Release Date: February 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you provide more details on your 2025 priorities around external growth and development opportunities? A: Lance Parker, CEO, mentioned optimism about external growth opportunities despite challenging pricing. The company is focusing on internal growth, particularly in the Maui Business Park, with potential build-to-suit and speculative developments. They are also carrying $0.01 of FFO in their guidance for growth initiatives.
Q: Are there any known move-outs for leases expiring in 2025? A: Kit Millan, SVP of Asset Management, noted that while there were expected industrial move-outs, 33,000 square feet remained occupied. There was a tenant bankruptcy (Liberated Brands) with minimal exposure. The company has backfill opportunities and has mitigated risks with proactive lease renewals.
Q: What is the status of the bankrupt tenant, Liberated Brands, and the space they occupy? A: Kit Millan stated that Liberated Brands is still operating and conducting a liquidation sale. The company expects to regain the space around mid-year and already has prospects for the space at Queens' Marketplace.
Q: What drove the significant increase in leased occupancy in the retail portfolio? A: Lance Parker explained that the primary driver was the backfill of the Waianae Mall anchor space, which was filled with a community use tenant on a short-term lease, providing future optionality and requiring minimal capital outlay.
Q: What are the biggest factors that could influence the high or low end of your 2025 guidance? A: Clayton Chun, CFO, indicated that delayed tenant occupancy or unplanned vacancies could impact the low end, while early tenant possession and improved tenant health could positively influence the high end of the guidance.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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