**Alexander & Baldwin, Inc. Reports Fiscal Year 2025 Results; Merger Agreement Pending**

Alexander & Baldwin, Inc. (A&B), a Hawai'i-based real estate investment trust (REIT), reported operating revenue of $206.7 million for the fiscal year ended December 31, 2025, a decrease of 12.7% compared to $236.6 million in 2024. The decline was primarily attributed to lower land sales revenue within the Land Operations segment, which was partially offset by increased rental and recovery revenues in the Commercial Real Estate (CRE) segment. Net income attributable to A&B shareholders was $64.7 million, or $0.89 per diluted share, compared to $60.5 million, or $0.83 per diluted share, in the prior year, representing a 6.8% increase.

The CRE segment reported operating revenue of $202.9 million, a 2.8% increase from $197.4 million in 2024, driven by higher rental revenue from the Waihona Industrial acquisition, sales-type leases, and increased occupancy. Leased occupancy for the improved properties portfolio was 95.6% as of December 31, 2025, compared to 94.6% in the prior year. Land Operations revenue decreased significantly to $3.8 million from $39.3 million in 2024, reflecting reduced land sales activity. Funds From Operations (FFO) was $95.3 million, or $1.30 per diluted share, compared to $100.1 million, or $1.37 per diluted share, in the previous year, a decrease of 4.8%. Adjusted FFO was $75.1 million, compared to $80.1 million in 2024, a decrease of 6.2%.

Operating costs decreased by 14.3% to $110.6 million, primarily due to lower cost of sales in the Land Operations segment. Selling, general, and administrative expenses decreased by 5.7% to $28.1 million. The company incurred $7.1 million in merger transaction costs related to the pending acquisition by Tropic Purchaser LLC. The company completed 64 new leases and 136 renewal leases in the CRE segment, covering 722,700 square feet of gross leasable area.

A&B's Board of Directors authorized a new share repurchase program of up to $100 million, effective from January 1, 2026, through December 31, 2027. As of December 31, 2025, the company had $11.3 million in cash and cash equivalents and $442.0 million available under its revolving credit facility. The company expects capital expenditures of $75.0 million to $85.0 million in 2026. The company's merger with Tropic Purchaser LLC is expected to close in the first quarter of 2026, pending shareholder approval and customary closing conditions.

About Alexander & Baldwin, Inc.

Alexander & Baldwin, Inc. is a Hawaii-based, fully integrated real estate investment trust (REIT) specializing in commercial real estate. Its portfolio includes retail centers, industrial properties, office buildings, and urban ground leases, primarily grocery-anchored shopping centers serving local communities. The company leverages deep local market knowledge, long-standing relationships, and a focus on sustainable property management to generate stable rental income and long-term shareholder value within Hawaii’s unique economic and regulatory environment.

This description was generated via AI from an annual report. Updated 9 months ago.

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