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Jun 30, 2024
Alexander & Baldwin Q2 2024 Earnings Report
Alexander & Baldwin reported second quarter results, demonstrating organic growth and healthy leasing demand. Interest rate of debt was fully fixed, balance sheet was strengthened, and ample liquidity was provided to pursue investment opportunities. Non-core land disposition efforts continued and meaningful progress toward reducing G&A was made. 2024 guidance was raised.
Key Takeaways
Alexander & Baldwin reported a net income available to A&B common shareholders of $9.1 million, or $0.13 per diluted share, and Commercial Real Estate (CRE) operating profit of $22.6 million for the second quarter of 2024. The company also highlighted a FFO of $20.6 million, or $0.28 per diluted share and an Adjusted FFO of $16.9 million, or $0.23 per diluted share.
Funds From Operations (FFO) of $20.6 million, or $0.28 per diluted share; Adjusted FFO of $16.9 million, or $0.23 per diluted share.
CRE Same-Store Net Operating Income (NOI) growth of 0.9%; CRE Same-Store NOI growth of 1.7% excluding collections of prior year reserves.
Leased occupancy as of June 30, 2024, was 93.9%.
Comparable blended leasing spreads for the improved portfolio were 7.3%
Revenue by Segment
Forward Guidance
The Company revised its 2024 Full-Year guidance as follows:
Positive Outlook
- CRE Same-Store NOI growth %: 1.25% to 2.25%
- CRE Same-Store NOI growth %, excluding collections of prior year reserves: 2.10% to 3.10%
- FFO per diluted share: $1.17 to $1.26
- Adjusted FFO per diluted share: $0.99 to $1.08
- FFO per share related to Land Operations: $0.13 to $0.18
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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