Alexander & Baldwin, Inc. (NYSE: ALEX) has recently released its 10-Q report, providing a detailed insight into the company's financial performance and operations. A&B is the only publicly-traded real estate investment trust focused exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. The company owns, operates, and manages approximately 3.9 million square feet of commercial space in Hawai'i, including retail centers, industrial assets, office properties, and ground lease assets.
The 10-Q report delves into the Management's Discussion and Analysis of Financial Condition and Results of Operations, offering a comprehensive breakdown of the company's financial standing. The report provides a detailed overview of the company's business, recent developments, and financial condition, including an analysis of the consolidated results of operations for the three and nine months ended September 30, 2024, as compared to the corresponding periods of the preceding fiscal year.
In the third quarter of 2024, A&B reported operating revenue of $61.9 million, marking an 18.0% increase from the same period in 2023. The company's operating income saw a substantial rise, reaching $22.1 million, a 29.9% increase from the previous year. Net income attributable to A&B also witnessed a significant upturn, reaching $19.0 million, a 29.7% increase from the same period in 2023. Additionally, the company's Funds From Operations (FFO) and Adjusted FFO for the third quarter of 2024 amounted to $28.2 million and $23.4 million, respectively, marking increases of 33.5% and 34.3% from the same period in 2023.
For the first nine months of 2024, A&B reported operating revenue of $174.2 million, reflecting an 11.7% increase from the same period in 2023. The company's operating income for the nine months ended September 30, 2024, amounted to $62.1 million, marking a 31.0% increase from the previous year. Net income attributable to A&B for the same period reached $48.1 million, a significant 44.3% increase from the first nine months of 2023. The company's FFO and Adjusted FFO for the first nine months of 2024 totaled $78.1 million and $65.9 million, respectively, reflecting increases of 31.1% and 28.1% from the same period in 2023.
These figures demonstrate A&B's robust financial performance and growth trajectory, underlining its strategic focus on commercial real estate in Hawai'i. The company's consistent revenue growth and improved operating income signify its resilience and effectiveness in navigating the evolving real estate landscape in Hawai'i. Today the company's shares have moved 2.3% to a price of $18.74. For more information, read the company's full 10-Q submission here.
