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Jun 30, 2021
Alexander & Baldwin Q2 2021 Earnings Report
Achieved a 29% increase in Same-Store NOI and a 41% increase in Core FFO over the prior year quarter.
Key Takeaways
Alexander & Baldwin reported strong second-quarter results driven by the robust recovery of Hawai'i's economy and the strong performance of their commercial real estate business. The company saw increases in CRE Net Operating Income and Core FFO, reflecting strengthening tenant performance. They also advanced their strategic agenda, capitalizing on the favorable market for Hawai'i real estate with proceeds from joint venture projects and asset monetization.
Net income available to A&B common shareholders was $12.8 million, or $0.18 per share.
Nareit-defined Funds From Operations (FFO) was $22.3 million, or $0.31 per share.
Core FFO was $18.5 million, or $0.25 per share.
CRE revenue increased by 27.4% to $43.3 million compared to the same quarter of 2020.
Revenue by Segment
Forward Guidance
The Company increased its annual 2021 guidance to reflect its improved outlook.
Positive Outlook
- Core FFO per diluted share is projected to be $0.81 to $0.87.
- CRE Same-Store NOI is expected to grow by 7% to 10%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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