Key Developments: Alexander & Baldwin Inc (ALEX.N)
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$40.87
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$23.50
Latest Key Developments (Source: Significant Developments)
Alexander & Baldwin Inc To Acquire Grace Pacific Corporation
Alexander & Baldwin Inc and Grace Pacific Corporation announced that they have entered into a definitive merger agreement for A&B to acquire the privately held Grace for a combination of stock and cash valued at $235 million. A&B also will be assuming projected net debt of approximately $42 million at closing. Grace is the State's preeminent infrastructure company, providing aggregate, hot mix asphalt and road construction and paving services. Grace was founded in Hawaii in 1931, and its operations are based exclusively in Hawaii. The transaction is expected to be completed in the fourth quarter of 2013. Full Article
Alexander & Baldwin Inc's Real Estate Subsidiary, A&B Properties Agrees To Acquire Pearl Highlands Center
Alexander & Baldwin Inc announced that its real estate subsidiary, A&B Properties, Inc., has agreed to acquire Pearl Highlands Center, a 415,000 square-foot, fee-simple retail power center on 13.5 acres, located in Pearl City, Oahu, 12 miles west of downtown Honolulu, in a transaction that is anticipated to close in the second half of 2013. The Property is 98% leased and is anchored by Sam's Club, Regal Theaters, Ross Dress for Less, 24 Hour Fitness, and a soon to be opened Buffalo Wild Wings. The purchase price of $141.5 million is inclusive of the assumption of a $59.3 million mortgage, which matures in September 2016. Closing is subject to various conditions including the lender's approval of the loan assumption. Full Article
Alexander & Baldwin Inc Acquires Napili Plaza On Maui
Alexander & Baldwin Inc announced that its real estate subsidiary, A&B Properties, Inc., has completed the acquisition of Napili Plaza, a 46,000 square foot retail center in West Maui, for $19 million, reinvesting $15 million of proceeds from the January 2013 sale of the Northpoint Industrial facility in Fullerton, California, and non-income producing land in Hawaii. The remaining purchase price is expected to be funded with reverse 1031 exchange sale proceeds from the future sale of mainland commercial assets. Full Article
Alexander & Baldwin Inc's Board of Directors Approves Separation Of Transportation And Land Businesses
Alexander & Baldwin Inc announced that its Board of Directors has unanimously approved the separation of the Company's transportation and land businesses into two publicly traded companies, subject to the satisfaction of certain customary conditions. Following the separation, the transportation business (ocean transportation and logistics) will be operated under the name Matson, Inc., and will trade on the New York Stock Exchange under the ticker symbol MATX. The land business (real estate and agriculture) will be operated under the name Alexander & Baldwin Inc, and will trade on the New York Stock Exchange under the ticker symbol ALEX. The Company will complete the separation by distributing to all persons who are shareholders of record of the Company as of 5:00 p.m., Eastern Daylight Time, on June 18, 2012, one share of New A&B common stock for every one share of Company stock owned as of the Record Date. The distribution will be effective at 4:00 p.m. Eastern Daylight Time, on June 29, 2012. The first day of regular way trading of the stock of each separate company is expected to be July 2, 2012. Full Article
Alexander & Baldwin Inc's Real Estate Subsidiary Acquires Second Development Site And Two Fully-Leased Office Buildings At Gateway At Mililani Mauka
A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin Inc, announced that it has completed the acquisition of the Gateway at Mililani Mauka – South (Gateway South) property, a five-acre, fee-simple office complex that includes two fully-leased office buildings totaling 18,700 square feet and a 1.6-acre, fully entitled development site. A&B Properties purchased Gateway South from Castle & Cooke Homes Hawaii, Inc. for $11.4 million. The property is directly across the street from the Gateway at Mililani Mauka Shopping Center acquired by A&B Properties in December 2011. Full Article
Alexander & Baldwin Inc Finalizes Post-Separation Financing Arrangements
Alexander & Baldwin Inc announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business (New A&B). The new financing arrangements will provide significant liquidity and support New A&B in the execution of its growth strategies as a stand-alone company and complement separately announced financing arrangements that have been made for Matson Navigation Company, Inc. The New A&B financing arrangements consist of; a new $260 million unsecured revolving senior credit facility with a syndicate of banks, including an option to increase available capacity up to an additional $90 million; and a replenishing $300 million, three-year unsecured note purchase and private shelf agreement, including a renewal or replacement of $207 million of existing unsecured notes with Prudential Investment Management, Inc. and its affiliates. The unsecured revolving credit facility has an initial five-year term maturing in June 2017, and will be used for New A&B's development projects, real estate investments and general corporate purposes. Full Article
Alexander & Baldwin Inc Announces Second Quarter 2010 Dividend
Alexander & Baldwin Inc announced a second quarter 2010 dividend of $0.315 per share. The dividend is payable on June 3, 2010 to shareholders of record as of the close of business on May 13, 2010. Full Article
Alexander & Baldwin Inc Announces Second Quarter 2012 Dividend
Alexander & Baldwin Inc announced a second quarter 2012 dividend of $0.315 per share. The dividend is payable on June 4, 2012 to shareholders of record as of the close of business on May 10, 2012. Full Article
Alexander & Baldwin Inc Announces First Quarter 2012 Dividend
Alexander & Baldwin Inc announced a first quarter 2012 dividend of $0.315 per share. The dividend is payable on March 1, 2012 to shareholders of record as of the close of business on February 9, 2012. Full Article
Alexander & Baldwin Inc's A&B Properties Acquires Retail Center And Prime Development Site In Central Oahu
A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin Inc, announced that it has completed the acquisition of a 4.35-acre, fee-simple parcel within the seven-acre Gateway at Mililani Mauka Shopping Center complex from Castle & Cooke Properties for $8.2 million. The parcel includes approximately four acres of land zoned for commercial development and a 5,880 square-foot multi-tenant retail building, which is fully occupied. A&B Properties plans to develop an additional 28,000 square feet of retail space on the newly acquired site to provide a quality shopping and dining experience for this popular Central Oahu community. Full Article
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