Alexander & Baldwin(US:ALEX)2025-07-24 21:00Financial Performance - The company achieved a 6.3% NOI growth in Q2 2025[12] - Same-store NOI growth was 5.3%[10, 12, 35] - Spreads for new & renewal leases were 6.8%[12] - Net income was $25.1 million, or $0.35 per diluted share[15] - FFO was $35.2 million, or $0.48 per diluted share[15] - FFO related to CRE and Corporate was $21.2 million, or $0.29 per diluted share[15] Occupancy and Leases - Leased occupancy reached 95.8% as of June 30, 2025[12] - Economic occupancy was 94.8% as of June 30, 2025[12] - ABR for SNO leases was $5.8 million[12] Financial Position - The company's net debt to TTM Consolidated Adjusted EBITDA was 3.3x, compared to 3.6x in Q4 2024[23] - 95.3% of the company's debt was at fixed rates, with a weighted-average interest rate of 4.67%[23] - Total debt was $450 million[22] - Total liquidity was $308 million, including $9 million in cash and $299 million undrawn revolver[22] Guidance - The company revised its full-year 2025 guidance for net income to $0.91 to $0.96 per diluted share[25] - The company revised its full-year 2025 guidance for FFO to $1.35 to $1.40 per diluted share[25] - The company revised its full-year 2025 guidance for CRE Same-Store NOI to 3.4% to 3.8%[25]