Market Newsdesk

January 27, 2025 4:15 pm

Sempra Named to Dow Jones Sustainability Index North America for 14th Consecutive Year

PR Newswire

SAN DIEGO
, Jan. 27, 2025 /PRNewswire/ — Sempra (NYSE: SRE) has been named to the Dow Jones Sustainability Index (DJSI) North America for the 14th consecutive year, reflecting the company’s commitment to responsible business practices that aim to reduce risk, improve operational excellence and promote financial stewardship. The DJSI North America noted Sempra outperforms its peers in several categories, including risk and crisis management, community relations and information security and cybersecurity, among other areas.

“Sempra’s strong track record of generating shareholder value is driven in part by our responsible business practices, which help improve our risk profile and enable our businesses to deliver safe, reliable and cleaner energy,” said Lisa Larroque Alexander, senior vice president of corporate affairs at Sempra. “We are proud to continue Sempra’s long tenure on DJSI North America and position as a recognized leader in our industry.”

The DJSI North America tracks the performance of the top 20% of the 600 largest Canadian and United States companies in the S&P Global Broad Market Index that have strong sustainable business practices. Serving nearly 40 million consumers in significant economic markets like California and Texas, Sempra is the owner of one of the largest energy networks on the continent and is helping expand and modernize the grid.

In addition to being recognized on DJSI North America, Sempra is included in the FTSE4Good Index and JUST 100 list, has been named one of TIME Magazine’s World’s Best Companies, Newsweek’s America’s Most Responsible Companies and one of Fortune Magazine’s World’s Most Admired Companies, and earned a perfect score on the CPA-Zicklin Index of Corporate Political Disclosure and Accountability.

About Sempra
Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world’s most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra’s inclusion in the Dow Jones Sustainability Index North America and in The Wall Street Journal’s Best Managed Companies. More information about Sempra is available at sempra.com and on social media @Sempra.

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SOURCE Sempra

January 27, 2025 4:15 pm

Alexandria Real Estate Equities, Inc. Reports: 4Q24 and 2024 Net (Loss) Income per Share – Diluted of $(0.38) and $1.80, respectively; 4Q24 and 2024 FFO per Share – Diluted, as Adjusted, of $2.39 and $9.47, respectively

PR Newswire

PASADENA, Calif.
, Jan. 27, 2025 /PRNewswire/ — Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the fourth quarter and year ended December 31, 2024.

Key highlights

Operating results	4Q24	4Q23	2024	2023
Total revenues:
In millions	$ 788.9	$ 757.2	$ 3,116.4	$ 2,885.7
Growth	4.2 %		8.0 %
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions	$ (64.9)	$ (91.9)	$ 309.6	$ 92.4
Per share	$ (0.38)	$ (0.54)	$ 1.80	$ 0.54
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$ 411.8	$ 389.8	$ 1,629.1	$ 1,532.3
Per share	$ 2.39	$ 2.28	$ 9.47	$ 8.97

A sector-leading REIT with a high-quality, diverse tenant base and strong margins

(As of December 31, 2024, unless stated otherwise)
Occupancy of operating properties in North America	94.6 %
Percentage of annual rental revenue in effect from Megacampus™ platform	77 %
Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants	52 %
Operating margin	70 %
Adjusted EBITDA margin	72 %
Percentage of leases containing annual rent escalations	97 %
Weighted-average remaining lease term:
Top 20 tenants	9.3	years
All tenants	7.5	years
Sustained strength in tenant collections:
January 2025 tenant rents and receivables collected as of January 27, 2025	99.5 %
4Q24 tenant rents and receivables collected as of January 27, 2025	99.9 %

Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all publicly traded U.S. REITs

Net debt and preferred stock to Adjusted EBITDA of 5.2x and fixed-charge coverage ratio of 4.3x for 4Q24 annualized.
Significant liquidity of $5.7 billion.
32% of our total debt matures in 2049 and beyond.
12.7 years weighted-average remaining term of debt.
Since 2020, an average of 98.4% of our year-end debt balances have been fixed rate.
Total debt and preferred stock to gross assets of 28%.
$684.1 million of capital contribution commitments from existing real estate joint venture partners to fund construction from 1Q25 through 2028.

Continued solid leasing volume and rental rate increases

Continued solid leasing volume:
- 1.3 million RSF for 4Q24, up 19% compared to our previous five-quarter average.
- Fourth consecutive quarter with leasing volume exceeding 1 million RSF.
- 5.1 million RSF for 2024, up 19% compared to our 2014–2020 average of 4.3 million RSF.
Rental rate increases on lease renewals and re-leasing of space were 18.1% and 3.3% (cash basis) for 4Q24 and 16.9% and 7.2% (cash basis) for 2024.
84% of our leasing activity during the last twelve months was generated from our existing tenant base.
Tenant improvements and leasing commissions on renewed and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage of total lease term rents in the past five years.

	4Q24		2024
Total leasing activity – RSF	1,310,999		5,053,954
Leasing of development and redevelopment space – RSF	12,999	⁽¹⁾	493,341
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)	1,024,862		3,888,139
Rental rate increase	18.1 %		16.9 %
Rental rate increase (cash basis)	3.3 %		7.2 %

(1) As of December 31, 2024, our projects expected to stabilize in 2025 were 89% leased/negotiating.

Attractive dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment

Common stock dividend declared for 4Q24 of $1.32 per common share aggregating $5.19 per common share for the year ended December 31, 2024, up 23 cents, or 5%, over the year ended December 31, 2023.
Dividend yield of 5.4% as of December 31, 2024.
Dividend payout ratio of 55% for the three months ended December 31, 2024.
Average annual dividend per-share growth of 5.4% from 2020 through 2024.
Significant net cash flows from operating activities after dividends retained for reinvestment aggregating $2.2 billion for the years ended December 31, 2020 through 2024.

Strong execution of Alexandria’s 2024 capital strategy

Our 2024 capital plan included $1.4 billion in funding from strategic dispositions that focused on a portfolio of diversified assets, of which $1.1 billion was completed during 4Q24. Refer to “Dispositions” in the Earnings Press Release for additional details.

(in millions)
YTD 3Q24		$ 239
4Q24		1,128
Total 2024 dispositions		$ 1,367

As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated $539.5 million. These transactions represent approximately 32% of the $1.7 billion midpoint of our 2025 guidance range for dispositions and sales of partial interests.

Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $55 million commencing during 4Q24 and is expected to deliver incremental annual net operating income aggregating $395 million by 2Q28

During 4Q24, we placed into service Megacampus development and redevelopment projects aggregating 602,593 RSF that are 98% occupied across multiple submarkets and delivered incremental annual net operating income of $55 million. Key 4Q24 deliveries included:
- 171,102 RSF at 4155 Campus Point Court located on the Campus Point by Alexandria Megacampus in our University Town Center submarket;
- 139,984 RSF at 840 Winter Street located on the Alexandria Center^®for Life Science – Waltham Megacampus in our Route 128 submarket; and
- 93,492 RSF at 10935, 10945, and 10955 Alexandria Way located on the One Alexandria Square Megacampus in our Torrey Pines submarket.
Annual net operating income (cash basis) is expected to increase by $70 million upon the burn-off of initial free rent, with a weighted-average burn-off period of approximately three months, from recently delivered projects.
68% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.

Development and Redevelopment Projects	Incremental Annual Net Operating Income		RSF	Occupancy Percentage
(dollars in millions)
Placed into service:
YTD 3Q24	$ 63		945,118		100 %
4Q24	55		602,593		98
Placed into service in 2024	$ 118		1,547,711		98 %

Expected to be placed into service:
2025	$ 83	⁽¹⁾	4,357,276
1Q26 through 2Q28	312
	$ 395


			(1)	Includes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and (ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.

Continued solid net operating income and internal growth

Net operating income (cash basis) growth:
- $2.1 billion for 4Q24 annualized, up $177.9 million, or 9.5%, compared to 4Q23 annualized.
- $2.0 billion for 2024, up $176.9 million, or 9.8%, compared to 2023.
Same property net operating income growth of 0.6% and 6.3% (cash basis) for 4Q24 over 4Q23 and 1.2% and 4.6% (cash basis) for 2024 over 2023.
97% of our leases contain contractual annual rent escalations approximating 3%.

Continued rigorous focus on management of general and administrative costs

General and administrative expenses as a percentage of net operating income of 7.6% for 2024, compared to 9.8% for 2023.
We expect general and administrative cost savings of approximately $32 million in 2025, based on the midpoint of our guidance, compared to 2024, from a variety of cost-control and efficiency initiatives, including:
- Personnel-related matters: reduction in headcount over the last two years and restructuring of compensation plans.
- Streamlining of business processes: systems upgrades, process improvements, and cost reduction in legal, technology, and operational support services.

Strong balance sheet management

Key metrics as of or for the three months ended December 31, 2024

$29.0 billion in total market capitalization.
$16.8 billion in total equity capitalization.

	4Q24		Target
	Quarter Annualized	Trailing 12 Months	4Q25 Annualized
Net debt and preferred stock to Adjusted EBITDA	5.2x	5.3x	Less than or equal to 5.2x
Fixed-charge coverage ratio	4.3x	4.5x	4.0x to 4.5x

Key capital events

On December 9, 2024, we announced that our board of directors authorized a common stock repurchase program under which we may repurchase up to $500.0 million of our common stock through December 31, 2025. Repurchases are expected to be funded on a leverage-neutral basis.
- In December 2024, we repurchased $50.1 million of common stock.
- From January 1, 2025 through January 27, 2025, we repurchased $150.0 million of additional common stock.
- As of January 27, 2025, cumulative repurchases under the program aggregated $200.1 million and 2.0 million shares of common stock at an average price per share of $98.16.
- As of January 27, 2025, the approximate value of shares authorized and remaining under this program was $299.9 million.
During 4Q24, we settled all outstanding forward equity sales agreements by issuing 230 thousand shares of common stock at an average price per share of $120.93 and received net proceeds of $27.8 million. As of January 27, 2025, the remaining aggregate amount available for future sales of common stock under our ATM program was $1.47 billion.

Investments

As of December 31, 2024:
- Our non-real estate investments aggregated $1.5 billion.
- Unrealized gains presented in our consolidated balance sheet were $83.6 million, comprising gross unrealized gains and losses aggregating $228.1 million and $144.5 million, respectively.
Investment loss of $68.0 million for 4Q24 presented in our consolidated statement of operations consisted of $32.1 million of realized gains, $79.8 million of unrealized losses, and $20.3 million of impairment charges.
Investment loss of $53.1 million for 2024 presented in our consolidated statement of operations consisted of $117.2 million of realized gains, $112.2 million of unrealized losses, and $58.1 million of impairment charges.

Other key highlights

Executive management change, effective December 31, 2024

Effective on December 31, 2024, Vincent Ciruzzi retired from his position as Chief Development Officer after nearly 30 years of exemplary service. His responsibilities will be assumed by multiple members within our Real Estate Development Team, which Mr. Ciruzzi formed and led over his tenure with Alexandria.

Key items included in net income attributable to Alexandria’s common stockholders:
	4Q24	4Q23	4Q24	4Q23	2024	2023	2024	2023
(in millions, except per share amounts)	Amount		Per Share – Diluted		Amount		Per Share – Diluted
Unrealized (losses) gains on non-real estate investments	$ (79.8)	$ 19.5	$ (0.46)	$ 0.11	$ (112.2)	$ (201.5)	$ (0.65)	$ (1.18)
Gain on sales of real estate	101.8	62.2	0.59	0.36	129.3	277.0	0.75	1.62
Impairment of non-real estate investments	(20.3)	(23.1)	(0.12)	(0.13)	(58.1)	(74.6)	(0.34)	(0.44)
Impairment of real estate⁽¹⁾	(186.6)	(271.9)	(1.08)	(1.59)	(223.1)	(461.1)	(1.30)	(2.70)
Acceleration of stock compensation expense due to executive officer resignations	—	(18.4)	—	(0.11)	—	(20.3)	—	(0.12)
Provision for expected credit losses on financial instruments⁽¹⁾	0.4	—	—	—	0.4	—	—	—
Total	$ (184.5)	$ (231.7)	$ (1.07)	$ (1.36)	$ (263.7)	$ (480.5)	$ (1.54)	$ (2.82)

(1) Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.

Subsequent events

In January 2025, pursuant to an amendment executed in July 2024 to our existing ground lease agreement at the Alexandria Technology Square^®Megacampus, we made the second and final installment payment aggregating $135.0 million related to our rent obligation for the extended ground lease term.

Industry and corporate responsibility leadership: catalyzing and leading the way for positive change to benefit human health and society

Alexandria’s longstanding sustainability leadership and performance was reinforced by our achievements in the 2024 GRESB Real Estate Assessment. We received the GRESB Green Star designation for the eighth consecutive year and an “A” disclosure score for the seventh consecutive year, signifying best-in-class transparency regarding our sustainability practices and reporting.
325 Binney Street, a 462,100 RSF development on the Alexandria Center^® at One Kendall Square Megacampus in our Cambridge submarket, earned LEED Platinum certification, the highest level of certification under the U.S. Green Building Council’s Core and Shell rating system. Home to Moderna’s global headquarters and R&D center, the ultra-efficient building is targeting LEED Zero Energy certification, reduced fossil fuel use through the implementation of a geothermal system, and 100% renewable electricity, resulting in an estimated 97% reduction of greenhouse gas emissions relative to the MA 2020 Stretch Code baseline.
8 Davis Drive on the Alexandria Center^® for Advanced Technologies and AgTech – Research Triangle Megacampus won a BOMA Raleigh-Durham TOBY (The Outstanding Building of the Year) Award in the Life Science category. The TOBY Awards are the commercial real estate industry’s highest recognition honoring excellence in commercial building management and operations.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500^® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2024, Alexandria has a total market capitalization of $29.0 billion and an asset base in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com.

Guidance

December 31, 2024
(Dollars in millions, except per share amounts)

The following guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual results will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” of the Earnings Press Release for additional details. Key updates to our 2025 guidance from December 4, 2024 are summarized in the tables below and include changes to the midpoints of our guidance ranges for key sources of capital as follows: (i) a $150 million increase in dispositions and sales of partial interests representing pending transactions that were originally expected to close in 4Q24, and are now anticipated to be completed in 2025 and (ii) a corresponding $150 million decrease in excess 2024 bond capital held as cash at December 31, 2024.

	2025 Guidance Midpoint			2025 Guidance Midpoint
Summary of Key Changes in Guidance	As of 1/27/25	As of 12/4/24	Summary of Key Changes in Sources and Uses of Capital	As of 1/27/25	As of 12/4/24
EPS, FFO per share, and FFO per share, as adjusted	No Change		Excess 2024 bond capital expected to be held as cash at December 31, 2024	$ —	$ 150
			Dispositions and sales of partial interests	$ 1,700	$ 1,550

Key Credit Metric Targets⁽¹⁾
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized		Less than or equal to 5.2x
Fixed-charge coverage ratio – 4Q25 annualized		4.0x to 4.5x

Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
Earnings per share⁽²⁾	$2.57 to $2.77
Depreciation and amortization of real estate assets		6.70
Allocation to unvested restricted stock awards		(0.04)
Funds from operations per share and funds from operations per share, as adjusted⁽¹⁾	$9.23 to $9.43
Midpoint	$9.33

Key Sources and Uses of Capital	Range		Midpoint
Sources of capital:
Reduction in debt	$ (40)	$ (340)	$ (190)
Net cash provided by operating activities after dividends	425	525	475
Dispositions and sales of partial interests⁽³⁾	1,200	2,200	1,700
Total sources of capital	$ 1,585	$ 2,385	$ 1,985
Uses of capital:
Construction	$ 1,450	$ 2,050	$ 1,750
Acquisitions and other opportunistic uses of capital⁽⁴⁾	—	200	100
Ground lease prepayment⁽⁵⁾	135	135	135
Total uses of capital	$ 1,585	$ 2,385	$ 1,985
Reduction in debt (included above):
Issuance of unsecured senior notes payable	$ 300	$ 900	$ 600
Repayment of secured notes payable	(600)	(600)	(600)
Unsecured senior line of credit, commercial paper, and other	260	(640)	(190)
Net reduction in debt	$ (40)	$ (340)	$ (190)

Key Assumptions	Low	High
Occupancy percentage in North America as of December 31, 2025	91.6 %	93.2 %
Lease renewals and re-leasing of space:
Rental rate changes	9.0 %	17.0 %
Rental rate changes (cash basis)	0.5 %	8.5 %
Same property performance:
Net operating income	(3.0) %	(1.0) %
Net operating income (cash basis)	(1.0) %	1.0 %
Straight-line rent revenue	$ 111	$ 131
General and administrative expenses	$ 129	$ 144
Capitalization of interest	$ 340	$ 370
Interest expense	$ 165	$ 195
Realized gains on non-real estate investments⁽⁶⁾	$ 100	$ 130


(1)	Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(2)	Excludes unrealized gains or losses on non-real estate investments after December 31, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(3)	As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated $539.5 million. These transactions represent approximately 32% of the $1.7 billion midpoint of our 2025 guidance range for dispositions and sales of partial interests.
(4)	On December 9, 2024, we announced that our board of directors authorized a common stock repurchase program under which we may repurchase up to $500.0 million of our common stock in the open market or in privately negotiated transactions through December 31, 2025. In January 2025, we repurchased common stock aggregating $150.0 million at an average price per share of $97.26. As of January 27, 2025, the approximate value of shares authorized and remaining under this program was $299.9 million.
(5)	Refer to “Subsequent event” in the Earnings Press Release for additional information.
(6)	Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to “Investments” in the Supplemental Information for additional details.

Acquisitions
December 31, 2024
(Dollars in thousands)

Property

Submarket/Market

Date of

Purchase

Number of
Properties

Operating

Occupancy

Square Footage

Purchase Price

Future
Development⁽¹⁾

Operating With
Future Development/
Redevelopment⁽¹⁾

Completed in 2024:

285, 299, 307, and 345 Dorchester Avenue (60%
interest in consolidated JV)

Seaport Innovation District/Greater
Boston

1/30/24

—

N/A

1,040,000

—

155,321

428 Westlake Avenue North

Lake Union/Seattle

10/1/24

100 %

—

90,626

47,600

Other

46,490

Total 2024 acquisitions

249,411

(1)	We expect to provide total estimated costs and related yields for development and significant redevelopment projects in the future, subsequent to the commencement of construction.

2024 Dispositions December 31, 2024 (Dollars in thousands)
Property	Submarket/Market	Date of Sale	Interest Sold	RSF	Capitalization Rate	Capitalization Rate (Cash Basis)	Sales Price		Seller Financing	Sales Price per RSF	Gain on Sale of Real Estate
Completed in YTD 3Q24							$ 238,709				$ 27,506

Completed in 4Q24:
Stabilized Properties
One Moderna Way	Route 128/Greater Boston	12/17/24	100 %	722,130	8.5 %	6.3 %	369,439			$ 512	—
14225 Newbrook Drive	Northern Virginia/Maryland	10/15/24	100 %	248,186	7.6 %	7.4 %	80,500			$ 324	37,074
6040 George Watts Hill Drive	Research Triangle/ Research Triangle	12/10/24	100 %	149,585	8.0 %	7.1 %	93,500			$ 625	5,004
Other							78,610				4,042
							622,049
Properties with vacancy or significant near-term capital requirements
215 First Street	Cambridge/Greater Boston	12/20/24	100 %	369,520	⁽¹⁾	⁽¹⁾	245,539	⁽¹⁾		⁽¹⁾	—
150 Second Street and 11 Hurley Street	Cambridge/Greater Boston	12/20/24	100 %	182,993	⁽¹⁾	⁽¹⁾	245,539	⁽¹⁾		⁽¹⁾	—
4755 and 4757 Nexus Center Drive and 4796 Executive Drive⁽²⁾	University Town Center/ San Diego	12/30/24	100 %	177,804	⁽²⁾	⁽²⁾	120,000	⁽²⁾	$ 79,166	$ 675	47,511
Other							47,243				—
							412,782
Land and other
10048 and 10219 Meanley Drive and 10277 Scripps Ranch Boulevard	Sorrento Mesa/San Diego	12/20/24	100 %	444,041	⁽³⁾	⁽³⁾	55,000		25,000		—
9444 Waples Street (50% consolidated JV)	Sorrento Mesa/San Diego	12/23/24	⁽⁴⁾	149,000	⁽⁴⁾	⁽⁴⁾	31,000	⁽⁴⁾			8,175	⁽⁴⁾
Other⁽⁵⁾			⁽⁵⁾				22,913	⁽⁵⁾			⁽⁵⁾
							108,913
							1,143,744	⁽⁶⁾
Total 2024 dispositions							$ 1,382,453		$ 104,166		$ 129,312

Our share of 2024 dispositions, including amounts recognized within equity in earnings							$ 1,366,953				$ 127,615	⁽⁷⁾


Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)	Represents properties that were 87% occupied as of 3Q24, with 61% of the aggregate RSF, primarily located at 215 First Street, scheduled to expire by 4Q25. These properties were not core to our Megacampus strategy due to their size, location, or existing use. They are also expected to require significant re-leasing capital over the next few years, including at 215 First Street, a historical building with infrastructure limitations and challenging floor plates. Acquired in 2007, 215 First Street came with significant entitlements which were later used to develop new adjacent projects at Alexandria Center^® at Kendall Square. Since then, this property has served as a reliable asset, providing primarily office space to our tenants. However, given the low occupancy and the significant reinvestment required for upgrades, we plan to recycle the capital generated by the disposition into our development and redevelopment pipeline.
(2)	Represents properties that were 65% occupied as of 3Q24, with 26% of the aggregate RSF scheduled to expire by 2Q25.
(3)	Represents the sale of land parcels.
(4)	Represents 100% of the contractual sales price. We held a 50% interest in this property through a consolidated real estate joint venture, and our share of the sales price and gain on real estate is $15.5 million and $3.2 million, respectively.
(5)	Represents the disposition of an unconsolidated real estate joint venture for which we recognized a gain on sale of real estate of $3.3 million, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.
(6)	Dispositions completed during 4Q24 had annual net operating income of $97.9 million (based on 3Q24 annualized) with a weighted-average disposition date of December 10, 2024 (weighted by net operating income for 3Q24 annualized).
(7)	Refer to footnotes 4 and 5.

2025 Dispositions and Sales of Partial Interests December 31, 2024 (Dollars in thousands)
Property	Submarket/Market	Date of Expected Sale	Interest Expected to Be Sold	Sales Price
Pending 2025 dispositions and sales of partial interests expected to close subsequent to January 27, 2025:
Subject to non-refundable deposits:
Pending	San Diego	1Q25	100 %	$ 124,000
Pending	Texas	1Q25	100 %	33,000
Pending	San Diego	2H25	100 %	50,000
Other				20,850
				227,850
Subject to executed letters of intent and/or purchase and sale agreement negotiations:
1450 Owens Street (25.1% consolidated JV)	Mission Bay/San Francisco Bay Area	2H25	⁽¹⁾	144,705	⁽¹⁾
Other	Various			276,612
				421,317
				$ 649,167

Our share of 2025 dispositions				$ 539,462

2025 guidance range for dispositions and sales of partial interests			$1,200,000 – $2,200,000

(1)

Represents 100% of the contractual sales price. In 4Q24, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. We own a 25.1% interest in this property through a consolidated real estate joint venture, and our share of the sales price is $36 million. We expect to complete the transaction in 2025.

Earnings Call Information and About the Company

December 31, 2024

We will host a conference call on Tuesday, January 28, 2025, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for the fourth quarter and year ended December 31, 2024. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the call for Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on Tuesday, January 28, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1012884.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 31, 2024 is available in the “For Investors” section of our website at www.are.com or by following this link: https://www.are.com/fs/2024q4.pdf.

For any questions, please contact [email protected]; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, senior vice president – chief content officer.

About the Company

Forward-Looking Statements

This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries. Alexandria^®, Lighthouse Design^® logo, Building the Future of Life-Changing Innovation^®, That’s What’s in Our DNA^®, Megacampus™, Labspace^®, Alexandria Summit^®, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center^®, Alexandria Technology Square^®, Alexandria Technology Center^®, and Alexandria Innovation Center^® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners.

Consolidated Statements of Operations December 31, 2024 (Dollars in thousands, except per share amounts)

	Three Months Ended						Year Ended
	12/31/24		9/30/24	6/30/24	3/31/24	12/31/23	12/31/24	12/31/23
Revenues:
Income from rentals	$ 763,249		$ 775,744	$ 755,162	$ 755,551	$ 742,637	$ 3,049,706	$ 2,842,456
Other income	25,696		15,863	11,572	13,557	14,579	66,688	43,243
Total revenues	788,945		791,607	766,734	769,108	757,216	3,116,394	2,885,699

Expenses:
Rental operations	240,432		233,265	217,254	218,314	222,726	909,265	859,180
General and administrative	32,730		43,945	44,629	47,055	59,289	168,359	199,354
Interest	55,659		43,550	45,789	40,840	31,967	185,838	74,204
Depreciation and amortization	330,108		293,998	290,720	287,554	285,246	1,202,380	1,093,473
Impairment of real estate	186,564	⁽¹⁾	5,741	30,763	—	271,890	223,068	461,114
Total expenses	845,493		620,499	629,155	593,763	871,118	2,688,910	2,687,325

Equity in earnings of unconsolidated real estate joint ventures	6,635	⁽²⁾	139	130	155	363	7,059	980
Investment (loss) income	(67,988)		15,242	(43,660)	43,284	8,654	(53,122)	(195,397)
Gain on sales of real estate	101,806		27,114	—	392	62,227	129,312	277,037
Net (loss) income	(16,095)		213,603	94,049	219,176	(42,658)	510,733	280,994
Net income attributable to noncontrolling interests	(46,150)		(45,656)	(47,347)	(48,631)	(45,771)	(187,784)	(177,355)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	(62,245)		167,947	46,702	170,545	(88,429)	322,949	103,639
Net income attributable to unvested restricted stock awards	(2,677)		(3,273)	(3,785)	(3,659)	(3,498)	(13,394)	(11,195)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$ (64,922)		$ 164,674	$ 42,917	$ 166,886	$ (91,927)	$ 309,555	$ 92,444

Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:
Basic	$ (0.38)		$ 0.96	$ 0.25	$ 0.97	$ (0.54)	$ 1.80	$ 0.54
Diluted	$ (0.38)		$ 0.96	$ 0.25	$ 0.97	$ (0.54)	$ 1.80	$ 0.54

Weighted-average shares of common stock outstanding – basic and diluted	172,262		172,058	172,013	171,949	171,096	172,071	170,909

Dividends declared per share of common stock	$ 1.32		$ 1.30	$ 1.30	$ 1.27	$ 1.27	$ 5.19	$ 4.96


(1)	Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
(2)	Refer to “2024 Dispositions” in the Earnings Press Release for additional details.

Consolidated Balance Sheets December 31, 2024 (In thousands)

	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23
Assets
Investments in real estate	$ 32,110,039	$ 32,951,777	$ 32,673,839	$ 32,323,138	$ 31,633,511
Investments in unconsolidated real estate joint ventures	39,873	40,170	40,535	40,636	37,780
Cash and cash equivalents	552,146	562,606	561,021	722,176	618,190
Restricted cash	7,701	17,031	4,832	9,519	42,581
Tenant receivables	6,409	6,980	6,822	7,469	8,211
Deferred rent	1,187,031	1,216,176	1,190,336	1,138,936	1,050,319
Deferred leasing costs	485,959	516,872	519,629	520,616	509,398
Investments	1,476,985	1,519,327	1,494,348	1,511,588	1,449,518
Other assets	1,661,306	1,657,189	1,356,503	1,424,968	1,421,894
Total assets	$ 37,527,449	$ 38,488,128	$ 37,847,865	$ 37,699,046	$ 36,771,402

Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$ 149,909	$ 145,000	$ 134,942	$ 130,050	$ 119,662
Unsecured senior notes payable	12,094,465	12,092,012	12,089,561	12,087,113	11,096,028
Unsecured senior line of credit and commercial paper	—	454,589	199,552	—	99,952
Accounts payable, accrued expenses, and other liabilities	2,654,351	2,865,886	2,529,535	2,503,831	2,610,943
Dividends payable	230,263	227,191	227,408	222,134	221,824
Total liabilities	15,128,988	15,784,678	15,180,998	14,943,128	14,148,409

Commitments and contingencies

Redeemable noncontrolling interests	19,972	16,510	16,440	16,620	16,480

Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock	1,722	1,722	1,720	1,720	1,719
Additional paid-in capital	17,933,572	18,238,438	18,284,611	18,434,690	18,485,352
Accumulated other comprehensive loss	(46,252)	(22,529)	(27,710)	(23,815)	(15,896)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	17,889,042	18,217,631	18,258,621	18,412,595	18,471,175
Noncontrolling interests	4,489,447	4,469,309	4,391,806	4,326,703	4,135,338
Total equity	22,378,489	22,686,940	22,650,427	22,739,298	22,606,513
Total liabilities, noncontrolling interests, and equity	$ 37,527,449	$ 38,488,128	$ 37,847,865	$ 37,699,046	$ 36,771,402

Funds From Operations and Funds From Operations per Share

December 31, 2024
(In thousands)

The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:

	Three Months Ended						Year Ended
	12/31/24		9/30/24	6/30/24	3/31/24	12/31/23	12/31/24	12/31/23
Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted	$ (64,922)		$ 164,674	$ 42,917	$ 166,886	$ (91,927)	$ 309,555	$ 92,444
Depreciation and amortization of real estate assets	327,198		291,258	288,118	284,950	281,939	1,191,524	1,080,529
Noncontrolling share of depreciation and amortization from consolidated real estate JVs	(34,986)		(32,457)	(31,364)	(30,904)	(30,137)	(129,711)	(115,349)
Our share of depreciation and amortization from unconsolidated real estate JVs	1,061		1,075	1,068	1,034	965	4,238	3,589
Gain on sales of real estate	(100,109)	⁽¹⁾	(27,114)	—	(392)	(62,227)	(127,615)	(277,037)
Impairment of real estate – rental properties and land	184,532	⁽²⁾	5,741	2,182	—	263,982	192,455	450,428
Allocation to unvested restricted stock awards	(1,182)		(2,908)	(1,305)	(3,469)	(2,268)	(8,696)	(5,175)
Funds from operations attributable to Alexandria’s common stockholders – diluted⁽³⁾	311,592		400,269	301,616	418,105	360,327	1,431,750	1,229,429
Unrealized losses (gains) on non-real estate investments	79,776		(2,610)	64,238	(29,158)	(19,479)	112,246	201,475
Impairment of non-real estate investments	20,266	⁽⁴⁾	10,338	12,788	14,698	23,094	58,090	74,550
Impairment of real estate	2,032		—	28,581	—	7,908	30,613	10,686
Acceleration of stock compensation expense due to executive officer resignations	—		—	—	—	18,436	—	20,295
Provision for expected credit losses on financial instruments	(434)	⁽⁵⁾	—	—	—	—	(434)	—
Allocation to unvested restricted stock awards	(1,407)		(125)	(1,738)	247	(472)	(3,188)	(4,121)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted	$ 411,825		$ 407,872	$ 405,485	$ 403,892	$ 389,814	$ 1,629,077	$ 1,532,314


Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)	Includes our share of gain on sale of real estate from one consolidated real estate joint venture and one unconsolidated real estate joint venture. Refer to “2024 Dispositions” in the Earnings Press Release for additional details.
(2)	Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 4Q24, including (i) $102.8 million primarily related to land parcels in our Sorrento Mesa and University Town Center submarkets, including land parcels sold during 4Q24 for a sales price aggregating $55.0 million and additional land parcels expected to be sold in 2025 with an approximate sales price aggregating approximately $243.0 million, and (ii) $40.9 million for four properties at One Moderna Way in our Route 128 submarket, which was sold during 4Q24.
(3)	Calculated in accordance with standards established by the Nareit Board of Governors.
(4)	Primarily related to three non-real estate investments in privately held entities that do not report NAV.
(5)	Represents an adjustment to the provision for expected credit losses for a direct financing lease, as well as the initial recognition of a provision for expected credit losses for two notes receivable issued in connection with dispositions completed during 4Q24.

Funds From Operations and Funds From Operations per Share (continued)

December 31, 2024
(In thousands, except per share amounts)

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding.

	Three Months Ended					Year Ended
	12/31/24	9/30/24	6/30/24	3/31/24	12/31/23	12/31/24	12/31/23
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted	$ (0.38)	$ 0.96	$ 0.25	$ 0.97	$ (0.54)	$ 1.80	$ 0.54
Depreciation and amortization of real estate assets	1.70	1.51	1.50	1.48	1.48	6.20	5.67
Gain on sales of real estate	(0.58)	(0.16)	—	—	(0.36)	(0.74)	(1.62)
Impairment of real estate – rental properties and land	1.07	0.03	0.01	—	1.54	1.12	2.64
Allocation to unvested restricted stock awards	—	(0.01)	(0.01)	(0.02)	(0.01)	(0.06)	(0.04)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted	1.81	2.33	1.75	2.43	2.11	8.32	7.19
Unrealized losses (gains) on non-real estate investments	0.46	(0.02)	0.37	(0.17)	(0.11)	0.65	1.18
Impairment of non-real estate investments	0.12	0.06	0.08	0.09	0.13	0.34	0.44
Impairment of real estate	0.01	—	0.17	—	0.05	0.18	0.06
Acceleration of stock compensation expense due to executive officer resignations	—	—	—	—	0.11	—	0.12
Provision for expected credit losses on financial instruments	—	—	—	—	—	—	—
Allocation to unvested restricted stock awards	(0.01)	—	(0.01)	—	(0.01)	(0.02)	(0.02)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted	$ 2.39	$ 2.37	$ 2.36	$ 2.35	$ 2.28	$ 9.47	$ 8.97

Weighted-average shares of common stock outstanding – diluted	172,262	172,058	172,013	171,949	171,096	172,071	170,909

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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SOURCE Alexandria Real Estate Equities, Inc.

January 27, 2025 4:14 pm

Update: Envista Schedules Fourth Quarter 2024 Earnings Call

PR Newswire

BREA, Calif.
, Jan. 27, 2025 /PRNewswire/ — Envista Holdings Corporation (NYSE: NVST) (“Envista”) will report financial results for its fourth quarter 2024 on Wednesday, February 5, 2025. Envista is moving the time of the conference call and will now discuss these results beginning at 2:30 PM PT on the same date. The call will last approximately one hour.

The call and the accompanying slide presentation will be webcast on the “Investors” section of Envista’s website, www.envistaco.com. A replay of the webcast will be available shortly after the conclusion of the presentation and will remain available for one year. You can access the conference call by dialing 800-225-9448 within the U.S. or +1 203-518-9708 outside the U.S. a few minutes before 2:30 PM PT and referencing conference ID #7185081.

Envista’s earnings press release, the webcast slides, and other related presentation materials will be posted to the “Investors” section of Envista’s website before the conference call and will remain available following the call.

ABOUT ENVISTA HOLDINGS CORPORATION

Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr, united by a shared purpose: to partner with professionals to improve lives. Envista helps its customers deliver the best possible patient care through industry-leading dental consumables, solutions, technology, and services. Its comprehensive portfolio, including dental implants and treatment options, orthodontics, and digital imaging technologies, covers a wide range of dentists’ clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the aesthetics of the human smile. With a foundation comprised of the proven Envista Business System (EBS) methodology, an experienced leadership team, and a strong culture grounded in continuous improvement, commitment to innovation, and deep customer focus, Envista is well equipped to meet the end-to-end needs of dental professionals worldwide. Envista is one of the largest global dental products companies, with significant market positions in some of the most attractive segments of the dental products industry. For more information, please visit www.envistaco.com.

FOR FURTHER INFORMATION

James Gustafson

Vice President, Investor Relations
Envista Holdings Corporation
200 S. Kraemer Blvd., Building E
Brea, CA 92821
Telephone: (714) 817-7000
[email protected]

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SOURCE Envista Holdings Corporation

January 27, 2025 4:14 pm

IMAC Holdings Introduces Ignite Proteomics: A New Standard for Matching Patients with the Right Cancer Therapies

Nashville, TN, Jan. 27, 2025 (GLOBE NEWSWIRE) — IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC Holdings” or the “Company”) has launched Ignite Proteomics LLC (“Ignite”), its new subsidiary dedicated to helping doctors select the most effective cancer treatments based on protein-level insights. This move addresses a growing need for better, faster ways to personalize therapy in breast cancer and beyond.

Why Proteins Matter – Beyond Genomics

Although genomics (gene-based) testing has become common, patients and providers find it has not fully delivered on the promise of personalized care. One reason is that genetics only reveal potential – the blueprint of the disease – while proteins show what is happening inside cancer cells right now. Ignite is poised to disrupt the multi-billion-dollar genomic testing market. The available market in the test’s current clinically approved indication is $600M.

Proteins drive cell behavior and are the direct targets of many new cancer drugs, especially antibody-drug conjugates (ADCs) and immunotherapies. Without measuring key proteins, standard genomic tests can miss crucial signals that predict how a tumor will respond – or fail to respond – to treatment.

Ignite’s multi-protein test addresses this gap. By measuring a range of proteins in a single sample, it offers a richer view of a tumor’s activity and vulnerability to specific therapies. Several of the assay’s important novel biomarkers are protected by licensed patents, ensuring a unique platform for guiding advanced treatment choices.

“Gene tests alone don’t tell us enough about how to pick the right therapies,” said Faith Zaslavsky, CEO of IMAC Holdings and Ignite Proteomics. “Proteins are what guide a cancer’s behavior and drug response. Our test focuses on these real-time signals, so doctors can better select complex treatments right from the start.”

A Better Approach to Modern Cancer Treatments

Today’s advanced therapies—from new ADCs to immunotherapies—are more complex than traditional chemo. Standard “one-marker” tests often fail to identify which patients can truly benefit. Ignite’s test reviews multiple critical proteins at once, helping physicians:

Spot lower levels of drug targets that standard methods might overlook.
Determine whether an immunotherapy is likely to work—or if a patient would do better with another option.
Avoid the costly and time-consuming trial-and-error approach that can delay effective treatment.

Looking Ahead: Partnerships & Growth

Active Collaborations: Ignite is working with leading cancer centers to expand clinical evidence and incorporate its test into more routine care.
Expanding Impact: The test’s ability to measure what genes alone cannot detect is expected to fill a major gap in personalized oncology.
Focus on ADCs & Immunotherapy: With more complex drugs rolling out each year, physicians need deeper insights into a tumor’s real-time behavior—and that is exactly where Ignite’s protein-level approach excels.
Standard of care: Ignite’s protein analysis has generated and is expanding clinical data needed to be included in treatment guidelines for breast cancer.

About IMAC Holdings, Inc.

IMAC Holdings, Inc. strives to improve patient outcomes through innovative healthcare solutions. By combining strategic acquisitions and innovative technologies, IMAC Holdings remains committed to advancing personalized medicine. IMAC Holdings has begun the process to change its name and will soon be shown as IMAC Holdings, Inc, DBA Ignite Sciences, Inc.

About Ignite Proteomics

Ignite Proteomics LLC, a subsidiary of IMAC Holdings, specializes in protein-based analysis for cancer treatment guidance. Operating under a CLIA-accredited lab, Ignite provides a single test covering multiple markers to help doctors pinpoint the most suitable therapies, bridging the gap that gene-focused methods leave behind. Several key markers in the assay are protected by licensed patents.

Forward-Looking Statements

This press release contains statements that involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ. Readers are cautioned not to place undue reliance on these statements. For more information, please review the Company’s SEC filings.

Contact Information:
[email protected]

January 27, 2025 4:13 pm

PotlatchDeltic Corporation Reports Fourth Quarter and Full Year 2024 Results

PotlatchDeltic Corporation Reports Fourth Quarter and Full Year 2024 Results

SPOKANE, Wash.–(BUSINESS WIRE)–
PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $5.2 million, or $0.07 per diluted share, on revenues of $258.1 million for the quarter ended December 31, 2024. Net loss was $0.1 million, or $0.00 per diluted share, on revenues of $254.5 million for the quarter ended December 31, 2023.

Net income for the full year 2024 was $21.9 million, or $0.28 per diluted share, on revenues of $1.1 billion. Net income for the full year 2023 was $62.1 million, or $0.77 per diluted share, on revenues of $1.0 billion. Excluding after tax special items consisting of gain on insurance recoveries and CatchMark merger-related expenses, adjusted net income was $35.0 million, or $0.43 per diluted share, for 2023.

2024 Highlights

Generated Total Adjusted EBITDDA of $232.1 million and Total Adjusted EBITDDA margin of 22%
Completed the Waldo, Arkansas sawmill expansion and modernization project
Sold 34,100 acres of four-year average age Southern timberlands for $57 million or $1,700 per acre
Acquired 16,000 acres of high-quality mature Southern timberlands for $31 million or $1,900 per acre
Repurchased 847,000 shares for $35 million, or $41 per share
Refinanced $176 million in debt during 2024 at below market rates
Maintained strong liquidity of $451 million as of December 31, 2024

“I am pleased with our performance across all our business segments in 2024, especially against challenging market conditions,” said Eric Cremers, President and Chief Executive Officer. “Our results reflect the strong performance of our Real Estate business and the stability provided by our Timberland operations. Additionally, we successfully achieved several strategic initiatives for the year, highlighted by the completion of the expansion and modernization project at our Waldo, Arkansas sawmill. In 2024, our balanced and disciplined capital allocation strategy focused on returning $177 million in capital to our shareholders through our quarterly dividend and value-enhancing share repurchases, investing in high-return capital projects and making an accretive timberland acquisition. As we look ahead in 2025, while ongoing challenges to housing affordability continue to create headwinds, we are optimistic about the prospects of improving lumber markets and remain confident in the demand fundamentals that drive growth in our businesses. With a strong balance sheet and a continued focus on operational excellence, we believe we are well-positioned to drive sustainable, long-term value for our shareholders,” stated Mr. Cremers.

Financial Highlights

(in millions, except per share data – unaudited)	Q4 2024			Q3 2024			Q4 2023
Revenues	$	258.1		$	255.1		$	254.5
Net income (loss)	$	5.2		$	3.3		$	(0.1	)
Weighted average shares outstanding, diluted (in thousands)		78,608			79,277			79,630
Net income (loss) per diluted share	$	0.07		$	0.04		$	—

Adjusted Net Income (Loss)¹	$	5.2		$	3.3		$	(0.1	)
Adjusted Net Income (Loss) Per Diluted Share¹	$	0.07		$	0.04		$	—

Total Adjusted EBITDDA¹	$	53.3		$	45.9		$	40.7
Total Adjusted EBITDDA Margin¹		20.7	%		18.0	%		16.0	%
Dividends per share	$	0.45		$	0.45		$	0.45
Net cash from operations	$	45.4		$	26.5		$	41.8
Cash and cash equivalents	$	151.6		$	161.1		$	230.1

¹ Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Diluted Share, Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures. Refer to “Non-GAAP Measures” and Non-GAAP Reconciliations below for more information and reconciliations to GAAP, where applicable.

Business Performance: Q4 2024 vs. Q3 2024

Timberlands

Fourth Quarter 2024 Highlights

Timberlands Adjusted EBITDDA decreased $1.8 million from Q3 2024
Northern harvest volumes decreased due to normal seasonality
Northern sawlog prices increased primarily due to higher indexed sawlog prices
Southern sawlog and pulpwood prices were relatively stable

(in millions – unaudited)	Q4 2024		Q3 2024		$ Change
Timberlands Revenues	$	95.3	$	105.1	$	(9.8	)

Timberlands Adjusted EBITDDA¹	$	34.0	$	35.8	$	(1.8	)

¹ Refer to Segment Information below for additional information.

Wood Products

Fourth Quarter 2024 Highlights

Wood Products Adjusted EBITDDA increased $18.4 million from Q3 2024
Average lumber prices increased 11% to $445 per thousand board feet (MBF) in Q4 2024
Lower per-unit manufacturing costs primarily due to increased production at the Waldo sawmill following the restart in Q3 2024 related to the expansion and modernization project
Log costs decreased primarily due to improved log recovery

(in millions – unaudited)	Q4 2024		Q3 2024			$ Change
Wood Products Revenues	$	160.3	$	139.4		$	20.9

Wood Products Adjusted EBITDDA¹	$	8.8	$	(9.6	)	$	18.4

¹ Refer to Segment Information below for additional information.

Real Estate

Fourth Quarter 2024 Highlights

Real Estate Adjusted EBITDDA decreased $12.4 million from Q3 2024
Sold 5,919 acres of rural land at an average price of $2,923 per acre
Sold 45 residential lots at an average price of $101,400 per lot

(in millions – unaudited)	Q4 2024		Q3 2024		$ Change
Real Estate Revenues	$	25.1	$	38.7	$	(13.6	)

Real Estate Adjusted EBITDDA¹	$	19.4	$	31.8	$	(12.4	)

¹ Refer to Segment Information below for additional information.

Non-GAAP Measures

This press release includes certain financial measures that are not in accordance with accounting principles generally accepted in the United States (GAAP). Management believes that these non-GAAP measures, when read in conjunction with our GAAP financial statements, provide useful information to investors and other interested parties as described below. The presentation of these non-GAAP financial measures should be considered only as supplemental to, are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may not be the same as or comparable to other similarly titled non-GAAP measures presented by other companies due to potential inconsistencies in methods of calculation.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share are non-GAAP measures that represent GAAP net income (loss) and GAAP net income (loss) per diluted share before certain items, net of tax, that management believes impact the ability to compare the performance of our business, either period-over-period or with other businesses.

Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures that remove the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis and can be used to evaluate the operational performance of assets under management.

We define Total Adjusted EBITDDA Margin as Total Adjusted EBITDDA divided by Revenues.

Reconciliations of Total Adjusted EBITDDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share to their most comparable GAAP measures are set forth in the accompanying “Non-GAAP Reconciliations” at the end of this release.

Conference Call Information

A live conference call and webcast will be held Tuesday, January 28, 2025, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the above website.

A replay of the conference call will be available two hours following the call until February 4, 2025 by calling 1-800-770-2030 for U.S./Canada or 1-609-800-9909 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.

About PotlatchDeltic

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) with ownership of 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to corporate responsibility. More information can be found at www.potlatchdeltic.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenues, costs, expenses and liquidity; disciplined and opportunistic capital allocation strategy; long-term housing fundamentals; housing affordability; demand for lumber; and similar matters. Words such as “believe,” “continue,” “look ahead,” “ongoing,” “prospects,” and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, such as changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company’s lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies and effects on our customers and suppliers; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in foreign demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; our ability to achieve the expected returns on our capital investments in our facilities; our ability to participate in the natural climate solutions and forest carbon sequestration markets; the successful execution of the company’s strategic plans and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.


PotlatchDeltic Corporation
Condensed Consolidated Statements of Operations
Unaudited

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
(in thousands, except per share amounts)	2024			2024			2023			2024			2023
Revenues	$	258,147		$	255,131		$	254,503		$	1,062,076		$	1,024,075
Costs and expenses:
Cost of goods sold		223,483			227,556			233,862			945,672			899,578
Selling, general and administrative expenses		21,330			20,403			20,612			83,212			75,730
CatchMark merger-related expenses		—			—			—			—			2,453
Gain on fire damage		—			—			—			—			(39,436	)
		244,813			247,959			254,474			1,028,884			938,325
Operating income		13,334			7,172			29			33,192			85,750
Interest expense, net		(10,874	)		(9,635	)		(8,435	)		(28,923	)		(24,218	)
Non-operating pension and other postretirement employee benefits		201			200			(229	)		803			(914	)
Other		1,767			1,516			629			3,115			1,267
Income (loss) before income taxes		4,428			(747	)		(8,006	)		8,187			61,885
Income taxes		766			4,056			7,866			13,689			216
Net income (loss)	$	5,194		$	3,309		$	(140	)	$	21,876		$	62,101

Net income (loss) per share:
Basic	$	0.07		$	0.04		$	—		$	0.28		$	0.78
Diluted	$	0.07		$	0.04		$	—		$	0.28		$	0.77
Dividends per share	$	0.45		$	0.45		$	0.45		$	1.80		$	1.80
Weighted-average shares outstanding (in thousands):
Basic		78,458			79,173			79,630			79,236			79,985
Diluted		78,608			79,277			79,630			79,339			80,167


PotlatchDeltic Corporation
Condensed Consolidated Balance Sheets
Unaudited

	At December 31,
(in thousands, except per share amounts)	2024			2023
*ASSETS*
Current assets:
Cash and cash equivalents	$	151,551		$	230,118
Customer receivables, net		23,358			21,892
Inventories, net		82,926			78,665
Other current assets		41,295			46,258
Total current assets		299,130			376,933
Property, plant and equipment, net		408,913			372,832
Investment in real estate held for development and sale		50,809			56,321
Timber and timberlands, net		2,357,151			2,440,398
Intangible assets, net		13,861			15,640
Other long-term assets		175,579			169,132
Total assets	$	3,305,443		$	3,431,256

*LIABILITIES AND STOCKHOLDERS’ EQUITY*
Current liabilities:
Accounts payable and accrued liabilities	$	95,628		$	82,383
Current portion of long-term debt		99,552			175,615
Current portion of pension and other postretirement employee benefits		5,098			4,535
Total current liabilities		200,278			262,533
Long-term debt		935,100			858,113
Pension and other postretirement employee benefits		76,272			67,856
Deferred tax liabilities, net		21,123			36,641
Other long-term obligations		35,000			35,015
Total liabilities		1,267,773			1,260,158
Commitments and contingencies
Stockholders’ equity:
Common stock, $1 par value, 200,000 shares authorized and 78,684 and 79,365 shares issued and outstanding		78,684			79,365
Additional paid-in capital		2,315,176			2,303,992
Accumulated deficit		(470,331	)		(315,291	)
Accumulated other comprehensive income		114,141			103,032
Total stockholders’ equity		2,037,670			2,171,098
Total liabilities and stockholders’ equity	$	3,305,443		$	3,431,256


PotlatchDeltic Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
*CASH FLOWS FROM OPERATING ACTIVITIES*
Net income (loss)	$	5,194		$	3,309		$	(140	)	$	21,876		$	62,101
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion and amortization		26,729			25,893			30,827			113,098			121,154
Basis of real estate sold		13,348			12,905			9,768			86,870			31,392
Change in deferred taxes		(880	)		(3,057	)		(3,702	)		(12,776	)		(9,269	)
Pension and other postretirement benefits		1,144			1,143			1,613			4,575			6,446
Equity-based compensation expense		2,542			2,946			2,643			11,010			9,115
Gain on fire damage		—			—			—			—			(39,436	)
Amortization related to redesignated forward-starting interest rate swaps		2,806			2,674			2,624			10,766			10,329
Interest received under swaps with other-than-insignificant financing element		(7,170	)		(7,536	)		(6,995	)		(29,673	)		(25,646	)
Other, net		(271	)		(1,033	)		(1,978	)		(1,278	)		(2,447	)
Change in working capital and operating-related activities, net		6,011			(3,040	)		(2,081	)		(1,025	)		(26,188	)
Real estate development expenditures		(2,783	)		(2,583	)		(4,261	)		(8,088	)		(11,504	)
Funding of pension and other postretirement employee benefits		(1,262	)		(5,168	)		(1,160	)		(8,565	)		(3,336	)
Proceeds from insurance recoveries		—			—			14,645			1,680			36,400
Net cash from operating activities		45,408			26,453			41,803			188,470			159,111

*CASH FLOWS FROM INVESTING ACTIVITIES*
Property, plant and equipment additions		(11,713	)		(25,575	)		(67,848	)		(63,891	)		(95,916	)
Timberlands reforestation and roads		(5,474	)		(6,476	)		(6,850	)		(24,764	)		(23,863	)
Acquisition of timber and timberlands		(38	)		(822	)		(158	)		(32,341	)		(1,834	)
Proceeds from property insurance		—			—			—			—			1,356
Interest received under swaps with other-than-insignificant financing element		6,700			7,010			6,478			27,634			23,757
Other, net		548			134			496			1,300			1,196
Net cash from investing activities		(9,977	)		(25,729	)		(67,882	)		(92,062	)		(95,304	)

*CASH FLOWS FROM FINANCING ACTIVITIES*
Distributions to common stockholders		(35,408	)		(35,486	)		(35,715	)		(142,350	)		(143,595	)
Repurchase of common stock		(7,604	)		(3,508	)		(13,605	)		(35,017	)		(25,011	)
Proceeds from long-term debt		176,000			—			40,000			176,000			40,000
Repayment of long-term debt		(175,735	)		—			(40,000	)		(175,735	)		(40,000	)
Other, net		(2,090	)		(943	)		(789	)		(5,269	)		(3,104	)
Net cash from financing activities		(44,837	)		(39,937	)		(50,109	)		(182,371	)		(171,710	)
Change in cash, cash equivalents and restricted cash		(9,406	)		(39,213	)		(76,188	)		(85,963	)		(107,903	)
Cash, cash equivalents and restricted cash at beginning of period		161,131			200,344			313,876			237,688			345,591
Cash, cash equivalents and restricted cash at end of period¹	$	151,725		$	161,131		$	237,688		$	151,725		$	237,688

Includes $0.2 million, $0.0 million, and $7.6 million at December 31, 2024, September 30, 2024, and December 31, 2023, respectively, that were or are intended to be reinvested in timber and timberlands and classified as restricted cash in Other current and long-term assets in the Condensed Consolidated Balance Sheets.


PotlatchDeltic Corporation
Segment Information
Unaudited

	Three months ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
(in thousands)		2024			2024			2023			2024			2023
Revenues
Timberlands	$	95,285		$	105,132		$	97,414		$	392,169		$	411,077
Wood Products		160,335			139,412			150,100			601,924			635,672
Real Estate		25,089			38,701			27,909			170,629			87,988
		280,709			283,245			275,423			1,164,722			1,134,737
Intersegment Timberlands revenues		(22,562	)		(28,114	)		(20,920	)		(102,646	)		(110,656	)
Other intersegment revenues		—			—			—			—			(6	)
Consolidated revenues	$	258,147		$	255,131		$	254,503		$	1,062,076		$	1,024,075

Adjusted EBITDDA¹
Timberlands	$	34,033		$	35,824		$	33,304		$	138,729		$	151,321
Wood Products		8,871			(9,581	)		(6,488	)		(7,654	)		20,487
Real Estate		19,364			31,861			21,908			147,021			67,775
Corporate		(12,441	)		(12,203	)		(12,448	)		(49,065	)		(45,406	)
Eliminations and adjustments		3,476			1			4,458			3,069			6,057
Total Adjusted EBITDDA		53,303			45,902			40,734			232,100			200,234
Interest expense, net²		(10,874	)		(9,635	)		(8,435	)		(28,923	)		(24,218	)
Depreciation, depletion and amortization		(26,347	)		(25,487	)		(30,419	)		(111,497	)		(119,518	)
Basis of real estate sold		(13,348	)		(12,905	)		(9,768	)		(86,870	)		(31,392	)
CatchMark merger-related expenses		—			—			—			—			(2,453	)
Gain on fire damage		—			—			—			—			39,436
Non-operating pension and other postretirement employee benefits		201			200			(229	)		803			(914	)
Loss on disposal of assets		(274	)		(338	)		(518	)		(541	)		(557	)
Other		1,767			1,516			629			3,115			1,267
Income (loss) before income taxes	$	4,428		$	(747	)	$	(8,006	)	$	8,187		$	61,885

Depreciation, depletion and amortization
Timberlands	$	16,562		$	16,778		$	19,386		$	67,755		$	75,009
Wood Products		9,447			8,395			10,783			42,585			43,506
Real Estate		137			138			129			549			526
Corporate		201			176			121			608			477
		26,347			25,487			30,419			111,497			119,518
Bond discounts and deferred loan fees²		382			406			408			1,601			1,636
Total depreciation, depletion and amortization	$	26,729		$	25,893		$	30,827		$	113,098		$	121,154

Basis of real estate sold
Real Estate	$	13,348		$	12,908		$	9,802		$	86,878		$	31,431
Eliminations and adjustments		—			(3	)		(34	)		(8	)		(39	)
Total basis of real estate sold	$	13,348		$	12,905		$	9,768		$	86,870		$	31,392

¹	Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA in Non-GAAP Reconciliations.
²	Bond discounts, deferred loan fees, non-cash amortization related to redesignated forward swaps, and interest income are included in interest expense, net in the Condensed Consolidated Statements of Operations.


PotlatchDeltic Corporation
Non-GAAP Reconciliations
Unaudited

	Three months ended									Year ended
	December 31,			September 30,			December 31,			December 31,
(in thousands, except per share amounts)		2024			2024			2023			2024			2023
Total Adjusted EBITDDA¹
Net income (loss) (GAAP)	$	5,194		$	3,309		$	(140	)	$	21,876		$	62,101
Interest, net		10,874			9,635			8,435			28,923			24,218
Income taxes		(766	)		(4,056	)		(7,866	)		(13,689	)		(216	)
Depreciation, depletion and amortization		26,347			25,487			30,419			111,497			119,518
Basis of real estate sold		13,348			12,905			9,768			86,870			31,392
CatchMark merger-related expenses		—			—			—			—			2,453
Gain on fire damage		—			—			—			—			(39,436	)
Non-operating pension and other postretirement benefit costs		(201	)		(200	)		229			(803	)		914
Loss on disposal of assets		274			338			518			541			557
Other		(1,767	)		(1,516	)		(629	)		(3,115	)		(1,267	)
Total Adjusted EBITDDA	$	53,303		$	45,902		$	40,734		$	232,100		$	200,234

Adjusted Net Income (Loss)¹
Net income (loss) (GAAP)	$	5,194		$	3,309		$	(140	)	$	21,876		$	62,101
Special items after tax:
CatchMark merger-related expenses		—			—			—			—			2,453
Gain on fire damage		—			—			—			—			(29,577	)
Adjusted Net Income (Loss)	$	5,194		$	3,309		$	(140	)	$	21,876		$	34,977

Adjusted Net Income (Loss) Per Diluted Share¹
Net income (loss) per diluted share (GAAP)	$	0.07		$	0.04		$	—		$	0.28		$	0.77
Special items after tax:
CatchMark merger-related expenses		—			—			—			—			0.03
Gain on fire damage		—			—			—			—			(0.37	)
Adjusted Net Income (Loss) Per Diluted Share	$	0.07		$	0.04		$	—		$	0.28		$	0.43

¹	See “Non-GAAP Measures” for further details on management’s use of these measures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250127808735/en/

Investors

Wayne Wasechek

509.835.1521

Media

Anna Torma

509.835.1558

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Forest Products Construction & Property Natural Resources REIT

MEDIA:

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January 27, 2025 4:13 pm

Graco Reports Fourth Quarter Results

Graco Reports Fourth Quarter Results

MINNEAPOLIS–(BUSINESS WIRE)–
Graco Inc. (NYSE: GGG) today announced results for the fourth quarter ended December 27, 2024.

Summary

$ in millions except per share amounts

	Three Months Ended						Twelve Months Ended
	Dec 27, 2024		Dec 29, 2023		% Change		Dec 27, 2024		Dec 29, 2023		% Change
Net Sales	$	548.7	$	566.6	(3	)%	$	2,113.3	$	2,195.6	(4	)%
Operating Earnings		130.0		169.9	(23	)%		570.1		646.8	(12	)%
Net Earnings		108.7		110.0	(1	)%		486.1		506.5	(4	)%
Diluted Net Earnings per Common Share	$	0.63	$	0.64	(2	)%	$	2.82	$	2.94	(4	)%

Adjusted (non-GAAP): ⁽¹⁾
Operating Earnings, adjusted	$	137.7	$	169.9	(19	)%	$	577.8	$	646.0	(11	)%
Net Earnings, adjusted	$	110.1	$	137.1	(20	)%	$	477.1	$	523.9	(9	)%
Diluted Net Earnings per Common Share, adjusted	$	0.64	$	0.80	(20	)%	$	2.77	$	3.04	(9	)%
(1) Excludes impacts of business reorganization charges, excess tax benefits from stock option exercises, impairment charges, contingent consideration fair value adjustments, pension settlement losses and certain non-recurring tax provision adjustments. See Financial Results Adjusted for Comparability below for a reconciliation of adjusted non-GAAP financial measures to GAAP.

Net sales for the fourth quarter decreased 3 percent, with decreases in all regions. Incremental sales from acquired operations partially offset the decrease and contributed 3 percentage points of growth for the quarter.
The gross profit margin rate declined approximately 2 percentage points for the fourth quarter, including approximately a 1 percentage point impact from the unfavorable effects of lower margin rates from acquired operations. Lower sales volume and higher product costs more than offset realized pricing and further reduced the gross margin rate.
Operating expenses for the fourth quarter increased $19 million, and included $7 million of incremental litigation costs in the Contractor segment associated with a trial that concluded in December of 2024, $7 million of business reorganization costs and $7 million of expenses from acquired operations.
Operating earnings decreased 23 percent for the fourth quarter as lower sales volume and higher operating expenses drove the decline in operating earnings. Adjusted to exclude the effects of the business reorganization and other prior year items, operating earnings decreased 19 percent.
Net earnings decreased 1 percent for the fourth quarter. Adjusted net earnings decreased 20 percent due to lower operating earnings and a higher effective income tax rate.

“We continued to experience slower demand across many end markets in the fourth quarter,” said Mark Sheahan, Graco’s President and CEO. “Soft demand for Industrial products in China, lower sales of semiconductor equipment and the timing of projects in the powder coatings equipment business were notable headwinds. We completed the Corob acquisition in November that contributed 3 percent of sales growth in the quarter. The strategic fit between Corob and our Contractor Division will serve us well in the future, and we welcome this business, and its dedicated employees into the Graco family. While 2024 has been challenging from a growth standpoint, I would like to thank our employees, suppliers, and distributors for their continued dedication and hard work.”

Consolidated Results

Net sales for the fourth quarter decreased 3 percent from the comparable period last year. Fourth quarter net sales decreased 1 percent in the Americas, decreased 2 percent in EMEA, and decreased 10 percent in Asia Pacific (9 percent at consistent translation rates). Net sales for the year decreased 4 percent compared to last year (3 percent at consistent translation rates). Net sales for the year decreased 1 percent in the Americas, decreased 2 percent in EMEA (3 percent at consistent translation rates) and decreased 16 percent in Asia Pacific (15 percent at consistent translation rates).

For the quarter, changes in currency translation rates decreased net sales by approximately $2 million. For the year, changes in currency translation rates decreased net sales by approximately $6 million (1 percentage point). Acquired operations contributed approximately 3 percentage points of sales growth for the quarter and 1 percentage point for the year.

The gross profit margin rate declined approximately 2 percentage points for the fourth quarter, including approximately a 1 percentage point impact from the unfavorable effects of lower margin rates from acquired operations. Lower sales volume and higher product costs more than offset realized pricing and further reduced the gross margin rate. For the year, the gross profit margin rate increased slightly as the favorable effects of realized pricing more than offset unfavorable product and channel mix and higher product costs.

Total operating expenses increased $19 million (15 percent) for the fourth quarter and $38 million (7 percent) for the year, respectively, compared to last year. Operating expenses for the fourth quarter included $7 million of incremental litigation costs in the Contractor segment associated with a trial that concluded in December of 2024, $7 million of business reorganization costs and $7 million of expenses from acquired operations. Operating expenses for the year included $13 million of incremental litigation costs associated with the aforementioned trial, $7 million of business reorganization costs, $7 million of expenses from acquired operations and $13 million of investments in new product development and other growth initiatives, including the relocation to a new distribution center. Reductions in volume and earnings-based expenses of $6 million for the quarter and $14 million for the year partially offset the increase in operating expenses.

Interest expense was flat for the fourth quarter and $2 million lower for the year compared to the same periods last year as private placement debt was repaid in the third quarter of 2023. Excluding a prior year pension settlement loss of $42 million, other income increased $3 million for the fourth quarter and $13 million for the year, largely due to increased interest income.

The effective income tax rate was 18 percent for both the quarter and year. Adjusted to exclude certain non-recurring items (see Financial Results Adjusted for Comparability below), the adjusted effective income tax rate was 22 percent for the quarter and 20 percent for the year, up approximately 2 percentage points and 1 percentage point, respectively, from the same periods last year largely due to the unfavorable effects of foreign earnings taxed at higher rates than the U.S.

Segment Results

Management assesses performance of segments by reference to operating earnings excluding unallocated corporate expenses. For a reconciliation of segment operating earnings to consolidated operating earnings, refer to the segment information table included in the financial statement section of this release. Certain measurements of segment operations are summarized below:

	Three Months									Twelve Months
	Contractor			Industrial			Process			Contractor			Industrial			Process
Net Sales (in millions)	$	246.9		$	165.7		$	136.1		$	988.9		$	619.7		$	504.8
Percentage change from last year
Sales		3	%		(14	)%		0	%		0	%		(7	)%		(8	)%
Operating earnings		(30	)%		(27	)%		(3	)%		(5	)%		(14	)%		(14	)%
Operating earnings as a percentage of sales
2024		20	%		31	%		27	%		27	%		33	%		28	%
2023		29	%		37	%		28	%		29	%		35	%		30	%

Components of net sales change by geographic region for the Contractor segment were as follows:

	Three Months				Twelve Months
	Volume and Price	Acquisitions	Currency	Total	Volume and Price	Acquisitions	Currency	Total
Americas	(5)%	3%	0%	(2)%	(2)%	1%	0%	(1)%
EMEA	(3)%	13%	0%	10%	(1)%	3%	0%	2%
Asia Pacific	10%	25%	(1)%	34%	6%	6%	(2)%	10%
Consolidated	(3)%	7%	(1)%	3%	(1)%	2%	(1)%	0%

Sales from acquired operations more than offset continued weakness in North American construction markets and led to a 3 percent increase in sales in the Contractor segment for the fourth quarter. The operating margin rate in the fourth quarter and year was 9 percentage points and 2 percentage points lower, respectively, than the same periods last year due to higher product costs on lower sales volumes, the unfavorable effects of lower margin rates of acquired operations, and litigation costs associated with a trial that concluded in December of 2024.

Components of net sales change by geographic region for the Industrial segment were as follows:

	Three Months				Twelve Months
	Volume and Price	Acquisitions	Currency	Total	Volume and Price	Acquisitions	Currency	Total
Americas	(8)%	0%	(1)%	(9)%	4%	0%	0%	4%
EMEA	(10)%	0%	0%	(10)%	(4)%	0%	0%	(4)%
Asia Pacific	(24)%	0%	(1)%	(25)%	(22)%	0%	(2)%	(24)%
Consolidated	(13)%	0%	(1)%	(14)%	(6)%	0%	(1)%	(7)%

Industrial segment sales decreased in all applications for the quarter and year due to weakened global industrial economic activity and the timing of powder finishing system sales. The operating margin rate for this segment decreased 6 percentage points and 2 percentage points, respectively, for the fourth quarter and year due to higher product costs, business reorganization expenses and the unfavorable effects of product and channel mix.

Components of net sales change by geographic region for the Process segment were as follows:

	Three Months				Twelve Months
	Volume and Price	Acquisitions	Currency	Total	Volume and Price	Acquisitions	Currency	Total
Americas	7%	0%	0%	7%	(3)%	0%	0%	(3)%
EMEA	(7)%	0%	1%	(6)%	(10)%	0%	1%	(9)%
Asia Pacific	(12)%	0%	0%	(12)%	(20)%	0%	(1)%	(21)%
Consolidated	0%	0%	0%	0%	(8)%	0%	0%	(8)%

Process segment sales were flat in the fourth quarter as sales growth in the Americas from all product applications offset declines in EMEA and Asia Pacific. Although the rate of decline slowed in the fourth quarter, sales decreased in all regions and most product applications for the year. The operating margin rate for this segment decreased approximately 1 percentage point for the quarter and 2 percentage points for the year as price realization was more than offset by unfavorable expense leverage on lower sales volume.

Outlook

“We are initiating a full year outlook for 2025 of low single-digit sales growth on an organic, constant currency basis,” said Sheahan. “Incoming orders were consistent through much of the year, including the fourth quarter. Demand in China and for semiconductor products appear to have stabilized, and we are expecting growth in these areas in 2025. Our reorganization into global businesses, centered around common customers and distributors, has been completed and our teams are positioned to drive incremental profitable growth as a result. Our acquisition pipeline is solid and we are hopeful that we will see actionable opportunities in the coming year. Graco remains strong with excellent employees who remain committed to our core growth strategies of developing new products, expanding distribution, seeking adjacent markets and new geographies, and pursuing strategic acquisitions.”

2025 Change in Organizational Structure

As previously announced, effective January 1, 2025, the Company has classified its business into three reportable segments: Contractor, Industrial and Expansion Markets.

The Industrial segment consists of the newly formed Industrial Division and the Powder Division. The Company’s former Industrial and Lubrication Equipment Divisions, along with the Process Transfer Equipment business that was part of the Company’s former Process Division, were combined to form the new global Industrial Division. The Powder Division remains unchanged.
The Expansion Markets segment consists of the Expansion Markets Division and will focus on driving inorganic growth in new and adjacent markets. The Company’s environmental, semiconductor, high-pressure valves and electric motors businesses, together with select future ventures and acquisitions, reside within this division.
The Contractor segment, consisting of the Contractor Division, remains unchanged as a reporting segment relative to prior periods.

Segment operating results will be reported under the new organizational structure for the first quarter of 2025. Segment information recast to conform to the new organizational structure is available as unaudited supplemental financial information on the Company’s website at www.graco.com.

Financial Results Adjusted for Comparability

Excluding the impacts of business reorganization charges, excess tax benefits from stock option exercises, impairment charges, contingent consideration fair value adjustments, pension settlement losses and certain non-recurring tax provision adjustments presents a more consistent basis for comparison of financial results. A calculation of the non-GAAP adjusted measurements of operating earnings, earnings before income taxes, income taxes, effective income tax rates, net earnings and diluted earnings per share follows (in millions except per share amounts):

	Three Months Ended						Twelve Months Ended
	Dec 27, 2024			Dec 29, 2023			Dec 27, 2024			Dec 29, 2023
Operating earnings, as reported	$	130.0		$	169.9		$	570.1		$	646.8
Contingent consideration		—			—			—			(8.6	)
Impairment		—			—			—			7.8
Business reorganization		7.7			—			7.7			—
Operating earnings, adjusted	$	137.7		$	169.9		$	577.8		$	646.0

Earnings before income taxes	$	132.5		$	127.6		$	589.3		$	608.8
Pension settlement loss		—			42.1			—			42.1
Contingent consideration		—			—			—			(8.6	)
Impairment		—			—			—			7.8
Business reorganization		7.7			—			7.7			—
Earnings before income taxes, adjusted	$	140.2		$	169.7		$	597.0		$	650.1

Income taxes, as reported	$	23.8		$	17.6		$	103.2		$	102.3
Pension settlement tax effect		—			8.8			—			8.8
Other non-recurring tax benefit		—			4.8			—			4.8
Excess tax benefit from option exercises		4.5			1.4			14.9			10.3
Business reorganization tax effect		1.8			—			1.8			—
Income taxes, adjusted	$	30.1		$	32.6		$	119.9		$	126.2

Effective income tax rate
As reported		17.9	%		13.8	%		17.5	%		16.8	%
Adjusted		21.5	%		19.2	%		20.1	%		19.4	%

Net Earnings, as reported	$	108.7		$	110.0		$	486.1		$	506.5
Pension settlement loss, net		—			33.3			—			33.3
Contingent consideration		—			—			—			(8.6	)
Impairment		—			—			—			7.8
Other non-recurring tax benefit		—			(4.8	)		—			(4.8	)
Excess tax benefit from option exercises		(4.5	)		(1.4	)		(14.9	)		(10.3	)
Business reorganization		5.9			—			5.9			—
Net Earnings, adjusted	$	110.1		$	137.1		$	477.1		$	523.9

Weighted Average Diluted Shares		172.6			171.8			172.4			172.2
Diluted Earnings per Share
As reported	$	0.63		$	0.64		$	2.82		$	2.94
Adjusted	$	0.64		$	0.80		$	2.77		$	3.04

Cautionary Statement Regarding Forward-Looking Statements

The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so. From time to time various forms filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other disclosures, including our 2023 Overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar expressions, and reflect our Company’s expectations concerning the future. All forecasts and projections are forward-looking statements. Forward-looking statements are based upon currently available information, but various risks and uncertainties may cause our Company’s actual results to differ materially from those expressed in these statements. The Company undertakes no obligation to update these statements in light of new information or future events.

Future results could differ materially from those expressed, due to the impact of changes in various factors. These risk factors include, but are not limited to, risks relating to the demand for our products and the level of commercial and industrial activity worldwide; changes in currency translation rates; international and domestic political instability; interest rate fluctuations and changes in credit markets; global sourcing of materials; interruptions of or intrusions into our information systems; intellectual property rights; the use of generative artificial intelligence; conducting business internationally; catastrophic events; our ability to attract, develop and retain qualified personnel; public health crises; our growth strategies and acquisitions; potential goodwill impairment; our ability to compete effectively; our dependence on a few large customers; our dependence on cyclical industries; changes in laws and regulations; climate-related laws, regulations and accords; environmental, social and governance-related expectations and requirements; compliance with anti-corruption and trade laws; changes in tax rates or the adoption of new tax legislation; and costs associated with legal proceedings. Please refer to Item 1A of our Annual Report on Form 10-K for fiscal year 2023 (and the most recent Form 10-Q) for a more comprehensive discussion of these and other risk factors. These reports are available on the Company’s website at www.graco.com and the Securities and Exchange Commission’s website at www.sec.gov. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

Investors should realize that factors other than those identified above and in Item 1A of our Annual Report on Form 10-K for fiscal year 2023 might prove important to the Company’s future results. It is not possible for management to identify each and every factor that may have an impact on the Company’s operations in the future as new factors can develop from time to time.

Conference Call

Graco management will hold a conference call, including slides via webcast, with analysts and institutional investors on Tuesday, January 28, 2025, at 11 a.m. ET, 10 a.m. CT, to discuss Graco’s fourth quarter results.

A real-time listen-only webcast of the conference call will be broadcast by Nasdaq. Individuals can access the call and view the slides on the Company’s website at www.graco.com. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.

About Graco

Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.

GRACO INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (In thousands except per share amounts)

	Three Months Ended					Twelve Months Ended
	Dec 27, 2024			Dec 29, 2023		Dec 27, 2024			Dec 29, 2023
Net Sales	$	548,672		$	566,643	$	2,113,316		$	2,195,606
Cost of products sold		269,392			266,701		990,855			1,034,585
Gross Profit		279,280			299,942		1,122,461			1,161,021
Product development		22,154			21,240		87,230			82,822
Selling, marketing and distribution		72,967			66,455		273,741			260,712
General and administrative		54,140			42,313		191,392			171,444
Contingent consideration		—			—		—			(8,600	)
Impairment		—			—		—			7,800
Operating Earnings		130,019			169,934		570,098			646,843
Interest expense		794			656		2,828			5,191
Other (income) expense, net		(3,257	)		41,728		(22,013	)		32,850
Earnings Before Income Taxes		132,482			127,550		589,283			608,802
Income taxes		23,773			17,598		103,199			102,291
Net Earnings	$	108,709		$	109,952	$	486,084		$	506,511
Net Earnings per Common Share
Basic	$	0.64		$	0.65	$	2.88		$	3.01
Diluted	$	0.63		$	0.64	$	2.82		$	2.94
Weighted Average Number of Shares
Basic		169,135			168,061		168,884			168,442
Diluted		172,577			171,788		172,405			172,199

SEGMENT INFORMATION (Unaudited) (In thousands)

	Three Months Ended						Twelve Months Ended
	Dec 27, 2024			Dec 29, 2023			Dec 27, 2024			Dec 29, 2023
Net Sales
Contractor	$	246,889		$	238,789		$	988,865		$	985,675
Industrial		165,661			191,985			619,653			662,785
Process		136,122			135,869			504,798			547,146
Total	$	548,672		$	566,643		$	2,113,316		$	2,195,606
Operating Earnings
Contractor	$	48,589		$	69,243		$	270,144		$	285,394
Industrial		51,609			71,098			201,488			234,054
Process		36,961			38,086			141,732			165,273
Unallocated corporate (expense)		(7,140	)		(8,493	)		(43,266	)		(38,678	)
Contingent consideration		—			—			—			8,600
Impairment		—			—			—			(7,800	)
Total	$	130,019		$	169,934		$	570,098		$	646,843

GRACO INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)

	Dec 27, 2024			Dec 29, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	675,336		$	537,951
Accounts receivable, less allowances of $6,000 and $5,300		362,533			354,439
Inventories		404,676			438,349
Other current assets		54,896			35,070
Total current assets		1,497,441			1,365,809
Property, Plant and Equipment, net		771,656			741,713
Goodwill		487,468			370,228
Other Intangible Assets, net		233,306			126,258
Operating Lease Assets		19,678			18,768
Deferred Income Taxes		46,910			61,381
Other Assets		82,753			37,850
Total Assets	$	3,139,212		$	2,722,007
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Notes payable to banks	$	28,537		$	30,036
Trade accounts payable		60,816			72,214
Salaries and incentives		58,169			64,802
Dividends payable		46,558			42,789
Other current liabilities		211,728			185,359
Total current liabilities		405,808			395,200
Retirement Benefits and Deferred Compensation		80,381			80,347
Operating Lease Liabilities		12,278			11,785
Deferred Income Taxes		37,822			8,215
Other Non-current Liabilities		18,788			2,235
Shareholders’ Equity
Common stock		169,394			167,946
Additional paid-in-capital		955,051			863,336
Retained earnings		1,509,264			1,227,938
Accumulated other comprehensive loss		(49,574	)		(34,995	)
Total shareholders’ equity		2,584,135			2,224,225
Total Liabilities and Shareholders’ Equity	$	3,139,212		$	2,722,007

GRACO INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)

	Year Ended
	Dec 27, 2024			Dec 29, 2023
Cash Flows From Operating Activities
Net Earnings	$	486,084		$	506,511
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization		86,749			74,321
Deferred income taxes		6,060			(8,502	)
Share-based compensation		31,892			30,229
Pension settlement loss		—			42,129
Contingent consideration		—			(8,600	)
Impairment		—			7,800
Change in
Accounts receivable		10,251			(3,245	)
Inventories		55,836			42,716
Trade accounts payable		(13,298	)		(12,348	)
Salaries and incentives		(12,187	)		(2,158	)
Retirement benefits and deferred compensation		(14,171	)		(13,661	)
Other accrued liabilities		(11,242	)		(5,269	)
Other		(4,274	)		1,094
Net cash provided by operating activities		621,700			651,017
Cash Flows From Investing Activities
Property, plant and equipment additions		(106,737	)		(184,775	)
Acquisition of businesses, net of cash acquired		(241,767	)		—
Other		5,689			(499	)
Net cash used in investing activities		(342,815	)		(185,274	)
Cash Flows From Financing Activities
Borrowings (payments) on short-term lines of credit, net		(766	)		9,725
Payments on long-term debt and lines of credit		—			(75,000	)
Payments of debt issuance costs		(1,707	)		(1,025	)
Common stock issued		70,659			60,182
Common stock repurchased		(31,350	)		(102,344	)
Taxes paid related to net share settlement of equity awards		(4,611	)		(1,225	)
Cash dividends paid		(172,088	)		(158,323	)
Net cash used in financing activities		(139,863	)		(268,010	)
Effect of exchange rate changes on cash		(1,637	)		1,022
Net increase in cash and cash equivalents		137,385			198,755
Cash and Cash Equivalents
Beginning of year		537,951			339,196
End of year	$	675,336		$	537,951

View source version on businesswire.com: https://www.businesswire.com/news/home/20250127695035/en/

FOR FURTHER INFORMATION:

Financial Contact: David M. Lowe, 612-623-6456

Media Contact: Meredith A. Sobieck, 612-623-6427

[email protected]

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: Chemicals/Plastics Machinery Other Manufacturing Manufacturing

MEDIA:

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January 27, 2025 4:13 pm

Pursuit Announces Date for Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

Pursuit Announces Date for Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

DENVER–(BUSINESS WIRE)–
Pursuit Attractions and Hospitality, Inc. (“Pursuit”) (NYSE: PRSU), announced today that it plans to release financial results for the quarter and year ended December 31, 2024 after market close on Tuesday, March 4, 2025, and will host a conference call at 5 p.m. Eastern Time on the same day to review its financial results and provide business updates.

A live audio webcast of the call will be available in listen-only mode through the “Events & Presentations” section of our website, where we will also post our earnings press release and an earnings presentation prior to the call.

The live call can also be accessed by dialing (404) 975-4839 or (833) 470-1428 and entering the access code 328134. To avoid wait time and bypass speaking with an operator to join the call, participants can pre-register using the following registration link:https://www.netroadshow.com/events/login?show=9c907cb8&confId=77034. After registering, a calendar invitation will be sent that includes dial-in information as well as unique codes for entry into the live call. We recommend that you register in advance to ensure access for the full call.

A replay of the call will be available on our website shortly after the conference call and, for a limited time, by dialing (929) 458-6194 or (866) 813-9403 and entering the access code 131587.

About Pursuit

Pursuit Attractions and Hospitality, Inc. (NYSE: PRSU) is an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States, Canada, and Iceland. Pursuit’s elevated hospitality experiences include 15 world-class point-of-interest attractions and 28 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations.

For more information, visit pursuitcollection.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250127802893/en/

Carrie Long or Michelle Porhola

Investor Relations

(602) 207-2681

[email protected]

Scott Bisang or Nick Lamplough

Media Relations

[email protected]

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Tourist Attractions Vacation Lodging Destinations Travel

MEDIA:

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Posted on January 27, 2025 4:12 pm
AllianceBernstein Global High Income Fund, Inc. Releases Monthly Portfolio Update

PR Newswire

NEW YORK
, Jan. 27, 2025 /PRNewswire/ — AllianceBernstein Global High Income Fund, Inc.[NYSE: AWF] (the “Fund”) today released its monthly portfolio update as of December 31, 2024.

AllianceBernstein Global High Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) U.S. Treasury Notes 2.25%, 02/15/27

1.06 %

2) NFE Financing LLC 12.00%, 11/15/29

0.83 %

3) CCO Holdings 4.50%, 08/15/30 – 06/01/33

0.78 %

4) CCO Holdings 4.75%, 02/01/32

0.63 %

5) Dominican Republic Intl Bond 8.625%, 04/20/27

0.60 %

6) Royal Caribbean Cruises 5.50%, 08/31/26 – 04/01/28

0.53 %

7) AMMC CLO 25 Ltd. 11.406%, 04/15/35

0.51 %

8) Altice France SA 5.125%, 01/15/29 – 07/15/29

0.49 %

9) Palmer Square CLO Ltd. 11.068%, 01/15/35

0.42 %

10) EchoStar Corp. 10.75%, 11/30/29

0.42 %

Investment Type

Portfolio %

Corporates – Non-Investment Grade

Industrial

Energy

7.46 %

Consumer Non-Cyclical

7.05 %

Communications – Media

6.94 %

Capital Goods

4.21 %

Basic

3.92 %

Communications – Telecommunications

3.80 %

Consumer Cyclical – Other

3.71 %

Consumer Cyclical – Retailers

3.19 %

Services

2.79 %

Consumer Cyclical – Automotive

2.20 %

Technology

1.97 %

Consumer Cyclical – Entertainment

1.68 %

Transportation – Services

1.36 %

Transportation – Airlines

0.74 %

Consumer Cyclical – Restaurants

0.52 %

Other Industrial

0.41 %

Transportation – Railroads

0.05 %

SUBTOTAL

52.00 %

Credit Default Swaps

14.35 %

Financial Institutions

Finance

2.17 %

REITs

1.40 %

Brokerage

1.17 %

Insurance

0.88 %

Other Finance

0.53 %

Banking

0.51 %

SUBTOTAL

6.66 %

Utility

Electric

1.35 %

Natural Gas

0.06 %

SUBTOTAL

1.41 %

SUBTOTAL

74.42 %

Corporates – Investment Grade

Industrial

Communications – Media

1.23 %

Energy

1.11 %

Consumer Cyclical – Automotive

0.91 %

Consumer Cyclical – Other

0.73 %

Basic

0.66 %

Consumer Non-Cyclical

0.62 %

Capital Goods

0.43 %

Transportation – Airlines

0.39 %

Consumer Cyclical – Entertainment

0.31 %

Transportation – Services

0.21 %

Consumer Cyclical – Retailers

0.20 %

Other Industrial

0.05 %

Technology

0.03 %

Transportation – Railroads

0.03 %

Services

0.02 %

SUBTOTAL

6.93 %

Financial Institutions

Banking

4.14 %

Insurance

0.79 %

Finance

0.64 %

REITs

0.37 %

Brokerage

0.13 %

SUBTOTAL

6.07 %

Utility

Electric

1.36 %

Other Utility

0.05 %

SUBTOTAL

1.41 %

SUBTOTAL

14.41 %

Emerging Markets – Corporate Bonds

Industrial

Basic

1.88 %

Energy

1.23 %

Consumer Cyclical – Other

0.97 %

Consumer Non-Cyclical

0.76 %

Capital Goods

0.29 %

Communications – Telecommunications

0.15 %

Consumer Cyclical – Retailers

0.14 %

Transportation – Services

0.07 %

Communications – Media

0.06 %

Other Industrial

0.03 %

SUBTOTAL

5.58 %

Utility

Electric

0.42 %

Other Utility

0.07 %

SUBTOTAL

0.49 %

Financial Institutions

Banking

0.12 %

Other Finance

0.02 %

SUBTOTAL

0.14 %

SUBTOTAL

6.21 %

Bank Loans

Industrial

Consumer Non-Cyclical

0.98 %

Technology

0.95 %

Communications – Media

0.67 %

Communications – Telecommunications

0.51 %

Transportation – Airlines

0.23 %

Capital Goods

0.20 %

Other Industrial

0.20 %

Transportation – Services

0.17 %

Energy

0.15 %

Consumer Cyclical – Retailers

0.05 %

Consumer Cyclical – Restaurants

0.02 %

SUBTOTAL

4.13 %

Financial Institutions

Insurance

0.38 %

Brokerage

0.16 %

Finance

0.02 %

SUBTOTAL

0.56 %

SUBTOTAL

4.69 %

Interest Rate Futures

3.24 %

Collateralized Mortgage Obligations

Risk Share Floating Rate

1.55 %

Non-Agency Fixed Rate

0.31 %

Non-Agency Floating Rate

0.28 %

Agency Fixed Rate

0.21 %

SUBTOTAL

2.35 %

Emerging Markets – Sovereigns

2.32 %

Collateralized Loan Obligations

CLO – Floating Rate

2.28 %

SUBTOTAL

2.28 %

U.S. Govt & Agency Securities

1.62 %

Quasi-Sovereigns

Quasi-Sovereign Bonds

1.20 %

SUBTOTAL

1.20 %

Local Governments – US Municipal Bonds

0.39 %

Commercial Mortgage-Backed Securities

Non-Agency Fixed Rate CMBS

0.35 %

SUBTOTAL

0.35 %

Asset-Backed Securities

Other ABS – Floating Rate

0.21 %

Autos – Fixed Rate

0.08 %

SUBTOTAL

0.29 %

Emerging Markets – Treasuries

0.23 %

Inflation-Linked Securities

0.22 %

Common Stocks

0.19 %

Preferred Stocks

Industrials

0.09 %

SUBTOTAL

0.09 %

Forward Currency Exchange Contracts

Currency Instruments

0.08 %

SUBTOTAL

0.08 %

Reverse Repurchase Agreements

-0.28 %

EM Government Agencies

-0.89 %

Cash & Cash Equivalents

Cash

1.69 %

Funds and Investment Trusts

1.14 %

Corporates – Non-Investment Grade

0.05 %

SUBTOTAL

2.88 %

Derivative Offsets

Futures Offsets

-3.23 %

Swap Offsets

-13.06 %

SUBTOTAL

-16.29 %

TOTAL

100.00 %

Country Breakdown

Portfolio %

United States

68.04 %

United Kingdom

3.37 %

Canada

2.43 %

France

2.31 %

Brazil

1.48 %

Colombia

1.38 %

Germany

1.37 %

Mexico

1.35 %

Spain

1.22 %

Italy

1.18 %

India

1.04 %

Luxembourg

0.97 %

Dominican Republic

0.85 %

South Africa

0.85 %

Israel

0.81 %

Chile

0.78 %

Australia

0.69 %

China

0.61 %

Peru

0.58 %

Nigeria

0.57 %

Netherlands

0.56 %

Hong Kong

0.53 %

Macau

0.52 %

Puerto Rico

0.44 %

Kazakhstan

0.36 %

Turkey

0.36 %

Indonesia

0.34 %

Angola

0.32 %

Finland

0.32 %

Switzerland

0.31 %

Ireland

0.30 %

Jersey (Channel Islands)

0.29 %

Egypt

0.24 %

Norway

0.21 %

Slovenia

0.20 %

Panama

0.19 %

Romania

0.18 %

Zambia

0.17 %

El Salvador

0.16 %

Azerbaijan

0.11 %

Guatemala

0.11 %

Ukraine

0.11 %

Ecuador

0.08 %

Malaysia

0.08 %

Cayman Islands

0.07 %

Japan

0.07 %

Argentina

0.05 %

Jamaica

0.05 %

Austria

0.04 %

Czech Republic

0.04 %

Kuwait

0.04 %

Morocco

0.04 %

Serbia

0.03 %

Uzbekistan

0.03 %

Trinidad and Tobago

0.02 %

Cash & Cash Equivalents

1.15 %

Total Investments

100.00 %

Net Currency Exposure Breakdown

Portfolio %

US Dollar

100.18 %

Canadian Dollar

0.18 %

Pound Sterling

0.11 %

Dominican Peso

0.07 %

Norwegian Krone

0.02 %

Brazilian Real

0.01 %

Indonesian Rupiah

0.01 %

Swedish Krona

0.01 %

South African Rand

0.01 %

Czech Koruna

-0.01 %

South Korean Won

-0.01 %

Colombian Peso

-0.11 %

Euro

-0.47 %

Total Net Assets

100.00 %

Credit Rating

Portfolio %

AAA

1.13 %

AA

0.20 %

A

1.24 %

BBB

15.57 %

BB

44.23 %

B

23.14 %

CCC

8.34 %

CC

0.20 %

C

0.03 %

Not Rated

2.53 %

Short Term Investments

1.19 %

Reverse Repurchase Agreements

-0.29 %

N/A

2.49 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

7.81 %

1 To 5 Years

65.75 %

5 To 10 Years

21.73 %

10 To 20 Years

2.77 %

20 To 30 Years

0.96 %

More than 30 Years

0.79 %

Other

0.19 %

Total Net Assets

100.00 %

Portfolio Statistics:

Average Coupon:

7.36 %

Average Bond Price:

95.99

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00 %

Investment Operations:*

14.18 %

Preferred Stock:

0.00 %

Tender Option Bonds:

0.00 %

VMTP Shares:

0.00 %

VRDP Shares:

0.00 %

Total Fund Leverage:

14.18 %

Average Maturity:

    4.51 Years

Effective Duration:

    3.05 Years

Total Net Assets:

$978.32 Million

Net Asset Value:

$11.35

Total Number of Holdings:

1,218

Portfolio Turnover:

45.00 %

* Investment Operations may include the use of certain portfolio management techniques such as credit

default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The

Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-global-high-income-fund-inc-releases-monthly-portfolio-update-302361073.html

SOURCE AllianceBernstein Global High Income Fund, Inc.

Posted on January 27, 2025 4:11 pm
AllianceBernstein National Municipal Income Fund, Inc. RELEASES MONTHLY PORTFOLIO UPDATE

PR Newswire

NEW YORK
, Jan. 27, 2025 /PRNewswire/ — AllianceBernstein National Municipal Income Fund, Inc. [NYSE: AFB] (the “Fund”) today released its monthly portfolio update as of December 31, 2024.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53

2.72 %

2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46

2.67 %

3) Prosper Independent School District Series 2024 4.00%, 02/15/54

2.44 %

4) Greenwood Independent School District Series 2024 4.00%, 02/15/54

2.31 %

5) Melissa Independent School District Series 2024-2 4.25%, 02/01/53

2.20 %

6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54

1.96 %

7) City of New York NY Series 2023 4.125%, 08/01/53

1.89 %

8) New York Transportation Development Corp. Series 2024 Zero Coupon, 12/31/54

1.84 %

9) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38

1.84 %

10) Denton Independent School District Series 2024-2 5.00%, 08/15/48

1.83 %

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care – Not-for-Profit

11.31 %

Revenue – Miscellaneous

8.40 %

Prepay Energy

7.29 %

Airport

6.30 %

Industrial Development – Airline

3.62 %

Toll Roads/Transit

3.31 %

Primary/Secondary Ed. – Public

2.83 %

Port

2.37 %

Higher Education – Private

2.21 %

Water & Sewer

2.18 %

Industrial Development – Industry

2.11 %

Electric Utility

2.10 %

Tobacco Securitization

1.88 %

Senior Living

0.96 %

Industrial Development – Utility

0.53 %

SUBTOTAL

57.40 %

Tax Supported

Local G.O.

13.73 %

State G.O.

6.12 %

Special Tax

4.65 %

Assessment District

0.18 %

SUBTOTAL

24.68 %

Guaranteed

15.60 %

Prerefunded/ETM

1.27 %

Asset-Backed

Housing – Multi-Family

0.92 %

SUBTOTAL

0.92 %

Cash & Cash Equivalents

Funds and Investment Trusts

0.13 %

SUBTOTAL

0.13 %

Total

100.00 %

State Breakdown

Portfolio %

Texas

19.24 %

Illinois

7.89 %

New York

7.51 %

Wisconsin

5.99 %

Florida

5.94 %

California

5.72 %

Michigan

4.59 %

South Carolina

4.52 %

Massachusetts

3.88 %

Pennsylvania

3.63 %

Louisiana

2.67 %

New Jersey

2.58 %

Colorado

2.43 %

Alabama

2.16 %

Arizona

1.98 %

Washington

1.91 %

Ohio

1.79 %

Nebraska

1.62 %

New Hampshire

1.48 %

Georgia

1.36 %

Nevada

1.21 %

Oklahoma

1.21 %

Minnesota

1.14 %

Iowa

0.97 %

Virginia

0.88 %

Indiana

0.86 %

Utah

0.78 %

North Carolina

0.76 %

Alaska

0.67 %

Tennessee

0.53 %

Maryland

0.38 %

North Dakota

0.35 %

Arkansas

0.34 %

Puerto Rico

0.34 %

Oregon

0.22 %

Connecticut

0.20 %

South Dakota

0.14 %

Other

0.13 %

Total Investments

100.00 %

Credit Quality Breakdown

Portfolio %

AAA

18.57 %

AA

27.70 %

A

25.86 %

BBB

17.34 %

BB

5.74 %

B

0.81 %

Not Rated

2.58 %

Pre-refunded Bonds

1.27 %

Short Term Investments

0.13 %

Total

100.00 %

Bonds by Maturity

Portfolio %

Less than 1 Year

0.60 %

1 To 5 Years

2.99 %

5 To 10 Years

4.55 %

10 To 20 Years

18.65 %

20 To 30 Years

59.18 %

More than 30 Years

14.03 %

Other

0.00 %

Total Net Assets

100.00 %

Portfolio Statistics:

AMT Percent:

17.57 %

Average Coupon:

4.41 %

Percentage of Leverage:

Bank Borrowing:

0.00 %

Investment Operations:

0.00 %

Auction Preferred Shares (APS):

0.00 %

Tender Option Bonds:

7.52 %

VMTP Shares:

15.11 %

VRDP Shares:

17.12 %

Total Fund Leverage:

39.75%*

Average Maturity:

   12.07 Years

Effective Duration:

    9.06 Years

Total Net Assets:

$358.53 Million**

Common Stock Net Asset Value:

$12.47

Total Number of Holdings:

166

Portfolio Turnover:

32.00 %

* The total percentage of leverage constitutes 7.52% through the use of tender option bonds, 15.11%

in issued and outstanding VMTPs, 17.12% in issued and outstanding VRDPs and 0.00% in investment

operations, which may include the use of certain portfolio management techniques such as credit default

swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

** The Fund also had outstanding $88,275,000 of VMTPs at liquidation value, which is not included

in Total Net Assets because it is treated as a liability for financial reporting purposes.

** The Fund also had outstanding $100,000,000 of VRDPs at liquidation value, which is not included

in Total Net Assets because it is treated as a liability for financial reporting purposes.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The

Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-releases-monthly-portfolio-update-302361038.html

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

Posted on January 27, 2025 4:11 pm
ALLIANCEBERNSTEIN CLOSED-END FUNDS ANNOUNCE DISTRIBUTION RATES

PR Newswire

NEW YORK
, Jan. 27, 2025 /PRNewswire/ — The AllianceBernstein Closed-End Funds declared the following distributions today:

FUND NAME AND DISTRIBUTIONS

EX-DATE

RECORD DATE

PAYMENT DATE

AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF)

2/6/2025

2/6/2025

2/21/2025

$0.0655 per share of investment income

AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB)

2/6/2025

2/6/2025

2/21/2025

$0.03961 per share of investment income

The Funds are managed by AllianceBernstein L.P.

View original content:https://www.prnewswire.com/news-releases/alliancebernstein-closed-end-funds-announce-distribution-rates-302360988.html

SOURCE AllianceBernstein Closed-End Funds

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