Q3 2024 Alexander & Baldwin Inc (Hawaii) Earnings Call Transcript
Key Points
- Alexander & Baldwin Inc (ALEX) reported a year-over-year increase in Funds From Operations (FFO), supported by favorable Net Operating Income (NOI) and strong leasing activity.
- The company successfully closed on the sale of 81 acres of land, providing additional liquidity and streamlining operations.
- ALEX completed an off-market acquisition of an 81,500 square foot industrial asset on Oahu, enhancing its portfolio and investment prospects.
- The company raised its full-year guidance, reflecting improved performance and outlook.
- ALEX's balance sheet was strengthened by entering a new ATM program and recasting its credit facility, extending the maturity of its revolver to 2028.
- Same-store leased occupancy was flat from the previous quarter and 80 basis points lower than the same period last year.
- Visitor arrivals in Hawaii were down 2.2% year-to-date compared to 2023, impacted by the lingering effects of the Maui wildfires.
- The company expects some vacancies to continue into 2025, particularly in its industrial and office portfolios.
- Alexander & Baldwin Inc (ALEX) did not sell any shares under its new ATM program during the third quarter, indicating potential challenges in capital raising.
- The company faces expected move-outs in the fourth quarter, which could impact same-store NOI growth.
Good afternoon, ladies and gentlemen, and welcome to the third-quarter 2024 Alexander & Baldwin earnings conference call. (Operator Instructions)
This call is being recorded on Thursday, October 24, 2024. I would now like to turn the conference over to Aja Shimamura, Leasing Manager. Please go ahead.
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Thank you, operator. Aloha and welcome to Alexander & Baldwin's third-quarter 2024 earnings conference call. My name is Aja Shimamura, and I am a Manager on the A&B leasing team. With me, today, are A&B's Chief Executive Officer, Lance Parker; and Chief Financial Officer, Clayton Chun. We are 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 third-quarter 2024 supplemental information available on our website at investors.alexanderbaldwin.com/supplement.
Before we commence, please note that statements in this
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