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Alexander & Baldwin Q1 2025 Earnings Report
Alexander & Baldwin reported a strong first quarter in 2025, with increased net income, FFO, and significant growth in CRE Same-Store NOI, alongside strategic land operations and leasing achievements.
Key Takeaways
Alexander & Baldwin, Inc. announced net income available to common shareholders of $21.4 million, or $0.29 per diluted share, for the first quarter of 2025. Commercial Real Estate (CRE) operating profit reached $23.4 million, with CRE Same-Store Net Operating Income (NOI) growth of 4.2%. Funds From Operations (FFO) stood at $26.3 million, or $0.36 per diluted share.
Net income available to A&B common shareholders was $21.4 million, or $0.29 per diluted share.
Funds From Operations (FFO) totaled $26.3 million, or $0.36 per diluted share.
CRE Same-Store Net Operating Income (NOI) growth was 4.2%, indicating strong portfolio performance.
The company executed a 75-year ground lease at Maui Business Park, converting non-income producing land into an income-generating asset.
Revenue by Segment
Forward Guidance
The company revised its full-year 2025 guidance, with updated ranges for Net Income (Loss) available to A&B common shareholders per diluted share, FFO per diluted share, FFO per share related to CRE and Corporate, and CRE Same-Store NOI growth.
Positive Outlook
- The current guidance for Net Income (Loss) available to A&B common shareholders per diluted share is $0.68 to $0.74, an increase from the initial guidance of $0.64 to $0.71.
- The current guidance for FFO per diluted share is $1.17 to $1.23, up from the initial $1.13 to $1.20.
- FFO per share related to CRE and Corporate guidance remains strong at $1.11 to $1.16.
- CRE Same-Store NOI growth % guidance is maintained at 2.4% to 3.2%, reflecting continued confidence in portfolio performance.
- The company's Q1 2025 actual performance for CRE Same-Store NOI growth of 4.2% exceeds the high end of the full-year guidance range.
Challenges Ahead
- The guidance ranges indicate potential variability in future performance.
- The company does not provide a quantitative reconciliation for forward-looking non-GAAP measures, citing inherent uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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