Alexander Baldwin, Inc. (ALEX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Home SEC Filings Alexander Baldwin, Inc. (ALEX) 10-K Annual Report Wed Mar 01 2017

 

Exhibit 99.1

 

Contact:

Suzy Hollinger

808.525.8422

shollinger@abinc.com 

 

Alexander & Baldwin Reports Fourth Quarter and Full-Year 2016 Financial Results

 

Honolulu (February 28, 2017) - Alexander & Baldwin, Inc. (NYSE: ALEX) (“A&B” or “Company”) today announced its financial results for the fourth quarter and year ended December 31, 2016.

 

“2016 was a pivotal year in A&B’s 147-year history. As we bade farewell to our sugar operation, we proactively advanced our project pipeline, increased portfolio net operating income (“NOI”), and charted a more focused course forward for the company, with a primary emphasis on Hawaii commercial real estate (“CRE”). To that end, we continued the migration of our commercial properties from the U.S. Mainland to Hawaii with the acquisition of Manoa Marketplace and the sale of three mainland properties; we advanced important redevelopment projects within our Hawaii portfolio, most notably the exciting redevelopment of the Kailua Macy’s into Lau Hala Shops; and we planned a new Safeway-anchored shopping center next to Maui Business Park, which was announced last week. We also announced a comprehensive evaluation of a conversion to a real estate investment trust (“REIT”),” said Chris Benjamin, president & chief executive officer. “Although financial results for the quarter and year were challenged because of the strategic decisions that were made, we are poised for success in 2017 as we complete our REIT evaluation, pursue targeted CRE acquisitions in Hawaii, advance several development projects and our Maui diversified agriculture initiatives, and capitalize on our substantial paving backlog at Grace Pacific.”

 

Full-Year 2016 and Recent Highlights

 

Commercial Real Estate

 

·Operating Profit/NOI Increased operating profit 3.0% to $54.8 million in 2016 from $53.2 million in 2015 and increased NOI by 2.9%.1 Both were driven by strong same-store Hawaii retail performance.

 

·

Renewals/Re-leasing Renewed or re-leased 142 expiring comparable leases representing 14.9% of total gross leasable area ("GLA") of the improved portfolio with a comparable cash leasing spread of 13.2%.

 

·Acquisitions Acquired the 139,300-square-foot Manoa Marketplace in January 2016 for $82.4 million, expanding the Company’s grocery-anchored portfolio to a strategic location in urban Honolulu. In December, the Company acquired the leased fee position in an adjacent gas station property for $2.8 million using 1031 exchange proceeds, gaining ownership of additional roadside frontage for the Marketplace.

 

The following information was filed by Alexander Baldwin, Inc. (ALEX) on Tuesday, February 28, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ALEX
CIK: 1545654
Form Type: 10-K Annual Report
Accession Number: 0001545654-17-000003
Submitted to the SEC: Wed Mar 01 2017 6:41:23 AM EST
Accepted by the SEC: Wed Mar 01 2017
Period: Saturday, December 31, 2016
Industry: Real Estate Investment Trusts

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