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Alexander & Baldwin (ALEX) investor relations material

Alexander & Baldwin Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Q2 2025 net income was $25.1M, up 176% year-over-year, driven by contract modification gains and improved joint venture results.

  • Achieved 5.3% same-store NOI growth, with strong leasing activity and occupancy gains.

  • Progressed on Maui and Oahu build-to-suit developments, expected to add $3.8M NOI and 150,000 sq. ft. GLA by 2026.

  • Resolved legacy land obligations, streamlining business and reducing balance sheet exposure.

  • Operating revenue increased 1.3% to $51.7M, with CRE growth offsetting lower Land Operations sales.

Financial highlights

  • Q2 2025 net income: $25.1M ($0.35 per share), up from $9.1M ($0.13) year-over-year.

  • Q2 2025 FFO: $35.2M ($0.48 per share), up from $20.6M ($0.28) year-over-year.

  • CRE and Corporate FFO for Q2 2025: $21.2M ($0.29 per share); Land operations contributed $0.19 per share to FFO.

  • G&A expenses for Q2 2025 were $7.0M, down 3.3% year-over-year.

  • CRE Same-Store NOI was $32.7M, up 5.3% year-over-year; total NOI up 6.3%.

Outlook and guidance

  • Full-year 2025 net income guidance raised to $0.91–$0.96 per share (from $0.68–$0.74).

  • Full-year 2025 FFO guidance increased to $1.35–$1.40 per share (from $1.17–$1.23).

  • CRE Same-Store NOI growth guidance raised to 3.4%–3.8% (from 2.4%–3.2%).

  • Q3 2025 same-store NOI growth expected to slow due to strong prior-year comp; Q4 2025 expected to align with H1 trends.

  • 2025 G&A expected to be flat or improve by $0.01 per share versus 2024.

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Frequently asked questions

Alexander & Baldwin, Inc. is Hawai'i’s premier commercial real estate company and the largest owner of grocery-anchored, neighborhood shopping centers in the state. Our retail portfolio encompasses approximately 2.8 million square feet of leasable space at 31 centers. The majority of A&B's income-producing properties are located in Hawaii, with a few retail locations on the U.S. Mainland and a hotel portfolio in Hawaii and the continental U.S.

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