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Mar 31, 2024
Alexander & Baldwin Q1 2024 Earnings Report
Alexander & Baldwin reported strong first quarter results, driven by CRE Same-Store NOI growth and Land Operations performance, leading to raised full-year guidance.
Key Takeaways
Alexander & Baldwin reported a net income of $20.0 million, or $0.28 per diluted share, for Q1 2024. The company saw CRE Same-Store NOI growth of 4.1% and strong performance in its Land Operations segment, which contributed significantly to the company raising its full year 2024 guidance.
Net income available to A&B common shareholders was $20.0 million, or $0.28 per diluted share.
Commercial Real Estate (CRE) operating profit was $22.0 million.
Funds From Operations (FFO) was $29.2 million, or $0.40 per diluted share; Adjusted FFO was $25.5 million, or $0.35 per diluted share.
CRE Same-Store Net Operating Income (NOI) grew by 4.1%.
Revenue by Segment
Forward Guidance
The Company revised its 2024 Full-Year guidance as follows: CRE Same-Store NOI growth % 1.1% to 2.1%, CRE Same-Store NOI growth %,excluding collections of prior year reserves 2.1% to 3.1%, FFO per diluted share $1.05 to $1.16, Adjusted FFO per diluted share $0.89 to $1.00
Positive Outlook
- CRE Same-Store NOI growth % 1.1% to 2.1%
- CRE Same-Store NOI growth %,excluding collections of prior year reserves 2.1% to 3.1%
- FFO per diluted share $1.05 to $1.16
- Adjusted FFO per diluted share $0.89 to $1.00
- FFO per share related to Land Operations $0.05 to $0.11
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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