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Investors | Alexander & Baldwin Alexander & Baldwin , Inc. Reports Third Quarter 2021 Results Achieves 30 % increase in Same - Store NOI and 54 % increase in Core FFO over the prior year quarter HONOLULU , Nov. 4 , 2021 / PRNewswire / -- Alexander & Baldwin , Inc. ( NYSE : ALEX ) ( " A & B " or " Company " ) , a Hawai'i - based on owning and operating high - quality commercial real estate in Hawai'i , today announced financial results for the third quarter of 2021 . company focused Chris Benjamin , A & B president & chief executive officer stated : " Our commercial real estate ( " CRE " ) business posted excellent results in the third quarter , building on the strong recovery experienced in the first half of the year . Tenant performance continued to strengthen across our high - quality portfolio of grocery - anchored retail , industrial and ground lease assets . Record - level leasing activity was achieved in the quarter along with strong collections and recoveries , supported by Hawai'i's continuing economic recovery . With the recent Delta variant surge seemingly curbed , and with restrictions carefully being relaxed , we maintain a high degree of optimism for the future . " " We materially advanced our simplification efforts in the quarter with a combination of closed sales and progress on potential future sales . Robust demand for Hawai'i real estate persists , as evidenced by sales of 11 units and a bulk parcel at the Kukui'ula joint venture projects during the quarter . Year - to - date , Kukui'ula closed sales of 37 units and two bulk parcels , comprising 165 units , making this the best annual sales result of the last decade . Such elevated market interest is aiding our ability to complete our strategic simplification efforts , and we are positioned for additional non - core asset monetization . Our improved balance sheet and steady monetization activities highlight the ongoing success of our efforts and support our renewed pivot toward CRE portfolio growth . " " Our confident outlook is supported by the resilience of our portfolio , the continued market demand for Hawai'i real estate and operating assets , and the great work of our team members who remain focused on driving superior portfolio performance as we pivot to growth . " Financial Results for Q3 2021 • Net income available to A & B common shareholders and diluted earnings per share were $ 6.3 million and $ 0.09 per share , respectively , compared to $ 3.0 million and $ 0.04 per share in the same quarter of 2020 . • Nareit - defined Funds From Operations ( " FFO " ) and FFO per - diluted share were $ 15.5 million and $ 0.21 per share , respectively , compared to $ 12.5 million and $ 0.17 per share in the same quarter of 2020 . • Core FFO and Core FFO per - diluted share were $ 17.9 million and $ 0.25 per share , respectively , compared to $ 11.6 million and $ 0.16 per share in the same quarter of 2020 . Commercial Real Estate ( CRE ) Highlights for Q3 2021 • CRE revenue of $ 44.0 million was $ 8.3 million , or 23.2 % , more than the $ 35.7 million result in the same quarter of 2020 . • CRE NOI of $ 28.1 million was $ 6.5 million , or 30.2 % , more than the $ 21.6 million result in the same quarter of 2020 . • Same - Store NOI of $ 27.4 million was $ 6.3 million , or 29.7 % , more than the $ 21.1 million result in the same quarter of 2020 . • The Company executed a total of 77 standard leases , covering approximately 215,900 square feet of gross leasable area ( " GLA " ) . Leasing spreads for all comparable leases were 2.3 % portfolio - wide for the third quarter of 2021 and 8.7 % for new comparable leases . ● Significant standard leases executed included : • A 36,000 square foot lease at Opule Street Industrial , sustaining the 100 % occupancy status of the property . • Fifteen leases related to properties located in Kailua , including Aikahi Park Shopping Center , totaling approximately 28,200 square feet of GLA . • Four leases at P & L Building totaling approximately 22,800 square feet of GLA , sustaining the 100 % occupancy status of the property . • Three leases at Honokohau Industrial totaling approximately 10,500 square feet of GLA , sustaining the 100 % occupancy status of the property . • Six leases at Kunia Shopping Center totaling approximately 8,800 square feet of GLA • The Company also executed 3 COVID - related lease modification extensions , covering approximately 4,800 square feet of GLA at a weighted average term of two years and six months . • Both overall leased and Same - Store leased occupancy were 94.6 % as of September 30 , 2021 , an increase of 60 basis points compared to June 30 , 2021 . • Leased occupancy in the retail portfolio was 93.2 % as of September 30 , 2021 , an increase of 90 basis points compared to June 30 , 2021 , primarily due to robust leasing activity at Kailua Retail and The Shops at Kukui'ula . Leased occupancy in the Same - Store retail portfolio was 93.1 % as of September 30 , 2021 , an increase of 90 basis points compared to the prior quarter . • Both leased and Same - Store leased occupancy in the industrial portfolio were 98.0 % as of September 30 , 2021 , an increase of 20 basis points compared to June 30 , 2021 , primarily due to positive incremental leasing activity at Port Allen Industrial . CRE Redevelopment • Aikahi Park Shopping Center redevelopment efforts continue on budget after reaching substantial completion of the central shops . Tenant build out and additional refresh work is underway to provide the surrounding residents and center visitors with enhanced community - focused dining , shopping and service options . • Commenced Manoa Marketplace repositioning project . Plans are to improve the shopping experience of this well - located grocery - anchored , neighborhood center with enhanced community - focused dining , shopping and service options while incorporating sustainable design and building elements .