Dole Food Co. could be unloading land it owns in Hawaii to reduce its debt and shore up its share price, Pacific Coast Business Times reports. 

The company, founded in Hawaii more than 150 years ago and now based in California, owns thousands of acres on Oahu. 

One way Dole can reduce debt is to sell some of its land in Hawaii, which may be worth as much as $400 million, Carla Casella, a credit analyst for JPMorgan Chase & Co., wrote in a May 4 note. In a breakup, Dole could be valued at as much as $19.70 a share, including its property, she wrote. 

David Murdock, chairman of Dole, is also chairman and CEO of Castle & Cooke, which owns 98 percent of Lanai.

Civil Beat reported in the past that Murdock has been losing millions annually on the island and is looking to sell in light of controversies swirling around the Big Wind project.