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Sep 30, 2023
Alexander & Baldwin Q3 2023 Earnings Report
Reported net income of $14.6 million and CRE operating profit of $20.6 million for the third quarter of 2023.
Key Takeaways
Alexander & Baldwin reported a net income available to A&B common shareholders of $14.6 million, or $0.20 per diluted share, and Commercial Real Estate (CRE) operating profit of $20.6 million for the third quarter of 2023. CRE revenue increased 3.7% and CRE Same-Store NOI increased by 6.3%. Total leased occupancy ticked up from last quarter to 94.6%.
Nareit-defined Funds From Operations (FFO) of $21.1 million, or $0.29 per diluted share / Core FFO of $21.8 million, or $0.30 per diluted share.
CRE Same-Store Net Operating Income (NOI) growth and CRE Same-Store NOI growth excluding collections of previously reserved amounts of 6.3%.
Leased occupancy as of September 30, 2023 was 94.6%.
Comparable new and renewal leasing spreads for the improved portfolio were 5.5% and 12.3%, respectively
Revenue by Segment
Forward Guidance
The Company revised its annual 2023 guidance to reflect its improved outlook.
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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