Alexander & Baldwin(ALEX) - 2025 Q1 - Quarterly Results

Financial Performance - Net income available to A&B common shareholders for Q1 2025 was $21.4 million, or $0.29 per diluted share, compared to $19.9 million, or $0.28 per diluted share in Q1 2024[2][6]. - Net income for the three months ended March 31, 2025, was $21,433,000, an increase of 7.2% compared to $19,982,000 in 2024[27]. - The company reported a net income of $61.988 million for the trailing twelve months ending March 31, 2025[46]. Funds From Operations (FFO) - Funds From Operations (FFO) for Q1 2025 was $26.3 million, or $0.36 per diluted share, down from $29.2 million, or $0.40 per diluted share in Q1 2024[7][6]. - Funds From Operations (FFO) for the three months ended March 31, 2025, was $26,346,000, down from $29,205,000 in 2024, indicating a decrease of 9.9%[37]. - Funds from operations (FFO) per diluted share for Q1 2025 was $0.36, with full-year guidance between $1.13 and $1.23[39]. Revenue and Operating Income - Total segment operating revenue for Q1 2025 was $53.7 million, down from $61.2 million in Q1 2024[22]. - Commercial Real Estate (CRE) operating profit increased to $23.4 million in Q1 2025 from $22.0 million in Q1 2024, with CRE Same-Store Net Operating Income (NOI) growth of 4.2%[4][9]. - Same-Store NOI for the three months ended March 31, 2025, was $32,389,000, reflecting a 4.2% increase from $31,090,000 in 2024[32]. Cash Flow and Liquidity - Operating cash flows from continuing operations increased to $25,882,000, up from $16,464,000, representing a 57.5% increase year-over-year[27]. - Total liquidity as of March 31, 2025, was $323.9 million, consisting of $16.9 million in cash and $307.0 million available on the revolving line of credit[16]. - Total cash, cash equivalents, and restricted cash at the end of the period was $17,552,000, down from $15,919,000 at the end of the same period in 2024[27]. Debt and Capital Expenditures - Total debt as of March 31, 2025, was $452.843 million, a decrease from $474.837 million as of December 31, 2024[42]. - Net debt as of March 31, 2025, was $436.315 million, down from $441.748 million at the end of 2024[42]. - The Company incurred capital expenditures of $4,169,000 for property, plant, and equipment during the three months ended March 31, 2025, compared to $3,746,000 in 2024[27]. Dividends and Guidance - The company declared a second quarter 2025 dividend of $0.2250 per share, payable on July 9, 2025[16]. - The company revised its 2025 guidance, projecting FFO per diluted share to be between $1.17 and $1.23, compared to the initial guidance of $1.13 to $1.20[18]. - Net income available to A&B common shareholders per diluted share for Q1 2025 was $0.29, with full-year guidance ranging from $0.64 to $0.74[39]. Impairment and Future Outlook - The company identified non-cash impairment as a non-recurring item affecting its financial performance[45]. - The company anticipates future growth opportunities and strategies, although specific projections are subject to market conditions and other risks[47].