Alexander & Baldwin Holdings Inc
Alexander & Baldwin — Q2 2025 Earnings Presentation
21 slides from Alexander & Baldwin's earnings presentation, Jul 24, 2025
Slide 1: Premier Commercial Real Estate Company
Premier Commercial Real Estate Company Second Quarter 2025 Earnings Presentation July 24, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from thos
Slide 3: Agenda
ALEXANDER & BALDWIN 3 Agenda Lance Parker, President & CEO • Accomplishments • Second Quarter Highlights Clayton Chun, EVP, CFO & Treasurer • Financial Matters Lance Parker, President & CEO • Closing Remarks • Q&A Partners for Hawai‘i Alexander & Baldwin NYSE: ALEX
Slide 4: Second Quarter Highlights
Second Quarter Highlights Lance Parker, President & CEO Partners for Hawai‘i Alexander & Baldwin NYSE: ALEX
Slide 5: Q2 2025 Accomplishments
HIGHLIGHTS 5 Q2 2025 Accomplishments • Improve CRE Performance – Achieved 5.3% same-store NOI growth – Driven by improved occupancy • Focus on internal and external growth – Continued progress on build-to-suit developments – Maui BTS expected to be complete in 1Q26 with $1.0 million of NOI uplift –
Slide 6: Q2 2025 Highlights
HIGHLIGHTS 6 Q2 2025 Highlights Q2 2025 NOI Growth 6.3% Same-Store NOI Growth 5.3% Spreads for New & Renewal Leases 6.8% As of June 30, 2025 Leased Occupancy 95.8% Economic Occupancy 94.8% ABR for SNO Leases1 $5.8 million 1 Includes $1.9 Partners million of ABR for improved properties, $0.7 million
Slide 7: Financial Matters
Financial Matters Clayton Chun, EVP, CFO and Treasurer Partners for Hawai‘i Alexander & Baldwin NYSE: ALEX
Slide 8: Financial Results
FINANCIAL MATTERS 8 Financial Results $0.50 FFO by Segment $0.48 per diluted share Q2 2025 Net income1 $25.1M $0.35 $0.40 $0.19 per diluted share FFO $35.2M $0.48 per diluted share $0.30 $0.28 per diluted share FFO related to CRE and $0.29 $21.2M Corporate per diluted share $0.20 Continued Improveme
Slide 9: Balance Sheet and Capital Markets
BALANCE SHEET 9 Balance Sheet and Capital Markets 6% Encumbered • Net debt / TTM Consolidated Adjusted EBITDA of 3.3x Total Debt $450M compared to 3.6x in Q4 2024. • Including the effects of interest rate swaps, at quarter end, the 94% Company had a weighted-average interest rate of 4.67% and Unencu
Slide 10: Guidance
Guidance Clayton Chun, EVP, CFO and Treasurer Partners for Hawai‘i Alexander & Baldwin NYSE: ALEX
Slide 11: Full-Year 2025 Guidance
GUIDANCE 11 Full-Year 2025 Guidance Q2 2025 YTD Metric Revised Previous Actual Net Income (Loss) available to A&B common shareholders per diluted share $0.64 $0.91 to $0.96 $0.68 to $0.74 FFO per diluted share $0.84 $1.35 to $1.40 $1.17 to $1.23 FFO related to CRE and Corporate $0.59 $1.12 to $1.16
Slide 12: Closing Remarks
Closing Remarks Lance Parker, President & CEO Partners for Hawai‘i Alexander & Baldwin NYSE: ALEX
Slide 13: Q&A
Q&A Partners for Hawai‘i Alexander & Baldwin NYSE: ALEX
Slide 14: Appendix
Appendix Alexander & NYSE: Partners for Hawai‘i Baldwin ALEX
Slide 15: Statement On Use Of Non-GAAP Financial Measures
Statement On Use Of Non- GAAP Financial Measures The Company uses non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' operating results, and/or the underlying business trends affecting performance o
Slide 16: CRE Net Operating Income
APPENDIX (dollars in thousands; unaudited) CRE Net Operating Income Reconciliations of CRE operating profit to NOI and Same-Store NOI are as follows: Three Months Ended June 30, 2025 2024 CRE Operating Profit $ 22,205 $ 22,611 Depreciation and amortization 10,007 8,890 Straight-line lease adjustment
Slide 17: Funds From Operations (FFO) and FFO related to CRE and Corporate
APPENDIX (dollars in thousands, except per share data; unaudited) Funds From Operations (FFO) and FFO related to CRE and Corporate Reconciliations of Net Income to FFO and FFO related to CRE and Corporate are as follows: Three Months Ended June 30, 2025 2024 Net Income (Loss) available to A&B common
Slide 18: Net Debt
APPENDIX (dollars in thousands; unaudited) Net Debt A reconciliation of the Company’s net debt is as follows: June 30, 2025 December 31, 2024 Secured debt $ 55,150 $ 54,714 Unsecured term debt 244,147 270,123 Unsecured revolving credit facility 151,000 150,000 Total debt 450,297 474,837 Net unamorti
Slide 19: TTM Consolidated Adjusted EBITDA
APPENDIX (dollars in thousands; unaudited) TTM Consolidated Adjusted EBITDA Reconciliations of the Company's consolidated net income to Consolidated EBITDA and Consolidated Adjusted EBITDA are as follows: TTM June 30, TTM December 31, 2025 2024 Net Income (Loss) $ 78,008 $ 60,537 Adjustments: Deprec
Slide 20: Reconciliation of Non-GAAP Guidance
APPENDIX (unaudited) Reconciliation of Non-GAAP Guidance Reconciliations of Net Income (Loss) available to A&B common shareholders per diluted share, to the forward-looking range of Funds From Operations (“FFO”) per diluted share and FFO per diluted share related to CRE and Corporate are as follows:
Slide 21: Reconciliation of Non-GAAP Guidance (Continued)
APPENDIX Reconciliation of Non-GAAP Guidance (Continued) The forward looking guidance includes certain forward-looking information, including CRE Same-Store NOI growth %, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not p