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Here are 1-3 brief analogies for Alexander & Baldwin (ALEX):

• Imagine a diversified commercial REIT, like Prologis (industrial) meets Simon Property Group (retail), but with its entire portfolio exclusively in Hawaii.
• It's the leading commercial real estate landlord in Hawaii, similar to how Boston Properties dominates office space in a major city like New York or San Francisco, but across all commercial property types for the entire state.

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• Commercial Real Estate: Owns, operates, and manages a portfolio of retail, industrial, and office properties across Hawaii.
• Land Operations: Engages in the development and sale of land, primarily for residential and industrial uses.
• Construction Materials & Services: Provides aggregates, asphalt, and paving services through its Grace Pacific subsidiary for Hawaii's infrastructure and development projects.

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Alexander & Baldwin (symbol: ALEX) primarily sells to other companies. Its main business segment, Commercial Real Estate, involves leasing properties to a diverse base of tenants. Additionally, its Materials & Construction segment serves government agencies and other private construction companies.

Due to the highly diversified nature of its commercial real estate portfolio, Alexander & Baldwin does not have any single tenant that accounts for a material portion (typically 10% or more) of its consolidated revenues. As such, the company does not disclose individual "major customer" company names in its public filings.

However, Alexander & Baldwin's customer base primarily consists of a broad array of businesses across various industries within its commercial real estate portfolio. Based on the composition of its tenant base by annualized base rent, its customers fall into categories such as:

• Retail Businesses: This includes grocery stores, restaurants, cafes, various other retail shops, and service providers.
• Industrial and Warehouse Operators: Companies requiring space for logistics, manufacturing, and storage.
• Office Tenants: Businesses utilizing general office space and medical office facilities.

For its Materials & Construction segment (Grace Pacific LLC), the major customers include state and county government agencies in Hawaii (e.g., for road construction and maintenance projects) and other private construction companies and developers. These government entities are not public companies with stock symbols.

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Lance Parker, President & Chief Executive Officer

Lance Parker was appointed President and Chief Executive Officer of Alexander & Baldwin, Inc. effective July 1, 2023. He has overseen the Company's real estate operations since September 1, 2015. Parker joined A&B in 2004 in an acquisition role and has held positions of increasing responsibility, including President and Chief Operating Officer. Prior to joining Alexander & Baldwin, he began his career in commercial real estate as an industrial leasing agent with Grubb & Ellis in Southern California. He holds a bachelor's degree in finance from the University of Southern California.

Clayton Chun, Executive Vice President, Chief Financial Officer & Treasurer

Clayton Chun serves as the Executive Vice President, Chief Financial Officer & Treasurer for Alexander & Baldwin. He previously held the position of Senior VP/Chief Accounting Officer at ALEXANDER & BALDWIN, INC. Before his role as SVP/Chief Accounting Officer, he was Controller at ALEXANDER & BALDWIN, INC. and an Audit Senior Manager at Deloitte & Touche LLP/Los Angeles.

Meredith Ching, Executive Vice President, External Affairs

Meredith Ching is the Executive Vice President, External Affairs at Alexander & Baldwin. No additional background information is available in the provided search results.

Jordan Brant, Senior Vice President, Leasing

Jordan Brant holds the position of Senior Vice President, Leasing at Alexander & Baldwin. No additional background information is available in the provided search results.

Francisco Gutierrez, Senior Vice President, Development

Francisco Gutierrez is the Senior Vice President, Development at Alexander & Baldwin. No additional background information is available in the provided search results.

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The key risks to Alexander & Baldwin (ALEX) primarily revolve around its pending acquisition and its concentrated geographic market.

1. Risk of Acquisition Not Completing: Alexander & Baldwin is in the process of being taken private through a $2.3 billion acquisition by a joint venture, with the deal expected to close in the first quarter of 2026. The most significant and immediate risk for current public shareholders is that this merger may not be completed on the anticipated terms and timing, or at all. This includes the risk that the required approval of the company's shareholders may not be obtained or that other customary closing conditions are not met. If the transaction were to fail, the company's stock price would likely decline significantly from its current trading levels, which are near the agreed-upon acquisition price.
2. Geographic Concentration and Real Estate Market Fluctuations in Hawaii: Should the take-private transaction not be completed, Alexander & Baldwin's business would remain highly exposed to the real estate market dynamics in Hawaii. The company's portfolio is entirely concentrated in Hawaii, which is identified as a primary weakness due to significant concentration risk. As a Real Estate Investment Trust (REIT), the company is inherently exposed to fluctuations in real estate market conditions, particularly in this single, unique geographic market. This includes potential sensitivities to local economic health, high utility and labor costs, and limited land for new large-scale development in Hawaii.

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The structural shift towards remote and hybrid work models, which poses a clear threat to traditional demand for office space within Alexander & Baldwin's significant commercial real estate portfolio in Hawaii.

The intensifying impacts of climate change, including sea-level rise and increased extreme weather events, and the resulting emergence of stricter environmental regulations and land-use policies in Hawaii, which directly threaten the long-term value and developability of Alexander & Baldwin's land and coastal properties.

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Alexander & Baldwin (ALEX) primarily operates in the commercial real estate and land operations sectors within Hawaii.

Addressable Markets:

• Commercial Real Estate (Hawaii): The market for commercial real estate in Hawaii, specifically on O'ahu, includes:
  • Retail Space: Over 26 million square feet of retail space.
  • Office Space: Just over 15.7 million square feet of inventory.
  • Industrial Space: While a total square footage for the entire industrial market isn't explicitly stated, industrial vacancy on O'ahu was at 0.93% in Q4 2024, indicating a tight market.
  The Hawaii commercial real estate market saw sales surge by 44% in the first half of 2025, indicating a strong recovery and renewed interest.
• Land Development (Hawaii): The market size of the land development industry in Hawaii is estimated at $73.8 million in 2025. Hawaii has approximately 1.47 million acres dedicated to agricultural uses. Alexander & Baldwin itself owned over 28,000 acres as of 2020.

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1. Strong Leasing Spreads and Occupancy in Commercial Real Estate (CRE): Alexander & Baldwin has consistently demonstrated healthy leasing demand and strong comparable blended leasing spreads across its improved property portfolio, particularly in retail and industrial sectors in Hawaii. For instance, in Q2 2024, comparable blended leasing spreads were 7.3%, including 7.7% for retail spaces and 7.6% for industrial spaces. The company reported a same-store leased occupancy of 94.8% in Q2 2024, with same-store economic occupancy at 93.7%, indicating the company's ability to maintain high tenant retention and command favorable rent increases upon lease renewals and new leases. The company's Q3 2025 results show total leased occupancy at 95.6%, a 160 basis point improvement from the prior year, with retail occupancy rising to 95.5% from 92.9%. In Q4 2024, comparable blended leasing spreads for the improved portfolio were 14.0%, including 15.2% for retail and 6.6% for industrial spaces.
2. Internal Growth Through Development Projects: A&B is actively engaged in new development, which is expected to contribute to future revenue growth. Pre-construction work is progressing on an industrial build-to-suit project at Maui Business Park, with construction anticipated to begin in early 2025 and projected to add an estimated $1 million of additional annualized base rent (ABR) when it becomes economic late next year. Furthermore, the company broke ground on two new buildings at Komohana Industrial Park in West Oahu, including a 91,000 square foot warehouse pre-leased to Lowe's and a 30,000 square foot speculative build, expected to be in service in Q4 2026 and generate $2.8 million in annual Net Operating Income (NOI) when stabilized in Q1 2027. Vertical construction at the Maui Business Park build-to-suit project remains on schedule for completion in Q1 2026, anticipated to add approximately $1 million in annual NOI. The company also began construction of a 29,550 square foot warehouse and distribution center at Maui Business Park II in Q4 2024.
3. Strategic Acquisitions: Alexander & Baldwin is actively pursuing acquisition opportunities within the Hawaii market, leveraging its local expertise and competitive advantage. The company closed on the acquisition of an 81,500 square foot food and distribution facility in 2024, and management is encouraged by the uptick in deal volume, signaling a continued focus on external growth initiatives.
4. Ground Lease Rent Resets and Redevelopment: The company's ground lease assets offer embedded growth opportunities. Periodically, ground lease rents reset based on increases in land value, often leading to substantial growth rates. At the end of a ground lease term, ownership of improvements typically reverts to A&B at no cost, providing opportunities for redevelopment to unlock attractive risk-adjusted returns.
5. Cost Reductions and Streamlining Efforts: While not a direct revenue driver, Alexander & Baldwin has made significant progress in reducing general and administrative (G&A) expenses through simplification and streamlining efforts. For example, G&A expenses decreased by 26.8% to $7.3 million in Q2 2024 compared to the same period in 2023. The company expects its 2024 G&A to be in the range of $29.0 million to $30.5 million, a reduction from previous guidance. These cost savings enhance profitability and free up capital that can be reinvested into growth initiatives, thereby indirectly supporting future revenue expansion.

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Share Repurchases

• Alexander & Baldwin has an active share repurchase program, which is utilized as a capital allocation tool considering stock price fluctuations and risk-adjusted returns.
• The company executed share repurchases of $1.47 million in the fourth quarter of 2023, $1.53 million in the third quarter of 2023, $1.37 million in the fourth quarter of 2022, and $3.23 million in the third quarter of 2022.
• Earlier in the last three to five years, repurchases included $1.03 million in the first quarter of 2020.

Share Issuance

• In February 2023, Alexander & Baldwin completed a registered direct offering, selling 163,344 shares of common stock and pre-funded warrants to purchase up to 128,031 shares to Armistice Capital Master Fund Ltd., with these warrants fully exercised by March 2023.

Outbound Investments

• Alexander & Baldwin actively pursues acquisition opportunities in the Hawai'i investment market, with a focus on off-market or first-look opportunities.
• Recent acquisitions include an industrial property in Pearl City, O'ahu, Hawaii for US$29.7 million (year not specified but recent context), and the refreshing of Manoa Marketplace.
• The company strategically exited a non-core business by selling Grace Pacific LLC to Nan, Inc.

Capital Expenditures

• Capital expenditures are categorized into ongoing maintenance to preserve asset value and discretionary investments for property acquisition, development, redevelopment, and tenant improvements to drive income and cash flow growth.
• Significant development projects include breaking ground on two new industrial buildings at Komohana Industrial Park in West Oahu, with one 91,000 square foot warehouse pre-leased to Lowe's and a 30,000 square foot speculative build, projected to generate $2.8 million in annual NOI upon stabilization in Q1 2027.
• The company is also progressing with vertical construction on a build-to-suit project at Maui Business Park, expected to be completed in Q1 2026 and add $1 million in annual NOI.