Alexander & Baldwin (A&B) is a Hawaii-focused REIT that owns and operates commercial real estate concentrated entirely in Hawaii, primarily grocery-anchored retail shopping centers and industrial properties. A&B's retail portfolio consists of 22 shopping centers totaling roughly 4M square feet of gross leasable area (GLA), anchored by grocery tenants like Safeway and oriented toward the daily needs of Hawaii residents rather than tourist or luxury retail. Pearl Highlands Center is the largest single asset, representing roughly 11% of CRE segment revenues. A&B also owns 14 industrial properties on Oahu and Maui, where limited supply of industrial-zoned land supports strong occupancy and development opportunities. A&B is actively building new industrial space, including a pre-leased 91,000 sq ft warehouse for Lowe's and a 30,000 sq ft build-to-suit on Maui. The company also owns four non-strategic office properties and 145 acres of urban ground leases. A&B generates revenue primarily through base rent under multi-year leases, with NOI growth driven by occupancy, rent spreads on lease renewals, same-store NOI growth, and development of its owned land bank. A&B operates a secondary Land Operations segment — a legacy landholding business it is winding down — with Maui Business Park serving as the main internal development pipeline. In December 2025, A&B entered a merger agreement to be taken private by a joint venture of MW Group, Blackstone Real Estate, and DivcoWest, expected to close in Q1 2026.