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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