Alexander & Baldwin, Inc Reports Third Quarter 2022 Results.

HONOLULU: Alexander & Baldwin, Inc. (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 third quarter of 2022.

Chris Benjamin, A&B president & chief executive officer stated: "Our commercial real estate ("CRE") business posted outstanding results in the third quarter, continuing to build on the momentum experienced since early last year. Total leased occupancy remained strong at 94.6% at quarter-end as Hawai'i's economy continued to strengthen, supported by robust tourism."

"With our business simplification process nearly complete, and the Grace Pacific marketing process well underway, we are excited to shift our focus to growth. We believe our deep market relationships and a balance sheet with significant dry powder position us to uncover and capitalize on development and acquisition opportunities. We continue to pursue investments that meet our quality and return targets, and that are complementary to our geographically-focused portfolio as we seek to grow our platform and drive value for our shareholders into 2023 and beyond."

Financial Results for Q3 2022

Net income available to A&B common shareholders and diluted earnings per share were $6.3 million and $0.09 per share, respectively, consistent with the same quarter of 2021.

Nareit-defined Funds From Operations ("FFO") and FFO per-diluted share were $15.3 million and $0.21 per share, respectively, compared to $15.5 million and $0.21 per share in the same quarter of 2021.

Core FFO and Core FFO per-diluted share were $18.9 million and $0.26 per share, respectively, compared to $17.9 million and $0.25 per share in the same quarter of 2021.

Commercial Real Estate (CRE) Highlights for Q3 2022

CRE revenue of $46.2 million was $2.2 million, or 5.0%, more than the $44.0 million result in the same quarter of 2021.

CRE NOI of $29.0 million was $0.9 million, or 3.3%, more than the $28.1 million result in the same quarter of 2021.

Same-Store NOI of $28.9 million was $0.8 million, or 2.8%, more than the $28.1 million result in the same quarter of 2021.

The Company executed a total of 50 leases in the third quarter, covering approximately 104,900 square feet of gross leasable area ("GLA"). Leasing spreads for new comparable leases were 6.4% for the quarter, and 4.2% portfolio-wide for all comparable leases.

Significant leases executed included:

Three leases at Kaneohe Bay...