Christopher Benjamin on community engagement
From Alexander & Baldwin CEO Says Right Time for Transition as REIT Nears Completion of Transformation · · Nareit1
“Our model as a company is all about partnering with our local community, which gives us benefits not just through relationships but through reputation and knowledge of the local community.”
On , Christopher Benjamin, Consultant at ALEXANDER & BALDWIN INC, spoke about community engagement during Alexander & Baldwin CEO Says Right Time for Transition as REIT Nears Completion of Transformation on Nareit1.
About Christopher Benjamin
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."