We believe ALEX will continue to focus on driving internal and external growth in its Commercial Real Estate (CRE) operations, while streamlining the business and cost structure. The company remains committed to opportunistically monetizing non-core land holdings over time; these transactions will vary from period to period and are excluded from our estimates. In our view, Hawaii's inherent supply/demand imbalance and complex entitlement process create notable barriers to entry for market participants. We take up our FFO per share estimates following outperformance in 2Q:25, backed by 5.3% year over year same-store NOI growth. We estimate standalone CRE FFO per share to be $1.15 in 2025 (up from $1.14) and $1.20 in 2026 (up from $1.18) ALEX took up 2025 FFO guidance to a range of $1.35-$1.40 per share (from $1.17-$1.23 per share). The $0.17 per share uplift at the midpoint results from 2Q:25 Land Operations segment profit. FFO derived from CRE is expected to range from $1.12-$1.16 per share (up from $1.11-$1.16). Total FFO per share equaled $0.48, up from $0.28 in 2Q:24, driven by the reserve release from the Land Operations termination agreement, which will also lower carry costs, as well as 5.3% growth in CRE same-store NOI. The balance sheet remains strong with ample liquidity of over $300 million to support growth. Our $21 price target is based on 17x our 2026 FFO per share estimate of $1.20 (from $1.18). Our 2025 NAV per share estimate is $25.75. Our moderate risk rating balances ALEX's key tenant health and favorable supply dynamics in Hawaii.