Total Revenue

Declined from $61.202M in Q1 2024 to $53.738M in Q1 2025

Total Revenue fell by approximately 12.2% YoY, driven primarily by steep declines in Land Operations and Unimproved/Other Sales despite a modest rise in Commercial Real Estate revenue. The sharp drop in land sales in Q1 2025 reversed the revenue gains seen in Q1 2024. " " " " "

Commercial Real Estate

Increased from $48.9M in Q1 2024 to $51.043M in Q1 2025 (4% increase)

CRE revenue increased modestly by about 4% YoY due to higher rental and recovery income, which provided stability even as other segments lagged. This improvement contrasts with the substantial decline in the land-focused segments. " " "

Land Operations Revenue

Dropped from $12.3M in Q1 2024 to $2.695M in Q1 2025 (78% drop)

Land Operations revenue fell drastically by nearly 78% YoY, reflecting very low development sales and a significant reduction in land sale transactions compared to Q1 2024, where the company had leveraged higher land transaction volumes. " " "

Unimproved/Other Sales

Decreased from $9.6M in Q1 2024 to $2.533M in Q1 2025 (73% drop)

Unimproved/Other Sales revenue declined by around 73% YoY, primarily due to a steep reduction in land sale activity relative to the prior period, which had benefited from exceptional sales volumes and values. " " "

Net Income

Increased from $19.982M in Q1 2024 to $21.433M in Q1 2025 (7% increase)

Net income grew by roughly 7% YoY, reflecting improved profitability margins likely driven by better cost management and operational efficiency, which helped offset the overall revenue decline even as the revenue mix shifted from land sales to more stable CRE operations. " "

Operating Cash Flows from Continuing Operations

Increased from $16,464K in Q1 2024 to $25,882K in Q1 2025 (57% increase)

Operating cash flows surged by around 57% YoY, attributed to stronger cash collections from Commercial Real Estate and possibly improved operational cash management, contrasting with the lower transaction-based revenue in the land segment. " "

Interest Expense

Increased from $5,510K in Q1 2024 to $5,802K in Q1 2025 (5% increase)

Interest expense increased modestly by approximately 5% YoY, reflecting slightly higher debt servicing costs, which may be due to refinanced debt or rising interest rates impacting variable-rate obligations. " "

Total Company FFO

FY 2025

$1.13–$1.20 per share "

$1.17–$1.23 per share " "

raised

CRE and Corporate FFO

FY 2025

$1.11–$1.16 per share "

$1.11–$1.16 per share " "

no change

Same-Store NOI Growth

FY 2025

2.4%–3.2% "

2.4%–3.2% " "

no change

FFO Related to Internal or External Growth

FY 2025

$0.01 (via External acquisitions contribution) "

$0.01 per share " " "

no change

G&A Costs

FY 2025

flat to a $0.01 per share improvement "

flat to $0.01 per share lower "

no change

Leasing Performance and Occupancy Trends

In Q2, Q3, and Q4 2024 the company consistently reported robust leasing activity, high leased/economic occupancy, and noted concerns such as delayed occupancies and contingencies (e.g. vacancies at Kaka'ako and industrial/office spaces). " " " " "

In Q1 2025 the company continued to demonstrate strong leasing performance with 42 executed leases, improved occupancy (95.4% leased, 93.9% economic) and addressed backfilling vacancies via key leases, though noting contingencies that could affect outcomes. " " "

Recurring topic with overall strengthening in occupancy but with emerging concerns over lease contingencies.

Land Operations and Asset Management

Previous periods (Q2–Q4 2024) focused on simplifying legacy cost structures, reducing carrying costs in Land Operations, and executing strategic asset sales while emphasizing monetization of noncore lands and converting them to income‐producing assets. " " " " " " "

In Q1 2025, the discussion centered on the conversion of non-income producing land via a 75-year ground lease at Maui Business Park and selling 90 acres of land, reinforcing strategic asset sales and continued focus on legacy challenge management. " " "

Recurring topic with consistent strategic actions—continued focus on conversion of noncore land into income-producing assets and cost management.

Acquisition Pipeline and Portfolio Growth

In Q2–Q4 2024, the company highlighted an active acquisition pipeline with diverse opportunities across asset types, strategic capital recycling, and a cautiously optimistic outlook despite market dislocations and pricing challenges. " " " " " " " "

In Q1 2025, leadership reiterated an active pipeline with numerous opportunities while noting optimism about closing deals later in the year, even as macro uncertainty tempers full-year guidance. " " " " " "

Recurring focus with shifting sentiment—ongoing acquisition interest amid cautious optimism and some uncertainty due to market dynamics.

Industrial Portfolio Performance

Across Q2–Q4 2024, the portfolio displayed robust demand and healthy leasing (e.g. high new deal counts and acquisitions) but also noted risks such as lease terminations, move-outs, and expected vacancies in the industrial segment. " " " " " " " "

In Q1 2025, strong leasing activity was maintained with improved occupancy metrics and active backfilling efforts, though some lease contingencies remain as potential risks. " " "

Recurring theme with robust leasing and occupancy improvements balanced against persistent risks from lease contingencies.

Macroeconomic Uncertainty and Cost Pressures

In Q2 and Q3 2024, there were indirect discussions about economic indicators, cost streamlining, efforts to manage debt, and improvements in G&A expenses; however, detailed emphasis on tariff‐impacted construction costs was less pronounced. " " " " "

In Q1 2025, the company directly addressed macroeconomic uncertainty by discussing proactive steps (e.g. pre-purchasing tariff-impacted materials) and acknowledged that while tariffs affect construction costs (notably steel pricing), robust leasing offsets immediate impacts. " " " " "

Recurring topic but with less emphasis overall on economic risks – proactive mitigation steps are in place and detailed tariff focus is moderated.

Operational Efficiency and Cost Reduction Initiatives

Q2–Q4 2024 discussions centered on significant G&A reductions (up to 26.8%), streamlining of processes in both corporate and land operations, and strategic balance sheet management through debt and asset sales. " " " " " " " "

In Q1 2025, the company reported further process improvements with a 3.4% decrease in G&A expenses, continued cost streamlining (including land asset sales), and proactive lease negotiations and construction procurement strategies. " " "

Recurring and consistent focus with continuous improvements in reducing overhead and enhancing margins.

Emerging Renewable Energy Initiatives

In Q2 2024, the company introduced solar projects as part of its renewable energy initiatives, noting that five photovoltaic projects were in development, expected to deliver incremental NOI and initial projects delivered almost $1 million in NOI. " "

There is no mention of emerging renewable energy initiatives in Q1 2025, nor in Q3 or Q4 2024 documentation, making it absent from the current period’s discussion.

New but isolated topic—prominently mentioned only in Q2 2024 and not carried into Q1 2025, suggesting a shift in focus away from it currently.

Rent Spreads and Pricing Power Dynamics

In Q2, Q3, and Q4 2024, there was detailed discussion on rent spread levels—with Q2 reporting lower blended spreads (7.3%-8.3%) relative to mainland peers, Q3 noting high spreads driven by specific anchor deals, and Q4 highlighting strong spreads (14% on a comparable basis) and comparing performance to mainland averages. " " " " " "

In Q1 2025, the company reported strong blended leasing spreads at 10.2% on a comparable basis but did not detail comparative fluctuations relative to mainland peers. "

Recurring topic with volatile performance driven by specific transactions; while current data is less comparative, overall dynamics remain a focus.