Overview

• Alexander & Baldwin (Hawaii) Q3 net income declines to $14.3 mln, EPS at $0.20

• FFO for Q3 decreases to $21.4 mln, but company raises full-year guidance

• Company advances industrial projects, executes key lease renewal with 11% spread

Outlook

• Company raises full-year FFO per diluted share guidance to $1.36-$1.41

• Alexander & Baldwin maintains CRE Same-Store NOI growth guidance at 3.4%-3.8%

• Company sees full-year net income per diluted share at $0.95-$1.00

Result Drivers

• LEASE RENEWAL - Executed a key lease renewal in Kailua Town with an 11% spread, reinforcing leasing strength

• INDUSTRIAL PROJECTS - Advanced construction on industrial projects, including Maui Business Park and Komohana Industrial, adding over 150,000 sq. ft. of GLA

• OCCUPANCY RATES - Maintained high leased occupancy at 95.6%, with strong leasing spreads across the portfolio

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the diversified reits peer group is "buy"

• Wall Street's median 12-month price target for Alexander & Baldwin Inc (Hawaii) is $21.50, about 23.6% above its October 29 closing price of $16.42

Press Release: ID:nPn2SvlgXa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)