Alexander & Baldwin, Inc. (Alex): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Aninhado no coração do Havaí, Alexander & Baldwin, Inc. (Alex) representa uma potência dinâmica do gerenciamento integrado da terra, transformando 88.000 acres em um ecossistema de negócios multifacetado que combina perfeitamente imóveis comerciais, inovação agrícola e desenvolvimento sustentável. Esta empresa notável criou um modelo de negócios exclusivo que não apenas gera diversos fluxos de receita, mas também preserva a herança cultural e ecológica da paisagem havaiana, oferecendo aos investidores e partes interessadas uma abordagem extraordinária para o desenvolvimento de propriedades e a utilização de terras que transcendem estratégias de negócios tradicionais.

Alexander & Baldwin, Inc. (Alex) - Modelo de Negócios: Parcerias -chave

Leasing de terras agrícolas com agricultores locais no Havaí

A partir de 2024, Alexander & Baldwin gerencia aproximadamente 87.000 acres de terras agrícolas no Havaí. As parcerias agrícolas de leasing agrícola da empresa incluem:

Tipo de parceiro	Acres arrendados	Receita anual de arrendamento
Locatários agrícolas diversificados	52.000 acres	US $ 18,3 milhões
Produtores de milho de sementes	22.000 acres	US $ 12,7 milhões
Projetos de energia renovável	13.000 acres	US $ 5,9 milhões

Colaborações de desenvolvimento imobiliário

As principais parcerias de desenvolvimento imobiliário incluem:

• Howard Hughes Corporation para desenvolvimentos comunitários planejados
• Grupos de investimentos havaianos locais para projetos comerciais e residenciais
• Escolas Kamehameha para iniciativas conjuntas de desenvolvimento da terra

Parceria	Valor total do projeto	Desenvolvimento Acres
Howard Hughes Corporation	US $ 340 milhões	1.250 acres
Grupos de investimentos locais	US $ 215 milhões	750 acres

Gerenciamento de propriedades comerciais Parcerias estratégicas

Parcerias estratégicas com empresas comerciais de gerenciamento de propriedades incluem:

• Grupo CBRE para gerenciamento de propriedades comerciais
• Jones Lang Lasalle para Leasing e Representação do Inquilino
• Colliers International para análise de mercado e serviços de consultoria

Parceiro	Propriedades gerenciadas	Mágua quadrada total
Grupo CBRE	22 propriedades comerciais	1,2 milhão de pés quadrados
Jones Lang Lasalle	15 propriedades comerciais	850.000 pés quadrados

Energia renovável e joint ventures de uso da terra sustentável

Energia renovável e parcerias sustentáveis ​​de uso da terra incluem:

• Primeira energia eólica para projetos solares e eólicos
• Energia padrão para desenvolvimento de infraestrutura renovável
• Indústrias elétricas havaianas para integração de grade

Parceiro de joint venture	Capacidade de energia renovável	Valor do investimento
Primeira energia eólica	Projeto solar de 75 MW	US $ 125 milhões
Energia padrão	Projeto de 50 MW eólica	US $ 95 milhões

Alexander & Baldwin, Inc. (Alex) - Modelo de Negócios: Atividades -chave

Desenvolvimento imobiliário comercial e gestão

Portfólio de imóveis comerciais totais: 374.000 pés quadrados a partir do quarto trimestre 2023

Tipo de propriedade	Metragem quadrada	Taxa de ocupação
Espaços de escritório	187.000 pés quadrados	92.3%
Espaços de varejo	112.000 pés quadrados	88.5%
Propriedades industriais	75.000 pés quadrados	95.1%

Gestão agrícola da terra e leasing

Total de propriedades agrícolas: 87.000 acres no Havaí

• Portfólio agrícola diversificado, incluindo:
  • Produção de milho de semente
  • Cultivo de culturas energéticas renováveis
  • Iniciativas agrícolas sustentáveis

Investimento imobiliário e otimização de portfólio

Valor total do investimento imobiliário: US $ 1,2 bilhão a partir de 2023

Categoria de investimento	Valor de investimento	Retorno anual
Propriedades comerciais	US $ 675 milhões	6.5%
Desenvolvimentos residenciais	US $ 375 milhões	5.8%
Bancos terrestres	US $ 150 milhões	4.2%

Infraestrutura e desenvolvimento de terras nos mercados havaianos

Projetos totais de desenvolvimento da terra: 12 projetos ativos em 2023

• Locais do projeto:
  • Maui: 5 projetos
  • Oahu: 4 projetos
  • Ilha do Havaí: 3 projetos

Iniciativas sustentáveis ​​de uso e conservação da terra

Investimento anual de conservação: US $ 18,5 milhões em 2023

Área de conservação	Acres preservados	Alocação de investimento
Proteção de habitat nativo	22.000 acres	US $ 8,2 milhões
Gerenciamento da bacia hidrográfica	15.000 acres	US $ 6,3 milhões
Terra de energia renovável	10.000 acres	US $ 4 milhões

Alexander & Baldwin, Inc. (Alex) - Modelo de negócios: Recursos -chave

Propriedades terrestres

Portfólio total de terras: 88.000 acres no Havaí

Categoria de terra	Acres	Percentagem
Terras Agrícolas	62,000	70.5%
Imóveis comerciais	26,000	29.5%

Recursos financeiros

Métricas financeiras (2023):

• Receita total: US $ 460,3 milhões
• Lucro líquido: US $ 85,2 milhões
• Total de ativos: US $ 1,2 bilhão
• Equidade dos acionistas: US $ 752 milhões

Portfólio de propriedades

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Imóveis comerciais	37	1,2 milhão de pés quadrados
Propriedades industriais	12	350.000 pés quadrados

Recursos Humanos

• Total de funcionários: 604
• Posse média dos funcionários: 9,3 anos
• Experiência da equipe de gerenciamento: média de 18 anos em setores imobiliários e agrícolas

Ativos intelectuais

• Marcas registradas: 14
• Licenças operacionais: 22
• Parcerias estratégicas: 8

Alexander & Baldwin, Inc. (Alex) - Modelo de Negócios: Proposições de Valor

Gestão integrada de terras em vários setores

A partir do quarto trimestre 2023, Alexander & Baldwin gerencia aproximadamente 88.000 acres de terra no Havaí em diversos setores.

Setor terrestre	Cultura	Contribuição da receita
Terras Agrícolas	46.000 acres	US $ 42,3 milhões (2023)
Imóveis comerciais	22.000 acres	US $ 87,6 milhões (2023)
Terra de conservação	20.000 acres	US $ 12,1 milhões (2023)

Desenvolvimento sustentável de ativos imobiliários e agrícolas havaianos

Em 2023, Alex investiu US $ 63,4 milhões em projetos de desenvolvimento sustentável.

• Investimentos de infraestrutura de energia renovável: US $ 18,2 milhões
• Tecnologia agrícola sustentável: US $ 15,7 milhões
• Desenvolvimento imobiliário ecológico: US $ 29,5 milhões

Criação de valor a longo prazo através de investimentos em propriedades estratégicas

Valor da portfólio de investimentos em propriedade total: US $ 1,2 bilhão (2023)

Categoria de investimento	Valor	Retorno anual
Propriedades comerciais	US $ 675 milhões	6.3%
Desenvolvimentos residenciais	US $ 325 milhões	5.9%
Investimentos em terras agrícolas	US $ 200 milhões	4.7%

Preservação de recursos da terra havaiana e patrimônio cultural

Investimentos de conservação em 2023: US $ 22,6 milhões

• Restauração do ecossistema nativo: US $ 8,3 milhões
• Programas de preservação cultural: US $ 5,9 milhões
• Parcerias de pesquisa ambiental: US $ 8,4 milhões

Fluxos de receita diversificados de operações imobiliárias e agrícolas

Receita total para o ano fiscal de 2023: US $ 273,4 milhões

Fluxo de receita	Quantia	Porcentagem da receita total
Leasing imobiliário comercial	US $ 124,6 milhões	45.6%
Operações Agrícolas	US $ 86,2 milhões	31.5%
Desenvolvimento residencial	US $ 62,6 milhões	22.9%

Alexander & Baldwin, Inc. (Alex) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de leasing de longo prazo

A partir de 2023, Alexander & Baldwin mantém 375.000 pés quadrados de imóveis comerciais arrendados a vários inquilinos. A duração média do arrendamento é de 7,2 anos, com uma taxa de ocupação de 92,4% em seu portfólio comercial.

Tipo de arrendamento	Pés quadrados totais	Taxa de ocupação
Propriedades comerciais	375.000 pés quadrados	92.4%
Terras agrícolas	23.500 acres	88.6%

Serviços personalizados de gerenciamento de propriedades

Métricas de atendimento ao cliente para gerenciamento de propriedades:

• Tempo de resposta às consultas de inquilinos: 2,3 horas
• Classificação anual de satisfação do inquilino: 87,5%
• Taxa de resolução da solicitação de manutenção: 96,2%

Engajamento da comunidade no desenvolvimento da terra

Alexander & A Baldwin investiu US $ 42,3 milhões em projetos de desenvolvimento comunitário em 2023, com 6 grandes iniciativas de engajamento comunitário no Havaí.

Comunicação das partes interessadas

Canal de comunicação	Freqüência	Taxa de engajamento
Chamadas trimestrais de investidores	4 vezes/ano	78%
Reunião Anual dos Acionistas	1 hora/ano	65%

Compromisso sustentável de uso da terra

Investimentos de Sustentabilidade Ambiental: US $ 18,7 milhões em 2023, cobrindo esforços de energia e conservação renováveis ​​em seu portfólio de terras.

Alexander & Baldwin, Inc. (Alex) - Modelo de Negócios: Canais

Equipe direta de leasing e vendas imobiliárias

Alexander & Baldwin mantém uma equipe dedicada de vendas imobiliárias com 42 representantes profissionais de propriedades comerciais e agrícolas a partir do quarto trimestre 2023.

Categoria da equipe de vendas	Número de representantes	Foco geográfico
Imóveis comerciais	28	Mercado Primário do Havaí
Vendas agrícolas de terras	14	Ilhas do Havaí

Plataformas de gerenciamento de propriedades digitais

A empresa utiliza plataformas digitais proprietárias para gerenciamento de propriedades e leasing, com US $ 3,2 milhões investidos em infraestrutura tecnológica em 2023.

• Sistema de gerenciamento de arrendamento on -line
• Portal de comunicação de inquilino digital
• Rastreamento de desempenho da propriedade em tempo real

Site corporativo e portal de relações com investidores

O site corporativo recebe aproximadamente 87.000 visitantes mensais exclusivos com uma duração média da sessão de 4,3 minutos em 2023.

Redes comerciais de corretagem imobiliária

Alexander & Baldwin colabora com 12 redes externas de corretagem imobiliária comercial em todo o Havaí e na região do Pacífico.

Tipo de rede	Número de parcerias	Área de cobertura
Redes havaianas locais	7	Ilhas do Havaí
Redes regionais do Pacífico	5	Costa oeste e aro do Pacífico

Canais locais de engajamento do mercado havaiano

A empresa mantém uma forte presença no mercado local por meio de vários canais de engajamento, com US $ 1,7 milhão alocados ao desenvolvimento de relacionamentos comunitários e de mercado em 2023.

• Associações de Business Association local
• Patrocínios de desenvolvimento comunitário
• Oficinas de Desenvolvimento Econômico Regional

Alexander & Baldwin, Inc. (Alex) - Modelo de negócios: segmentos de clientes

Inquilinos e agricultores agrícolas

A partir de 2024, Alexander & Baldwin gerencia aproximadamente 20.000 acres de terras agrícolas no Havaí. Aparelhamento do portfólio de arrendamento agrícola:

Tipo de colheita	Acres arrendados	Receita anual de arrendamento
Agricultura diversificada	12.500 acres	US $ 18,4 milhões
Culturas de sementes	5.200 acres	US $ 7,9 milhões
Plantações de café	2.300 acres	US $ 4,2 milhões

Investidores imobiliários comerciais

Métricas de portfólio imobiliário comercial:

• Propriedades comerciais totais: 42
• Mágua quadrada comercial total: 1,2 milhão de pés quadrados
• Taxa de ocupação: 93,5%
• Receita anual de imóveis comerciais: US $ 62,3 milhões

Desenvolvedores de energia renovável

Estatísticas de arrendamento de terra de energia renovável:

Tipo de energia	Capacidade instalada	Renda anual de arrendamento
Solar	85 MW	US $ 5,6 milhões
Vento	45 MW	US $ 3,2 milhões

Empresas havaianas locais

Distribuição de inquilinos de negócios local:

• Total de inquilinos comerciais locais: 127
• Duração média do arrendamento: 5,3 anos
• Receita anual de arrendamentos de negócios locais: US $ 22,1 milhões

Empresas de investimento imobiliário regional e nacional

Métricas de portfólio de investimentos imobiliários:

Categoria de investimento	Propriedades totais	Valor total de investimento
Propriedades do continente	18 propriedades	US $ 340 milhões
Propriedades havaianas	36 propriedades	US $ 780 milhões

Alexander & Baldwin, Inc. (Alex) - Modelo de negócios: estrutura de custos

Despesas de manutenção e desenvolvimento da terra

Em 2023, Alexander & Baldwin relatou despesas de manutenção e desenvolvimento da terra, totalizando US $ 43,7 milhões. A quebra dessas despesas inclui:

Categoria	Custo ($)
Manutenção agrícola da terra	18,200,000
Desenvolvimento de propriedades comerciais	15,500,000
Preparação e melhorias de terras	10,000,000

Custos operacionais de gerenciamento de propriedades

Os custos operacionais de gerenciamento de propriedades para 2023 foram de US $ 37,2 milhões, com a seguinte distribuição:

• Gerenciamento de propriedades residenciais: US $ 12,5 milhões
• Manutenção de propriedades comerciais: US $ 14,7 milhões
• Serviços de leasing e inquilino: US $ 10 milhões

Investimento de infraestrutura e melhorias

Os investimentos em infraestrutura em 2023 totalizaram US $ 52,6 milhões, alocados da seguinte forma:

Categoria de infraestrutura	Investimento ($)
Infraestrutura de transporte	22,000,000
Atualizações de utilidade	15,600,000
Infraestrutura digital	15,000,000

Iniciativas de conservação e sustentabilidade ambientais

Os custos de sustentabilidade de 2023 totalizaram US $ 8,3 milhões:

• Projetos de energia renovável: US $ 3,5 milhões
• Proteção à terra de conservação: US $ 2,8 milhões
• Restauração do ecossistema: US $ 2 milhões

Despesas de sobrecarga administrativa e corporativa

As despesas gerais corporativas de 2023 foram de US $ 29,4 milhões, divididas como:

Categoria de sobrecarga	Custo ($)
Compensação executiva	12,000,000
Salários da equipe administrativa	10,400,000
Operações corporativas	7,000,000

Estrutura de custo total para 2023: US $ 171,2 milhões

Alexander & Baldwin, Inc. (Alex) - Modelo de negócios: fluxos de receita

Renda de aluguel imobiliário comercial

A partir de 2023, Alexander & O portfólio imobiliário comercial de Baldwin gerado US $ 96,2 milhões nas receitas de aluguel. A empresa possui aproximadamente 1,3 milhão de pés quadrados de imóveis comerciais em todo o Havaí.

Tipo de propriedade	Renda de aluguel	Taxa de ocupação
Propriedades do escritório	US $ 42,7 milhões	92.3%
Propriedades de varejo	US $ 35,5 milhões	88.6%
Propriedades industriais	US $ 18 milhões	95.1%

Receitas de leasing de terras agrícolas

Leasing de terras agrícolas geradas US $ 38,4 milhões em receita anual para 2023. A empresa gerencia aproximadamente 87.000 acres de terras agrícolas no Havaí.

• Terras de cana -de -açúcar: US $ 12,6 milhões
• Agricultura diversificada: US $ 25,8 milhões

Vendas de propriedades e lucros de desenvolvimento

O desenvolvimento de propriedades e as receitas de vendas totalizaram US $ 65,3 milhões em 2023, com 3 grandes projetos de desenvolvimento concluído durante o ano.

Tipo de projeto	Vendas totais	Número de unidades
Desenvolvimento residencial	US $ 47,2 milhões	128 unidades
Vendas comerciais de terras	US $ 18,1 milhões	6 parcelas

Acordos de arrendamento de terra de energia renovável

Arrendamentos de terras energéticas renováveis ​​contribuídas US $ 22,7 milhões nas receitas anuais, com 15 acordos de energia solar e eólica ativos.

Retornos do portfólio de investimentos

Portfólio de investimentos gerado US $ 14,6 milhões em receita de investimento em 2023, com um portfólio diversificado em vários instrumentos financeiros.

Categoria de investimento	Retorna	Porcentagem de portfólio
Investimentos em ações	US $ 8,3 milhões	56.8%
Títulos de renda fixa	US $ 4,2 milhões	28.7%
Investimentos alternativos	US $ 2,1 milhões	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.