Q2 2024 Alexander & Baldwin Inc (Hawaii) Earnings Call Transcript
Key Points
- Total NOI grew by 1.1%, with same-store NOI increasing by 0.9% and 1.7% excluding collections of prior year reserves.
- Executed 47 leases in the improved property portfolio, achieving blended spreads of 7.3% on a comparable basis.
- Net income available to shareholders was $9.1 million, or $0.13 per diluted share, with income from continuing operations up 8% from last year.
- G&A expenses decreased by $2.7 million or 26.8% to $7.3 million, reflecting achievements in cost reductions.
- Raised guidance for 2024, expecting same-store NOI growth in the range of 1.25% to 2.25% and total company FFO in the range of $1.17 to $1.26 per share.
- Same-store leased occupancy was 94.8%, 50 basis points lower than the same period last year.
- AFFO decreased to $16.9 million or $0.23 per diluted share from $18 million or $0.25 per diluted share in the same period last year.
- Loss from discontinued operations was $2.6 million, reflecting the resolution of a liability related to legacy operations.
- Total debt outstanding was $470 million, with a weighted average interest rate of 4.75%.
- Tourism numbers year-to-date are down, with Maui specifically down almost 25% due to the lingering impact of the Lahaina wildfires.
Good day and welcome to the second quarter 2024 Alexander & Baldwin earnings conference call. (Operator Instructions) Please be advised that this call is being recorded today 25 of July 2024.
I would now like to hand the conference over to Brandon Myers, Investments Manager. Please go ahead.
()-
Thank you, operator. Hello all and welcome to Alexander & Baldwin's Second Quarter 2024 earnings conference call. My name is Brandon Myers, and I'm the Manager on the A&B investment team. With me today are A&B's Chief Executive Officer, Lance Parker, and Chief Financial Officer, Clayton Chun.
During our call, please refer to our second quarter 2024 supplemental information available on our website at investor.alexanderbaldwin.com/supplements.
Before we commence, please note that statements in this presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation
| 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
