Alexander & Baldwin Inc. Reports Strong Financial Performance and Raises Guidance

Alexander & Baldwin Inc., a Hawai’i-based real estate investment trust listed on the New York Stock Exchange, has recently announced a series of positive financial developments. The company, which focuses exclusively on Hawai’i commercial real estate, has raised its 2025 Funds From Operations (FFO) guidance by $0.18 per share. This adjustment is attributed to robust same-store Net Operating Income (NOI) growth and an expanded development pipeline.

Q2 2025 Financial Highlights

In its second quarter 2025 results, Alexander & Baldwin reported a net income available to common shareholders of $25.1 million, or $0.35 per diluted share. The company’s Commercial Real Estate (CRE) operating profit for the quarter was $22.2 million. The FFO for the quarter was $35.2 million, or $0.48 per diluted share, with CRE and Corporate FFO contributing $21.2 million, or $0.29 per diluted share. The company also reported a 5.3% growth in CRE Same-Store NOI and a leased occupancy rate of 95.8% as of June 30, 2025. Comparable blended leasing spreads for the improved portfolio were 6.8%.

Development Initiatives

Alexander & Baldwin has begun pre-construction of two new buildings at Komohana Industrial Park, which will add 105,000 square feet of gross leasable area (GLA) to its largest industrial asset. One of these buildings has already been pre-leased to a national tenant on a build-to-suit basis.

Dividend Announcement

In addition to its financial performance, Alexander & Baldwin announced a third quarter 2025 dividend of $0.225 per share. The dividend is payable on October 7, 2025, to shareholders of record as of September 12, 2025.

Company Overview

Alexander & Baldwin, Inc. (NYSE: ALEX) is the only publicly-traded real estate investment trust focusing exclusively on Hawai’i commercial real estate. It is the state’s largest owner of grocery-anchored, neighborhood shopping centers, with approximately 4.0 million square feet of commercial space in Hawai’i. This includes 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease assets. Over its 155-year history, the company has evolved with Hawai’i’s economy and played a leadership role in the development of the state’s agricultural, transportation, tourism, and construction sectors.

Market Performance

As of July 23, 2025, Alexander & Baldwin’s close price was $18.05. The stock reached a 52-week high of $20.14 on July 30, 2024, and a 52-week low of $15.7 on April 9, 2025.