Alexander & Baldwin, Inc. (ALEX)

Alexander & Baldwin, Inc., known as A&B, was a Hawaii-based commercial real estate company headquartered in Honolulu. The business traces its roots to 1870, when Samuel Alexander and Henry Baldwin founded a sugar plantation partnership on Maui. Over the following century and a half the enterprise became one of Hawaii's best-known companies, with interests in agriculture, shipping, tourism, and residential and commercial real estate.

The modern public company was created in 2012 when A&B separated from Matson, the ocean shipping business that had been its subsidiary, with Alexander & Baldwin continuing as a separate company listed on the New York Stock Exchange. In the following years A&B sold or wound down much of its agricultural and development businesses, including the closure of Hawaii's last sugar plantation, and refocused on income-producing commercial property in Hawaii.

A&B elected to be taxed as a real estate investment trust beginning in 2017. Its portfolio was centered on grocery-anchored neighborhood shopping centers, along with industrial properties, a small number of office buildings, and ground leases. Before the transaction the company described roughly four million square feet of commercial space, including about 21 retail centers, 14 industrial assets, four office properties and about 146 acres of ground leases. It also held agricultural and conservation land and, through a subsidiary, a materials and paving business that was being divested or de-emphasized.

The company's strategy in its later years emphasized consolidating its position as Hawaii's leading owner of retail-centered commercial property, recycling capital from non-core assets, and managing leverage. Its stock traded on the NYSE under the ticker ALEX and was held by both institutional and individual investors in Hawaii and on the mainland.

In December 2025, A&B announced a definitive agreement to be acquired in an all-cash transaction by a joint venture led by an affiliate of MW Group, together with funds affiliated with Blackstone Real Estate and DivcoWest. The transaction carried an enterprise value of about $2.3 billion including debt. Shareholders were to receive $21.20 per share in cash, reduced by the $0.35 fourth-quarter 2025 dividend paid on January 8, 2026, for a net payment of $20.85 per share.

A&B shareholders approved the merger at a special meeting on March 9, 2026, and the transaction was completed shortly afterward. Upon completion, A&B common stock stopped trading on the New York Stock Exchange, and a Form 25 was filed with the Securities and Exchange Commission on March 13, 2026. The company is now privately held and continues to own and operate its Hawaii commercial real estate portfolio under the new ownership group.