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Alexander & Baldwin approves REIT conversion

by Andrea Waitrovich

Alexander & Baldwin announced that its board of directors today unanimously approved the company’s conversion to a real estate investment trust.

The move is the latest step by Alexander & Baldwin to further its Hawaii real estate strategy and position itself for growth.

The company will operate its commercial real estate business within a REIT structure, while continuing to operate its active real estate development-for-sale projects, diversified agricultural activities, and materials and construction business through a taxable REIT subsidiary.

Alexander & Baldwin will remain incorporated in Hawaii and will continue to trade on the New York Stock Exchange under the ticker symbol ALEX.

Alexander & Baldwin is a Hawaii-based public company with interests in commercial real estate, land operations, materials and infrastructure construction. With ownership of approximately 87,000 acres in Hawaii, Alexander & Baldwin is the state’s fourth-largest private landowner, and one of the state’s most active real estate investors. The company manages a portfolio comprising 4.7 million square feet of leasable space in Hawaii and on the U.S. mainland and is the largest owner of grocery/drug-anchored retail centers in Hawaii.

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