Q4 2024 Alexander & Baldwin Inc (Hawaii) Earnings Call Transcript
Key Points
- Alexander & Baldwin Inc (ALEX) achieved a strong FFO growth of 20.4% CAGR since 2020, outperforming the NAREIT shopping center sub-sector.
- The company successfully refinanced $130 million of mortgage debt with unsecured debt at fixed rates, enhancing its capital structure.
- ALEX reported strong leasing activity with 47 leases executed in Q4 2024, representing over 140,000 square feet of GLA.
- The company reduced G&A expenses by $4.2 million or 12.4% in 2024 compared to 2023, streamlining its cost structure.
- ALEX maintained a strong balance sheet with a net debt to adjusted EBITDA ratio of 3.6 times and 96% of its debt at fixed rates.
- Economic occupancy at the end of the quarter was 92.9%, down 10 basis points from the previous quarter and the same period last year.
- The company faced a tenant bankruptcy with Liberated Brands, affecting approximately $450,000 of ABR and 7,000 square feet of space.
- ALEX's guidance for 2025 indicates a potential deceleration in same-store NOI growth compared to previous years.
- The industrial portfolio experienced 50,000 square feet of vacancy, which could impact short-term occupancy rates.
- The company anticipates challenges in financing smaller agricultural lots, which could affect non-core land sales.
Good afternoon ladies and gentlemen. Welcome to the fourth quarter 2024, Alexander and Baldwin Earnings conference call.
(Operator Instructions) This call is being recorded on Thursday, February 27, 2025.
I would now like to turn the conference over to Michael Imanaka, Senior Manager on the Development Team. Please go ahead.
Thank you, operator. Aloha, and welcome to Alexander and Baldwin's fourth quarter and full year 2024 earnings conference call. My name is Michael Imanaka, and I'm a Senior Manager on the A&B development team.
With me today are A&B's Chief Executive Officer, Lance Parker; and Chief Financial Officer, Clayton Chun. We're also joined by Kit Millan, Senior Vice President of Asset Management, who is available to participate in the Q&A portion of the call.
During our call, please refer to our fourth quarter 2024 financial presentation available on our website at investors.alexanderbaldwin.com/events.
Before we
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
