Alexander & Baldwin, Inc. (ALEX) 10-Year Financial Performance & Capital Metrics

ALEX • • REIT / Real Estate

Real EstateDiversified REITsMulti-Property Diversified REITsRegional Diversified Property Owners

AboutAlexander & Baldwin, Inc. (A&B) is Hawai'i's premier commercial real estate company and the largest owner of grocery-anchored, neighborhood shopping centers in the state. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai'i, including 22 retail centers, ten industrial assets and four office properties, as well as 154 acres of ground leases. These core assets comprise nearly 72% of A&B's total assets. A&B's non-core assets include renewable energy generation facilities, approximately 27,000 acres of agricultural and conservation land and a vertically integrated paving business. A&B is achieving its strategic objective of becoming a Hawai'i-focused commercial real estate company by expanding and strengthening its Hawai'i CRE portfolio and monetizing non-core assets. Over its 150-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries.Show more

Revenue $237M +13.3%
FFO $97M +45.4%
FFO/Share 1.33 +45.5%
FFO Payout 67.09% -30.5%
FFO per Share 1.33 +45.5%
NOI Margin 45.49% -7.1%
FFO Margin 40.93% +28.3%
ROE 6.03% +106.4%
ROA 3.65% +110.3%
Debt/Assets 28.43% +0.6%
Net Debt/EBITDA 3.80 -14.6%
Book Value/Share 13.79 +0.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 38.1% TTM
✓Sustainable FFO payout ratio of 67.1%
✓Healthy dividend yield of 4.3%
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 1.4%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-6.36%

5Y-11.47%

3Y-2.33%

TTM-3.94%

Profit (Net Income) CAGR

10Y-0.14%

5Y-

3Y19.58%

TTM64.46%

EPS CAGR

10Y-4.01%

5Y-

3Y20.03%

TTM60.85%

ROCE

10Y Avg4.25%

5Y Avg4.84%

3Y Avg5.73%

Latest5.48%

Peer Comparison

Regional Diversified Property Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MDRRMedalist Diversified REIT, Inc.	14.09M	12.67	521.19	-5.23%	-21.2%	-8.56%	6.34%	2.38
UEUrban Edge Properties	2.35B	18.66	31.10	6.73%	24.12%	8.16%	6.52%	1.24
AHHArmada Hoffler Properties, Inc.	565.08M	7.05	29.38	6.19%	5.7%	3.07%	19.82%	1.60
ALEXAlexander & Baldwin, Inc.	1.51B	20.83	25.10	13.31%	33.62%	7.25%	3.12%	0.47
ESRTEmpire State Realty Trust, Inc.	1.08B	6.40	22.86	3.19%	5.81%	2.5%	24.09%	1.39
AATAmerican Assets Trust, Inc.	1.14B	18.69	19.88	3.78%	14.58%	5.75%	11.98%	1.81
MKZRMacKenzie Realty Capital, Inc.	8.07M	4.36	-0.23	40.19%	-130.46%	-24.47%		1.47
FVRFrontView REIT, Inc.	354.9M	16.39	-11.15	24.14%	-4.13%	-0.54%	5.78%	0.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	472.8M	387.5M	425.5M	644.4M	435.2M	190.3M	254M	230.55M	208.84M	236.64M
Revenue Growth %	0.04%	-0.18%	0.1%	0.51%	-0.32%	-0.56%	0.33%	-0.09%	-0.09%	0.13%
Property Operating Expenses	327.2M	268.5M	302M	382.4M	340.9M	126.2M	134.9M	132.92M	106.53M	129M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	51.6M	65.1M	94.7M	89.2M	108.6M	21.7M	33.7M	-18.09M	37.68M	27.88M
G&A Expenses	55.3M	56.2M	70.2M	61.2M	62M	33.7M	36.6M	35.87M	34.5M	29.82M
EBITDA+	149.7M	383.9M	412.4M	215.6M	36.2M	84.9M	125M	153.74M	101.4M	116.08M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	55.7M	330M	383.6M	42.8M	50.5M	42.5M	39.6M	38.02M	36.8M	36.31M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	94M	53.9M	28.8M	172.8M	-14.3M	42.4M	85.4M	115.72M	64.6M	79.77M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	26.8M	26.3M	25.6M	35.3M	33.1M	30.3M	26.3M	21.99M	23M	25.52M
Interest Coverage	3.51x	2.05x	1.13x	4.90x	-0.43x	1.40x	3.25x	5.26x	2.81x	3.13x
Non-Operating Income	-31.7M	-7.7M	-6.7M	190.4M	-8.5M	-6.7M	-16.2M	74.92M	821K	-9.93M
Pretax Income+	98.9M	35.3M	9.9M	-52.9M	-38.9M	18.9M	75.4M	18.81M	40.84M	64.18M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	37M	2.6M	-218.2M	16.3M	-2M	-400K	0	-18.25M	35K	174K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	29.6M	-10.2M	228.3M	-69.2M	-36.4M	5.6M	35.4M	-50.66M	29.8M	60.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.52%	-1.34%	23.38%	-1.3%	0.47%	1.15%	5.32%	-2.43%	1.59%	1.03%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.27%	2.75%	0.91%	-1.04%	1.53%	2.41%	0.56%	-1.17%	6.27%	0.45%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.54	-0.21	4.34	-0.98	-0.51	0.08	0.48	-0.70	0.41	0.83
EPS Growth %	-0.57%	-1.39%	21.67%	-1.23%	0.48%	1.15%	5.2%	-2.46%	1.59%	1.02%
EPS (Basic)	0.54	-0.21	4.68	-0.98	-0.51	0.08	0.48	-0.70	0.41	0.83
Diluted Shares Outstanding	49.3M	49.4M	53M	70.6M	72.2M	72.4M	72.6M	72.6M	72.8M	72.75M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.24B	2.16B	2.23B	2.23B	2.08B	2.04B	1.88B	1.79B	1.65B	1.67B
Asset Growth %	-0.04%	-0.04%	0.03%	-0%	-0.06%	-0.02%	-0.08%	-0.05%	-0.08%	0.01%
Real Estate & Other Assets+	-82.7M	111.3M	254.1M	70M	1.49B	1.47B	1.55B	1.55B	1.54B	1.57B
PP&E (Net)	1.45B	1.23B	1.15B	1.32B	146.2M	129.4M	24.9M	5.4M	1.7M	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	152.5M	138.3M	309.1M	404.2M	222.6M	229.1M	234.9M	174.1M	55.87M	54.06M
Cash & Equivalents	1.3M	2.2M	68.9M	11.4M	15.2M	57.2M	65.4M	33.3M	13.52M	33.44M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	60.7M	101.7M	223.5M	200K	200K	32.8M	127.8M	14.22M	236K
Intangible Assets	54.4M	53.8M	46.9M	59.8M	74.9M	61.9M	51.6M	43.6M	36.3M	31.18M
Total Liabilities	1.02B	943.1M	1.58B	1.02B	955.6M	939.9M	813.2M	751.6M	643.23M	666.89M
Total Debt+	497.8M	515.1M	631.2M	778.1M	726.2M	705.5M	537.3M	477.1M	465.06M	474.84M
Net Debt	496.5M	512.9M	562.3M	766.7M	711M	648.3M	471.9M	443.8M	451.55M	441.4M
Long-Term Debt	497.8M	472.7M	585.2M	778.6M	704.6M	687.1M	505.8M	447.2M	438.96M	449.84M
Short-Term Borrowings	1000K	1000K	1000K	1000K	0	0	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	21.6M	18.4M	6.5M	4.9M	1.1M	0
Total Current Liabilities+	184.7M	165.1M	926.8M	129.4M	128.7M	126.3M	237.7M	281.4M	194.29M	209.47M
Accounts Payable	35.5M	35.2M	43.3M	34.2M	17.8M	9.8M	3.4M	4.5M	5.84M	4.53M
Deferred Revenue	2.7M	21.1M	6.6M	5.9M	7.9M	0	68.3M	68.8M	70.35M	72.46M
Other Liabilities	131.8M	123.3M	68.1M	108.9M	33.1M	41.2M	-5.3M	18.1M	8.87M	7.58M
Total Equity+	1.23B	1.21B	651.1M	1.21B	1.13B	1.1B	1.07B	1.04B	1B	1B
Equity Growth %	0.01%	-0.01%	-0.46%	0.86%	-0.07%	-0.03%	-0.03%	-0.03%	-0.03%	0%
Shareholders Equity	1.23B	1.21B	646.4M	1.2B	1.13B	1.1B	1.07B	1.04B	1B	1B
Minority Interest	3.5M	3.9M	4.7M	5.7M	3.6M	0	0	0	0	0
Common Stock	1.15B	1.16B	1.16B	1.79B	1.8B	1.81B	1.81B	1.81B	1.81B	1.81B
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	117.2M	95.2M	-473M	-538.9M	-626.2M	-649.4M	-663.2M	-774.5M	-809.33M	-814.17M
Preferred Stock	0	95.2M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.01%	-0%	0.1%	-0.03%	-0.02%	0%	0.02%	-0.03%	0.02%	0.04%
Return on Equity (ROE)	0.02%	-0.01%	0.24%	-0.07%	-0.03%	0.01%	0.03%	-0.05%	0.03%	0.06%
Debt / Assets	0.22%	0.24%	0.28%	0.35%	0.35%	0.35%	0.29%	0.27%	0.28%	0.28%
Debt / Equity	0.40x	0.42x	0.97x	0.64x	0.64x	0.64x	0.50x	0.46x	0.46x	0.47x
Net Debt / EBITDA	3.32x	1.34x	1.36x	3.56x	19.64x	7.64x	3.78x	2.89x	4.45x	3.80x
Book Value per Share	24.96	24.56	12.28	17.11	15.63	15.14	14.69	14.27	13.78	13.79

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	128.5M	111.2M	-1.3M	309.9M	157.6M	63.1M	124.2M	34M	67.1M	97.99M
Operating CF Growth %	2.29%	-0.13%	-1.01%	239.38%	-0.49%	-0.6%	0.97%	-0.73%	0.97%	0.46%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	31.1M	-8.4M	230.5M	-69.8M	-38.4M	5.2M	35.8M	-49.5M	33M	60.54M
Depreciation & Amortization	55.7M	119.5M	41.4M	42.8M	50.5M	42.5M	39.6M	38M	36.8M	36.31M
Stock-Based Compensation	4.7M	4.1M	4.4M	4.7M	5.4M	5.8M	5.9M	4.9M	6.1M	4.79M
Other Non-Cash Items	-46.7M	-25.5M	-28M	200.3M	-8.3M	7.3M	33.8M	80.4M	4M	-8.08M
Working Capital Changes	66.8M	41.6M	-50.6M	115.3M	102.7M	2.3M	9.1M	-21.7M	-12.8M	4.43M
Cash from Investing+	1M	-25.6M	-3.9M	-104.7M	-240.4M	12M	96.5M	44.6M	7.1M	-16.11M
Acquisitions (Net)	15M	-5.9M	-8.6M	-22.6M	-3.3M	-1M	-18.1M	-500K	-9.5M	0
Purchase of Investments	-29.4M	-47.2M	-41.9M	-22.6M	-3.3M	0	0	-500K	0	-306K
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	0	1000K	0	0
Other Investing	15.7M	102.3M	55.8M	214M	16.9M	33.6M	144.9M	-5.9M	38.3M	-15.81M
Cash from Financing+	-131.6M	-84.7M	96.1M	-73.5M	-136.7M	-33.1M	-207.1M	-115.2M	-94.9M	-61.96M
Dividends Paid	-10.3M	-12.3M	-10.3M	-156.6M	-50M	-13.8M	-46.6M	-57.7M	-64.3M	-64.98M
Common Dividends	-10.3M	-12.3M	-10.3M	-156.6M	-50M	-13.8M	-46.6M	-57.7M	-64.3M	-64.98M
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K
Share Repurchases	-1.1M	0	-7.2M	-1.5M	-1M	-600K	-1.3M	-7.3M	-5.4M	-2.98M
Other Financing	-1.1M	-1.4M	-500K	-700K	-7.4M	-1.3M	-1.4M	11M	-15.1M	0
Net Change in Cash+	-1.5M	900K	90.9M	131.7M	-219.5M	42M	13.6M	-36.6M	-20.7M	19.92M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	2.8M	1.3M	12.3M	103.2M	234.9M	15.4M	57.4M	71M	34.4M	13.75M
Cash at End	1.3M	2.2M	103.2M	234.9M	15.4M	57.4M	71M	34.4M	13.7M	33.67M
Free Cash Flow+	83.8M	-4.9M	-43.8M	13.8M	-97.5M	42.5M	93.9M	12.3M	35.9M	47.21M
FCF Growth %	3.33%	-1.06%	-7.94%	1.32%	-8.07%	1.44%	1.21%	-0.87%	1.92%	0.32%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.73	6.47	11.55	-0.37	0.2	0.66	1.03	-0.17	0.91	1.33
FFO Payout Ratio	12.07%	3.85%	1.68%	-593.18%	354.61%	28.69%	62.13%	-456.67%	96.55%	67.09%
NOI Margin	30.8%	30.71%	29.02%	40.66%	21.67%	33.68%	46.89%	42.35%	48.99%	45.49%
Net Debt / EBITDA	3.32x	1.34x	1.36x	3.56x	19.64x	7.64x	3.78x	2.89x	4.45x	3.80x
Debt / Assets	22.19%	23.89%	28.29%	34.97%	34.84%	34.65%	28.58%	26.69%	28.25%	28.43%
Interest Coverage	3.51x	2.05x	1.13x	4.90x	-0.43x	1.40x	3.25x	5.26x	2.81x	3.13x
Book Value / Share	24.96	24.56	12.28	17.11	15.63	15.14	14.69	14.27	13.78	13.79
Revenue Growth	3.62%	-18.04%	9.81%	51.45%	-32.46%	-56.27%	33.47%	-9.23%	-9.42%	13.31%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Reportable	-	-	-	-	-	-	-	-	-	236.67M
Reportable Growth	-	-	-	-	-	-	-	-	-	-
Commercial Real Estate	-	-	-	-	-	-	-	187.2M	194M	197.39M
Commercial Real Estate Growth	-	-	-	-	-	-	-	-	3.63%	1.75%
Land Operations	-	-	84.5M	-	-	-	-	-	14.9M	39.28M
Land Operations Growth	-	-	-	-	-	-	-	-	-	163.60%
Unimproved / Other Property Sales	-	-	-	210.5M	32.4M	9.7M	41.3M	-	-	-
Unimproved / Other Property Sales Growth	-	-	-	-	-84.61%	-70.06%	325.77%	-	-	-
Other Operations	-	-	-	24.7M	24.5M	23M	22.6M	-	-	-
Other Operations Growth	-	-	-	-	-0.81%	-6.12%	-1.74%	-	-	-
Development Sales	-	-	-	54.3M	57.2M	7.9M	16M	-	-	-
Development Sales Growth	-	-	-	-	5.34%	-86.19%	102.53%	-	-	-
Leasing	133.8M	134.7M	136.9M	-	-	-	-	-	-	-
Leasing Growth	-	0.67%	1.63%	-	-	-	-	-	-	-
Development and Sales segment	131.5M	61.9M	-	-	-	-	-	-	-	-
Development and Sales segment Growth	-	-52.93%	-	-	-	-	-	-	-	-
Agribusiness	117.2M	-	-	-	-	-	-	-	-	-
Agribusiness Growth	-	-	-	-	-	-	-	-	-	-
Discontinued Operations	-	-	-	-	-	-	-	-	-	-
Discontinued Operations Growth	-	-	-	-	-	-	-	-	-	-
Segment Reconciling Items	-31M	-	-	-	-	-	-	-	-	-
Segment Reconciling Items Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Alexander & Baldwin, Inc. (ALEX) has a price-to-earnings (P/E) ratio of 25.1x. This suggests investors expect higher future growth.

Growth & Financials

Alexander & Baldwin, Inc. (ALEX) reported $218.1M in revenue for fiscal year 2024. This represents a 7% decrease from $235.1M in 2011.

Alexander & Baldwin, Inc. (ALEX) grew revenue by 13.3% over the past year. This is steady growth.

Yes, Alexander & Baldwin, Inc. (ALEX) is profitable, generating $73.3M in net income for fiscal year 2024 (25.6% net margin).

Dividend & Returns

Yes, Alexander & Baldwin, Inc. (ALEX) pays a dividend with a yield of 4.29%. This makes it attractive for income-focused investors.

Alexander & Baldwin, Inc. (ALEX) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

Industry Metrics

Alexander & Baldwin, Inc. (ALEX) generated Funds From Operations (FFO) of $111.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Alexander & Baldwin, Inc. (ALEX) offers a 4.29% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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