Alexander & Baldwin reports Q1 adjusted FFO 35c, consensus 25c

Sees Q1 revenue $61.20M, consensus $49.07M. CEO Lance Parker stated: “We began the year with strong results across the board. First quarter CRE Same-Store NOI growth was 4.1% and we continue to see robust leasing demand for our high-quality retail and industrial properties, with blended comparable leasing spreads for the quarter at 7.8%. Our Land Operations segment also performed well, generating $7.9M of operating profit due largely from a number of opportunistic land sales. As a result, we are raising our full year 2024 guidance to reflect our Q1 performance.”