Alexander & Baldwin (NYSE: ALEX) reported Q1 EPS of $0.14, $0.13 better than the analyst estimate of $0.01.

Chris Benjamin, A&B president & chief executive officer stated: "We are off to a very good start in 2021 as Hawai's economy is recovering steadily. Each of our business segments posted better results than expected in the first quarter, boding well for the balance of 2021. Our commercial real estate ("CRE") business continued to strengthen thanks to improved tenant performance, with first quarter results reflecting a 17% increase in CRE Net Operating Income ("NOI") over the prior quarter. The strategic and proactive approach we undertook with tenants over the past year to reduce occupancy risk has positioned us to benefit from this recovery, and we continue to work closely with our valued tenants to ensure they reach the other side of this pandemic."

"We anticipated a strong rebound in our portfolio of primarily grocery-anchored properties and non-retail CRE assets, which provide essential goods and services to our local communities, but the pace of recovery has been accelerated by the lifting of COVID restrictions and the obvious desire of locals and visitors to get back to normal. At this time, 98% of our tenants are now open (as a percentage of lease billings), and collections of deferred amounts, previously reserved rents, and rents from cash-basis tenants continue to move upward."

"We also made significant progress in the first quarter in executing our strategic plan to simplify our business and generate cash as we capitalize on robust demand for Hawai\'i-based real estate and operating assets. For the quarter, cash proceeds to A&B totaled approximately $29 million, comprised of joint venture distributions and other payments associated with Kukui\'ula joint venture projects plus non-core land sales. At Kukui\'ula joint venture projects, we closed 12 units and a bulk sale of a developer parcel. This substantial monetization enabled our first-ever capital distribution from the main partnership at Kukui\'ula of $10 million. Additionally, we closed six non-core land sales totaling 134 acres. At Grace Pacific, where we anticipated a slow start to the year and an operating loss for the first quarter, our results were slightly better than expectations. We are optimistic for improved performance as the year progresses."

"While certain impacts from the COVID-19 pandemic continue, we are encouraged by the recovery of our CRE business and the strong progress made in selling non-core assets. We are proud of the outstanding work of our team over the past year and remain focused on the execution of our simplification strategy, which we believe should result in substantial shareholder value creation."

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