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Jun 30, 2023
Alexander & Baldwin Q2 2023 Earnings Report
Net income available to A&B common shareholders of $13.3 million, or $0.18 per diluted share, and Commercial Real Estate (CRE) operating profit of $22.7 million.
Key Takeaways
Alexander & Baldwin reported a strong second quarter in 2023, driven by the strength of its commercial real estate portfolio. CRE revenue increased by 7.6% and CRE Same-Store NOI increased by 4.6%. Total leased occupancy remained high at 94.4%.
Nareit-defined Funds From Operations (FFO) of $19.8 million, or $0.27 per diluted share, with Core FFO at $21.3 million, or $0.29 per diluted share.
Commercial Real Estate (CRE) Same-Store Net Operating Income (NOI) grew by 4.6%, or 9.2% excluding collections of previously reserved amounts.
Leased occupancy was 94.4% as of June 30, 2023.
Comparable new and renewal leasing spreads for the improved portfolio were 10.1% and 4.7%, respectively.
Revenue by Segment
Forward Guidance
The Company revised its annual 2023 guidance to reflect its improved outlook.
Positive Outlook
- Core FFO per diluted share is projected to be $1.10 to $1.14.
- CRE Same-Store NOI is expected to grow by 2.5% to 4.25%.
- CRE Same-Store NOI, excluding prior year reserve reversals, is anticipated to increase by 5.5% to 6.75%.
- Ongoing strength of the Hawaii market
- Quality of the company's portfolio will continue to produce solid results.
Challenges Ahead
- Markets evolve in the current environment
- Ensure sustained cash flow growth
- Value creation in 2023 and beyond
- Remain disciplined
- Pursue growth opportunities
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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