Alexander & Baldwin(US:ALEX)2025-10-30 20:10Financial Performance - Net income available to A&B common shareholders for Q3 2025 was $14.3 million, or $0.20 per diluted share, compared to $18.998 million, or $0.26 per diluted share in Q3 2024[2][6]. - Funds From Operations (FFO) for Q3 2025 was $21.4 million, or $0.29 per diluted share, down from $28.230 million, or $0.39 per diluted share in Q3 2024[7][6]. - Net income for the nine months ended September 30, 2025, increased to $60,898 thousand, up from $48,094 thousand in the same period of 2024, reflecting a growth of 26.0%[25]. - FFO (Funds From Operations) for Q3 2025 was $21,409, compared to $28,230 in Q3 2024, indicating a decline of about 24%[38]. - Consolidated EBITDA for the trailing twelve months ended September 30, 2025, was $135,229, up from $120,192 for the same period in 2024, representing an increase of approximately 12.5%[46]. - Consolidated Adjusted EBITDA for the trailing twelve months ended September 30, 2025, was $129,440, compared to $122,589 in 2024, indicating an increase of about 5.6%[46]. Revenue and Operating Income - Commercial Real Estate (CRE) operating revenue increased to $50.213 million in Q3 2025 from $49.381 million in Q3 2024, while CRE operating profit was $22.719 million, slightly down from $22.829 million[9][8]. - Same-Store Net Operating Income (NOI) for CRE increased by 0.6% in Q3 2025, compared to a 4.1% increase in Q3 2024[9][7]. - Same-Store NOI for the three months ended September 30, 2025, was $31,916 thousand, a slight increase of 0.6% compared to $31,731 thousand in 2024[31]. Occupancy and Leasing Activity - Leased occupancy as of September 30, 2025, was 95.6%, a slight decrease from 95.8% in the previous quarter but an increase from 94.0% a year ago[10][7]. - The company executed 49 improved-property leases totaling approximately 163,800 square feet, representing $3.3 million of annualized base rent during Q3 2025[13][12]. - A lease renewal with an anchor tenant in Kailua Town achieved an 11% lease renewal spread, reinforcing leasing strength[7][4]. Liquidity and Capital Structure - Total liquidity as of September 30, 2025, was $284.3 million, consisting of $17.3 million in cash and $267.0 million available on its revolving line of credit[14][12]. - Total assets decreased to $1,657,219 thousand as of September 30, 2025, from $1,670,432 thousand as of December 31, 2024, representing a decline of approximately 0.9%[23]. - Total liabilities decreased to $645,656 thousand as of September 30, 2025, from $666,889 thousand as of December 31, 2024, a reduction of approximately 3.2%[23]. - Cash and cash equivalents decreased to $17,294 thousand as of September 30, 2025, from $33,436 thousand as of December 31, 2024, a decline of 48.3%[23]. - Total debt as of September 30, 2025, was $475,231, slightly up from $474,837 as of December 31, 2024[42]. - Net debt increased to $458,233 as of September 30, 2025, compared to $441,748 at the end of 2024, marking an increase of about 3.9%[42]. Guidance and Future Outlook - The company raised its full-year guidance for net income per diluted share to a range of $0.95 to $1.00, up from the previous range of $0.91 to $0.96[15][16]. - The full-year 2025 guidance for FFO per diluted share ranges from $1.14 to $1.41, with FFO related to CRE and Corporate expected to range from $0.88 to $1.17[39]. Expenses and Depreciation - The company reported a depreciation and amortization expense of $28,912 thousand for the nine months ended September 30, 2025, compared to $26,979 thousand in 2024, an increase of 7.2%[25]. - The company reported a depreciation and amortization expense of $9,589 for Q3 2025, compared to $8,932 in Q3 2024, reflecting an increase of approximately 7.3%[38]. Other Financial Metrics - The company incurred a refund liability of $45,300 thousand as of September 30, 2025, which was not present in the previous reporting period[23]. - The company utilized non-GAAP measures such as NOI and FFO to provide additional insights into operating performance and trends affecting financial results[26][32]. - The company experienced a gain of $2,556 on commercial real estate transactions in Q3 2025, compared to no gains reported in Q3 2024[38].