Alexander & Baldwin reports Q3 AFFO 32c, consensus 33c

Reports Q3 revenue $61.94M, consensus $51.48M. CEO Lance Parker stated: “I am pleased with our performance during Q3. Our portfolio continued to demonstrate organic growth and leasing demand was healthy, as evidenced by our CRE and Corporate FFO performance. Additionally, Land Operations generated strong FFO during the quarter. As a result, we are again raising our 2024 guidance. We also completed the acquisition of an industrial asset on Oahu, and took steps to ensure we have the tools available to support growth, including establishing a new at-the-market equity offering program to replace our previous program that expired and also took meaningful steps in Q3 that enabled us to recast our revolving credit facility in Q4, extending our maturity date into 2028.”