A&B Properties, Inc. is a diversified real estate company, which includes land, planning, entitlement and management of commercial, residential and resort developments.A&B owns over 88,000 acres throughout Hawaii. By identifying and pursuing developments that enhance value from raw land holdings, and reinvesting tax-deferred proceeds from these efforts into new developments and a portfolio of income-producing properties, A&B Properties creates value for shareholders and has created a diverse income stream that is resilient to market cycles. A&B Properties owns, operates and manages over eight million square feet of industrial, retail and office properties in Hawaii and throughout the U.S. Mainland.Once limited only to its historic landholdings, A&B Properties' development activities have been expanded throughout the State of Hawaii and the U.S. Mainland. This diversification into new places, using new ways such as joint ventures, has allowed A&B to leverage its development expertise, market knowledge and capital resources.Alexander & Baldwin is a multi-market transportation, real estate and agribusiness company focused on growing our integrated businesses, investing capital opportunistically with discipline, and expanding our customer, knowledge and market bases in new ways and new places. We are a company rooted in our Hawaii land and ocean heritage moving assuredly towards emergent opportunities worldwide to produce outstanding long-term returns for our investors.To learn more about Alexander & Baldwin, Inc. please visit alexanderbaldwin.com.The Alexander & Baldwin, Inc. 2009 Annual Report is available for viewing online.