Alexander & Baldwin, Inc. (NYSE: ALEX) has recently released its 10-Q report, providing a detailed insight into its financial performance and operational activities. A&B is a real estate investment trust focusing exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. The company owns, operates, and manages approximately four million square feet of commercial space in Hawai'i, including retail centers, industrial assets, office properties, and ground lease assets.
The 10-Q report provides a comprehensive analysis of the company's financial condition and results of operations. In the first quarter of 2025, the company reported operating revenue of $53.7 million, a 12.2% decrease from the same period in 2024. The cost of operations decreased by 10.4%, while selling, general, and administrative expenses decreased by 3.4%. The company reported a net income of $21.4 million, a 7.3% increase from the first quarter of 2024.
The report also includes a detailed analysis of the company's commercial real estate and land operations segments. In the commercial real estate segment, operating revenue increased by 4.4% to $51.0 million, and operating profit increased by 6.6% to $23.4 million in the first quarter of 2025 compared to the same period in 2024. The company's leasing activity during the first quarter included 10 new leases and 32 renewal leases, covering a total of 236,800 square feet of gross leasable area.
Additionally, the report provides a breakdown of financial metrics such as funds from operations (FFO) and adjusted FFO. In the first quarter of 2025, the company reported FFO of $26.3 million, a 9.8% decrease from the same period in 2024, and adjusted FFO of $22.3 million, a 12.7% decrease from the first quarter of 2024.
Following these announcements, the company's shares moved -2.4%, and are now trading at a price of $16.31. For more information, read the company's full 10-Q submission here.
