Alexander & Baldwin, Inc. reported net income available to common shareholders of $25.1 million, or $0.35 per diluted share, for the second quarter of 2025. Funds From Operations (FFO) per diluted share reached $0.48, a notable increase from $0.28 in Q2 2024.
The company achieved an impressive 5.3% Same-Store Net Operating Income (NOI) growth for the quarter, driven by strong leasing activity and improved occupancy rates. Total leased occupancy stood at 95.8% as of June 30, 2025, up 190 basis points year-over-year.
Management significantly increased its full-year 2025 guidance, raising FFO per diluted share to a range of $1.35 to $1.40, up from the previous range of $1.17 to $1.23. CRE Same-Store NOI growth guidance was also raised to 3.4% to 3.8%, from 2.4% to 3.2%.
Further streamlining efforts included a termination agreement with Mahi Pono Holdings, LLC, resolving remaining rights and obligations from a prior agricultural land sale. This action transferred Alexander & Baldwin's remaining 50% interest in East Maui Irrigation Company, LLC, reducing annual run-rate carrying costs for Land Operations from $4 million-$5 million to $3.75 million-$4.5 million.
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