Alexander & Baldwin, Inc. $(ALEX)$, a Hawai'i-based real estate company, reported its financial results for the second quarter of 2025. The company achieved a net income available to common shareholders of $25.1 million, compared to $9.1 million in the same period of 2024. This resulted in diluted earnings per share of $0.35, up from $0.13 in the previous year. The company's Funds From Operations (FFO) for the second quarter of 2025 amounted to $35.2 million, or $0.48 per diluted share, compared to $20.6 million, or $0.28 per diluted share, in the same quarter of 2024. The FFO related to Commercial Real Estate $(CRE)$ and Corporate was $21.2 million, or $0.29 per diluted share, showing an increase from $0.28 per diluted share in the prior year. CRE operating revenue for the quarter was $50.7 million, a slight increase from $49.2 million in the second quarter of 2024. However, CRE operating profit decreased slightly to $22.2 million from $22.6 million in the previous year. The company reported a 5.3% growth in Same-Store Net Operating Income (NOI), compared to 0.9% in 2024. The leased occupancy as of June 30, 2025, was 95.8%, with comparable blended leasing spreads of 6.8% for its improved portfolio. In Land Operations, the company reported an operating profit of $13.9 million for the second quarter of 2025, driven by the resolution of legacy obligations and income from a legacy joint venture. As of June 30, 2025, Alexander & Baldwin had total liquidity of $307.6 million, including cash on hand and available credit. The company's net debt to trailing twelve months consolidated adjusted EBITDA was 3.3 times, with a TTM consolidated adjusted EBITDA of $135.6 million for the twelve months ended June 30, 2025. The company declared a third quarter 2025 dividend of $0.2250 per share, payable on October 7, 2025, to shareholders of record as of September 12, 2025.