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Sep 30, 2021
Alexander & Baldwin Q3 2021 Earnings Report
Achieved a 30% increase in Same-Store NOI and a 54% increase in Core FFO over the prior year quarter.
Key Takeaways
Alexander & Baldwin reported strong Q3 2021 results, driven by the recovery in their commercial real estate business. The company saw increased revenue and NOI in its CRE segment, along with progress in simplifying its portfolio through asset sales.
Net income available to A&B common shareholders was $6.3 million, with diluted earnings per share at $0.09.
Core FFO was $17.9 million, or $0.25 per diluted share, compared to $11.6 million, or $0.16 per share, in the same quarter of 2020.
CRE revenue increased by 23.2% to $44.0 million compared to Q3 2020.
Same-Store NOI increased by 29.7% to $27.4 million compared to Q3 2020.
Revenue by Segment
Forward Guidance
The Company revised its annual 2021 guidance to reflect its improved outlook
Positive Outlook
- Core FFO per diluted share $0.88 to $0.92
- CRE Same-Store NOI 10% to 12%
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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