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Alexander & Baldwin Reports First Quarter 2017 Financial Results
Honolulu (May 4, 2017) - Alexander & Baldwin, Inc. (NYSE`: ALEX) ("A&B" or "Company") today announced consolidated income from continuing operations available to A&B shareholders, net of taxes, of $4.4 million, or $0.09 per diluted share, for the first quarter of 2017, compared to $3.7 million, or $0.08 per diluted share, for the first quarter of 2016. Results for the first quarter of 2017 included $3.7 million of after-tax costs ($4.8 million pre-tax), or $0.07 per diluted share, related to the evaluation of a real estate investment trust ("REIT") conversion.
"We made important strategic progress in the first quarter as we continued to identify and execute on growth opportunities in our Commercial Real Estate ("CRE") segment and advanced our evaluation of a possible REIT conversion. Within CRE, same-store net operating income ("NOI") improved compared to last year’s first quarter. In addition, we renewed two major leases on favorable terms, moved forward redevelopment projects at Lau Hala Shops and Pearl Highlands Center and, importantly, announced the development of Ho`okele Shopping Center, a 94,000-square-foot, Safeway-anchored retail center in Kahului, Maui—all of which will advance our strategic objective of increasing recurring earnings from our commercial portfolio," said Chris Benjamin, president & chief executive officer. "REIT evaluation costs and other organizational initiatives will continue to weigh on consolidated earnings for the balance of the year, but underlying CRE performance was strong. Land Operations posted a modest loss due primarily to a noncash write down of a solar facility investment to account for tax benefits received, while Materials & Construction was challenged by lower material sales and paving margins."
The following information was filed by Alexander Baldwin, Inc. (ALEX) on Thursday, May 4, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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