Alexander & Baldwin is a publicly traded real estate investment trust (REIT) listed on the NYSE under the ticker symbol ALEX. Founded in 1870 and headquartered in Honolulu, the company has evolved from its roots in agriculture and transportation into a focused commercial real estate platform. Today, it is the largest owner of grocery-anchored neighborhood shopping centers in Hawai‘i and the only REIT exclusively concentrated in the state’s commercial real estate market. Its investment strategy centers on acquiring and developing high-quality, income-producing assets in Hawai‘i, with a strong emphasis on retail and industrial properties. Alexander & Baldwin has been actively monetizing non-core assets and reinvesting in its core portfolio, including build-to-suit developments at Komohana Industrial Park and Maui Business Park. Alexander & Baldwin’s operations are heavily concentrated in Hawai‘i, which presents both strategic advantages and concentration risks. As of the latest filings, 95.8% of its portfolio is leased, with top market exposures in O‘ahu, Maui, and Hawai‘i Island. This geographic focus provides a competitive edge in a high-barrier-to-entry market but also increases vulnerability to local economic fluctuations.