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0001545654false00015456542023-11-022023-11-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2023
ALEXANDER & BALDWIN, INC.
(Exact name of registrant as specified in its charter)
Hawaii 001-35492 45-4849780
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
P. O. Box 3440, Honolulu, Hawaii 96801
(Address of principal executive offices) (Zip Code)
(808) 525-6611
(Registrant’s telephone number, including area code)
N/A
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, without par value ALEX New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 if this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 if this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02.  Results of Operations and Financial Condition.
On November 2, 2023, Alexander & Baldwin, Inc. issued a press release announcing its results of operations and financial condition as of and for the three and nine months ended September 30, 2023. This information is being furnished as Exhibit 99.1 to this report.
Item 7.01.  Regulation FD Disclosure.
On November 2, 2023, Alexander & Baldwin, Inc. made available on its website its Supplemental Information document, which provides certain supplemental operating and financial information as of and for the three and nine months ended September 30, 2023 and 2022. A copy of this Supplemental Information document is being furnished as Exhibit 99.2 to this report.
Item 9.01.  Financial Statements and Exhibits.
(d)     Exhibits
99.1 
99.2 
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
                        Date:  November 2, 2023

                        ALEXANDER & BALDWIN, INC.


                        /s/ Clayton K.Y. Chun
                        Clayton K.Y. Chun
                        Executive Vice President,
Chief Financial Officer and Treasurer

EX-99.1 2 q32023earningsrelease.htm EX-99.1 Document

ablogoa11a.jpg

Alexander & Baldwin, Inc. Reports Third Quarter 2023 Results

HONOLULU, November 02, 2023 /PRNewswire/—Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai‘i-based company focused on owning, operating, and developing high-quality commercial real estate in Hawai‘i, today announced net income available to A&B common shareholders of $14.6 million, or $0.20 per diluted share, and Commercial Real Estate (CRE) operating profit of $20.6 million for the third quarter of 2023.
Quarterly Highlights for Q3 2023
•Nareit-defined Funds From Operations ("FFO") of $21.1 million, or $0.29 per diluted share / Core FFO of $21.8 million, or $0.30 per diluted share
•CRE Same-Store Net Operating Income ("NOI") growth and CRE Same-Store NOI growth excluding collections of previously reserved amounts of 6.3%
•Leased occupancy as of September 30, 2023 was 94.6%
•Comparable new and renewal leasing spreads for the improved portfolio were 5.5% and 12.3%, respectively
Lance Parker, president and chief executive officer, stated: "In the third quarter, our commercial real estate portfolio continued to perform well. CRE revenue increased 3.7% over the same quarter in 2022, and CRE Same-Store NOI increased by 6.3%. Total leased occupancy ticked up from last quarter to 94.6%, and we continue to see robust leasing demand for our high-quality retail and industrial properties, with blended leasing spreads for the quarter at 11.2%."
"It has been nearly three months since the devastating wildfires in Lahaina on the island of Maui. The tragedy hits close to our hearts with losses that include lives, homes, and livelihoods. Our thoughts are with those who were impacted. I am grateful that our employees and assets on the island were safe, and commend our team and other members of the community for their immediate response to support the people of Maui."
Financial Results for Q3 2023
•Net income available to A&B common shareholders and diluted earnings per share available to A&B shareholders for the third quarter of 2023 were $14.6 million and $0.20 per diluted share, respectively, compared to $6.3 million and $0.09 per diluted share in the same quarter of 2022.
•Income from continuing operations available to A&B shareholders was $12.0 million, or $0.16 per diluted share, compared to $5.7 million, or $0.08 per diluted share, in the same quarter of 2022.
•FFO and FFO per-diluted share for the third quarter of 2023 were $21.1 million and $0.29 per diluted share, respectively, compared to $14.7 million and $0.20 per diluted share in the same quarter of 2022.
•Core FFO and Core FFO per-diluted share for the third quarter of 2023 were $21.8 million and $0.30 per diluted share, respectively, compared to $18.7 million and $0.26 per diluted share in the same quarter of 2022.
CRE Highlights for Q3 2023
•CRE operating revenue increased by $1.7 million, or 3.7%, to $48.2 million, as compared to $46.5 million in the same quarter of 2022.
•CRE operating profit increased by $0.3 million, or 1.5%, to $20.6 million, as compared to $20.3 million in the same quarter of 2022.
•CRE NOI increased by $2.0 million, or 6.9%, to $31.0 million, as compared to $29.0 million in the same quarter of 2022.
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•CRE Same-Store NOI increased by $1.8 million, or 6.3%, to $30.8 million as compared to $29.0 million in the same quarter of 2022. Collections of previously reserved amounts in the third quarter of 2023 were $0.5 million compared to $0.4 million in the same quarter of 2022.
•During the third quarter of 2023, the Company executed a total of 62 improved-property leases, covering approximately 149,900 square feet of gross leasable area ("GLA").
•Comparable leasing spreads in our improved property portfolio were 11.2% for the third quarter of 2023, 4.1% for industrial spaces and 13.8% for retail spaces.
•Significant leases executed in our improved property portfolio during the third quarter of 2023 included:
◦Fourteen leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 25,000 square feet of GLA and $0.9 million of ABR.
◦Four leases at Queens' Marketplace totaling approximately 12,400 square feet of GLA and $0.4 million of ABR.
•Overall leased occupancy was 94.6% as of September 30, 2023 and September 30, 2022.
•Overall Same-Store leased occupancy was 94.5% as of September 30, 2023, a decrease of 10 basis point compared to September 30, 2022 .
◦Both leased and Same-Store leased occupancy in the retail portfolio were 94.0% as of September 30, 2023, each reflecting an increase of 70 basis points compared to September 30, 2022.
◦Leased occupancy in the industrial portfolio was 96.8% as of September 30, 2023, a decrease of 120 basis points compared to September 30, 2022. Same-Store leased occupancy in the industrial portfolio was 96.7% as of September 30, 2023, a decrease of 130 basis points compared to September 30, 2022.

CRE Investment Activity
•The Manoa Marketplace redevelopment project is substantially complete with only punch list items remaining. The project is expected to generate a stabilized yield on total estimated project costs in the range of 8.0% to 8.5%.
Land Operations
•Land Operations operating profit was $2.9 million for the quarter ended September 30, 2023, as compared to an operating loss of $1.3 million for the quarter ended September 30, 2022. Results in the quarter ended September 30, 2023, reflect unimproved/other property sales. There were no such sales in the quarter ended September 30, 2022.
•Land Operations Adjusted EBITDA was $2.9 million for the third quarter of 2023, as compared to $(1.3) million in the third quarter of 2022.
Balance Sheet, Market Value and Liquidity
•As of September 30, 2023, the Company had an equity market capitalization of $1.2 billion and $507.6 million in total debt, for a total market capitalization of approximately $1.7 billion. The Company's debt-to-total market capitalization was 29.5% as of September 30, 2023. The Company's debt has a weighted-average maturity of 2.7 years, with a weighted-average interest rate of 4.6%. 84% of the Company's debt was at fixed rates at quarter end.
•As of September 30, 2023, the Company had total liquidity of $429.7 million, consisting of cash on hand of $11.8 million and $417.9 million available on its revolving line of credit.
•Net Debt to Trailing Twelve Months ("TTM") Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") was 4.4 times as of September 30, 2023, with TTM Consolidated Adjusted EBITDA of $113.0 million for the period ended September 30, 2023.
•During the quarter ended September 30, 2023, the Company repurchased 91,710 of its common shares at a weighted-average price of $16.72 per share, for a total investment of $1.5 million. These shares were retired upon repurchase.
Dividend
•The Company paid a third quarter 2023 dividend of $0.22 per share on October 4, 2023.
•Consistent with historical practice, the Company's Board plans to declare a fourth quarter 2023 dividend in December 2023, with payment in January 2024.


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2023 Full-Year Guidance
•The Company revised its annual 2023 guidance to reflect its improved outlook as follows:
2023 Guidance
Revised Prior Initial
Core FFO per diluted share $1.13 to $1.16 $1.10 to $1.14 $1.08 to $1.13
CRE Same-Store NOI 2.75% to 4.25% 2.5% to 4.25% 2% to 4%
CRE Same-Store NOI, excluding prior year reserve reversals 5.75% to 6.75% 5.5% to 6.75% 5% to 6.5%
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ABOUT ALEXANDER & BALDWIN
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, 13 industrial assets and four office properties, as well as 142.0 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 153-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:
Clayton Chun
(808) 525-8475
investorrelations@abhi.com

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ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
SEGMENT DATA & OTHER FINANCIAL INFORMATION
(amounts in millions, except per share data; unaudited)

Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Operating Revenue:
Commercial Real Estate $ 48.2  $ 46.5  $ 145.6  $ 138.8 
Land Operations 4.3  2.9  10.4  20.9 
Total operating revenue 52.5  49.4  156.0  159.7 
Operating Profit (Loss):
Commercial Real Estate 20.6  20.3  64.2  60.3 
Land Operations 2.9  (1.3) 4.5  (7.1)
Total operating profit (loss) 23.5  19.0  68.7  53.2 
Interest expense (6.1) (5.4) (17.0) (16.7)
Corporate and other expense (5.4) (7.8) (19.4) (33.7)
Income (Loss) from Continuing Operations Before Income Taxes 12.0  5.8  32.3  2.8 
Income tax benefit (expense) —  —  —  18.1 
Income (Loss) from Continuing Operations 12.0  5.8  32.3  20.9 
Income (loss) from discontinued operations, net of income taxes 3.9  1.0  3.9  1.3 
Net Income (Loss) $ 15.9  $ 6.8  $ 36.2  $ 22.2 
Loss (income) attributable to discontinued noncontrolling interest (1.3) (0.4) (2.9) (1.2)
Net Income (Loss) Attributable to A&B Shareholders $ 14.6  $ 6.4  $ 33.3  $ 21.0 
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders $ 0.16  $ 0.08  $ 0.44  $ 0.29 
Discontinued operations available to A&B shareholders 0.04  0.01  0.02  — 
Net income (loss) available to A&B shareholders $ 0.20  $ 0.09  $ 0.46  $ 0.29 
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders $ 0.16  $ 0.08  $ 0.44  $ 0.29 
Discontinued operations available to A&B shareholders 0.04  0.01  0.02  — 
Net income (loss) available to A&B shareholders $ 0.20  $ 0.09  $ 0.46  $ 0.29 
Weighted-Average Number of Shares Outstanding:
Basic 72.6 72.7  72.6 72.7
Diluted 72.8 72.8  72.8 72.8
Amounts Available to A&B Common Shareholders:
Continuing operations available to A&B common shareholders $ 12.0  $ 5.7  $ 32.2  $ 20.7 
Discontinued operations available to A&B common shareholders 2.6  0.6  1.0  0.1 
Net income (loss) available to A&B common shareholders $ 14.6  $ 6.3  $ 33.2  $ 20.8 

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ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in millions; unaudited)
September 30, December 31,
2023 2022
ASSETS
Real estate investments
Real estate property $ 1,619.9  $ 1,598.9 
Accumulated depreciation (223.0) (202.3)
Real estate property, net 1,396.9  1,396.6 
Real estate developments 60.0  59.9 
Investments in real estate joint ventures and partnerships 7.4  7.5 
Real estate intangible assets, net 38.3  43.6 
Real estate investments, net 1,502.6  1,507.6 
Cash and cash equivalents 11.8  33.3 
Restricted cash 0.2  1.0 
Accounts receivable, net 3.6  6.1 
Other property, net 2.2  2.5 
Operating lease right-of-use assets 2.2  5.4 
Goodwill 8.7  8.7 
Other receivables 7.3  6.9 
Prepaid expenses and other assets 102.6  89.0 
Assets held for sale 144.7  126.8 
Total assets $ 1,785.9  $ 1,787.3 
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt $ 507.6  $ 472.2 
Accounts payable 6.1  4.5 
Operating lease liabilities 2.0  4.9 
Accrued pension and post-retirement benefits 10.1  10.1 
Deferred revenue 71.9  68.8 
Accrued and other liabilities 78.4  102.1 
Liabilities associated with assets held for sale 71.3  81.0 
Redeemable Noncontrolling Interest 9.7  8.0 
Equity 1,028.8  1,035.7 
Total liabilities and equity $ 1,785.9  $ 1,787.3 

6


ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOWS
(amounts in millions; unaudited)
Nine Months Ended September 30,
2023 2022
Cash Flows from Operating Activities:
Net income (loss) $ 36.2  $ 22.2 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Loss (income) from discontinued operations (3.9) (1.3)
Depreciation and amortization 27.6  28.8 
Income tax expense (benefit) —  (18.3)
Loss (gain) from disposals and asset transactions, net (1.1) (53.9)
Impairment of assets 0.6  — 
Share-based compensation expense 5.3  4.6 
Loss (income) related to joint ventures, net of operating cash distributions (1.9) 1.0 
Pension termination —  76.9 
Changes in operating assets and liabilities:
Trade and other receivables (0.1) (2.5)
Prepaid expenses, income tax receivable and other assets (3.5) (3.7)
Development/other property inventory (1.5) 9.5 
Accrued pension and post-retirement benefits —  (31.3)
Accounts payable 0.3  1.0 
Accrued and other liabilities (2.2) (2.4)
Operating cash flows from continuing operations 55.8  30.6 
Operating cash flows from discontinued operations (12.2) (21.6)
Net cash provided by (used in) operations 43.6  9.0 
Cash Flows from Investing Activities:    
Capital expenditures for acquisitions (9.5) — 
Capital expenditures for property, plant and equipment (13.6) (11.0)
Proceeds from disposal of assets 3.3  73.1 
Payments for purchases of investments in affiliates and other investments (0.2) (0.5)
Distributions of capital and other receipts from investments in affiliates and other investments —  0.1 
Investing cash flows from continuing operations (20.0) 61.7 
Investing cash flows from discontinued operations 0.6  (5.7)
Net cash provided by (used in) investing activities (19.4) 56.0 
Cash Flows from Financing Activities:  
Payments of notes payable and other debt and deferred financing costs (33.7) (21.9)
Borrowings (payments) on line-of-credit agreement, net 69.0  (50.0)
Cash dividends paid (64.2) (57.7)
Repurchases of common stock and other payments (3.6) (5.0)
Financing cash flows from continuing operations (32.5) (134.6)
Financing cash flows from discontinued operations (10.7) 6.1 
Net cash provided by (used in) financing activities (43.2) (128.5)
   
Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale
Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale (19.0) (63.5)
Balance, beginning of period 34.4  71.0 
Balance, end of period $ 15.4  $ 7.5 

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USE OF NON-GAAP FINANCIAL MEASURES
The Company uses non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' core operating results, and/or the underlying business trends affecting performance on a consistent and comparable basis from period to period. These measures generally are provided to investors as an additional means of evaluating the performance of ongoing core operations. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP.

NOI is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. The Company believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only the contract-based income and cash-based expense items that are incurred at the property level. When compared across periods, NOI can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-contract-based revenue (e.g., straight-line lease adjustments required under GAAP); by non-cash expense recognition items (e.g., the impact of depreciation and amortization expense or impairments); or by other expenses or gains or losses that do not directly relate to the Company's ownership and operations of the properties (e.g., indirect selling, general, administrative and other expenses, as well as lease termination income). The Company believes the exclusion of these items from operating profit (loss) is useful because the resulting measure captures the contract-based revenue that is realizable (i.e., assuming collectability is deemed probable) and the direct property-related expenses paid or payable in cash that are incurred in operating the Company's Commercial Real Estate portfolio, as well as trends in occupancy rates, rental rates and operating costs. NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
The Company reports NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned and operated for the entirety of the prior calendar year and current reporting period, year-to-date. The Company believes that reporting on a Same-Store basis provides investors with additional information regarding the operating performance of comparable assets separate from other factors (such as the effect of developments, redevelopments, acquisitions or dispositions).
Reconciliations of Commercial Real Estate operating profit (loss) to Commercial Real Estate NOI and Same-Store NOI are as follows:
Three Months Ended September 30,
(amounts in millions; unaudited) 2023 2022
Change1
CRE Operating Profit (Loss) $ 20.6  $ 20.3  $ 0.3 
Plus: Depreciation and amortization 9.1  9.0  0.1 
Less: Straight-line lease adjustments (0.8) (1.2) 0.4 
Less: Favorable/(unfavorable) lease amortization (0.3) (0.2) (0.1)
Less: Termination income (0.1) (0.1) — 
Plus: Other (income)/expense, net 0.2  (0.6) 0.8 
Plus: Impairment losses - abandoned development costs 0.6  —  0.6 
Plus: Selling, general, administrative and other expenses 1.7  1.8  (0.1)
NOI 31.0  29.0  2.0 
Less: NOI from acquisitions, dispositions, and other adjustments (0.2) —  (0.2)
Same-Store NOI $ 30.8  $ 29.0  $ 1.8 
Less: Collections of amounts reserved in previous years 0.5  0.4  0.1 
Same-Store NOI excluding collections of amounts reserved in previous years $ 30.3  $ 28.6  $ 1.7 
1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different.
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.
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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 Company presents both non-GAAP measures and reconciles each to the most directly-comparable GAAP measure as well as reconciling FFO to Core FFO. The Company's FFO and Core FFO may not be comparable to FFO non-GAAP measures reported by other REITs. These other REITs may not define the term in accordance with the current Nareit definition or may interpret the current Nareit definition differently.

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

Three Months Ended September 30,
(amounts in millions; unaudited) 2023 2022
Net Income (Loss) available to A&B common shareholders $ 14.6  $ 6.3 
Depreciation and amortization of commercial real estate properties 9.1  9.0 
(Income) loss from discontinued operations, net of income taxes (3.9) (1.0)
Income (loss) attributable to discontinued noncontrolling interest 1.3  0.4 
FFO $ 21.1  $ 14.7 
Exclude items not related to core business:
Land Operations operating (profit) loss (2.9) 1.3 
Non-core business interest expense 3.0  2.7 
Impairment losses - abandoned development costs 0.6  — 
Core FFO $ 21.8  $ 18.7 
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Reconciliations of Core FFO starting from Commercial Real Estate operating profit (loss) are as follows:
Three Months Ended September 30,
(amounts in millions except per share amounts; unaudited) 2023 2022
Commercial Real Estate Operating Profit (Loss) $ 20.6  $ 20.3 
Depreciation and amortization of commercial real estate properties 9.1  9.0 
Corporate and other expense (5.4) (7.8)
Core business interest expense (3.1) (2.7)
Impairment losses - abandoned development costs 0.6  — 
Distributions to participating securities —  (0.1)
Core FFO $ 21.8  $ 18.7 
FFO per diluted share $ 0.29  $ 0.20 
Core FFO per diluted share $ 0.30  $ 0.26 
Weighted average diluted shares outstanding (FFO/Core FFO) 72.8  72.8 

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 “Land Operations 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. Land Operations EBITDA is calculated by adjusting Land Operations operating profit (which excludes interest expense and income taxes) to add back depreciation and amortization recorded at the Land Operations segment.

The Company also adjusts Consolidated EBITDA or Land Operations EBITDA (to arrive at “Consolidated Adjusted EBITDA” or “Land Operations 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.

As an illustrative example, the Company identified non-cash pension termination charges as a non-recurring, infrequent or unusual item that is not expected to recur in the consolidated or 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.

10


Reconciliations of the Company's consolidated net income to Consolidated EBITDA and Consolidated Adjusted EBITDA are as follows:
TTM September 30,
(amounts in millions, unaudited) 2023 2022
Net Income (Loss) $ (35.5) $ 28.6 
Adjustments:
Depreciation and amortization 36.8  38.8 
Interest expense 22.3  22.8 
Income tax expense (benefit) (0.2) (18.2)
Depreciation and amortization related to discontinued operations 1.5  7.0 
Interest expense related to discontinued operations 0.6  0.1 
Consolidated EBITDA $ 25.5  $ 79.1 
Asset impairments 5.6  — 
Pension termination —  76.9 
(Income) loss from discontinued operations, net of income taxes and excluding depreciation, amortization and interest expense 81.9  23.1 
Consolidated Adjusted EBITDA $ 113.0  $ 179.1 

FORWARD-LOOKING STATEMENTS

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. 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, the evaluation of alternatives by the Company related to its non-core assets and 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.
11
EX-99.2 3 q32023supplement.htm EX-99.2 Document


a39_q3x2023xsupplementcovera.jpg



Alexander & Baldwin, Inc.
Table of Contents
  
Company Overview
Company Profile
Glossary of Terms
Statement on Management's Use of Non-GAAP Financial Measures
Financial Summary
Table 1 – Condensed Consolidated Balance Sheets
Table 2 – Condensed Consolidated Statements of Operations
Table 3 – Segment Results
Table 4 – Condensed Consolidated Statements of Cash Flows
Table 5 – Debt Summary
Table 6 – Capitalization & Financial Ratios
Table 7 – Consolidated Metrics
Commercial Real Estate
Table 8 – CRE Metrics
Table 9 – Occupancy
Table 10 – NOI and Same-Store NOI by Type
Table 11 – Improved Property Report
Table 12 – Ground Lease Report
Table 13 – Top 10 Tenants Ranked by ABR
Table 14 – Lease Expiration Schedule
Table 15 – New & Renewal Lease Summary
Table 16 – Portfolio Repositioning, Redevelopment & Development Summary
Table 17 – Transactional Activity (2022 - 2023)
Land Operations
Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA
Table 19 – Core Real Estate Development-for-sale Projects
Table 20 – Components of Land Operations
  
Forward-Looking Statements
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. 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, the evaluation of alternatives by the Company related to its non-core assets and 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.

Basis of Presentation
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).
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Company Overview
3


Alexander & Baldwin, Inc.
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 two reportable segments: Commercial Real Estate ("CRE") and Land Operations, and is composed of the following as of September 30, 2023:

•A commercial real estate portfolio composed of 3.9 million square feet of improved properties and 142.0 acres of ground leases throughout the Hawaiian islands, including 2.5 million square feet of largely grocery/drugstore-anchored retail centers; and
•A land operations portfolio consisting of approximately 3,666 acres of legacy landholdings and assets that are subject to the Company's simplification and monetization efforts, and 56 acres of core landholdings, including development-for-hold and development-for-sale activities on Oahu and Maui.

In December 2022, the Company's Board of Directors authorized Management to sell the Company's wholly-owned subsidiary, Grace Pacific LLC ("Grace Pacific"), a materials and construction company in Hawai‘i, and Company-owned quarry land on Maui ("Maui Quarries"). The assets and liabilities associated with Grace Pacific and the Maui Quarries have been classified as held for sale and its financial results are classified as discontinued operations for all periods presented herein. Collectively, Grace Pacific and the Maui Quarries made up the majority of activity in the Company's Materials and Construction reportable segment ("M&C"). Accordingly, the former M&C segment has been eliminated and the segment information presented herein excludes the results of Grace Pacific and the Maui Quarries for all periods presented. In conjunction with the elimination of the M&C segment, the Company's remaining equity interest in an unconsolidated materials company was incorporated with the Land Operations reportable segment.

Throughout this Supplemental Information document, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries.
4


Executive Officers
Lance Parker Clayton Chun
President & Chief Executive Officer Executive Vice President, Chief Financial Officer & Treasurer
Jerrod Schreck Meredith Ching
Executive Vice President Executive Vice President, External Affairs
Jeffrey Pauker
Executive Vice President & Chief Investment Officer
Contact Information Equity Research
Corporate Headquarters Piper Sandler & Co.
822 Bishop Street Alexander Goldfarb
Honolulu, HI 96813 (212) 466-7937
alexander.goldfarb@psc.com
Investor Relations
Clayton Chun Other Company Information
Executive Vice President, Chief Financial Officer & Treasurer
(808) 525-6606 Stock exchange listing: NYSE: ALEX
investorrelations@abhi.com Corporate website: www.alexanderbaldwin.com
Grace Pacific website: www.gracepacific.com
Transfer Agent & Registrar
Market capitalization
at September 30, 2023:
$1.2B
Computershare 3-month average trading volume: 272K
P.O. Box 43006 Independent auditor: Deloitte & Touche LLP
Providence, RI 02940-3006
(866) 442-6551
Overnight Correspondence
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
Shareholder website: www.computershare.com/investor
Online inquiries: www-us.computershare.com/investor/contact

5


Alexander & Baldwin, Inc.
Company Overview
Glossary of Terms
ABR Annualized Base Rent ("ABR") is the current month's contractual base rent multiplied by 12. Base rent is presented without consideration of percentage rent that may, in some cases, be significant.
Comparable Lease Comparable Leases are either renewals (executed for the same units) or new leases (executed for units that have been vacated in the previous 12 months) for comparable space and comparable lease terms. Expansions, contractions and strategic short-term renewals are excluded from the Comparable Lease pool.
CRE Portfolio Composed of (1) retail, industrial and office improved properties subject to operating leases ("Improved Portfolio") and (2) assets subject to ground leases ("Ground Leases") within the CRE segment.
Debt-service Coverage Ratio
The ratio of Consolidated Adjusted EBITDA to the sum of debt service – 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.
EBITDA and Segment Adjusted (or Consolidated Adjusted) EBITDA
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is calculated on a consolidated basis ("Consolidated EBITDA") by adjusting the Company’s consolidated net income (loss) to exclude the impact of interest expense, income taxes and depreciation and amortization.

EBITDA is calculated for each segment ("Segment EBITDA" or "Commercial Real Estate EBITDA" and "Land Operations EBITDA") by adjusting segment operating profit (which excludes interest expense and income taxes) to add back depreciation and amortization recorded at the respective segment.

Segment Adjusted EBITDA (or Consolidated Adjusted EBITDA) is calculated by adjusting Segment EBITDA (or Consolidated 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 or Land Operations Adjusted EBITDA (when applicable).
FFO
Funds From Operations ("FFO") is presented by the Company as a widely used non-GAAP measure of operating performance for real estate companies. National Association of Real Estate Investment Trusts ("Nareit") defines FFO as follows: net income (loss) available to A&B common shareholders (calculated in accordance with GAAP), excluding (1) depreciation and amortization related to real estate, (2) gains and losses from the sale of certain real estate assets, (3) gains and losses from change in control, (4) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and (5) income (loss) from discontinued operations that are incidental to CRE.

"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 noted above (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 presents both non-GAAP measures and reconciles each to the most directly-comparable GAAP measure as well as reconciling FFO to Core FFO. The Company's FFO and Core FFO may not be comparable to FFO non-GAAP measures reported by other REITs. These other REITs may not define the term in accordance with the current Nareit definition or may interpret the current Nareit definition differently.
GAAP Generally accepted accounting principles in the United States of America.
GLA Gross leasable area ("GLA") measured in square feet ("SF"). GLA is periodically adjusted based on remeasurement or reconfiguration of space and may change period over period for these remeasurements.
Maintenance Capital Expenditures As it relates to CRE segment capital expenditures (i.e., capitalizable costs on a cash basis), normalized recurring expenditures necessary to maintain building value, the current income stream and position in the market. Such expenditures may include building/area improvements and tenant space improvements.
Net Debt Net Debt is calculated by adjusting the Company's total debt to its notional amount (by excluding unamortized premium, discount and capitalized loan fees) and by subtracting cash and cash equivalents recorded in the Company's consolidated balance sheets.
NOI
Net Operating Income ("NOI") represents total Commercial Real Estate contract-based operating revenue that is realizable (i.e., assuming collectability is deemed probable) less the direct property-related operating expenses paid or payable in cash. The calculation of NOI excludes the impact of depreciation and amortization (e.g., depreciation related to capitalized costs for improved properties, other capital expenditures for building/area improvements and tenant space improvements, as well as amortization of leasing commissions); straight-line lease adjustments (including amortization of lease incentives); amortization of favorable/unfavorable lease assets/liabilities; lease termination income; interest and other income (expense), net; selling, general, administrative and other expenses (not directly associated with the property); and impairment of commercial real estate assets.
6


Occupancy
The Physical Occupancy percentage calculates the square footage leased and commenced (i.e., measured when the lessee has physical access to the space) as a percentage of total available improved property space at the end of the period reported.
The Leased Occupancy percentage calculates the square footage leased (i.e., the space has been committed to by a lessee under a signed lease agreement) as a percentage of total available improved property square footage as of the end of the period reported.

The Economic Occupancy percentage calculates the square footage under leases for which the lessee is contractually obligated to make lease-related payments (i.e., subsequent to the rent commencement date) to total available improved property square footage as of the end of the period reported.
PSF Per square foot of GLA.
Rent Spread Percentage change in ABR in the first year of a signed lease relative to the ABR in the last year of the prior lease.
Same-Store
The Company reports NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned and operated for the entirety of the prior calendar year and current reporting period, year-to-date. The Same-Store pool excludes properties under development or redevelopment and also excludes properties acquired or sold during either of the comparable reporting periods. New developments and redevelopments are moved into the Same-Store pool after one full calendar year of stabilized operation. Management judgement is involved in the classification of properties for exclusion from the same-store pool when they are no longer considered stabilized due to redevelopment or other factors.
Stabilization New developments and redevelopments are generally considered stabilized upon the initial attainment of 90% economic occupancy.
Straight-line Rent Non-cash revenue related to a GAAP requirement to average tenant rents over the life of the lease, regardless of the actual cash collected in the reporting period.
TTM Trailing twelve months.
Year Built Year of most recent repositioning/redevelopment or year built if no repositioning/redevelopment has occurred.

7


Alexander & Baldwin, Inc.
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 and Commercial Real Estate Adjusted EBITDA
•Land Operations EBITDA and Land Operations Adjusted EBITDA

The Company uses non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' core operating results, and/or the underlying business trends affecting performance on a consistent and comparable basis from period to period. These measures generally are provided to investors as an additional means of evaluating the performance of ongoing core operations. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP.

The Company may report various forms of EBITDA (e.g., Segment EBITDA — also referred to as Commercial Real Estate EBITDA and Land Operations 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 or Land Operations Adjusted EBITDA (when applicable).

As an illustrative example, the Company identified non-cash impairment and pension termination charges as non-recurring, infrequent or unusual items that are not expected to recur in the consolidated or 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 Company presents both non-GAAP measures and reconciles each to the most directly-comparable GAAP measure as well as reconciling FFO to Core FFO. The Company's FFO and Core FFO may not be comparable to FFO non-GAAP measures reported by other REITs. These other REITs may not define the term in accordance with the current Nareit definition or may interpret the current Nareit definition differently.
NOI is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. The Company believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only the contract-based income and cash-based expense items that are incurred at the property level.
8


When compared across periods, NOI can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-contract-based revenue (e.g., straight-line lease adjustments required under GAAP); by non-cash expense recognition items (e.g., the impact of depreciation and amortization expense or impairments); or by other expenses or gains or losses that do not directly relate to the Company's ownership and operations of the properties (e.g., indirect selling, general, administrative and other expenses, as well as lease termination income). The Company believes the exclusion of these items from operating profit (loss) is useful because the resulting measure captures the contract-based revenue that is realizable (i.e., assuming collectability is deemed probable) and the direct property-related expenses paid or payable in cash that are incurred in operating the Company's Commercial Real Estate portfolio, as well as trends in occupancy rates, rental rates and operating costs. NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company reports NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned and operated for the entirety of the prior calendar year and current reporting period, year-to-date. The Company believes that reporting on a Same-Store basis provides investors with additional information regarding the operating performance of comparable assets separate from other factors (such as the effect of developments, redevelopments, acquisitions or dispositions).

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 and Commercial Real Estate Adjusted 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 and Land Operations Adjusted EBITDA.
9






















Financial Summary

10


Alexander & Baldwin, Inc.
Financial Summary
Table 1 – Condensed Consolidated Balance Sheets
(amounts in millions; unaudited)
September 30, December 31,
2023 2022
ASSETS
Real estate investments
Real estate property $ 1,619.9  $ 1,598.9 
Accumulated depreciation (223.0) (202.3)
Real estate property, net 1,396.9  1,396.6 
Real estate developments 60.0  59.9 
Investments in real estate joint ventures and partnerships 7.4  7.5 
Real estate intangible assets, net 38.3  43.6 
Real estate investments, net 1,502.6  1,507.6 
Cash and cash equivalents 11.8  33.3 
Restricted cash 0.2  1.0 
Accounts receivable, net of allowances (credit losses and doubtful accounts) of $3.1 million and $2.5 million as of September 30, 2023, and December 31, 2022, respectively
3.6  6.1 
Other property, net 2.2  2.5 
Operating lease right-of-use assets 2.2  5.4 
Goodwill 8.7  8.7 
Other receivables, net of allowances of $3.7 million and $2.7 million as of September 30, 2023, and December 31, 2022, respectively
7.3  6.9 
Prepaid expenses and other assets 102.6  89.0 
Assets held for sale 144.7  126.8 
Total assets $ 1,785.9  $ 1,787.3 
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt $ 507.6  $ 472.2 
Accounts payable 6.1  4.5 
Operating lease liabilities 2.0  4.9 
Accrued pension and post-retirement benefits 10.1  10.1 
Deferred revenue 71.9  68.8 
Accrued and other liabilities 78.4  102.1 
Liabilities associated with assets held for sale 71.3  81.0 
Total liabilities 747.4  743.6 
Commitments and Contingencies
Redeemable Noncontrolling Interest 9.7  8.0 
Equity:
Common stock - no par value; authorized, 225.0 million shares; outstanding, 72.5 million and 72.5 million shares at September 30, 2023 and December 31, 2022, respectively
1,809.8  1,808.4 
Accumulated other comprehensive income (loss) 8.6  1.8 
Distributions in excess of accumulated earnings (789.6) (774.5)
Total A&B shareholders' equity 1,028.8  1,035.7 
Total liabilities and equity $ 1,785.9  $ 1,787.3 

11


Alexander & Baldwin, Inc.
Financial Summary
Table 2 – Condensed Consolidated Statements of Operations
(amounts in millions, except per share data; unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Operating Revenue:
Commercial Real Estate $ 48.2  $ 46.5  $ 145.6  $ 138.8 
Land Operations 4.3  2.9  10.4  20.9 
Total operating revenue 52.5  49.4  156.0  159.7 
Operating Costs and Expenses:  
Cost of Commercial Real Estate 25.1  25.0  75.1  73.2 
Cost of Land Operations 2.2  4.2  7.8  18.8 
Selling, general and administrative 7.6  9.6  26.2  27.7 
Impairment of assets 0.6  —  0.6  — 
Total operating costs and expenses 35.5  38.8  109.7  119.7 
Gain (loss) on disposal of non-core assets, net —  —  1.1  54.0 
Operating Income (Loss) 17.0  10.6  47.4  94.0 
Other Income and (Expenses):
Income (loss) related to joint ventures 1.0  0.8  1.9  2.3 
Pension termination —  —  —  (76.9)
Interest and other income (expense), net 0.1  (0.2) —  0.1 
Interest expense (6.1) (5.4) (17.0) (16.7)
Income (Loss) from Continuing Operations Before Income Taxes 12.0  5.8  32.3  2.8 
Income tax benefit (expense) —  —  —  18.1 
Income (Loss) from Continuing Operations 12.0  5.8  32.3  20.9 
Income (loss) from discontinued operations, net of income taxes 3.9  1.0  3.9  1.3 
Net Income (Loss) 15.9  6.8  36.2  22.2 
Loss (income) attributable to discontinued noncontrolling interest (1.3) (0.4) (2.9) (1.2)
Net Income (Loss) Attributable to A&B Shareholders $ 14.6  $ 6.4  $ 33.3  $ 21.0 
Earnings (Loss) Per Share Available to A&B Shareholders:    
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders $ 0.16  $ 0.08  $ 0.44  $ 0.29 
Discontinued operations available to A&B shareholders 0.04  0.01  0.02  — 
Net income (loss) available to A&B shareholders $ 0.20  $ 0.09  $ 0.46  $ 0.29 
   
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders $ 0.16  $ 0.08  $ 0.44  $ 0.29 
Discontinued operations available to A&B shareholders 0.04  0.01  0.02  — 
Net income (loss) available to A&B shareholders $ 0.20  $ 0.09  $ 0.46  $ 0.29 
Weighted-Average Number of Shares Outstanding:    
Basic 72.6 72.7  72.6  72.7 
Diluted 72.8 72.8  72.8  72.8 
Amounts Available to A&B Common Shareholders:
Continuing operations available to A&B common shareholders $ 12.0  $ 5.7  $ 32.2  $ 20.7 
Discontinued operations available to A&B common shareholders 2.6  0.6  1.0  0.1 
Net income (loss) available to A&B common shareholders $ 14.6  $ 6.3  $ 33.2  $ 20.8 
12


Alexander & Baldwin, Inc.
Financial Summary
Table 3 – Segment Results
(amounts in millions; unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Operating Revenue:
Commercial Real Estate $ 48.2  $ 46.5  $ 145.6  $ 138.8 
Land Operations 4.3  2.9  10.4  20.9 
Total operating revenue 52.5  49.4  156.0  159.7 
Operating Profit (Loss):  
Commercial Real Estate1
20.6  20.3  64.2  60.3 
Land Operations2,3,4
2.9  (1.3) 4.5  (7.1)
Total operating profit (loss) 23.5  19.0  68.7  53.2 
Interest expense (6.1) (5.4) (17.0) (16.7)
Corporate and other expense5
(5.4) (7.8) (19.4) (33.7)
Income (Loss) from Continuing Operations Before Income Taxes 12.0  5.8  32.3  2.8 
Income tax benefit (expense) —  —  —  18.1 
Income (Loss) from Continuing Operations 12.0  5.8  32.3  20.9 
Income (loss) from discontinued operations, net of income taxes 3.9  1.0  3.9  1.3 
Net Income (Loss) 15.9  6.8  36.2  22.2 
Loss (income) attributable to discontinued noncontrolling interest (1.3) (0.4) (2.9) (1.2)
Net Income (Loss) Attributable to A&B Shareholders $ 14.6  $ 6.4  $ 33.3  $ 21.0 
1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Land Operations segment, that is eliminated in the consolidated results of operations, and a pension termination expense of $0.7 million for the nine months ended September 30, 2022.
2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's joint ventures.
3 For the nine months ended September 30, 2022, Land Operations segment operating profit (loss) includes pension termination charges of $62.2 million related to the 2022 termination of the defined benefit plans as well as a gain on the sale of non-core assets, net, of $54.0 million. Land Operations segment operating profit (loss) includes a gain on sale of non-core assets, net, of $1.1 million for the nine months ended September 30, 2023, related to the sale of the Company's legacy trucking business.
4 As described in the Company’s other filings with the SEC, during the fourth quarter of 2022, the Company changed the composition of its reportable segments which caused reported amounts (i.e., operating profit) in the historical period to be reclassified to Land Operations from the former Materials & Construction reportable segment. All comparable information for the historical periods has been retrospectively adjusted to reflect the impact of these changes.
5 Corporate and other expense includes pension termination charges of $14.0 million for the nine months ended September 30, 2022, related to the 2022 termination of the defined benefit plans.

Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Selling, general and administrative expense by segment:
Commercial Real Estate $ 1.7  $ 1.8  $ 5.6  $ 5.2 
Land Operations 0.5  0.6  1.4  3.0 
Corporate 5.4  7.2  19.2  19.5 
Total selling, general and administrative expense $ 7.6  $ 9.6  $ 26.2  $ 27.7 

September 30,
2023
December 31, 2022
Accounts receivable, net by segment:
Commercial Real Estate $ 3.6  $ 5.4 
Land Operations —  0.7 
Total accounts receivable, net $ 3.6  $ 6.1 
13


September 30,
2023
December 31, 2022
Identifiable assets by segment:
Commercial Real Estate $ 1,505.6  $ 1,499.9 
Land Operations 113.1  112.0 
Assets Held for Sale 144.7  126.8 
Corporate 22.5  48.6 
Total assets $ 1,785.9  $ 1,787.3 
Book value by segment:
Commercial Real Estate $ 1,275.5  $ 1,265.8 
Land Operations 9.3  4.8 
Assets Held for Sale, net 73.4  45.8 
Corporate1
(319.7) (272.7)
Total2,3
$ 1,038.5  $ 1,043.7 
1 Primarily composed of corporate debt, partially offset by other assets and liabilities, net.
2 Equals the sum of consolidated total equity and the redeemable noncontrolling interest presented on the consolidated balance sheets.
3 Book value attributable to A&B as of September 30, 2023 and December 31, 2022 was $1,028.8 million and $1,035.7 million, respectively, which is book value noted above less redeemable noncontrolling interest of $9.7 million and $8.0 million, respectively.

14


Alexander & Baldwin, Inc.
Financial Summary
Table 4 – Condensed Consolidated Statements of Cash Flows    
(amounts in millions; unaudited)
Nine Months Ended September 30,
2023 2022
Cash Flows from Operating Activities:
Net income (loss) $ 36.2  $ 22.2 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Loss (income) from discontinued operations (3.9) (1.3)
Depreciation and amortization 27.6  28.8 
Income tax expense (benefit) —  (18.3)
Loss (gain) from disposals and asset transactions, net (1.1) (53.9)
Impairment of assets 0.6  — 
Share-based compensation expense 5.3  4.6 
Loss (income) related to joint ventures, net of operating cash distributions (1.9) 1.0 
Pension termination —  76.9 
Changes in operating assets and liabilities:
Trade and other receivables (0.1) (2.5)
Prepaid expenses, income tax receivable and other assets (3.5) (3.7)
Development/other property inventory (1.5) 9.5 
Accrued pension and post-retirement benefits —  (31.3)
Accounts payable 0.3  1.0 
Accrued and other liabilities (2.2) (2.4)
Operating cash flows from continuing operations 55.8  30.6 
Operating cash flows from discontinued operations (12.2) (21.6)
Net cash provided by (used in) operations 43.6  9.0 
Cash Flows from Investing Activities:
Capital expenditures for acquisitions (9.5) — 
Capital expenditures for property, plant and equipment (13.6) (11.0)
Proceeds from disposal of assets 3.3  73.1 
Payments for purchases of investments in affiliates and other investments (0.2) (0.5)
Distributions of capital and other receipts from investments in affiliates and other investments —  0.1 
Investing cash flows from continuing operations (20.0) 61.7 
Investing cash flows from discontinued operations 0.6  (5.7)
Net cash provided by (used in) investing activities (19.4) 56.0 
Cash Flows from Financing Activities:  
Payments of notes payable and other debt and deferred financing costs (33.7) (21.9)
Borrowings (payments) on line-of-credit agreement, net 69.0  (50.0)
Cash dividends paid (64.2) (57.7)
Repurchases of common stock and other payments (3.6) (5.0)
Financing cash flows from continuing operations (32.5) (134.6)
Financing cash flows from discontinued operations (10.7) 6.1 
Net cash provided by (used in) financing activities (43.2) (128.5)
Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale    
Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale (19.0) (63.5)
Balance, beginning of period 34.4  71.0 
Balance, end of period $ 15.4  $ 7.5 

15


Alexander & Baldwin, Inc.
Financial Summary
Table 5 – Debt Summary
As of September 30, 2023
(dollars in millions; unaudited)
Scheduled Principal Payments
Debt Interest Rate (%) Weighted-average Interest Rate (%) Maturity Date Weighted-average Maturity (Years) 2023 2024 2025 2026 2027 Thereafter Total Principal Premium (discount)/debt issuance costs, net Total
Secured:
Laulani Village 3.93% 3.93% 2024 0.7 $ 0.3  $ 57.8  $ —  $ —  $ —  $ —  $ 58.1  $ (0.1) $ 58.0 
Pearl Highlands 4.15% 4.15% 2024 1.2 0.6  75.1  —  —  —  —  75.7  0.2  75.9 
Photovoltaic Financing (1) 4.14% 2027 3.5 —  0.2  0.2  0.2  1.8  —  2.4  —  2.4 
Manoa Marketplace (2) 3.14% 2029 5.3 0.5  1.8  1.9  1.9  2.0  45.0  53.1  (0.1) 53.0 
Subtotal / Wtd Avg 3.80% 2.2 $ 1.4  $ 134.9  $ 2.1  $ 2.1  $ 3.8  $ 45.0  $ 189.3  $ —  $ 189.3 
Unsecured:
Series A Note 5.53% 5.53% 2024 0.8 $ —  $ 7.1  $ —  $ —  $ —  $ —  $ 7.1  $ —  $ 7.1 
Series J Note 4.66% 4.66% 2025 1.6 —  —  10.0  —  —  —  10.0  —  10.0 
Series B Note 5.55% 5.55% 2026 1.1 —  9.0  16.0  2.0  —  —  27.0  —  27.0 
Series C Note 5.56% 5.56% 2026 2.1 —  2.0  3.0  4.0  —  —  9.0  —  9.0 
Series F Note 4.35% 4.35% 2026 2.2 —  2.4  3.3  4.0  —  —  9.7  —  9.7 
Series H Note 4.04% 4.04% 2026 3.2 —  —  —  50.0  —  —  50.0  —  50.0 
Series K Note 4.81% 4.81% 2027 3.6 —  —  —  —  34.5  —  34.5  (0.1) 34.4 
Series G Note 3.88% 3.88% 2027 2.3 —  6.5  6.0  7.0  2.6  —  22.1  —  22.1 
Series L Note 4.89% 4.89% 2028 4.6 —  —  —  —  —  18.0  18.0  —  18.0 
Series I Note 4.16% 4.16% 2028 5.3 —  —  —  —  —  25.0  25.0  —  25.0 
Term Loan 5 4.30% 4.30% 2029 6.2 —  —  —  —  —  25.0  25.0  —  25.0 
Subtotal / Wtd Avg 4.55% 3.3 $ —  $ 27.0  $ 38.3  $ 67.0  $ 37.1  $ 68.0  $ 237.4  $ (0.1) $ 237.3 
Revolving Credit Facilities:
A&B Revolver (3) 6.47% 2025 (4) 1.9 $ —  $ —  $ 81.0  $ —  $ —  $ —  $ 81.0  $ —  $ 81.0 
Subtotal / Wtd Avg 6.47% 1.9 $ —  $ —  $ 81.0  $ —  $ —  $ —  $ 81.0  $ —  $ 81.0 
Total / Wtd Avg 4.58% 2.7 $ 1.4  $ 161.9  $ 121.4  $ 69.1  $ 40.9  $ 113.0  $ 507.7  $ (0.1) $ 507.6 
(1) Financing lease has an interest rate of 4.14%.
(2) Loan has a stated interest rate of SOFR plus 1.35% but is swapped through maturity to a 3.14% fixed rate. Prior to August 1, 2023, loan had a stated interest rate of LIBOR plus 1.35%.
(3) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid, plus a SOFR adjustment of 0.10%. Prior to April 28, 2023, loan had a stated interest rate of LIBOR plus 1.05% based on a pricing grid. $50.0 million was swapped through June 2022 to a 2.40% fixed rate.
(4) A&B Revolver has two six-month optional term extensions.

16


Alexander & Baldwin, Inc.
Financial Summary
Table 6 – Capitalization & Financial Ratios
As of September 30, 2023
(dollars in millions, except stock price; unaudited)
Debt
Secured debt $ 189.3
Unsecured term debt 237.3
Unsecured revolving credit facility 81.0
Total debt (A) $ 507.6
Add: Net unamortized deferred financing cost / discount (premium) 0.1
Less: Cash and cash equivalents (11.8)
Net Debt $ 495.9
Market Capitalization Shares Stock Price Market Value
Common stock (NYSE:ALEX) 72,536,315 $16.73 $ 1,213.5
Total equity market capitalization (B) $ 1,213.5
Total Market Capitalization (C) = (A) + (B) $ 1,721.1
Total Debt to Total Market Capitalization (A) / (C) 29.5  %
Liquidity
Cash on hand $ 11.8
Unused committed line of credit 417.9
Total liquidity $ 429.7
Financial Ratios
Net Debt to TTM Consolidated Adjusted EBITDA1
4.4
Debt-service Coverage Ratio2
2.0
Fixed-rate debt to total debt 84.0%
Unencumbered CRE Property Ratio3
77.4%
1 Consolidated Adjusted EBITDA for the trailing twelve months is $113.0 million and is calculated on Table 7.
2 The ratio of Consolidated Adjusted EBITDA ($113.0 million) to the sum of debt service ($57.2 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 ($1,246.8 million) as a percent of total CRE property ($1,611.3 million).
17


Alexander & Baldwin, Inc.
Financial Summary
Table 7 – Consolidated Metrics
(amounts in millions, except per share data; unaudited)
Consolidated EBITDA & Consolidated Adjusted EBITDA
Three Months Ended September 30, Nine Months Ended September 30, TTM September 30,
2023 2022 2023 2022 2023
Net Income (Loss) $ 15.9  $ 6.8  $ 36.2  $ 22.2  $ (35.5)
Adjustments:
Depreciation and amortization 9.3  9.1  27.6  28.8  36.8 
Interest expense 6.1  5.4  17.0  16.7  22.3 
Income tax expense (benefit) —  —  —  (18.1) (0.2)
Depreciation and amortization related to discontinued operations —  1.3  —  4.3  1.5 
Interest expense related to discontinued operations 0.1  0.1  0.5  0.1  0.6 
Consolidated EBITDA $ 31.4  $ 22.7  $ 81.3  $ 54.0  $ 25.5 
Asset impairments 0.6  —  0.6  —  5.6 
Pension termination —  —  —  76.9  — 
(Income) loss from discontinued operations, net of income taxes and excluding depreciation, amortization and interest expense (4.0) (2.4) (4.4) (5.7) 81.9 
Consolidated Adjusted EBITDA $ 28.0  $ 20.3  $ 77.5  $ 125.2  $ 113.0 
Other discrete items impacting the respective periods - income/(loss):
Income (loss) attributable to discontinued noncontrolling interest $ 1.3  $ 0.4  $ 2.9  $ 1.2  $ 2.8 
Gain (loss) on disposal of non-core assets, net $ —  $ —  $ 1.1  $ 54.0  $ 1.1 

FFO & Core FFO
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Net Income (Loss) available to A&B common shareholders $ 14.6  $ 6.3  $ 33.2  $ 20.8 
Depreciation and amortization of commercial real estate properties 9.1  9.0  27.3  27.4 
(Income) loss from discontinued operations, net of income taxes (3.9) (1.0) (3.9) (1.3)
Income (loss) attributable to discontinued noncontrolling interest 1.3  0.4  2.9  1.2 
FFO $ 21.1  $ 14.7  $ 59.5  $ 48.1 
Exclude items not related to core business:
Land Operations operating (profit) loss (2.9) 1.3  (4.5) 7.1 
Income tax expense (benefit) —  —  —  (18.1)
Non-core business interest expense 3.0  2.7  8.7  8.2 
Impairment losses - abandoned development costs 0.6  —  0.6  — 
Pension termination - CRE and Corporate —  —  —  14.7 
Core FFO $ 21.8  $ 18.7  $ 64.3  $ 60.0 

18


Commercial Real Estate Operating Profit (Loss) $ 20.6  $ 20.3  $ 64.2  $ 60.3 
Depreciation and amortization of commercial real estate properties 9.1  9.0  27.3  27.4 
Corporate and other expense (5.4) (7.8) (19.4) (33.7)
Core business interest expense (3.1) (2.7) (8.3) (8.5)
Impairment losses - abandoned development costs 0.6  —  0.6  — 
Distributions to participating securities —  (0.1) (0.1) (0.2)
Pension termination - CRE and Corporate —  —  —  14.7 
Core FFO $ 21.8  $ 18.7  $ 64.3  $ 60.0 
Net income available to A&B common shareholders per diluted share $ 0.20  $ 0.09  $ 0.46  $ 0.29 
FFO per diluted share $ 0.29  $ 0.20  $ 0.82  $ 0.66 
Core FFO per diluted share $ 0.30  $ 0.26  $ 0.88  $ 0.82 
Weighted average diluted shares outstanding (FFO/Core FFO) 72.8  72.8  72.8  72.8 

Other Discrete Items
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Other discrete items impacting the respective periods - income/(loss):
CRE segment straight-line lease adjustments $ 0.8  $ 1.2  $ 4.2  $ 3.7 
CRE segment favorable/(unfavorable) lease amortization $ 0.3  $ 0.2  $ 0.8  $ 0.8 
Consolidated share-based compensation $ (1.0) $ (1.6) $ (5.3) $ (4.6)

19






















Commercial Real Estate
20


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 8 – CRE Metrics
(dollars in millions; unaudited)
NOI and Same-Store NOI1
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Operating Revenue:




Base rental income, net $ 33.3  $ 32.2  $ 100.2  $ 95.6 
Percentage rent 1.9  1.9  5.7  6.0 
Recoveries from tenants 10.7  10.3  33.0  29.9 
Excise tax recoveries from tenants 2.1  2.0  6.3  6.0 
Revenues deemed uncollectible, net (0.3) (0.2) (0.8) 0.5 
Other revenue 0.5  0.3  1.2  0.8 
Total Commercial Real Estate operating revenue $ 48.2  $ 46.5  $ 145.6  $ 138.8 
Operating Costs and Expenses:
Property operations 12.2  12.3  36.8  35.3 
Property taxes 3.8  3.7  11.0  10.5 
Depreciation and amortization 9.1  9.0  27.3  27.4 
Total Commercial Real Estate operating costs and expenses $ 25.1  $ 25.0  $ 75.1  $ 73.2 
Selling, general and administrative (1.7) (1.8) (5.6) (5.2)
Intersegment operating revenues2
—  —  —  0.2 
Impairment of assets (0.6) —  (0.6) — 
Pension termination —  —  —  (0.7)
Interest and other income (expense), net (0.2) 0.6  (0.1) 0.4 
Operating Profit (Loss) $ 20.6  $ 20.3  $ 64.2  $ 60.3 
Plus: Depreciation and amortization 9.1  9.0  27.3  27.4 
Less: Straight-line lease adjustments (0.8) (1.2) (4.2) (3.7)
Less: Favorable/(unfavorable) lease amortization (0.3) (0.2) (0.8) (0.8)
Less: Termination income (0.1) (0.1) (0.1) (0.1)
Plus: Other (income)/expense, net 0.2  (0.6) 0.1  0.3 
Plus: Impairment of assets 0.6  —  0.6  — 
Plus: Selling, general, administrative and other expenses 1.7  1.8  5.6  5.2 
NOI $ 31.0  $ 29.0  $ 92.7  $ 88.6 
Less: NOI from acquisitions, dispositions and other adjustments (0.2) —  (0.3) (0.1)
Same-Store NOI $ 30.8  $ 29.0  $ 92.4  $ 88.5 
Occupancy:
Leased Occupancy 94.6  % 94.6  %
Physical Occupancy 93.9  % 93.8  %
Economic Occupancy 92.9  % 93.1  %
1 Prior period amounts have been reclassified to conform to the current period presentation.
2 Primarily intersegment operating revenue (e.g., base rental income and expense recoveries) from leases with entities that are part of Land Operations. Such operating revenue (and also the related expense recorded by these entities in other segments) is eliminated in the consolidated results of operations.
21


Other Discrete Items
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
CRE segment capital expenditures:
Property acquisitions $ —  $ —  $ 9.5  $ — 
Development and redevelopment 2.4  1.8  6.1  4.8 
CRE building/area improvements (Maintenance Capital Expenditures) 3.2  1.2  5.2  3.5 
CRE tenant space improvements (Maintenance Capital Expenditures) 0.7  1.5  2.1  2.4 
CRE tenant space improvements - nonrecurring (Maintenance Capital Expenditures) 0.1  —  0.1  — 
Total CRE capital expenditures $ 6.4  $ 4.5  $ 23.0  $ 10.7 
Leasing commissions paid: $ 0.3  $ 0.4  $ 1.1  $ 1.0 
Commercial Real Estate EBITDA & Adjusted EBITDA
Three Months Ended September 30, Nine Months Ended September 30, TTM September 30,
2023 2022 2023 2022 2023
Commercial Real Estate Operating Profit (Loss) $ 20.6  $ 20.3  $ 64.2  $ 60.3  $ 85.4 
Depreciation and amortization 9.1  9.0  27.3  27.4  36.4 
Commercial Real Estate EBITDA $ 29.7  $ 29.3  $ 91.5  $ 87.7  $ 121.8 
Impairment of assets 0.6  —  0.6  —  0.6 
Commercial Real Estate Adjusted EBITDA $ 30.3  $ 29.3  $ 92.1  $ 87.7  $ 122.4 

22


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 9 – Occupancy
(unaudited)
Leased Occupancy
As of As of Basis Point Change
September 30, 2023 September 30, 2022
Retail 94.0% 93.3% 70
Industrial 96.8% 98.0% (120)
Office 84.5% 89.1% (460)
Total Leased Occupancy 94.6% 94.6%

Economic Occupancy
As of As of Basis Point Change
September 30, 2023 September 30, 2022
Retail 91.9% 91.3% 60
Industrial 95.9% 97.6% (170)
Office 83.5% 85.7% (220)
Total Economic Occupancy 92.9% 93.1% (20)

Same-Store Leased Occupancy
As of As of Basis Point Change
September 30, 2023 September 30, 2022
Retail 94.0% 93.3% 70
Industrial 96.7% 98.0% (130)
Office 84.5% 89.1% (460)
Total Same-Store Leased Occupancy 94.5% 94.6% (10)

Same-Store Economic Occupancy
As of As of Basis Point Change
September 30, 2023 September 30, 2022
Retail 91.9% 91.3% 60
Industrial 95.8% 97.5% (170)
Office 83.5% 85.7% (220)
Total Same-Store Economic Occupancy 92.8% 93.1% (30)

23


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 10 – NOI and Same-Store NOI by Type
(dollars in thousands; unaudited)
NOI
Three Months Ended September 30, Percentage Change Q3 2023 as a % of NOI Q3 2022 as a % of NOI
2023 2022
Retail $ 19,687  $ 18,794  4.8% 63.5% 64.8%
Industrial 5,221  4,979  4.9% 16.8% 17.2%
Office 1,094  1,033  5.9% 3.5% 3.6%
Total Improved Portfolio 26,002  24,806  4.8% 83.8% 85.6%
Ground 5,002  4,210  18.8% 16.1% 14.5%
Other —  NM —% —%
Total CRE Portfolio $ 31,011  $ 29,016  6.9% 100.0% 100.0%

Same-Store NOI
Three Months Ended September 30, Percentage Change Q3 2023 as a % of NOI Q3 2022 as a % of NOI
2023 2022
Retail $ 19,687  $ 18,794  4.8% 63.9% 64.8%
Industrial 5,052  4,941  2.2% 16.4% 17.0%
Office 1,094  1,033  5.9% 3.5% 3.6%
Total Improved Portfolio $ 25,833  $ 24,768  4.3% 83.8% 85.4%
Ground 4,998  4,228  18.2% 16.2% 14.6%
Total CRE Portfolio $ 30,831  $ 28,996  6.3% 100.0% 100.0%

NOI
Nine Months Ended September 30, Percentage Change YTD 2023 as a % of NOI YTD 2022 as a % of NOI
2023 2022
Retail $ 59,022  $ 57,552  2.6% 63.6% 65.0%
Industrial 15,072  15,076  —% 16.3% 17.0%
Office 3,598  3,043  18.2% 3.9% 3.4%
Total Improved Portfolio 77,692  75,671  2.7% 83.8% 85.4%
Ground 14,983  12,906  16.1% 16.2% 14.6%
Other 59  —  NM 0.1% —%
Total CRE Portfolio $ 92,734  $ 88,577  4.7% 100.0% 100.0%

Same-Store NOI
Nine Months Ended September 30, Percentage Change YTD 2023 as a % of SS NOI YTD 2022 as a % of SS NOI
2023 2022
Retail $ 59,022  $ 57,552  2.6% 63.9% 65.0%
Industrial 14,768  15,037  (1.8)% 16.0% 17.0%
Office 3,598  3,043  18.2% 3.9% 3.4%
Total Improved Portfolio $ 77,388  $ 75,632  2.3% 83.8% 85.4%
Ground 14,972  12,879  16.3% 16.2% 14.6%
Total CRE Portfolio $ 92,360  $ 88,511  4.3% 100.0% 100.0%
24



Changes in the Same-Store portfolio as it relates to the comparable prior period and the current period are as follows:

Dispositions Additions
Date Property Date Property
2/23 Residual Kauai land 1/22 Kahai Street Industrial
1/22 228 Kalihi Street

25


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 11 – Improved Property Report    
(dollars in thousands, except per square foot data; unaudited)
Property Island Year Built/
Renovated
Current
GLA (SF)
Leased / Economic Occupancy ABR ABR
PSF
Q3 2023 NOI Q3 2023 % NOI to Improved Portfolio NOI Retail Anchor Tenants
Retail:
1 Pearl Highlands Center Oahu 1992-1994 412,200 99.6% 99.4% $10,876 $26.54 $3,072 11.7% Sam's Club, Regal Cinemas, 24 Hour Fitness, Ulta Salon, Ross
2 Kailua Retail Oahu 1947-2014 326,100 95.9% 94.9% 12,482 40.32 3,186 12.3% Whole Foods Market, Foodland, CVS/Longs Drugs, Ulta Salon
3 Laulani Village Oahu 2012 175,300 97.9% 97.0% 6,808 40.02 1,628 6.3% Safeway, Ross, Walgreens, Petco
4 Waianae Mall Oahu 1975 170,800 93.0% 91.9% 3,885 24.95 783 3.0% CVS/Longs Drugs, City Mill
5 Manoa Marketplace Oahu 1977, 2023 142,000 98.2% 92.8% 4,679 35.73 1,084 4.2% Safeway, CVS/Longs Drugs
6 Queens' MarketPlace Hawai‘i Island 2007 134,000 91.2% 83.6% 4,607 49.63 1,191 4.6% Island Gourmet Market
7 Kaneohe Bay Shopping Center (Leasehold) Oahu 1971 125,500 98.0% 97.2% 3,174 26.01 641 2.5% Safeway, CVS/Longs Drugs
8 Hokulei Village Kauai 2015 119,000 96.4% 96.4% 4,259 37.12 1,031 4.0% Safeway, Petco
9 Pu‘unene Shopping Center Maui 2017 118,000 78.4% 71.9% 4,342 51.88 1,044 4.0% Planet Fitness, Petco, Ulta Salon, Target (shadow-anchored)
10 Waipio Shopping Center Oahu 1986, 2004 113,800 98.4% 97.4% 3,634 32.77 965 3.7% Foodland
11 Aikahi Park Shopping Center Oahu 1971, 2022 97,300 92.4% 88.6% 3,469 40.23 694 2.7% Safeway
12 Lanihau Marketplace Hawai‘i Island 1987 88,300 97.6% 93.3% 1,565 18.98 416 1.6% Sack N Save, CVS/Longs Drugs
13 The Shops at Kukui‘ula Kauai 2009 85,900 93.8% 84.8% 3,415 47.41 934 3.6% CVS/Longs Drugs, Eating House, Living Foods
14 Ho‘okele Shopping Center Maui 2019 71,400 96.1% 96.1% 2,832 41.29 711 2.7% Safeway
15 Kunia Shopping Center Oahu 2004 60,600 95.0% 93.4% 2,313 40.89 614 2.4%
16 Waipouli Town Center Kauai 1980 56,600 36.6% 36.6% 448 21.67 50 0.2% Autozone
17 Kahului Shopping Center Maui 1951 50,900 84.5% 84.5% 776 18.03 28 0.1%
18 Lau Hala Shops Oahu 2018 46,300 100.0% 98.3% 2,624 57.71 593 2.3% UFC Gym, Down to Earth
19 Napili Plaza Maui 1991 45,600 98.6% 92.6% 1,315 32.07 293 1.1% Napili Market
20 Gateway at Mililani Mauka Oahu 2008, 2013 34,900 90.3% 90.3% 1,912 60.71 453 1.7% CVS/Longs Drugs (shadow-anchored)
21 Port Allen Marina Center Kauai 2002 23,600 92.0% 92.0% 663 30.59 185 0.7%
22 The Collection Oahu 2017 5,900 100.0% 100.0% 345 58.47 91 0.3%
Subtotal – Retail 2,504,000 94.0% 91.9% $80,423 $35.34 $19,687 75.7%
26


Property Island Year Built/
Renovated
Current
GLA (SF)
Leased / Economic Occupancy ABR ABR
PSF
Q3 2023 NOI Q3 2023 % NOI to Improved Portfolio NOI Retail Anchor Tenants
Industrial:
23 Komohana Industrial Park Oahu 1990 238,300 100.0% 100.0% $3,603 $15.12 $1,432 5.5%
24 Kaka‘ako Commerce Center Oahu 1969 197,900 83.7% 82.5% 2,356 14.79 405 1.6%
25 Waipio Industrial Oahu 1988-1989 158,400 100.0% 100.0% 2,866 18.10 658 2.5%
26 Opule Industrial Oahu 2005-2006, 2018 151,500 100.0% 100.0% 2,627 17.34 669 2.6%
27 P&L Warehouse Maui 1970 104,200 100.0% 100.0% 1,645 15.79 425 1.6%
28 Kapolei Enterprise Center Oahu 2019 93,000 100.0% 100.0% 1,657 17.81 409 1.6%
29 Honokohau Industrial Hawai‘i Island 2004-2006, 2008 86,700 98.0% 93.9% 1,293 15.88 295 1.1%
30 Kailua Industrial/Other Oahu 1951-1974 69,000 97.9% 89.2% 1,248 20.26 231 0.9%
31 Port Allen Kauai 1983, 1993 64,600 95.6% 95.6% 816 13.22 223 0.9%
32 Harbor Industrial Maui 1930 51,100 94.9% 94.9% 632 13.04 181 0.7%
33 Kaomi Loop Industrial (1) Oahu 2005 33,200 100.0% 100.0% 527 15.85 132 0.5%
34 Kahai Street Industrial Oahu 1973 27,900 100.0% 100.0% 365 13.09 124 0.5%
35 Maui Lani Industrial (1) Maui 2010 8,400 100.0% 100.0% 156 18.57 37 0.1%
Subtotal – Industrial 1,284,200 96.8% 95.9% $19,791 $16.12 $5,221 20.1%
Office:
36 Kahului Office Building Maui 1974 59,100 80.0% 78.6% $1,578 $33.95 $356 1.3%
37 Gateway at Mililani Mauka South Oahu 1992, 2006 37,100 100.0% 98.4% 1,785 48.84 458 1.8%
38 Kahului Office Center Maui 1991 35,800 89.0% 89.0% 1,013 31.76 283 1.1%
39 Lono Center Maui 1973 13,700 49.9% 49.9% 186 32.61 (3) —%
Subtotal – Office 145,700 84.5% 83.5% $4,562 $37.82 $1,094 4.2%
Total – Hawai‘i Improved Portfolio 3,933,900 94.6% 92.9% $104,776 $28.92 $26,002 100.0%
(1) Property is currently not included in the Same-Store pool.

27


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 12 – Ground Lease Report
(dollars in thousands; unaudited)
Property Name Location
(City, Island)
Acres Property Type Exp. Year Current ABR Q3 2023 NOI Next Rent Step Step Type Next ABR ($ in $000) Previous Rent Step Previous Step Type Previous ABR ($ in $000)
1 Windward City Shopping Center Kanoehe, Oahu 15.4 Retail 2035 $ 3,886  $ 965  2033 FMV Reset FMV 2023 FMV Reset $ 2,800 
2 Owner/Operator Kapolei, Oahu 36.4 Industrial 2025 3,300  825  2024 Fixed Step 3,420 2023 Fixed Step 3,203 
3 Owner/Operator Honolulu, Oahu 9.0 Retail 2045 2,075  519  2025 Fixed Step 2,283 2020 Fixed Step 1,886 
4 Kaimuki Shopping Center Honolulu, Oahu 2.8 Retail 2040 2,039  509  2026 Fixed Step 2,345 2022 FMV Reset 1,728 
5 S&F Industrial Pu'unene, Maui 52.0 Heavy Industrial 2059 1,275  356  2024 Fixed Step 1,433 2019 Fixed Step 751 
6 Owner/Operator Kaneohe, Oahu 3.7 Retail 2048 1,059  264  2028 Fixed Step 1,133 2023 Fixed Step 990 
7 Pali Palms Plaza Kailua, Oahu 3.3 Office 2037 992  246  2032 FMV Reset FMV 2022 Negotiated 200 
8 Windward Town and Country Plaza I Kailua, Oahu 3.4 Retail 2062 963  240  2032 Fixed Step 1,233 2022 Fixed Step 753 
9 Windward Town and Country Plaza II Kailua, Oahu 2.2 Retail 2062 621  155  2032 Fixed Step 795 2022 Fixed Step 485 
10 Kailua Post Office Kailua, Oahu 1.2 Retail 2023 555  100  2023 Negotiated 555 
11 Owner/Operator Kailua, Oahu 1.9 Retail 2034 450  64  2024 Fixed Step 470 2019 Negotiated 641 
12 Owner/Operator Honolulu, Oahu 0.5 Retail 2028 385  99  2024 Fixed Step 394 2023 Fixed Step 375 
13 Owner/Operator Honolulu, Oahu 0.5 Parking 2028 359  89  2024 Fixed Step 370 2023 Fixed Step 349 
14 Owner/Operator Kahului, Maui 0.8 Retail 2026 264  66  2023 Fixed Step 272 2022 Fixed Step 257 
15 Seven-Eleven Kailua Center Kailua, Oahu 0.9 Retail 2033 263  66  2024 Fixed Step 336 2023 Fixed Step 258 
16 Owner/Operator Honolulu, Oahu 0.7 Industrial 2027 252  62  2024 Fixed Step 259 2023 Option 245 
17 Owner/Operator Kahului, Maui 0.8 Industrial 2025 238  60  2024 Fixed Step 249 2023 Fixed Step 228 
18 Owner/Operator Kahului, Maui 0.4 Retail 2027 186  65  2024 Fixed Step 190 2023 Fixed Step 181 
19 Owner/Operator Kailua, Oahu 0.4 Retail 2025 183  46  2024 Fixed Step 189 2023 Fixed Step 174 
20 Owner/Operator Kahului, Maui 0.9 Retail 2025 146  37  2024 Fixed Step 151 2023 Fixed Step 142 
Remainder Various 4.8 Various Various 875  169  Various Various — 
Total - Ground Leases 142.0  $ 20,366  $ 5,002 

28


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 13 – Top 10 Tenants Ranked by ABR
As of September 30, 2023
(dollars in thousands; unaudited)
Tenant1
Number of Leases ABR % of Total Improved
Portfolio
ABR
GLA (SF) % of Total
Improved Portfolio
GLA
Albertsons Companies (including Safeway) 7 $ 7,608  7.3% 286,024 7.3%
Sam's Club 1 3,308  3.2% 180,908 4.6%
CVS Corporation (including Longs Drugs) 6 2,889  2.8% 150,411 3.8%
Foodland Supermarket & related companies 7 2,184  2.1% 113,725 2.9%
Coleman World Group 2 2,004  1.9% 115,495 2.9%
Ross Dress for Less 2 1,992  1.9% 65,484 1.7%
GP/RM Prestress, LLC2
1 1,746  1.7% NA N/A
Ulta Salon, Cosmetics, & Fragrance, Inc. 3 1,616  1.5% 33,985 0.9%
24 Hour Fitness USA 1 1,513  1.4% 45,870 1.2%
Petco Animal Supplies Stores 3 1,448  1.4% 34,282 0.9%
Total 33 $ 26,308  25.2% 1,026,184 26.2%
1 The table excludes ground leases as such leases would not be comparable from a GLA perspective.
2 The leased premises in the GP/RM Prestress, LLC lease includes warehouse and yard space. Due to the yard space, GLA is not presented due to lack of comparability.

29


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 14 – Lease Expiration Schedule
As of September 30, 2023
(dollars in thousands, except per square foot data; unaudited)
Total Improved Portfolio
Expiration Year Number
of Leases
Square
Footage of
Expiring Leases
% of Total
Improved Portfolio
Leased GLA
ABR
Expiring
% of Total
Improved Portfolio
Expiring ABR
ABR Expiring
PSF
2023 36 65,979  1.8% $ 2,322 2.2% $ 35.19
2024 157 531,571  14.7% 14,385 13.7% 27.06
2025 118 488,611  13.5% 12,309 11.7% 25.19
2026 126 358,209  9.9% 10,265 9.8% 28.66
2027 107 334,002  9.2% 11,307 10.8% 33.85
2028 98 355,652  9.8% 12,963 12.4% 36.45
2029 47 278,913  7.7% 10,314 9.8% 36.98
2030 23 154,738  4.3% 3,700 3.5% 23.91
2031 10 91,362  2.5% 2,359 2.3% 25.82
2032 22 117,270  3.2% 4,152 4.0% 35.41
Thereafter 39 682,137  18.8% 16,905 16.2% 24.78
Month-to-month 80 164,967  4.6% 3,795 3.6% 23.00
Total 863 3,623,411  100.0% $ 104,776 100.0% $ 28.92
Retail Portfolio
Expiration Year Number
of Leases
Square
Footage of
Expiring Leases
% of Total
Retail
Leased GLA
ABR
Expiring
% of Total
Retail
Expiring ABR
ABR Expiring
PSF
2023 30 58,329  2.6% $ 2,156 2.7% $ 36.96
2024 102 327,556  14.4% 10,570 13.1% 32.27
2025 83 190,588  8.4% 7,229 9.0% 37.93
2026 82 102,070  4.5% 5,420 6.7% 53.10
2027 86 161,732  7.1% 8,122 10.1% 50.22
2028 82 260,438  11.5% 11,223 14.0% 43.09
2029 42 239,720  10.5% 9,247 11.5% 38.57
2030 18 71,596  3.2% 2,113 2.6% 29.51
2031 9 63,482  2.8% 1,993 2.5% 31.39
2032 19 100,480  4.4% 3,845 4.8% 38.27
Thereafter 34 612,948  26.8% 15,782 19.6% 25.75
Month-to-month 38 86,457  3.8% 2,723 3.4% 31.50
Total 625 2,275,396  100.0% $ 80,423 100.0% $ 35.34
Industrial Portfolio
Expiration Year Number
of Leases
Square
Footage of
Expiring Leases
% of Total
Industrial
Leased GLA
ABR
Expiring
% of Total
Industrial
Expiring ABR
ABR Expiring
PSF
2023 5 6,649  0.5% $ 138 0.7% $ 20.76
2024 40 165,212  13.5% 2,577 13.0% 15.60
2025 29 282,957  23.1% 4,519 22.8% 15.97
2026 37 234,538  19.1% 3,815 19.3% 16.27
2027 12 156,966  12.8% 2,610 13.2% 16.63
2028 12 89,295  7.3% 1,563 7.9% 17.50
2029 3 27,763  2.3% 482 2.4% 17.36
2030 1 74,990  6.1% 1,320 6.7% 17.60
2031 1 27,880  2.3% 365 1.8% 13.09
2032 2 15,400  1.3% 258 1.3% 16.75
Thereafter 5 69,189  5.5% 1,126 5.8% 16.27
Month-to-month 40 76,554  6.2% 1,018 5.1% 13.30
Total 187 1,227,393  100.0% $ 19,791 100.0% $ 16.12

30


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 15 – New & Renewal Lease Summary
As of September 30, 2023
(unaudited)
Comparable Leases Only1
Total - New and Renewal Leases Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF
Rent Spread2
3rd Quarter 2023 62 149,939  $ 27.32  $ 3.19  3.5 37 74,263  $ 28.29  $ 25.44  11.2%
2nd Quarter 2023 72 220,064  $ 29.26  $ 19.14  5.6 44 125,302  $ 29.28  $ 27.67  5.8%
1st Quarter 2023 49 139,302  $ 30.66  $ 4.09  5.2 32 76,139  $ 27.36  $ 25.48  7.4%
4th Quarter 2022 61 129,537  $ 30.65  $ 3.22  3.5 29 52,063  $ 39.35  $ 37.29  5.5%
Trailing four quarters 244 638,842  $ 29.39  $ 8.89  4.6 142 327,767  $ 30.21  $ 28.18  7.2%
Total - New Leases Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF
Rent Spread2
3rd Quarter 2023 24 42,419  $ 25.65  $ 10.38  3.9 9 17,517  $ 18.76  $ 17.79  5.5%
2nd Quarter 2023 29 98,376  $ 28.49  $ 41.73  7.6 11 30,169  $ 25.96  $ 23.59  10.1%
1st Quarter 2023 14 22,912  $ 36.41  $ 21.92  5.1 6 10,258  $ 29.95  $ 29.45  1.7%
4th Quarter 2022 21 32,435  $ 28.93  $ 11.10  3.5 3 5,145  $ 22.29  $ 21.60  3.2%
Trailing four quarters 88 196,142  $ 28.87  $ 27.57  5.8 29 63,089  $ 24.31  $ 22.77  6.8%
Total - Renewal Leases Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF
Rent Spread2
3rd Quarter 2023 38 107,520  $ 27.98  $ 0.36  3.4 28 56,746  $ 31.23  $ 27.81  12.3%
2nd Quarter 2023 43 121,688  $ 29.88  $ 0.88  4.0 33 95,133  $ 30.33  $ 28.96  4.7%
1st Quarter 2023 35 116,390  $ 29.53  $ 0.58  5.2 26 65,881  $ 26.95  $ 24.87  8.4%
4th Quarter 2022 40 97,102  $ 31.22  $ 0.59  3.5 26 46,918  $ 41.22  $ 39.01  5.7%
Trailing four quarters 156 442,700  $ 29.62  $ 0.61  4.1 113 264,678  $ 31.61  $ 29.48  7.2%
Three Months Ended September 30, 2023 TTM Ended September 30, 2023
Leases GLA (SF)
ABR/SF4
Rent Spread2
Leases GLA (SF)
ABR/SF4
Rent Spread2
Retail 42 71,053  $ 41.44  13.8% 160 332,046  $ 41.27  7.3%
Industrial 18 77,176  $ 14.51  4.1% 75 293,635  $ 15.86  7.2%
Office 2 1,710  $ 18.60  —% 9 13,161  $ 31.52  3.0%
Subtotal - Improved 62 149,939  $ 27.32  11.2% 244 638,842  $ 29.39  7.2%
Ground 2
N/A3
$ 0.3  27.6% 9
N/A3
$ 6.6  52.0%
1 Per Glossary of Terms, Comparable Leases are either renewals (executed for the same units) or new leases (executed for units that have been vacated in the previous 12 months) for comparable space and comparable lease terms. Expansions, contractions and strategic short-term renewals are excluded from the Comparable Lease pool.
2 Rent Spread is calculated for Comparable Leases, a subset of the total population of leases for the period presented.
3 Not applicable for ground leases as such leases would not be comparable from a GLA (SF) perspective
4 Current ABR, in millions, is presented for ground leases

31


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 16 – Portfolio Repositioning, Redevelopment & Development Summary
As of September 30, 2023
(dollars in millions; unaudited)
  Leasing Activity

Project
Phase In-service Date Target
Stabilization
Project Capital
Costs Incurred
to Date
Estimated
Incremental
Stabilized
NOI
Estimated
Stabilized
Yield on Total
Project Capital
Costs
Projected
GLA (SF)
%
Leased
% Under Letter of Intent Total
Redevelopment
Manoa Marketplace Substantially Complete/
In Service
3Q2023
3Q20241
$8.0 $0.6 - $0.7 8.0 - 8.5% 142,000 98.2% —% 98.2%
1 Property stabilized at over 90% leased prior to project commencement.


32


Alexander & Baldwin, Inc.
Commercial Real Estate
Table 17 – Transactional Activity (2022 - 2023)
As of September 30, 2023
(dollars in millions; unaudited)

Acquisitions
Property Type Location Date
(Month/Year)
Purchase Price GLA (SF)
Kaomi Loop Industrial Industrial Oahu, HI 05/23 $ 9.5  33,200 
Maui Lani Industrial Industrial Maui, HI 06/22
N/A1
8,400 
Total $ 9.5  41,600 
1 Represents an intercompany acquisition transaction from GPRS, a subsidiary of Grace Pacific.
33






















Land Operations
34


Alexander & Baldwin, Inc.
Land Operations
Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA
(amounts in millions; unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Development sales revenue $ —  $ —  $ —  $ 6.3 
Unimproved/other property sales revenue 4.0  —  8.1  2.0 
Other operating revenue1
0.3  2.9  2.3  12.6 
Total Land Operations operating revenue $ 4.3  $ 2.9  $ 10.4  $ 20.9 
Land Operations operating costs and expenses (2.2) (4.2) (7.8) (18.8)
Selling, general and administrative (0.5) (0.6) (1.4) (3.0)
Intersegment operating charges, net2
—  (0.1) (0.1) (0.2)
Gain (loss) on disposal of non-core assets, net —  —  1.1  54.0 
Earnings (loss) from joint ventures 1.0  0.8  1.9  2.3 
Pension termination —  —  —  (62.2)
Interest and other income (expense), net 0.3  (0.1) 0.4  (0.1)
Total Land Operations operating profit (loss) $ 2.9  $ (1.3) $ 4.5  $ (7.1)

Three Months Ended September 30, Nine Months Ended September 30, TTM September 30,
2023 2022 2023 2022 2023
Land Operations Operating Profit (Loss) $ 2.9  $ (1.3) $ 4.5  $ (7.1) $ 10.2 
Land Operations depreciation and amortization —  —  —  1.2  — 
Land Operations EBITDA $ 2.9  $ (1.3) $ 4.5  $ (5.9) $ 10.2 
Impairment of assets —  —  —  —  5.0 
Pension termination —  —  —  62.2  — 
Land Operations Adjusted EBITDA $ 2.9  $ (1.3) $ 4.5  $ 56.3  $ 15.2 
1 Other operating revenue includes revenue related to trucking and licensing and leasing of non-core legacy agricultural lands during the periods ended 2023 and 2022. Other revenue also includes renewable energy during the period ended 2022.
2 Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations.


35


Alexander & Baldwin, Inc.
Land Operations
Table 19 – Core Real Estate Development-for-sale Projects
As of September 30, 2023
(dollars in millions, except per square foot amounts; unaudited)

Project Location Product Type
Remaining Sellable Acres1
Avg Size of Remaining Lots
(Acres)
Target Sales Price
Range per SF for Remaining
Estimated Total
Project Cost
Total Project Costs Incurred to Date A&B Net
Book Value
Estimated Project Completion
Maui Business Park (Phase II) Kahului, Maui Light industrial lots 46.5 acres 1.1 acres $38-$58 per SF $ 98 $ 65 $ 22 2030+
1 Decline in remaining sellable acres from December 31, 2022 is due to carveout of planned roads and easements for Ho'okele Condominium Project.


36


Alexander & Baldwin, Inc.
Land Operations
Table 20 – Components of Land Operations
As of September 30, 2023
(dollars in millions; unaudited)
Acres Carrying Value
ASSETS
Real estate investments
Core real estate investments
Kapolei Business Park West $ 6.2 
Maui Business Park II 53  22.3 
Non-core real estate investments
Other real estate development 192  $ 37.7 
Agricultural land 2,690  0.4 
Urban land, not in active development 20  0.6 
Conservation & preservation 764  0.9 
Investments in real estate joint ventures and partnerships 7.4 
Total real estate investments, net 3,722  75.5 
Accounts receivable and other receivables, net 5.3 
Other investments in affiliates 31.6 
Other assets 0.7 
Total assets $ 113.1 
LIABILITIES
Maui agricultural land sale deferred revenue and reserves $ 75.1 
Environmental remediation 16.2 
Land development warranty and post-closing obligations 3.9 
Other liabilities 8.6 
Total liabilities $ 103.8 
Land Operations Book Value $ 9.3 
37