Group 1 - The article discusses the willingness to take riskier bets in REITs for greater long-term total return prospects [1] - The author emphasizes a focus on equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - There is a mention of a collaborative approach in investment research, combining strengths to deliver data-driven insights [1] Group 2 - The article does not contain any specific company or industry-related content that requires summarization [2][3]

Group 1 - The article discusses the willingness to take riskier bets in REITs for greater long-term total return prospects [1] - The author emphasizes a focus on equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - There is a mention of a strong background in quantitative research, financial modeling, and risk management, highlighting expertise in both fundamental and technical analysis [1] Group 2 - The collaboration between the author and their research partner aims to deliver high-quality, data-driven insights through a blend of rigorous risk management and a long-term value creation perspective [1] - The article expresses a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis to provide actionable investment ideas [1]

Core Viewpoint - Alexander & Baldwin, Inc. (A&B) will report its third quarter 2025 results on October 30, 2025, and will host a conference call and webcast to discuss its operating and financial performance [1][2]. Company Overview - A&B is the only publicly-traded real estate investment trust focused exclusively on Hawai'i commercial real estate and is the largest owner of grocery-anchored neighborhood shopping centers in the state [4]. - The company owns, operates, and manages approximately 4.0 million square feet of commercial space in Hawai'i, which includes 21 retail centers, 14 industrial assets, and four office properties, along with 146 acres of ground lease assets [4]. - Over its 155-year history, A&B has adapted to the state's economy and has played a significant role in the development of various industries, including agriculture, transportation, tourism, construction, residential, and commercial real estate [4]. Conference Call Details - The conference call and webcast will take place on October 30, 2025, at 5:00 p.m. ET, featuring discussions on the company's third quarter performance and a Q&A session with sell-side research analysts [2]. - Participants on the call will include senior management, such as the president and CEO, and the executive vice president and CFO [2]. - Access to the conference call can be obtained by dialing in at least five minutes prior to the start time, with specific numbers provided for domestic and international callers [3].

Core Viewpoint - The real estate sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Alexandria Real Estate Equities Inc (NYSE:ARE) has an RSI of 25.7, with a recent stock price of $74.43, down 1.1% [8] - RLJ Lodging Trust (NYSE:RLJ) has an RSI of 23.4, with a recent stock price of $6.76, down 2.5% [8] - Alexander & Baldwin Inc (NYSE:ALEX) has an RSI of 24.6, with a recent stock price of $16.88, down 0.9% [8] Group 2: Analyst Ratings and Price Targets - Cantor Fitzgerald analyst initiated coverage on Alexandria Real Estate with a Neutral rating and a price target of $88 [8] - Baird analyst downgraded RLJ Lodging from Outperform to Neutral, lowering the price target from $9 to $7.5 [8] - JMP Securities analyst reiterated Alexander & Baldwin with a Market Perform rating [8]

Core Insights - The article highlights Steven Cress's role as VP of Quantitative Strategy and Market Data at Seeking Alpha, emphasizing his contributions to the platform's quantitative stock rating system and analytical tools designed to assist investors [1][2][3] Company Overview - Seeking Alpha has developed a quantitative stock rating system that interprets data for investors, aiming to provide insights on investment directions and save time for users [1][2] - The platform offers a systematic stock recommendation tool called Alpha Picks, which is intended to help long-term investors build a high-quality portfolio [1] Leadership Background - Steven Cress previously founded CressCap Investment Research, which was acquired by Seeking Alpha in 2018, enhancing the platform's quant analysis and market data capabilities [3] - He also established the quant hedge fund Cress Capital Management and has extensive experience in proprietary trading at Morgan Stanley and international business development at Northern Trust [3][4] Expertise and Approach - With over 30 years of experience in equity research, quantitative strategies, and portfolio management, Steven Cress is positioned to address a variety of investment topics [4] - The company emphasizes a data-driven approach to investment decisions, utilizing sophisticated algorithms to streamline complex research processes [2]

Core Points - Tecnoglass Inc. has filed a federal defamation lawsuit against short seller Christian Lamarco and his firm Culper Research for allegedly publishing false claims linking the company to the Sinaloa cartel [1][2][3] - The lawsuit claims that Culper Research profited from short positions by spreading fabricated allegations based on inauthentic intelligence documents confirmed by the Mexican government [2] - The complaint highlights that this is not the first instance of defamation suits against Lamarco and Culper Research, and it seeks damages, attorneys' fees, and an injunction for the removal of the defamatory statements [3]

Group 1 - The stock of Alexander & Baldwin, Inc. (ALEX) is experiencing significant attention due to high implied volatility in the options market, particularly for the Sep 19, 2025 $22.5 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in the stock's price, potentially due to an upcoming event [2] - Currently, Alexander & Baldwin holds a Zacks Rank 3 (Hold) in the REIT and Equity Trust - Other industry, which is in the top 41% of the Zacks Industry Rank, with no analysts increasing earnings estimates for the current quarter [3] Group 2 - The recent high implied volatility may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4] - The Zacks Consensus Estimate for the current quarter has decreased from 29 cents per share to 28 cents, reflecting a downward revision by one analyst [3]

Core Insights - The company reported strong sequential and year-over-year improvements across key performance indicators in Q2 2025, leading to an upward revision of full-year 2025 guidance [10][19][24] Financial Performance - Same-store NOI (non-GAAP) grew 5.3% in Q2 2025, primarily due to a 140 basis point increase in same-store occupancy [2][19] - NOI (non-GAAP) totaled $33.6 million in Q2 2025, reflecting a 6.3% year-over-year increase [3][24] - Total FFO (non-GAAP) was $0.48 per share in Q2 2025, up $0.20 year-over-year [4][25] - CRE and corporate-related FFO per share (non-GAAP) was $0.29 in Q2 2025, a 3.6% year-over-year increase [3][24] Occupancy and Leasing Activity - Leased occupancy was 95.8%, a sequential increase of 40 basis points and a 190 basis point gain year-over-year [5][22] - Economic occupancy was 94.8% at Q2 2025 quarter-end, up 90 basis points sequentially and 200 basis points year-over-year [5][22] - In Q2 2025, 52 leases were executed, representing approximately 184,000 square feet of GLA and $6.1 million in ABR, with blended leasing spreads at 6.8% [6][22] Development and Growth Prospects - Projects under construction are expected to deliver over 150,000 square feet of GLA and $3.8 million in annual NOI upon stabilization in 2026 and 2027 [7][21] - The SNO pipeline totaled $5.8 million as of Q2 2025, including $3.1 million for two industrial build-to-suit projects [6][23] Guidance and Future Outlook - Updated guidance for same-store NOI growth (non-GAAP) is expected at 3.4%-3.8% for 2025, an increase of 80 basis points at the midpoint compared to prior guidance [9][27] - Total FFO (non-GAAP) guidance for 2025 was increased by $0.18 per share at the midpoint to $1.35-$1.40 [9][27] Market Conditions - The Hawaii commercial real estate transaction market is described as "starting to open up," with more acquisition opportunities emerging across asset classes [11][41] - Foot traffic and tenant sales have increased, reinforcing strong local market fundamentals [11][61]

Core Insights - Alexander & Baldwin (NYSE: ALEX) is highlighted as an attractive investment opportunity due to its strong fundamentals and appealing valuation, positioning it as an under-the-radar pick [2]. Group 1: Company Overview - ALEX operates in a specialized niche, which allows it to maintain a competitive edge in the market [2]. - The company is recognized for its defensive stock characteristics, appealing to investors with a medium- to long-term investment horizon [2]. Group 2: Investment Perspective - The article emphasizes the importance of sustainable portfolio income, diversification, and inflation hedging in investment strategies [1]. - ALEX's focus on income-producing asset classes aligns with the broader trend of seeking reliable income streams in investment portfolios [1].

[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited interim financial statements and management's discussion and analysis for the period ended June 30, 2025 [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Alexander & Baldwin, Inc.'s unaudited condensed consolidated financial statements for Q2 and H1 2025, including balance sheets, income, cash flows, and equity [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The company's total assets decreased to $1.64 billion as of June 30, 2025, from $1.67 billion at year-end 2024, primarily due to a reduction in cash and cash equivalents and deferred revenue Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total assets | $1,642,373 | $1,670,432 | | Total liabilities | $629,341 | $666,889 | | Total shareholders' equity | $1,013,032 | $1,003,543 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a significant increase in net income for both the second quarter and first six months of 2025 compared to the prior year Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenue | $51,702 | $51,047 | $105,440 | $112,249 | | Operating Income | $28,138 | $16,234 | $52,119 | $40,017 | | Net Income | $25,128 | $9,108 | $46,561 | $29,090 | | Diluted EPS | $0.35 | $0.13 | $0.64 | $0.40 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Comprehensive income for Q2 2025 was $23.1 million, a significant increase from $10.3 million in Q2 2024, primarily due to higher net income partially offset by an other comprehensive loss Comprehensive Income (Loss) Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $25,128 | $9,108 | $46,561 | $29,090 | | Other comprehensive income (loss), net of tax | $(2,002) | $1,229 | $(5,630) | $1,958 | | Comprehensive Income (Loss) | $23,126 | $10,337 | $40,931 | $31,048 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash from operations was $42.5 million, while investing activities used $5.6 million and financing activities used $60.4 million, resulting in a net decrease in cash to $10.1 million Cash Flow Summary - Six Months Ended June 30 (in thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $42,492 | $38,365 | | Net cash provided by (used in) investing activities | $(5,628) | $6,907 | | Net cash provided by (used in) financing activities | $(60,439) | $(29,266) | | **Net increase (decrease) in cash** | **$(23,575)** | **$16,006** | | **Cash, cash equivalents, and restricted cash, end of period** | **$10,097** | **$29,759** | [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity increased from $1.004 billion at the start of 2025 to $1.013 billion at June 30, 2025, driven by net income partially offset by dividends and other comprehensive loss Changes in Total Equity - Six Months Ended June 30, 2025 (in thousands) | Description | Amount | | :--- | :--- | | Balance, January 1, 2025 | $1,003,543 | | Net income | $46,561 | | Other comprehensive loss | $(5,630) | | Dividend on common stock | $(32,949) | | Share-based compensation & other | $1,507 | | **Balance, June 30, 2025** | **$1,013,032** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, a new sales-type lease gain, a significant termination agreement with Mahi Pono, and a declared quarterly dividend - The company is a REIT focused on Hawai'i commercial real estate, owning a portfolio of retail centers, industrial assets, and office properties[26](index=26&type=chunk) - In June 2025, the company entered into a termination agreement with Mahi Pono, resulting in derecognizing **$62.0 million** in deferred revenue and establishing a **$55.3 million** refund liability[71](index=71&type=chunk)[75](index=75&type=chunk)[161](index=161&type=chunk) - During H1 2025, the company entered into a sales-type ground lease for a 4.7-acre parcel in Maui Business Park, recognizing a **$4.1 million** selling profit[77](index=77&type=chunk)[110](index=110&type=chunk) - On July 22, 2025, the Board of Directors declared a quarterly cash dividend of **$0.225 per share**[91](index=91&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, business segments, liquidity, and capital resources, highlighting strong Q2 and H1 2025 results driven by gains in Land Operations and steady Commercial Real Estate performance [Business Overview](index=29&type=section&id=Business%20Overview) The company operates through two primary segments: Commercial Real Estate (CRE), focused on properties in Hawai'i, and Land Operations, managing legacy landholdings and joint venture investments - The company's business is structured into two reportable segments: Commercial Real Estate (CRE) and Land Operations[97](index=97&type=chunk) - The CRE segment focuses on property management, leasing, investment, and development of retail, industrial, and urban ground lease properties in Hawai'i[97](index=97&type=chunk) - The Land Operations segment is focused on the simplification and monetization of legacy landholdings, joint ventures, and related liabilities[97](index=97&type=chunk) [Consolidated Results of Operations](index=30&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated net income increased significantly in Q2 and H1 2025 compared to 2024, driven by a substantial gain on asset disposals and settlements Q2 2025 vs Q2 2024 Financial Results (in thousands) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating revenue | $51,702 | $51,047 | $655 | 1.3% | | Operating income | $28,138 | $16,234 | $11,904 | 73.3% | | Net income | $25,128 | $9,108 | $16,020 | 175.9% | H1 2025 vs H1 2024 Financial Results (in thousands) | Metric | H1 2025 | H1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating revenue | $105,440 | $112,249 | $(6,809) | (6.1)% | | Operating income | $52,119 | $40,017 | $12,102 | 30.2% | | Net income | $46,561 | $29,090 | $17,471 | 60.1% | - The primary driver for the increase in Q2 2025 operating income was an **$11.6 million** gain on disposal of assets and settlements, related to a favorable contract modification from a prior year land sale[102](index=102&type=chunk) [Commercial Real Estate Segment](index=34&type=section&id=Commercial%20Real%20Estate%20Segment) The Commercial Real Estate segment showed steady growth in H1 2025, with operating revenue increasing 3.7% to $101.8 million and operating profit up 2.3% to $45.6 million, alongside improved occupancy CRE Segment Performance - Q2 2025 vs Q2 2024 (in thousands) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | $50,731 | $49,208 | 3.1% | | Operating profit | $22,205 | $22,611 | (1.8)% | | Same-Store NOI | $32,732 | $31,088 | 5.3% | CRE Occupancy as of June 30 | Occupancy Type | 2025 | 2024 | Basis Point Change | | :--- | :--- | :--- | :--- | | Leased Occupancy | 95.8% | 93.9% | 190 | | Physical Occupancy | 95.4% | 93.4% | 200 | | Economic Occupancy | 94.8% | 92.8% | 200 | - Leasing activity in Q2 2025 included 52 new and renewal leases covering **183,800 sq. ft.**, with a **6.8%** positive rent spread on comparable leases[119](index=119&type=chunk)[121](index=121&type=chunk) [Land Operations Segment](index=37&type=section&id=Land%20Operations%20Segment) The Land Operations segment's profitability surged in 2025 due to one-time events, with Q2 operating profit at $13.9 million, contrasting with minimal profit in Q2 2024 - The timing and mix of real estate sales in the Land Operations segment can cause significant fluctuations in operating results, making direct year-over-year comparisons less indicative of future performance[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) Land Operations Operating Profit (in thousands) | Period | 2025 | 2024 | | :--- | :--- | :--- | | Q2 | $13,906 | $168 | | H1 | $18,756 | $8,099 | - The significant increase in Q2 2025 operating profit was primarily driven by a gain from a contract modification and favorable resolution of obligations from a prior land sale, as well as **$2.6 million** in equity earnings from joint ventures[134](index=134&type=chunk) [Use of Non-GAAP Financial Measures](index=39&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Funds from Operations (FFO), Adjusted FFO (AFFO), and Net Operating Income (NOI) to evaluate performance, which are reconciled to GAAP net income FFO and Adjusted FFO Reconciliation Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income available to common shareholders | $25,128 | $9,104 | $46,561 | $29,078 | | **FFO** | **$35,155** | **$20,619** | **$61,501** | **$49,824** | | **Adjusted FFO** | **$20,478** | **$16,942** | **$42,764** | **$42,472** | NOI Reconciliation Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | CRE Operating Profit | $22,205 | $22,611 | $45,631 | $44,592 | | **NOI** | **$33,620** | **$31,632** | **$66,848** | **$63,396** | | **Same-Store NOI** | **$32,732** | **$31,088** | **$65,121** | **$62,178** | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company believes its liquidity, sourced from operating cash flow, cash on hand, and its credit facility, is sufficient for short and long-term needs, despite a new $45.3 million liability from the Mahi Pono termination agreement - Principal sources of liquidity are cash from operations, available cash (**$8.6 million**), and borrowing capacity under its credit facility (**$299.0 million** available as of June 30, 2025)[156](index=156&type=chunk)[166](index=166&type=chunk) - A new material contractual obligation arose in June 2025 from a termination agreement with Mahi Pono, requiring the company to pay **$55.3 million** over four years, with **$45.3 million** remaining payable as of June 30, 2025[161](index=161&type=chunk) - The company has a **$100 million** stock repurchase program authorized through 2025, with **$99.9 million** remaining available as of June 30, 2025[172](index=172&type=chunk) [Other Matters](index=47&type=section&id=Other%20Matters) This section confirms no material changes to critical accounting estimates since the 2024 Form 10-K and references notes for new accounting pronouncements - There were no material changes to the company's significant accounting estimates during the quarter[176](index=176&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its market risk disclosures since its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - There have been no material changes in the quantitative and qualitative disclosures about market risk since December 31, 2024[178](index=178&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the second quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[179](index=179&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the second fiscal quarter[180](index=180&type=chunk) [PART II. OTHER INFORMATION](index=49&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, equity sales, and other disclosures [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the detailed discussion of legal proceedings found in Note 7 of the condensed consolidated financial statements - Information regarding legal proceedings is detailed in Note 7 of the Notes to Condensed Consolidated Financial Statements[182](index=182&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors disclosed in its most recent Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the company's most recent annual report on Form 10-K[183](index=183&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased a small number of shares under its authorized stock repurchase program during the quarter, with $99.9 million remaining available as of June 30, 2025 Issuer Purchases of Equity Securities - Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Approximate Value Remaining for Purchase (in thousands) | | :--- | :--- | :--- | :--- | | April 2025 | 5,830 | $15.78 | $99,908 | | May 2025 | — | — | $99,908 | | June 2025 | — | — | $99,908 | - As of June 30, 2025, **$99.9 million** remains available under the company's **$100.0 million** stock repurchase program[185](index=185&type=chunk) [Other Information](index=49&type=section&id=Item%205.%20Other%20Information) The company confirms that none of its directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan or other non-Rule 10b5-1 trading arrangement during the second quarter of 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[187](index=187&type=chunk) [Exhibit Index](index=50&type=section&id=Item%206.%20Exhibit%20Index) This section lists exhibits filed with the Form 10-Q, including a material contract, officer certifications, and Inline XBRL data files - Key exhibits filed include the Termination Agreement with Mahi Pono Holdings, CEO/CFO certifications, and Inline XBRL financial data[189](index=189&type=chunk)