Honolulu (Jul. 26, 2022) – The Board of Directors of Alexander & Baldwin, Inc. (NYSE:ALEX) approved a third quarter 2022 dividend of $0.22 (twenty-two cents) per share, an increase of two cents per share from the second quarter 2022 dividend of $0.20 per share, and the third consecutive quarterly rate increase. The quarterly dividend increase reflects strong second quarter commercial real estate results and expected performance for the remainder of 2022. The dividend is payable on October 5, 2022, to shareholders of record as of the close of business on September 19, 2022.

“We are pleased with the continued strong performance of our portfolio, which allows the Board to increase our dividend again this quarter,” said Chris Benjamin, A&B President and Chief Executive Officer.

# # #

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai‘i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai‘i, including 22 retail centers, 12 industrial assets and 4 office properties, as well as 141 acres of ground leases. A&B is expanding and strengthening its Hawai‘i CRE portfolio and achieving its strategic focus on commercial real estate by monetizing its remaining non-core assets. Over its 152-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Learn more about A&B at www.alexanderbaldwin.com.

Contact:

A&B Investor Relations

(808) 525-8475

investorrelations@abhi.com

HONOLULU, July 28, 2022 /PRNewswire/—Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai‘i-based company focused on owning and operating high-quality commercial real estate in Hawai‘i, today announced financial results for the second quarter of 2022.

Chris Benjamin, A&B president & chief executive officer stated: "Our high-quality commercial real estate ("CRE") portfolio continued to produce excellent results, building on our strong start to the year. Total leased occupancy improved during the second quarter to 94.6%, approaching our pre-pandemic levels. Robust leasing activity also continued in the period as we executed 76 leases, with comparable leasing spreads of 11.9% for new leases and 5.4% for renewal leases."

"Additionally, we made meaningful progress in advancing our strategic agenda during the second quarter as we closed on the sale of approximately 18,900 acres of primarily conservation and agricultural land on the island of Kaua‘i. Completion of our simplification process is now clearly in sight. To that end, the Board has authorized a formal marketing process to sell the Grace Pacific business to a more natural owner. With a strong and flexible balance sheet, we remain active in pursuing opportunities across our target markets and preferred asset classes as we seek to expand our CRE portfolio."

"The continued strong performance of our CRE platform facilitated a third consecutive quarterly dividend increase and another positive revision of our guidance. We are proud of the ongoing contributions of our employees, their effective management and expansion of our CRE portfolio, and their successful advancement of our simplification strategy."

•Net income available to A&B common shareholders and diluted earnings per share were $4.0 million and $0.05 per share, respectively, compared to $12.8 million and $0.18 per share in the same quarter of 2021.

•Nareit-defined Funds From Operations ("FFO") and FFO per-diluted share were $13.2 million and $0.18 per share, respectively, compared to $22.3 million and $0.31 per share in the same quarter of 2021.

•Core FFO and Core FFO per-diluted share were $20.3 million and $0.28 per share, respectively, compared to $18.5 million and $0.25 per share in the same quarter of 2021.

•CRE revenue of $45.8 million was $2.5 million, or 5.8%, more than the $43.3 million result in the same quarter of 2021.

•CRE NOI of $29.8 million was $1.3 million, or 4.5%, more than the $28.5 million result in the same quarter of 2021.

•Same-Store NOI of $29.7 million was $1.3 million, or 4.4%, more than the $28.4 million result in the same quarter of 2021.

•The Company executed a total of 76 leases, covering approximately 174,100 square feet of gross leasable area ("GLA"). Leasing spreads for new comparable leases were 11.9% for the second quarter of 2022, and 6.2% portfolio-wide for all comparable lease.

•Significant leases executed included:

◦Two leases at P&L Warehouse totaling approximately 22,000 square feet of GLA, sustaining the 100% occupancy of the property.

◦Twelve leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 16,700 square feet of GLA.

◦Six leases at Kaka‘ako Commerce Center totaling approximately 14,800 square feet of GLA.

◦Five leases at Port Allen Industrial totaling approximately 12,600 square feet of GLA, taking leased occupancy to 100%, for a sequential quarter leased occupancy increase of 9.8%.

◦Five leases at Manoa Marketplace totaling approximately 8,800 square feet of GLA.

•Both overall leased and Same-Store leased occupancy were 94.6% as of June 30, 2022, an increase of 60 basis points compared to June 30, 2021.

◦Both leased and Same-Store leased occupancy in the retail portfolio were 93.1% as of June 30, 2022, an increase of 80 basis points compared to June 30, 2021, primarily due to robust leasing activity at Manoa Marketplace and Pu‘unene Shopping Center.

◦Leased occupancy in the industrial portfolio was 98.4% as of June 30, 2022, an increase of 60 basis points compared to June 30, 2021, primarily due to strong leasing activity at Harbor Industrial. Same-Store leased occupancy in the industrial portfolio was 98.3% as of June 30, 2022, an increase of 50 basis points compared to June 30, 2021.

•Aikahi Park Shopping Center redevelopment efforts continue toward a fourth quarter of 2022 target stabilization, to result in enhanced community-focused dining, shopping and service options at this grocery-anchored, neighborhood center.

•Construction will soon commence at Manoa Marketplace to improve the visitor experience at this well-located neighborhood center, while incorporating sustainable design and building elements.

•Construction of the 1.3-megawatt rooftop solar installation at Pearl Highlands Center remains on schedule to reach completion in September 2022. This renewable energy project aligns with the Company's ESG commitment and goal of owning and operating sustainable properties.

•Land Operations operating loss was $7.7 million in the second quarter of 2022, as compared to a $9.1 million profit in the second quarter of 2021. Second quarter 2022 results included charges to the Land Operations segment of $59.9 million related to the termination of the defined benefit pension plans, partially offset by a gain of $54.0 million related to the sale of approximately 18,900 acres of other non-core landholdings on Kaua‘i (the "McBryde Sale").

•Land Operations Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") was $52.8 million for the second quarter of 2022, as compared to $9.3 million in the second quarter of 2021.

•The Company advanced monetization efforts in the second quarter of 2022, including the following:

◦Generated net cash proceeds of $73.9 million from the McBryde Sale.

•M&C operating loss was $0.6 million in the second quarter of 2022, as compared to a $1.9 million loss in the second quarter of 2021.

•M&C Adjusted EBITDA was $0.7 million for the second quarter of 2022, in line with the second quarter of 2021.

•The Company has launched the process to sell the businesses within the M&C segment.

•As of June 30, 2022, the Company had an equity market capitalization of $1.3 billion and $475.9 million in total debt, for a total market capitalization of approximately $1.8 billion. The Company's debt-to-total market capitalization was 26.7% as of June 30, 2022. The Company's debt has a weighted-average maturity of 3.7 years, with a weighted-average interest rate of 4.3%. 99% of the Company's debt was at fixed rates.

•As of June 30, 2022, the Company had total liquidity of $532.1 million, consisting of cash on hand of $33.2 million and $498.9 million available on its revolving line of credit.

•The Company reported consolidated Adjusted EBITDA of $187.6 million for the twelve-month period ended June 30, 2022, compared to $106.6 million for the same period ended June 30, 2021. This includes second quarter 2022 impacts of $73.7 million to EBITDA (inclusive of the $59.9 million charge to the Land Operations segment) related to the full pension termination, which is excluded to reach Adjusted EBITDA. Net Debt to TTM (trailing twelve months) consolidated Adjusted EBITDA was 2.4 times as of June 30, 2022, compared to 5.4 times for the same period last year.

•The Company's Board declared a third quarter 2022 dividend of $0.22 per share, an increase of $0.02 per share, payable on October 5, 2022, to shareholders of record as of the close of business on September 19, 2022. This third consecutive quarterly dividend increase reflects strong second quarter CRE results and expected performance for the remainder of 2022.

•The Company revised its annual 2022 guidance to reflect its improved outlook as follows:

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai‘i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai‘i, including 22 retail centers, 12 industrial assets and four office properties, as well as 141 acres of ground leases. A&B is expanding and strengthening its Hawai‘i CRE portfolio and achieving its strategic focus on commercial real estate by monetizing its remaining non-core assets. Over its 152-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Learn more about A&B at www.alexanderbaldwin.com.

###

Reconciliations of Commercial Real Estate operating profit (loss) to Commercial Real Estate NOI and Same-Store NOI are as follows:

FFO is presented by the Company as a widely used non-GAAP measure of operating performance for real estate companies. The Company believes that, subject to the following limitations, FFO provides a supplemental measure to net income (calculated in accordance with GAAP) for comparing its performance and operations to those of other REITs. FFO does not represent an alternative to net income calculated in accordance with GAAP. In addition, FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP, as a measure of the Company’s liquidity.

The Company presents different forms of FFO:

•Core FFO represents a non-GAAP measure relevant to the operating performance of the Company's commercial real estate business (i.e., its core business). Core FFO is calculated by adjusting CRE operating profit to exclude items in a manner consistent with FFO (i.e., depreciation and amortization related to real estate included in CRE operating profit) and to make further adjustments to include expenses not included in CRE operating profit but that are necessary to accurately reflect the operating performance of its core business (i.e., corporate expenses and interest expense attributable to this core business) or to exclude items that are non-recurring, infrequent, unusual and unrelated to the core business operating performance (i.e., not likely to recur within two years or has not occurred within the prior two years). The Company believes such adjustments facilitate the comparable measurement of the Company's core operating performance over time. The Company believes that Core FFO, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess and compare the operating performance of REITs.

•FFO represents the Nareit-defined non-GAAP measure for the operating performance of the Company as a whole. The Company's calculation refers to net income (loss) available to A&B common shareholders as its starting point in the calculation of FFO.

Reconciliations of net income (loss) available to A&B common shareholders to FFO and Core FFO are as follows:

Reconciliations of Core FFO starting from Commercial Real Estate operating profit (loss) are as follows:

The Company may report various forms of Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), on a consolidated basis or a segment basis (e.g., “Consolidated EBITDA” or “Materials & Construction EBITDA”), as non-GAAP measures used by the Company in evaluating the Company’s and segments’ operating performance on a consistent and comparable basis from period to period. The Company provides this information to investors as an additional means of evaluating the performance of the Company’s and segments’ ongoing operations.

Consolidated EBITDA is calculated by adjusting the Company’s consolidated net income (loss) to exclude the impact of interest expense, income taxes and depreciation and amortization. Materials & Construction EBITDA is calculated by adjusting Materials & Construction operating profit (which excludes interest expense and income taxes) to add back depreciation and amortization recorded at the M&C segment.

The Company also adjusts Consolidated EBITDA or Materials & Construction EBITDA (to arrive at “Consolidated Adjusted EBITDA” or “M&C Adjusted EBITDA”) for items identified as non-recurring, infrequent or unusual that are not expected to recur in the Company’s core business or segment’s normal operations. In addition to the aforementioned adjustments, the Company further adjusts Materials & Construction EBITDA to exclude income attributable to noncontrolling interests as presented in its consolidated statements of operations.

As illustrative examples, the Company identified non-cash long-lived asset impairments recorded in different businesses within the M&C segment as non-recurring, infrequent or unusual items that are not expected to recur in the segment’s normal operations. By excluding these items from Materials & Construction EBITDA to arrive at M&C Adjusted EBITDA, the Company believes it provides meaningful supplemental information about its core operating performance and facilitates comparisons to historical operating results.

Such non-GAAP measures should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Reconciliations of the Company's consolidated net income to Consolidated EBITDA and Consolidated Adjusted EBITDA are as follows:

						TTM June 30,
(amounts in millions, unaudited)						2022						2021
Net Income (Loss)						$	28.3					$	27.2
Adjustments:
Depreciation and amortization						47.7						51.3
Interest expense						23.9						28.4
Income tax expense (benefit)						(18.2)						(0.3)
Consolidated EBITDA						$	81.7					$	106.6
Equity method investment impairment related to the Materials & Construction Segment						2.9						—
Asset impairments related to the Materials & Construction Segment						26.1						—
Pension termination						76.9						—
Consolidated Adjusted EBITDA						$	187.6					$	106.6

Reconciliations of Materials & Construction operating profit (loss) to Materials & Construction EBITDA and Materials & Construction Adjusted EBITDA are as follows:

Statements in this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions, as well as the rapidly changing challenges with, and the Company's plans and responses to, the coronavirus pandemic ("COVID-19") and related economic disruptions. Such forward-looking statements speak only as of the date the statements were made and are not guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include, but are not limited to, prevailing market conditions and other factors related to the Company's REIT status and the Company's business, risks associated with COVID-19 and its impact on the Company's businesses, results of operations, liquidity and financial condition, the evaluation of alternatives by the Company related to its materials and construction business, and the risk factors discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. The information in this release should be evaluated in light of these important risk factors. We do not undertake any obligation to update the Company's forward-looking statements.

Table of Contents

  

Company Overview
Company Profile			4
Glossary of Terms			5
Statement on Management's Use of Non-GAAP Financial Measures			7
Financial Summary
Table 1 – Condensed Consolidated Balance Sheets			10
Table 2 – Condensed Consolidated Statements of Operations			11
Table 3 – Segment Results			12
Table 4 – Condensed Consolidated Statements of Cash Flows			14
Table 5 – Debt Summary			15
Table 6 – Capitalization & Financial Ratios			16
Table 7 – Consolidated Metrics			17
Commercial Real Estate
Table 8 – CRE Metrics			20
Table 9 – Occupancy			22
Table 10 – NOI and Same-Store NOI by Type			23
Table 11 – Improved Property Report			25
Table 12 – Ground Lease Report			27
Table 13 – Top 10 Tenants Ranked by ABR			28
Table 14 – Lease Expiration Schedule			29
Table 15 – New & Renewal Lease Summary			30
Table 16 – Portfolio Repositioning, Redevelopment & Development Summary			31
Table 17 – Transactional Activity (2021 - 2022)			32
Land Operations
Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA			34
Table 19 – Key Active Development-for-sale Projects and Investments			35
Table 20 – Landholdings at June 30, 2022			36
Materials & Construction
Table 21 – Statement of Operating Profit, EBITDA and Adjusted EBITDA			38

  

Statements in this Supplemental Information document that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions, as well as the rapidly changing challenges with, and the Company's plans and responses to, the coronavirus pandemic ("COVID-19") and related economic disruptions. Such forward-looking statements speak only as of the date the statements were made and are not guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include, but are not limited to, prevailing market conditions and other factors related to the Company's REIT status and the Company's business, risks associated with COVID-19 and its impact on the Company's businesses, results of operations, liquidity and financial condition, the evaluation of alternatives by the Company related to its materials and construction business, and the risk factors discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”). The information in this Supplemental Information document should be evaluated in light of these important risk factors. We do not undertake any obligation to update the Company's forward-looking statements.

The information contained in this Supplemental Information document does not purport to disclose all items required by accounting principles generally accepted in the United States of America (GAAP).

Company Overview
Company Profile

Alexander & Baldwin, Inc. ("A&B" or the "Company") is a fully integrated real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i. The Company has a history of over 150 years of being an integral piece of Hawai‘i and its economy making it uniquely qualified to create value for shareholders through a strategy focused on asset management and growth primarily in its commercial real estate holdings in Hawai‘i.

The Company operates in three reportable segments: Commercial Real Estate ("CRE"); Land Operations; and Materials & Construction ("M&C") and is composed of the following as of June 30, 2022:

•A commercial real estate portfolio composed of 3.9 million square feet of improved properties and 140.7 acres of ground leases throughout the Hawaiian islands, including 2.5 million square feet of largely grocery/drugstore-anchored retail centers;

•Approximately 7,000 acres of landholdings across its three segments, including development-for-hold and development-for-sale activities in select Hawai‘i locations; and

•Materials & Construction operations primarily through its wholly owned subsidiary, Grace Pacific LLC ("Grace Pacific").

Throughout this Supplemental Information document, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries.

Company Overview
Glossary of Terms

Company Overview
Statement on Management's Use of Non-GAAP Financial Measures

The Company presents the following non-GAAP financial measures in this Supplemental Information document:

•Consolidated EBITDA

•Consolidated Adjusted EBITDA

•FFO

•Core FFO

•Commercial Real Estate NOI and Same-Store NOI

•Commercial Real Estate EBITDA

•Land Operations EBITDA

•Materials & Construction EBITDA and M&C Adjusted EBITDA

The Company may report various forms of EBITDA (e.g., Segment EBITDA — also referred to as Commercial Real Estate EBITDA, Land Operations EBITDA and Materials & Construction EBITDA — and Consolidated EBITDA) as non-GAAP measures used by the Company in evaluating the segments' and Company's operating performance on a consistent and comparable basis from period to period. The Company provides this information to investors as an additional means of evaluating the performance of the segments' and Company’s ongoing operations.

The Company also adjusts Segment EBITDA or Consolidated EBITDA to arrive at Segment Adjusted EBITDA or Consolidated Adjusted EBITDA for items identified as non-recurring, infrequent or unusual that are not expected to recur in the segment’s normal operations (or in the Company’s core business). Segment Adjusted EBITDA may also be referred to as CRE Adjusted EBITDA, Land Operations Adjusted EBITDA or M&C Adjusted EBITDA (when applicable). In addition to the aforementioned adjustments, the Company further adjusts Materials & Construction EBITDA to exclude income attributable to noncontrolling interests as presented in its consolidated statements of operations to arrive at M&C Adjusted EBITDA.

As illustrative examples, the Company has historically identified non-cash long-lived asset impairments recorded in different businesses within the M&C segment as non-recurring, infrequent or unusual items that are not expected to recur in the segment’s normal operations (or in the Company’s core business). By excluding these items from Segment EBITDA and Consolidated EBITDA to arrive at Segment Adjusted EBITDA or Consolidated Adjusted EBITDA, the Company believes it provides meaningful supplemental information about its core operating performance and facilitates comparisons to historical operating results. Such non-GAAP measures should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

FFO is presented by the Company as a widely used non-GAAP measure of operating performance for real estate companies. The Company believes that, subject to the following limitations, FFO provides a supplemental measure to net income (calculated in accordance with GAAP) for comparing its performance and operations to those of other REITs. FFO does not represent an alternative to net income calculated in accordance with GAAP. In addition, FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP, as a measure of the Company’s liquidity. The Company presents different forms of FFO:

•Core FFO represents a non-GAAP measure relevant to the operating performance of the Company's commercial real estate business (i.e., its core business). Core FFO is calculated by adjusting CRE operating profit to exclude items in a manner consistent with FFO (i.e., depreciation and amortization related to real estate included in CRE operating profit) and to make further adjustments to include expenses not included in CRE operating profit but that are necessary to accurately reflect the operating performance of its core business (i.e., corporate expenses and interest expense attributable to this core business) or to exclude items that are non-recurring, infrequent, unusual and unrelated to the core business operating performance (i.e., not likely to recur within two years or has not occurred within the prior two years). The Company believes such adjustments facilitate the comparable measurement of the Company's core operating performance over time. The Company believes that Core FFO, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess and compare the operating performance of REITs.

•FFO represents the Nareit-defined non-GAAP measure for the operating performance of the Company as a whole. The Company's calculation refers to net income (loss) available to A&B common shareholders as its starting point in the calculation of FFO.

The calculations of these financial measures are described in the Glossary of Terms of this Supplemental Information document. To emphasize, the Company's methods of calculating non-GAAP measures may differ from methods employed by other companies and thus may not be comparable to such other companies.

Required reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are set forth in the following tables of this Supplemental Information document:

•Refer to Table 7 – Consolidated Metrics for a reconciliation of consolidated net income to Consolidated EBITDA and Consolidated Adjusted EBITDA, a reconciliation of consolidated net income (loss) available to A&B common shareholders to FFO and Core FFO, as well as a reconciliation of Commercial Real Estate operating profit to Core FFO.

•Refer to Table 8 – CRE Metrics for a reconciliation of Commercial Real Estate operating profit to NOI and Same-Store NOI and a reconciliation of Commercial Real Estate operating profit to Commercial Real Estate EBITDA.

•Refer to Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA for a reconciliation of Land Operations operating profit to Land Operations EBITDA.

•Refer to Table 21 – Statement of Operating Profit, EBITDA and Adjusted EBITDA for a reconciliation of Materials & Construction operating profit to Materials & Construction EBITDA and M&C Adjusted EBITDA.

Financial Summary
Table 1 – Condensed Consolidated Balance Sheets

Financial Summary
Table 2 – Condensed Consolidated Statements of Operations

Financial Summary
Table 3 – Segment Results

Financial Summary
Table 4 – Condensed Consolidated Statements of Cash Flows    

Financial Summary
Table 5 – Debt Summary

Financial Summary
Table 6 – Capitalization & Financial Ratios

(dollars in millions, except stock price; unaudited)

Debt
Secured debt									$	194.8
Unsecured term debt									276.0
Unsecured revolving credit facility									—
Total debt (A)									$	475.9
Add: Net unamortized deferred financing cost / discount (premium)									0.2
Less: Cash and cash equivalents									(33.2)
Net Debt									$	442.9
Market Capitalization			Shares			Stock Price			Market Value
Common stock (NYSE:ALEX)			72,717,673			$17.95			$	1,305.3
Total equity market capitalization (B)									$	1,305.3
Total Market Capitalization (C) = (A) + (B)									$	1,781.2
Total Debt to Total Market Capitalization (A) / (C)									26.7		%
Liquidity
Cash on hand									$	33.2
Unused committed line of credit									498.9
Total liquidity									$	532.1
Financial Ratios
Net Debt to TTM Consolidated Adjusted EBITDA1									2.4
Debt-service Coverage Ratio2									3.1
Fixed-rate debt to total debt									98.9%
Unencumbered CRE Property Ratio3									77.7%

1 Consolidated Adjusted EBITDA for the trailing twelve months is $187.6 million and is calculated on Table 7.

2 The ratio of Consolidated Adjusted EBITDA ($187.6 million) to the sum of debt service ($61.2 million) – which includes interest expense, principal payments for financing leases and term debt, as well as principal amortization of mortgage debt, but excludes balloon payments – for the trailing twelve months.

3 Measured using gross book value, represents unencumbered CRE property ($1,223.7 million) as a percent of total CRE property ($1,575.2 million).

Financial Summary
Table 7 – Consolidated Metrics

Commercial Real Estate
Table 8 – CRE Metrics