Alexander & Baldwin, Inc. Files 2023 Annual Report on Form 10-K
Ticker: ALEX · Form: 10-K · Filed: Feb 29, 2024 · CIK: 1545654
Sentiment: neutral
Topics: 10-K, Alexander & Baldwin, Real Estate, REIT, Financial Report
TL;DR
<b>Alexander & Baldwin, Inc. filed its 2023 10-K, detailing financial performance and operations for the year ending December 31, 2023.</b>
AI Summary
Alexander & Baldwin, Inc. (ALEX) filed a Annual Report (10-K) with the SEC on February 29, 2024. Alexander & Baldwin, Inc. reported its fiscal year 2023 results on Form 10-K, filed as of February 29, 2024. The filing covers the period ending December 31, 2023. The company's principal business is real estate investment trusts (REITs). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key segments include Commercial Real Estate and Land Operations.
Why It Matters
For investors and stakeholders tracking Alexander & Baldwin, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Alexander & Baldwin's financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors assessing the company's value and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's real estate investment trust (REIT) business, enabling stakeholders to understand its market position and potential challenges.
Risk Assessment
Risk Level: medium — Alexander & Baldwin, Inc. shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to market fluctuations, interest rate changes, and regulatory environments, as detailed in the risk factors section of the 10-K.
Analyst Insight
Investors should review the detailed segment performance and financial health metrics in the 10-K to evaluate Alexander & Baldwin's investment potential.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Commercial Real Estate | ||
| Land Operations | ||
| Segment Continuing Operations | ||
| Segment Discontinued Operations |
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-02-29 — Filing Date (Filed as of date)
- 2023 — Reporting Year (Fiscal year for which the report is filed)
- 2022 — Prior Year (Comparative financial data year)
- 2021 — Prior Year (Comparative financial data year)
Key Players & Entities
- Alexander & Baldwin, Inc. (company) — Filer name
- 2023-12-31 (date) — Conformed period of report
- 2024-02-29 (date) — Filed as of date
- 6798 (industry_code) — Standard Industrial Classification
- HI (location) — State of incorporation
- HONOLULU (location) — Business address city
- 96801 (postal_code) — Business address zip
- 001-35492 (filing_number) — SEC file number
FAQ
When did Alexander & Baldwin, Inc. file this 10-K?
Alexander & Baldwin, Inc. filed this Annual Report (10-K) with the SEC on February 29, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Alexander & Baldwin, Inc. (ALEX).
Where can I read the original 10-K filing from Alexander & Baldwin, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Alexander & Baldwin, Inc..
What are the key takeaways from Alexander & Baldwin, Inc.'s 10-K?
Alexander & Baldwin, Inc. filed this 10-K on February 29, 2024. Key takeaways: Alexander & Baldwin, Inc. reported its fiscal year 2023 results on Form 10-K, filed as of February 29, 2024.. The filing covers the period ending December 31, 2023.. The company's principal business is real estate investment trusts (REITs)..
Is Alexander & Baldwin, Inc. a risky investment based on this filing?
Based on this 10-K, Alexander & Baldwin, Inc. presents a moderate-risk profile. The company operates in the real estate sector, which is subject to market fluctuations, interest rate changes, and regulatory environments, as detailed in the risk factors section of the 10-K.
What should investors do after reading Alexander & Baldwin, Inc.'s 10-K?
Investors should review the detailed segment performance and financial health metrics in the 10-K to evaluate Alexander & Baldwin's investment potential. The overall sentiment from this filing is neutral.
Risk Factors
- Market Conditions [medium — market]: The company's financial performance is subject to general economic conditions and real estate market dynamics.
- Interest Rate Sensitivity [medium — financial]: Changes in interest rates can impact the company's borrowing costs and the valuation of its real estate assets.
- Regulatory and Environmental Factors [medium — regulatory]: Compliance with various laws, regulations, and environmental standards affects operations and costs.
Filing Stats: 4,389 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2024-02-28 21:42:23
Filing Documents
- alex-20231231.htm (10-K) — 3354KB
- supplementalreleaseagreeme.htm (EX-10.LXII) — 40KB
- abdeferredcompforoutsidedi.htm (EX-10.XLI) — 25KB
- ab2024amendedandrestatedde.htm (EX-10.XLIX) — 257KB
- a2023abnqdcplanadoptionagr.htm (EX-10.XLVII) — 237KB
- alexanderbaldwinincexecuti.htm (EX-10.XXXI) — 64KB
- abexcessbenefitsplanamende.htm (EX-10.XXXIX) — 86KB
- a2023ex211subsidiarieslist.htm (EX-21.1) — 77KB
- a2023ex231deloitteconsent-.htm (EX-23.1) — 2KB
- a2023ex232deloitteconsent-.htm (EX-23.2) — 2KB
- a2023q4ex311-ceocertificat.htm (EX-31.1) — 10KB
- a2023q4ex312-cfocertificat.htm (EX-31.2) — 10KB
- a2023q4ex32-soxcertificati.htm (EX-32) — 8KB
- a2023q4ex95-minesafetydisc.htm (EX-95) — 11KB
- a971alexanderbaldwinincame.htm (EX-97.1) — 44KB
- a2023ex9912022-2023kdchfin.htm (EX-99.1) — 81KB
- a2023ex9922021kdchfinancia.htm (EX-99.2) — 120KB
- alex-20231231_g1.jpg (GRAPHIC) — 58KB
- alex-20231231_g2.jpg (GRAPHIC) — 223KB
- 0001545654-24-000008.txt ( ) — 20307KB
- alex-20231231.xsd (EX-101.SCH) — 110KB
- alex-20231231_cal.xml (EX-101.CAL) — 196KB
- alex-20231231_def.xml (EX-101.DEF) — 672KB
- alex-20231231_lab.xml (EX-101.LAB) — 1437KB
- alex-20231231_pre.xml (EX-101.PRE) — 993KB
- alex-20231231_htm.xml (XML) — 3283KB
Risk Factors 6
Item 1A. Risk Factors 6
Unresolved Staff Comments 19
Item 1B. Unresolved Staff Comments 19
Cybersecurity 19
Item 1C. Cybersecurity 19
Description of Properties by Segment 21
Item 2. Description of Properties by Segment 21
Legal Proceedings 24
Item 3. Legal Proceedings 24
Mine Safety Disclosures 24
Item 4. Mine Safety Disclosures 24 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25
Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Quantitative and Qualitative Disclosures About Market Risk 43
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 43
Financial Statements and Supplementary Data 45
Item 8. Financial Statements and Supplementary Data 45
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 91
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 91
Controls and Procedures 91
Item 9A. Controls and Procedures 91
Other Information 93
Item 9B. Other Information 93
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 93
Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 93 PART III
Directors, Executive Officers and Corporate Governance 94
Item 10. Directors, Executive Officers and Corporate Governance 94 Directors 94 Executive Officers 94 Corporate Governance 95 Code of Ethics 95
Executive Compensation 95
Item 11. Executive Compensation 95
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95
Certain Relationships and Related Transactions, and Director Independence 95
Item 13. Certain Relationships and Related Transactions, and Director Independence 95
Principal Accounting Fees and Services 95
Item 14. Principal Accounting Fees and Services 95 PART IV
Exhibits and Financial Statement Schedules 96
Item 15. Exhibits and Financial Statement Schedules 96
Financial Statements 96
Financial Statements 96 Financial Statement Schedules 97 Exhibits Required by Item 601 of Regulation S-K 99
Form 10-K Summary 105
Item 16. Form 10-K Summary 105 Signatures 106 ALEXANDER & BALDWIN, INC. FORM 10-K Annual Report for the Fiscal Year Ended December 31, 2023 PART I
BUSINESS
ITEM 1. BUSINESS Overview Alexander & Baldwin, Inc. ("A&B," the "Company," "we," "our," or "us") is a fully integrated real estate investment trust ("REIT") whose history in Hawaii dates back to 1870. Over time, the Company has evolved from a 571-acre sugar plantation on Maui to become one of Hawaii's premier commercial real estate companies and the owner of the largest grocery-anchored, neighborhood shopping center portfolio in the state. The Company's commercial real estate portfolio is geographically focused in Hawaii, where it benefits from its deep local roots, broad experience base, and strong relationships and reputation in the islands. The Company's commercial real estate portfolio consists of 22 retail centers, 13 industrial assets, and four office properties, representing a total of 3.9 million square feet of gross leasable area ("GLA"), as well as 142.0 acres of commercial land in Hawaii, of which substantially all is leased pursuant to urban ground leases. As of December 31, 2023, the improved portfolio leased occupancy was at 94.7%, which is leased to a mix of national, regional, and local retailers and businesses. Business Objectives and Strategies The Company's business objective is to create long-term shareholder value and sustainable income by strategically acquiring, managing, and enhancing a premier portfolio of commercial real estate properties in Hawaii . The Company intends to achieve its objective through the following strategies: Geographic Focus - The Company's commercial real estate strategy focuses on Hawaii, where it benefits from its broad experience base, deep relationships and strong reputation in the islands. The Company believes the geographic focus on the Hawaii market provides a foundation for strong financial and operational performance and future growth, including showing resilience during economic down cycles. High Barriers to Entry - The Hawaii market offers high value opportunities for the Company to pursue attractive