{"id":520333,"date":"2021-07-29T16:12:11","date_gmt":"2021-07-29T20:12:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/alexander-baldwin-inc-reports-second-quarter-2021-results\/"},"modified":"2021-07-29T16:12:11","modified_gmt":"2021-07-29T20:12:11","slug":"alexander-baldwin-inc-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/alexander-baldwin-inc-reports-second-quarter-2021-results\/","title":{"rendered":"Alexander & Baldwin, Inc. Reports Second Quarter 2021 Results"},"content":{"rendered":"
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Achieves 29% increase in Same-Store NOI and 41% increase in Core FFO over the prior year quarter<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HONOLULU<\/span>, July\u00a029, 2021 \/PRNewswire\/ —\u00a0Alexander & Baldwin, Inc. <\/b>(NYSE: ALEX) (“A&B” or “Company”), a Hawai’i-based company focused on owning and operating high-quality commercial real estate in Hawai’i, today announced financial results for the second quarter of 2021.<\/p>\n

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\n \"A&B
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\n Chris Benjamin<\/span>, A&B president & chief executive officer stated: “Our second quarter results reflect continued strong performance by our commercial real estate (“CRE”) business and the robust recovery of the state’s economy as job growth accelerates and tourist activity returns to 2019 levels. The nearly 13% increase in CRE Net Operating Income (“NOI”) and 20% increase in Core FFO over the prior quarter reflects strengthening tenant performance across our portfolio of high-quality, grocery-anchored retail, industrial and ground lease assets. Elevated leasing activity and a return to normal in collections and recoveries provides a high degree of optimism for the second half of the year.”<\/p>\n

“We also made further progress in advancing our strategic agenda and continued to capitalize on the favorable market for Hawai’i real estate. At Kukui’ula joint venture projects and Maui Business Park, we closed 14 units and 6.3 acres, respectively, as activity remained very strong during the quarter. Cash proceeds to A&B from these projects totaled approximately $19 million<\/span> for the quarter, including another capital distribution of nearly $13 million<\/span> from the main partnership at Kukui’ula. Confidence in our ability to complete our strategic simplification efforts is growing as the market continues to position us well for monetization of assets. With an improving balance sheet and more monetization proceeds anticipated as the year progresses, our team has pivoted toward growth of our CRE portfolio.”\u00a0\u00a0\u00a0\u00a0 <\/p>\n

“We are encouraged by the performance of our CRE business and the strong sales of non-core assets. These support a positive outlook that facilitates a two-cent<\/span> increase in our quarterly dividend and another upward revision of our guidance. We are proud of the outstanding work of our employees and their dedicated focus on the execution of our simplification strategy.”<\/p>\n

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\n Financial Results for Q2 2021<\/i>
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