Alexander And Baldwin

To create special places in Hawaiʻi by being its preeminent commercial real estate company and most sought-after CRE investment.

Alexander And Baldwin SWOT Analysis

Updated: October 4, 2025 • 2025-Q4 Analysis

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This analysis for Alexander And Baldwin was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

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The Alexander & Baldwin SWOT Analysis reveals a company with a formidable, deeply entrenched position in its chosen niche. Its strengths—a high-quality, high-occupancy portfolio and a fortress balance sheet—are perfectly aligned with its mission. However, this strength in focus is also its primary weakness: extreme geographic concentration. The key priorities correctly identify the strategic imperative: double down on what works (essentials-focused retail and industrial) while actively mitigating the inherent risks of a single-market strategy. The company must leverage its local expertise to capitalize on unique redevelopment and industrial growth opportunities that mainland competitors cannot access. Successfully navigating the external threats of interest rates and economic shifts will be the true test of its long-term vision to be Hawaii's preeminent CRE leader. This plan correctly prioritizes resilience and targeted growth.

The Howard Hughes Corporation Brookfield Properties Kamehameha Schools Blackstone Terreno Realty Corporation

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create special places in Hawaiʻi by being its preeminent commercial real estate company and most sought-after CRE investment.

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Strengths

PORTFOLIO: 95.3% leased rate in high-demand grocery-anchored centers.
BALANCE SHEET: Low leverage with Net Debt to EBITDA of 5.6x is a key edge.
FOCUS: Pure-play Hawaii strategy provides deep market expertise.
LEASING: Executed 106 leases in Q3'23 with +17.5% cash leasing spreads.
LEGACY: 150+ year history builds trust and access to unique opportunities.

Weaknesses

GEOGRAPHIC: 100% Hawaii portfolio creates significant concentration risk.
SCALE: Smaller scale vs. mainland REITs limits capital market access.
OPERATING COSTS: High utility and labor costs inherent to Hawaii market.
DEPENDENCY: Retail portfolio success is linked to local economic health.
DEVELOPMENT: Limited land for new large-scale ground-up development.

Opportunities

INDUSTRIAL: High demand for industrial space offers significant rent growth.
REDEVELOPMENT: Modernize and densify existing assets for higher returns.
MARKET LEADERSHIP: Consolidate position as the top CRE owner in Hawaii.
TENANT MIX: Attract new-to-market tenants seeking entry into Hawaii.
GROUND LEASES: Monetize non-strategic land holdings via long-term leases.

Threats

INTEREST RATES: Higher rates increase cost of capital and pressure values.
TOURISM: Economic downturns impacting tourism can reduce tenant sales.
REGULATION: Potential for adverse changes in Hawaii's land use laws.
COMPETITION: Increased interest from institutional investors in Hawaii CRE.
CLIMATE CHANGE: Long-term risk of sea-level rise to coastal properties.

Key Priorities

PORTFOLIO: Optimize portfolio by leaning into grocery-anchored retail.
GROWTH: Capitalize on industrial demand for last-mile logistics space.
FINANCIALS: Fortify balance sheet to navigate interest rate volatility.
RISK: Mitigate Hawaii concentration risk via tenant diversification.

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Alexander And Baldwin OKR

Updated: October 4, 2025 • 2025-Q4 Analysis

The Alexander & Baldwin OKR plan is a masterclass in strategic focus. It translates the SWOT's core insights into a clear, actionable roadmap. The objectives 'DOMINATE ESSENTIALS' and 'OWN INDUSTRIAL' directly address the largest opportunities, while 'FORTRESS BALANCE SHEET' tackles the primary external threat of economic volatility. 'DIVERSIFY REVENUE' astutely mitigates the key weakness of geographic concentration without diluting the company's core Hawaii-first strategy. The key results are specific, outcome-oriented, and ambitious. This plan provides exceptional clarity, aligning the entire organization on a handful of priorities that will compound value and solidify A&B's position as Hawaii’s preeminent real estate leader for years to come.

The Howard Hughes Corporation Brookfield Properties Kamehameha Schools Blackstone Terreno Realty Corporation

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create special places in Hawaiʻi by being its preeminent commercial real estate company and most sought-after CRE investment.

DOMINATE ESSENTIALS

Solidify our position as Hawaii's #1 essentials CRE owner.

PORTFOLIO: Increase grocery-anchored retail occupancy from 95.3% to a record high of 96.5%.
LEASING: Achieve positive cash leasing spreads of at least +15% on all retail renewals in 2025.
TENANTS: Sign 3 new-to-market, high-growth national tenants for key vacancies in the portfolio.
NOI: Grow same-store retail NOI by 4.5%, outpacing the REIT sector average through active management.

OWN INDUSTRIAL

Become the undisputed leader in Hawaii's logistics space.

DEVELOPMENT: Complete pre-development and secure anchor tenant for 200,000 sq ft of new industrial space.
RENT GROWTH: Realize a 25% increase in cash rents on all industrial lease renewals for the year.
OCCUPANCY: Maintain industrial portfolio occupancy at or above 98% through proactive tenant retention.
ACQUISITION: Identify and underwrite three off-market industrial acquisition targets totaling $50M+.

FORTRESS BALANCE SHEET

Create the most resilient balance sheet in our peer group.

LEVERAGE: Reduce Net Debt to EBITDA from 5.6x to below 5.2x through operational growth and discipline.
DEBT: Execute a financing plan to fix or hedge 85% of total debt, minimizing interest rate risk.
LIQUIDITY: Increase total corporate liquidity (cash + revolver capacity) by 15% to over $600 million.
RATINGS: Secure a credit rating upgrade from a major agency based on improved financial metrics.

DIVERSIFY REVENUE

De-risk our Hawaii focus with a broader tenant base.

TENANT MIX: Reduce reliance on tourism-sensitive tenants by ensuring no single retail category is >15% of ABR.
HEALTHCARE: Increase medical and wellness tenants' share of portfolio GLA from 5% to 7.5%.
NON-RETAIL: Grow non-retail income sources (e.g., ground leases, solar) to represent 10% of total NOI.
CREDIT: Increase percentage of ABR from investment-grade rated tenants from 40% to 45%.

METRICS

Core Funds From Operations (FFO) Per Share Growth: +7%
Same-Store Net Operating Income (NOI) Growth: +4.0%
Net Debt to Pro-forma EBITDA: < 5.2x

VALUES

Integrity
Humility
Community
Long-Term Perspective

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Alexander And Baldwin Retrospective

AI-Powered Insights

Claude

Gemini

GPT

Alexander & Baldwin Q3 2023 Earnings Report and Transcript
Alexander & Baldwin Investor Relations Website (Presentations, SEC Filings)
Company Website (alexanderbaldwin.com)
Public financial data sources (e.g., Yahoo Finance)

The Howard Hughes Corporation Brookfield Properties Kamehameha Schools Blackstone Terreno Realty Corporation

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create special places in Hawaiʻi by being its preeminent commercial real estate company and most sought-after CRE investment.

Toggle Theme

What Went Well

LEASING: Strong leasing spreads of +17.5% (cash) and +32.3% (straight-line).
OCCUPANCY: Maintained high portfolio-wide leased occupancy of 95.3%.
NOI: Achieved 3.8% Same-Store NOI growth, demonstrating asset quality.
INDUSTRIAL: Industrial portfolio remains a bright spot with 98% occupancy.
STRATEGY: Successful disposition of non-core assets to simplify business.

Not So Well

EXPENSES: Higher-than-anticipated property operating expenses.
FFO: Core FFO per share slightly below consensus expectations.
MAUI: Navigating the financial and community impact of the Maui fires.
TRANSACTIONS: Slower transaction market due to interest rate environment.
DEBT COSTS: Increased interest expense from variable rate debt exposure.

Learnings

RESILIENCE: Grocery-anchored assets are highly resilient in uncertain times.
INFLATION: Persistent inflation directly impacts operating and CAM costs.
RATES: Balance sheet strength is paramount in a high interest rate world.
COMMUNITY: Deep community ties are invaluable during crises like Maui fires.
DEMAND: Demand for well-located Hawaii real estate remains robust.

Action Items

EXPENSES: Implement new cost control initiatives across the portfolio.
DEBT: Evaluate options to hedge or fix remaining variable-rate debt.
MAUI: Continue supporting the Maui community and affected tenants.
LEASING: Proactively manage lease expirations to lock in strong rents.
CAPITAL: Remain disciplined on capital allocation, prioritizing balance sheet.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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Alexander And Baldwin Market

AI-Powered Insights

Claude

Gemini

GPT

Alexander & Baldwin Q3 2023 Earnings Report and Transcript
Alexander & Baldwin Investor Relations Website (Presentations, SEC Filings)
Company Website (alexanderbaldwin.com)
Public financial data sources (e.g., Yahoo Finance)

Founded: 1870
Market Share: Largest owner of grocery-anchored retail in Hawaii
Customer Base: National/local retailers, logistics firms, small businesses
Category:
Commercial REIT
SIC Code: 6798 Real Estate Investment Trusts
NAICS Code: 525930 Finance and InsuranceT
Location: Honolulu, Hawaii
Zip Code: 96813
Congressional District: HI-1 HONOLULU
Employees: 200

Competitors

The Howard Hughes Corporation Request Analysis

Brookfield Properties Request Analysis

Kamehameha Schools Request Analysis

Blackstone View Analysis

Terreno Realty Corporation Request Analysis

Products & Services

No products or services data available

Distribution Channels

Alexander And Baldwin Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

Alexander & Baldwin Q3 2023 Earnings Report and Transcript
Alexander & Baldwin Investor Relations Website (Presentations, SEC Filings)
Company Website (alexanderbaldwin.com)
Public financial data sources (e.g., Yahoo Finance)

Problem

Businesses need prime, high-traffic locations.
Lack of quality, leasable industrial space.
Need for stable, predictable operating costs.

Solution

Portfolio of irreplaceable CRE assets.
Grocery-anchored centers driving foot traffic.
Long-term leases with a trusted partner.

Key Metrics

Same-Store Net Operating Income (NOI) Growth
Leased Occupancy Rate (%)
Core Funds From Operations (FFO) per Share

Unique

100% Hawaii focus with 150+ year history.
Largest owner of grocery-anchored retail.
Significant, well-located land holdings.

Advantage

Deep, multi-generational local relationships.
Proprietary market and tenant data.
High barriers to entry for competitors.

Channels

In-house leasing team
Broker relationships (local & national)
Direct relationships with key tenants

Customer Segments

Grocery stores and essential retailers
National and local in-line tenants
Logistics and light industrial users

Costs

Property operating and maintenance expenses
Interest expense on debt
General & Administrative (G&A) expenses

Alexander And Baldwin Product Market Fit Analysis

Updated: October 4, 2025

Alexander & Baldwin provides businesses with unparalleled access to Hawaii's most essential commercial locations. By anchoring its properties with community-focused retailers, it creates stable, high-traffic environments that foster tenant success. A&B acts as a long-term growth partner, leveraging over 150 years of local expertise to ensure its clients thrive in the unique Hawaiian market.

LOCATION: Providing access to Hawaii’s most essential and desirable commercial real estate locations.

STABILITY: Ensuring tenant success through well-managed, high-traffic, grocery-anchored community centers.

PARTNERSHIP: Leveraging 150+ years of local expertise to be a long-term partner in our tenants' growth.

Before State

Fragmented property ownership
Inconsistent tenant experiences
Lack of community-focused centers

After State

Thriving in premier locations
Access to high local foot traffic
Part of a vibrant retail ecosystem

Negative Impacts

High costs for local businesses
Poor locations hurt sales growth
Inconvenient for local shoppers

Positive Outcomes

Increased sales and profitability
Stronger brand presence in community
Stable, predictable operating costs

Key Metrics

Leased Occupancy

95.3%

Same-Store NOI Growth

+3.8%

Customer Retention Rate

~85-90%

G2 Reviews

N/A (B2B Real Estate)

Requirements

Access to well-managed properties
Partnership with a trusted landlord
Strategic location selection

Why Alexander And Baldwin

Provide high-quality, essential spaces
Active asset management and support
Continuous investment in properties

Alexander And Baldwin Competitive Advantage

Unmatched portfolio in Hawaii
Deep local market knowledge
Long-term community relationships

Proof Points

95%+ portfolio occupancy rate
Leading grocery brands as anchors
Consistent positive leasing spreads

Alexander And Baldwin Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

Alexander & Baldwin Q3 2023 Earnings Report and Transcript
Alexander & Baldwin Investor Relations Website (Presentations, SEC Filings)
Company Website (alexanderbaldwin.com)
Public financial data sources (e.g., Yahoo Finance)

Strategic pillars derived from our vision-focused SWOT analysis

Focus exclusively on Hawaii's best assets.

Prioritize grocery-anchored & industrial.

Develop for local needs, not just tourism.

Maintain low leverage and high liquidity.

What You Do

Own, operate, and develop Hawaii commercial real estate.

Target Market

Businesses serving Hawaii's local communities.

Differentiation

100% Hawaii-focused portfolio
Irreplaceable asset locations

Revenue Streams

Rental income from leases
Property development and sales

Alexander And Baldwin Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

Alexander & Baldwin Q3 2023 Earnings Report and Transcript
Alexander & Baldwin Investor Relations Website (Presentations, SEC Filings)
Company Website (alexanderbaldwin.com)
Public financial data sources (e.g., Yahoo Finance)

Company Operations

Organizational Structure: Functional structure with centralized management
Supply Chain: Partnerships with local construction and service firms
Tech Patents: Primarily utilizes established property management software
Website: https://alexanderbaldwin.com/

Top Clients

Board Members

Alexander And Baldwin Competitive Forces

Threat of New Entry

Very Low. Extreme barriers due to scarcity of available land, complex entitlement processes, and high construction costs in Hawaii protect incumbents.

Supplier Power

Moderate. Limited number of qualified local contractors and service providers in Hawaii can command higher prices for construction and maintenance.

Buyer Power

Moderate. Large national anchor tenants (e.g., Safeway, Target) have significant negotiating leverage on lease terms due to their scale.

Threat of Substitution

Low. For physical retail and industrial/logistics space in prime locations, there are few viable substitutes beyond e-commerce, which drives industrial demand.

Competitive Rivalry

High. While A&B is a leader, it competes with private owners, developers, and institutional investors like Blackstone for assets and tenants.

Analysis of AI Strategy

Updated: October 4, 2025 • 2025-Q4 Analysis

The Alexander & Baldwin AI SWOT Analysis highlights a classic dilemma for an established industry leader. A&B's core strength is its proprietary data set—a potential goldmine for AI applications in the unique Hawaii market. However, internal weaknesses in talent and legacy systems create a significant barrier to unlocking this value. The strategic path forward is not to compete on building foundational AI, but on applying it. The conclusion to prioritize partnerships with specialized proptech firms is astute, allowing A&B to leapfrog the difficult development phase. By focusing AI on tangible operational wins like predictive maintenance and smarter leasing analytics, the company can generate near-term ROI while building the data infrastructure necessary for more advanced applications. This approach transforms AI from a daunting threat into a powerful tool to fortify its market leadership.

The Howard Hughes Corporation Brookfield Properties Kamehameha Schools Blackstone Terreno Realty Corporation

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To create special places in Hawaiʻi by being its preeminent commercial real estate company and most sought-after CRE investment.

Strengths

DATA: Possesses unique, proprietary data on Hawaii tenant sales/traffic.
ASSETS: Physical properties can be testbeds for smart building AI tech.
RELATIONSHIPS: Deep local ties for piloting AI-driven community services.
MARKET: Niche market focus simplifies data modeling vs. diverse REITs.

Weaknesses

TALENT: Lack of in-house AI/ML engineering and data science expertise.
SYSTEMS: Legacy property management systems may not support AI integration.
SCALE: Limited scale may make large AI investments difficult to justify.
CULTURE: Traditionally conservative real estate culture slow to adopt AI.

Opportunities

LEASING: AI-powered analytics to predict tenant success and optimize mix.
OPERATIONS: Predictive maintenance AI for properties to reduce costs.
PRICING: Use ML models for dynamic lease pricing based on real-time data.
INVESTMENT: AI tools to identify and underwrite acquisition opportunities.

Threats

COMPETITION: Large, tech-forward competitors using AI for an advantage.
SECURITY: Increased cybersecurity risks from implementing new AI systems.
BIAS: Risk of biased AI models in tenant selection or market analysis.
DISRUPTION: Proptech startups could disrupt traditional leasing models.

Key Priorities

OPERATIONS: Deploy AI for predictive maintenance to optimize CAM expenses.
LEASING: Leverage AI to analyze data for tenant mix and leasing decisions.
DATA: Build a modern data infrastructure to unify portfolio information.
PARTNERSHIP: Partner with proptech AI firms instead of building in-house.

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Alexander And Baldwin Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

Alexander & Baldwin Q3 2023 Earnings Report and Transcript
Alexander & Baldwin Investor Relations Website (Presentations, SEC Filings)
Company Website (alexanderbaldwin.com)
Public financial data sources (e.g., Yahoo Finance)

Profit: FY 2023 Net Income: $118.8 million

Market Cap: $2.1 Billion (as of late 2023)

Stock Performance

Annual Report: View Report

Debt: Net Debt to EBITDAre of 5.6x

ROI Impact: FFO per share growth is a key driver

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Market Leader

ICM Index

STRATEGIC ADVISOR ASSESSMENT

A&B is a dominant Market Leader in a protected, high-barrier niche. Its Iconic Index is anchored by a strong SWOT score and high-quality strategy but is constrained by a regional (not global) ambition. The low growth multiplier reflects its position as a mature, stable value-creator rather than an exponential grower. Its future depends on optimizing its irreplaceable portfolio and mitigating single-market risks, which the OKRs address directly. The path to a higher index score is through innovative value creation (AI, redevelopment).

SWOT Factors

Upside: 70.7 Risk: 69.3

OKR Impact

AI Leverage

Top 3 Strategic Levers

EXECUTION: Flawless execution of industrial development pipeline.

CAPITAL: Disciplined capital recycling to fund growth.

INNOVATION: Leveraging data and tech to optimize operations.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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