Alexander & Baldwin Stock

Alexander & Baldwin, Inc. operates as a real estate company.

The company owns major anchored strip retail center portfolio. In addition to its 15 retail centers in Hawaii, the company owns 7 industrial assets, 7 office properties, and a portfolio of urban ground leases, including 106 acres in Hawaii. In the U.S. mainland, it owns seven remaining commercial assets. The company's assets include approximately 87,000 acres in Hawaii. It started a real estate development company in 1949 to develop the master-planned community of Kahului, Maui, providing homes for sale to its plantation employees. The company has a pipeline of approximately 1,500 residential and commercial units across Hawaii. In addition, through its wholly owned subsidiary, Grace Pacific LLC (Grace), it operates the major materials and paving company in Hawaii.

Segments

The company’s segments include Commercial Real Estate; Land Operations; and Materials & Construction.

Commercial Real Estate segment

This segment includes leasing, property management, redevelopment, and development-for-hold activities. Significant assets include improved commercial real estate and urban ground leases. Income from this segment is principally generated by leasing real estate assets.

Strategy

The key elements of company’s strategy within this segment are to complete the migration strategy primarily through the acquisition of high-quality retail, industrial and leased fee assets in Hawaii; and optimize returns on its commercial portfolio.

Properties

Hawaii Commercial Properties

The company’s Hawaii commercial real estate portfolio consists of retail, industrial and office properties, including approximately 2.9 million square feet of GLA as of December 31, 2016. Majority of the commercial properties are located on Oahu and Maui, with smaller holdings on Kauai and the Island of Hawaii.

U.S. Mainland Commercial Properties

On the Mainland, the company owns a portfolio of seven commercial properties, acquired primarily by way of tax-deferred 1031 exchanges and consisting of retail, industrial and office properties, including approximately 1.8 million square feet of leasable space as of December 31, 2016.

Land Operations segment

This segment includes planning, zoning, financing, constructing, purchasing, managing, selling, and investing in real property; leasing agricultural land; renewable energy; and diversified agribusiness. Primary assets include landholdings, renewable energy assets (investments in hydroelectric and solar facilities and power purchase agreements) and development projects. Income from this segment is principally generated by renewable energy operations, agricultural leases, select farming operations, development sales and fees, and parcel sales.

Strategy

The key elements of company’s strategy within this segment include transition the land related to the former Hawaiian Commercial & Sugar Company sugar plantation to diversified agriculture; entitle and develop certain Hawaii lands to respond to market demand while meeting community needs; and accelerate monetization of development assets.

Properties

Landholdings

As of December 31, 2016, the company and its subsidiaries owned 87,218 acres, consisting of 87,093 acres in Hawaii and 125 acres on the U.S. Mainland.

Materials & Construction segment

This segment performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes and sells basalt aggregate; produces and sells asphaltic and ready-mix concrete; provides and sells various construction- and traffic-control-related products; and manufactures and sells precast concrete products. Assets include two grade A (prime) rock quarries, an asphalt storage terminal, paving hot mix plants and quarry and paving equipment. Income is generated principally by materials supply and paving construction.

Strategy

The key elements of company’s strategy within this segment are to utilize its vertically integrated business model and new, efficient quarrying equipment to lower costs; capitalize on its large, strategically located quarry adjacent to growing area on Oahu; and identify areas throughout the organization to operate more efficiently and effectively.

Properties

Quarries and Quarry Facilities

Grace owns 542 acres in Makakilo, Oahu, approximately 200 acres of which are used for its quarrying operations. Approximately 900,000 tons of rock were mined and processed by Grace in 2016. The operation of the quarry is governed by special and conditional use permits, which allow Grace to extract aggregate through 2032. Grace also owns approximately 264 acres on Molokai, which are licensed to a third-party operator for quarrying operations.

Equipment

Grace owns approximately 530 pieces of on-and off-highway rolling stock, which consist of heavy duty trucks, passenger vehicles and various road paving, quarrying and operations equipment. Additionally, Grace owns approximately 550 pieces of non-rolling stock items used in its operations, such as generators, transit tankers, light towers, message boards and nuclear gauges. The Materials & Construction segment has six rock crushing plants and seven asphaltic concrete plants (three on Oahu, one on Maui, one on Kauai, one on Hawaii Island, and one on Molokai).

History

Alexander & Baldwin, Inc. was founded in 1870.