Alexander & Baldwin, Inc. (A&B), a fully integrated real estate investment trust (REIT) based in Honolulu, Hawai‘i, reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023.
For Q3 2024, A&B's operating revenue reached $61.9 million, an increase of 18.0% from $52.5 million in Q3 2023. This growth was driven by higher revenues from unimproved land sales and a development parcel sale at Maui Business Park. Operating income for the quarter rose to $22.1 million, up 29.9% from $17.0 million in the prior year. Net income for Q3 2024 was $19.0 million, reflecting a 19.5% increase from $15.9 million in Q3 2023. Basic earnings per share also improved, rising to $0.27 from $0.16.
For the nine months ended September 30, 2024, total revenue increased to $174.2 million, an 11.7% rise from $156.0 million in the same period of 2023. Operating income for this period was $62.1 million, a 31.0% increase from $47.4 million. Net income for the nine months was $48.1 million, up 32.9% from $36.2 million in 2023. Basic earnings per share for the nine months increased to $0.71 from $0.44.
The company’s real estate property value as of September 30, 2024, was $1.6 billion, up from $1.6 billion at the end of 2023. Total assets increased slightly to $1.65 billion, while total liabilities rose to $651.8 million from $643.2 million. Total shareholders' equity decreased to $998.2 million from $1.0 billion.
A&B's strategic developments included the acquisition of an industrial commercial real estate asset for $29.8 million, structured as a reverse like-kind exchange. The company also completed the sale of its interests in Grace Pacific and related quarry land, marking a significant step in its simplification strategy initiated in 2016.
Operating cash flows from continuing operations for the nine months ended September 30, 2024, were $75.4 million, an increase from $55.8 million in the prior year, primarily due to higher cash proceeds from land sales. The company reported a net increase in cash and cash equivalents to $17.9 million from $13.5 million at the end of 2023.
Overall, A&B's performance reflects a robust recovery and growth trajectory, supported by strategic asset management and operational efficiencies.
About Alexander & Baldwin, Inc.
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