Alexander & Baldwin, Inc.

Alexander & Baldwin, Inc. is a fully integrated real estate investment trust (REIT) with a history in Hawai'i dating back to 1870. The company has evolved to become one of Hawai'i's premier commercial real estate companies and owns the largest portfolio of grocery-anchored, neighborhood shopping centers in the state. Its commercial real estate portfolio is geographically focused in Hawai'i. The portfolio includes 22 retail centers, 14 industrial assets, and four office properties, totaling approximately four million square feet of gross leasable area (GLA). Additionally, the company owns 145 acres of commercial land in Hawai'i, with substantially all of it leased through urban ground leases. As of December 31, 2025, the improved portfolio's leased occupancy was 95.6%, with tenants comprising national, regional, and local retailers and businesses. On December 8, 2025, the company entered into a Merger Agreement with Tropic Purchaser LLC, a Delaware limited liability company, and Tropic Merger Sub LLC, a Hawaii limited liability company and wholly owned subsidiary of Tropic Purchaser LLC. Tropic Purchaser LLC is a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest. Under the agreement, Alexander & Baldwin, Inc. will merge into Tropic Merger Sub LLC, ceasing its separate existence, and Tropic Merger Sub LLC will survive as a wholly owned subsidiary of Tropic Purchaser LLC.