Alexander & Baldwin (ALEX) Q1 2025 earnings summary

Executive summary

• Net income available to common shareholders was $21.4M ($0.29 per diluted share) for Q1 2025, up from $20.0M ($0.28 per share) year-over-year, driven by higher CRE revenue and joint venture income.

• Achieved 4.2% same-store NOI growth and 4.6% overall NOI growth, with leased occupancy at 95.4% and economic occupancy at 93.9% as of March 31, 2025.

• Funds From Operations (FFO) was $26.3M ($0.36 per diluted share), with CRE and Corporate FFO at $0.30 per share.

• Strategic actions included a 75-year ground lease at Maui Business Park, entry into self-storage, and sale of 90 acres of agriculture-zoned land.

• Raised FFO per share guidance for 2025, maintaining guidance for same-store NOI and CRE/Corporate FFO.

Financial highlights

• CRE operating revenue was $51.0M, up from $48.9M year-over-year; CRE operating profit rose 6.6% to $23.4M.

• Same-store NOI grew 4.2% to $32.4M; blended leasing spreads were 10.2%.

• G&A expenses decreased 3.4% year-over-year to $7.0M.

• Total FFO per share was $0.36, with $0.06 from Land Operations; Land Operations FFO included $2.2M margin from land sales and $3M JV income.

• Dividend of $0.225 per share paid in Q1 2025; same amount declared for Q2 2025.

Outlook and guidance

• Full-year 2025 net income per diluted share guidance raised to $0.68–$0.74; FFO per diluted share guidance increased to $1.17–$1.23.

• CRE and Corporate FFO per share guidance set at $1.11–$1.16; same-store NOI growth expected at 2.4%–3.2%.

• Guidance assumes $0.01 FFO from growth, already achieved with Maui Business Park deal.

• Land sales expected to be lower in 2025; annual carrying cost run rate for land operations projected at $4M–$5M.

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