The following is a summary of the Alexander & Baldwin, Inc. (ALEX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Alexander & Baldwin reported total Net Operating Income (NOI) growth of 4.4% and a same-store NOI growth of 4.1%.

• The company reported Q1 2024 net income available to shareholders of $20 million, or $0.28 per diluted share.

• The company reported Q1 2024 FFO of $29.2 million or $0.40 per diluted share.

• The company achieved Adjusted Funds from Operations (AFFO) of $25.5 million or $0.35 per diluted share for Q1 2024.

• General & Administrative (G&A) expenses decreased by $1.5 million or 17.1% to $7.2 million compared to $8.7 million in Q1 2023.

• At quarter end, total debt outstanding was $458 million, and the company had total liquidity of $470 million.

Business Progress:

• Same-store lease occupancy was 95%, slightly higher than the same period last year.

• The company executed 44 leases in the improved property portfolio, covering 212,000 square feet, with blended spreads of 7.8%.

• Over 300 acres of Land Operations segment were sold, exceeding the 2024 target and generating nearly $7.9 million of operating profit.

• The company continues to prioritize the sale of remaining non-core assets.

• Ground lease NOI growth is anticipated to be slightly negative in Q2 2024 and flat for the rest of the year.

• The company plans to sell the majority of the 300 acres sold in Q1 in 2025, contributing to an increased 2024 Land Operations FFO per share projection.

• Due to stronger-than-expected Commercial Real Estate (CRE) performance in Q1, the projected FFO per share attributable to CRE and corporate is expected to increase.

• Office properties will be repositioned later in the year due to tenant move-outs.

• The company sees opportunity in Land Operations and non-core land sales remain a priority.

More details: Alexander & Baldwin Inc IR

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