ALEX - Earnings call transcript Q4 2024 | Alexander & Baldwin, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen. Welcome to the Fourth Quarter 2024 Alexander & Baldwin Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, February 27, 2025. I would now like to turn the conference over to Michael Imanaka, Senior Manager on the Development team. Please go ahead.

Michael Imanaka

Thank you, operator. Alexander Conference Fourth Call. to Year and welcome Earnings XXXX and & Quarter Baldwin's Full Hello, My a the Senior is Manager name Michael on A&B Imanaka, Development and I'm team. and A&B's Officer, today Chun. Chief me Officer, Clayton are Lance With Parker; Chief Financial Executive

by participate We to Vice President is the Q&A portion Millan, of are Kit Senior Management, Asset also who call. joined in available of the

on call, our fourth presentation quarter our XXXX our please to at website available refer investors.alexanderbaldwin.com/events. During financial

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

today's and and factors in recent Form with company the prevailing number to and today. refer limited other of REIT information it certain and XX-Q the to subject off obligation to the of presentation forward-looking most matters. measures factors. forward-looking Lance not These alternatives other presentation be questions. With are and company's business, uncertainties, XXXX for or risk by Form will materially up will Commission. by in We supplemental actual To update implied your to information regarding the financial call use are important to discussed it statement an Forward-looking be will then and assets statements. Management hand to start noncore any and should statements factors our status The related in do me of non-GAAP in evaluation referring not conditions included company's Please overview, but undertake to, call factors Exchange the a of materials. Lance XX-K, risk and over with filings from to and statements. cause for Clayton of differ other the we return this then final company's the these quarter risks, non-GAAP Securities turn the its the could some related reconciliations to fourth financial our open the events a will to that our in the presentation discussion include, light that, of let assumptions results these market evaluated the company's close, remarks, during measures Lance. for timing factors those expressed

Lance Parker

this X Thanks, sheet job. per executing cost X.X% becoming peers. NOI We Throughout real averaged excellence, last the Hawaii-focused on related of results, CRE able help structure were several emphasized strategy. flexibility, shopping and our subsector. compared business X.X% balance wasn't I everyone on and CEO operational to the subsector. concentrate NAREIT a execution, us, of center CAGR to priorities streamlining XXXX, commercial our and fully strength a FFO XXXX center performance Michael. NAREIT company our REIT presenting XXXX, achieved past until of A&B, growth for can't We estate achieved our growth. really to year shopping but and compared the we XXXX the it To year that FFO XX.X% first impressive Aloha. compared as corporate years retail I X.X% reflect Great these to on same-store joining but Since in has the year was in over and the to my and our for began

Over our fixed foot opportunistically than strong improved landholdings, thanks debt growth the refinancing share saw XXX island And credit XXXX portfolio. a noncore structure acres leasing the year, the our maturity in reduce $XXX began We by of activity course of rates, our the program. the team, to of rest industrial to enabling We extended construction on the Michael the and unsecured debt on we segment. from Development grew carrying Land XX,XXX and our a capital at sold with NOI costs revolving date within our new of we more and Maui. perspective, us Operations and million asset facility FFO square of to established of mortgage at-the-market

the NOI and better-than-expected for year by ended on high note the quarter and year. been in Same-store grew we industrial third results asset for fourth the the foot the has year. course, we Importantly, to full square of This, a with for in quarter team the redevelopment quarter busy in X.X% year. Operationally, development the last the and XX,XXX of underwriting X.X% is purchased opportunities. addition other

year. during portfolio, the of Excluding prior XXX,XXX feet of square leases X.X% was XX our than quarter or representing NOI X.X% feet reserves, more for of same-store executed and square leases growth XXXX. We XXX the the our in year for collections impact GLA of XXX,XXX improved GLA and property

and at the for a Our on XX.X% in fourth spreads XX% blended leasing basis comparable remained strong quarter XXXX.

points expected These basis We rent was long-term $X.X Marlin the period believe by repositioning. that Bar decline Tommy Maui last Waianae in vacancies our end the by we the quarter at the of million our XX.X%, mentioned. the Mall. Economic last of announced well related in office to points to our and SNO provide down at and was will occupancy than $X year. at XX forward retail we portfolio the vacancy XX to XX XXXX. about to sequential lower previously end and is last through occupancy driven from The Marketplace industrial occupancy basis point at economic were up recently includes Queens' points of as this for driven million ABR large leased look build-to-suit as Bahama, results year. later which at quarter was become sequentially same quarter, short-term basis opportunity increase backfill XXX a which due by end Park, XX.X%, opening improvement basis at year and Our was Business

results CRE driving are to the portfolio shareholder We from mindset with value. day-to-day foundation operational long-term our the for committed that are good outcomes

turn increasing assets Looking bank ahead on creative financial new discuss our our accretive revenue be acquisitions to in with the of will portfolio; Clayton and developing improving timely I'll call Clayton? occupancy and to over our existing focused sourcing external guidance. our to following and renewals XXXX, through investments. With land and team leases; the assets industrial industrial objectives: the results retail that,

Clayton Chun

reflecting $X.XX within Thanks, last closed of commercial to The increase with everyone. year-over-year compared strong We higher real quarter portfolio. increase XXXX operating estate share, primarily as our FFO year. a by Lance, same was the $X.XX and last quarter FFO per and and driven than per out AFFO share, AFFO year $X.XX $X.XX aloha, results of fourth stronger

and also full of real year, sale share that The higher XXXX occurred and prior of reflects per adjustments higher commercial in the $X.XX CRE swap XXXX. XXXX collection Each $X.X Full favorable margins, FFO approximately of to metrics higher $X.XX the $X.XX FFO the land performance year land or quarter. attributed share, year share per stronger was due AFFO margin, sale primarily $X.XX per XXXX was year-over-year was first estate benefited financing-related certain net in or $X.XX in primarily reserves performance in noncash For higher improved $X.X year than than G&A FFO G&A the to prior million per share from higher of million prior improvements. these and or collections versus XXXX. $X.XX year.

to continued We decreased million our cost meaningful or G&A streamline to efforts as in to business During XXXX, and XXXX. expenses by we structure. made XX.X% our XXXX the compared improve progress $X.X

our during We for reducing also a year. entered cost progress costs run to to costs Based the million the $X $X $X ended with million. carrying of totaling XXXX and ranging and Operations upon incurring rate from million million cost in activity XXXX during simplified we however, carrying million. carrying run rate a We $X.X the structure made significant $X for year year, Land

we simplifying and year. updates will Land continue the as throughout progress to prioritize We Operations, make provide we'll

balance our to Turning sheet.

was continue maintain sheet. additional And facility borrowings. October, we maintaining Highlands extending which maturity the enhance balance October and Pearl In it. steps mortgage, while a our the million Center. revolving during flexible secured off took to In the $XX strong to fourth also XXXX December, paid quarter, further We our of by we credit to recast we on spread our

payable in X.Xx. of EBITDA at maturity no debt-to-adjusted January on a respect significant our quarter XXXX year-end, debt XXXX paid ratio we on XXXX. With quarter XX% Board rates our our $X.XXX Approximately our As and of share profile with maturities stood was dividend and net first declared April fourth debt of to dividend $X.XXX X. remains per solid fixed at our dividend, a of X,

to on X.X%; we corporate-related and XXXX, NOI of we and to X.X% as between are issuing $X.XX per follows: to expect and FFO CRE guidance of per same-store share. $X.XX FFO growth share; Moving $X.XX $X.XX

it noted to now highlight certain the the may not timing to vary related items are guidance. we While of due throughout and our should providing important like quarterly context provide year. I'd some be to guidance, that our metrics quarterly assumptions

increase to for guidance the First, reflects increase XXXX normalizing performance. CRE our FFO FFO a adjustments. of The XXXX core corporate the CRE primarily reflected is in and FFO the driven attributed X.X% financing-related at swap when and midpoint $X.XX the by

vacancy into takes that square square feet portfolio approximately and office last account within of guidance within XX,XXX our quarter. the feet portfolio XX,XXX industrial we mentioned our Second, our

near-term and pursuing future. both in we're We and that provide opportunities spaces, for the information have long-term these we'll

acquisitions trajectory heels contribution a to XXXX. With Our XXXX. respect in achieving of to of in FFO continue the G&A, to ranging related second our $X.XX expect to cost also XXXX, reduction on opportunities simplify XXXX, includes from flat but G&A a for we programmed cost will the per share to actively from half in external the improvement XX.X% to pursue of moderate of we $X.XX further structure, our level guidance

guidance land XXXX, share call reflecting Land margin closing for joint sales to ranging will contributions income. With our of $X.XX remarks. Finally, also turn a FFO Lance to from assumes his $X.XX venture I Operations over and that, assumed total amount the per modest from in

Lance Parker

I'm strategic for continue in returns I'm ability the results with and and consistent also growth confident executing ultimately to Clayton. the our year. about to I'm shareholders. excited strategy our prospects on XXXX achieved for accomplishments you, operating last drive pleased Thank our and we

and our progress call we'll For up formal following structure. And growth; the remarks report to that, I with internal will business in our improving this year, of the portfolio performance; our and cost questions. external the the conclude and open context CRE of priorities: on our remainder and streamlining X

Operator

first Global [Operator Partners. question Instructions] Your Mehta Gaurav Alliance of comes from

Gaurav Mehta

around priorities growth. XXXX I comments wanted external to go to your back your about

think mentioned to your I opportunities at and looking within more at. on color redevelopment you are you're portfolio. looking you development more was that I underwriting guys what some hoping get

Lance Parker

And hear you. in I Gaurav, be bit to, look the the it's marketplace. of Nice to question. say with continues more regards we are I've over with to consistent. remarks seeing started but Thanks regards XXXX, challenging, certainly to for to as a -- external remains the to that Lance. ahead quarters optimistic couple growth. would I little Pricing in we last from would be opportunities say, my

by continue growth. And and we question, mind internal on so, am that. But look encouraged specific to your I to opportunities will

our on talked to and SNO that's to contribute the build-to-suit specifically the so, And Business Park, $X at we pipeline. about Maui going about front, million development

industrial similar seeing Oahu, Business of some So remains as we industrial for potentially within speculative build-to-suits, Hawaii something say some potential see development. similarly we're The very interest to here that, some the properties And land would in I our market like opportunities even Park with on well. Maui to started bank strong. there

for I we'll that then, guidance growth be with in our and the we're sort transparent initiatives. And in of hopeful really initiatives. the would just are FFO regard year make carrying is year, about $X.XX to that announcements guess, add, to some of this being we time would I'm So the the full fact first those for be later able I that

Gaurav Mehta

Okay.

lease the that expiring leases for known you question year? for this expirations any move-outs Second XXXX. your on have Do are

Clayton Chun

Do we to just have sure want any I I understand make known the move-outs? question.

Gaurav Mehta

within move-outs the have Yes. year? this expecting any Are you like that expirations you

Lance Parker

Kit, want Yes, you stab take do that? at a to

Kit Millan

going was of square the we fourth signaled that there industrial quarter. Last XX,XXX quarter, was move-outs in about -- Sure. feet for to occur that

in pursuing. feet in ABR industrial do that and and of still about bankruptcy, We low asset. square was are pleased tenant total Brands. opportunities and about square X have X stayed feet that X,XXX have for $XXX,XXX and between X Very and XX,XXX actually asset there, backfill exposure actually Liberated that We only that that, did overall, of we're is we actively retail

Lance Parker

given additional terms do of add, on provide for low I WALT schedule expect would would our in the I expiration -- in somewhere any our in color, some see just lease year, then given role. to Gaurav, And double low-teens our And supplement. we digits, in

for Our role is basis over XXXX on an X%. ABR just

So kudos this renewals for of mitigating leasing a year. us getting our and really lot to for risk team the of ahead that

Operator

from of question next Your comes Rob Stevenson Janney.

Lance Parker

there? can not, are the may maybe back Operator, if him I'm in volume is working. Rob, somebody put queue check you up tee not not and you Rob else. sure we If -- can his

Robert Stevenson

that tenant, back? unmuted me? me. Or bankrupt hear space in do bankruptcy you still process? The finally guys Okay, that Brands you You Liberated is have said, the

Lance Parker

Kit?

Kit Millan

doing liquidation actually open back. space the sale. and and their operating have not do They're We still

Robert Stevenson

sort you I have not know ability XXXX start that curious your ABR space you year, interim. midyear, tenant in of before to just expected Do of as that a the that it's to Is or space another late space, but to Okay. back? timing? get lot any marketing

Kit Millan

that, have So midyear, the it good we expect some Marketplace. actually space we and Queens' for prospects at already news the is around

Robert Stevenson

in then leased big supplemental, portfolio. And was a great. in retail the jump the in That's there the Okay. quarter-over-quarter occupancy

points. was it drove think XXX What I basis like that?

Kit Millan

Sure.

actually news. that backfill It of the primary year. is good in anchor Waianae we driver space talked of really January that the So last Mall terminated about was

us there very optionality, future short use. lease So outlay. did provides and the really which is term, tenant capital community efficient. that require put it little relatively didn't with we is capital was a in It The

that, good quickly. So we is very overall news the it backfilled

Robert Stevenson

to this to year guidance? point high factors low the you? Operations, what's the swing of or biggest in biggest And range for What's $X.XX for Okay. of Clayton, guidance the $X.XX then me. in go one either the to of the last the at Land that causes beyond lever sort the end end the you 'XX for

Clayton Chun

unplanned so Rob, delayed low the would involve for to that us, vacancies. Yes. or it's occupancy say I going end, tenant

the could think terms it's then I it. And terms low of of bad guidance, the high effectively of inverse play our also debt the in end of end in of come into that.

just that And said have that us we're the would spaces bad take same the certainly So our to respect debt bad have could to stronger we to health us -- tenant extent of to our continues extent the that able be could from then earlier, be then to be tenants that and from debt possession with helpful accretive for improve, collections overall perspective. for an FFO FFO.

Operator

from Your Piper next Sandler. question comes Alexander Goldfarb of

Alexander Goldfarb

few a questions. So

following question. credit Rob's tenant on Just up

curious Are reserve? on are for be specific Just sort such of are bankruptcies credit sort low for to maybe the continue very issues, you to Hawaii affected? tenant to last of this obviously health there expecting year? be out is in on locations are guys there two, credit one, versus debt Mainland. So the bad sister you the the of Your and about the good. sort And tends retailers the outposts curious that that when Hawaiian about something tenant Hawaii

Kit Millan

that tell collections I'll is remained strong. and strong. was signs portfolio rental traffic that's trouble. our have the year. though up and what we We on the seeing so the and really Oahu overall But tenant it sales for We're was where remained of not have centers, any year-over-year, actually most flat percentage you our Customer have of elsewhere in even exceeded quarter --

reserve recoveries for terms in dramatically. opportunity prior set debt itself, has bad Now, the of decreased year

it XX% versus was about down XXXX QX XXXX. fact, In in

everybody's now, Brands a debt we Longs. real that example in as lot We that a big seeing bankrupt just and your forward. less have is terms thing. good about and have I tenants one pharmacy to down exposure that to obviously, don't the mind give watch bad other -- of on is retailers, means It of go of tenant question no Liberated right the So, less Street's than we're I'll mentioned. And going Green think we exposure set opportunity and we of list, the

in CVS renewed those Longs so because Manoa is that are a And Hawaii, the stores is of tenant. And like fact, And strong. we banner one those high of local more Longs are seen just all Marketplace at stores retailer. very a in sales there. So

of there's for think overall. bit I a brands some little insulation So the of national

Alexander Goldfarb

time. talked business, but guys Okay. That's from in reduction helpful. And land a expense. discussed exit over Maybe the on overhead the of business, overhead certain pension there or look it they in then you the disconnected the I in were reduce actual the to are second more pretty both ago, question sort you is you land related your were When costs land legacy and X I think healthy business. and was harder corporate that year from about business presentation, as

So going I costs. these you Or land? Are just there acreage able to you the unwind to pension certain be always stickier that's costs? want a of there's level these last of accelerate to after legacy even some revisit of the of some legacy sell land

Clayton Chun

Clayton. it's Alex,

of the that's segment composition just So simplifying costs Land overall. our as of that characterize structure yes, we in you to simplify costs, stewardship. ability with is what as to holding the remaining as The of with cost, for have I'd just progress respect bit quite it corresponded Operations, have the a really and there, cost personnel a made combination well

the natural So with costs owning land land. we that are there's the that associated have with just there,

within to have what be that able of the aspects noted, system be we variable of to be the come Land do deem Operations, virtue that. that core lands, costs It to noncore will monetize out extent holdings. some there land by of we're so, should though, that we And remaining the

Business Maui be And Park. so, that would namely

those hold expect a time. longer for keep to of assets a so, we period of And

So, that important think to I out. it's point

Alexander Goldfarb

Okay.

Okay. the whittle sort there days. your remaining as real you these chunks sort But and like appetite it's specifically. holdings estate land? a is what's large land what's out on is And up just buyer only are And is what's to then just buyer people the small there? -- here to to of What that efficient with the appetite? are still the for have seem ending -- final the sales believe Or pockets down, question you sell? of -- getting the stronger, I it

Lance Parker

Lance. it's Alex,

of So land I'll mostly our acreages it, answer that of contiguous represents, X,XXX our are the land used the question big Hawaii. we and true to X sort portfolio. is which left call chunks, we Those on bucket, sold about in are X swaths noncore disaggregated unlike One of X buckets. sort the -- acres smaller large in actually Maui have X in that X that in

So isn't more opportunistic. a financing bit say, in interest not would not would land lots remains -- smaller plentiful, that from but wouldn't although be these I time for little I time. agricultural be to can it's that -- high, general, challenging

So Land specifically, there that consider have within bucket. And then of core. do Business will And mentioned, that's as do Operations, I noncore We remains strong. Clayton Maui our Park. that sort we interest say

airport, see demand are off-site is we infrastructure. continuing fully strong to this to buy. So the adjacent entitled, immediately fully to And

long build or of as a I to sell as selling we think note remainder term strategic our out, Business the it's opposed portfolio of to retaining to So with perspective stronger build Maui that Park, likelihood park. a regard business said, the that meaning more us be for out much to taking out to we will just lots continue important either

Alexander Goldfarb

years, Park whatever, they're keeping or I that Hawaii I the versus you're for Business to given we've that. more erosion that except hear hear to good making discussed looks, Happy guess, more selling. not of Maui over the know beach

Operator

from of Your next comes Germain Citizens. question Mitch

Mitch Germain

year-over-year? there Alex's differently. couple also plus So Is that more. a I talked the I sell there, There's utilization is some about decline obviously, of to ask on just there. anything buckets right, changes probably side, containment. that you There's right? what's happening want are question staff driving as happening else cost mean, $X land million you that there's And obviously

Clayton Chun

Yes. it's Mitch, Clayton.

past to, with to we few Land G&A obviously transformed what been our Operations, to as been streamline $X of automate that's our reduction the REIT, has which referring There's We've we've just ways but real changes in that years. corporate G&A, a well So we of standpoint, of and was And on aspects also that like. million can become a and some over company as and focused a we've the ours had outside personnel that the estate considerable -- done really the focus respect processes. from pure-play overhead. we've able leadership you're have we've commercial as

the so, out. efficiencies of all And cost able that play to of some we've through now seeing of benefits been that, we're reap

And year. million past so, that's was really what efficiency the $X-plus this

continue So efficient we prepared for as to have remarks, we're as on streamline operations ways we said focus that moderate. identifying look can more further. the our in ahead, to which XXXX, and I to be going But trajectory expecting in we're

Mitch Germain

what moderate, about And to I moderate. terminology that sure going you're to just you from mean have I G&A. possibly understand tad by make a want more

Clayton Chun

Yes.

the we're -- improvement to to overall to to expecting flat $X.XX compared level share XXXX. as So per be G&A

Mitch Germain

And the improvement G&A. -- lower means better word

Just make sure that...

Clayton Chun

be... G&A. could lower Yes, Better, it

Mitch Germain

That's what trying I Okay. to get. was

great. Okay,

Clayton Chun

correct. That's

Mitch Germain

Okay. Great.

previously. what can quarter? Park, activity It's On no Is Kapolei that slide, never the longer out I but in it was right, was carved these the the Business land there. land say fourth driving

Lance Parker

a in Kapolei couple We did sell, did Business Mitch. parcels that Park have we of

contrary for my portfolio. Maui So Business within about long-term maybe building to strategic our comments somewhat and Park

use that, was X some kind that But did we have recycle pricing we but a of been smaller net on X done. on focused from lots much really lots determined that capital. present very that standpoint are to a value, compelling to could We that the pretty have, sell development we get best did

used we in that last foot so, XX,XXX of purchased of that part stack October building square industrial in as the that And capital year. acquisition we our of

part drive of that did activity QX. So that in the was reported

Mitch Germain

question same-store. Last good That's me, you. know. for to Got

guidance. guiding understand that by are principles next that for your I I'm that of of of to where little think trying the bit are some on deceleration you've a just the kind being outlook being kind obviously. a is of your variables implied based is got year,

Kit Millan

of about asset I'll classes. in terms So talk it

and foremost, to first we go in renewal And and the spreads in. as expect kick So in those leasing a retail really significant to retail as be economic we strong front, same-store had continue growth on XXXX. result, spaces 'XX

On the to side, both Commerce growth of we referenced anemic lease industrial But somewhat Industrial the prospects that, news will have be that Kaka'ako and good Center for at before due is do Park. Komohana we terminations those assets.

So we expect rent quicker what don't the originally in we the side, any on resets XXXX. rent to we ground have turn meaningful on steps than then expected. And or

So growth will be minimal year. this

Operator

next from Sidoti. Your of question comes Brendan McCarthy

Brendan Michael McCarthy

just on rent a follow-up spreads. touch to I want to

quarter, into of it saw jump think I half guess, to pretty of blended what's it comparable first XX% spread X% of -- looks drove fourth like that kind I 'XX. for number? that? last were in baked nice the we a is quarter elevated this of the saw Or I there level X% that that But they one-off year. above items that guess, that kind any

Lance Parker

we kind building of Kit's of did activity see in comments, leasing some of Yes, strong earlier off XXXX.

baseline your ABR. And was in the It I specifically one Manoa shopping a point, CVS/Longs anchor center. earlier But in space pretty example an lift that the leases would in say we was of a couple individual of quarter. an where really drove exactly of renewal, example remained I So that we Marketplace that of the significant would our say for did got Kit's performance sort the really have to strong. sort said,

And that to spread so, a the quarter. in was that the we contributor received

Brendan Michael McCarthy

to of see you kind will of clarify, to optimistic XXXX just confident do you XX.X%, are And that Great. year-end Great. a that or similar think level spreads the that?

Lance Parker

stop number based beginning or XXXX. year, in that itself. a expect of the the what of strong, we spread we're of But in type say of leasing interest with guidance saw to sort interest going I'm the providing remain is we consistent the short on on what seeing do to can I that,

Brendan Michael McCarthy

me. one then And helpful. That's for question Great. more

about point, office in know NOI, altogether? the a Just And may curious noncore on they the at mentioned small of we be office portfolio. kind repurposed obviously sold were or general can that those think one percentage those I exposure in but it's think assets? -- think we assets I how of but can you

Lance Parker

Yes.

relatively provide we're and of so terms say, or to just small, of therefore, should more us small we just a talking So X%-ish relative term. the nonstrategic, nonstrategic scale portfolio, to asset impact long an that's bit I that in little context class view in that about noncore its in overall NOI, owning not

that in is would say with center. within are mind, which assets, I the Maui. X So we do and X have a of on shopping X Oahu in because strategic core it sits

would extent it be X than capital more find for opportunities acts investments, that like the so, recycling. appropriate And stand-alone to we've really building. then office retail asset those on talked And good the past, Maui, a a in the we and I think

as in we'll to new capital that as so, it look our an part And either keep investments. certainly deploy of mind redeploy or opportunity into we

Brendan Michael McCarthy

question X here. just follow-up quick And Great.

of upcoming FFO I incorporate for per think, Clayton, about you mentioned that growth kind year. share the on acquisitions $X.XX expectations in

some could provide on or you more outlook. Just that if detail curious color

Clayton Chun

So we're been what seeing -- that's we're and reflecting overall we've that the signaling just effectively, our encouraged prioritizing fact we with the that growth. have fact been

And so, would on of that not as of position composition it of but external, opportunities. combination well the a in comment be what actually specifics internal entail, as is, we're to what a in terms could

So...

Lance Parker

growth. would so unspecified So it's effectively, add, I just

Maui in come do receive of capital to ABR that at $X SNO Business attributed throughout online to anything year, the the of the be but and to at the $X.XX that not about economic. build-to-suit go ascribed our expect expect place So the we pipeline it year end the and specific. to to is able million We Park. talk We did

FFO impact have minimis be So it timing. of to -- de won't just a it because will

Clayton's our to place our point, just market ability capital. and is, really confidence this in the So to

Operator

[Operator Officer. turn Instructions] the Chief Thank our to conference I you, question-and-answer That Clayton ladies over will session. concludes Chun, back Financial and gentlemen. now

Clayton Chun

thank Thank you, all and joining today. operator, us you for

to free great feel call us day. questions, at or (XXX) us a investorrelations@abhi.com. follow-up e-mail any and XXX-XXXX have you If have Aloha, at

Operator

you conference. concludes for This attending. today's Thank

your disconnect lines. now may You

Alexander & Baldwin (ALEX) 27 Feb 252024 Q4 Earnings call transcript