Alexander & Baldwin CEO Says Right Time for Transition as REIT Nears Completion of Transformation
Chris Benjamin, CEO of Alexander & Baldwin, Inc. (NYSE: ALEX), was a guest on the latest episode of Nareit's REIT ReportΒ ...
Consultant, Alexander Baldwin
Search every verified Christopher Benjamin interview, podcast appearance, and on-the-record quote β each transcript cross-checked by AI and human review to confirm speaker identity. Christopher Benjamin, CEO of Alexander & Baldwin, announced in September 2023 that he would retire at the end of June, stating that the timing was appropriate because the company had "nearly completed this significant transformation" into a focused commercial real estate business. He noted that the transition involved shutting down the last sugar plantation in Hawaii and dealing with related liabilities, and that he was stepping off the board to allow his successor to pursue their own strategic vision. Benjamin expressed pride in the cultural changes at the company, particularly regarding diversity, equity, and inclusion, workforce development, and community engagement. In earlier remarks from 2020, Benjamin discussed the company's progress in simplifying its business by exiting non-commercial real estate operations and nearly quadrupling its Hawaii commercial real estate net operating income. He highlighted that most of the company's Hawaii assets were acquired through off-market transactions, that its portfolio was focused on smaller communities rather than tourism, and that ground leases provided opportunities for growth. Benjamin also noted that the company expected to use operating partnership units for future acquisitions and that further monetization of non-core assets, such as its paving business, was needed before the company would be "fully accepted as a REIT."
“We decided that we were close enough to make the reconversion make sense and, you know, we're pleased that we did it.”
“At this stage, it's a very good time for a transition because we have nearly completed this significant transformation that we've gone through as a company.”
“The biggest challenge was turning a 150-year-old company into a focused commercial real estate business, dealing with liabilities from agriculture, pension plans, and environmental obligations.”
“We had to shut down the last sugar plantation in Hawaii very thoughtfully and sensitively, and I think we did that well.”
Chris Benjamin, CEO of Alexander & Baldwin, Inc. (NYSE: ALEX), was a guest on the latest episode of Nareit's REIT ReportΒ ...
Chris Benjamin anticipates further simplification of the REIT's business model.
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