Summary
- Alexander & Baldwin is set to be taken private at $21.20/share in an all-cash deal by an investor group that includes funds affiliated wit…
Summary
- Alexander & Baldwin is set to be taken private at $21.20/share in an all-cash deal by an investor group that includes funds affiliated with Blackstone Real Estate.
- Shareholders will receive a $0.35/share dividend in January 2026; post ex-dividend on December 19, 2025, the offer adjusts to $20.85/share.
- With ALEX trading at ~$20.85/share, only a 1.7% upside remains, justifying a Hold rating.
- The deal values the company at an enterprise value of $2.3 billion, or 15.1x its 2025 FFO midpoint, with a cap rate of 5.7% for its commercial real estate portfolio.
- The risks of a higher rival bid or deal collapse are remote, making the current offer the most likely outcome.
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Introduction
One of the few REITs focused exclusively on Hawaii, Alexander & Baldwin (ALEX), is set to be taken private at a valuation of $21.20/share, with closing of the all-cash deal expected in Q1 2026. The
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Quick Insights
With ALEX trading at ~$20.85/share and the offer effectively at $20.85/share post-dividend, the remaining upside is approximately 1.7%.
Given ALEX’s niche Hawaii focus and institutional ownership, a rival bid or deal collapse is considered highly unlikely.
December 19, 2025 is the ex-dividend date; after this, the $21.20/share offer reduces to $20.85/share due to the $0.35/share dividend.