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Alexander & Baldwin Reports 2012 Results



                   Alexander & Baldwin Reports 2012 Results

-- Historic mid-year separation of Alexander & Baldwin and Matson

-- 2012 marked by significant value creation

-- Year-over-year commercial portfolio operating profit up 6%

-- Urban high-rise condominium projects achieve strong sales results

PR Newswire

HONOLULU, Feb. 19, 2013

HONOLULU, Feb. 19, 2013 /PRNewswire/ -- Alexander & Baldwin, Inc.
(NYSE:ALEX)(A&B or Company) today announced full-year 2012 adjusted net income
of $32.3 million, or $0.75 per diluted share[1], which excludes charges
associated with the separation of A&B from Matson, Inc. on June 29, 2012, such
as professional and other fees and the non-cash impairment of two California
development properties. Including these charges, net income was $20.5 million,
or $0.48 per diluted share. These results compared to 2011 net income of $23.5
million, or $0.55 per diluted share. Revenues for 2012 were $296.7 million
compared to 2011 revenues of $267.7 million.

(Logo: http://photos.prnewswire.com/prnh/20120801/LA50085LOGO)

"Full-year 2012 earnings benefitted from the solid performance of our leasing
and agribusiness segments and tax benefits from our development of a
6-megawatt solar farm at Port Allen, Kauai, and a land donation. While overall
property sales were modest, we're encouraged by a pick-up in sales activity we
are now seeing in our projects," said Stanley M. Kuriyama, A&B chairman and
chief executive officer. "In June 2012, A&B completed its separation from
Matson, marking a major milestone in the Company's 140-year history. As a
separate company, A&B remains focused on both creating value from our
extensive Hawaii real estate holdings, and investing in new real estate
opportunities. In 2012, we made good progress toward the latter objective by
increasing our exposure to Oahu's improving residential real estate market
through high-rise condominium investments in Honolulu's urban core. Our
commercial property portfolio also performed well in 2012, achieving a 4%
year-over-year improvement in Net Operating Income[2]. Our agribusiness
segment produced excellent results in 2012, but will be challenged by sharply
reduced sugar prices. In 2013, we'll continue to invest in our core land
businesses, and look for other opportunities to grow the Company in Hawaii."

Key shareholder value-creating accomplishments during 2012 included the
following:

  o Completed the separation of A&B and Matson, Inc., which created two,
    publicly-traded Hawaii-based companies, each with a market capitalization
    of over a billion dollars.
  o At separation, secured a new $260 million revolving credit facility, and
    extended maturities for $207 million of existing long-term notes, to
    provide a strong financial platform from which to pursue current and
    future growth opportunities.
  o Increased the Company's exposure to Oahu's improving residential real
    estate market:

       o Achieved strong sales results and commenced construction at the
         341-unit Waihonua condominium project near the Ala Moana Shopping
         Center. To date, of the 340 saleable units, the Company has presold
         291 units, or 86%—280 units, or 82%, under binding contracts.
       o Invested in the ONE Ala Moana Tower, a 206-unit, high-end condominium
         project to be constructed atop the Nordstrom parking structure in the
         Ala Moana Center. To date, all of the 205 units available for sale
         were presold—199 units, or 97%, under binding contracts.
       o Secured another high-rise condominium site in urban Honolulu under a
         long-term option agreement. Planning has commenced and presales are
         expected to occur in 2013.

  o Obtained subdivision approval for, and substantially completed
    construction of, 65 lots within the first increment of the Maui Business
    Park II project, in Kahului, Maui.
  o Obtained State Land Use Commission approval to reclassify the 545-acre
    Waiale master-planned community in Central Maui from Agriculture to Urban.
    The Company is now in the process of pursuing county zoning for this
    project and for a 95-acre residential project in Kihei, Maui.
  o Reduced 2013 lease rollover exposure in the Company's commercial property
    portfolio by over 50%, from 22.2% of the portfolio's income, to 10.5%. 
  o Placed into service in December 2012, a 6-megawatt solar farm at Port
    Allen, Kauai, the largest solar facility in the State.

Fourth Quarter Financial Results
Fourth quarter net income was $8.7 million, or $0.20 per diluted share,
compared to a net loss for the fourth quarter 2011 of $3.1 million, or $0.07
per diluted share. Fourth quarter revenues were $90.8 million in 2012 compared
to $87.3 million in 2011.

"Financial performance improved significantly over 2011's fourth quarter as we
experienced meaningful increases in development sales and leasing results,"
said Kuriyama. "Agribusiness results, however, were lower than the fourth
quarter of 2011, due in part to lower-than-anticipated sugar production for
the year. We also recognized significant tax benefits from the development of
our Port Allen solar farm and the land donation."

Real estate leasing operating profit in the quarter of $10.2 million was 12%
higher than the $9.1 million recorded in the fourth quarter of 2011.
Comparative results benefited from higher occupancy and lower expenses. Fourth
quarter 2012 occupancy for the Mainland and Hawaii portfolios were 95% and
92%, respectively, compared to 92% and 91% for the fourth quarter of 2011. Net
Operating Income (NOI) for the quarter was $15.5 million, a 2% increase over
the fourth quarter of 2011. ^ [2]

Operating profit for the real estate development and sales segment was $1.3
million for the quarter, compared to a $10.6 million loss recorded in the
fourth quarter of 2011 from the write-off of the Company's investment in the
Waiawa joint venture and joint venture losses. Sales for the quarter,
inclusive of joint venture sales, consisted of three non-core land parcels on
Maui, three club cottage units at Kukui'ula, two residential units at Wailea,
and three residential units at Ka Milo on the Big Island. Sales were partially
offset by joint venture operating costs and general and administrative
expenses.

Agribusiness operating profit for the fourth quarter of 2012 was $1.2 million,
$6.1 million lower than the fourth quarter of 2011 principally due to the
higher cost of sugar sold resulting from lower full-year production, an
adjustment for the cost of sugar sold in the prior three quarters due to lower
than expected full-year sugar production, and lower power margins due to lower
volume of power sold.

Corporate expenses for the quarter were $3.4 million compared to $7.0 million
for the fourth quarter of 2011. Corporate expenses declined primarily due to a
decrease in professional services fees and lower compensation-related
expenses.

During the fourth quarter of 2012, the Company recognized a $2.7 million
income tax benefit primarily driven by the construction of the Port Allen
solar farm, which was placed into service in December 2012, and donation of
land.

Analysis of Financial Results
Real estate development and sales and leasing revenue and operating profit are
analyzed before subtracting amounts related to discontinued operations. This
is consistent with how the Company evaluates performance and makes decisions
regarding capital allocation, acquisitions and dispositions. Direct
year-over-year comparison of real estate development and sales results may not
provide a consistent, measurable indicator of future performance because
results from period to period are significantly affected by the mix and timing
of property sales. Operating results, by virtue of each project's asset class,
geography and timing, are inherently episodic. Earnings from joint venture
investments are not included in segment revenue, but are included in operating
profit.

Real Estate Leasing – Fourth quarter of 2012 compared to 2011
                                             Quarter Ended December 31,
(dollars in millions)                        2012       2011     Change
Revenue                                      $  24.7    $ 24.2   2   %
Operating profit                             $  10.2    $ 9.1    12  %
Operating profit margin                         41.3 %    37.6 %
Average occupancy rates:
Mainland                                        95   %    92   %
Hawaii                                          92   %    91   %
Leasable space (million sq. ft.) — improved
Mainland                                        6.5       6.5    --  %
Hawaii                                          1.4       1.4    --  %

Real estate leasing revenue and operating profit for the fourth quarter of
2012 were higher than for the fourth quarter of 2011 primarily due to higher
occupancy and lower expenses.

Real Estate Leasing – 2012 compared to 2011
(dollars in millions)                        2012       2011     Change
Revenue                                      $ 100.6    $ 99.7   1   %
Operating profit                             $ 41.6     $ 39.3   6   %
Operating profit margin                        41.4  %    39.4 %
Average occupancy rates
Mainland                                       93    %    92   %
Hawaii                                         92    %    91   %
Leasable space (million sq. ft.) — improved
Mainland                                       6.5        6.5    --  %
Hawaii                                         1.4        1.4    --  %

Real estate leasing revenue for 2012 was 1% higher than for 2011. The increase
was principally due to the impact of acquisitions and dispositions, and a
reversal of deferred rent in 2011 related to a tenant bankruptcy.

Operating profit was 6% higher in 2012, compared with 2011, principally due to
higher occupancy in the Mainland portfolio, lower expenses related to the
previously mentioned tenant bankruptcy in 2011, and the favorable impact of
the timing of acquisitions and dispositions.

 

Real Estate Development and Sales – Fourth quarter of 2012 compared to 2011
                                                   Quarter Ended December 31,
(dollars in millions)                              2012       2011      Change
Improved property sales revenue                    $ --       $ --      NM
Development sales revenue                            0.6        1.3     -54%
Unimproved/other property sales revenue              4.8        1.5     3X
Total revenue                                        5.4        2.8     93%
Operating profit (loss) before joint ventures and    2.0        (2.1)   NM
impairment
Write-off of Waiawa joint venture investment         --         (6.4)   NM
Loss from joint ventures                             (0.7)      (2.1)   -67%
      Total operating profit (loss)                $ 1.3      $ (10.6)  NM
Operating profit margin                              24.1  %    NM

2012 Fourth Quarter: Revenue was $5.4 million, principally due to the revenue
recognized from the sale of three non-core land parcels on Maui and a
residential unit on Oahu. Operating profit also included joint venture sales
of three residential units on Kauai, two residential units on Maui and three
residential units on the Big Island, which were more than offset by joint
venture expenses.

2011 Fourth Quarter: Revenue was $2.8 million and the operating loss was
$10.6 million. The operating loss included a $6.4 million non-cash reduction
in the carrying value of the Company's Waiawa joint venture investment and
other joint venture losses, partially offset by the sales of two residential
units on Oahu, and a leased fee parcel and two non-core parcels on Maui.

Real Estate Development and Sales – 2012 compared to 2011
(dollars in millions)                               2012      2011      Change
Improved property sales revenue                     $ 5.0     $ 45.2    -89%
Development sales revenue                             8.7       6.7     30%
Unimproved/other property sales revenue               18.5      7.9     2X
Total revenue                                         32.2      59.8    -46%
Operating profit before joint ventures and            9.8       23.4    -58%
impairment
Impairment of Santa Barbara development project       (5.1)     --      NM
Impairment and equity loss related to Bakersfield     (4.7)     --      NM
joint venture
Write-off of Waiawa joint venture investment          --        (6.4)   NM
Loss from joint ventures                              (4.4)     (1.5)   3X
      Total operating profit (loss)                 $ (4.4)   $ 15.5    NM
Operating profit margin                               NM        25.9  %

2012: Revenue was $32.2 million, principally related to the sale of 286 acres
of agricultural-zoned land on Maui, a 4.1-acre parcel at Maui Business Park
II, the Firestone office building in California, two leased fee parcels on
Maui, three residential units on Oahu, and several non-core land parcels on
Maui. Operating profit additionally included joint venture sales of a parcel,
a residential lot and six cottages on Kauai, two residential units on Maui,
and eight residential units on the Big Island. The margin on the sales
described above was partially offset by $9.8 million of non-cash impairment
charges in the second quarter of 2012, related to the Company's Santa Barbara
and Bakersfield development projects in California, resulting from the
Company's change in its development strategy to focus on development projects
in Hawaii, as well as joint venture expenses. 

2011: Revenue and operating profit included the sales of the Arbor Park
Shopping Center in Texas, two commercial properties, an 86-acre industrial
parcel, a leased fee parcel and several non-core parcels on Maui, and one
commercial and six residential units on Oahu. Losses from joint ventures
included in operating profit consisted of the aforementioned reduction in the
carrying value of the Waiawa joint venture and other ongoing joint venture
expenses, partially offset by a gain on the sale of the Company's interest in
the Bridgeport Marketplace project in California, a four-acre commercial
parcel at Kukui'ula on Kauai and four residential units on the island of
Hawaii.

 Agribusiness – Fourth quarter of 2012 compared to 2011
                                  Quarter Ended December 31,
(dollars in millions)             2012        2011       Change
Revenue                           $ 60.9      $ 61.2     --   %
Operating profit                  $ 1.2       $ 7.3      -84  %
Operating profit margin             2.0    %    11.9   %
Tons sugar produced                 40,800      34,100   20   %
Tons sugar sold (bulk raw sugar)    76,400      75,900   1    %

Agribusiness revenue for the fourth quarter of 2012 was $60.9 million,
consistent with the fourth quarter of 2011.

Operating profit for the fourth quarter of 2012 decreased $6.1 million
compared to the fourth quarter of 2011. The decrease was principally due to an
increase in the cost of sugar sold due to lower full-year production, an
adjustment to increase the cost of sugar sold in the prior three quarters
based on lower than expected full-year production, and lower power margins due
to the lower volume of power sold. Full-year sugar production was lower than
anticipated due principally to lower water availability.

Agribusiness – 2012 compared to 2011
(dollars in millions)             2012         2011        Change
Revenue                           $ 182.3      $ 157.5     16  %
Operating profit                  $ 20.8       $ 22.2      -6  %
Operating profit margin             11.4    %    14.1    %
Tons sugar produced                 178,300      182,800   -2  %
Tons sugar sold (bulk raw sugar)    198,200      163,100   22  %

Agribusiness revenue increased $24.8 million, or 16%, in 2012 compared with
2011. The increase was primarily due to higher raw sugar sales revenue due to
five sugar shipments in 2012 as compared to four sugar shipments in 2011,
higher specialty sugar and molasses sales resulting from higher volume and
prices, and higher parts and repair revenue in the trucking company
subsidiaries, partially offset by lower charter revenue.

Operating profit decreased $1.4 million in 2012 compared with 2011, primarily
due to an increase in the cost of sugar sold resulting from lower full-year
production and was partially offset by margin improvement resulting from the
sale of the Company's coffee assets in 2011, higher power margins from
hydroelectric production on Kauai, and a reduction in charitable foundation
contribution expenses.

Sugar production in 2012 was 2% lower than 2011 due principally to lower water
availability.

About Alexander & Baldwin
Alexander & Baldwin, Inc. is a premier Hawaii land company, with interests in
real estate development, commercial real estate and agriculture. With
ownership of over 87,000 acres in Hawaii, A&B is the state's fourth largest
private landowner, and is one of the state's most active real estate
investors. A&B has a diverse portfolio of real estate development projects
throughout Hawaii, and a commercial property portfolio comprising nearly eight
million square feet of leasable space in Hawaii and on the U.S. Mainland. It
is also the owner and operator of the Hawaiian Commercial & Sugar plantation
on Maui, and a significant provider of renewable energy on the islands of Maui
and Kauai. Additional information about A&B may be found at
www.alexanderbaldwin.com.

Forward-Looking Statements
Statements in this press release that are not historical facts are
"forward-looking statements," within the meaning of the Private Securities
Litigation Reform Act of 1995, that involve a number of risks and
uncertainties that could cause actual results to differ materially from those
contemplated by the relevant forward-looking statement. These forward-looking
statements are not guarantees of future performance. This release should be
read in conjunction with pages 20-38 of the information statement filed as
Exhibit 99.1 to Alexander & Baldwin, Inc.'s registration statement on Form 10
and other filings with the SEC through the date of this release, which
identify important factors that could affect the forward-looking statements in
this release. We do not undertake any obligation to update our forward-looking
statements.

[1] ^ Refer to the following discussion of the Company's use of non-GAAP
financial measures and a reconciliation of adjusted net income and adjusted
diluted earnings per share to net income and diluted earnings per share.

[2] Refer to the following discussion of the Company's use of non-GAAP
financial measures and a reconciliation of leasing operating profit to cash
NOI.

Use of Non-GAAP Financial Measures

Alexander & Baldwin, Inc. reports net income and diluted earnings per share in
accordance with GAAP and on a non-GAAP basis. Reconciliations of the Company's
GAAP to non-GAAP financial measures for the years ended December 31, 2012 and
2011 are presented below.

The Company uses these non-GAAP financial measures when evaluating operating
performance because management believes that the exclusion from net income of
1) one-time advisory, legal, equity conversion and other expenses that were
incurred to effect the separation of the Company from Matson, Inc., and 2) the
reduction in carrying values of two of the Company's Mainland development
projects that do not align with the Company's post-separation focus on Hawaii
real estate development, provides insight into the Company's core operating
results, future cash flow generation, and the underlying business trends
affecting performance on a consistent and comparable basis from period to
period. A&B provides this information to investors as an additional means of
evaluating ongoing core operations. The non-GAAP financial information
presented herein should be considered supplemental to, and not as a substitute
for, or superior to, financial measures calculated in accordance with GAAP.

                                                             Year Ended
                                                             December 31
(dollars in millions, except earnings per share, unaudited)  2012      2011
Net income                                                   $ 20.5      23.5
Professional service and other expenses incurred to effect     5.7       --
separation
Charge to convert pre-separation stock options to A&B-only     1.1       --
options
Write-down of non-strategic Mainland development project       9.8       --
carrying values
Income tax effect of adjusting items                           (4.8)     --
Adjusted net income                                          $ 32.3      23.5
Diluted earnings per share, net income                       $ 0.48    $ 0.55
Professional service and other expenses incurred to effect     0.13      --
separation
Charge to convert pre-separation stock options to A&B-only     0.03      --
options
Write-down of non-strategic Mainland development project       0.23      --
carrying values
Income tax effect of adjusting items                           (0.12)    --
Diluted earnings per share, adjusted net income              $ 0.75    $ 0.55

In addition to adjusted net income and adjusted diluted earnings per share,
the Company presents cash NOI, which is a non-GAAP measure derived from real
estate revenues (determined in accordance with GAAP, less straight-line rental
adjustments) minus property operating expenses (determined in accordance with
GAAP). Cash NOI does not have any standardized meaning prescribed by GAAP, and
therefore, may differ from definitions of cash NOI used by other companies.
Cash NOI should not be considered as an alternative to net income (determined
in accordance with GAAP) as an indicator of the Company's financial
performance, or as an alternative to cash flow from operating activities as a
measure of the Company's liquidity. Cash NOI is commonly used as a measure of
operating performance because it is an indicator of the return on property
investment, and provides a method of comparing property performance over time.
Cash NOI excludes general and administrative expenses, straight-line rental
adjustments, interest income, interest expense, depreciation and amortization,
and gains on sales of interests in real estate. The Company believes that the
real estate leasing segment's operating profit after discontinued operations
is the most directly comparable GAAP measurement to cash NOI. A required
reconciliation of real estate leasing operating profit to real estate leasing
segment same store cash NOI is as follows:

ALEXANDER & BALDWIN
Reconciliation of Real Estate Leasing Operating Profit to Cash NOI
(In Millions, Unaudited)
                                           Three Months Ended Year Ended
                                           December 31        December 31
(dollars in millions)                      2012      2011     2012     2011
Real estate leasing segment operating      $  10.2   $ 9.1    $ 41.6    39.3
profit before discontinued operations
Less amounts reported in discontinued         (0.2)    (0.3)    (0.7)   (2.3)
operations
Real estate leasing segment operating
profit after subtracting discontinued         10.0     8.8      40.9    37.0
operations
Adjustments:
Depreciation and amortization                 5.6      5.5      22.2    21.7
FASB 13 straight-line lease adjustments       (0.9)    (0.5)    (3.6)   (3.8)
General and administrative expenses           0.6      1.1      2.9     3.6
Discontinued operations                       0.2      0.3      0.7     2.3
Real estate leasing segment cash NOI       $  15.5     15.2   $ 63.1    60.8

 

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Industry Segment Data, Net Income (Condensed)
(In Millions, Except Per Share Amounts, Unaudited)
                                       Three Months Ended Year Ended
                                       December 31        December 31
Revenue:                               2012     2011      2012       2011
Real estate:
Leasing                                $ 24.7     24.2    $ 100.6    $ 99.7
Development and sales                    5.4      2.8       32.2       59.8
Less amounts reported in discontinued    (0.2)    (0.9)     (10.1)     (49.3)
operations
Agribusiness                             60.9     61.2      182.3      157.5
Reconciling items                        --       --        (8.3)^1    --
Total revenue                          $ 90.8   $ 87.3    $ 296.7    $ 267.7
Operating profit (loss), net income
(loss):
Real estate:
Leasing                                $ 10.2   $ 9.1     $ 41.6     $ 39.3
Development and sales                    1.3      (10.6)    (4.4)      15.5
Less amounts reported in discontinued    (0.2)    (0.7)     (4.7)      (24.8)
operations
Agribusiness                             1.2      7.3       20.8       22.2
Total operating profit                   12.5     5.1       53.3       52.2
Interest expense                         (3.2)    (4.2)     (14.9)     (17.1)
General corporate expenses               (3.4)    (7.0)     (15.1)     (19.9)
Separation costs                         --       --        (6.8)      --
Income (loss) from continuing            5.9      (6.1)     16.5       15.2
operations before income taxes
Income tax expense (benefit)             (2.7)    (2.6)     (1.2)      6.6
Income (loss) from continuing            8.6      (3.5)     17.7       8.6
operations
Income from discontinued operations      0.1      0.4       2.8        14.9
(net of income taxes)
Net income (loss)                      $ 8.7    $ (3.1)   $ 20.5     $ 23.5
Basic earnings (loss) per share,       $ 0.20   $ (0.08)  $ 0.41     $ 0.20
continuing operations
Basic earnings (loss) per share, net   $ 0.20   $ (0.07)  $ 0.48     $ 0.55
income
Diluted earnings (loss) per share,     $ 0.20   $ (0.08)  $ 0.41     $ 0.20
continuing operations
Diluted earnings (loss) per share,     $ 0.20   $ (0.07)  $ 0.48     $ 0.55
net income ^
Basic weighted average shares            42.9     42.4      42.6       42.4
outstanding
Diluted weighted average shares          43.5     42.4      42.9       42.4
outstanding

 

   Represents the sale of a 286-acre agricultural parcel in the third quarter
^1 of 2012 classified as "Gain on sale of agricultural parcel" in the
   condensed consolidated statements of income, but reflected as revenue for
   segment reporting purposes.

 

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Consolidated Balance Sheet (Condensed)
(In Millions, Unaudited)
                                              December 31, December 31,
                                              2012         2011
Assets
Current assets                                $  63.4      $  68.8
Investments in affiliates                        319.9        290.8
Real estate developments                         144.0        143.3
Property, net                                    838.7        830.6
Other assets                                     71.3         53.1
                                              $  1,437.3   $  1,386.6
Liabilities & equity
Current liabilities                           $  69.6      $  90.0
Long-term debt, non-current portion              220.0        327.2
Deferred income taxes                            152.9        164.1
Accrued pension and post-retirement benefits     58.9         54.6
Other long-term liabilities                      21.5         24.9
Equity                                           914.4        725.8
                                              $  1,437.3   $  1,386.6

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Condensed Cash Flow Table
(In Millions, Unaudited)
                                                      Year Ended December 31,
                                                      2012         2011
Cash flows used in operating activities:
Cash flows from operating activities before real
estate expenditures for real estate development       $  48.1      $ 24.2
inventory
Capital expenditures for real estate development         (37.2)      (13.8)
inventory
Net cash provided by operations                       $  10.9      $ 10.4
Capital expenditures^1
   Leasing                                               (13.6)      (8.6)
   Development and sales                                 (0.1)       (1.1)
   Agribusiness/other                                    (31.7)      (10.5)
Total capital expenditures                               (45.4)      (20.2)
Other investing activities, net                          (4.7)       (5.9)
Cash used in investing activities                     $  (50.1)    $ (26.1)
Net debt proceeds                                        128.0       148.1
Payments of debt and deferred financing costs            (257.2)     (145.9)
Net contributions from Alexander & Baldwin Holdings,     146.0       19.7
Inc.
Proceeds from issuances of capital, including excess     11.8        --
tax benefit
Cash provided by financing activities                 $  28.6      $ 21.9
Net increase (decrease) in cash and cash              $  (10.6)    $ 6.2
equivalents

^1 Excludes non-cash 1031 exchange transactions and capital expenditures for
   real estate development inventory.

 

Contact:
Suzy Hollinger
808.525.8422
shollinger@abinc.com

SOURCE Alexander & Baldwin, Inc.

Website: http://www.alexanderbaldwin.com
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