Alexander & Baldwin (ALEX) Company Report

Alexander & Baldwin has entered into a definitive merger agreement to be acquired by an Investor Group (MW Group, Blackstone Real Estate, and DivcoWest) for $21.20 per share in an all-cash transaction.
This acquisition price represents a 40% premium to A&B’s closing stock price on December 8, 2025, and values the company at approximately $2.3 billion including outstanding debt.
The transaction, which will result in Alexander & Baldwin becoming a private company, was unanimously approved by the Board and is expected to close in the first quarter of 2026, pending shareholder approval and customary closing conditions.
The Board also approved a fourth quarter 2025 dividend of $0.35 per share, payable on January 8, 2026, which will reduce the per-share consideration shareholders receive at the closing of the transaction.

Dec 9, 2025, 11:31 AM

8-K

Alexander & Baldwin Amends Credit Facility and Adds Term Loan

ALEX

Debt Issuance

New Projects/Investments

Alexander & Baldwin, Inc. (ALEX) amended its unsecured revolving credit facility, maintaining its $450 million borrowing capacity, and secured a new $200 million term loan facility.
The $200 million term loan, which matures on November 3, 2030, was fully drawn on November 3, 2025, with proceeds used to repay $191 million outstanding on the revolving credit facility.
This action replenishes the company's revolving capacity, lowers its cost of capital, and extends the weighted average maturity of its borrowings by approximately one year.
The company entered into interest rate swap agreements to fix the rate for the entire $200 million term loan at an all-in weighted average of 4.69%.

Nov 6, 2025, 9:45 PM

8-K

Alexander & Baldwin Reports Strong Q3 2025 Results and Raises Full-Year FFO Guidance

ALEX

Earnings

Guidance Update

New Projects/Investments

Alexander & Baldwin reported Q3 2025 CRE and corporate FFO per share of $0.30, a 7.1% increase year-over-year, with total company FFO at $0.29 per share.
The company raised its full-year 2025 guidance for CRE and corporate FFO to $1.13 to $1.17 per share and total FFO to $1.36 to $1.41 per share, while reaffirming full-year same-store NOI growth at 3.4% to 3.8%.
Strategic developments include breaking ground on new buildings at Kumuana Industrial Park, projected to add $2.8 million in annual NOI by Q1 2027, and a project at Maui Business Park expected to generate $1 million in annual NOI by Q1 2026.
A tenant at Kaka‘ako Commerce Center exercised an option to purchase three floors, which is anticipated to close in Q1 2026, generating $24.1 million in proceeds for future acquisitions via a 1031 exchange.

Oct 30, 2025, 9:00 PM

Transcript

Alexander & Baldwin, Inc. Reports Third Quarter 2025 Results and Raises Full-Year Guidance

ALEX

Earnings

Guidance Update

New Projects/Investments

Alexander & Baldwin, Inc. reported net income of $14.3 million and diluted earnings per share of $0.20 for Q3 2025, with Funds From Operations (FFO) at $21.4 million, or $0.29 per diluted share.
The company's Commercial Real Estate (CRE) operating profit was $22.7 million in Q3 2025, with Same-Store Net Operating Income (NOI) increasing by 0.6% and leased occupancy reaching 95.6% as of September 30, 2025.
Alexander & Baldwin raised its full-year 2025 FFO guidance to a range of $1.36 to $1.41 per diluted share and its net income guidance to $0.95 to $1.00 per diluted share.
Significant industrial development projects are underway, including a build-to-suit facility at Maui Business Park and two new buildings at Komohana Industrial, which will add over 150,000 square feet of gross leasable area.

Oct 30, 2025, 9:00 PM

Presentation

Alexander & Baldwin, Inc. Reports Strong Q3 2025 Results and Raises Full-Year Guidance

ALEX

Earnings

Guidance Update

New Projects/Investments

Alexander & Baldwin, Inc. reported net income of $14.3 million ($0.20 per diluted share) and Funds From Operations (FFO) of $21.4 million ($0.29 per diluted share) for the third quarter of 2025.
The company's Commercial Real Estate (CRE) segment achieved a 0.6% increase in Same-Store Net Operating Income (NOI) and 95.6% leased occupancy as of September 30, 2025.
Alexander & Baldwin, Inc. raised its full-year 2025 FFO guidance to $1.36 to $1.41 per diluted share and its net income guidance to $0.95 to $1.00 per diluted share.
The company advanced industrial development projects, including the groundbreaking of two new buildings at Komohana Industrial, which will add over 150,000 square feet of gross leasable area upon completion.

Oct 30, 2025, 8:10 PM

8-K

Alexander & Baldwin Reports Third Quarter 2025 Results and Raises Full-Year FFO Guidance

ALEX

Earnings

Guidance Update

New Projects/Investments

Alexander & Baldwin, Inc. reported net income of $14.3 million, or $0.20 per diluted share, and Funds From Operations (FFO) of $21.4 million, or $0.29 per diluted share, for the third quarter of 2025.
The Commercial Real Estate (CRE) segment achieved an operating profit of $22.7 million, with Same-Store Net Operating Income (NOI) increasing by 0.6% and leased occupancy at 95.6% as of September 30, 2025.
The company raised its full-year 2025 FFO guidance to a range of $1.36 to $1.41 per diluted share and is advancing industrial development projects expected to add over 150,000 square feet of gross leasable area.
As of September 30, 2025, Alexander & Baldwin maintained total liquidity of $284.3 million and a Net Debt to Trailing Twelve Months Consolidated Adjusted EBITDA of 3.5 times.

Oct 30, 2025, 8:05 PM

Press Release

Roche to Present Over 30 Cancer Study Abstracts at ESMO 2025

ALEX

New Projects/Investments

Roche and its member company Genentech will present over 30 abstracts covering more than 10 types of cancer at the 2025 European Society for Medical Oncology (ESMO) Congress in Berlin.
Key highlights include the Phase III evERA Breast Cancer study with Giredestrant, demonstrating significant improvements in progression-free survival for ER-positive, HER2-negative breast cancer patients.
Tecentriq's IMvigor011 trial will showcase a pioneering circulating tumor DNA-guided post-surgery treatment approach for muscle-invasive bladder cancer, demonstrating improvements in disease-free and overall survival.
Final overall survival data from the pivotal ALEX study for Alecensa will confirm its status as a standard first-line treatment for advanced ALK-positive non-small cell lung cancer.

Oct 13, 2025, 5:07 AM

Morningstar

Alexander & Baldwin terminates Mahi Pono purchase agreement

ALEX

M&A

On June 17, 2025, Alexander & Baldwin entered into a Termination Agreement with Mahi Pono, ending the remaining rights and obligations under their December 2018 Purchase and Sale Agreement, including A&B’s original obligation of approximately $69.7 million.
Under the Agreement, A&B will transfer its 50% interest in East Maui Irrigation Company, LLC and forgo receipt of $2.7 million from Mahi Pono.
A&B will pay $55.3 million to Mahi Pono in installments over four years: $10 million at execution, $12.65 million on each of the first two anniversaries, and $10 million on the third and fourth anniversaries.

Jun 20, 2025, 12:00 AM

8-K

Alexander & Baldwin Highlights at 2025 Nareit REITweek Conference

ALEX

New Projects/Investments

Dividends

Company Overview: Alexander & Baldwin, a 155-year-old firm that converted to a REIT in 2017, focuses exclusively on Hawaii with a diversified asset portfolio comprising retail (≈66% of NOI), industrial (≈18%), ground leases (17%), and a small office component.
Market and Leasing Performance: The company reported strong leasing activity with overall occupancy at 95.4% and retail occupancy at 95.2%, alongside opportunities to enhance tenant mix and rental growth in a tight industrial market with a 1.2% vacancy rate on Oahu.
Development and Transaction Highlights: Notable transactions include a 75-year ground lease at Maui Business Park and a build-to-suit redevelopment on Oahu, leveraging limited developable urban land (only 4% available) as a competitive advantage.
Financial Strength and Dividend Policy: The firm maintains a robust balance sheet with a net debt to adjusted EBITDA ratio of 3.6 times and over $300 million in liquidity, supporting a board policy to payout 100% of taxable income and sustain a 5% common dividend.

Jun 4, 2025, 2:21 AM

Alexander & Baldwin Inc Q1 2025 Financial & Strategic Performance

ALEX

Earnings

Guidance Update

Dividends

Financial Performance: Reported net income of $21.4M, diluted EPS of $0.29, with FFO of $26.3M and FFO per share of $0.36 .
Commercial Real Estate: Achieved same-store NOI growth of 4.2-4.6% and posted a CRE operating profit of $23.4M with leased occupancy at 95.4% .
Leasing Initiatives: Executed 42 improved-property leases covering approx. 237,000 square feet .
Strategic Growth Transaction: Secured a 75-year ground lease at Maui Business Park converting about five acres of non-income-producing land into an income asset, contributing about $0.01 to FFO and opening a self-storage equity opportunity .
Dividend & Guidance Update: Declared a Q1 dividend of $0.2250 per share, revised full-year guidance, and raised total FFO guidance to $1.17-$1.23 per share .
Liquidity: Reported liquidity in excess of $300 million .
Additional Portfolio Initiative: Sold agriculture-zoned land .