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Alexander & Baldwin (ALEX) investor relations material
Alexander & Baldwin Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Third quarter 2025 results exceeded expectations, with net income of $14.3 million ($0.20 per diluted share), though down from $19.0 million year-over-year, and FFO of $21.4 million ($0.29 per share); CRE segment delivered 0.6% same-store NOI growth and strong leasing activity, with occupancy at 95.6%. 
- CRE portfolio advanced internal growth initiatives, including new industrial developments and successful backfilling of vacancies, while external growth opportunities increased with several large portfolios being marketed. 
- Land Operations segment saw a significant revenue decline due to fewer land sales, impacting overall results, and a major contract termination with Mahi Pono resulted in a $55.3 million refund liability. 
- Key lease renewals included an 11% spread in Kailua Town, and a tenant at Kaka‘ako Commerce Center exercised a purchase option for three floors, with sale expected to close in Q1 2026 for $24.1 million. 
- Development projects progressed, including Komohana Industrial Park (projected $2.8 million annual NOI uplift, completion Q1 2027) and Maui Business Park (projected $1 million annual NOI uplift, completion Q1 2026). 
Financial highlights
- Q3 2025 net income was $14.3 million ($0.20 per share), down from $19.0 million ($0.26 per share) year-over-year; FFO was $21.4 million ($0.29 per share), with CRE and Corporate FFO at $21.7 million ($0.30 per share). 
- CRE segment NOI was $32.8 million, up 1.2% year-over-year; same-store NOI was $31.9 million, a 0.6% increase. 
- G&A expense for Q3 was $6.1 million, $1.4 million lower year-over-year due to non-recurring and transaction-related items. 
- Dividend paid in Q3 was $0.225 per share, with $49.3 million paid YTD. 
- No land parcel sales in the quarter, resulting in a $298,000 operating loss from land operations. 
Outlook and guidance
- Full-year 2025 FFO per diluted share guidance raised to $1.36–$1.41 (previously $1.35–$1.40); CRE and Corporate FFO per share guidance raised to $1.13–$1.17. 
- Full-year net income per diluted share guidance increased to $0.95–$1.00 (previously $0.91–$0.96). 
- Full-year same-store NOI growth guidance reaffirmed at 3.4%–3.8%; Q4 same-store NOI growth expected at 4.4% at the midpoint. 
- Management expects sufficient liquidity from operations, cash, and credit facilities to meet short- and long-term needs. 
- No material changes to risk factors or forward-looking statements; market and economic uncertainties remain. 
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