alex-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to _________________

Commission file number 001-35492

ALEXANDER & BALDWIN, INC.

(Exact name of registrant as specified in its charter)


Hawaii			45-4849780
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

822 Bishop Street
P. O. Box 3440,	Honolulu,	Hawaii	96801
(Address of principal executive offices)			(Zip Code)

(808) 525-6611

(Registrant's telephone number, including area code)

N/A

(Former name, former address, and former

fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, without par value	ALEX	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of common stock outstanding as of March 31, 2025: 72,711,539

ALEXANDER & BALDWIN, INC.

FORM 10-Q

For the Quarterly Period Ended March 31, 2025

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets - As of March 31, 2025 and December 31, 2024

Condensed Consolidated Statements of Operations - Three Months Ended March 31, 2025 and 2024

Condensed Consolidated Statements of Comprehensive Income (Loss) - Three Months Ended March 31, 2025 and 2024

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2025 and 2024

Condensed Consolidated Statements of Equity - Three Months Ended March 31, 2025 and 2024

Notes to Condensed Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 5.

Other Information

Item 6.

Exhibit Index

Signature

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ALEXANDER & BALDWIN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands; unaudited)


	March 31,		December 31,
	2025		2024
ASSETS
Real estate investments
Real estate property	$	1,676,343	$	1,670,879
Accumulated depreciation	(263,283)		(255,641)
Real estate property, net	1,413,060		1,415,238
Real estate developments	41,466		46,423
Investments in sales-type leases, net of allowances (credit losses) of $17 as of March 31, 2025	9,216		—
Investments in real estate joint ventures and partnerships	5,907		5,907
Real estate intangible assets, net	29,795		31,176
Real estate investments, net	1,499,444		1,498,744
Cash and cash equivalents	16,855		33,436
Restricted cash	697		236
Accounts receivable, net of allowances (credit losses and doubtful accounts) of $1,728 and $1,701 as of March 31, 2025 and December 31, 2024, respectively	4,942		3,697

Goodwill	8,729		8,729
Other receivables, net of allowances (credit losses) of $2,299 and $2,393 as of March 31, 2025 and December 31, 2024, respectively	11,185		16,696
Prepaid expenses and other assets	106,762		108,894

Total assets	$	1,648,614	$	1,670,432

LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt	$	452,843	$	474,837
Accounts payable	4,490		4,529

Accrued post-retirement benefits	7,535		7,582
Deferred revenue	75,085		72,462
Accrued and other liabilities	103,518		107,479

Total liabilities	643,471		666,889

Commitments and Contingencies (Note 7)
Equity:
Common stock - no par value; authorized, 225,000,000 shares; outstanding 72,711,539 and 72,633,866 shares at March 31, 2025 and December 31, 2024, respectively	1,811,826		1,811,582
Accumulated other comprehensive income (loss)	2,506		6,134
Distributions in excess of accumulated earnings	(809,189)		(814,173)
Total shareholders' equity	1,005,143		1,003,543
Total liabilities and equity	$	1,648,614	$	1,670,432

See Notes to Condensed Consolidated Financial Statements.

ALEXANDER & BALDWIN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data; unaudited)


	Three Months Ended March 31,
		2025		2024
Operating Revenue:
Commercial Real Estate		$	51,043	$	48,888
Land Operations		2,695		12,314
Total operating revenue		53,738		61,202
Operating Costs and Expenses:
Cost of Commercial Real Estate		26,169		25,416
Cost of Land Operations		894		4,787
Selling, general and administrative		6,990		7,239

Total operating costs and expenses		34,053		37,442
Gain (loss) on commercial real estate transactions		4,103		—
Gain (loss) on disposal of assets, net		193		23

Total gain (loss) on commercial real estate transactions and other disposal of assets, net		4,296		23
Operating Income (Loss)		23,981		23,783
Other Income and (Expenses):
Income (loss) related to joint ventures		3,025		698

Interest and other income (expense), net		51		1,267
Interest expense		(5,802)		(5,510)
Income (Loss) from Continuing Operations Before Income Taxes		21,255		20,238
Income tax benefit (expense)		39		—
Income (Loss) from Continuing Operations		21,294		20,238
Income (loss) from discontinued operations, net of income taxes		139		(256)
Net Income (Loss)		$	21,433	$	19,982




Earnings (Loss) Per Share Available to A&B Shareholders:
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders		$	0.29	$	0.28
Discontinued operations available to A&B shareholders		—		—
Net income (loss) available to A&B shareholders		$	0.29	$	0.28


Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders		$	0.29	$	0.28
Discontinued operations available to A&B shareholders		—		—
Net income (loss) available to A&B shareholders		$	0.29	$	0.28


Weighted-Average Number of Shares Outstanding:
Basic		72,683		72,545
Diluted		72,820		72,666

Amounts Available to A&B Common Shareholders:
Continuing operations available to A&B common shareholders		$	21,294	$	20,230
Discontinued operations available to A&B common shareholders		139		(256)
Net income (loss) available to A&B common shareholders		$	21,433	$	19,974

See Notes to Condensed Consolidated Financial Statements.

ALEXANDER & BALDWIN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(dollars in thousands; unaudited)


	Three Months Ended March 31,
		2025		2024
Net Income (Loss)		$	21,433	$	19,982
Other Comprehensive Income (Loss), net of tax:
Cash flow hedges:
Unrealized interest rate derivative gain (loss)		(3,083)		1,202

Reclassification adjustment to interest expense included in Net Income (Loss)		(545)		(473)







Other comprehensive income (loss), net of tax		(3,628)		729
Comprehensive Income (Loss)		$	17,805	$	20,711

See Notes to Condensed Consolidated Financial Statements.

ALEXANDER & BALDWIN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands; unaudited)


	Three Months Ended March 31,
	2025		2024
Cash Flows from Operating Activities:
Net income (loss)	$	21,433	$	19,982
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Loss (income) from discontinued operations	(139)		256
Depreciation and amortization	9,207		9,034

Provision for (reversal of) credit losses	17		—

(Gain) loss on commercial real estate transactions and other disposals, net	(4,296)		(23)

(Gain) loss on de-designated interest rate swap valuation adjustment	—		(3,675)
Share-based compensation expense	1,370		1,126
Loss (income) related to joint ventures, net of operating cash distributions	(1,025)		50
Changes in operating assets and liabilities:
Trade and other receivables	(1,524)		(486)
Prepaid expenses and other assets	(2,471)		(3,435)
Development/other property inventory	4,564		(2,925)
Accrued post-retirement benefits	(47)		(1,697)
Accounts payable	(58)		(1,242)
Accrued and other liabilities	(1,149)		(501)
Operating cash flows from continuing operations	25,882		16,464
Operating cash flows from discontinued operations	115		(403)
Net cash provided by (used in) operations	25,997		16,061
Cash Flows from Investing Activities:

SEC Form 10-Q filed by Alexander & Baldwin Inc.