Hawaii’s fourth largest private landowner, Alexander & Baldwin Inc. (NYSE:ALEX) has begun an in-depth exploration of converting its land holdings business to a REIT as a way to finance its plans pursue additional investments in other Hawaii property assets and communities.

Besides owning 87,500 acres in the Aloha State, Alexander & Baldwin is an increasingly active real estate investor, managing a portfolio of 4.7 million square feet of leasable…