Alexander & Baldwin Inc.'s board approved a third-quarter dividend of 19 cents per share, payable Sept. 5 to shareholders on record as of Aug. 12.
The previous quarterly dividend was 16.5 cents per share.
The Hawaiian real estate investment trust also announced an $18 million renovation of the 98,000-square-foot Aikahi Park Shopping Center in Kailua, Hawaii.
Along with other renovations, the property's former movie theater will be converted into an expansion of veterinary hospital Feather & Fur, one of the property's tenants.
Construction is expected to commence later in 2019, subject to completion of required permit processes and regulatory reviews.