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Mar 31, 2023
Alexander & Baldwin Q1 2023 Earnings Report
Announced financial results for the first quarter of 2023.
Key Takeaways
Alexander & Baldwin reported a net income of $5.3 million and CRE revenue increased by 3.5% to $47.9 million. Same-Store NOI increased by 2.2% to $30.4 million and total leased occupancy was strong at 93.9%.
CRE revenue increased by $1.6 million, or 3.5%, to $47.9 million.
CRE operating profit increased by $0.2 million, or 1.0%, to $20.9 million.
CRE net operating income (NOI) increased by $0.6 million, or 2.2%, to $30.4 million.
Comparable leasing spreads were 7.4% portfolio-wide.
Revenue by Segment
Forward Guidance
The Manoa Marketplace redevelopment project is progressing and remains on budget and on schedule for completion in the third quarter of 2023. Efforts to enhance the visitor experience at this well-located neighborhood center are expected to realize between 8.0% and 8.5% stabilized yield on total estimated project costs ranging between $8.0 million - $8.8 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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