A&B Sells Texas Industrial Portfolio; ProLogis Trust is Buyer of Seven-Building Distribution Complex.

Business Editors/Real Estate Writers

HONOLULU--(BUSINESS WIRE)--Feb. 19, 2002

Alexander & Baldwin, Inc. (Nasdaq:ALEX) and its real property estate subsidiary, A&B Properties, Inc. (ABP), today completed the sale of a seven-building distribution complex in Grand Prairie, Texas to ProLogis Trust, a Colorado-based REIT, announced A&B President and CEO Allen Doane. A&B and its real property development and management subsidiary had purchased the property, known as the Great Southwest Industrial portfolio, in 1990; at the time, it contained nine buildings, two of which were sold in 1998. ProLogis (NYSE:PLD) is one of the world's largest owners and operators of industrial real estate, with ownership interest in over 200 million square feet.

"A&B's 11-year ownership of Great Southwest Industrial has been a good run," said Doane, "but we frequently sell properties in our portfolio and subsequently reinvest as a part of our ongoing strategy to grow our real estate business." Doane added, "We continue to look for investments promising long-term economic growth and property appreciation, and we plan to reinvest proceeds from this sale in alternate real estate acquisitions."

The Great Southwest Industrial complex is located immediately south of the Dallas/Fort Worth Airport and contains approximately 843,000 square-feet of distribution space on 39 acres. Five of the seven buildings -- 87% of the leaseable area -- consist of bulk warehouse space used by distribution and manufacturing tenants, including Amerimax Home Products, Boise-Cascade, Builders First Source, Centrex Periodicals, Cutler Hammer and National Envelope Corporation.

This property had been one of A&B's original Mainland income property investments when the Company began to diversify its income property portfolio in 1989 and 1990. Since 1994, A&B has successfully sold five of the original Mainland properties and still owns three properties purchased during that time. A&B has since acquired an additional sixteen properties in the western United States, expanding its Mainland property portfolio total to more than 3.1 million square feet of leaseable area (post-GSW sale).

According to Mark Cashman, first vice president for ProLogis, "The acquisition of these facilities supports our long-term strategy to grow our portfolio in key infill markets such as Great Southwest. With its prime location between Fort Worth and Dallas, the market is well positioned for long-term demand by local, regional and national distributors. These facilities will complement our existing Great Southwest portfolio which currently totals 5.3 million square feet in 44 buildings."

ProLogis is a leading global provider of integrated distribution facilities and services, with 206.1 million square feet (19 million square meters) of distribution space owned, operating and under development throughout North America, Europe and Japan. ProLogis has built and continues to expand the industry's first and only global network of distribution facilities with the primary objective of increasing shareholder value. The company expects to achieve this objective through the ProLogis Operating System(R) and its commitment to be `The Global Distribution Solution' by providing exceptional corporate distribution services and facilities to meet customer expansion and reconfiguration needs globally. As of December 31, 2001, ProLogis owned, managed or had under development a total of 1,721 distribution facilities in 99 global markets.

In recent years, A&B Properties has made 13 properties acquisitions at a value of approximately $200 million -- the latest purchase in Hawaii being a prime Waikiki parcel destined for high rise development.

A&B Properties, Inc. is the property development and management subsidiary of Alexander & Baldwin, Inc., a diversified corporation headquartered in Honolulu. A&B owns 91,000 acres in Hawaii, making it Hawaii's fifth largest private landowner; its portfolio of commercial properties in Hawaii and on the U.S. Mainland consist of more than 4.5 million square feet of leaseable retail, office and industrial space. Additional information may be found at its web site: www.abprop.com.

A&B's major lines of business are ocean transportation (Matson Navigation Company, Inc.); property development and management (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.