Alexander & Baldwin

ALEX

Market cap $1.14B

Over 200 U.S. REITs and homebuilders have reported third-quarter earnings results over the past five weeks, providing critical information on the state of the commercial and residential real estate industry. Overall, REIT earnings results were marginally better than consensus expectations despite a handful of high-profile flops that overshadowed some impressive individual results across a balanced mix of sectors. Two-thirds of the sector (67 REITs) raised their full-year FFO outlook—above the historical average of 65%. Notable winners included Industrial, Senior Housing, Data Center, Retail, and Billboard REITs.

HONOLULU , Nov. 6, 2025 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX) (the "Company") today announced the amendment of its unsecured revolving credit facility, maintaining its existing $450 million borrowing capacity and executing a new $200 million term loan facility to further strengthen its capital structure and financial flexibility. The terms of the amendment are generally consistent with the preceding revolving credit facility and include the addition of the new term loan facility.

Alexander & Baldwin, Inc. ( ALEX ) Q3 2025 Earnings Call October 30, 2025 5:00 PM EDT Company Participants Tran Chinery Lance Parker - President, CEO & Director Clayton Chun - Executive VP, Treasurer & CFO Kit Millan - Senior Vice President of Asset Management Conference Call Participants Robert Stevenson - Janney Montgomery Scott LLC, Research Division Alexander Goldfarb - Piper Sandler & Co., Research Division Mitch Germain - Citizens JMP Securities, LLC, Research Division Brendan Michael McCarthy - Sidoti & Company, LLC Gaurav Mehta - Alliance Global Partners, Research Division Presentation Operator Good afternoon, ladies and gentlemen, and welcome to the Alexander & Baldwin Third Quarter 2025 Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, October 30, 2025.

Although the revenue and EPS for Alexander & Baldwin Holdings (ALEX) give a sense of how its business performed in the quarter ended September 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Alexander & Baldwin Holdings, Inc. (ALEX) came out with quarterly funds from operations (FFO) of $0.29 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to FFO of $0.39 per share a year ago.

HONOLULU , Oct. 30, 2025  /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based owner, operator and developer of high-quality commercial real estate in Hawai'i, today announced net income available to A&B common shareholders of $14.3 million, or $0.20 per diluted share, and Commercial Real Estate ("CRE") operating profit of $22.7 million for the third quarter of 2025. Q3  2025 Highlights Funds From Operations ("FFO") of $21.4 million, or $0.29 per diluted share FFO related to CRE and Corporate of $21.7 million, or $0.30 per diluted share CRE Same-Store Net Operating Income ("NOI") increased 0.6% Leased occupancy as of September 30, 2025, was 95.6% Comparable blended leasing spreads for the improved portfolio were 4.4% Advanced industrial development projects, with vertical construction underway for a build-to-suit facility at Maui Business Park and the groundbreaking of two new buildings at Komohana Industrial, which will add over 150,000 square feet ("sq.

Alexander & Baldwin's 15% correction offers a value entry, as fundamentals and dividend coverage remain strong despite regional economic softness. Debt metrics are healthy with a 95% fixed-rate structure, ample liquidity, and manageable maturities, reducing refinancing or interest rate risks. Portfolio quality is solid, anchored in resilient tenants and stable occupancy, though Hawaii's slowdown poses near-term leasing pressure risks.

HONOLULU , Oct. 10, 2025 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based owner, operator, and developer of high-quality commercial real estate in Hawai'i, will report results for the third quarter 2025, after the market closes, on Thursday, October 30, 2025. In connection with this announcement, A&B will host a conference call and webcast on Thursday, October 30, 2025, at 5:00 p.m.

Market optimism has waned as investors weighed mixed data, Fed guidance, and sector-specific risks after the S&P 500 hit eight record highs in September. Strong GDP and jobs data have tempered rate cut expectations, resulting in a slight market pullback, though 89% of traders still predict an October rate reduction. Beyond shifting rate cut expectations, seasonal weakness, upcoming earnings, and concerns around stretched valuations could contribute to market volatility.

Diversified REITs are trading at a 24% discount to the value implied by their underlying real estate assets, based on cap rate analysis. This discount exists despite diversified REITs owning similar property mixes as pure-play REITs, suggesting a mispricing opportunity for investors. While some valuation gap is justified, I believe the current discount is excessive and presents a compelling opportunity in diversified REITs.