Alexander & Baldwin, Inc. reported a net income of $21.4 million for the first quarter of 2025, reflecting a 7.3% increase from $20.0 million in the same period last year. The company's earnings per share rose to $0.29, up from $0.28 in the prior year. Total operating revenue decreased by 12.2% to $53.7 million, primarily due to a significant drop in revenue from the Land Operations segment, which fell to $2.7 million from $12.3 million. In contrast, the Commercial Real Estate segment saw a revenue increase of 4.4%, reaching $51.0 million, driven by higher rental and recovery income.
The company's operating costs also decreased, down 10.4% to $27.1 million, largely due to reduced costs associated with land sales in the Land Operations segment. Operating income for the quarter was $24.0 million, a slight increase from $23.8 million in the previous year. Notably, the company recognized a gain of $4.1 million from a commercial real estate transaction related to a new ground lease agreement, which contributed positively to its financial performance.
In terms of operational metrics, Alexander & Baldwin's Commercial Real Estate portfolio included 21 retail centers, 14 industrial assets, and four office properties, totaling approximately four million square feet of gross leasable area. The company signed 10 new leases and 32 renewal leases during the quarter, covering 236,800 square feet. The average annual base rent for new leases was $16.34 per square foot, while renewal leases averaged $27.58 per square foot. The company reported a leased occupancy rate of 95.4%, an increase from 94.0% a year earlier.
Looking ahead, Alexander & Baldwin remains focused on its strategic initiatives, including the simplification of its legacy assets and enhancing its commercial real estate portfolio. The company has a strong liquidity position, with $16.9 million in cash and $307 million available under its revolving credit facility as of March 31, 2025. Management believes that cash generated from operations, along with available cash and borrowing capacity, will be sufficient to meet its business requirements in the near term. However, the company acknowledges potential risks from economic conditions, including inflation and market volatility, which could impact future performance.
About Alexander & Baldwin, Inc.
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