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Alexander & Baldwin, Inc. Reports Second Quarter 2018 Results

HONOLULU, August 2, 2018 /PRNewswire/—Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company") today announced financial results for the second quarter of 2018.
Chris Benjamin, A&B president & chief executive officer stated: "Strong results from our commercial real estate ("CRE") portfolio continued in the second quarter, keeping us on track to hit our full-year goals for 2018. Operating profit grew by 1.5% in the second quarter as compared to 2017, principally driven by growth in same-store NOI1 of 3.1%, which is in line with previous guidance. Leasing activity remained robust during the quarter, with spreads at 9.2%, continuing a trend that is expected to support same-store NOI growth in the second half of the year. We continue to expect full-year 2018 same-store NOI growth of 3-4%.
"While headline results in our non-CRE segments were modest, good progress was made toward improving Materials & Construction performance and advancing development project monetization efforts. Results from our Materials & Construction segment reflected recovery from the weather-impacted first quarter and are benefiting from performance improvement initiatives at Grace Pacific. In Land Operations, distributions from joint ventures and sales of development units and parcels contributed to $48 million in debt reduction during the quarter."
Corporate Highlights
Net income and diluted earnings per share available to A&B shareholders for the second quarter of 2018 were $2.5 million and $0.03 per share, respectively. Net income and diluted earnings per share available to A&B shareholders for the first half of 2018 were $49.8 million and $0.69 per share, respectively.
Commercial Real Estate Highlights
CRE operating profit was $13.6 million in the second quarter of 2018, as compared to $13.4 million in the same period of 2017. CRE operating profit was $29.1 million in the first half of 2018, as compared to $27.7 million in the same period of 2017.
Same-store cash NOI1 increased 3.1% in the second quarter of 2018, as compared to the prior year second quarter, largely due to increased industrial rent and increased office occupancy. Quarter performance lifted year-to-date same-store cash NOI growth1 to 3.0% within the range of full-year guidance.
66 leases, covering 132,000 square feet of gross leasable area ("GLA"), were executed during the second quarter of 2018, bringing the Company to 55% of its 2018 goal at midyear. Comparable leasing spreads for signed leases were 9.2% for the second quarter of 2018. Comparable leasing spreads on Hawai`i retail spaces were 7.3% for the second quarter of 2018.
Occupancy increased to 92.1% as of June 30, 2018, up 30 basis points from March 31, but decreased 170 basis points compared to June 30, 2017, primarily due to the termination of a tenant at Komohana Industrial Park in the first quarter of 2018.
Occupancy in the Hawai`i retail portfolio was 92.6% as of June 30, 2018, a decrease of 50 basis points as compared to the first quarter, and a decrease of 130 basis points compared to June 30, 2017, primarily due to the termination of a large temporary tenant at Pearl Highlands in 2017. The space has been re-leased.
Major strategic lease transactions in the second quarter and recently include:
A 19,700-square-foot lease to Guitar Center at Pearl Highlands, its debut location in Hawai`i. The expected opening of Guitar Center next year adds to the positive momentum at Pearl Highlands, where the renovated Food Court and Regal Cinema are open, and ULTA will be opening on August 10.

1

The following information was filed by Alexander Baldwin, Inc. (ALEX) on Thursday, August 2, 2018 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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