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Alexander & Baldwin Reports Strong Q2 2025 Earnings

Honolulu, July 24, 2025 - Alexander & Baldwin, Inc. (NYSE ALEX), a premier player in Hawai'i's commercial real estate, has announced its financial results for the second quarter of 2025. The company reported a significant net income of $25.1 million, equating to $0.35 per diluted share, and a Commercial Real Estate (CRE) operational profit of $22.2 million.

Q2 2025 Highlights

The quarter showcased impressive performance metrics:

• - Funds From Operations (FFO) reached $35.2 million, or $0.48 per diluted share.
• - CRE and Corporate related FFO was reported at $21.2 million, or $0.29 per diluted share.
• - Notably, Same-Store Net Operating Income (NOI) grew by 5.3%, with leased occupancy climbing to 95.8% as of June 30, 2025.
• - The quarter also marked the execution of a robust leasing strategy with 52 leases signed for approximately 183,800 square feet of gross leasable area, translating into $6.1 million of annualized rents.

Project Developments and Strategic Growth

Lance Parker, President and CEO, expressed confidence in the company's performance, stating, “Our high-quality portfolio continues to excel, prompting us to raise our guidance. We’re particularly excited about the progress in our internal growth strategy, including advancements in our build-to-suit projects in Maui and Oahu.” The company kicked off pre-construction on two new buildings at Komohana Industrial Park, expected to add 105,000 sq. ft. of Gross Leasable Area (GLA) to the largest industrial project in their portfolio. One building has already been pre-leased to a national tenant.

Financial Consolidation and Performance Metrics

Consolidated Financial Overview: The results highlight substantial progress compared to Q2 2024:

• - Net income available to shareholders surged to $25,128, a remarkable increase from $9,104 in the previous year.
• - Diluted earnings per share escalated from $0.13 to $0.35, reflecting strong business fundamentals.

Comparative Year-on-Year Performance:

• - FFO surged from $20,619 to $35,155, representing a robust recovery and commitment to value creation.
• - Land Operations contributed an operational profit of $13.9 million this quarter, benefiting from the resolution of past obligations and improved margins from land sales.

Balance Sheet and Liquidity Position

As of June 30, 2025, Alexander & Baldwin reported total liquidity of $307.6 million and maintained a conservative leverage profile with a Net Debt to TTM Consolidated Adjusted EBITDA ratio of 3.3 times. The company's ability to finance its growth initiatives is robust, ensuring support for ongoing investments.

The board of directors declared a quarterly dividend of $0.2250 per share, consistent with prior distributions, indicating stable returns for shareholders. The company has also updated its full-year 2025 guidance, anticipating net income availability per diluted share to reach between $0.91 to $0.96 and FFO per diluted share to range from $1.35 to $1.40.

Conclusion

Alexander & Baldwin’s Q2 2025 performance underscores its resilience and local expertise in Hawai'i's commercial real estate sector. By enhancing guidance and continuing to execute strategic initiatives, A&B exemplifies a strong positioning for sustained growth moving forward. The dedication to expanding its portfolio aligns with market needs and reflects promising economic conditions in the region.

For further information on Alexander & Baldwin, visit alexanderbaldwin.com.