Alexander & Baldwin, Inc. (A&B) is a fully integrated real estate investment trust (REIT) headquartered in Honolulu, Hawai‘i, with over 150 years of history. The company focuses on managing and growing its commercial real estate portfolio in Hawai‘i while simplifying its operations by monetizing non-core assets. A&B specializes in owning, operating, and leasing retail, industrial, and urban ground lease properties, as well as managing legacy landholdings and development activities.
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Commercial Real Estate (CRE) - Owns, operates, and leases a portfolio of retail, industrial, and office properties, with a focus on grocery-anchored shopping centers and urban ground leases in Hawai‘i. The portfolio includes approximately 3.9 million square feet of gross leasable area and 142.0 acres of ground lease assets.
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Land Operations - Manages legacy landholdings and assets, generating revenue through real estate development, land sales, and joint ventures. The portfolio includes approximately 3,316 acres of legacy landholdings and 51 acres of core landholdings.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lance K. Parker ExecutiveBoard | President and Chief Executive Officer | None | Joined ALEX in 2004; held various leadership roles, including COO and Chief Real Estate Officer; became CEO on July 1, 2023. | View Report → |
Clayton K.Y. Chun Executive | EVP, Chief Financial Officer, Treasurer | None | Oversees financial operations; responsible for compliance with SEC regulations; no external roles listed. | |
Diana M. Laing Board | Director | Director at CareTrust REIT, Inc. (Nasdaq: CTRE) and Host Hotels (Nasdaq: HST) | Director since 2019; served as Interim CFO and EVP at ALEX in 2018-2019; extensive finance and accounting expertise. | |
Douglas M. Pasquale Board | Lead Independent Director | CEO of Capstone Enterprises Corporation; Director at Sunstone Hotel Investors, Terreno Realty, and Dine Brands Global | Director since 2012; extensive REIT and corporate governance expertise; former CEO of Nationwide Health Properties. | |
Eric K. Yeaman Board | Chairman of the Board | Founder & Managing Partner of Hoku Capital LLC; Director at Alaska Air Group, Inc. (NYSE: ALK) | Director since 2012; became Chairman in October 2020; extensive experience in finance and telecommunications. | |
John T. Leong Board | Director | CEO of Kupu and Pono Pacific Land Management, LLC | Director since 2020; expertise in environmental and community matters; active in Hawaii's business and non-profit sectors. | |
Shelee Kimura Board | Director | CEO of Hawaiian Electric Company; Member of Shidler College Advisory Council; Board member of Mid-Pacific Institute, Parents and Children Together, and Nā Kama Kai | Appointed to ALEX Board in 2023; brings expertise in energy, finance, and community development. | |
Thomas A. Lewis, Jr. Board | Director | None | Director since 2017; former CEO of Realty Income Corporation; extensive REIT and finance experience. |
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Given that a significant portion of your FFO this quarter was driven by land sales and income from a legacy joint venture, how sustainable are these income streams, and what strategies are in place to mitigate potential volatility in future earnings as you continue to monetize land assets?
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With upcoming vacancies totaling approximately 63,000 square feet that may extend into 2025, how do you anticipate these vacancies impacting your occupancy rates and NOI, and what proactive measures are you taking to mitigate potential negative effects on your financial performance?
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You mentioned the use of the revolver to refinance debt and an extended debt maturity profile; however, with rising interest rates and significant debt maturing in the near term, how do you plan to manage your debt levels while pursuing growth opportunities, and under what circumstances would you consider utilizing the ATM program to strengthen your balance sheet?
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Despite your focus on reducing G&A expenses, the reductions appear modest quarter over quarter. Can you provide more specifics on the cost categories where efficiencies are being realized, and what additional steps are planned to achieve more substantial and sustainable reductions in your overall cost structure?
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The acquisition pipeline has remained challenging, with limited opportunities and increased competition. How does management plan to accelerate growth in the CRE portfolio in this environment, and are there considerations to expand your investment criteria or geographic focus to enhance deal flow?
Research analysts who have asked questions during Alexander & Baldwin earnings calls.
Alexander Goldfarb
Piper Sandler
4 questions for ALEX
Gaurav Mehta
Alliance Global Partners
4 questions for ALEX
Mitch Germain
Citizens JMP
4 questions for ALEX
Brendan Michael McCarthy
Sidoti & Company, LLC
2 questions for ALEX
Robert Stevenson
Janney Montgomery Scott LLC
2 questions for ALEX
Rob Stevenson
Janney Montgomery Scott
2 questions for ALEX
Michael Mathison
Sidoti & Company, LLC
1 question for ALEX
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
81,500‑sqft Food Distribution Facility in Pearl City, O’ahu | 2024 | Alexander & Baldwin acquired a fully leased (100% occupancy) 81,500‑sqft food distribution facility for $29.7 million, leased to Hansen Distribution Group, to expand its industrial portfolio with immediate FFO accretion as part of a capital recycling strategy funded by the Waipouli Town Center sale. |
Industrial Commercial Real Estate Asset – Reverse Like‑Kind Exchange Property | 2024 | The company executed a reverse like‑kind exchange acquisition involving a VIE structure for a net asset value of approximately $29.8 million, covering 81,495 sqft of GLA in Waihona Industrial, Oʻahu, with in‑place leases averaging 12.8 years. |
Kaomi Loop Industrial | 2023 | The industrial property on Oʻahu was purchased for $9.5 million at a 5.6% going‑in cap rate and encompasses 33,200 sqft of GLA, positioning the asset to be accretive to long‑term value. |
Industrial Building with 8,400 Sq Ft of GLA (Intercompany Acquisition) | 2022 | An intercompany acquisition transferred an occupied industrial building with 8,400 sqft of GLA from the Materials & Construction segment to the Commercial Real Estate segment, currently utilized by Grace Pacific’s GP Roadway Solutions division. |
Recent press releases and 8-K filings for ALEX.
- 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%.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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 .
- Alexander & Baldwin executed a 75-year ground lease for 4.7 acres at its Maui Business Park Phase II project in Kahului, Maui, aimed at enhancing its commercial real estate portfolio.
- The transaction, involving a prominent self-storage developer, reflects a strategic move to convert non-income generating land into a productive asset.