ALEX - Earnings call transcript Q2 2021 | Alexander & Baldwin, Inc.

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Operator

Good afternoon, and welcome to the Second Quarter 2021 Alexander & Baldwin Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note, this event is being recorded At this time, I'd like to turn the conference call over to Steve Swett, Investor Relations. Sir, please go ahead.

Steve Swett

Thank you. our earnings. discuss to second & welcome XXXX quarter and call Alexander to Baldwin's Aloha today our Brown, me Officer, With for Chris Chief President Benjamin; Executive and and Brett Chief Officer. presentation Financial are A&B's

also Clayton Chief the Officer; Q&A are Real available the of who Chun, joined A&B's Accounting Parker, We Chief Lance call. Estate portion are Officer, for by

Litigation forward-looking that or Before contemplated and statements. These Reform forward-looking forward-looking risks disruptions. growth assumed the to are not and not challenges that are the include, call and date business we strategies, the presentation of positions, the and competitive possible XXXX, are with plans pandemic of the commence, statements please of economic only guarantees actual performance. from relevant regarding and operations, forward-looking and meaning facts, Act and results statements were future Such note to statements, rapidly and are involve that opportunities Private of future those the statements made responses statements statements materially of the differ Securities could in of COVID-XX well this number speak to, results within historical by a cause uncertainties as as as changing company's limited the not related but

www.alexanderbaldwin.com. company's of most Form its related of company's subject market and and the or on and & the the related the in These venture then company's up limited to, operations are the the of discussed expressed to download Construction condition, available not up certain timing Chris. in the from other presentation this our risks, Kukui'ula, by We and slides and are the XX-K, undertake in the for turn our closing today. call operational reconciliations. discuss company's during for be financial update. and and call the referring presentation use me at obligation important a it turn financial a statements. evaluated for related conditions evaluation filings the REIT uncertainties, the He be today's differ could to factors. measures risks and website should company's open recent results status we then the to from COVID-XX of its and remarks, the business, presentation include Materials and factors presentation XX-Q company's assumptions by our to the of any do the the joint today's those generally other will factors businesses, of measures will risk statements a these Brett, The with to appendix of number are to forward-looking questions. will light pandemic statement call with who forward-looking some that in to alternatives events will over Chris not let Management of will liquidity Forward-looking actual business, and Slides prevailing non-GAAP with regarding and other by to matters. associated Included but your company in Chris financial cause presentation non-GAAP that, will information factors impacts over implied materially return is open these Form statements. strategic results With development update to SEC.

Chris Benjamin

Thanks Steve, afternoon good and to listeners. our

on building the strong, last we were results quarter quarter. momentum experienced second Our

cash in demand surge cash approximately commercial total real of as allowed continues efforts. the our estate, remarkable us very sales to portfolio million strength economy well net influx been a of land The of which primarily a has program for an There reducing $XX our Hawaii's to fueled company tremendous perform estate quarter, in in real by of X.X of success from portfolio. in ratio supported net real our adjusted Hawaii also and activities the EBITDA has hit quarter, commercial debt monetization the investing to to the times. important our milestone tourism. Our and This operating second resurgence from estate improves, took

our portfolio the For our in a targeted pipeline since real early quarters. five the We're only the within monetization XXXX, for of further dry special noncommercial to pursuit stages times, have first growth. distribution time our advance associated the we conversion, of a supports are back a coming position delevering to asset REIT as once we and expect pleased not estate progress base, our pivot This shrinks through six efforts with to and range leverage in be in again but powder of in growing building acquisitions. are our improvement to

A&B's sign our outlook XX.X%, performance $X.XX now a is At our our and decision optimism have to growing dividend our strengthening per pleased balance of share, dividend just Another quarterly for year. following levels. is and proud Board's year-to-date, Hawaii's last $X.XX by and exceptional and increase increase of progress $X.XX of $X.XX the pre-COVID I'm or quarter. our below I the team

great the thanks color for in These come. the Tourism with XX% months Inbound experiencing. vaccine even unemployment trends before further rapidly. a Year-to-date travelers the at international is to XXXX in the of were travelers, average signs five improving and exemption July. employment and mainland early the rate Let that was are Hawaii than instituted for for for mainland employment no implemented essentially through levels growth levels vaccine and exemption of was to first June of fell growth travelers. May, accelerating, year. some passenger are in the the economy additional state's me Hawaii X% The is rate nearly more on provide national the we're the double recovery,

does in not turn of neighborhood portfolio is at on direct our in While spending which health overall dramatic our heavily shopping supported tourist centers. spend, tourism dependent the has economy, a drive increase the

half approximately results NOI, real estate also Our are bouncing prior across or just improving income which portfolio's is comprised two up recovery resort accelerating commercial We retail XX spreads NOI leases the and The the standard leases new demand points prior tenant XX.X% and over executed quite nearly same-store Same-store to on with is operating of the quarter, We're quarter, leases pre-COVID the XX% back end second our last of pleased at The and leased our continue that reflecting retail feet activity centers, nearly in and the of commercial over average portfolio. and XX.X%. basis quarter, up we XX% nearly experience. performance occupancy occupancy was XX% up for builds continued XXX,XXX we to nicely. second us is spreads during signed portfolio. year-over-year, was discussed for year, leases. at for matched XX sequentially quarterly basis robust Hawaii of strong our record greatly the driving square performance and quarter real the XX collections. XX discuss during X% retail Brett leasing trends net improved will consistent points with the quarter sequentially strong giving confidence as obviously performance shortly. see XX%, This estate second up we'll

and Park on Turning Shopping to our activity. budget. redevelopment Center remains is progressing Aikahi well

grand have Exterior in along the substantially space improvements have the to its been opening Safeway's is to fully in vet mid-May Starbucks new well celebrated hospital We central who delivered shops and and the has build-out. tenant, its completed renovated.

X% million. uplift well-located as of additional X% realize this upgrade in We in year here anticipated continue XXXX project next and incremental $X.X Kailua, of with returns center income is and completed. to annual to expand incremental NOI NOI We'll leasing and

it's generated enhanced Hawaii the and cash flexibility $XX many to strong have very land, from Business million asset from sales driven far now proceeds from our to simplification bringing approximately by even where jobs. Kukui'ula We for million cash on all and if during Now assets projects efforts. non-core total in to their live Park second venture the Demand $XX year-to-date prefer, remains quarter, people proceeds sales. they total joint Maui

we in During other million. from the Kukui'ula, for received other quarter X.X distributions, second a acres to venture total Kukui'ula Business closed $X A&B million units $XX and made we XX distributions partnership payments the and proceeds row is payments. bringing at This million second that And to main a quarter joint Park, note. and million million including distributions approximately at approximately the XXXX partner Maui of $XX $X cash and approximately $XX sold

our of efforts With XXXX, simplification progress a in our to transformation pure-play company. accelerating strategic we're the real estate commercial Hawaii

and our assets to sell potentially proactively non-core market will transactions. continue including larger We

better more sustainable a this a growth success lower Our a a and A&B on sheet in overhead. path provides peers, advantages focused balance business rate many organization with support to our with streamlined more line to including model

efforts Grace is of expect We date coming significant the our step the to Obviously, of most are quarters. in progress more Pacific. and ahead us of the sale proud

delays at great for which we've meaningful shareholders. We our we and collecting that company fully on our we many simplification, progress must we projects closing positives value in increases permitting we receivables, the in to to know in there of business. continued won. remain approvals revenue will Grace EBITDA have goal, point monetize strong complete were the including and believe backlog regulatory out jobs quarter focused commence of for sales drive some that the quarry experience paving strong to We and which projects a will and unlock old and in still While

how now to soon our of an call these expanded our responsibility improving the issuing by While financial entire ever are and demonstrate Brett? how results I'll details. from veering the will We them. giving updated of I important A&B be team our turn pandemic, for report demonstrated partners commitments another the commitment of to than efforts than be our dedication review and Hawaii. pledge seriously being environment and issued during great accomplishments lived recently we the the stewards more to will communities. part team of is for over that demonstrated our collective operating and our we and condition, Brett take financial annual Rather believe corporate

Brett Brown

everyone. quarter. of same net to negative good quarter of results and or $XX.X our financial million Chris you, compared second We share, per in Starting the $X.XX $X.X with net afternoon, recorded share XXXX. of per or million a loss income $X.XX for Thank the

Growth Core XX per funds collections million compared to year basis, payments or sequential a in in quarter or mandated $X.XX the the in operations core FFO the in year. from $X.XX early with from obviously, last reflect and lockdowns million share, prior of pandemic per impacts $XX.X of distancing. COVID-XX previously higher million FFO the was core second the resulting On over rent acute or amounts. $X.X $XX.X amid million in share, recovery increased the social reserved year. the Comparisons and quarter $X.XX share $X.XX tenant XX% improved compared per past reflecting quarter performance $XX.X quarter – respectively months was FFO estate per share to same was or of Second commercial due current the increased from $X.XX by from far the our prior quarter to or $X.XX same share per strengthening first same the so the real share portfolio in per the continued XXXX. or quarter across to

million Estate $XX.X me higher or our same Let of CRE or turn and $X.X was rents. than in of mainly was year-ago to of commercial the quarter by of current of collections $X.X prior quarter segment. increase both XXXX. results The million from driven million higher was the million now $XX.X again quarter XXXX. the revenues XX% enhanced the Real than period NOI the XX% second

performance reversal of improve, meaningful realized reserves. to continues tenant we have As

CRE Same-store quarter. growth X% growth NOI or first increased quarter. prior XX% from the XX%, from of NOI basis, increased than XX% X.X% Again, of the of XXXX. have reversals, the impact been would sequential On million the XX% NOI million these would the first year-ago $X.X quarter On increased same-store XXXX. a NOI and approximately sequential $XX.X a the excluding and second Excluding quarter was approximately quarter over higher respectively reversals, XXXX. revenues basis, have the of approximately over NOI

have prior Excluding XX% NOI the quarter. would X.X% year the the nearly same-store and over growth over reversals been quarter ago

to leasing. Turning

square XXX,XXX across volume the we In We second to leasing our standard quarter, XX leases, totaling see completed feet. increased approximately continue portfolio.

XX.X% and retail portfolio-wide comparable spreads leases XX% For spaces. were for

of signed of extensions portfolio. high In in XX,XXX modification XX XX just new a lease Hawaii feet leases our one and of for leases of quarter, watermark COVID-related new weighted approximately average was volume we shy quarter in square at addition, this our the The term X.X totaling years.

experience to demand our across robust continue high-quality and portfolio. well-located We very leasing

generated other land EBITDA revenue Our in business produced and as operations of the quarter million million XXXX $XX of a operating of result $X.X sales of revenue. second and

proceeds at joint Our sales included total X.X activity at of projects Park units cash acres for and quarter our $XX approximately this Maui XX Kukui'ula Business venture million.

from As Kukui'ula, proceeds in due quarter at cash of distributions the to payments. Chris approximately sales and the other received million activity mentioned, we $XX

of the Construction largely approvals impacted necessary second adjusted Our quarter. associated to the paving $XXX,XXX with EBITDA generated have segment won. by jobs were Materials & we Results for delays commence

challenged, on the improve remain to over believe as backlog based paving performance operations time activity continue have we While we built. can increase we

the combination of our XXXX some the out onetime decreases at advance streamlining acknowledged to height year very $XX.X year of to our costs up were few a streamlining G&A charges and second and the efforts. respect G&A We have from various experienced a of implementing quarter of trajectory a expect core been over the downward to strip the with pandemic with G&A, this levels Finally, would our QX slope the low due this million, on XXXX, and we're our ERP We pleased million million simplification expenses a range expect but the the to past we to you to Reportable now to continue for party. earlier related years, $XX obligations as third new G&A year. that total system be if preparing of expenses. shift G&A steady we pension in one-time this and $XX we've

However, XXXX we've progress net our below basis, on efforts. be making our steady been streamlining expenses our in should with consistent rate, is which a well the run

Let and sheet me to metrics. now our turn liquidity balance

ago. Total on our by million, capacity complete million will our million improve reduce of This we weeks XXXX, approximately At liquidity prior tools, focus the our was goals total by $XX $XX made $XXX increased liquidity. million of quarter, meaningful cash and and our on year XX, of million In credit and as to we facility. growth $XX and credit quarter total coming has $XXX recast remaining on our we improve liquidity from facility. we the a including of debt progress outstanding of had from financial to up $XXX million portfolio, one our June leverage

unsecured We which include expect new facility, all has will covenants early favorable been in debt close committed to the and to fully August. changes

We an in These equity all go to also maximize have ensure, be quiver value arrows share are as a an to issuance along establishing repurchase intended REIT. need steps program shareholder will existing with at-the-market we our authorization. to the we

quarter adjusted and pivot recast end, as times our robust capital to maturities repurchase the times material new We third pleased X.X shares. credit and times XX% we one authorization, have end. year a no quarter will plans credit dividend and respect closing market at share, dividend, quarter ago. which provide to declared imminent simplification from our $X.XX to a facility, no quarter quarterly that With X.X debt have XX-months, total facility, And dividend to This the our second dividend down repurchase the capitalization is XX.X% debt to net of debt to ATM conviction stronger stood growth. our our for will issue were until we second and increase or very complete and us growth. our was Together, X.X at our XXXX. per Board consolidated After that Hawaii improved increase. quarter visibility from reflects $X.XX growing trailing on our EBITDA is tools, last At we a path from consecutive our market

in remarks. income. per improved first XXXX from in and call half to an guidance NOI XXXX while taxable to Board, implies this guidance, the timing mind outlook to $X.XX. to will and REIT share turn that closing to range With his updated the our I'll X% due prior largely for X% core range. of second with Chris that, the of dividend XX% the range to X% guidance to With collections from to to to a the Please growth our of our with compared $X.XX We reflects continue less the outlook we align back reversals. receivable bear work prior are $X.XX incorporates our range of is raising of half, FFO for over This same-store to respect $X.XX guidance

Chris Benjamin

Brett. Thanks,

portfolio return of tourism, approaching the of accelerating pre-pandemic recovery our the levels meaningful of levels performance. and Hawaii of With is

and focus both reflects non-core the for estate. continue Hawaii this assets on effort buyer on and this of demand strength We progress emphasis our to selling real level quarter of our

efforts of that, creation call for great is we'll Our in shape, supporting will a shareholders every quarter. focus estate in to passing value simplification our a now With portfolio highlighting these questions. balance model, open A&B both sheet in the with your and the efforts our in growth. believe result pivot much success We toward business simpler commercial real on success meaningful

Operator

and the is Please our [Operator at first will go begin Backer from phone session. Difficulty] from is possible, this Ladies Marla And [Technical it question question. your gentlemen, time, ahead mute. your with Instructions] on today Marla, we comes question-and-answer Sidoti.

Christ Benjamin

there? Operator, still are you

Operator

I am mute. your we'll ahead And still here, to next go question, question Please go phone sir. your with from Piper possible, our Marla, Sandler. Goldfarb is Alexander it is on

Alexander Goldfarb

-- I know earnings it's Hi, don’t good what a crazy been -- even day.

versus this the beat it's on was So, quarter improvement pretty earnings I The tremendous. mean strong. last, obviously

down Economic is Leasing strong. went laundry growth are list. healthy. the Land in sounds guys You Hawaii sales great.

are things like on Grace. Sounds progressing

little the On that curious just side, on a capital front.

to establish to said you want no plans normal you that But you position. an but that That's course. said have of be recasting issue, to then, in credit. you ATM want a line You

the you or necessarily a have cupboard all on that given the a far long on So, it investment opportunity as that, you that about, to lot foretelling expect? all takes Getting that the us. appetite your this a as should there's is, time we of in seeing or shown opportunity that island you kitchen the come acquire going island, of amount guys place, is to you're is opportunity should that so capital options, on mean take it the kitchen commensurate that counter these that's have on transaction doesn't merely this

Chris Benjamin

Chris Brett I'll Yes. can chime It's he to in with add. else question, is Alex. wants This then a and great start. anything

think years guess although overhang not now or a a a I We've our is -- the really been obviously REIT. lot I technically think we way X.X have trading from like been X/X/XXXX, we've about we X.X that, this had that's years, REIT of assets. for I non-core guess to so

with. or been a haven't to a And of And we that, we the would some headwinds that -- -- issuing doing of in We've had near had used trading been been at tools dealing that's use because whether position to equity. use our transaction so the some or NAV. haven't necessarily traditionally REIT we've finance UPREIT acquisitions, an that

uses. simplification acting we of As much we tools better and much be like we that use and to more we'll REIT get our be and get we a of a a non-core REIT will lot assets, the positioned closer rid believe that traditional to trading

this is, so, And about those place. is what tools really putting in

two pivoting the sheet. simplification And latter it's strength both said so balance you of on back, the the of and that, Having say -- more we I would the stronger what options. are of your

orientation. pivoting back a towards are We growth

quiver, a into quarters estate, all the that Brett? preference to of first reason you that as be sure our invest a more good commercial -- and we Anything add, just an monetization that the matter it we have I to real And to more it's course, coming continue arrows of so, additional we of our the get in available. that in want from be would because we've proceeds. than would amounts would imminent have it really our got partly cash need, cash generating to is these belief say, expect tools But making

Brett Brown

place, when we would those. need facilities Chris' the optionalities need dedicated you peers well. and getting it just we really our point and with when available when the credit reiterate putting it's It's for tools that. think in where a we to them if then, No, REIT And having in -- having again, I we really line get statement, do very covered to those

Alexander Goldfarb

in weeds topic then, mind. don't a the And hopefully and Okay. you

or be curious ground Looking X.X%. lease that by obviously have XX%, as appreciate pretty on something of, And year-out. to industrial guys to why really would that sort up to year the in a I'm grower, stiffed retail having, same-store rent strong. year-in, surge. been X% don't would any ground X% breakout a have X% are X%, why business at I that grown stable, little you recall lease like, your caused think the or you can would to I sector, ground past would leases

and lease same-store X.X% So why would year-over-year? grow ground NOI

Lance Parker

its Alex, Hey. Lance.

is expect annual your you fair of traditional rate. might terms I growth think on comment in a what

as we growth. do beauties one our the that sometimes would lease increases talked these of about, ground we've outsized get Although, drive portfolio mark-to-market of or is, fixed

supplement, XX Kaimuki Center. And One so, this which year center was seeing specific well ground as we HART did two urban in the what in a you're Shopping acres have as reset. to is over shopping Honolulu, did in that Kapolei, leases our

And received and those so, we've the that's benefit both numbers. of the in reflected of

Alexander Goldfarb

Like, unique that time are Lance, is something something in this that two and your is increases portfolio that's just typical? this? could these is like that -- is embedded this is see over that And or we this something we assets, will -- --

Lance Parker

I of absolute some of steps opportunity at term to in the least, that course, in back can of at when to to do the the the of discount supplement market reversion It's to leasehold fair get try ground of free. it or within these of illuminate, in for we to do the then, know value. we our ground in end we the our the And either it also highlight, we the been improvements able get it at when when provided near lease the have And end the term, opportunities table. And Yes. a latter. we NOI. buy run portfolio it's fixed the ultimate opportunities. project at a a lease significant increases then, we've to the But little really difficult rate past the we comps step And is

Alexander Goldfarb

Okay, great. you. Lance, thank

Chris Benjamin

Thank you, Alex.

Operator

Sidoti. from Marla Backer from comes question next Our

Marla Backer

Hey. me hear you Can now?

Chris Benjamin

now, hear can you We Marla.

Brett Brown

Marla. Yes,

Marla Backer

great. Okay,

the to is completing you give as growth, moving to sense process the you any timeline through and potential [ph]? assets get for you us think addition what can identifying closer an of acquisition between So resumed eventually

Lance Parker

Hi, Marla, Lance. is this

me XX and provide say even will opportunities. the marketed months, been on some the few in of investment Let there's try that to the fewer over here state Hawaii. market trades I color current just investment past

that competitive that and point, said, we've deals, our investment of as one of with build source the here outlook Chris some in on on does the our And indicated as we But advantages our your it as have given that tasked to made really pipeline. that is in his Now, strengthening market, ability progress off-market fact time, that pipeline. have simplification, we locally team to remarks, to we're given relationships. the the well our building take focusing

Now, growth continue take the pursue of portfolio. a and we And in committed then, external opportunities, to addition we little it to that, I existing but right internal us are becoming deals, for to to may acquisitive just find within again. opportunities also growth bit time excited add the would

at seeking are pursue those it's or Maui as repositioning our portfolio, ongoing Business well. within to continue whether Park we'll So opportunities evaluations retail that build-to-suits for some current

Marla Backer

Okay. Great. Thanks.

from be And appropriately identified position assets that that so you've I gather certain us? might already answer your

Lance Parker

We have.

Marla Backer

you've in that variability for the the there with sales of you've in its close strength? any or subsequent demand strength maintained that seen demand the quarter, loan then, Okay. to increasing, of that terms And has demand seen has been

Lance Parker

just, or since that -- the asking you're the change Is closed. month think I but the Marla, bit right? quarter little the two since market, in the last we've a or a whether last up seen in month breaking were You

Marla Backer

Yes.

Lance Parker

builder where develop users sustained you individual Yes. in would level, the No, example, retail anything, like sell I I what Business third-party the Maui to this think, Park. a we're is, would for at project to demand. a a and then lots, level, parcel call, robust or industrial the is which seeing Kukui'ula and if both parcel at selling And at, for homes

think I And market has that I general, year. we're hot don't the any seeing in signs Hawaii this think very been of sustained And in we real good see subsiding. demand. just estate

Marla Backer

Okay. Thank you very much.

Chris Benjamin

Marla. you, Thank

Operator

your Our next go question. McGrath from comes Please question Evercore. with from Sheila ahead

Sheila McGrath

Yes. side, same-store like But revision I I assumptions any there deferrals. positive But Good other also impacted understand, afternoon. this. leasing the from I or missed higher? some to some the is on have changes if spreads of big of the were that reversal might the apologize guidance occupancy NOI

Lance Parker

mostly those It's reversals. on

be the year expect or, inclusion the that greater the demand. We of that would me, lower correct, excuse -- reversals lower far on tenant also expect, we is what well basis, to improvements, go-forward going we this as a seen with on range, so reserves just it's we've as

Sheila McGrath

Okay, the longer volume the from you again term? another to Kukui'ula has committed an great. to does you hold up then, or of acceleration with the asset seeking -- And does are this, and regard the just picked still sales had Chris, distribution. this partner or a exit it make to alternative

Chris Benjamin

the feel opportunity being project, that we of still this rather feel it's we committed pursuing it. should to hold We We're than actually monetization monetize a asset. to the great No. sign a

towards path the just we because of benefits seeking so have still story. are up our cleaning our that And simplification would and it

Sheila McGrath

and just still are already simplification a going -- is it there are Kukui'ula both And with Pacific for Grace ongoing with that processes of formal both, regards or to plan? the those,

Chris Benjamin

not would formal. I as terribly describe it active, but

Sheila McGrath

Okay.

Chris Benjamin

That's about done very either. a but Rest the that process best actively I on our marketing public opportunities, can do. broad assured at looking we're haven't

Sheila McGrath

moving process then the there going. on, anything And that more great. is few to mention Maybe acquisition. could past months in Is just juncture? touch how pipeline Lance you the or did Okay, somebody at growth this the look at in in team

Lance Parker

general and still the at the that, Hi Sheila, investments would say it's comments group market Lance. tight. the about I looking relatively opportunities pivot did make I market. of some in conditions are earlier

and see team's in what are opportunities. investment slowing the are the case, is off-market given some to opportunities our most we're We relationships as typically seeing, And of starting efforts.

I So probably XXXX. expect continue market all that us improve would acquisitions for as pipeline maybe some investment opportunities hopefully And said to for of year. conditions modest with this larger into increasing the then,

Sheila McGrath

like looks shopping attractive. me on Okay. very And Aikahi last for question center. on, cost The yield

to Just when you in contributing terms to expect asset of us that NOI? do that, modeling start

Lance Parker

already dormant And with to we've couple since some for received getting which in the that was large opening the of center. shopping we're which benefit space. the clinic the increase of area for this veterinary lease is rent a on of relocations our Safeway, commencement the moved the the completed their then the we We've contributions also year months improvements, Starbucks one rent early. of turned the also and So of the from over of majority theater of

year we be in would then, the right that activity obviously of rent those well of leasing full year those expect going expect as XXXX partial And of to that's from occur on benefits benefits. commencements the in-line now. all some So we some as

Sheila McGrath

Okay, Thank you. great.

Chris Benjamin

Sheila. Thanks,

Operator

ladies for that today's call the we'll with concluding And be gentlemen, to like turn over session. I'd Mr. conference remarks. any Swett to, back question-and-answer and closing

Steve Swett

Yes. call. Thank the a on free reach great out with have to today, And And any you for your feel Aloha. questions. time day.

Operator

And with joining gentlemen, you ladies today's for presentation. do and that, call. thank conference We conclude today's we'll

lines. disconnect now your may You

Alexander & Baldwin (ALEX) 1 Aug 212021 Q2 Earnings call transcript