%[45] - Consolidated Adjusted EBITDA for 2024 was $122,589,000, up from $108,085,000 in 2023, indicating an increase of about 13.4%[45] Cash and Liquidity - Cash and cash equivalents rose to $33,436 million as of December 31, 2024, compared to $13,517 million in 2023, indicating a substantial improvement in liquidity[23] - The company reported net cash provided by operating activities of $97,991 million for the year ended December 31, 2024, compared to $67,092 million in 2023, a 46.1% increase[26] - The company experienced a net increase in cash, cash equivalents, and restricted cash of $19,919 million for the year ended December 31, 2024, compared to a decrease of $20,656 million in 2023[26] Assets and Liabilities - Total assets increased to $1,670,432 million in 2024 from $1,646,241 million in 2023, marking a growth of 1.5%[23] - Total liabilities rose to $666,889 million in 2024, up from $643,230 million in 2023, reflecting a 3.7% increase[23] - Total debt as of December 31, 2024, was $474,837,000, slightly up from $463,964,000 in 2023[41] - Net debt decreased to $441,748,000 in 2024 from $450,596,000 in 2023[41] Investments and Acquisitions - The company began construction of a 29,550 square foot warehouse and distribution center at Maui Business Park II, expected to be operational in late 2025[6][14] - The company closed on the acquisition of an 81,500 square foot food and distribution facility for $29.7 million in September 2024[6][13] - Capital expenditures for acquisitions were $29,826 million in 2024, significantly higher than $9,464 million in 2023, indicating aggressive investment strategies[26] Operational Metrics - Leased occupancy as of December 31, 2024, was 94.6%, with retail portfolio occupancy at 95.2% and industrial portfolio occupancy at 95.2%[6][12] - CRE Same-Store Net Operating Income (NOI) growth for Q4 2024 was 2.4%, and 2.9% for the full year, compared to 4.3% in 2023[6][10] - Same-Store NOI for Q4 2024 was $31,202,000, reflecting a 2.4% increase from $30,471,000 in Q4 2023[31] - Same-Store NOI excluding collections of amounts reserved in prior years for Q4 2024 was $30,969,000, up 2.9% from $30,092,000 in Q4 2023[31] Strategic Initiatives - The company executed a simplification strategy, selling legacy assets including Grace Pacific, LLC, enhancing its focus on commercial real estate in Hawai'i[33] - The company amended its revolving credit facility, extending the term to October 2028, with a borrowing capacity of $450.0 million[6][16] Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks and uncertainties that could impact future performance, including market conditions and legacy asset evaluations[46] - The company does not undertake any obligation to update its forward-looking statements, which are subject to various risks[47]

Core Insights - Alexander & Baldwin, Inc. reported a net income of $12.4 million, or $0.17 per diluted share, for Q4 2024, and a full-year net income of $60.5 million, or $0.83 per diluted share [1][4][5] - The company achieved a Commercial Real Estate (CRE) operating profit of $22.0 million for Q4 2024 and $89.4 million for the full year [1][4][5] - The CEO expressed optimism for 2025, highlighting strong occupancy rates and leasing volumes, indicating potential for continued earnings growth [4] Q4 2024 Highlights - Net income available to A&B common shareholders was $12.4 million, compared to a loss of $3.5 million in Q4 2023 [5][6] - Funds From Operations (FFO) for Q4 2024 was $22.0 million, or $0.30 per diluted share, up from $19.8 million, or $0.27 per diluted share in Q4 2023 [6][34] - Same-Store Net Operating Income (NOI) growth was 2.4%, with a 2.9% increase when excluding collections of prior year reserves [6][28] Full-Year 2024 Highlights - Full-year net income available to A&B common shareholders was $60.5 million, compared to $29.7 million in 2023 [5][6] - Full-year FFO reached $100.0 million, or $1.37 per diluted share, compared to $79.4 million, or $1.09 per diluted share in 2023 [6][34] - Same-Store NOI growth for the full year was 2.9%, with a 3.3% increase when excluding collections of prior year reserves [6][28] Financial Performance - The company reported a total operating revenue of $62.5 million for Q4 2024, compared to $52.9 million in Q4 2023 [17] - Selling, general, and administrative expenses decreased by $4.2 million, or 12.4%, compared to 2023 [6][7] - The company closed on the acquisition of an 81,500-square-foot food and distribution facility for $29.7 million [13] Investment and Growth Activities - Construction began on a 29,550-square-foot warehouse and distribution center at Maui Business Park II, expected to be operational by late 2025 [6][13] - The company established a new $200 million at-the-market equity offering program [6] - The company amended its revolving credit facility, extending the term to October 2028, with a borrowing capacity of $450 million [6][13] 2025 Guidance - The company projects net income per diluted share for 2025 to be between $0.64 and $0.71, and FFO per diluted share to be between $1.13 and $1.20 [15][35] - CRE Same-Store NOI growth is expected to be between 2.4% and 3.2% for 2025 [15][35]

Company Overview - Alexander & Baldwin, Inc. (A&B) is the only publicly-traded real estate investment trust focusing exclusively on Hawai'i commercial real estate [2] - A&B is the largest owner of grocery-anchored neighborhood shopping centers in Hawai'i, managing approximately 4.0 million square feet of commercial space [2] - The company owns and operates 21 retail centers, 14 industrial assets, four office properties, and 142 acres of ground lease assets [2] - A&B has a 155-year history and has played a leadership role in various industries including agriculture, transportation, tourism, construction, residential, and commercial real estate [2] Dividend Announcement - The Board of Directors of A&B approved a first quarter 2025 dividend of $0.225 per share [1] - The dividend is scheduled to be payable on April 7, 2025, to shareholders of record as of the close of business on March 14, 2025 [1]

Core Viewpoint - Alexander & Baldwin, Inc. announced its 2024 dividend distributions for common shares, detailing the amounts and dates for shareholders [1][2]. Dividend Distribution Summary - The total dividend distribution for 2024 is $0.8925 per share, broken down as follows: - $0.2225 per share for the dividends payable on April 5, 2024 - $0.2225 per share for the dividends payable on July 8, 2024 - $0.2225 per share for the dividends payable on October 7, 2024 - $0.2250 per share for the dividends payable on January 8, 2025 [2]. 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 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 142 acres of ground lease assets [4]. - Over its 155-year history, the company has played a leadership role in the development of various industries in Hawai'i, including agriculture, transportation, tourism, construction, residential, and commercial real estate [4].