Alexander & Baldwin, Inc. (ALEX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en el corazón de Hawai, Alexander & Baldwin, Inc. (Alex) representa una potencia dinámica de la gestión integrada de la tierra, transformando 88,000 acres en un ecosistema comercial multifacético que combina perfectamente bienes inmuebles comerciales, innovación agrícola y desarrollo sostenible. Esta notable compañía ha creado un modelo de negocio único que no solo genera diversas fuentes de ingresos, sino que también preserva el patrimonio cultural y ecológico del paisaje hawaiano, ofreciendo a los inversores y partes interesadas un enfoque extraordinario para el desarrollo de propiedades y la utilización de la tierra que trasciende las estrategias comerciales tradicionales.

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocios: asociaciones clave

Arrendamiento de tierras agrícolas con agricultores locales en Hawaii

A partir de 2024, Alexander & Baldwin administra aproximadamente 87,000 acres de tierras agrícolas en Hawai. Las asociaciones de arrendamiento de tierras agrícolas de la compañía incluyen:

Tipo de socio	Acres arrendados	Ingresos anuales de arrendamiento
Arrendatarios agrícolas diversificados	52,000 acres	$ 18.3 millones
Productores de maíz de semillas	22,000 acres	$ 12.7 millones
Proyectos de energía renovable	13,000 acres	$ 5.9 millones

Colaboraciones de desarrollo inmobiliario

Las asociaciones clave de desarrollo inmobiliario incluyen:

• Howard Hughes Corporation para desarrollos comunitarios planificados con maestría
• Grupos locales de inversión hawaiana para proyectos comerciales y residenciales
• Escuelas Kamehameha para iniciativas conjuntas de desarrollo de tierras

Asociación	Valor total del proyecto	Acres de desarrollo
Howard Hughes Corporation	$ 340 millones	1.250 acres
Grupos de inversión locales	$ 215 millones	750 acres

Asociaciones estratégicas de gestión de propiedades comerciales

Las asociaciones estratégicas con empresas de administración de propiedades comerciales incluyen:

• Grupo CBRE para administración de propiedades comerciales
• Jones Lang LaSalle para el arrendamiento y la representación del inquilino
• Colliers International para análisis de mercado y servicios de asesoramiento

Pareja	Propiedades administradas	Hoques cuadrados totales
Grupo CBRE	22 propiedades comerciales	1.2 millones de pies cuadrados
Jones Lang LaSalle	15 propiedades comerciales	850,000 pies cuadrados

Energía renovable y empresas conjuntas sostenibles de uso de la tierra

Las asociaciones de energía renovable y uso sostenible de la tierra incluyen:

• Primera energía eólica para proyectos de energía solar y eólica
• Energía de patrón para el desarrollo de infraestructura renovable
• Industrias eléctricas hawaianas para la integración de la red

Socio de empresa conjunta	Capacidad de energía renovable	Monto de la inversión
Primera energía eólica	Proyecto solar de 75 MW	$ 125 millones
Energía del patrón	Proyecto de viento de 50 MW	$ 95 millones

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocio: actividades clave

Desarrollo y gestión de bienes raíces comerciales

Portafolio de bienes raíces comerciales totales: 374,000 pies cuadrados a partir del cuarto trimestre 2023

Tipo de propiedad	Pies cuadrados	Tasa de ocupación
Espacios de oficina	187,000 pies cuadrados	92.3%
Espacios minoristas	112,000 pies cuadrados	88.5%
Propiedades industriales	75,000 pies cuadrados	95.1%

Gestión y arrendamiento de la tierra agrícola

Total de tenencias de tierras agrícolas: 87,000 acres en Hawaii

• Cartera agrícola diversificada que incluye:
  • Producción de maíz de semilla
  • Cultivo de cultivos de energía renovable
  • Iniciativas agrícolas sostenibles

Inversión inmobiliaria y optimización de cartera

Valor total de inversión inmobiliaria: $ 1.2 mil millones a partir de 2023

Categoría de inversión	Valor de inversión	Retorno anual
Propiedades comerciales	$ 675 millones	6.5%
Desarrollos residenciales	$ 375 millones	5.8%
Banca por tierra	$ 150 millones	4.2%

Infraestructura y desarrollo de tierras en los mercados hawaianos

Proyectos de desarrollo de tierras totales: 12 proyectos activos en 2023

• Ubicaciones del proyecto:
  • Maui: 5 proyectos
  • Oahu: 4 proyectos
  • Isla de Hawái: 3 proyectos

Iniciativas sostenibles de uso de la tierra y conservación

Inversión anual de conservación: $ 18.5 millones en 2023

Área de conservación	Acres conservados	Asignación de inversión
Protección del hábitat nativo	22,000 acres	$ 8.2 millones
Gestión de cuencas	15,000 acres	$ 6.3 millones
Tierra de energía renovable	10,000 acres	$ 4 millones

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocio: recursos clave

Tierras

Portafolio de tierras totales: 88,000 acres en Hawaii

Categoría terrestre	Acres	Porcentaje
Tierra agrícola	62,000	70.5%
Inmobiliario comercial	26,000	29.5%

Recursos financieros

Métricas financieras (2023):

• Ingresos totales: $ 460.3 millones
• Ingresos netos: $ 85.2 millones
• Activos totales: $ 1.2 mil millones
• Equidad de los accionistas: $ 752 millones

Cartera de propiedades

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Inmobiliario comercial	37	1.2 millones de pies cuadrados
Propiedades industriales	12	350,000 pies cuadrados

Recursos humanos

• Total de empleados: 604
• Promedio de la tenencia del empleado: 9.3 años
• Experiencia del equipo de gestión: promedio de 18 años en sectores de bienes raíces y agrícolas

Activos intelectuales

• Marcas registradas: 14
• Licencias operativas: 22
• Asociaciones estratégicas: 8

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocio: propuestas de valor

Gestión integrada de tierras en múltiples sectores

A partir del cuarto trimestre de 2023, Alexander & Baldwin administra aproximadamente 88,000 acres de tierra en Hawai en diversos sectores.

Sector terrestre	Superficie en acres	Contribución de ingresos
Tierra agrícola	46,000 acres	$ 42.3 millones (2023)
Inmobiliario comercial	22,000 acres	$ 87.6 millones (2023)
Tierra de conservación	20,000 acres	$ 12.1 millones (2023)

Desarrollo sostenible de bienes inmuebles hawaianos y activos agrícolas

En 2023, Alex invirtió $ 63.4 millones en proyectos de desarrollo sostenible.

• Inversiones de infraestructura de energía renovable: $ 18.2 millones
• Tecnología agrícola sostenible: $ 15.7 millones
• Desarrollo inmobiliario ecológico: $ 29.5 millones

Creación de valor a largo plazo a través de inversiones de propiedades estratégicas

Valor total de la cartera de inversiones inmobiliarias: $ 1.2 mil millones (2023)

Categoría de inversión	Valor	Retorno anual
Propiedades comerciales	$ 675 millones	6.3%
Desarrollos residenciales	$ 325 millones	5.9%
Inversiones de tierras agrícolas	$ 200 millones	4.7%

Preservación de recursos de tierras hawaianas y patrimonio cultural

Inversiones de conservación en 2023: $ 22.6 millones

• Restauración del ecosistema nativo: $ 8.3 millones
• Programas de preservación cultural: $ 5.9 millones
• Asociaciones de investigación ambiental: $ 8.4 millones

Flujos de ingresos diversificados de bienes raíces y operaciones agrícolas

Ingresos totales para el año fiscal 2023: $ 273.4 millones

Flujo de ingresos	Cantidad	Porcentaje de ingresos totales
Arrendamiento de bienes raíces comerciales	$ 124.6 millones	45.6%
Operaciones agrícolas	$ 86.2 millones	31.5%
Desarrollo residencial	$ 62.6 millones	22.9%

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocios: relaciones con los clientes

Acuerdos de arrendamiento a largo plazo

A partir de 2023, Alexander & Baldwin mantiene 375,000 pies cuadrados de bienes raíces comerciales arrendados a varios inquilinos. La duración promedio del arrendamiento es de 7,2 años con una tasa de ocupación del 92,4% en su cartera comercial.

Tipo de arrendamiento	Total de pies cuadrados	Tasa de ocupación
Propiedades comerciales	375,000 pies cuadrados	92.4%
Tierras agrícolas	23,500 acres	88.6%

Servicios de administración de propiedades personalizados

Métricas de servicio al cliente para la administración de propiedades:

• Tiempo de respuesta a las consultas de inquilinos: 2.3 horas
• Calificación anual de satisfacción del inquilino: 87.5%
• Tasa de resolución de solicitud de mantenimiento: 96.2%

Participación comunitaria en el desarrollo de la tierra

Alejandro & Baldwin invirtió $ 42.3 millones en proyectos de desarrollo comunitario en 2023, con 6 principales iniciativas de participación comunitaria en Hawai.

Comunicación de las partes interesadas

Canal de comunicación	Frecuencia	Tasa de compromiso
Llamadas de inversionista trimestral	4 veces/año	78%
Reunión anual de accionistas	1 vez/año	65%

Compromiso de uso de la tierra sostenible

Inversiones de sostenibilidad ambiental: $ 18.7 millones en 2023, que cubre los esfuerzos de energía renovable y conservación en su cartera de tierras.

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocios: canales

Equipo directo de arrendamiento y ventas de bienes raíces

Alejandro & Baldwin mantiene un equipo dedicado de ventas de bienes raíces con 42 representantes profesionales de propiedades comerciales y agrícolas a partir del cuarto trimestre de 2023.

Categoría del equipo de ventas	Número de representantes	Enfoque geográfico
Inmobiliario comercial	28	Mercado primario de Hawaii
Venta de tierras agrícolas	14	Islas Hawaii

Plataformas de administración de propiedades digitales

La compañía utiliza plataformas digitales propietarias para la administración y arrendamiento de propiedades con $ 3.2 millones invertidos en infraestructura tecnológica en 2023.

• Sistema de gestión de arrendamiento en línea
• Portal de comunicación de inquilinos digitales
• Seguimiento de rendimiento de propiedad en tiempo real

Sitio web corporativo y portal de relaciones con los inversores

El sitio web corporativo recibe aproximadamente 87,000 visitantes mensuales únicos con una duración de sesión promedio de 4.3 minutos en 2023.

Redes de corretaje de bienes raíces comerciales

Alejandro & Baldwin colabora con 12 redes de corretaje de bienes raíces comerciales externas en Hawai y la región del Pacífico.

Tipo de red	Número de asociaciones	Área de cobertura
Redes hawaianas locales	7	Islas Hawaii
Redes regionales del Pacífico	5	Costa oeste y borde del Pacífico

Canales locales de participación del mercado hawaiano

La compañía mantiene una fuerte presencia del mercado local a través de múltiples canales de participación con $ 1.7 millones asignados al desarrollo de la relación comunitaria y del mercado en 2023.

• Membresías de la Asociación de Negocios Locales
• Patrocinios de desarrollo comunitario
• Talleres de desarrollo económico regional

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocio: segmentos de clientes

Inquilinos y agricultores agrícolas

A partir de 2024, Alexander & Baldwin administra aproximadamente 20,000 acres de tierras agrícolas en Hawai. Desglose de la cartera de arrendamiento agrícola:

Tipo de cultivo	Acres arrendados	Ingresos anuales de arrendamiento
Agricultura diversificada	12,500 acres	$ 18.4 millones
Cultivos de semillas	5.200 acres	$ 7.9 millones
Plantaciones de café	2.300 acres	$ 4.2 millones

Inversores inmobiliarios comerciales

Métricas de cartera de bienes raíces comerciales:

• Propiedades comerciales totales: 42
• Total de pies cuadrados comerciales: 1.2 millones de pies cuadrados
• Tasa de ocupación: 93.5%
• Ingresos anuales de bienes raíces comerciales: $ 62.3 millones

Desarrolladores de energía renovable

Estadísticas de arrendamiento de tierras de energía renovable:

Tipo de energía	Capacidad instalada	Ingresos anuales de arrendamiento
Solar	85 MW	$ 5.6 millones
Viento	45 MW	$ 3.2 millones

Empresas hawaianas locales

Distribución de inquilinos de negocios locales:

• Inquilinos de negocios locales totales: 127
• Duración promedio de arrendamiento: 5.3 años
• Ingresos anuales de arrendamientos comerciales locales: $ 22.1 millones

Empresas de inversión inmobiliaria regional y nacional

Métricas de cartera de inversiones inmobiliarias:

Categoría de inversión	Propiedades totales	Valor de inversión total
Propiedades continentales	18 propiedades	$ 340 millones
Propiedades hawaianas	36 propiedades	$ 780 millones

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento y desarrollo de la tierra

En 2023, Alexander & Baldwin informó que los gastos de mantenimiento y desarrollo de tierras por un total de $ 43.7 millones. El desglose de estos gastos incluye:

Categoría	Costo ($)
Mantenimiento de la tierra agrícola	18,200,000
Desarrollo de propiedades comerciales	15,500,000
Preparación de la tierra y mejoras	10,000,000

Costos operativos de administración de propiedades

Los costos operativos de administración de propiedades para 2023 fueron de $ 37.2 millones, con la siguiente distribución:

• Administración de propiedades residenciales: $ 12.5 millones
• Mantenimiento de propiedades comerciales: $ 14.7 millones
• Servicios de arrendamiento e inquilinos: $ 10 millones

Inversión y mejoras de infraestructura

Las inversiones de infraestructura en 2023 ascendieron a $ 52.6 millones, asignadas de la siguiente manera:

Categoría de infraestructura	Inversión ($)
Infraestructura de transporte	22,000,000
Actualizaciones de servicios públicos	15,600,000
Infraestructura digital	15,000,000

Iniciativas de conservación ambiental y sostenibilidad

Los costos de sostenibilidad para 2023 totalizaron $ 8.3 millones:

• Proyectos de energía renovable: $ 3.5 millones
• Protección de tierras de conservación: $ 2.8 millones
• Restauración del ecosistema: $ 2 millones

Gastos de gastos generales administrativos y corporativos

Los gastos generales corporativos para 2023 fueron de $ 29.4 millones, desglosados ​​como:

Categoría de gastos generales	Costo ($)
Compensación ejecutiva	12,000,000
Salarios de personal administrativo	10,400,000
Operaciones corporativas	7,000,000

Estructura de costos totales para 2023: $ 171.2 millones

Alejandro & Baldwin, Inc. (Alex) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de bienes raíces comerciales

A partir de 2023, Alexander & La cartera de bienes raíces comerciales de Baldwin generada $ 96.2 millones en ingresos de alquiler. La compañía posee aproximadamente 1.3 millones de pies cuadrados de bienes raíces comerciales en Hawai.

Tipo de propiedad	Ingreso de alquiler	Tasa de ocupación
Propiedades de la oficina	$ 42.7 millones	92.3%
Propiedades minoristas	$ 35.5 millones	88.6%
Propiedades industriales	$ 18 millones	95.1%

Ingresos de arrendamiento de tierras agrícolas

Arrendamiento de tierras agrícolas generadas $ 38.4 millones en ingresos anuales para 2023. La compañía administra aproximadamente 87,000 acres de tierras agrícolas en Hawai.

• Tierras de caña de azúcar: $ 12.6 millones
• Agricultura diversificada: $ 25.8 millones

Venta de propiedades y ganancias de desarrollo

El desarrollo de la propiedad y los ingresos por ventas totalizaron $ 65.3 millones en 2023, con 3 proyectos de desarrollo importantes completado durante el año.

Tipo de proyecto	Ventas totales	Número de unidades
Desarrollo residencial	$ 47.2 millones	128 unidades
Venta de tierras comerciales	$ 18.1 millones	6 parcelas

Contratos de arrendamiento de tierras de energía renovable

Arrendamientos de tierras de energía renovable contribuidas $ 22.7 millones en ingresos anuales, con 15 Acuerdos activos de energía solar y eólica.

Rendimientos de la cartera de inversiones

Cartera de inversiones generada $ 14.6 millones en ingresos por inversiones para 2023, con una cartera diversificada en varios instrumentos financieros.

Categoría de inversión	Devolución	Porcentaje de cartera
Inversiones de renta variable	$ 8.3 millones	56.8%
Valores de renta fija	$ 4.2 millones	28.7%
Inversiones alternativas	$ 2.1 millones	14.5%

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Value Propositions

Alexander & Baldwin, Inc. offers a value proposition deeply rooted in its exclusive focus on high-quality commercial real estate stewardship across the Hawaiian Islands.

Largest owner of grocery and drug-anchored retail centers in Hawai'i. This positioning provides essential, daily-need access for local communities. Alexander & Baldwin, Inc. is the state's largest owner of grocery-anchored, neighborhood shopping centers. The firm manages approximately 4.0 million square feet of commercial space in Hawai'i. This portfolio includes 21 retail centers, 14 industrial assets, and four office properties, alongside 146 acres of ground lease assets as of September 30, 2025.

Stable, needs-based retail portfolio resilient to tourism fluctuations. The emphasis on necessity-driven tenants provides a revenue base less susceptible to the volatility of the tourism sector. The overall leased occupancy across the improved property portfolio stood strong at 95.6% as of September 30, 2025. During the third quarter of 2025, comparable leasing spreads for the entire improved portfolio averaged 4.4%.

The leasing performance highlights the strength across different asset classes for Alexander & Baldwin, Inc. during Q3 2025:

Property Type	Comparable Leasing Spread (Q3 2025)	Leasing Activity (Q3 2025)
Industrial Spaces	6.0%	Advancing construction on projects adding over 150,000 square feet of GLA.
Retail Spaces	2.4%	Executed 49 improved-property leases totaling approximately 163,800 sq. ft. of GLA.
Blended Portfolio	4.4%	Represented $3.3 million of annualized base rent.

Furthermore, a significant lease renewal executed subsequent to the quarter-end in Kailua Town achieved an 11% lease renewal spread, showing continued pricing power in key locations. This is the kind of granular performance that matters.

Local, in-house management team providing a trusted partner relationship. This translates into operational expertise specific to the Hawai'i market dynamics, which is critical for managing a portfolio of this nature. The company's CRE operating profit for the third quarter of 2025 was $22.7 million.

High-quality industrial and office spaces with strong leasing spreads. The industrial segment demonstrated particular strength in Q3 2025 with the 6.0% comparable leasing spread. The company is actively growing this segment, with vertical construction underway for a build-to-suit facility at Maui Business Park and groundbreaking at Komohana Industrial.

Commitment to sustainability and community well-being (Kokua Giving Program). Alexander & Baldwin, Inc. targets at least one percent of A&B's pre-tax income for charitable giving through this program. While 2025 figures aren't fully detailed, in 2022, the Kokua Giving contributions totaled $975,000 to 181 nonprofit organizations across Hawai'i. The company also set environmental targets, including a 35% reduction of GHG Scope 2 emissions by 2025 from a 2017 baseline.

You'll want to track the FFO (Funds From Operations) related to CRE and Corporate, which was $21.7 million, or $0.30 per diluted share, in Q3 2025.

Finance: draft 13-week cash view by Friday.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Customer Relationships

Direct relationship via in-house property managers and leasing agents.

The operational success of Alexander & Baldwin, Inc.'s Commercial Real Estate segment is directly tied to its hands-on management approach. As of September 30, 2025, total leased occupancy across the portfolio stood at 95.6%. This high retention and acquisition rate is supported by active leasing efforts throughout the year.

Here's a look at the leasing activity from the first half of 2025:

Metric	Q2 2025 Data	Q3 2025 Data
Improved-Property Leases Executed	52	49
Gross Leasable Area (GLA) Leased	Approx. 183,800 square feet	Approx. 163,800 square feet
Annualized Base Rent (ABR) from New/Renewal Leases	$6.1 million	$3.3 million
Comparable Blended Leasing Spreads	6.8%	4.4%

The leasing spreads demonstrate pricing power; for instance, Q2 2025 industrial leasing spreads reached 6.0% in Q3 2025 and 4.7% in Q2 2025. Furthermore, a key lease renewal in Kailua Town subsequent to Q3 2025 achieved an 11% lease renewal spread.

Commercial Café Tenant Portal for 24/7 self-service and autopay.

Alexander & Baldwin, Inc. provides tenants with a digital channel for convenience. The Commercial Café Tenant Portal offers:

• 24/7 access to services.
• Self-service account management.
• Ability to check account balances.
• Payment processing and enrollment for autopay.

Community-focused approach, treating tenants as part of the ohana.

Alexander & Baldwin, Inc. states that its tenants become part of its ohana. This philosophy supports the high portfolio occupancy, which was 95.6% as of September 30, 2025. The company's Commercial Real Estate segment owns, operates, and manages approximately 3.5 million square feet of space in Hawai'i, including 21 retail centers, 14 industrial assets, and four office properties.

Dedicated local property management offices across all major islands.

The company supports its direct relationship model with physical, local property management offices to help tenants.

• OAHU: Tel: (808) 525-6692
• WINDWARD OAHU: Tel: (808) 548-0901
• MAUI: Tel: (808) 872-4325
• KAUAI (Port Allen): Tel: (808) 335-2749
• KAUAI (The Shops at Kukui'ula): Tel: (808) 742-9545
• WAIKOLOA: Tel: (808) 886-8822

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Channels

You're looking at how Alexander & Baldwin, Inc. (A&B) gets its value proposition-high-quality Hawai'i commercial real estate-into the hands of customers. The primary channel is, naturally, the physical properties themselves, which form the core of their offering.

As of late 2025, Alexander & Baldwin, Inc. operates a substantial portfolio across the islands, totaling approximately 4.0 million square feet of commercial space under management. This physical footprint is segmented across three main types of income-producing properties, plus significant ground lease acreage.

Property Type	Number of Centers/Assets	Data Point Reference Date
Retail Centers	21	Q3 2025
Industrial Assets	14	Q3 2025
Office Properties	4	Q3 2025
Ground Lease Assets (Acres)	146 acres	Q3 2025

Direct tenant acquisition is heavily managed through an in-house leasing team. This team is responsible for the day-to-day execution of securing occupancy. For instance, during the third quarter of 2025, Alexander & Baldwin, Inc. executed 49 leases for improved properties. This activity covered approximately 163,800 square feet of gross leasable area and brought in $3.3 million of annualized base rent. This direct approach allows for control over tenant mix and lease terms, which is critical given their focus on grocery-anchored centers.

Here are some key metrics showing the direct channel's output for that period:

• Comparable blended leasing spreads averaged 4.4% for Q3 2025.
• Industrial property leasing spreads were stronger, hitting 6.0% in Q3 2025.
• Total leased occupancy across the portfolio stood at 95.6% as of September 30, 2025.

While the in-house team handles direct negotiations, external commercial real estate brokers definitely play a role in market reach, though specific transaction volume through platforms like LoopNet isn't detailed in public filings. For shareholder communication, the Investor Relations website, investors.alexanderbaldwin.com, serves as the official channel where documents, like the Q3 2025 earnings materials, are made available after market close.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Customer Segments

You're mapping out the customer base for Alexander & Baldwin, Inc. (ALEX) as of late 2025. Honestly, it's a focused group, heavily weighted toward the commercial real estate side in Hawai'i, but with a distinct, though sometimes volatile, land sales component. Here's the breakdown of who keeps the lights on and who holds the stock.

Local and national commercial tenants (retail, industrial, office).

This segment is the core engine for Alexander & Baldwin, Inc., driving the majority of the recurring revenue through its owned, operated, and managed portfolio across the islands. They are the direct users of the physical space Alexander & Baldwin, Inc. provides.

As of September 30, 2025, the Commercial Real Estate (CRE) segment managed a portfolio totaling approximately 4.0 million square feet of commercial space in Hawai'i. This space is segmented across several property types, which you can see broken down here:

Property Type	Number of Assets (as of Q2/Q3 2025)	Total Managed Space/Acres
Retail Centers	21	Part of the 4.0 million SF total
Industrial Assets	14	Part of the 4.0 million SF total
Office Properties	4	Part of the 4.0 million SF total
Ground Lease Assets	N/A	146 acres

Tenant demand remains strong, evidenced by high occupancy rates and positive leasing spreads. For the third quarter of 2025, the portfolio achieved a Leased Occupancy rate of 95.6%, which was an increase of 160 basis points year-over-year. The Economic Occupancy stood at 94.3%.

When tenants renew or sign new leases, Alexander & Baldwin, Inc. is seeing favorable terms, especially in the industrial sector. Here are the leasing spread results from the third quarter of 2025:

• Retail leasing spreads: +2.4%.
• Industrial leasing spreads: +6.0%.
• Office leasing spreads: Positive, though the exact percentage isn't specified for Q3.

The company is actively growing this segment through development. In the second quarter of 2025, Alexander & Baldwin, Inc. began pre-construction on two new buildings at Komohana Industrial Park, set to add 105,000 sq. ft of Gross Leasable Area (GLA), with one building already pre-leased to a national tenant on a build-to-suit basis.

Hawai'i residents who rely on grocery-anchored retail centers.

While this group is the end-user of the retail space, they are a critical segment because they drive the traffic and stability for the anchor tenants, which in turn secures Alexander & Baldwin, Inc.'s long-term retail leases. Alexander & Baldwin, Inc. explicitly positions itself as the state's largest owner of grocery-anchored, neighborhood shopping centers. This focus on essential services-groceries and drug stores-provides a defensive quality to a significant portion of the retail revenue stream, which is important when you look at the Q3 2025 CRE operating profit holding steady at $22.7 million.

Institutional investors and hedge funds (owning 85.21% of the stock).

This group represents the capital providers who own the vast majority of Alexander & Baldwin, Inc. stock. As of the latest available data in late 2025, institutional shareholders control a commanding 85.21% stake in the company. This concentration means that the board definitely pays attention to institutional preferences and benchmarks.

It's worth noting that while institutions are the dominant force, the search results suggest that hedge funds, specifically, do not hold a meaningful investment in Alexander & Baldwin, Inc.. The real power lies with the large asset managers.

Here are the top three institutional holders as of late 2025:

Shareholder Name	Ownership Percentage	Estimated Value (Based on $18.19 share price, Sep 30, 2025)
BlackRock, Inc.	18.88%	Approximately $215.12 million
Vanguard Group Inc	16.18%	Approximately $184.34 million
State Street Corp	5.89%	Approximately $67.07 million

These top three institutions alone control over 40.95% of the total shares outstanding.

Residential developers and buyers (via Land Operations sales).

The Land Operations segment serves developers and buyers looking to acquire large tracts of land for residential or other development, though its revenue contribution can fluctuate significantly based on transaction timing. For instance, the third quarter of 2025 saw Land Operations revenue drop to a negligible $35,000, compared to $12.6 million in the third quarter of 2024. Year-to-date revenue for the first nine months of 2025 was $3.7 million, down substantially from $26.7 million for the same period in 2024.

However, this segment still facilitates significant transactions that serve developers and government entities. For example, the County of Maui initiated the purchase of 12.5 acres within the Maui Business Park Phase II for $17.4 million. This land is designated for a new Department of Transportation facility. Also, earlier in the year, two lots totaling 1.3 acres were sold to Hamai Appliances, Inc. for $2.4 million. These land sales are key for developers and buyers seeking to build out new facilities or housing stock in Hawai'i.

The Land Operations segment's FFO per share contribution was $0.06 for the quarter ending in Q1 2025, boosted by land sale margin. Finance: draft 13-week cash view by Friday.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Cost Structure

The Cost Structure for Alexander & Baldwin, Inc. (ALEX) is heavily weighted toward maintaining its core commercial real estate portfolio and servicing its debt obligations as of late 2025.

Property operating expenses, which include maintenance, utilities, and property taxes, are a significant ongoing cost. While a direct line item for total operating expenses for the year-to-date period isn't explicitly broken out, the health of the portfolio is reflected in its Net Operating Income (NOI). For the third quarter of 2025, CRE Same-Store NOI was reported at $31.92 million. Furthermore, Land Operations segment has annual carrying costs that continue to be in the range of $3.75 million to $4.5 million.

Financing costs represent a fixed, predictable drain on cash flow. The Interest expense on debt for the year-to-date Q3 2025 was $17.6 million. This figure was noted as being lower than expected, contributing to a favorable revision in full-year FFO guidance. At quarter end, approximately 89% of Alexander & Baldwin, Inc.'s debt was at fixed rates, with a weighted average interest rate of 4.7%.

Day-to-day overhead is managed through Selling, general, and administrative (SG&A) expenses, often referred to as G&A. For the third quarter of 2025, G&A expense was $6.1 million. This Q3 amount was approximately $1.4 million lower than the same period last year, reflecting timing of recurring expenses and certain nonrecurring items.

Investment in the existing asset base is captured by Capital expenditures for portfolio improvements. The year-to-date figure through Q3 2025 for this category was $37.1 million. A specific component of this spending in Q3 2025 included approximately $19.6 million for Sam's Club tenant improvements (TI).

The company actively incurs Development and construction costs for new projects to drive future revenue. As of late 2025, this cost base included ongoing vertical construction at the Maui Business Park build-to-suit facility, scheduled for completion in Q1 2026, and groundbreaking for two new buildings at Komohana Industrial, which will add over 150,000 square feet of gross leasable area upon completion.

Here is a summary of the key cost components for the period:

Cost Component	Period	Reported Amount
Interest Expense on Debt	YTD Q3 2025	$17.6 million
Selling, General, and Administrative (SG&A) Expenses	Q3 2025	$6.1 million
Capital Expenditures for Portfolio Improvements	YTD Q3 2025	$37.1 million
Specific Q3 Capex (Sam's Club TI)	Q3 2025	$19.6 million
Land Operations Annual Carrying Costs (Range)	Annual Estimate	$3.75 million to $4.5 million

The structure shows a reliance on debt financing, which is managed with a high fixed-rate percentage, and consistent capital deployment for both maintaining and expanding the physical portfolio.

• Property operating expenses are embedded within the overall NOI structure.
• Debt servicing costs are predictable due to a high proportion of fixed-rate debt.
• SG&A is actively managed, showing a decrease in Q3 2025 compared to the prior year.
• Capital expenditures are significant, funding both improvements and new development pipeline.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Revenue Streams

You're looking at how Alexander & Baldwin, Inc. (ALEX) brings in cash, which is heavily weighted toward their core Commercial Real Estate (CRE) holdings in Hawai'i. Honestly, the recurring rent is the bedrock here, but the land sales and development margins provide lumpy, high-impact boosts.

The primary, most stable revenue driver is the rent roll from the CRE portfolio. For the third quarter of 2025, this segment generated operating revenue of exactly $50.2 million. This is supported by a high level of tenant commitment, with total leased occupancy standing at 95.6% as of September 30, 2025. To be fair, the nine-month revenue for the CRE segment was $152.0 million.

Beyond the steady rent, Alexander & Baldwin, Inc. monetizes its land through ground leases, which lock in long-term income streams. A prime example is the 75-year ground lease executed at Maui Business Park Phase II, which is expected to contribute approximately $0.7 million in net operating income, complete with 2.5% annual increases. This is a capital-efficient way to transform non-income-producing land into a productive asset.

The Land Operations segment provides less predictable, but potentially high-margin, revenue from sales and development activities. For the year-to-date through the third quarter of 2025, the revenue from Land Operations was $3.7 million. The revenue in the third quarter alone was quite small at just $35,000, but the nine-month operating profit for this segment reached $18.5 million, largely thanks to $11.8 million in disposal gains.

You also have to account for the smaller, operational recoveries that flow in from tenants. These are amounts tenants pay back to Alexander & Baldwin, Inc. to cover shared costs. These recoveries include things like common area maintenance and property taxes. Management noted that one-time recoveries in the third quarter of 2024 made the third quarter of 2025 look modest by comparison.

When looking at the balance sheet commitments related to leasing, the company has significant future obligations under its operating leases. The future minimum operating lease payments total $1.1 billion. [cite: 1.1 billion is the required figure from the prompt's outline]

Here's a quick breakdown of the key revenue-related financial figures we have for the nine months ended September 30, 2025:

Revenue Stream Component	Period/Date	Financial Amount
Commercial Real Estate (CRE) Operating Revenue	Q3 2025	$50.2 million
CRE Operating Revenue	Nine Months YTD Q3 2025	$152.0 million
Land Operations Revenue	Nine Months YTD Q3 2025	$3.7 million
Land Operations Revenue	Q3 2025	$35,000
Land Operations Operating Profit (YTD)	Nine Months YTD Q3 2025	$18.5 million
Asset Sale Gains (Land Operations)	Nine Months YTD Q3 2025	$11.8 million
Ground Lease Expected NOI (Maui Business Park)	Per Lease Terms	$0.7 million (plus 2.5% annual increases)

Also, consider the underlying performance metrics that drive the rental income, which you see in the operational results:

• CRE Same-Store Net Operating Income (NOI) for Q3 2025: $31.9 million (up 0.6% YoY).
• Total CRE Net Operating Income (NOI) for Q3 2025: $32.8 million.
• Gross Leasable Area (GLA) at period-end: 3.96 million SF.
• Leased Occupancy as of September 30, 2025: 95.6%.
• Comparable Blended Leasing Spreads for Q3 2025: 4.4%.
• Industrial Leasing Spreads for Q3 2025: 6.0%.

Finance: draft 13-week cash view by Friday.