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- **Guidance Raised**: FFO raised to $1.13-$1.17 (CRE & Corporate) and $1.36-$1.41 (total), reflecting strong portfolio performance and expense management.
- **Internal Growth Momentum**: $2.8M annual NOI from new Komohana buildings (Q1 2027), and $1M from Maui build-to-suit (Q1 2026).
- **Acquisition Activity**: Actively pursuing three large portfolios, leveraging local market insights.
- **Financial Strength**: 3.5x net debt/EBITDA, 89% fixed-rate debt, and $284M liquidity support expansion.
- **Land Drag**: Q3 land loss of $0.01 per share, with annualized costs of $3.75-$4.5M.

**【Management Opening Remarks】**
- Tran Chinery welcomed participants and outlined the call's structure, emphasizing forward-looking statements and non-GAAP financial measures. The presentation was available online for reference.

**【CEO Summary Section】**
- **Revenue and Guidance**: Exceeded expectations, with FFO guidance raised to $1.13-$1.17 per share (CRE & Corporate) and total FFO to $1.36-$1.41 per share. Full-year same-store NOI growth reaffirmed at 3.4%-3.8%.
- **CRE Portfolio Performance**: Same-store NOI growth of 0.6% Q3, with 49 leases executed (164k sq ft GLA, $3.3M ABR). Leased occupancy at 95.6%, up 160bps YoY. SNO at $6.4M, including $3.1M from build-to-suit projects.
- **Internal Growth**: 
  - Komohana Industrial Park: Groundbreaking for 91k sq ft pre-leased to Lowe's and 30k sq ft speculative building, expected to generate $2.8M annual NOI by Q1 2027.
  - Maui Business Park: Build-to-suit project on track for Q1 2026 completion, adding $1M annual NOI.
  - Kaka'ako Commerce Center: 96.3% occupancy post backfill, with $24.1M sale proceeds for future 1031 exchange.
- **External Growth**: Actively pursuing acquisitions amid three large portfolios being marketed in Hawaii.

**【CFO Financial Commentary】**
- **Financial Results**: Q3 NOI of $32.8M (+1.2% YoY), FFO per share of $0.29 (including $0.30 from CRE & Corporate). G&A expenses down $1.4M YoY, with full-year guidance flat to $0.01 lower.
- **Balance Sheet**: Liquidity of $284.3M, net debt/EBITDA of 3.5x, 89% fixed-rate debt at 4.7% WACC.
- **Guidance Update**: Full-year FFO raised by $0.01, driven by lower-than-expected interest expense.

**【Q&A Highlights】**
- **SNO Timing**: Build-to-suit NOI contributions expected Q1 2026 (Maui) and Q1 2027 (Komohana). 
- **Acquisition Strategy**: Actively underwriting opportunities, with local market expertise as competitive advantage.
- **Land Operations**: Annualized costs of $3.75-$4.5M, with no land sales in Q3 resulting in $0.01 FFO drag.
- **G&A Outlook**: Q4 G&A ~$9M, reflecting transaction-related costs and timing adjustments.
- **Competitive Landscape**: Mainland capital interest in Hawaii, but local knowledge provides edge.
- **Share Buybacks**: Considered alongside acquisitions and developments, based on risk-adjusted returns.

Alexander & Baldwin, Inc. (ALEX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ALEX

ALEX fundamentals

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