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Sep 30, 2022
Alexander & Baldwin Q3 2022 Earnings Report
Achieved a 2.8% increase in Same-Store NOI and a 4.0% increase in Core FFO per diluted share over the prior year quarter.
Key Takeaways
Alexander & Baldwin reported strong Q3 2022 results, with the commercial real estate business posting outstanding results. Total leased occupancy remained strong at 94.6% at quarter-end, supported by a strengthening Hawai‘i economy and robust tourism. The company is shifting its focus to growth, pursuing development and acquisition opportunities.
Net income available to A&B common shareholders and diluted earnings per share were $6.3 million and $0.09 per share, respectively, consistent with the same quarter of 2021.
Core FFO and Core FFO per-diluted share were $18.9 million and $0.26 per share, respectively, compared to $17.9 million and $0.25 per share in the same quarter of 2021.
CRE revenue of $46.2 million was $2.2 million, or 5.0%, more than the $44.0 million result in the same quarter of 2021.
Same-Store NOI of $28.9 million was $0.8 million, or 2.8%, more than the $28.1 million result in the same quarter of 2021.
Revenue by Segment
Forward Guidance
The Company is revising its annual 2022 guidance to reflect its improved outlook.
Positive Outlook
- Core FFO per diluted share is expected to be $1.07 to $1.11.
- CRE Same-Store NOI is expected to be 4.5% to 6.5%.
- CRE Same-Store NOI, excluding prior year reserve reversals, is expected to be 4% to 6%.
- Company's Board plans to declare a fourth quarter 2022 dividend in December 2022, with payment in January 2023.
- Company expects strong second quarter CRE results for the remainder of 2022.
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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