Great! Thanks, everybody, for joining us. I'm Mitch Germain, senior analyst at Citizens JMP. It's my pleasure to introduce Alexander & Baldwin. Pretty unique story in the REIT sector, given it owns its, all of its real estate in Hawaii. Joining me on the stage is Lance Parker, President and Chief Executive Officer, on my left, and then on my far left, Clayton Chun, Executive Vice President, Chief Financial Officer, and Treasurer. Lance is going to spend some time going over the company, and then we're going to shift over to Q&A. If anyone has a question, just raise your hand and I will call on you. Thank you. Lance? All right. Thank you, Mitch, and aloha, everyone. It is certainly a pleasure for us to come this far east to present our company, and so we appreciate the attendance, and we appreciate the opportunity that Nareit gives us. We're the Alex team. In addition to myself, we have two other people from management that I wanted to introduce: James Park, our Vice President of Investments and Capital Markets, and Jordan Hino, our Director of Investor Relations. So Alex is the only REIT that is headquartered in Hawaii. We are also the only REIT that focuses 100% of our investment strategy within the state. Currently, we have an enterprise value of about $1.7 billion. Nareit classifies us as a retail REIT, and that's because about two-thirds of our net operating income is generated from open-air grocery-anchored strip. The other one-third is divided about a half, so call it one-sixth from industrial and about one-sixth from ground leases. You know, I would say that while a lot of people think about Hawaii as sort of a tropical paradise and a tourist destination, and therefore within REIT land are maybe more familiar with hospitality REITs or, prior to the privatization, the public ownership of Ala Moana. What people may not be as familiar with is the fact that part of that tropical environment is by design, and so only 5% of all the land within the state is actually allowed by zoning to be urbanized. What that means is we have a natural limitation on physical growth for assets, which creates a very high barrier to entry, a very supply-constrained market. At the end of the day, that really forms the backbone for our investment thesis and why we think it's appropriate to have the management team within the state, but really focused on the state. What that has really led to, if you look at from a market perspective, we have the second lowest amount of retail GLA per capita in the country. We have the lowest industrial vacancy rate in the country, which leads to the highest ABRs that you will see in both of those sectors, so both retail and industrial. As a result, in terms of the company performance, when you look at how our portfolio has performed on a same-store basis, since we became a REIT in 2017, we have outperformed the average strip retail same-store NOI growth of all of Nareit's retail peers. We've also done the same thing from an FFO growth perspective since we began reporting that metric in 2020. So just in terms of, you know, a broader context and history of the company, Alexander & Baldwin has been in existence for 154 years. So a very long-standing company, it's been through a bunch of diversified businesses. We've been public since 1900. We've been a REIT since 2017, but maybe most importantly, we've really been a focused commercial real estate company for only a year, since 2023. Last year marked really the culmination of our simplification process. And so for those of you that are familiar with the company, it's great to see you, and we appreciate the interest, and for those of you who are not, we're excited to be here and share our story. Fantastic. So let's start with the simplification strategy. And who you are today is a lot different than who you were 2-3 years ago. So maybe provide some perspective to the audience, you know, kind of what the background of the simplification process, you know, kind of was, what the result became, and you know, kind of what is the strategy on the move forward? Yeah. Maybe I'll take us back a little bit more just to give a little bit more background on myself. I joined the company almost 20 years ago in 2004, and at the time, Alexander & Baldwin was a holding company. It was a publicly traded holding company with very distinct operating businesses. So there was an active agricultural component that farmed sugar in the state of Hawaii. It was the last sugar plantation within the state, and there was 90, almost 90,000 acres of land associated with that part of the business. There was a transportation segment with a company called Matson that is now a separately publicly traded shipping company, subject to the Jones Act. And then there was real estate, and real estate was really the smallest of the three, and I was hired in part to grow our real estate portfolio, interestingly enough, on the U.S. mainland as opposed to Hawaii. And so really fast forwarding, you know, the evolution of the company, the spin out of these businesses, the divestiture of these almost 90,000 acres of land, has really led to where we are today. And so fast-forwarding to, as I said, in 2023, with the sale of our materials and construction business, has really provided us the opportunity to be the simplified company that we really hoped to be. And so, I mentioned earlier about our three asset classes. You know, not only do they perform well individually, but there's a lot of synergies between them. So interestingly, on the retail side, as you think about national tenants, almost a third of the largest retailers here in the continental US don't have physical presence in the state of Hawaii. And so that's an opportunity for us to increase demand, curate our portfolio, bring users to the state in an already supply-constrained market. And we have examples of where we've been able to do that. On the QSR side, most recently with Chick-fil-A and Sonic. We opened a specialty grocer just a couple of months ago. We did it with Ulta. So that's, you know, sort of the interesting piece on the retail side, and I would say that one of the biggest challenges retailers have to entering our marketplace is understanding the logistical piece. How does that work? How do they get their goods to the state, particularly a state that is in the middle of the Pacific, 2,500 miles west of the West Coast, where 85% of all the goods are shipped in? So that's sort of a natural, you know, mental barrier for a lot of our retailers, and that's where our industrial component comes in. We're able to solve for that for those that want dedicated warehouse space. And then the last piece, you know, we're sitting here in New York, and so for those of you that are familiar with the market here, ground leases are about a sixth of the NOI that we generate. It's a sort of a unique piece of real estate where we actually own the fee land. There's typically a leasehold person in a sandwich position above us, but it creates some very unique value propositions, both in terms of reset rents, where we have, in some cases, gotten l ast year was a 30, almost 40% increase, a $1 million increase to our NOI. A year prior to that, not representative, unfortunately, of our entire ground lease portfolio, but a 5x reset in rent. But ultimately, the value creation comes at the reversion of those improvements. Yeah Where we get them back for free. And our WALT on our leasehold portfolio, our ground lease portfolio is about 19 years, so we're much closer to that value proposition than others. You recently did a land sale, and so I think you're left with about 3,000 acres. And again, this is part of that whole simplification- strategy. What's the game plan for the, this remaining, you know, stake of land that's sitting on your books today? It remains a priority for us to continue simplification, although I wouldn't say it is, you know, the highest priority, given all of the accomplishments that we've had to date. It's important to us because there are some costs associated with holding on to that land, and so we want to be as opportunistic as we can. A good example of that was the land sale that you referenced in Q1. Much like the company used to be from a more complicated, non-core business perspective, you know, we've tried to articulate with investors the true performance of the core part of the portfolio. So when we're able to sell some of these non-core lands, it's typically FFO accretive. It can create some noise, but really trying to focus on what has the actual portfolio done. Mm-hmm. And again, you know, the stats that I cited in terms of outperforming the averages for retail, both on FFO growth over the last four years, as well as same-store NOI growth over the last seven. But I would say one other important component to simplification was not just creating a better story for investors. It's allowed management to really focus on what's important to us, and that's growing our platform within the state. And then the third piece is really being able to strengthen the balance sheet, and I think putting us in a very good position from a capital perspective to execute on that. And so maybe, Clayton, you can spend just a minute or so talking about the balance sheet and what we've done. Sure. Yeah, thanks, Lance. So, from a balance sheet perspective, we view that as one of the core strengths of the company, and it was through the simplification process that we've been able to monetize some of those land holdings and eventually get our balance sheet to a position to where it's at. So we closed 2023 with our balance sheet in a position where it was 4.2x net debt to adjusted EBITDA ratio. And so for the first quarter, through the monetization activities that Lance just talked about, we improved it even further, and so we were at 3.8x. And so what all of that means is it provides us some ample liquidity to pursue some of the commercial real estate growth opportunities as they arise. Great. Let's, let's talk about Hawaii, 'cause this is a market that is just so unique relative to what most traditional real estate, or let's just say markets that we're more aware of, right? So the unique characteristics, the lack of land, that is targeted for commercial usage, the reliance on imports, maybe talk about how the demand trends in the, in the region are different from the traditional demand trends or supply trends that we're, you know, typically used to in, in more mainland markets. So I think a good example that... Excuse me, Mitch... is on the industrial side. And I referenced earlier some of the synergies that we see between our industrial portfolio as well as our retail portfolio, and I cited it more in the context of new entrants to market, but I'll give another example for people that are already there. So if you think about it, it shouldn't come as a surprise that the two least internet-penetrated markets from a retail sales perspective are Hawaii and Alaska. And that's because just the logistics and the challenge of getting goods. That's why you still use a flip phone, right? That's why I still use a flip phone. So by way of example, you know, for-- I'm sure most people in the audience are probably Prime members of Amazon or familiar with somebody who is. And in a market like New York, you know, you can order what you need and have it, you know, here at the hotel within hours. Typical delivery time for people in Hawaii, 7-9 days. Amazon has, over the last couple of years, developed a, or leased a dedicated air terminal, which has brought that average down to 5-7. They are currently under construction for the first distribution facility in the state, with a stated goal of 3-5-day delivery. So just think about that, right? They're building a distribution center, and the best they can do is 3-5 days. But that's a very important timeframe because the research shows that consumers are more apt to buy online if you can get your goods delivered 3-5 days or less, and you're more apt to go to brick-and-mortar if you can't hit that delivery time, if it's 3 or 5 days or more. And so that has, you know, started to play out in the industrial market, much like we've seen in other domestic markets across the country. And this is not a new phenomenon, but it's new to Hawaii, and it's smaller in scale, but it's still real. And so as the other retailers that do have presence in our market need to now be competitive with that 3- to 5-day delivery time, that means they need to go to dedicated warehouse space. So historically, with 85% of all of the goods that are delivered to the state, and we know this because in my introduction, I said the company used to own Matson, and so we had the lion's share of the shipping vessels that brought all the goods to the state. A lot of the retailers would depend on just-in-time delivery, and so you would get a retailer that maybe had the prototypical footprint would be about 20,000 sq ft on the mainland. Maybe they would take 25,000 sq ft of Hawaii. That additional 5,000 sq ft would be back of house. That would serve as a, effectively as a warehouse space for them, and then they would rely on just-in-time shipping. In fact, even to today, I can tell you that, that we know when to go to our Albertsons, because if you go on Monday, the shelves may be barren. If you go on Tuesday, you get what you want because that's when the Matson ships come in, the containers come in, and they're able to restock the shelves. But that doesn't work for a consumer who wants a buy online, pickup in store, right? So the, the Targets, the Home Depots, the Costcos are looking for new warehouse space because they need to, to be competitive. And that's where we find ourselves at that intersection. In a supply-constrained market where entitlements are very challenging, we have not just existing warehouse space, but we also have existing land that is fully entitled, fully off-site infrastructured to build into this demand. So, again, what we've seen, you know, and I think a lot of companies have learned, as we've seen just with the industrial market in general and some of the changes over the last 12 months, to be right-sized. I don't expect a whole lot of overbuilding, in one, because there really wouldn't be the land in order to do that. But I think companies are a little bit more... a little wiser in terms of what their needs are going to be, and we expect to be a beneficiary of that. The region, Maui in particular, was unfortunately negatively impacted by some wildfires. What is the plan for rebuild, and is there any potential opportunity that your portfolio is somewhat aligned to maybe benefit from some of that process? So the wildfires in Lahaina on Maui were tragic. You know, significant loss of life, significant loss of property. We were extremely fortunate. We do have a few employees on the island of Maui, none of which were personally impacted, at least directly. And we do have assets on the island of Maui, none of which were physically impacted by the wildfires, and so, you know, extremely lucky from that perspective. I would say in the short term, Mitch, we've actually been a beneficiary. If you think about just the impact to commercial real estate, the fact that you've had supply taken out, and so we've had an uptick in occupancy for our Maui-based retail centers. In fact, while we didn't have anything directly within Lahaina, we did have an asset on West Maui that was used initially as staging for the recovery efforts for immediate need that was given out to residents that were affected, so we were glad that we were able to support in that way. I would say going forward, it's a little more challenging to predict. Where things stand today, it's still in the cleanup phase, and there's still a lot of questions about how that gets cleaned up. And then the recovery and rebuilding, you know, there are some both community as well as political questions about what the rebuilding actually looks like. You know, there's a wide spectrum of opinions from build what was there to build something more modern, 'cause you can appreciate a lot of these structures were older, particularly on the commercial side, existing non-compliant. We think about ocean sea level rise and proximity to the water. You'd have to, you know, reestablish setbacks. And there's also voices in the native Hawaiian community that are saying, you know, "Forget back in the whaling villages in the 1800s of Lahaina, what it looked like before the fires." Let's take it back to its natural condition of, you know, fishing ponds and swampland. And so there's a process that the community needs to go through to decide what they want first, before we can even get to that point. It's a lot of question marks that continue to exist- It is in terms of what the real go-ahead strategy Yeah will look like. Look, ultimately for Alex, what does that mean? That means, you know, again, near term, you know, we've had the benefit... We've actually, interestingly enough, had some tenants relocate from Lahaina to neighbor islands where we own assets. Because these were thriving businesses, and there's too much uncertainty on the island of Maui. Vacancy has gone down, right, with the removal of the inventory, and so they've simply picked up their business, and they've leased from us on, on other islands. And then I would say in the mid to longer term, certainly with the rebuilding efforts, I would imagine that that's going to, to be another demand driver for industrial space. And so one of the assets that we have in land inventory is a project called Maui Business Park. This is immediately adjacent to the Kahului Airport, two miles from the harbor, so great access in terms of receiving goods. Thirty-two acres, fully entitled, fully off-site infrastructured. Very, very, generous zoning that allows us to do retail, which we've built an Albertsons anchored center, all the way to light industrial. We're currently doing a build-to-suit for a national warehouser right now. But I do think in the mid to long term, there's clearly going to be additional demand as the rebuilding eventually commences. They're gonna clearly have to store some of the- Yeah ... supplies in, whether it be housing or- Anything ... anything. Like just, yeah. Yeah. Not a lot of asset trades occur in the Hawaii region, and kind of appears that there's a significant amount of demand because of the supply-constrained nature of the island. Maybe just talk about how, Alexander & Baldwin competes within the transaction markets, how you source your deals, maybe what's a good sweet spot for, deal size, and maybe just talk about the types of yields that you would see, and maybe how those yields have changed or evolved over the last couple of years. Yeah. So a lot there. I would say Hawaii is not dissimilar to other markets, just given, higher interest rate environments that we, we continue to see a dislocation in pricing between buyer and seller expectations. We would certainly expect to see cap rate expansion as a result of the marketplace. So we're not seeing as many opportunities as, as we would like. But I would also say maybe where the market's a little dissimilar is that, historically, there have been less trades in the market than other markets from a marketed perspective. And that's, again, where I feel Alex has, really the benefit of having boots on the ground, our management team there. 90% of the deals that we sourced and closed to build our existing portfolio were either off-market or first looks, and that's where... You know, James is here from the investment team. 154 years in existence, management team that lives there. We don't just own the centers, we shop there, right? So it's all about relationships. That's not dissimilar to other markets, but I would say it's even more so within a confined environment, and so that's where we really sort of earn our stripes, is being able to leverage those relationships. Yeah, largest amount of stock, right? Concentrated, what, you guys have 6% of the retail? A little over 20. Oh, 20%. So as the largest owner, we have about 20%, and so that gives us- I think it's, like, 6% blended, is the way I was thinking about it. My bad. So it gives us enough scale to have those conversations about new retailers to the marketplace, where we have geographical presence on all four islands if you wanna come. You know, our mantra has been: If we don't own it, we'll build it. If we don't build it, we'll buy it, but we can accommodate you. We know how to do that. But there's more room because, you know, even at 20%, we think we can penetrate the market at a deeper percentage. And then I would say on the industrial side, our ownership represents only about 2% of the entire industrial inventory within the state. Highly fragmented market. You know, you talked a little bit about competition. So on the retail side, the only public REIT that has any exposure in our market is AAT, American Assets. They have a property that's really more power. It does have a grocer, and so technically, whether you wanna consider it open-air power or grocery-anchored is up to you. But it's really the only competition we have on the public side. On the industrial side, ILPT does have industrial ownership, and again, whether you classify that as industrial or ground leases, it's really the only competitor. And so historically for us, when we think of our competition, I would say from an asset valuation perspective, up to, say, $50 million, we're typically competing with local buyers, 1031 trade buyers, smaller family offices. It's really not until you get up until about $100 million, $100 million dollars in valuation or greater, that you'll start to see some mainland capital sniff around in the marketplace. But that $50-$100 million has typically been our sweet spot from a competitive standpoint. And it's not coincidental that, you know, if you think about grocery-anchored centers, they're typically valued in sort of that $50-$100 million range. And so it's been a good space for us to play in. What's the long-term strategy for your office portfolio? I know it's, what, 4% or 5% of your NOI. Only a handful of properties. Everyone who has diversified portfolio seems to be de-emphasizing, but is there any opportunity there for you or over time? So this has not been a topic of conversation until recently. I wouldn't characterize our office as a portfolio at 4% of our NOI, but I would characterize it as non-strategic. So it's really four assets. They're suburban. One really should be reclassified to retail on the island of Oahu. The other three are on Maui. And specific to those three on Maui, I would say, on one end, it would represent a capital recycling opportunity for us. Again, it is non-strategic. We're not looking to grow into the space. I think as we find more accretive investments or more strategic investments, we can use that as a source of capital. I would also say on the other end of the spectrum, it could be repositioning. Two of them sit on a block that does have some densification possibilities, and so we're actively looking at that as a possibility as well. Great. Listen, I appreciate the time. I'm honored to sit up here and, you know, moderate the panel. And it's just truly a pleasure to know and work with both of you. So thank you, and thanks, everyone, for being here. I appreciate it. Thank you. Thanks to Mitch, not just for moderating. He picked up coverage on us in the fourth quarter of last year, and it's you know, much like our opportunity to come here and share our story with investors, it's really important from the sell side that we get additional opportunities to get the message out there. You know, we do think it's a very unique investment opportunity. It's differentiated in the REIT space. We love it, and you know, we're happy and pleased to be here and be able to share some of that with you. Great. Thank you, everyone.