Alexander & Baldwin(US:ALEX)2025-04-24 23:36Financial Performance - Net income for Q1 2025 was $21.4 million, or $0.29 per diluted share[16] - Funds From Operations (FFO) for Q1 2025 reached $26.3 million, translating to $0.36 per diluted share[16] - FFO related to CRE and Corporate was $21.5 million, or $0.30 per diluted share[16] - Same-store NOI growth was 4.2% in Q1 2025[11, 13, 37] - Spreads for new and renewal leases were 10.2% as of March 31, 2025[13] Occupancy and Leases - Leased occupancy stood at 95.4% as of March 31, 2025[13] - Economic occupancy was 93.9% as of March 31, 2025[13] - ABR (Annual Base Rent) for SNO (Small National/Other) leases was $3.4 million as of March 31, 2025[13] Balance Sheet and Capital Structure - Total debt amounted to $453 million[21] - The company's total liquidity was $324 million, including $17 million in cash and a $307 million undrawn revolver[21] - Net debt to TTM Consolidated Adjusted EBITDA was 3.6x, consistent with Q4 2024[22] - 97.1% of the company's debt was at fixed rates, with a weighted-average interest rate of 4.65%[22] Guidance - The company raised its FFO per share guidance for the full year 2025 to a range of $1.17 to $1.23[14, 24] - Net Income available to A&B common shareholders per diluted share is expected to be $0.68 to $0.74 for full year 2025[24]