Alexander & Baldwin (NYSE: ALEX) reported Q1 EPS of $0.12, in-line with the analyst estimate of $0.12.

Chris Benjamin, A&B president & chief executive officer, stated: "Our commercial real estate ("CRE") business continues to perform extremely well, with an 11.5% increase in cash net operating income ("NOI"), 7.7% same-store NOI growth and 10.3% in comparable leasing spreads in the first quarter. Meanwhile, portfolio occupancy increased 180 bps from prior year to 93.6%. Our growth efforts also advanced in the quarter and we now have 100% of our Maui land sale proceeds either reinvested or committed to binding CRE acquisitions in Hawaii that are expected to close well in advance of the mid-June exchange deadline. The successful reinvestment of nearly $260 million of proceeds from non-income producing lands into our preferred CRE asset classes will help fuel NOI growth in our core CRE portfolio. To date we have closed on $149.1 million of reinvestments, including two west Oahu industrial assets and two Oahu ground lease assets. The remaining $109.3 million will be invested in two neighbor island grocery-anchored retail centers that complement our existing retail portfolio and expand our geographic coverage. We also continue to advance our commercial development and redevelopment efforts and have recently begun previewing our Aikahi Park Shopping Center repositioning plans in the local community."

"Our simplification efforts continued in the first quarter, with the previously announced sale of development lands at Wailea, the continued buildout and closings of units at Kamalani and the closing of the final tranche of the Maui ag land sale. In total, our Land Operations business generated revenueof $49.0 million. Our Materials and Construction business continued to struggle, with its financial results reflecting a combination of delays in contracted government work and costs associated with operational and systems changes. An organizational and strategic review continues at Grace Pacific, and decisions regarding the optimal path for the business will be made in the coming months."

For earnings history and earnings-related data on Alexander & Baldwin (ALEX) click here.