Alexander & Baldwin, Inc. Reports Second Quarter 2025 Results

Core Insights - Alexander & Baldwin, Inc. reported a net income of $25.1 million, or $0.35 per diluted share, for Q2 2025, a significant increase from $9.1 million, or $0.13 per diluted share, in Q2 2024 [1][4][19] - The company raised its guidance for 2025, reflecting confidence in its high-quality portfolio and internal growth strategy [3][14] Financial Performance - The company achieved a Commercial Real Estate (CRE) operating profit of $22.2 million for Q2 2025, compared to $22.6 million in Q2 2024 [4][19] - Funds From Operations (FFO) were reported at $35.2 million, or $0.48 per diluted share, up from $20.6 million, or $0.28 per diluted share, in the same quarter last year [4][29] - Same-Store Net Operating Income (NOI) grew by 5.3% year-over-year, reaching $32.7 million [6][8][27] Leasing and Occupancy - The total leased occupancy rate as of June 30, 2025, was 95.8%, an increase from 93.9% a year earlier [11] - The company executed 52 improved-property leases for approximately 183,800 square feet, generating $6.1 million in annualized base rent [9] - Comparable blended leasing spreads for the improved portfolio were 6.8%, with retail spaces at 7.4% and industrial spaces at 4.7% [9] Investment and Development Activities - The company began pre-construction of two new buildings at Komohana Industrial Park, which will add 105,000 square feet of Gross Leasable Area (GLA) [8][18] - Construction is ongoing for a 29,550-square-foot warehouse and distribution center at Maui Business Park, expected to be operational in Q1 2026 [18] Balance Sheet and Liquidity - As of June 30, 2025, the company had total liquidity of $307.6 million, including $8.6 million in cash and $299 million available on its revolving line of credit [18] - The net debt to trailing twelve months (TTM) Consolidated Adjusted EBITDA ratio was 3.3 times, with TTM Consolidated Adjusted EBITDA of $135.6 million [18] Dividend Information - The company paid a dividend of $0.2250 per share for Q2 2025 and declared the same amount for Q3 2025, payable on October 7, 2025 [18]