Alexander & Baldwin Stock Price, News & Analysis

Alexander & Baldwin, Inc. (NYSE: ALEX) is a Hawai'i-based real estate investment trust (REIT) that focuses exclusively on Hawai'i commercial real estate. According to company disclosures, it is the state's largest owner of grocery-anchored, neighborhood shopping centers and owns, operates and manages approximately 4.0 million square feet of commercial space in Hawai'i. Its portfolio includes 21 retail centers, 14 industrial assets, four office properties, and fee interests in 146 acres of ground lease assets.

Business model and core segments

Alexander & Baldwin describes itself as an owner, operator and developer of high-quality commercial real estate in Hawai'i. The company reports results primarily through a Commercial Real Estate (CRE) segment and a Land Operations segment.

• Commercial Real Estate: This segment generates operating revenue and operating profit from a portfolio of retail, industrial and office properties, as well as ground leases. Company filings and earnings releases highlight CRE operating revenue and CRE operating profit as key performance measures, along with metrics such as leased occupancy, same-store net operating income (NOI), and leasing spreads.
• Land Operations: This segment manages land and real estate-related assets and has contributed operating profit through activities such as land sales, legacy joint ventures and the resolution of legacy obligations, as described in quarterly results.

Hawai'i-focused commercial real estate platform

Alexander & Baldwin emphasizes that it is the only publicly traded REIT focused exclusively on Hawai'i commercial real estate. Company communications state that it has evolved with Hawai'i's economy over more than 155 years and has played a role in the development of agricultural, transportation, tourism, construction, residential and commercial real estate industries in the state. Today, its portfolio is concentrated in grocery-anchored neighborhood shopping centers, industrial properties and office assets that support daily life and commerce in Hawai'i.

The company highlights high leased occupancy across its portfolio and reports on comparable leasing spreads in its improved property portfolio, broken out for retail and industrial spaces. It also reports on same-store NOI growth and total leased occupancy as key indicators of portfolio performance.

Development and redevelopment activities

In addition to owning stabilized properties, Alexander & Baldwin engages in development and redevelopment projects within its existing portfolio. For example, the company has disclosed projects at Komohana Industrial Park in Kapolei, O'ahu, where it is replacing an existing building and under-utilized yard area with new Class A industrial buildings, including a build-to-suit distribution center that is pre-leased to a national retailer and a speculative building. The company has also described a warehouse and distribution center project at Maui Business Park and the conversion of non-income producing land into an income-producing ground lease at that location.

These activities illustrate how the company seeks to use its existing inventory of industrial-zoned and other land to create additional leasable area and long-term income streams, consistent with its stated strategy of internal growth within Hawai'i's commercial real estate market.

Capital structure and REIT status

Alexander & Baldwin is organized as a REIT and references funds from operations (FFO) and FFO related to CRE and Corporate as non-GAAP measures used to evaluate operating performance. The company also discusses net debt to trailing twelve months consolidated adjusted EBITDA, liquidity (cash and availability under its revolving credit facility), and interest rate hedging arrangements in its filings and earnings releases.

In November 2025, the company entered into an amendment to its revolving credit facility that maintained a committed revolving capacity and added a term loan facility. It drew the full term loan amount and used the proceeds to repay the outstanding revolving credit facility balance, and entered into interest rate swaps to fix the borrowing rate through maturity, as described in a Form 8-K.

Planned merger and transition to private ownership

On December 8, 2025, Alexander & Baldwin announced that it had entered into a definitive merger agreement under which a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest will acquire all outstanding A&B common shares in an all-cash transaction. A related Form 8-K describes the Agreement and Plan of Merger among the company and the acquiring entities. Under the terms of the merger agreement, each share of company common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive a specified cash amount, subject to adjustments described in the agreement.

The Form 8-K states that, upon consummation of the merger, Alexander & Baldwin will merge with a merger subsidiary and the surviving entity will become a wholly owned subsidiary of the acquiring parent. The filing also notes that, if the merger is consummated, the shares of company common stock currently listed on the New York Stock Exchange will be delisted and subsequently deregistered under the Securities Exchange Act of 1934. Company press materials indicate that, as a result of the transaction, Alexander & Baldwin will become a private company while retaining its name, brand and Honolulu headquarters, and that it will continue to be led by a Hawai'i-based team.

Historical role in Hawai'i

Across multiple company communications, Alexander & Baldwin highlights a history in Hawai'i spanning more than 155 years. Over that period, it reports having evolved alongside the state's economy and having played a leadership role in the development of several sectors, including agricultural, transportation, tourism, construction, residential and commercial real estate industries. This long operating history and Hawai'i-focused strategy are central themes in the company's description of its identity and mission.

Key performance concepts referenced by the company

• Funds From Operations (FFO): Used by the company as a non-GAAP measure to evaluate operating performance, including FFO related to CRE and Corporate.
• Same-Store Net Operating Income (NOI): Reported for the CRE portfolio to show growth in income from comparable properties.
• Leased occupancy: Reported for the total portfolio and separately for retail and industrial portfolios.
• Leasing spreads: Comparable blended leasing spreads for improved properties, with separate figures for retail and industrial spaces.

Evergreen considerations for investors and observers

For those researching ALEX stock and Alexander & Baldwin as a company, the most durable information in public disclosures relates to its status as a Hawai'i-focused commercial real estate REIT, the composition of its portfolio across retail, industrial, office and ground lease assets, its two primary reporting segments, and its long history in Hawai'i. The announced merger and planned transition from a publicly traded REIT on the NYSE to a privately held company, subject to closing conditions, is a significant structural development documented in both press releases and SEC filings.