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Sep 30, 2024
Alexander & Baldwin Q3 2024 Earnings Report
Alexander & Baldwin's Q3 2024 performance was marked by increased net income and CRE operating profit, driven by organic growth and strong leasing demand.
Key Takeaways
Alexander & Baldwin reported a net income available to A&B common shareholders of $19.0 million, or $0.26 per diluted share, and Commercial Real Estate (CRE) operating profit of $22.8 million for the third quarter of 2024. The company also raised its 2024 guidance.
Funds From Operations (FFO) reached $28.2 million, or $0.39 per diluted share, with Adjusted FFO at $23.4 million, or $0.32 per diluted share.
CRE Same-Store Net Operating Income (NOI) grew by 4.1%, or 4.7% excluding collections of prior year reserves.
Leased occupancy as of September 30, 2024, stood at 94.0%.
Comparable blended leasing spreads for the improved portfolio were 15.3%.
Revenue by Segment
Forward Guidance
The Company revised its 2024 Full-Year guidance.
Positive Outlook
- Net Income (Loss) available to A&B common shareholders per diluted share: $0.74 to $0.82
- FFO per diluted share: $1.27 to $1.35
- Adjusted FFO per diluted share: $1.05 to $1.12
- CRE Same-Store NOI growth %: 1.75% to 2.75%
- CRE Same-Store NOI growth %, excluding collections of prior year reserves: 2.25% to 3.15%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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