Alexander & Baldwin (NYSE: ALEX) reported Q2 EPS of ($0.07), $0.05 worse than the analyst estimate of ($0.02).

• The second quarter of 2020 net loss available to A&B common shareholders and loss per share were $4.7 million and $0.07 per share, respectively, compared to $0.8 million and $0.01 per share in the same quarter of 2019.
• The second quarter of 2020 Nareit-defined Funds From Operations ("FFO") and FFO per diluted share were $5.9 million and $0.08 per share, respectively, compared to $8.3 million and $0.11 per share in the same quarter of 2019.
• The second quarter of 2020 Core FFO and Core FFO per diluted share were $13.1 million and $0.18 per share, respectively, compared to $15.6 million and $0.22 per share in the same quarter of 2019.

Chris Benjamin, A&B president & chief executive officer stated: "Our core commercial real estate ("CRE") business experienced material impacts from the COVID-19 pandemic in the second quarter of 2020, but steadily recovered as businesses reopened, with 75% of tenants open by June 30. Stay-at-home orders established in late March led to mandatory retail and other 'non-essential' business closures, and interstate and interisland travel was halted. Amid the backdrop of an unprecedented health crisis that has caused significant economic disruption, we experienced a 12.2% decrease in Net Operating Income ("NOI") and a 16.8% decrease in Same-Store NOI in the quarter."

"Within our CRE segment, our portfolio of primarily grocery-anchored properties and other needs-based retailers remains open with enhanced safety measures and continues to provide goods and services to our local communities. Our portfolio collection rate in the second quarter was 70%, which we believe is generally consistent with shopping center peers. Further, our industrial, office and ground lease assets have proven to be resilient. Despite COVID-related challenges, a total of 42 leases were completed in the second quarter at a comparable lease spread of 4.9%. From the onset of the COVID-19 pandemic in early March, A&B has focused on the safety and welfare of our employees, tenants and their customers. We were proactive and continue to work closely with our tenants affected by the pandemic, with a focus on ensuring their long-term success."

"Additionally, we remain focused on our strategic plan to simplify our Company and generate cash to enhance our liquidity. During the second quarter of 2020, we closed several development sales at Kukui'ula and Maui Business Park, in addition to non-core land and asset sales. We expect continued monetization progress in the latter half of the year. While we have decided the time is not right for the sale of the Grace Pacific paving business, we continue to work to position Grace for eventual monetization and did sell a Grace subsidiary in the quarter. We are particularly encouraged by operational momentum in the business, including strong bidding activity year to date."

"While the full impact of these unprecedented times is still unknown, our outlook is buoyed by the resilience of our portfolio, the continued market demand for Hawaii real estate and operating assets, and the great work of our team."

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