Alexander & Baldwin, Inc. (A&B) reported a significant increase in its financial performance for the fiscal year ended December 31, 2024, with total operating revenue reaching $236.6 million, a 13.3% increase from $208.8 million in 2023. The company's net income attributable to shareholders surged to $60.5 million, or $0.83 per share, compared to $29.8 million, or $0.41 per share, in the previous year, marking an increase of 103.1%. This growth was primarily driven by higher revenues from the Land Operations segment, which saw substantial land sales, including approximately 430 acres of legacy land holdings sold for $20.2 million.
In terms of operational metrics, A&B's commercial real estate segment reported a slight revenue increase of 1.7% to $197.4 million, with operating profit rising by 10.1% to $89.4 million. The improved properties portfolio maintained a leased occupancy rate of 94.6%, slightly down from 94.7% in 2023. The company signed 60 new leases and 149 renewal leases during the year, covering a total of 630,300 square feet, with an average annual base rent of $30.30 per square foot. The company’s strategic focus on grocery-anchored neighborhood shopping centers continues to support its operational stability.
A&B has been actively pursuing a simplification strategy, culminating in the sale of its interests in Grace Pacific LLC in November 2023, which was part of its efforts to divest non-core assets. The company also completed the sale of approximately 460 acres of legacy land holdings in 2023, contributing to its ongoing monetization efforts. As of December 31, 2024, A&B's total assets stood at $1.67 billion, with total liabilities of $666.9 million, reflecting a solid balance sheet position.
Looking ahead, A&B's management expressed optimism about future growth, supported by a robust pipeline of commercial real estate opportunities and a strong local market presence in Hawai‘i. The company plans to continue leveraging its deep local roots and market knowledge to enhance its portfolio and drive shareholder value. The outlook remains cautiously optimistic, with expectations for continued revenue growth and strategic acquisitions in the commercial real estate sector.
About Alexander & Baldwin, Inc.
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