Alexander & Baldwin reported third‑quarter 2025 results, posting net income of $14.3 million, or $0.20 per diluted share, down from $19.0 million ($0.26) in Q3 2024 and $25.1 million ($0.35) in Q2 2025. Revenue for the quarter was $50.21 million, slightly below analyst estimates of $50.69 million.
Commercial‑real‑estate operating profit reached $22.7 million, and funds‑from‑operations (FFO) totaled $21.4 million, or $0.29 per diluted share, compared with $28.2 million ($0.39) in Q3 2024 and $35.2 million ($0.48) in Q2 2025. Same‑store NOI grew 0.6% versus a 3.4%–3.8% outlook, driven by a mix of tenant move‑outs and backfills and modest rent increases.
The company raised its full‑year FFO guidance to $1.36–$1.41 per diluted share, up from $1.35–$1.40, citing lower‑than‑expected interest expense and continued leasing momentum. Occupancy remained high at 95.6% as of September 30, 2025, up from 94.0% in Q3 2024.
Leasing highlights include a key renewal in Kailua Town with an 11% lease spread, and progress on two industrial construction projects at Komohana Industrial Park and Maui Business Park, positioning the company for future NOI growth.
Land operations posted an operating loss of $298,000 in Q3 2025 due to no land parcel sales, contrasting with a profit in Q3 2024 when land sales generated income. Annual carrying costs for land remain between $3.75 million and $4.5 million.
Management emphasized strong demand from data‑center tenants and the strategic advantage of Hawaii’s unique market, while noting potential headwinds from rising interest rates and competitive pressures.
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