Alexander & Baldwin, Inc. SEC 10-Q Report

Alexander & Baldwin, Inc., a diversified real estate company primarily engaged in commercial real estate, land operations, and real estate development, has released its Form 10-Q report for the second quarter of 2025. The report highlights significant improvements in both financial and operational performance, driven by strategic asset management and cost reduction initiatives.

Financial Highlights

Total Operating Revenue: $51.7 million, increased by 1.3% compared to the same period last year due to higher revenue from the Commercial Real Estate segment.

Operating Income (Loss): $28.1 million, increased by 73.3% from the previous year, driven by a significant gain on disposal of assets and settlements.

Net Income (Loss): $25.1 million, increased by 175.9% from the previous year, reflecting improved operating performance and gains from asset disposals.

Basic Earnings (Loss) Per Share of Common Stock: $0.35, up 169.2% from the previous year, indicating strong earnings growth per share.

Diluted Earnings (Loss) Per Share of Common Stock: $0.35, up 169.2% from the previous year, consistent with the basic earnings per share growth.

Business Highlights

Commercial Real Estate Segment Performance: The Commercial Real Estate segment, which includes property management, leasing, investments, and development, reported a 3.1% increase in operating revenue for the second quarter of 2025 compared to the same period in 2024. This growth was driven by higher rental income and improved property performance.

Land Operations Segment Performance: The Land Operations segment, which focuses on legacy landholdings and real estate development, experienced a decrease in revenue due to lower unimproved and development land sales. However, the segment benefited from lower costs associated with development and unimproved land sales.

Joint Ventures Income: Income from joint ventures increased significantly, driven by higher earnings from legacy real estate joint ventures and the release of reserves held at one of the joint ventures.

Operational Cost Management: The company successfully reduced its cost of operations by 5.3% in the second quarter of 2025 compared to the same period in 2024, primarily due to lower expenses related to post-close remediation work for legacy business operations.

Gain on Asset Disposals: The company reported a significant gain on the disposal of assets and settlements, primarily related to a contract modification that resolved remaining rights and obligations from a prior year land sale.

Future Outlook: Management remains focused on enhancing the performance of its Commercial Real Estate segment through strategic property management and leasing activities, while continuing to simplify and monetize its Land Operations segment.

SEC Filing: Alexander & Baldwin, Inc. [ ALEX ] - 10-Q - Jul. 25, 2025