Alexander & Baldwin reports Q1 FFO 36c, consensus 28c

Reports Q1 revenue $53.74M, consensus $50.81M. CEO Lance Parker stated: “Our portfolio performed well in the first quarter, achieving CRE Same-Store NOI growth of 4.2%. We converted five acres of non-income producing land into an income producing ground lease, demonstrating the strategic, capital efficient, internal growth opportunities that exist in our portfolio. Lastly, we progressed through our streamlining efforts by selling 90 acres of primarily agriculture-zoned land and settling certain liabilities at a legacy joint venture.”