Alexander & Baldwin, Inc. (A&B) reported its financial results for the second quarter and first half of 2025, showcasing a significant increase in profitability compared to the same periods in 2024. For the three months ended June 30, 2025, the company recorded a net income of $25.1 million, or $0.35 per share, a substantial increase from $9.1 million, or $0.13 per share, in the prior year. For the first six months, net income rose to $46.6 million, or $0.64 per share, compared to $29.1 million, or $0.40 per share, in 2024. Total operating revenue for the second quarter was $51.7 million, a slight increase of 1.3% from $51.0 million in the same quarter last year, while revenue for the first half decreased by 6.1% to $105.4 million.
The company's financial performance was bolstered by a notable gain on the disposal of assets, which amounted to $11.6 million in the second quarter, compared to $2.1 million in the same period last year. This gain was primarily attributed to a favorable resolution of rights and obligations from a previous land sale. Additionally, income related to joint ventures increased significantly, reaching $2.6 million in the second quarter, up from $1.0 million in 2024. However, the Land Operations segment experienced a decline in revenue, primarily due to lower sales from unimproved land and development parcels.
In terms of operational developments, A&B's Commercial Real Estate segment saw a 3.1% increase in operating revenue to $50.7 million for the second quarter, driven by higher rental and recovery revenue, particularly from the acquisition of Waihona Industrial. The segment's operating profit slightly decreased to $22.2 million, impacted by increased depreciation expenses. The company also reported improved occupancy rates, with leased occupancy rising to 95.8% as of June 30, 2025, compared to 93.9% a year earlier.
Looking ahead, A&B's management expressed confidence in the company's ability to meet its financial obligations and growth strategies. The company has a robust liquidity position, with $8.6 million in cash and $299 million available under its revolving credit facility as of June 30, 2025. The company anticipates that cash generated from operations, along with available cash and borrowing capacity, will be sufficient to support its business requirements in both the short and long term. However, management acknowledged potential risks from economic conditions, including inflation and market volatility, which could impact future performance.
About Alexander & Baldwin, Inc.
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