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Dec 31, 2023
Alexander & Baldwin Q4 2023 Earnings Report
Alexander & Baldwin reported a net loss for Q4 2023 and highlighted the sale of Grace Pacific as part of their simplification strategy.
Key Takeaways
Alexander & Baldwin reported a net loss of $3.5 million for Q4 2023, with CRE operating profit at $17.0 million. The company focused on its core business by selling Grace Pacific and saw an increase in CRE Same-Store NOI of 4.3%. Leased occupancy stood at 94.7% at the end of the quarter.
Net loss available to A&B common shareholders was $3.5 million, or $0.05 per diluted share.
Commercial Real Estate (CRE) operating profit was $17.0 million.
CRE Same-Store Net Operating Income (NOI) grew by 4.3%.
The company completed the sale of Grace Pacific LLC for $60.0 million.
Revenue by Segment
Forward Guidance
A&B provided full-year 2024 guidance, including CRE Same-Store NOI growth between 1.0% and 2.0%, and FFO per diluted share between $0.95 and $1.05.
Positive Outlook
- CRE Same-Store NOI growth % between 1.0% and 2.0%
- CRE Same-Store NOI growth %, excluding collections of prior year reserves between 2.0% and 3.0%
- FFO per diluted share between $0.95 and $1.05
- Adjusted FFO per diluted share between $0.80 and $0.90
- FFO per share related to CRE and Corporate between $0.99 and $1.04
Challenges Ahead
- FFO per share related to Land Operations between $(0.04) and $0.01
- The company will no longer report Core FFO and will begin to report Adjusted FFO.
- Guidance is subject to risks, uncertainties, assumptions and other factors.
- Prevailing market conditions could impact future results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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