ALEX - Earnings call transcript Q2 2022 | Alexander & Baldwin, Inc.

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Operator

Good day, and welcome to the Alexander & Baldwin Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, that this event is being recorded. I would now like to turn the conference over to Steve Swett, Investor Relations. ahead. go Please

Steve Swett

Parker; Operating is Executive Financial Officer Officer, our and & Chief aloha, portion and present today our to and call our Thank second will welcome quarter Clayton our for and Alexander Chief Chief of President A&B’s Baldwin’s call me the call. Chris Brown. Q&A Chun, XXXX Chief Lance discuss Officer, Benjamin; Accounting also Brett earnings be you, available are to Officer, earnings. for With the

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

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

Chris Benjamin

listeners. afternoon Thanks Steve to and our good

our was and another for outstanding quarter quarter involvement. second us The

of with leased ground Our ended occupancy the retail, portfolio XX.X% and and of produced pandemic industrial high properties levels. results pre approaching quarter excellent quality, we lease

to acres successfully sale will we details commercial of and portfolio up I'm in then was we're summary the prior a on Portfolio I'll increased approximately Commercial Beyond of share the X.X% quarter. results provide the strategic X.X%. on and real the performance, more financials. pleased grew XX,XXX X.X% Brett of Estate closed on holdings the X.X% performance, was per meaningfully land stellar XX%. level on that second during Lance high continued transformation strategic CRE over store transaction up non-core our and quarter of provide Real our estate verge our noncore the revenue we and up NOI by Kaua‘i. FFO now and NOI as Core year pure FFO a land agenda our was the same advanced company. sale completing quarter core our

As XXXX. the XX.X% occupancy of at ended I occupancy our quarter basis below the quarter at we mentioned, of first points end the leased just XX

XX.X%, Our basis industrial was XX points occupancy our from year. from ago, retail and year had one leased occupancy points up last XX.X% of portfolio up basis XX portfolio

quarter, leases. XX of feet for the square leases and we second spreads comparable about During leasable signed area rent captured gross of X.X% XXX,XXX blended for

from months of benefit strong of and arrivals pandemic levels, exceeded to economic state. first over year-to-date underlying the six XX% continue we're have XXXX compared We the XXXX. for each up Domestic growth to pre across visitor

arrivals international are benefits. incremental should provide visitor Additionally, increasing, economic which

points not tourist community broad is While activity, seen to economy, Hawaii's and we've unemployment benefit our resurgence rate percentage in an on a concerns. our portfolio But and business. pressures not heavily across providing of impacts XXXX, the ago. with down based uncertainty significant for dependent X.X% Tourism June the improvement potential years economic the over peak to from Inflationary is two are far state so Hawaii XX nearly

the transaction remains quarter. remains leasing us estate make XX,XXX non-core allowing Interest Our our activity. portfolio real due closed excellent strong Hawaii significant acre second sales, progress we the on Performance in to robust, during also to land including

pursue tight, With able market front, sheet been have we local opportunities. remains strong balance take and historically to acquisition market presence market advantage we the continue of a to but the On dislocations.

maintaining made quarter, and our projects and the cost play were the in work operations our new for Financial the positions on up well the year. us may our and securing our workforce environment to of below But good we paving impacts in are this due in the investment COVID of late key timing pressure. construction quarter this balance ramping Still So inflationary progress and materials expectations discipline. results we to our strengths. segment for primarily

strategic Given marketing We the formal past progress cost loan Pacific This made and simplification, a the non-core is the great advantages. we with many that natural process sell to long still and compelling operations whom is buyer more and a improvements Grace. find with and now fit. asset years for authorized to the history, market Grace our Grace competitive business is has significant few our bidding, fact position over board own, strong a hope a a management

updates review comment or process expectations I'll that, Chief sales time. this cannot on Officer further provide as and We CRE now but turn over progress recent the highlights Lance call at will our to land our activity. we Lance? Parker Operating to With the

Lance Parker

Same to leases. We Thank portfolio in for improved executed during quarter. you second X.X% everyone. Chris and exceptionally the square XXX,XXX our operations, the and for of increased second continued perform spreads approximately NOI achieved up quarter Aloha new leases well and reflecting X.X% XX.X% CRE Beginning for XX year-over-year was leases renewal feet Store with collections. rent performance tenant and

the industrial that period center. Some occupancy P&L a leases total months of sustained was earlier. Kaua‘i, including the of property points the our basis leases store two end occupancy and at the during same of to coffee up for XX.X% leases Park the Overall, a Properties quarter XX warehouse shopping related least significant XXX% from XX leased executed XX in at

changing performance market long in our buyers deep enable uncover active In meantime, and of XX our and redevelopment pro period, pricing. up September well to this pursue store same market around knowledge nearing pipeline XX quarter commence soon coffee of property points sustainable and to Hawaii Highland basis Park and value. the XXXX industrial completion Neighborhood was solar term With to toward control as to completion our was across basis on are same XX.X%. our Expectations At remain Island the opportunities efforts of marketplace, occupancy will and at located sustainable between Redevelopment topic on market can XX.X% and our long stabilization. our development work toward Over believe provide we markets and And are schedule yields leased leased design is pursuing the timing. standing in at as store, We remain construction sellers growth, regard next ample incorporating opportunities such us realize Oahu, redevelopment, attractive Kaua‘i occupancy in team experience relationships fourth visitor shifts. classes. internal asset and same elements. set installation target Target approach retail construction the believe the Shopping which are and last is disciplined we opportunities advantages Center up points our liquidity as will Manoa XXXX. to preferred Maui, megawatt to a rooftop properties, the improve where continue Into quarter at the to we or in better while introduced and continues Center building Center X.X the we

of will this turn closed land provide I'll to financial simplification more land of operator non-core Kaua‘i, holdings sale Brett large transaction. of we now significant Turning to to as ownership facilities McBryde We on step on the active Resources in quarter, non-core another acres the with remain well monetization in this additional interest as interest over execution on aspects This holdings expect agricultural for conservation company's land the details the progress in efforts. on discussions on of on XX,XXX XXX% great the second and power primarily call XXX% interested our was financial hydroelectric remaining of of island. our our towards buyers details. approximately sales the make comprised Brett? in the ownership in the year. Brett completing land Inc.

Brett Brown

FFO million diluted hello $X.XX FFO the $X we Lance per $X.XX of second or per million, share, diluted and $XX.X $XX.X Core everyone. income quarter, per results, share. financial net Thanks and diluted with for of recorded million share. $X.XX of our or Starting or

million benefited As $X.X in a or the second million from core per quarter XXXX XXXX year-to-date half share each per Each of in $X.XX in approximately share $X.XX $XX.X share, and metrics metrics or half income per quarter share, for XXXX FFO XXXX. diluted diluted XXXX basis, second the for these $X.XX the $X.XX and to $X.XX was also per million, of of per note, $X.X $X.XX first $X.XX in to diluted of On the per million, of net reserve compared $XX.X or share. of reversals approximately or $X.X or XXXX. first million, million, or $X.X reversals of per from benefited FFO of reserved $XX.X a share compared of million, share these of

earnings to our comparisons results, package. see For please information including XXXX additional supplemental details results, on and our release

Let now me to estate our commercial real turn segment.

year increased by And year. or over the both revenues again our CRE resulted to NOI rent of to year This by the period quarter quarter, increased the year collections, reflects and prior X.X%, quarter or $XX.X recovery last period overall in from second million. the compared ago rents. prior including same tenants million $X.X $XX.X improved the million For billion rents prior X.X% to increase $X.X which current

store the Second quarter quarter prior or year same over to NOI million $X.X X.X% increased $XX.X million.

$X sale, assets annualized $XX we scheduled the a run adjusted this of of Business XXXX the profit, McBryde XXX% generated disposal with a was this to of company's ownership in non-core On is Resources Kaua‘i second XX,XXX million $X the in relative million period. land million the million approximately EBITDA of although interest operating to associated Our approximately near income XXX% to interest quarter in of term. of landholding ownership gain the in on in acres basis off go-forward $XX.X including sale will lose Operations on related

benefit of sale mentioning the Another risks. of this substantial potential is liabilities reduction term and worth long

So step very and this company. focusing simplifying in was our another important

the $XXX,XXX the and operating $X.X XXXX. second adjusted and This second EBITDA modest operating loss adjusted million positive of EBITDA a compares materials construction segment and Our for positive to quarter in a loss results of with $XXX,XXX. posted of quarter $XXX,XXX

important is owner. natural are our Pacific to quickly decided commence on step board the at Grace noted, efficiently process as pleased process Chris this point, more fully timing. to provide sell updates a to underway, and As a to commit as will we officially Once this more has possible. But to completing we

our and and For million liquidity XXXX $XXX XXth XXXX, $XXX with to expenses total $XXX to credit more million our nearly our second administrative was the sheet million, on June million, quarter over of of cash and According in XXXX, facility. had And $XX we million. liquidity debt compared than capacity including of total $XX.X million our the general were second line budget. at $XX.X in quarter metrics, outstanding full of balance

gain land our was swap to recognizing asphalt With dollar floating $X.X XX% interest in effectively which those a net half the XX, pay on including to GLP rate times. credit sale sale McBride at terminated million remaining mature of of on Also down proceeds the Kaua‘i also $XX we end. line the the our our months which X.X was portion only June consolidated EBITDA being credit interest holdings was end, had at the balance, to of the February with Resources, debt fixed, in facility. termination. million on on was a With that debt At noncore used balance debt set XXXX adjusted million quarter quarter XX that trailing outstanding rate

have want have five impact consolidated our and market range our end. and and stood capitalization We no in we which plans. calls, debt And liquidity MNC funded monetization terminated benefit an $XX.X remind everyone, in years. I at settlement pretax times. quarter, adjusted an income charges maturing on XX.X% on million $XX tax expected total In would been with we feel incurred are million to prior of I've pension second benefit the cash, position million, low debt below $XX.X communicated EBITDA in million calls. non-core $XX prior enviable of associated was the well at to also two for mentioned leverage having as Excluding with defined impairment we ample nearly quarter and one-time our finally, net-debt-to material

close recently impact quarter loss, respect offset dividend, third share quarter gain increase commercial expected September of the remainder XX% an for during million This and on toward as or With third dividend of net operations the the the a XXXX. our dividend XX of share, reflects $X.XX of meaningful $X.XX pension shareholders second on record land of increase our settlement essentially to segment of non-core two Within X, performance the board quarter, the estate holdings XXXX. per sale XXXX to second the October of charges per simplification. strong a land payable and steps our on an real XXXX quarterly the $X.X declared results consecutive was business

new FFO remarks. share a commercial $X.XX per the store same to that, his We now from of X% closing guidance, Chris to per prior from turning same store improvement prior with of full the guidance X.X% year $X.XX in CRE over share of for to a we range X%. With reversals X% share year range NOI expected to NOI call raising expect within to CRE of to range same excluding Finally of range increase reserve growth are time growth. X%. range per prior is growth of our store $X.XX per to I'll from outlook core X% prior within XXXX range a turn real our our to per X% share. [Ph] for to NOI was a X.X% second estate an $X.XX share This due to our

Chris Benjamin

Brett. lot, a Thanks

holdings The as non-core meaningful second summarized demonstrate and the in real strong of our just estate and well on commercial the quarter portfolio the quality that completed outlook with McBryde quarter land high We robust strength the as spreads sale occupancy business the Resources results leasing Brett portfolio. the Kaua‘i. rent and during activity of the

power nice also loss generated expire in head purchase with liabilities lands the income the some and future. those Brett for While meaningful described, them, as potential agreements associated non-REIT still significant will they income, as

further an sheet. strengthens process was part balance our simplification and So of transaction that important our

of our significant the is our estate successful near. commence insight. to completion Pacific of the and Grace, sale now and is of with Kaka‘ako With strategic board's being asset process the transformation commercial sales real Grace loan the non-core last the our company year, focus a sale the goal decision for is

arise pursue to as historically and strengths. have acquisitions We liquidity to available sheet the and they dislocations have market the our balance played

ESGs Highlands. installation begin PV portfolio solar we On on front, within producing in complete that a through our energy X.X Pearl energy ESG megawatt for at of generation we when and renewable portfolio a energy and will estate the our over September, its been We've renewable commercial now real operations. commercial But ensuring is energy very terms generating renewable we're of our land of agricultural source both consumption century focused efficient a on is energy. in the

strong extremely and our highlighting to are annual our pleased TV platform, partners that, properties for opportunity announce us with up our your efforts matters. other pivot social our advancing additional initiatives. maintain which With environmental be amid create while and to their and we'll analyzing shareholders for actively mission value and grow team the In published are in We will expansion open to August, that our into focused progress I'm closing, to opportunities performance future responsibility to the third more corporate report our call proud to on will efforts living I'm questions. ESG at a as the of and Hawaii. now provide

Operator

now today will our [Operator will from come the Please with first begin Instructions] And question question-and-answer ahead. Alexander Piper We Sandler. go Goldfarb session.

Alexander Goldfarb

busy it's morning think I season. just there. It's been early, still Hey, out earnings

you guys Grace. one for sign So are that the sale going put on up finally to awesome

a a was company bummed the you big, is. pretty cool that what sold power it had but is little power that own, waterfall that to So plant its cover plant,

proceeds. just the maybe of recycling So taking

FFO near it do of then think that redeploy As you non How FFO capital time sell we about And and Grace, income a into the guys generating to impact to the the term? takes producing you've assets? lot sold assets. in

Brett Brown

there. here. still And comments Thank yes, Alex, morning So hey, Brett. the it for it’s you is

debt to rate limited of had debt. the revolver mentioned, the on as did I of we're that have So a use And of amount able, the land, our is floating I was industrial, then we in initial leases, we're paying internal sectors down proceeds, balance down. and very term, looking well then our, obviously I as retail, to growth able ground pay into near But opportunities. the core deploy as

to we'll deploy know, get I want we we that so we'll And announce on don't you're opportunities to when as think the it, if and any you Lance, I seeing see side. continue we able, we're but investment what into what it can

Lance Parker

some our redevelopment $XX what are I between Marketplace, conversations industrial maybe spend our referenced ahead actual go say a run to so growth will we market? then, dislocation We're year pricing, build million the redevelopment I'll in in sufficient just annual team good in with question, Alex be regard. seeing of front, tenants but as suit $XX growth say, capital. we or our looks in remain would we holdings, within got course, opportunities. are implicit as that for would mean, in with internal million land our year take is we've this things opportunities say expenditure. previously, portfolio, we're say a Manoa investment that to and it. I pipeline of we within meet and to disciplined like pipeline very what per also busy seeing But retail sort do getting of a of a that And sort I Yes, well rate either growth have the that of on we on in uncovering And I is continues marketplace, acquisition in the lot very also opportunities. deploying,

Alexander Goldfarb

let's come about and that like like, complete FFO time think by know, say, just, buy impacted probably sounds it then something this time we to is And would would would redeploy the as much find in at basis. year whatever. close, by earnings like you you something, it picture, how XXXX, what end, be big the at Brett a full out, year just So

out longer before to trying just short I'm benefit. the term term impact the earnings can think we So earnings figure about

Brett Brown

That So there. said, to in the land term indicated, operating also being reducing impacts short that profit that we million operations $X in stream as mentioned I income the million a was segment. was, $X

a not term was that So there. long generation

down are debt XXX,XXX that month. a came the pay With of roughly with

you'd that's But, basis, annualized And see XXXX. Clearly be an billion. what to impact anything would material we happened set So the would year on than then --X.X XX,XXX in would hope is. sooner able redeploy obviously, have that impact on would some opportunity on a I this But impact year not the favorable decent see hope to XXXX. XXXX. we'll be later

Alexander Goldfarb

about Grace? And of the what earnings

Lance Parker

I go back So want Grace as been impact Brett McBryde. to mentioning, didn't far was volatile. has But as what to the

itself The costs does those other the avoidance to is thing associated having consider plans. termination the in the pension of result us with of

And million pension total to to so $X as about it average, that as our impact year. $X incurring on expense P&L, the far we million were was each of

be would effectively that so an offset. And

Alexander Goldfarb

big very the then Okay, getting obviously, Hawaii public something environments company, more is that's guys are still, But second ESG, it's an a understandably, to has focused, economic and and you question there important. advantage. certainly more is be a

dividends? how between would what, you to And economic a the could box? what's you Or So, do the versus company do company, How strike And balance? maybe you a economic is measure this a warriors a you and the the how of How to benefit really do to anything how Because strike do you viable? returns? check economically want the return? not balance get, more measure? do measure ESG not that to you could guys social you shareholders, do get

Chris Benjamin

thanks. Thanks, for Alex, question. Yes, the

and generally returns the done probably only Brett with going Clayton prices solar better to when the very, more Lance I'm expect in are very my from installation, me or strong, energy remarks, that to by let comment on as invite ESG. and we I'm jump rise. or economic actually which either So But getting on

community And first we proven would, be what pays in attractive that that has company committed to those proven collected appropriate, beyond in rents keeping patient very the ever expected, financially as because the during call the in we've relatively involved approach that company that terms tenants, sort like market, to we've to of dividends. a term approach in we things it's of So community, small do in and very, back give that our very we we things community. I concentrated, we been beyond a that other with we think think I ESG pandemic friendly and step. what I that a local place REIT, has of would believed all, that And long took is ways, an being taking helpful. But we of tenants pay many you a kind those when that's always are the have geographically back the we're

I that generate and versus would thing I it's calculator that of other that associated costs the based other the pays can't a and approach recruitment things much look, NOI believe reduce say, workforce due similarly dividends you our economy? believe rebound I The approach therefore hard patient we definitively. return turnover, ESG the truly sensitive and to community But to on you helps is I tell helpful. it's hard the costs how approach that, rebound do to just on truly took in side. it's and helps we And with then the turnover. with that reduce our from that the community employees front

only I economic we the the return not are do. think And that the you our I employees. in bit and to I'm the that sense Having we with to decisions our little ESG a they are the from firmly but improve be tenants, able said there standing to shareholders, I that. just about share to on think and with specific But our with do that, installation, our do, for so there right that business they thing an we economic PV were right the [Indiscernible] thing But agree with benefits. community make needs in jump things our do what that are our convinced completely and

Unidentified Company Representative

ahead portfolio, on rooftop go megawatt east X.X We the I'm Chris I'll and And is at I of pickup the which and $XXX,XXX So thinking have to Alex, do benefits. have where an of the and ESG, really pickup Since just will installation And some increased. are Pearl in. of little will is to about the jump based that side, it things then, easier solar the across the by costs a the all systems electricity that of Highlands, quantify where specifically And other on while rollout a are original particularly hoping Yes, correct just, we state NOI. incremental get said a way, of the underwriting. appropriate. broader we in that was first

be anything, found so get benefit then to doing also about a could thing, as the we economic to right I And think better it to opportunities us. even paid But but if way the balance for the finding well. strike right

Alexander Goldfarb

you. Thank

Lance Parker

Alex. Thanks,

Operator

And Evercore with ahead. Sheila question ISI. McGrath go will from our come next Please

Sheila McGrath

afternoon. I guess. Good

asked the wondering could what and the one On only versus plant could just that was all did acreage called just land our I model, power sale, we value give because that assumed conservation to and was go kind of conservation on just you I a little portion in if if insight you buyer? the zero give for I that. AG. us us And land

Chris Benjamin

was was this So Yes, Chris. it it Sheila, reverse order? one it is in Taking buyer.

Kaka‘ako sale. these were lands. the the bought completely same any the not. we separately we synergies the the there group Kaka‘ako Kaka‘ako have it negotiated closed didn't project so subsequent until discussions We And, land were of rest In out agreed fact, some bought was But buyer that that it from They essentially on was felt that the us, and that sale they deals. bought property and after about Colorado of good the for the that same and buyer.

and front has XX,XXX exact was someone It's the land roughly a land it's in the someone. to them. maybe number, or number the On the of of conservation XX,XXX acres

Brett Brown

conservation and thirds third two agriculture one one About Chris.

Chris Benjamin

Yes.

Okay.

XXs conservation land, Sheila, hundreds right, don't typically has because the land a So not pure assign, be but a conservation standpoint, you're very of assign yes, dollars, developed. of from we to little land the from cannot of XXXXs zero, in dollars value, it we or XXXXs that in typically,

However, the power conservation was hydroelectric generation. collected some of it where land chunk that of land is the we water sold, for the the good

that plant it lot was have not of the while And a because generates. with that income have underlying so associated lands, may the those of hydro the value did land value,

helpful So hope that's I too

Sheila McGrath

And sale? then just tax how on let noncore us that much Yes, to And left that's great. sell. leakage was know there are any lands

Chris Benjamin

there Clayton, So you take questions? actually look, was want those to

Clayton Chun

Sure.

So remaining. holdings, XXXX as far noncore have about we land as acres

second That as we no TRS far our to us. was tax available to tax leakage. we attributes the leakage, of able question, were your utilize that so, and was tax there And in had some as

Sheila McGrath

of higher And Okay, think curious and of advantage. the type the cost probability you falling seeing be of would that on those I'm if buyers for pipeline, of debt then you your your the hitting, are acquisition away leverage buyers, great. that near to evidence just targets, with any term

Chris Benjamin

But having say also I'd opportunities our we're both of it I'd moving we're the seeing respective a Sheila. being our I see to sheet opportunistic. to expectation. but right now I from like some those what think little a And pause is positioned, to sides be of the But relationships bit people balance table. here like well in we'll the I and very think certainly want market the their know that of to is sort don't think if from I -- to one of things, of

are we that we poised very extent opportunities, the to move those to do quickly pursue So them. to get

Sheila McGrath

an something was was Okay, supplemental, saw in Pacific. There but on. and that, from at it Grace I acquisition, then the quickly industrial

you new know, that's is. what or So that asset I'm a just development industrial if wondering

Chris Benjamin

was that a Specific of is Grace industrial part building our operations. that Sheila

we the so simply just quarter during was that real what commercial transferred estate portfolio. had happened into And the

Sheila McGrath

it sold, plan? is the as Okay, a so you'll, is be Grace you'll they'll landlord, back if and like lease that

Chris Benjamin

correct. That's It be retained. would

Sheila McGrath

bump did dividend. you then And the great. Okay,

Just payout policy? Are you about wondering should certain a ratio? think targeting how investors dividend

Brett Brown

still trying We're XXX% of current to in right environment. around Brett. the pay the taxable it’s income Sheila, Hey out

Sheila McGrath

were a Okay, half lease listed, the the in there something? is, are or uplifting, through, one of are that you already like resets, in leases factoring XQ last those of one there'll ground results Or in back Have some ground think those be there's supplemental, year? that do number XXXX. sometime the

Chris Benjamin

have, contractual of two a is Sheila do I'm We thinking reset. one specifically,

market fair I would another around will we then have is currently It We'll But will. value our, the year. it through we that in a pickup be. with that the I so And currently our discussions would NOI That much rate have what the reset. I'm we're in will in year. just not sure will come actually impact, tenant later it the how XXXX. later in also would, And of occur in XXXX. I'm not impact sure full an how although get expect much that's

Sheila McGrath

Okay, great. you. Thank

Chris Benjamin

you, Thank Sheila.

Operator

And session. for will answer to conference turn conclude and I'd over our remark. to Steve this closing the any like back question Swett

Steve Swett

for Cole. you. you today. joining Thank thank And us all

up questions, to us XXX-XXX-XXXX follow great free investorrelations@adhi.com. have If you feel and call email us at a please any at or Aloha have day.

Operator

now The conference today's you attending is Thank presentation. concluded. for

now may time. disconnect this You at lines your

Alexander & Baldwin (ALEX) 28 Jul 222022 Q2 Earnings call transcript