FFO Guidance Raised
Alexander & Baldwin raised their Funds From Operations (FFO) guidance for the full year, reflecting increased confidence in their financial outlook.
CRE Portfolio Performance
The Commercial Real Estate (CRE) portfolio experienced a same-store NOI growth of 0.6% for the quarter. The portfolio executed 49 leases representing approximately 164,000 square feet of GLA.
New Developments and Leasing Strength
Groundbreaking at Komohana Industrial Park for two new buildings, including a 91,000 square foot warehouse pre-leased to Lowe’s. A strategic backfill at Kaka’ako Commerce Center brought occupancy to 96.3%.
Improved Financial Metrics
Portfolio NOI for the third quarter was $32.8 million, a 1.2% increase over the same period last year. CRE and Corporate-related FFO per share grew by 7.1% from the same quarter last year.
Strong Leasing and Occupancy Rates
Leased occupancy was 95.6%, and economic occupancy was 94.3% at quarter end, indicating strong market demand.