HONOLULU, Feb. 25, 2021 /PRNewswire/ — Alexander & Baldwin, Inc. (NYSE: ALEX) (“A&B” or “Company”), a Hawai’i-based company focused on owning and operating high-quality commercial real estate in Hawai’i, today announced financial results for the fourth quarter and full-year of 2020.
Chris Benjamin, A&B president & chief executive officer stated: “We began 2020 focused on advancing our strategic agenda and are pleased by the progress made despite the obvious hurdles imposed by COVID-19. Fourth quarter 2020 results highlight continued recovery of our commercial real estate (“CRE”) collections while full-year 2020 results reflect positive momentum in asset monetization and Grace Pacific performance. Our portfolio of needs-based retail, industrial and ground leases has shown resilience over the course of the COVID-19 pandemic, with year-end occupancy down only 40 basis points from 2019 and fourth-quarter collections at 85%.”
“As Hawai’i continues to experience the nation’s lowest COVID-19 case rates and with vaccines now available, we are well positioned for improving performance in 2021. We are proud to report strong leasing activity during the year, as we finished 2020 with full-year leasing spread of 7.3% for comparable leases. Our proactive work with tenants to reduce occupancy risk was successful as we essentially maintained total portfolio occupancy year-over-year, despite COVID-related impacts. Industrial portfolio occupancy achieved a high-water mark of 98.6%, while retail portfolio occupancy remained steady at 91.2%.”
“We made additional progress in executing our strategic plan to simplify our business and generate cash, as robust demand continued for our assets. For the year, we closed out sales totaling 4.2 acres at Maui Business Park II and 18 units at Kukui’ula joint venture projects. We also closed numerous non-core land and asset sales during the year, including non-core land sales totaling approximately 107 acres in the fourth quarter. At Grace Pacific, we are pleased by the improving operating performance over the course of 2020, which resulted in positive Adjusted EBITDA for the last three consecutive quarters and full-year.”
“The past year presented unprecedented challenges for our employees, tenants and the Hawai’i community. I am proud of how our team responded, and how that response has positioned us leading into 2021. Not only are our tenants and properties ready for the continued reopening of our state, but our Company demonstrated its resilience and commitment to Hawai’i. We lived out our values in 2020 as ‘Partners for Hawai’i’ and were recognized with a number of awards during the year, recognizing our commitment to environmental, social and governance (“ESG”) matters. While the duration of the COVID-19 pandemic remains unknown, we are encouraged by the resilience of our high-quality portfolio, the continued market demand for Hawai’i real estate and operating assets, and the outstanding work of our team.”
- Net Income Available to A&B Common Shareholders and Diluted Earnings Per Share for the fourth quarter of 2020 were $1.0 million and $0.01 per share, respectively, compared to $5.2 million and $0.07 per share in the same quarter of 2019.
- Net Income Available to A&B Common Shareholders and Diluted Earnings Per Share for the full-year of 2020 were $5.5 million and $0.08 per share, respectively, compared to Net Loss Available to A&B Common Shareholders and Diluted Loss Per Share of $36.6 million and $0.51 per share in 2019, respectively. The 2019 losses were driven by a $49.7 million non-cash impairment related to goodwill during the third quarter of last year in view of Grace Pacific’s financial performance at that time.
- The fourth quarter of 2020 Nareit-defined Funds From Operations (“FFO”) and FFO per diluted share were $10.7 million and $0.15 per share,…