Alexander & Baldwin, Inc.

Business overview (as of 12/31/2025)

• Company type: Fully integrated real estate investment trust (REIT) focused on Hawai‘i.

• History and focus: Founded from a 571-acre sugar plantation on Maui in 1870, the company has evolved into one of Hawai‘i’s premier commercial real estate firms and is the owner of the state’s largest grocery-anchored, neighborhood shopping center portfolio. The portfolio is geographically concentrated in Hawai‘i and is supported by deep local roots, broad experience, and strong relationships and reputation in the islands.

Portfolio

• 22 retail centers
• 14 industrial assets
• 4 office properties
• Approximately 4,000,000 square feet of gross leasable area (GLA)
• 145 acres of commercial land in Hawai‘i, substantially leased pursuant to urban ground leases

Occupancy and tenants

• Portfolio leased occupancy: 95.6% as of December 31, 2025
• Tenant mix: national, regional, and local retailers and businesses

Merger transaction

• On December 8, 2025, the company entered into an Agreement and Plan of Merger with Tropic Purchaser LLC (Parent) and Tropic Merger Sub LLC.
• Parent is a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest.
• The merger would combine the company with Merger Sub; the company would cease to exist and Merger Sub would survive as a wholly owned subsidiary of Parent.
• Expected closing: first quarter of 2026, subject to customary closing conditions, including approval by the company’s shareholders.

For additional details, see Part I, Item 1A, “Risk Factors.”