• JAN 6 2009 9:00AM ET
  • NYSE
  • AXB
  • 25.42
  • 0.42
  • 1.68%

Alexander & Baldwin, Inc.

Real Estate

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Sales & Development

A&B Properties, a subsidiary of A&B, actively manages a comprehensive program of land stewardship, planning, entitlement and development to enhance the value of the Company's lands. By identifying and pursuing developments that enhance value from raw land holdings, and by re-investing tax-deferred proceeds from these efforts into new development and commercial properties, A&B creates value for shareholders over time. The Company's development activities, once limited to its historic landholdings, have been expanded through the use of acquired land and joint ventures, enabling diversification if earnings to the U.S. Mainland. The extension of the Company's development activities has allowed it to leverage its development expertise, market knowledge and capital resources.

Property Portfolio

A&B Properties Real Estate Leasing segment owns, operates and manages commercial properties nationwide. By focusing on the acquisition of high quality retail, office and industrial properties in strong locations, the Company seeks to increase margins through time by improved occupancy levels and strident cost control. The Company regularly sells selected properties from its portfolio when it believes that value of that asset has been maximized and the full fair market value can be realized. The portfolio, which began in 1989 with the reinvestment from proceeds of landholdings in Wailea, Maui, is today a highly diversified collection of income properties offering a balanced mix of tenants, geographies and asset classes. In addition to the commercial property portfolio, the Company generates revenue and earnings from a variety of land leases, licenses and other agreements related to real estate in Hawaii.

Landholdings

Alexander & Baldwin owns approximately 89,000 acres throughout Hawaii, with large concentrations on the islands of Maui and Kauai. The vast majority of these holdings were acquired over 100 years ago to support the cultivation of sugar cane. Today, these lands support the Company's continuing agribusiness operations, including the cultivation of sugar on approximately 36,000 acres and coffee, as well as housing hydroelectric power production facilities. In addition to its agricultural operations, the company owns considerable watershed or conservation lands. The Company continues to seek ways to enhance the performance of its agricultural businesses by maximizing the value and utility of its considerable land holdings, consistent with historical stewardship and agronomic best practices.

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