# EDGAR Filing Document

**Accession Number:** 0001545654
**File Stem:** 0001545654-23-000006
**Filing Date:** 2023-2
**Character Count:** 173006
**Document Hash:** 62cd320e44bf48171028577c7b5b443e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001545654-23-000006.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001545654-23-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alexander & Baldwin, Inc.
- **CENTRAL INDEX KEY:** 0001545654
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 454849780
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35492
- **FILM NUMBER:** 23685268

**BUSINESS ADDRESS:**
- **STREET 1:** 822 BISHOP STREET, P.O. BOX 3440
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96801
- **BUSINESS PHONE:** (808) 525-6611

**MAIL ADDRESS:**
- **STREET 1:** 822 BISHOP STREET, P.O. BOX 3440
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A & B II, Inc.
- **DATE OF NAME CHANGE:** 20120502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** & B II, Inc.
- **DATE OF NAME CHANGE:** 20120326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A&B II, Inc.
- **DATE OF NAME CHANGE:** 20120326

?xml version="1.0" ? alex-20230228

**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): February 28, 2023

**ALEXANDER & BALDWIN, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Hawaii</u>** | **<u>Hawaii</u>** | **<u>Hawaii</u>** | **<u>001-35492</u>** | **<u>45-4849780</u>** |
| (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |
| **P. O. Box 3440,** | **Honolulu,** | **Hawaii** | | **96801** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | | (Zip Code) |

---

**<u>(808)</u> <u>525-6611</u>**

(Registrant's telephone number, including area code)

<u>N/A</u>

(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. ☐

------

<u>Item 2.02. Results of Operations and Financial Condition.</u>

On February 28, 2023, Alexander & Baldwin, Inc. issued a press release announcing its results of operations and financial condition as of and for the three and twelve months ended December 31, 2022. This information is being furnished as Exhibit 99.1 to this report.

<u>Item 7.01. Regulation FD Disclosure.</u>

On February 28, 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 twelve months ended December 31, 2022 and 2021. A copy of this Supplemental Information document is being furnished as Exhibit 99.2 to this report.

<u>Item 9.01. Financial Statements and Exhibits.</u>

(d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| 99.1 | <u>[Press release announcing 2022](a2022q4earningsreleasedoc.htm)[fourth](a2022q4earningsreleasedoc.htm)[quarter earnings issued](a2022q4earningsreleasedoc.htm)[February 28](a2022q4earningsreleasedoc.htm)[, 202](a2022q4earningsreleasedoc.htm)[3](a2022q4earningsreleasedoc.htm)[.](a2022q4earningsreleasedoc.htm)</u> |
| 99.2 | <u>[Alexander & Baldwin, Inc.'s Supplemental Information document as of and for the three and](a2022q4supplementdoc.htm)[twelve](a2022q4supplementdoc.htm)[months ended](a2022q4supplementdoc.htm)[December](a2022q4supplementdoc.htm)[3](a2022q4supplementdoc.htm)[1](a2022q4supplementdoc.htm)[, 2022 and 2021.](a2022q4supplementdoc.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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<u>SIGNATURE</u>

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: February 28, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALEXANDER & BALDWIN, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Clayton K.Y. Chun</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton K.Y. Chun

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President,

Chief Financial Officer and Treasurer

## Exhibit 99.1

![ablogoa11.jpg](ablogoa11.jpg)

**Alexander & Baldwin, Inc. Reports Fourth Quarter and Full-Year 2022 Results**

HONOLULU, February 28, 2023 /PRNewswire/—**Alexander & Baldwin, Inc.** (NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based company focused on owning and operating high-quality commercial real estate in Hawai'i, today announced financial results for the fourth quarter and full-year of 2022.

Chris Benjamin, A&B chief executive officer, stated: "Our high-quality portfolio of grocery-anchored retail, industrial and ground lease assets continued to perform well in the fourth quarter, closing out a year of exceptional results. During 2022, commercial real estate ("CRE") portfolio Net Operating Income ("NOI") increased by 6.3% over 2021 to $117.8 million. Leasing activity remained robust as we finished the year with total leased occupancy of 95.0%, along with 4.4% full-year re-leasing spreads."

"We made meaningful progress in advancing our strategic agenda during the year as we closed on the sale of approximately 20,200 acres of non-core landholdings. While we haven't yet sold Grace Pacific, we took the decisive step in the fourth quarter of committing to a plan to sell and classifying the business as a discontinued operation. With our business simplification process nearly complete, we are focused on utilizing our strong balance sheet to expand our premier CRE portfolio. Redevelopment options within our portfolio, as well as a pipeline of potential acquisitions, give us confidence that we will be able to capitalize on opportunities across our target markets and preferred asset classes."

"Lastly, I would like to congratulate Lance Parker on his promotion to president and chief executive officer of A&B, effective July 1. Lance will maintain a keen focus on operating and growing our CRE platform, while I work to complete the Company's strategic transformation into a CRE company. I have the utmost confidence in Lance and our entire team to demonstrate the strength of the A&B platform and create value for shareholders in 2023 and beyond."

***Change in Segments and Financial Presentation***

During the fourth quarter of 2022, the Company changed its segment reporting in its financial statements to reflect how it now manages its continuing operations. The specific changes were made in conjunction with the Company presenting its materials and construction operations, including Grace Pacific, as held for sale and discontinued operations in its financial statements, pursuant to which the Company eliminated the former Materials & Construction segment and reclassified its joint venture interest in a materials company to the Land Operations segment.

The impact of the changes to the Company's segment reporting has been retrospectively reflected in the financial information for the prior periods presented in this release, resulting in changes in Land Operations segment Operating Profit (Loss) of $0.1 million and $(3.3) million during the three months ended December 31, 2022 and 2021, respectively. The full-year impact to Land Operations Operating Profit (Loss) was $2.7 million and $(2.5) million for the years ended December 31, 2022 and 2021, respectively. Prepaid expenses and other assets for Land Operations increased by $26.1 million and $23.4 million as of December 31, 2022 and 2021, as a result of the change in segment reporting. Additional information about these changes is included in the appendix.

***Financial Results for Q4 and FY 2022***

• Net income (loss) available to A&B common shareholders and diluted earnings (loss) per share for the fourth quarter of 2022 were $(71.6) million and $(0.99) per share, respectively, compared to $6.1 million and $0.08 per share in the same quarter of 2021. Results for the fourth quarter of 2022 and 2021 include after-tax losses from discontinued operations of $87.9 million and $31.5 million, respectively.

• Net income (loss) available to A&B common shareholders and diluted earnings (loss) per share for the full-year of 2022 were $(50.8) million and $(0.70) per share, respectively, compared to $35.1 million and $0.48 per share in 2021. Results for the full-year 2022 and 2021 include after-tax losses from discontinued operations of $86.6 million and $39.6 million, respectively.

• Nareit-defined Funds From Operations ("FFO") and FFO per-diluted share for the fourth quarter of 2022 were $25.3 million and $0.35 per share, respectively, compared to $44.6 million and $0.61 per share in the same quarter of 2021. The

------

full-year 2022 FFO and FFO per diluted share were $73.4 million and $1.01 per share, respectively, compared to $110.0 million and $1.52 per share in the same period of 2021.

• Core FFO and Core FFO per-diluted share for the fourth quarter of 2022 were $22.2 million and $0.31 per share, respectively, compared to $17.5 million and $0.24 per share in the same quarter of 2021. The full-year 2022 Core FFO and Core FFO per diluted share were $82.2 million and $1.13 per share, respectively, compared to $69.5 million and $0.96 per share in the same period of 2021.

***Commercial Real Estate (CRE) Highlights for Q4 and FY 2022***

• In the fourth quarter of 2022, CRE revenue increased by $2.2 million, or 4.8%, to $48.4 million, as compared to $46.2 million in the same quarter of 2021. CRE revenue increased $13.1 million, or 7.5%, to $187.2 million for the full-year of 2022, as compared to $174.1 million in the same period of 2021.

• In the fourth quarter of 2022, CRE net operating income ("NOI") increased by $0.4 million, or 1.3%, to $29.2 million, as compared to $28.8 million in the same quarter of 2021. CRE NOI increased by $7.0 million, or 6.3%, to $117.8 million for the full-year of 2022, as compared to $110.7 million in the same period of 2021.

• In the fourth quarter of 2022, CRE Same-Store NOI increased 1.1% compared to the prior year fourth quarter. Full-year Same-Store NOI increased 6.0% compared to the same period in 2021.

• During the fourth quarter of 2022, the Company executed a total of 61 leases, covering approximately 129,500 square feet of gross leasable area ("GLA"). There were 261 total leases executed in 2022, covering approximately 777,800 square feet of GLA.

• Comparable leasing spreads were 5.5% portfolio-wide for the fourth quarter of 2022 and 5.2% for retail spaces. Full-year comparable leasing spreads stand at 4.4% portfolio-wide and 3.9% for retail spaces.

• Significant leases executed during the fourth quarter of 2022 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Fifteen leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 23,000 square feet of GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Six leases at Kaka'ako Commerce Center totaling approximately 21,000 square feet of GLA.

• Significant leases executed during 2022 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Fifty-six leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 77,100 square feet of GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Twenty-four leases at Kaka'ako Commerce Center totaling approximately 61,500 square feet of GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Sixteen leases at Manoa Marketplace totaling approximately 23,500 square feet of GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Nine leases at Kaneohe Bay Shopping Center totaling approximately 52,200 square feet of GLA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Eight leases at Pearl Highlands Center totaling approximately 189,000 square feet of GLA.

• Both overall leased and Same-Store leased occupancy were 95.0% as of December 31, 2022, an increase of 70 basis points compared to December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Both leased and Same-Store leased occupancy in the retail portfolio were 93.8% as of December 31, 2022, an increase of 70 basis points compared to December 31, 2021, primarily due to strong leasing activity at Manoa Marketplace and Pu'unene Shopping Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Leased occupancy in the industrial portfolio was 98.4% as of December 31, 2022, an increase of 140 basis points compared to December 31, 2021, primarily due to robust leasing activity at Port Allen and Harbor Industrial. Same-Store leased occupancy in the industrial portfolio was 98.3% as of December 31, 2022, an increase of 140 basis points compared to December 31, 2021.

***CRE Redevelopment***

• The Manoa Marketplace redevelopment project, incorporating sustainable design and building elements, is progressing and remains on schedule to be completed in the third quarter of 2023. Efforts to enhance the visitor experience at this well-located neighborhood center are expected to realize between 8.0% and 8.5% stabilized yield on total estimated project costs, and follow the successful redevelopment of Aikahi Park Shopping Center.

------

***Land Operations***

**•** Land Operations operating profit was $5.7 million in the fourth quarter of 2022, as compared to $29.9 million in the fourth quarter of 2021. Land Operations operating loss was $1.4 million for the year ended December 31, 2022, as compared to an operating profit of $53.2 million for the year ended December 31, 2021. The year-over-year decline in performance was partly attributable to charges during 2022 to the Land Operations segment related to the termination of the defined benefit pension plans, and lower non-core monetization compared to the elevated amount in the prior year (sale of Kukui'ula residential development and unimproved property sales), partially offset by gain recognized upon the sale of McBryde Sugar and McBryde Resources in the second quarter of 2022.

• Land Operations Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") was $10.7 million for the fourth quarter of 2022, as compared to $30.2 million in the fourth quarter of 2021. Land Operations Adjusted EBITDA was $67.0 million for the year ended December 31, 2022, as compared to $54.3 million for the year ended December 31, 2021.

• The Company continued to monetize assets including the following transactions that closed in 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** Approximately 18,900 acres of primarily non-core conservation and agricultural land on the island of Kaua'i and 100% of the Company's ownership interest in McBryde Resources, Inc., associated with the McBryde Sale in exchange for cash proceeds of $73.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Approximately 1,300 acres of other non-core landholdings in exchange for cash proceeds of $18.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 4.9 acres at Maui Business Park II in exchange for cash proceeds of $7.7 million.

• Performance of this segment prospectively will be driven by future land sales activity.

***Balance Sheet, Market Value, Liquidity and Adjusted EBITDA***

• In 2022, the following financing activities were completed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In September, the Company established a plan to repurchase up to $10 million in shares of its common stock when certain market conditions were met. Prior to the expiration of this plan on December 31, 2022, the Company had repurchased shares totaling $4.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In October, the Company entered into two forward-starting interest rate swap agreements with a blended 4.86% interest rate on $130.0 million of future financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ During the year, the Company repaid $38.0 million, net, on its revolving credit facility and repaid $23.2 million related to term debt and mortgages, while initiating no new term debt or mortgages.

• As of December 31, 2022, the Company had an equity market capitalization of $1.4 billion and $472.2 million in total debt, for a total market capitalization of approximately $1.8 billion. The Company's debt-to-total market capitalization was 25.8% as of December 31, 2022. The Company's debt has a weighted-average maturity of 3.3 years, with a weighted-average interest rate of 4.3%. Ninety-eight percent of the Company's debt was at fixed rates at year end.

• As of December 31, 2022, the Company had total liquidity of $520.2 million, consisting of cash on hand of $33.3 million and $486.9 million available on its revolving line of credit.

• The Company reported Consolidated Adjusted EBITDA of $160.7 million for the twelve-month period ended December 31, 2022, compared to $144.1 million for the same period ended December 31, 2021. Net Debt to TTM (trailing twelve months) Consolidated Adjusted EBITDA was 2.7 times as of December 31, 2022, compared to 3.3 times for the same period last year.

***Dividend***

• The Company paid a fourth quarter 2022 dividend of $0.22 per share on January 6, 2023.

• The Company's Board declared a first quarter 2023 dividend of $0.22 per share, payable on April 4, 2023, to shareholders of record as of the close of business on March 17, 2023.

------

***2023 Full-Year Guidance***

• Initial outlook for 2023 includes:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Core FFO per diluted share** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.08 to $1.13** |
| &nbsp;&nbsp;**CRE Same-Store NOI** | &nbsp;&nbsp;&nbsp;&nbsp;**2.0% to 4.0%** |
| &nbsp;&nbsp;**CRE Same-Store NOI, excluding prior year reserve reversals** | &nbsp;&nbsp;&nbsp;&nbsp;**5.0% to 6.5%** |

---

***Environmental, Social and Governance (ESG) Activity***

• In 2022, the following ESG activities and highlights occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In August, released A&B's Third Annual Corporate Responsibility Report, with enhanced SASB, TCFD and GHG disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In November, completed construction of a 1.3-megawatt rooftop photovoltaic system at Pearl Highlands Center, marking the first of a pipeline of on-site renewable energy generation projects across A&B's CRE portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**◦** During the year, made charitable contributions to 181 Hawai'i-based non-profit organizations, with a particular focus on expanding support for ESG, DEI and social justice-related causes.

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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, 12 industrial assets and four office properties, as well as 141 acres of ground leases. A&B is expanding and strengthening its Hawai'i CRE portfolio and achieving its strategic focus on commercial real estate by monetizing its remaining non-core assets. Over its 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) 525-6606 |
| 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 December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Operating Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | $48.4 | $46.2 | $187.2 | $174.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations | 22.4 | 41.4 | 43.3 | 79.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenue | 70.8 | 87.6 | 230.5 | 254.0 |
| **Operating Profit (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | 21.2 | 19.6 | 81.5 | 72.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations | 5.7 | 29.9 | (1.4) | 53.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating profit (loss)** | 26.9 | 49.5 | 80.1 | 125.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposal of commercial real estate properties, net |  | 2.6 |  | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5.3) | (6.1) | (22.0) | (26.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other expense | (5.6) | (8.2) | (39.3) | (27.0) |
| **Income (Loss) from Continuing Operations Before Income Taxes** | 16.0 | 37.8 | 18.8 | 75.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 0.2 | 0.1 | 18.3 |  |
| **Income (Loss) from Continuing Operations** | 16.2 | 37.9 | 37.1 | 75.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations, net of income taxes | (87.9) | (31.5) | (86.6) | (39.6) |
| **Net Income (Loss)** | $(71.7) | $6.4 | $(49.5) | $35.8 |
| &nbsp;&nbsp;&nbsp;Loss (income) attributable to discontinued noncontrolling interest | 0.1 | (0.1) | (1.1) | (0.4) |
| **Net Income (Loss) Attributable to A&B Shareholders** | $(71.6) | $6.3 | $(50.6) | $35.4 |
| **Basic Earnings (Loss) Per Share of Common Stock:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations available to A&B shareholders | $0.22 | $0.52 | $0.51 | $1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations available to A&B shareholders | (1.21) | (0.44) | (1.21) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to A&B shareholders | $(0.99) | $0.08 | $(0.70) | $0.48 |
| **Diluted Earnings (Loss) Per Share of Common Stock:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations available to A&B shareholders | $0.22 | $0.51 | $0.50 | $1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations available to A&B shareholders | (1.21) | (0.43) | (1.20) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to A&B shareholders | $(0.99) | $0.08 | $(0.70) | $0.48 |
| **Weighted-Average Number of Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 72.5 | 72.5 | 72.6 | 72.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 72.7 | 72.7 | 72.8 | 72.6 |
| **Amounts Available to A&B Common Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations available to A&B common shareholders | $16.2 | $37.7 | $36.9 | $75.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations available to A&B common shareholders | (87.8) | (31.6) | (87.7) | (40.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to A&B common shareholders | $(71.6) | $6.1 | $(50.8) | $35.1 |

---

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**ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(amounts in millions; unaudited)

---

| | | |
|:---|:---|:---|
| | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate property | $1598.9 | $1588.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (202.3) | (180.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate property, net | 1396.6 | 1407.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate developments | 59.9 | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in real estate joint ventures and partnerships | 7.5 | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate intangible assets, net | 43.6 | 51.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate investments, net | 1507.6 | 1533.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 33.3 | 65.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1.0 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and retention, net | 6.1 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property, net | 2.5 | 17.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 5.4 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 8.7 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 6.9 | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 89.0 | 78.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 126.8 | 154.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1787.3 | $1879.8 |
| **LIABILITIES AND EQUITY** |  |  |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable and other debt | $472.2 | $530.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4.5 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 4.9 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued pension and post-retirement benefits | 10.1 | 56.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 68.8 | 68.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | 102.1 | 95.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities associated with assets held for sale | 81.0 | 45.8 |
| **Redeemable Noncontrolling Interest** | 8.0 | 6.9 |
| **Equity** | 1035.7 | 1066.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1787.3 | $1879.8 |

---

------

**ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED CASH FLOWS**

(amounts in millions; unaudited)

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
| **Cash Flows from Operating Activities:** |  |  |
| Net income (loss) | $(49.5) | $35.8 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (income) from discontinued operations | 86.6 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 38.0 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit related to pension termination and other, net | (18.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) from disposals and asset transactions, net | (54.0) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 4.9 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (income) loss from affiliates, net of operating cash distributions | (0.9) | (9.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension termination | 76.9 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | (3.9) | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 0.1 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses, income tax receivable and other assets | (1.8) | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development/other property inventory | 10.5 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued pension and post-retirement benefits | (27.1) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 0.8 | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | (0.3) | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from continuing operations | 67.2 | 118.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from discontinued operations | (33.2) | 6.1 |
| Net cash provided by (used in) operations | 34.0 | 124.2 |
| **Cash Flows from Investing Activities:** |  |  |
| Capital expenditures for acquisitions |  | (16.9) |
| Capital expenditures for property, plant and equipment | (21.7) | (30.3) |
| Proceeds from disposal of assets | 73.1 | 3.0 |
| Payments for purchases of investments in affiliates and other investments | (0.5) | (1.2) |
| Distributions of capital and other receipts from investments in affiliates and other investments | 0.1 | 149.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing cash flows from continuing operations | 51.0 | 104.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing cash flows from discontinued operations | (6.4) | (7.6) |
| Net cash provided by (used in) investing activities | 44.6 | 96.5 |
| **Cash Flows from Financing Activities:** |  |  |
| Proceeds from issuance of notes payable and other debt |  | 131.0 |
| Payments of notes payable and other debt and deferred financing costs | (23.2) | (288.8) |
| Borrowings (payments) on line-of-credit agreement, net | (38.0) |  |
| Cash dividends paid | (57.7) | (46.6) |
| Repurchases of common stock and other payments | (7.3) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows from continuing operations | (126.2) | (205.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows from discontinued operations | 11.0 | (1.4) |
| Net cash provided by (used in) financing activities | (115.2) | (207.1) |
| **Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale | (36.6) | 13.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | 71.0 | 57.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $34.4 | $71.0 |

---

------

**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 December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| (amounts in millions; unaudited) | **2022** | **2021** | **Change**<sup>1</sup> | **2022** | **2021** | **Change**<sup>1</sup> |
| **CRE Operating Profit (Loss)** | $21.2 | $19.6 | $1.6 | $81.5 | $72.6 | $8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization | 9.1 | 9.5 | (0.4) | 36.5 | 37.7 | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Straight-line lease adjustments | (2.6) | (1.5) | (1.1) | (6.3) | (4.4) | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Favorable/(unfavorable) lease amortization | (0.3) | (0.4) | 0.1 | (1.1) | (0.9) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Termination income |  | (0.1) | 0.1 | (0.1) | (0.2) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other (income)/expense, net | 0.2 |  | 0.2 | 0.5 | (0.6) | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Selling, general, administrative and other expenses | 1.6 | 1.7 | (0.1) | 6.8 | 6.5 | 0.3 |
| **NOI** | 29.2 | 28.8 | 0.4 | 117.8 | 110.7 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: NOI from acquisitions, dispositions, and other adjustments | (0.2) | (0.1) | (0.1) | (0.7) | (0.2) | (0.5) |
| **Same-Store NOI** | $29.0 | $28.7 | $0.3 | $117.1 | $110.5 | $6.6 |
| &nbsp;&nbsp;<sup>1</sup> 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. | &nbsp;&nbsp;<sup>1</sup> 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. | &nbsp;&nbsp;<sup>1</sup> 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. | &nbsp;&nbsp;<sup>1</sup> 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. | &nbsp;&nbsp;<sup>1</sup> 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. | &nbsp;&nbsp;<sup>1</sup> 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. | &nbsp;&nbsp;<sup>1</sup> 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. The Company presents different forms of FFO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| (amounts in millions; unaudited) | **2022** | **2021** | **2022** | **2021** |
| **Net Income (Loss) available to A&B common shareholders** | $(71.6) | $6.1 | $(50.8) | $35.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of commercial real estate properties | 9.1 | 9.5 | 36.5 | 37.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on the disposal of commercial real estate properties, net |  | (2.6) |  | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations, net of income taxes | 87.9 | 31.5 | 86.6 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) attributable to discontinued noncontrolling interest | (0.1) | 0.1 | 1.1 | 0.4 |
| **FFO** | $25.3 | $44.6 | $73.4 | $110.0 |
| Exclude items not related to core business: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations operating (profit) loss | (5.7) | (29.9) | 1.4 | (53.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (0.2) | (0.1) | (18.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-core business interest expense | 2.8 | 2.9 | 11.0 | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension termination - CRE and Corporate |  |  | 14.7 |  |
| **Core FFO** | $22.2 | $17.5 | $82.2 | $69.5 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| (amounts in millions; unaudited) | **2022** | **2021** | **2022** | **2021** |
| **Commercial Real Estate Operating Profit (Loss)** | $21.2 | $19.6 | $81.5 | $72.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of commercial real estate properties | 9.1 | 9.5 | 36.5 | 37.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other expense | (5.6) | (8.2) | (39.3) | (27.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Core business interest expense | (2.5) | (3.2) | (11.0) | (13.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to participating securities |  | (0.2) | (0.2) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension termination - CRE and Corporate |  |  | 14.7 |  |
| **Core FFO** | $22.2 | $17.5 | $82.2 | $69.5 |

---

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.

------

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

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| (amounts in millions, unaudited) | **2022** | **2021** |
| **Net Income (Loss)** | $(49.5) | $35.8 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 38.0 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 22.0 | 26.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (18.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization related to discontinued operations | 5.8 | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense related to discontinued operations | 0.2 | 0.1 |
| **Consolidated EBITDA** | $(1.8) | $112.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairments related to the Land Operations Segment | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment impairment related to discontinued operations |  | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension termination | 76.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from discontinued operations, net of income taxes and excluding depreciation, amortization and interest expense | 80.6 | 28.7 |
| **Consolidated Adjusted EBITDA** | $160.7 | $144.1 |

---

**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.

------

**APPENDIX**

During the fourth quarter of 2022, the Company changed its segment reporting in its financial statements to reflect how it now manages its continuing operations. The specific changes were made in conjunction with the Company presenting its materials and construction operations, including Grace Pacific, as held for sale and discontinued operations in its financial statements, pursuant to which the Company eliminated the former Materials & Construction segment and reclassified its joint venture interest in a materials company to the Land Operations segment. Below is a reconciliation of the changes that occurred as part of the segment realignment and discontinued operations for the years ended December 31, 2022 and 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unadjusted**<br>**Year Ended**<br>**December 31, 2022** |<br>**Segment**<br>**Realignment** |<br>**Discontinued**<br>**Operations** | **As Reported**<br>**Year Ended**<br>**December 31, 2022** |
| **Operating Profit (Loss):** | | | | |
| Commercial Real Estate | $81.5 | $— | $— | $81.5 |
| Land Operations | (4.5) | 2.7 | 0.4 | (1.4) |
| Materials & Construction | (83.0) | (2.7) | 85.7 |  |
| **Total operating profit (loss)** | $(6.0) | $— | $86.1 | $80.1 |
| Interest expense | (22.2) |  | 0.2 | (22.0) |
| Corporate and other expense | (39.3) |  |  | (39.3) |
| **Income (Loss) from Continuing Operations Before Income Taxes** | $(67.5) | $— | $86.3 | $18.8 |
| Income tax benefit (expense) | 18.3 |  |  | 18.3 |
| **Income (Loss) from Continuing Operations** | $(49.2) | $— | $86.3 | $37.1 |
| Income (loss) from discontinued operations, net of income taxes | (0.3) |  | (86.3) | (86.6) |
| **Net Income (Loss)** | $(49.5) | $— | $— | $(49.5) |
|  | **Unadjusted** |  |  | **As Reported** |
|  | **Year Ended** | **Segment** | **Discontinued** | **Year Ended** |
|  | **December 31, 2021** | **Realignment** | **Operations** | **December 31, 2021** |
| **Operating Profit (Loss):** |  |  |  |  |
| Commercial Real Estate | $72.6 | $— | $— | $72.6 |
| Land Operations | 55.4 | (2.5) | 0.3 | 53.2 |
| Materials & Construction | (40.5) | 2.5 | 38.0 |  |
| **Total operating profit (loss)** | $87.5 | $— | $38.3 | $125.8 |
| Gain (loss) on disposal of commercial real estate properties, net | 2.8 |  |  | 2.8 |
| Interest expense | (26.3) |  | 0.1 | (26.2) |
| Corporate and other expense | (27.1) |  | 0.1 | (27.0) |
| **Income (Loss) from Continuing Operations Before Income Taxes** | $36.9 | $— | $38.5 | $75.4 |
| Income tax benefit (expense) |  |  |  |  |
| **Income (Loss) from Continuing Operations** | $36.9 | $— | $38.5 | $75.4 |
| Income (loss) from discontinued operations, net of income taxes | (1.1) |  | (38.5) | (39.6) |
| **Net Income (Loss)** | $35.8 | $— | $— | $35.8 |

---

------

Below is a reconciliation of the changes that occurred as part of the segment realignment and discontinued operations for the quarters ended December 31, 2022 and 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unadjusted**<br>**Quarter Ended**<br>**December 31, 2022** |<br>**Segment**<br>**Realignment** |<br>**Discontinued**<br>**Operations** | **As Reported**<br>**Quarter Ended**<br>**December 31, 2022** |
| **Operating Profit (Loss):** | | | | |
| Commercial Real Estate | $21.2 | $— | $— | $21.2 |
| Land Operations | 5.5 | 0.1 | 0.1 | 5.7 |
| Materials & Construction | (87.4) | (0.1) | 87.5 |  |
| **Total operating profit (loss)** | $(60.7) | $— | $87.6 | $26.9 |
| Interest expense | (5.4) |  | 0.1 | (5.3) |
| Corporate and other expense | (5.6) |  |  | (5.6) |
| **Income (Loss) from Continuing Operations Before Income Taxes** | $(71.7) | $— | $87.7 | $16.0 |
| Income tax benefit (expense) | 0.2 |  |  | 0.2 |
| **Income (Loss) from Continuing Operations** | $(71.5) | $— | $87.7 | $16.2 |
| Income (loss) from discontinued operations, net of income taxes | (0.2) |  | (87.7) | (87.9) |
| **Net Income (Loss)** | $(71.7) | $— | $— | $(71.7) |
|  | **Unadjusted** |  |  | **As Reported** |
|  | **Quarter Ended** | **Segment** | **Discontinued** | **Quarter Ended** |
|  | **December 31, 2021** | **Realignment** | **Operations** | **December 31, 2021** |
| **Operating Profit (Loss):** |  |  |  |  |
| Commercial Real Estate | $19.6 | $— | $— | $19.6 |
| Land Operations | 33.1 | (3.3) | 0.1 | 29.9 |
| Materials & Construction | (34.3) | 3.3 | 31.0 |  |
| **Total operating profit (loss)** | $18.4 | $— | $31.1 | $49.5 |
| Gain (loss) on disposal of commercial real estate properties, net | 2.6 |  |  | 2.6 |
| Interest expense | (6.1) |  |  | (6.1) |
| Corporate and other expense | (8.2) |  |  | (8.2) |
| **Income (Loss) from Continuing Operations Before Income Taxes** | $6.7 | $— | $31.1 | $37.8 |
| Income tax benefit (expense) | 0.1 |  |  | 0.1 |
| **Income (Loss) from Continuing Operations** | $6.8 | $— | $31.1 | $37.9 |
| Income (loss) from discontinued operations, net of income taxes | (0.4) |  | (31.1) | (31.5) |
| **Net Income (Loss)** | $6.4 | $— | $— | $6.4 |

---

## Exhibit 99.2

![suppcover.jpg](suppcover.jpg)

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**Alexander & Baldwin, Inc.** 

**Table of Contents**

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| | |
|:---|:---|
| ***Company Overview*** | |
| &nbsp;&nbsp;&nbsp;Company Profile | <u>[4](#i67d4036254c94ddc806c2c5c293562b3_13)</u> |
| &nbsp;&nbsp;&nbsp;Glossary of Terms | <u>[6](#i67d4036254c94ddc806c2c5c293562b3_16)</u> |
| &nbsp;&nbsp;&nbsp;Statement on Management's Use of Non-GAAP Financial Measures | <u>[8](#i67d4036254c94ddc806c2c5c293562b3_19)</u> |
| ***Financial Summary*** |  |
| &nbsp;&nbsp;&nbsp;Table 1 – Consolidated Balance Sheets | <u>[11](#i67d4036254c94ddc806c2c5c293562b3_25)</u> |
| &nbsp;&nbsp;&nbsp;Table 2 – Consolidated Statements of Operations | <u>[12](#i67d4036254c94ddc806c2c5c293562b3_28)</u> |
| &nbsp;&nbsp;&nbsp;Table 3 – Segment Results | <u>[13](#i67d4036254c94ddc806c2c5c293562b3_31)</u> |
| &nbsp;&nbsp;&nbsp;Table 4 – Consolidated Statements of Cash Flows | <u>[15](#i67d4036254c94ddc806c2c5c293562b3_34)</u> |
| &nbsp;&nbsp;&nbsp;Table 5 – Debt Summary | <u>[16](#i67d4036254c94ddc806c2c5c293562b3_37)</u> |
| &nbsp;&nbsp;&nbsp;Table 6 – Capitalization & Financial Ratios | <u>[17](#i67d4036254c94ddc806c2c5c293562b3_40)</u> |
| &nbsp;&nbsp;&nbsp;Table 7 – Consolidated Metrics | <u>[18](#i67d4036254c94ddc806c2c5c293562b3_43)</u> |
| ***Commercial Real Estate*** |  |
| &nbsp;&nbsp;&nbsp;Table 8 – CRE Metrics | <u>[21](#i67d4036254c94ddc806c2c5c293562b3_49)</u> |
| &nbsp;&nbsp;&nbsp;Table 9 – Occupancy | <u>[23](#i67d4036254c94ddc806c2c5c293562b3_52)</u> |
| &nbsp;&nbsp;&nbsp;Table 10 – NOI and Same-Store NOI by Type | <u>[24](#i67d4036254c94ddc806c2c5c293562b3_55)</u> |
| &nbsp;&nbsp;&nbsp;Table 11 – Improved Property Report | <u>[26](#i67d4036254c94ddc806c2c5c293562b3_58)</u> |
| &nbsp;&nbsp;&nbsp;Table 12 – Ground Lease Report | <u>[28](#i67d4036254c94ddc806c2c5c293562b3_61)</u> |
| &nbsp;&nbsp;&nbsp;Table 13 – Top 10 Tenants Ranked by ABR | <u>[29](#i67d4036254c94ddc806c2c5c293562b3_64)</u> |
| &nbsp;&nbsp;&nbsp;Table 14 – Lease Expiration Schedule | <u>[30](#i67d4036254c94ddc806c2c5c293562b3_67)</u> |
| &nbsp;&nbsp;&nbsp;Table 15 – New & Renewal Lease Summary | <u>[31](#i67d4036254c94ddc806c2c5c293562b3_70)</u> |
| &nbsp;&nbsp;&nbsp;Table 16 – Portfolio Repositioning, Redevelopment & Development Summary | <u>[32](#i67d4036254c94ddc806c2c5c293562b3_73)</u> |
| &nbsp;&nbsp;&nbsp;Table 17 – Transactional Activity (2021 - 2022) | <u>[33](#i67d4036254c94ddc806c2c5c293562b3_76)</u> |
| ***Land Operations*** |  |
| &nbsp;&nbsp;&nbsp;Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA | <u>[35](#i67d4036254c94ddc806c2c5c293562b3_82)</u> |
| &nbsp;&nbsp;&nbsp;Table 19 – Core Real Estate Development-for-sale Projects | <u>[36](#i67d4036254c94ddc806c2c5c293562b3_85)</u> |
| &nbsp;&nbsp;&nbsp;Table 20 – Components of Land Operations | <u>[37](#i67d4036254c94ddc806c2c5c293562b3_88)</u> |

---

**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**

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**Alexander & Baldwin, Inc.** 

***Company Overview*** <br> 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 December 31, 2022:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A land operations portfolio consisting of approximately 4,112 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.

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---

| | | |
|:---|:---|:---|
| **Executive Officers** | **Executive Officers** | **Executive Officers** |
| Christopher Benjamin | Clayton Chun | Clayton Chun |
| *Chief Executive Officer* | *Executive Vice President, Chief Financial Officer & Treasurer* | *Executive Vice President, Chief Financial Officer & Treasurer* |
| Lance Parker | Meredith Ching | Meredith Ching |
| *President & Chief Operating Officer* | *Executive Vice President, External Affairs* | *Executive Vice President, External Affairs* |
| Jerrod Schreck |  |  |
| *Executive Vice President, A&B & President, Grace Pacific* |  |  |
| **Contact Information** | **Equity Research** | **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** | **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*<br>*at December 31, 2022:* | $1.4B |
| Computershare | *3-month average trading volume:* | 262K |
| 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 |  |  |

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**Alexander & Baldwin, Inc.** 

***Company Overview*** <br> Glossary of Terms

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| | |
|:---|:---|
| **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.<br>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.<br>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. FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") December 2018 Financial Standards White Paper 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, (5) gains and losses from the sale of assets or businesses that are incidental to CRE, and (6) impairment write-downs of assets that are incidental to CRE. The Company presents different forms of FFO: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "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).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.<br>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. |

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| | |
|:---|:---|
| **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. |
| **Occupancy** | The Company has historically (through the period ended December 31, 2020) reported occupancy on a physical basis (i.e., based on timing of when the lessee has physical access to the space, henceforth, "Physical Occupancy"). The Company presents two additional types of occupancy ("Leased Occupancy" and "Economic Occupancy"). <br>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. <br>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. While there is management judgment involved in classifications, new developments and redevelopments are moved into the Same-Store pool after one full calendar year of stabilized operation. Properties included in held for sale are excluded from Same-Store. |
| **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. |

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**Alexander & Baldwin, Inc.** 

***Company Overview*** <br> Statement on Management's Use of Non-GAAP Financial Measures

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FFO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core FFO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Real Estate NOI and Same-Store NOI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Real Estate EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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**Financial Summary**

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**Alexander & Baldwin, Inc.**

***Financial Summary*** <br> Table 1 – Consolidated Balance Sheets

(amounts in millions; unaudited)

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| | | |
|:---|:---|:---|
| | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate property | $1598.9 | $1588.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (202.3) | (180.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate property, net | 1396.6 | 1407.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate developments | 59.9 | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in real estate joint ventures and partnerships | 7.5 | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate intangible assets, net | 43.6 | 51.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate investments, net | 1507.6 | 1533.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 33.3 | 65.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1.0 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 6.1 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other property, net | 2.5 | 17.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 5.4 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 8.7 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net | 6.9 | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 89.0 | 78.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 126.8 | 154.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1787.3 | $1879.8 |
| **LIABILITIES AND EQUITY** |  |  |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable and other debt | $472.2 | $530.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4.5 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 4.9 | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued pension and post-retirement benefits | 10.1 | 56.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 68.8 | 68.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | 102.1 | 95.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities associated with assets held for sale | 81.0 | 45.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 743.6 | 806.3 |
| **Commitments and Contingencies** |  |  |
| **Redeemable Noncontrolling Interest** | 8.0 | 6.9 |
| **Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.5 million shares at December 31, 2022 and December 31, 2021, respectively | 1808.4 | 1810.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 1.8 | (80.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of accumulated earnings | (774.5) | (663.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1035.7 | 1066.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1787.3 | $1879.8 |

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**Alexander & Baldwin, Inc.** 

***Financial Summary*** <br> Table 2 – Consolidated Statements of Operations

(amounts in millions, except per share data; unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Operating Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | $48.4 | $46.2 | $187.2 | $174.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations | 22.4 | 41.4 | 43.3 | 79.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenue | 70.8 | 87.6 | 230.5 | 254.0 |
| **Operating Costs and Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Commercial Real Estate | 25.5 | 25.0 | 98.7 | 96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Land Operations | 15.4 | 15.8 | 34.2 | 38.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 8.2 | 10.7 | 35.9 | 36.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 49.1 | 51.5 | 168.8 | 171.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposal of commercial real estate properties, net |  | 2.6 |  | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposal of non-core assets, net |  |  | 54.0 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gain (loss) on disposal of assets, net |  | 2.6 | 54.0 | 2.9 |
| **Operating Income (Loss)** | 21.7 | 38.7 | 115.7 | 85.4 |
| **Other Income and (Expenses):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) related to joint ventures | (0.7) | 5.8 | 1.6 | 17.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension termination |  |  | (76.9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (expense), net | 0.3 | (0.6) | 0.4 | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5.3) | (6.1) | (22.0) | (26.2) |
| **Income (Loss) from Continuing Operations Before Income Taxes** | 16.0 | 37.8 | 18.8 | 75.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 0.2 | 0.1 | 18.3 |  |
| **Income (Loss) from Continuing Operations** | 16.2 | 37.9 | 37.1 | 75.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations, net of income taxes | (87.9) | (31.5) | (86.6) | (39.6) |
| **Net Income (Loss)** | (71.7) | 6.4 | (49.5) | 35.8 |
| Loss (income) attributable to discontinued noncontrolling interest | 0.1 | (0.1) | (1.1) | (0.4) |
| **Net Income (Loss) Attributable to A&B Shareholders** | $(71.6) | $6.3 | $(50.6) | $35.4 |
| **Earnings (Loss) Per Share Available to A&B Shareholders:** |  |  |  |  |
| Basic Earnings (Loss) Per Share of Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations available to A&B shareholders | $0.22 | $0.52 | $0.51 | $1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations available to A&B shareholders | (1.21) | (0.44) | (1.21) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to A&B shareholders | $(0.99) | $0.08 | $(0.70) | $0.48 |
| Diluted Earnings (Loss) Per Share of Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations available to A&B shareholders | $0.22 | $0.51 | $0.50 | $1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations available to A&B shareholders | (1.21) | (0.43) | (1.20) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to A&B shareholders | $(0.99) | $0.08 | $(0.70) | $0.48 |
| **Weighted-Average Number of Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 72.5 | 72.5 | 72.6 | 72.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 72.7 | 72.7 | 72.8 | 72.6 |
| **Amounts Available to A&B Common Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations available to A&B common shareholders | $16.2 | $37.7 | $36.9 | $75.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations available to A&B common shareholders | (87.8) | (31.6) | (87.7) | (40.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to A&B common shareholders | $(71.6) | $6.1 | $(50.8) | $35.1 |

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**Alexander & Baldwin, Inc.** 

***Financial Summary*** <br> Table 3 – Segment Results

(amounts in millions; unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Operating Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Real Estate | $48.4 | $46.2 | $187.2 | $174.1 |
| &nbsp;&nbsp;&nbsp;Land Operations | 22.4 | 41.4 | 43.3 | 79.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating revenue** | 70.8 | 87.6 | 230.5 | 254.0 |
| **Operating Profit (Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate<sup>1</sup> | 21.2 | 19.6 | 81.5 | 72.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations<sup>2,3,4</sup> | 5.7 | 29.9 | (1.4) | 53.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating profit (loss)** | 26.9 | 49.5 | 80.1 | 125.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposal of commercial real estate properties, net |  | 2.6 |  | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5.3) | (6.1) | (22.0) | (26.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and other expense<sup>5</sup> | (5.6) | (8.2) | (39.3) | (27.0) |
| **Income (Loss) from Continuing Operations Before Income Taxes** | 16.0 | 37.8 | 18.8 | 75.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 0.2 | 0.1 | 18.3 |  |
| **Income (Loss) from Continuing Operations** | 16.2 | 37.9 | 37.1 | 75.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations, net of income taxes | (87.9) | (31.5) | (86.6) | (39.6) |
| **Net Income (Loss)** | (71.7) | 6.4 | (49.5) | 35.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (income) attributable to discontinued noncontrolling interest | 0.1 | (0.1) | (1.1) | (0.4) |
| **Net Income (Loss) Attributable to A&B Shareholders** | $(71.6) | $6.3 | $(50.6) | $35.4 |
| <sup>1</sup> 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 zero and $0.7 million for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> 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 zero and $0.7 million for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> 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 zero and $0.7 million for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> 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 zero and $0.7 million for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> 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 zero and $0.7 million for the three and twelve months ended December 31, 2022, respectively. |
| <sup>2</sup> Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures. | <sup>2</sup> Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures. | <sup>2</sup> Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures. | <sup>2</sup> Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures. | <sup>2</sup> Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures. |
| <sup>3</sup> Land Operations segment operating profit (loss) also includes a gain on sale of non-core assets, net, of zero and $54.0 million for the three and twelve months ended December 31, 2022, respectively, and a pension termination expense of zero and $62.2 million for the three and twelve months ended December 31, 2022, respectively. | <sup>3</sup> Land Operations segment operating profit (loss) also includes a gain on sale of non-core assets, net, of zero and $54.0 million for the three and twelve months ended December 31, 2022, respectively, and a pension termination expense of zero and $62.2 million for the three and twelve months ended December 31, 2022, respectively. | <sup>3</sup> Land Operations segment operating profit (loss) also includes a gain on sale of non-core assets, net, of zero and $54.0 million for the three and twelve months ended December 31, 2022, respectively, and a pension termination expense of zero and $62.2 million for the three and twelve months ended December 31, 2022, respectively. | <sup>3</sup> Land Operations segment operating profit (loss) also includes a gain on sale of non-core assets, net, of zero and $54.0 million for the three and twelve months ended December 31, 2022, respectively, and a pension termination expense of zero and $62.2 million for the three and twelve months ended December 31, 2022, respectively. | <sup>3</sup> Land Operations segment operating profit (loss) also includes a gain on sale of non-core assets, net, of zero and $54.0 million for the three and twelve months ended December 31, 2022, respectively, and a pension termination expense of zero and $62.2 million for the three and twelve months ended December 31, 2022, respectively. |
| <sup>4</sup> As described in the Company's other filings with the SEC, during the current year, 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 restated to reflect the impact of these changes. | <sup>4</sup> As described in the Company's other filings with the SEC, during the current year, 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 restated to reflect the impact of these changes. | <sup>4</sup> As described in the Company's other filings with the SEC, during the current year, 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 restated to reflect the impact of these changes. | <sup>4</sup> As described in the Company's other filings with the SEC, during the current year, 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 restated to reflect the impact of these changes. | <sup>4</sup> As described in the Company's other filings with the SEC, during the current year, 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 restated to reflect the impact of these changes. |
| <sup>5</sup> Corporate and other expense includes pension termination expense of zero and $14.0 million for the three and twelve months ended December 31, 2022, respectively. | <sup>5</sup> Corporate and other expense includes pension termination expense of zero and $14.0 million for the three and twelve months ended December 31, 2022, respectively. | <sup>5</sup> Corporate and other expense includes pension termination expense of zero and $14.0 million for the three and twelve months ended December 31, 2022, respectively. | <sup>5</sup> Corporate and other expense includes pension termination expense of zero and $14.0 million for the three and twelve months ended December 31, 2022, respectively. | <sup>5</sup> Corporate and other expense includes pension termination expense of zero and $14.0 million for the three and twelve months ended December 31, 2022, respectively. |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Selling, general and administrative expense by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | $1.6 | $1.7 | $6.8 | $6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations | 0.5 | 1.0 | 3.5 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | 6.1 | 8.0 | 25.6 | 26.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total selling, general and administrative expense | $8.2 | $10.7 | $35.9 | $36.6 |

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| **Accounts receivable, net by segment:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | $5.4 | $1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations | 0.7 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accounts receivable, net | $6.1 | $2.2 |

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---

| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | **December 31, 2021** |
| **Identifiable assets by segment:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | $1499.9 | $1499.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations | 112.0 | 144.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets Held for Sale | 126.8 | 154.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | 48.6 | 81.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1787.3 | $1879.8 |
| **Book value by segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Real Estate | $1265.8 | $1260.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations | 4.8 | 43.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets Held for Sale, net | 45.8 | 108.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate<sup>1</sup> | (272.7) | (339.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<sup>2</sup> | $1043.7 | $1073.5 |
| <sup>1</sup> Primarily composed of corporate debt, partially offset by other assets and liabilities, net. | <sup>1</sup> Primarily composed of corporate debt, partially offset by other assets and liabilities, net. | <sup>1</sup> Primarily composed of corporate debt, partially offset by other assets and liabilities, net. |
| <sup>2</sup> Equals the sum of consolidated total equity and the redeemable noncontrolling interest presented on the consolidated balance sheets. | <sup>2</sup> Equals the sum of consolidated total equity and the redeemable noncontrolling interest presented on the consolidated balance sheets. | <sup>2</sup> Equals the sum of consolidated total equity and the redeemable noncontrolling interest presented on the consolidated balance sheets. |

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**Alexander & Baldwin, Inc.**

***Financial Summary*** <br> Table 4 – Consolidated Statements of Cash Flows&nbsp;&nbsp;&nbsp;&nbsp;

(amounts in millions; unaudited)

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
| **Cash Flows from Operating Activities:** |  |  |
| Net income (loss) | $(49.5) | $35.8 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (income) from discontinued operations | 86.6 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 38.0 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit related to pension termination and other, net | (18.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) from disposals and asset transactions, net | (54.0) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 4.9 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (income) loss from affiliates, net of operating cash distributions | (0.9) | (9.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension termination | 76.9 |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | (3.9) | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 0.1 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses, income tax receivable and other assets | (1.8) | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development/other property inventory | 10.5 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued pension and post-retirement benefits | (27.1) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 0.8 | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | (0.3) | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from continuing operations | 67.2 | 118.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from discontinued operations | (33.2) | 6.1 |
| **Net cash provided by (used in) operations** | 34.0 | 124.2 |
| **Cash Flows from Investing Activities:** |  |  |
| Capital expenditures for acquisitions |  | (16.9) |
| Capital expenditures for property, plant and equipment | (21.7) | (30.3) |
| Proceeds from disposal of assets | 73.1 | 3.0 |
| Payments for purchases of investments in affiliates and other investments | (0.5) | (1.2) |
| Distributions of capital and other receipts from investments in affiliates and other investments | 0.1 | 149.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing cash flows from continuing operations | 51.0 | 104.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing cash flows from discontinued operations | (6.4) | (7.6) |
| **Net cash provided by (used in) investing activities** | 44.6 | 96.5 |
| **Cash Flows from Financing Activities:** |  |  |
| Proceeds from issuance of notes payable and other debt |  | 131.0 |
| Payments of notes payable and other debt and deferred financing costs | (23.2) | (288.8) |
| Borrowings (payments) on line-of-credit agreement, net | (38.0) |  |
| Cash dividends paid | (57.7) | (46.6) |
| Repurchases of common stock and other payments | (7.3) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows from continuing operations | (126.2) | (205.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows from discontinued operations | 11.0 | (1.4) |
| **Net cash provided by (used in) financing activities** | (115.2) | (207.1) |
| **Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale | (36.6) | 13.6 |
| Balance, beginning of period | 71.0 | 57.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | $34.4 | $71.0 |

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**Alexander & Baldwin, Inc.**

***Financial Summary*** <br> Table 5 – Debt Summary

As of December 31, 2022

(dollars in millions; unaudited)

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | **Scheduled Principal Payments** | | |
|<br>**Debt** |<br>**Interest Rate (%)** |<br>**Weighted-average Interest Rate (%)** |<br>**Maturity Date** |<br>**Weighted-average Maturity (Years)** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **2026** | **2026** | **2027** | **2027** | **Thereafter** | **Thereafter** | **Total Principal** |<br>**Premium (discount)/debt issuance costs, net** |<br>&nbsp;&nbsp;&nbsp;**Total** |
| *Secured:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Laulani Village | 3.93% | 3.93% | 2024 | 1.4 | $| 1.2 | $| 57.8 | $|  | $|  | $|  | $|  | 59 | $| 58.8 |
| Pearl Highlands | 4.15% | 4.15% | 2024 | 1.9 | 2.2 | 2.2 | 75.1 | 75.1 |  |  |  |  |  |  |  |  | 77.3 | 0.3 | 77.6 |
| Photovoltaic Financing | (1) | 4.14% | 2027 | 4.0 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 1.8 | 1.8 |  |  | 2.6 |  | 2.6 |
| Manoa Marketplace | (2) | 3.14% | 2029 | 5.9 | 1.8 | 1.8 | 1.8 | 1.8 | 1.9 | 1.9 | 2.0 | 2.0 | 2.0 | 2.0 | 45.0 | 45.0 | 54.5 | (0.1) | 54.4 |
| **Subtotal / Wtd Avg** |  | 3.80% |  | 2.9 | $| 5.4 | $| 134.9 | $| 2.1 | $| 2.2 | $| 3.8 | $| 45.0 | 193.4 | $| 193.4 |
| *Unsecured:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Series A Note | 5.53% | 5.53% | 2024 | 1.1 | $| 7.1 | $| 7.1 | $|  | $|  | $|  | $|  | 14.2 | $| 14.2 |
| Series J Note | 4.66% | 4.66% | 2025 | 2.3 |  |  |  |  | 10.0 | 10.0 |  |  |  |  |  |  | 10.0 |  | 10.0 |
| Series B Note | 5.55% | 5.55% | 2026 | 1.4 | 9.0 | 9.0 | 9.0 | 9.0 | 16.0 | 16.0 | 2.0 | 2.0 |  |  |  |  | 36.0 |  | 36.0 |
| Series C Note | 5.56% | 5.56% | 2026 | 2.4 | 2.0 | 2.0 | 2.0 | 2.0 | 3.0 | 3.0 | 4.0 | 4.0 |  |  |  |  | 11.0 |  | 11.0 |
| Series F Note | 4.35% | 4.35% | 2026 | 2.1 | 5.5 | 5.5 | 2.4 | 2.4 | 3.3 | 3.3 | 4.0 | 4.0 |  |  |  |  | 15.2 |  | 15.2 |
| Series H Note | 4.04% | 4.04% | 2026 | 3.9 |  |  |  |  |  |  | 50.0 | 50.0 |  |  |  |  | 50.0 |  | 50.0 |
| Series K Note | 4.81% | 4.81% | 2027 | 4.3 |  |  |  |  |  |  |  |  | 34.5 | 34.5 |  |  | 34.5 | (0.2) | 34.3 |
| Series G Note | 3.88% | 3.88% | 2027 | 2.4 | 6.0 | 6.0 | 6.5 | 6.5 | 6.0 | 6.0 | 7.0 | 7.0 | 2.6 | 2.6 |  |  | 28.1 |  | 28.1 |
| Series L Note | 4.89% | 4.89% | 2028 | 5.3 |  |  |  |  |  |  |  |  |  |  | 18.0 | 18.0 | 18.0 |  | 18.0 |
| Series I Note | 4.16% | 4.16% | 2028 | 6.0 |  |  |  |  |  |  |  |  |  |  | 25.0 | 25.0 | 25.0 |  | 25.0 |
| Term Loan 5 | 4.30% | 4.30% | 2029 | 7.0 |  |  |  |  |  |  |  |  |  |  | 25.0 | 25.0 | 25.0 |  | 25.0 |
| **Subtotal / Wtd Avg** |  | 4.60% |  | 3.7 | $| 29.6 | $| 27.0 | $| 38.3 | $| 67.0 | $| 37.1 | $| 68.0 | 267.0 | $| 266.8 |
| *Revolving Credit Facilities:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| A&B Revolver | (3) | 5.44% | 2025 | 2.7 | $|  | $|  | $| 12 | $|  | $|  | $|  | 12 | $| 12 |
| **Subtotal / Wtd Avg** |  | 5.44% |  | 2.7 | $|  | $|  | $| 12.0 | $|  | $|  | $|  | 12.0 | $| 12.0 |
| **Total / Wtd Avg** |  | 4.29% |  | 3.3 | $| 35.0 | $| 161.9 | $| 52.4 | $| 69.2 | $| 40.9 | $| 113.0 | 472.4 | $| 472.2 |
| (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. | (1) Financing lease has a discount rate of 4.14%. |
| (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. | (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. |
| (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  | (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid.  |

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------

**Alexander & Baldwin, Inc.**

***Financial Summary*** <br> Table 6 – Capitalization & Financial Ratios

As of December 31, 2022

(dollars in millions, except stock price; unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Debt*** | | | | |
| Secured debt |  |  | $| 193.4 |
| Unsecured term debt |  |  | 266.8 | 266.8 |
| Unsecured revolving credit facility |  |  | 12.0 | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt (A) |  |  | $| 472.2 |
| Add: Net unamortized deferred financing cost / discount (premium) |  |  | 0.2 | 0.2 |
| Less: Cash and cash equivalents |  |  | (33.3) | (33.3) |
| Net Debt |  |  | $| 439.1 |
| ***Market Capitalization*** | **Shares** | **Stock Price** | &nbsp;&nbsp;**Market Value** | &nbsp;&nbsp;**Market Value** |
| Common stock (NYSE:ALEX) | 72463275 | &nbsp;&nbsp;$18.73 | $| 1357.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity market capitalization (B) |  |  | $| 1357.2 |
| Total Market Capitalization (C) = (A) + (B) |  |  | $| 1829.4 |
| Total Debt to Total Market Capitalization (A) / (C) |  |  | 25.8 | 25.8% |
| ***Liquidity*** |  |  |  |  |
| Cash on hand |  |  | $| 33.3 |
| Unused committed line of credit |  |  | 486.9 | 486.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liquidity |  |  | $| 520.2 |
| ***Financial Ratios*** |  |  |  |  |
| Net Debt to TTM Consolidated Adjusted EBITDA<sup>1</sup> |  |  | 2.7 | 2.7 |
| Debt-service Coverage Ratio<sup>2</sup> |  |  | 3.6 | 3.6 |
| Fixed-rate debt to total debt |  |  | 97.5% | 97.5% |
| Unencumbered CRE Property Ratio<sup>3</sup> |  |  | 77.4% | 77.4% |

---

<sup>1</sup> Consolidated Adjusted EBITDA for the trailing twelve months is $160.7 million and is calculated on Table 7.

<sup>2</sup> The ratio of Consolidated Adjusted EBITDA ($160.7 million) to the sum of debt service ($45.2 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.

<sup>3</sup> Measured using gross book value, represents unencumbered CRE property ($1,230.2 million) as a percent of total CRE property ($1,590.3 million).

------

**Alexander & Baldwin, Inc.**

***Financial Summary*** <br> Table 7 – Consolidated Metrics

(amounts in millions, except per share data; unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Consolidated EBITDA & Consolidated Adjusted EBITDA*** | ***Consolidated EBITDA & Consolidated Adjusted EBITDA*** | | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Net Income (Loss)** | $(71.7) | $6.4 | $(49.5) | $35.8 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 9.2 | 10.0 | 38.0 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5.3 | 6.1 | 22.0 | 26.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (0.2) | (0.1) | (18.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization related to discontinued operations | 1.5 | 2.7 | 5.8 | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense related to discontinued operations | 0.1 |  | 0.2 | 0.1 |
| **Consolidated EBITDA** | $(55.8) | $25.1 | $(1.8) | $112.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairments related to the Land Operations Segment | 5.0 |  | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment impairment related to discontinued operations |  | 2.9 |  | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension termination |  |  | 76.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Income) loss from discontinued operations, net of income taxes and excluding depreciation, amortization and interest expense | 86.3 | 28.8 | 80.6 | 28.7 |
| **Consolidated Adjusted EBITDA** | $35.5 | $56.8 | $160.7 | $144.1 |
| **Other discrete items impacting the respective periods - income/(loss):** | **Other discrete items impacting the respective periods - income/(loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) attributable to discontinued noncontrolling interest | $(0.1) | $0.1 | $1.1 | $0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposal of commercial real estate properties, net | $— | $2.6 | $— | $2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on disposal of non-core assets, net | $— | $— | $54.0 | $0.1 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***FFO & Core FFO*** | | | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Net Income (Loss) available to A&B common shareholders** | $(71.6) | $6.1 | $(50.8) | $35.1 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of commercial real estate properties | 9.1 | 9.5 | 36.5 | 37.7 |
| &nbsp;&nbsp;&nbsp;Gain on the disposal of commercial real estate properties, net |  | (2.6) |  | (2.8) |
| &nbsp;&nbsp;&nbsp;Loss from discontinued operations, net of income taxes | 87.9 | 31.5 | 86.6 | 39.6 |
| &nbsp;&nbsp;&nbsp;Income (loss) attributable to discontinued noncontrolling interest | (0.1) | 0.1 | 1.1 | 0.4 |
| **FFO** | $25.3 | $44.6 | $73.4 | $110.0 |
| Exclude items not related to core business: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land Operations operating (profit) loss | (5.7) | (29.9) | 1.4 | (53.2) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (0.2) | (0.1) | (18.3) |  |
| &nbsp;&nbsp;&nbsp;Non-core business interest expense | 2.8 | 2.9 | 11.0 | 12.7 |
| &nbsp;&nbsp;&nbsp;Pension termination - CRE and Corporate |  |  | 14.7 |  |
| **Core FFO** | $22.2 | $17.5 | $82.2 | $69.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Commercial Real Estate Operating Profit (Loss)** | $21.2 | $19.6 | $81.5 | $72.6 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of commercial real estate properties | 9.1 | 9.5 | 36.5 | 37.7 |
| &nbsp;&nbsp;&nbsp;Corporate and other expense | (5.6) | (8.2) | (39.3) | (27.0) |
| &nbsp;&nbsp;&nbsp;Core business interest expense | (2.5) | (3.2) | (11.0) | (13.5) |
| &nbsp;&nbsp;&nbsp;Distributions to participating securities |  | (0.2) | (0.2) | (0.3) |
| &nbsp;&nbsp;&nbsp;Pension termination - CRE and Corporate |  |  | 14.7 |  |
| **Core FFO** | $22.2 | $17.5 | $82.2 | $69.5 |
| Net income available to A&B common shareholders per diluted share | $(0.99) | $0.08 | $(0.70) | $0.48 |
| FFO per diluted share | $0.35 | $0.61 | $1.01 | $1.52 |
| Core FFO per diluted share | $0.31 | $0.24 | $1.13 | $0.96 |
| Weighted average diluted shares outstanding (FFO/Core FFO) | 72.7 | 72.7 | 72.8 | 72.6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Other Discrete Items*** | | | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Other discrete items impacting the respective periods - income/(loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE segment straight-line lease adjustments | $2.6 | $1.5 | $6.3 | $4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE segment favorable/(unfavorable) lease amortization | $0.3 | $0.4 | $1.1 | $0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated share-based compensation | $(0.3) | $(1.5) | $(4.9) | $(5.9) |

---

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**Commercial Real Estate**

------

**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 8 – CRE Metrics

(dollars in millions; unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***NOI and Same-Store NOI*** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Operating Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Base rental income, net | $34 | $32 | $129.6 | $119.2 |
| &nbsp;&nbsp;&nbsp;Recoveries from tenants | 10.3 | 10.2 | 40.2 | 38.4 |
| &nbsp;&nbsp;&nbsp;Other revenue | 4.1 | 4.0 | 17.4 | 16.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Commercial Real Estate operating revenue | $48.4 | $46.2 | $187.2 | $174.1 |
| **Operating Costs and Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operations | 10.5 | 11.0 | 43.8 | 40.1 |
| &nbsp;&nbsp;&nbsp;Property taxes | 5.9 | 4.5 | 18.4 | 18.2 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 9.1 | 9.5 | 36.5 | 37.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Commercial Real Estate operating costs and expenses | $25.5 | $25.0 | $98.7 | $96.0 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | (1.6) | (1.7) | (6.8) | (6.5) |
| &nbsp;&nbsp;Intersegment operating revenues<sup>1</sup> | 0.1 | 0.1 | 0.3 | 0.4 |
| &nbsp;&nbsp;&nbsp;Pension termination |  |  | (0.7) |  |
| &nbsp;&nbsp;&nbsp;Interest and other income (expense), net | (0.2) |  | 0.2 | 0.6 |
| **Operating Profit (Loss)** | $21.2 | $19.6 | $81.5 | $72.6 |
| &nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization | 9.1 | 9.5 | 36.5 | 37.7 |
| &nbsp;&nbsp;&nbsp;Less: Straight-line lease adjustments | (2.6) | (1.5) | (6.3) | (4.4) |
| &nbsp;&nbsp;&nbsp;Less: Favorable/(unfavorable) lease amortization | (0.3) | (0.4) | (1.1) | (0.9) |
| &nbsp;&nbsp;&nbsp;Less: Termination income |  | (0.1) | (0.1) | (0.2) |
| &nbsp;&nbsp;&nbsp;Plus: Other (income)/expense, net | 0.2 |  | 0.5 | (0.6) |
| &nbsp;&nbsp;&nbsp;Plus: Selling, general, administrative and other expenses | 1.6 | 1.7 | 6.8 | 6.5 |
| **NOI** | $29.2 | $28.8 | $117.8 | $110.7 |
| &nbsp;&nbsp;&nbsp;Less: NOI from acquisitions, dispositions and other adjustments | (0.2) | (0.1) | (0.7) | (0.2) |
| **Same-Store NOI** | $29.0 | $28.7 | $117.1 | $110.5 |
| **Occupancy:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Leased Occupancy | 95.0% | 94.3% |  |  |
| &nbsp;&nbsp;&nbsp;Physical Occupancy | 94.2% | 93.8% |  |  |
| &nbsp;&nbsp;&nbsp;Economic Occupancy | 93.6% | 92.2% |  |  |
| <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. | <sup>1</sup> 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. |
| ***Other Discrete Items*** |  |  |  |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **CRE segment capital expenditures:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property acquisitions | $— | $10.8 | $— | $10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Development and redevelopment | 2.0 | 2.1 | 6.8 | 16.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE building/area improvements (Maintenance Capital Expenditures) | 7.2 | 4.7 | 10.7 | 9.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRE tenant space improvements (Maintenance Capital Expenditures) | 1.5 | 0.6 | 3.9 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total CRE capital expenditures | $10.7 | $18.2 | $21.4 | $39.6 |
| **Leasing commissions paid:** | $0.3 | $0.6 | $1.3 | $1.3 |

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Commercial Real Estate EBITDA*** | | | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Commercial Real Estate Operating Profit (Loss)** | $21.2 | $19.6 | $81.5 | $72.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 9.1 | 9.5 | 36.5 | 37.7 |
| **Commercial Real Estate EBITDA** | $30.3 | $29.1 | $118.0 | $110.3 |

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 9 – Occupancy

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
| ***Leased Occupancy*** | ***Leased Occupancy*** | ***Leased Occupancy*** | ***Leased Occupancy*** |
| | | | **Basis Point Change** |
| | **As of**<br>**December 31, 2022** | **As of**<br>**December 31, 2021** | **Basis Point Change** |
| Retail | 93.8% | 93.1% | 70 |
| Industrial | 98.4% | 97.0% | 140 |
| Office | 88.2% | 91.5% | (330) |
| **Total Leased Occupancy** | 95.0% | 94.3% | 70 |

---

---

| | | | |
|:---|:---|:---|:---|
| ***Economic Occupancy*** | ***Economic Occupancy*** | ***Economic Occupancy*** | ***Economic Occupancy*** |
| | | | **Basis Point Change** |
| | **As of**<br>**December 31, 2022** | **As of**<br>**December 31, 2021** | **Basis Point Change** |
| Retail | 91.7% | 89.9% | 180 |
| Industrial | 98.2% | 97.0% | 120 |
| Office | 87.7% | 90.0% | (230) |
| **Total Economic Occupancy** | 93.6% | 92.2% | 140 |

---

---

| | | | |
|:---|:---|:---|:---|
| ***Same-Store Leased Occupancy*** | ***Same-Store Leased Occupancy*** | ***Same-Store Leased Occupancy*** | ***Same-Store Leased Occupancy*** |
| | | | **Basis Point Change** |
| | **As of**<br>**December 31, 2022** | **As of**<br>**December 31, 2021** | **Basis Point Change** |
| Retail | 93.8% | 93.1% | 70 |
| Industrial | 98.3% | 96.9% | 140 |
| Office | 88.2% | 91.5% | (330) |
| **Total Same-Store Leased Occupancy** | 95.0% | 94.3% | 70 |

---

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| | | | |
|:---|:---|:---|:---|
| ***Same-Store Economic Occupancy*** | ***Same-Store Economic Occupancy*** | ***Same-Store Economic Occupancy*** | ***Same-Store Economic Occupancy*** |
| | | | **Basis Point Change** |
| | **As of**<br>**December 31, 2022** | **As of**<br>**December 31, 2021** | **Basis Point Change** |
| Retail | 91.7% | 89.9% | 180 |
| Industrial | 98.1% | 96.9% | 120 |
| Office | 87.7% | 90.0% | (230) |
| **Total Same-Store Economic Occupancy** | 93.6% | 92.1% | 150 |

---

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 10 – NOI and Same-Store NOI by Type

(dollars in thousands; unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***NOI*** | ***NOI*** | ***NOI*** | ***NOI*** | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Percentage Change** | **Q4 2022 as a % of NOI** | **Q4 2021 as a % of NOI** |
|  | **2022** | **2021** | **Percentage Change** | **Q4 2022 as a % of NOI** | **Q4 2021 as a % of NOI** |
| Retail | $18268 | $18156 | 0.6% | 62.6% | 63.0% |
| Industrial | 5098 | 5188 | (1.7)% | 17.5% | 18.0% |
| Ground<sup>1</sup> | 4814 | 4392 | 9.6% | 16.5% | 15.2% |
| Office | 1000 | 1066 | (6.2)% | 3.4% | 3.8% |
| Total Hawai'i Portfolio | 29180 | 28802 | 1.3% | 100.0% | 100.0% |
| Other | 2 | 1 | NM | —% | —% |
| **Total CRE Portfolio** | $29182 | $28803 | 1.3% | 100.0% | 100.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Same-Store NOI*** | ***Same-Store NOI*** | ***Same-Store NOI*** | ***Same-Store NOI*** | | |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Percentage Change** | **Q4 2022 as a % of NOI** | **Q4 2021 as a % of NOI** |
|  | **2022** | **2021** | **Percentage Change** | **Q4 2022 as a % of NOI** | **Q4 2021 as a % of NOI** |
| Retail | $18268 | $18156 | 0.6% | 63.0% | 63.4% |
| Industrial | 4966 | 5140 | (3.4)% | 17.1% | 17.9% |
| Ground<sup>1</sup> | 4751 | 4297 | 10.6% | 16.4% | 15.0% |
| Office | 1000 | 1066 | (6.2)% | 3.5% | 3.7% |
| **Total CRE Portfolio** | $28985 | $28659 | 1.1% | 100.0% | 100.0% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***NOI*** | ***NOI*** | ***NOI*** | ***NOI*** | | |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Percentage Change** | **YTD 2022 as a % of NOI** | **YTD 2021 as a % of NOI** |
|  | **2022** | **2021** | **Percentage Change** | **YTD 2022 as a % of NOI** | **YTD 2021 as a % of NOI** |
| Retail | $75820 | $69674 | 8.8% | 64.4% | 62.9% |
| Industrial | 20174 | 19513 | 3.4% | 17.1% | 17.6% |
| Ground<sup>1</sup> | 17720 | 17402 | 1.8% | 15.0% | 15.7% |
| Office | 4043 | 4136 | (2.2)% | 3.4% | 3.8% |
| Total Hawai'i Portfolio | 117757 | 110725 | 6.4% | 99.9% | 100.0% |
| Other | 2 | 10 | NM | —% | —% |
| **Total CRE Portfolio** | $117759 | $110735 | 6.3% | 100.0% | 100.0% |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Same-Store NOI*** | ***Same-Store NOI*** | ***Same-Store NOI*** | ***Same-Store NOI*** | ***Same-Store NOI*** | ***Same-Store NOI*** | | |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Percentage Change** | **YTD 2022 as a % of SS NOI** | **YTD 2021 as a % of SS NOI** |
|  | **2022** | **2022** | **2021** | **2021** | **Percentage Change** | **YTD 2022 as a % of SS NOI** | **YTD 2021 as a % of SS NOI** |
| Retail | $| 75820 | $| 69674 | 8.8% | 64.7% | 63.1% |
| Industrial | 19782 | 19782 | 19465 | 19465 | 1.6% | 16.9% | 17.6% |
| Ground<sup>1</sup> | 17495 | 17495 | 17210 | 17210 | 1.7% | 14.9% | 15.6% |
| Office | 4043 | 4043 | 4124 | 4124 | (2.0)% | 3.5% | 3.7% |
| **Total CRE Portfolio** | $| 117140 | $| 110473 | 6.0% | 100.0% | 100.0% |
| <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. | <sup>1</sup> Leases previously classified as Ground as of December 31, 2021, are included in Retail and Office as of December 31, 2022. Adjusting the NOI for the three and twelve months ended December 31, 2021, to reflect the updated asset classes, Ground NOI increased 12.3% and 4.3% for the three and twelve months ended December 31, 2022, respectively, and Ground Same-Store NOI increased 13.4% and 4.1% for the three and twelve months ended December 31, 2022, respectively. |

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

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| | |
|:---|:---|
| **Additions** | **Additions** |
| **Date** | **Property** |
| 1/22 | Ho'okele Shopping Center |

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 11 – Improved Property Report&nbsp;&nbsp;&nbsp;&nbsp;

(dollars in thousands, except per square foot data; unaudited)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property** | | **Island** | **Year Built/<br>Renovated** | **Current<br>GLA (SF)** | **Leased / Economic Occupancy** | **Leased / Economic Occupancy** | **ABR** | **ABR<br>PSF** | **2022 NOI** | **2022 % NOI to Improved Portfolio NOI** | **Retail Anchor Tenants** |
| | **Retail:** | | | | | | | | | | | |
| 1 | Pearl Highlands Center |  | Oahu | 1992-1994 | 411400 | 99.4% | 98.2% | $10845 | $26.85 | $9764 | 9.8% | Sam's Club, Regal Cinemas, 24 Hour Fitness, Ulta Salon, Ross |
| 2 | Kailua Retail |  | Oahu | 1947-2014 | 326400 | 95.4% | 94.6% | 11779 | 38.61 | 11884 | 11.9% | Whole Foods Market, Foodland, CVS/Longs Drugs, Ulta Salon |
| 3 | Laulani Village |  | Oahu | 2012 | 175600 | 96.5% | 96.5% | 6650 | 39.23 | 6579 | 6.6% | Safeway, Ross, Walgreens, Petco |
| 4 | Waianae Mall |  | Oahu | 1975 | 170800 | 96.2% | 95.5% | 3782 | 23.74 | 3240 | 3.2% | CVS/Longs Drugs, City Mill |
| 5 | Manoa Marketplace |  | Oahu | 1977 | 142000 | 97.8% | 91.7% | 4559 | 35.02 | 4474 | 4.5% | Safeway, CVS/Longs Drugs |
| 6 | Queens' MarketPlace |  | Hawai'i Island | 2007 | 134000 | 84.5% | 83.6% | 4421 | 47.59 | 4885 | 4.9% | Island Gourmet Market |
| 7 | Kaneohe Bay Shopping Center (Leasehold) |  | Oahu | 1971 | 125400 | 97.8% | 97.8% | 3212 | 26.19 | 2666 | 2.7% | Safeway, CVS/Longs Drugs |
| 8 | Hokulei Village |  | Kauai | 2015 | 119000 | 100.0% | 100.0% | 4288 | 36.77 | 4368 | 4.4% | Safeway, Petco |
| 9 | Pu'unene Shopping Center |  | Maui | 2017 | 118000 | 78.4% | 70.9% | 4038 | 48.96 | 4006 | 4.0% | Planet Fitness, Petco, Ulta Salon, Target (shadow-anchored) |
| 10 | Waipio Shopping Center |  | Oahu | 1986, 2004 | 113800 | 97.4% | 97.4% | 3426 | 30.89 | 3675 | 3.7% | Foodland |
| 11 | Aikahi Park Shopping Center |  | Oahu | 1971, 2022 | 97300 | 88.8% | 84.9% | 3083 | 37.33 | 3240 | 3.2% | Safeway |
| 12 | Lanihau Marketplace |  | Hawai'i Island | 1987 | 88300 | 97.7% | 92.4% | 1585 | 19.43 | 1506 | 1.5% | Sack N Save, CVS/Longs Drugs |
| 13 | The Shops at Kukui'ula |  | Kauai | 2009 | 85900 | 95.6% | 87.5% | 3427 | 48.03 | 3150 | 3.1% | CVS/Longs Drugs, Eating House, Living Foods |
| 14 | Ho'okele Shopping Center |  | Maui | 2019 | 71400 | 96.1% | 91.2% | 2688 | 41.30 | 2534 | 2.5% | Safeway |
| 15 | Kunia Shopping Center |  | Oahu | 2004 | 60600 | 90.1% | 90.1% | 2171 | 40.52 | 2227 | 2.2% |  |
| 16 | Waipouli Town Center |  | Kauai | 1980 | 56600 | 39.7% | 37.6% | 451 | 21.20 | 285 | 0.3% | Autozone |
| 17 | Kahului Shopping Center | (2) | Maui | 1951 | 50900 | 94.3% | 94.3% | 935 | 19.46 | 453 | 0.5% |  |
| 18 | Lau Hala Shops |  | Oahu | 2018 | 46300 | 100.0% | 95.0% | 2487 | 56.55 | 2449 | 2.4% | UFC Gym, Down to Earth |
| 19 | Napili Plaza |  | Maui | 1991 | 45600 | 90.3% | 90.3% | 1271 | 31.83 | 1363 | 1.4% | Napili Market |
| 20 | Gateway at Mililani Mauka |  | Oahu | 2008, 2013 | 34900 | 93.7% | 90.3% | 1882 | 59.79 | 2010 | 2.0% | CVS/Longs Drugs (shadow-anchored) |
| 21 | Port Allen Marina Center |  | Kauai | 2002 | 23600 | 92.0% | 92.0% | 648 | 29.90 | 730 | 0.7% |  |
| 22 | The Collection |  | Oahu | 2017 | 5900 | 100.0% | 100.0% | 339 | 57.46 | 332 | 0.2% |  |
|  | **Subtotal – Retail** |  |  |  | 2503700 | 93.8% | 91.7% | $77967 | $34.50 | $75820 | 75.7% |  |

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---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property** | | **Island** | **Year Built/<br>Renovated** | **Current<br>GLA (SF)** | **Leased / Economic Occupancy** | **Leased / Economic Occupancy** | **ABR** | **ABR<br>PSF** | **2022 NOI** | **2022 % NOI to Improved Portfolio NOI** | **Retail Anchor Tenants** |
| | **Industrial:** | | | | | | | | | | | |
| 23 | Komohana Industrial Park |  | Oahu | 1990 | 238300 | 100.0% | 100.0% | $3516 | $14.76 | $5581 | 5.6% |  |
| 24 | Kaka'ako Commerce Center |  | Oahu | 1969 | 202200 | 95.5% | 95.5% | 2759 | 14.64 | 2337 | 2.3% |  |
| 25 | Waipio Industrial |  | Oahu | 1988-1989 | 158400 | 99.0% | 99.0% | 2640 | 16.84 | 2737 | 2.7% |  |
| 26 | Opule Industrial |  | Oahu | 2005-2006, 2018 | 151500 | 100.0% | 100.0% | 2550 | 16.83 | 2552 | 2.6% |  |
| 27 | P&L Warehouse |  | Maui | 1970 | 104100 | 100.0% | 100.0% | 1610 | 15.46 | 1587 | 1.6% |  |
| 28 | Kapolei Enterprise Center |  | Oahu | 2019 | 93000 | 100.0% | 100.0% | 1618 | 17.39 | 1588 | 1.6% |  |
| 29 | Honokohau Industrial |  | Hawai'i Island | 2004-2006, 2008 | 86700 | 98.0% | 96.0% | 1263 | 15.18 | 1157 | 1.2% |  |
| 30 | Kailua Industrial/Other |  | Oahu | 1951-1974 | 69000 | 92.6% | 91.4% | 1106 | 17.95 | 821 | 0.8% |  |
| 31 | Port Allen |  | Kauai | 1983, 1993 | 64600 | 95.6% | 95.6% | 736 | 12.64 | 713 | 0.7% |  |
| 32 | Harbor Industrial | (2) | Maui | 1930 | 51100 | 100.0% | 100.0% | 626 | 12.26 | 708 | 0.7% |  |
| 33 | Kahai Street Industrial | (1) | Oahu | 1973 | 27900 | 100.0% | 100.0% | 354 | 12.70 | 316 | 0.2% |  |
| 34 | Maui Lani Industrial | (1) | Maui | 2010 | 8400 | 100.0% | 100.0% | 151 | 17.98 | 77 | 0.1% |  |
|  | **Subtotal – Industrial** |  |  |  | 1255200 | 98.4% | 98.2% | $18929 | $15.48 | $20174 | 20.1% |  |
|  | **Office:** |  |  |  |  |  |  |  |  |  |  |  |
| 35 | Kahului Office Building |  | Maui | 1974 | 59100 | 86.6% | 86.6% | $1490 | $29.90 | $1309 | 1.3% |  |
| 36 | Gateway at Mililani Mauka South |  | Oahu | 1992, 2006 | 37100 | 98.4% | 96.2% | 1696 | 47.48 | 1688 | 1.7% |  |
| 37 | Kahului Office Center | (2) | Maui | 1991 | 35800 | 90.5% | 90.5% | 1012 | 31.21 | 987 | 1.0% |  |
| 38 | Lono Center |  | Maui | 1973 | 13700 | 61.7% | 61.7% | 281 | 33.34 | 59 | 0.1% |  |
|  | **Subtotal – Office** |  |  |  | 145700 | 88.2% | 87.7% | $4479 | $35.43 | $4043 | 4.1% |  |
|  | **Total – Hawai'i Improved Portfolio** | **Total – Hawai'i Improved Portfolio** | **Total – Hawai'i Improved Portfolio** |  | 3904600 | 95.0% | 93.6% | $101375 | $28.09 | $100037 | 99.9% |  |
| (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. | (1) Property is currently not included in the Same-Store pool. |
| (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. | (2) Includes leases that were previously classified as ground leases and presented in Table 12 – Ground Lease Report. |

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 12 – Ground Lease Report

(dollars in thousands; unaudited)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Property Name** | | **Location<br>(City, Island)** | **Acres** | **Property Type** | **Exp. Year** | **Current ABR** | **2022 NOI** | **Next Rent Step** | **Step Type** | **Next ABR ($ in $000)** | **Previous Rent Step** | **Previous Step Type** | **Previous ABR ($ in $000)** |
| 1 | Owner/Operator |  | Kapolei, Oahu | 36.4 | Industrial | 2025 | $3203 | $3204 | 2023 | Fixed Step | $3300 | 2022 | Fixed Step | $3110 |
| 2 | Windward City Shopping Center |  | Kaneohe, Oahu | 15.4 | Retail | 2035 | 2800 | 2781 | 2023 | FMV Reset | FMV | 2017 | Fixed Step | 2100 |
| 3 | Owner/Operator |  | Honolulu, Oahu | 9.0 | Retail | 2045 | 2075 | 2075 | 2025 | Fixed Step | 2283 | 2020 | Fixed Step | 1886 |
| 4 | Kaimuki Shopping Center |  | Honolulu, Oahu | 2.8 | Retail | 2040 | 2039 | 1930 | 2026 | Fixed Step | 2345 | 2022 | FMV Reset | 1728 |
| 5 | S&F Industrial |  | Pu'unene, Maui | 52.0 | Heavy Industrial | 2059 | 1275 | 1364 | 2024 | Fixed Step | 1433 | 2019 | Fixed Step | 751 |
| 6 | Pali Palms Plaza |  | Kailua, Oahu | 3.3 | Office | 2037 | 992 | 623 | 2032 | FMV Reset | FMV | 2022 | Negotiated | 200 |
| 7 | Owner/Operator |  | Kaneohe, Oahu | 3.7 | Retail | 2048 | 990 | 988 | 2023 | Fixed Step | 1059 | 2018 | Option | 694 |
| 8 | Windward Town and Country Plaza I |  | Kailua, Oahu | 3.4 | Retail | 2062 | 963 | 788 | 2032 | Fixed Step | 1233 | 2022 | Fixed Step | 753 |
| 9 | Windward Town and Country Plaza II |  | Kailua, Oahu | 2.2 | Retail | 2062 | 621 | 507 | 2032 | Fixed Step | 795 | 2022 | Fixed Step | 485 |
| 10 | Owner/Operator |  | Kailua, Oahu | 1.9 | Retail | 2034 | 450 | 312 | 2024 | Fixed Step | 470 | 2019 | Negotiated | 641 |
| 11 | Owner/Operator |  | Honolulu, Oahu | 0.5 | Retail | 2028 | 375 | 377 | 2023 | Fixed Step | 385 | 2022 | Fixed Step | 366 |
| 12 | Owner/Operator |  | Honolulu, Oahu | 0.5 | Parking | 2028 | 349 | 340 | 2023 | Fixed Step | 359 | 2022 | Fixed Step | 339 |
| 13 | Owner/Operator |  | Kahului, Maui | 0.8 | Retail | 2026 | 264 | 259 | 2023 | Fixed Step | 272 | 2022 | Fixed Step | 257 |
| 14 | Seven-Eleven Kailua Center |  | Kailua, Oahu | 0.9 | Retail | 2033 | 258 | 258 | 2023 | Fixed Step | 263 | 2022 | Fixed Step | 253 |
| 15 | Owner/Operator | (1) | Honolulu, Oahu | 0.7 | Industrial | 2027 | 245 | 225 | 2023 | Option | 252 |  |  |  |
| 16 | Owner/Operator |  | Kailua, Oahu | 1.2 | Retail | 2023 | 237 | 219 |  |  |  | 2013 | FMV Reset | 120 |
| 17 | Owner/Operator |  | Kahului, Maui | 0.8 | Industrial | 2025 | 228 | 224 | 2023 | Fixed Step | 238 | 2022 | Fixed Step | 218 |
| 18 | Owner/Operator |  | Kahului, Maui | 0.4 | Retail | 2027 | 181 | 264 | 2023 | Fixed Step | 186 | 2022 | Fixed Step | 158 |
| 19 | Owner/Operator |  | Kailua, Oahu | 0.4 | Retail | 2025 | 174 | 174 | 2023 | Fixed Step | 183 | 2022 | Fixed Step | 166 |
| 20 | Owner/Operator |  | Kahului, Maui | 0.9 | Retail | 2025 | 142 | 141 | 2023 | Fixed Step | 146 | 2022 | Fixed Step | 138 |
|  | Remainder |  | Various | 3.5 | Various | Various | 891 | 667 | Various | Various |  |  |  |  |
|  | **Total - Ground Leases**<sup>2</sup> | **Total - Ground Leases**<sup>2</sup> | **Total - Ground Leases**<sup>2</sup> | **140.7** |  |  | $**18752** | $**17720** |  |  |  |  |  |  |
|  | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. | (1) Ground lease is currently not included in the Same-Store pool. |
|  | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report | (2) Leases previously classified as ground leases as of December 31, 2021, now included and presented in Table 11 – Improved Property Report |

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 13 – Top 10 Tenants Ranked by ABR

As of December 31, 2022

(dollars in thousands; unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tenant**<sup>1</sup> | **Number of Leases** | **ABR** | **% of Total Improved<br>Portfolio<br>ABR** | **GLA (SF)** | **% of Total<br>Improved Portfolio<br>GLA** |
| Albertsons Companies (including Safeway) | 7 | $7608 | 7.5% | 286024 | 7.3% |
| Sam's Club | 1 | 3308 | 3.3% | 180908 | 4.6% |
| CVS Corporation (including Longs Drugs) | 6 | 2752 | 2.7% | 150411 | 3.8% |
| Foodland Supermarket & related companies | 7 | 2127 | 2.1% | 113725 | 2.9% |
| Ross Dress for Less | 2 | 1992 | 2.0% | 65484 | 1.7% |
| Coleman World Group | 2 | 1946 | 1.9% | 115495 | 3.0% |
| GP/RM Prestress, LLC<sup>2</sup> | 1 | 1690 | 1.6% | N/A | N/A |
| 24 Hour Fitness USA | 1 | 1513 | 1.5% | 45870 | 1.2% |
| Ulta Salon, Cosmetics, & Fragrance, Inc. | 3 | 1508 | 1.5% | 33985 | 0.9% |
| Petco Animal Supplies Stores | 3 | 1400 | 1.4% | 34282 | 0.9% |
| **Total** | 33 | $25844 | 25.5% | 1026184 | 26.3% |
| <sup>1</sup> The table excludes ground leases as such leases would not be comparable from a GLA perspective. | <sup>1</sup> The table excludes ground leases as such leases would not be comparable from a GLA perspective. | <sup>1</sup> The table excludes ground leases as such leases would not be comparable from a GLA perspective. | <sup>1</sup> The table excludes ground leases as such leases would not be comparable from a GLA perspective. | <sup>1</sup> The table excludes ground leases as such leases would not be comparable from a GLA perspective. | <sup>1</sup> The table excludes ground leases as such leases would not be comparable from a GLA perspective. |
| <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. | <sup>2</sup> 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. |

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 14 – Lease Expiration Schedule

As of December 31, 2022

(dollars in thousands, except per square foot data; unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Total Improved Portfolio*** | ***Total Improved Portfolio*** | ***Total Improved Portfolio*** | ***Total Improved Portfolio*** | ***Total Improved Portfolio*** | ***Total Improved Portfolio*** | ***Total Improved Portfolio*** |
| **Expiration Year** | **Number <br>of Leases** | **Square <br>Footage of<br>Expiring Leases** | **% of Total<br>Improved Portfolio<br>Leased GLA** | **ABR<br>Expiring** | **% of Total<br>Improved Portfolio<br>Expiring ABR** | **ABR Expiring<br>PSF** |
| 2023 | 172 | 371278 | 10.1% | $10395 | 10.3% | $28.00 |
| 2024 | 149 | 565565 | 15.4% | 15341 | 15.1% | 27.13 |
| 2025 | 109 | 474494 | 12.9% | 11846 | 11.7% | 24.97 |
| 2026 | 90 | 299060 | 8.2% | 8413 | 8.3% | 28.13 |
| 2027 | 95 | 316292 | 8.6% | 10293 | 10.2% | 32.54 |
| 2028 | 54 | 247353 | 6.7% | 8877 | 8.8% | 35.89 |
| 2029 | 38 | 217772 | 5.9% | 7897 | 7.8% | 36.26 |
| 2030 | 20 | 144605 | 3.9% | 3236 | 3.2% | 22.38 |
| 2031 | 12 | 91362 | 2.5% | 2277 | 2.2% | 24.92 |
| Thereafter | 58 | 736504 | 20.2% | 18815 | 18.5% | 25.55 |
| Month-to-month | 113 | 205017 | 5.6% | 3985 | 3.9% | 19.44 |
| **Total** | 910 | 3669302 | 100.0% | $101375 | 100.0% | $27.63 |
| ***Retail Portfolio*** | ***Retail Portfolio*** | ***Retail Portfolio*** | ***Retail Portfolio*** | ***Retail Portfolio*** | ***Retail Portfolio*** | ***Retail Portfolio*** |
| **Expiration Year** | **Number <br>of Leases** | **Square <br>Footage of<br>Expiring Leases** | **% of Total<br>Retail<br>Leased GLA** | **ABR<br>Expiring** | **% of Total<br>Retail<br>Expiring ABR** | **ABR Expiring<br>PSF** |
| 2023 | 122 | 228734 | 9.9% | $8191 | 10.5% | $35.81 |
| 2024 | 98 | 353249 | 15.3% | 11428 | 14.7% | 32.35 |
| 2025 | 80 | 190462 | 8.3% | 7193 | 9.2% | 37.77 |
| 2026 | 64 | 82173 | 3.6% | 4518 | 5.8% | 54.98 |
| 2027 | 78 | 168361 | 7.3% | 7581 | 9.7% | 45.03 |
| 2028 | 50 | 202445 | 8.8% | 8086 | 10.4% | 39.94 |
| 2029 | 34 | 186579 | 8.1% | 7092 | 9.1% | 38.01 |
| 2030 | 16 | 62290 | 2.7% | 1734 | 2.2% | 27.84 |
| 2031 | 10 | 63482 | 2.7% | 1923 | 2.5% | 30.29 |
| Thereafter | 52 | 703964 | 30.4% | 18292 | 23.4% | 25.98 |
| Month-to-month | 48 | 68084 | 2.9% | 1929 | 2.5% | 28.33 |
| **Total** | 652 | 2309823 | 100.0% | $77967 | 100.0% | $33.75 |
| ***Industrial Portfolio*** | ***Industrial Portfolio*** | ***Industrial Portfolio*** | ***Industrial Portfolio*** | ***Industrial Portfolio*** | ***Industrial Portfolio*** | ***Industrial Portfolio*** |
| **Expiration Year** | **Number <br>of Leases** | **Square <br>Footage of<br>Expiring Leases** | **% of Total<br>Industrial<br>Leased GLA** | **ABR<br>Expiring** | **% of Total<br>Industrial<br>Expiring ABR** | **ABR Expiring<br>PSF** |
| 2023 | 42 | 130824 | 10.6% | $1818 | 9.6% | $13.90 |
| 2024 | 36 | 173513 | 14.1% | 2698 | 14.3% | 15.55 |
| 2025 | 24 | 273032 | 22.2% | 4264 | 22.5% | 15.62 |
| 2026 | 22 | 198937 | 16.2% | 2998 | 15.8% | 15.07 |
| 2027 | 8 | 132627 | 10.8% | 2158 | 11.4% | 16.27 |
| 2028 | 1 | 40505 | 3.3% | 664 | 3.5% | 16.39 |
| 2029 | 2 | 19763 | 1.6% | 237 | 1.3% | 11.99 |
| 2030 | 1 | 74990 | 6.1% | 1282 | 6.8% | 17.10 |
| 2031 | 2 | 27880 | 2.3% | 354 | 1.9% | 12.70 |
| Thereafter | 5 | 31150 | 2.4% | 523 | 2.7% | 16.79 |
| Month-to-month | 58 | 128467 | 10.4% | 1933 | 10.2% | 15.05 |
| **Total** | 201 | 1231688 | 100.0% | $18929 | 100.0% | $15.37 |

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 15 – New & Renewal Lease Summary

As of December 31, 2022

(unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Comparable Leases Only**<sup>1</sup> | **Comparable Leases Only**<sup>1</sup> | **Comparable Leases Only**<sup>1</sup> | **Comparable Leases Only**<sup>1</sup> | **Comparable Leases Only**<sup>1</sup> |
|<br>**Total - New and Renewal Leases** |<br>**Leases** |<br>**GLA (SF)** |<br>**New ABR/SF** | **TI / SF** | **TI / SF** |<br>**Wtd Avg Lease Term (Years)** | **Leases** | **GLA (SF)** | **New ABR/SF** | **Old ABR/SF** | **Rent Spread**<sup>2</sup> |
| 4th Quarter 2022 | 61 | 129537 | $30.65 | $| 3.22 | 3.5 | 29 | 52063 | $39.35 | $37.29 | 5.5% |
| 3rd Quarter 2022 | 50 | 104875 | $29.11 | $| 5.86 | 5.8 | 27 | 69731 | $26.63 | $25.55 | 4.2% |
| 2nd Quarter 2022 | 76 | 174073 | $30.71 | $| 9.28 | 4.6 | 48 | 106241 | $33.00 | $31.07 | 6.2% |
| 1st Quarter 2022<sup>3</sup> | 74 | 369292 | $23.12 | $| 54.98 | 11.8 | 42 | 283123 | $23.10 | $22.39 | 3.2% |
| **Trailing four quarters** | 261 | 777777 | $26.88 | $| 29.51 | 8.0 | 146 | 511158 | $27.29 | $26.14 | 4.4% |
| **Total - New Leases** | **Leases** | **GLA (SF)** | **New ABR/SF** | **TI / SF** | **TI / SF** | **Wtd Avg Lease Term (Years)** | **Leases** | **GLA (SF)** | **New ABR/SF** | **Old ABR/SF** | **Rent Spread**<sup>2</sup> |
| 4th Quarter 2022 | 21 | 32435 | $28.93 | $| 11.10 | 3.5 | 3 | 5145 | $22.29 | $21.60 | 3.2% |
| 3rd Quarter 2022 | 18 | 29452 | $29.57 | $| 20.79 | 4.8 | 6 | 10148 | $25.11 | $23.60 | 6.4% |
| 2nd Quarter 2022 | 24 | 59145 | $28.52 | $| 26.92 | 7.3 | 8 | 14481 | $30.94 | $27.64 | 11.9% |
| 1st Quarter 2022 | 21 | 65154 | $15.69 | $| 8.18 | 17.5 | 5 | 12250 | $22.11 | $20.33 | 8.8% |
| **Trailing four quarters** | 84 | 186186 | $24.27 | $| 16.63 | 9.8 | 22 | 42024 | $25.90 | $23.80 | 8.8% |
| **Total - Renewal Leases** | **Leases** | **GLA (SF)** | **New ABR/SF** | **TI / SF** | **TI / SF** | **Wtd Avg Lease Term (Years)** | **Leases** | **GLA (SF)** | **New ABR/SF** | **Old ABR/SF** | **Rent Spread**<sup>2</sup> |
| 4th Quarter 2022 | 40 | 97102 | $31.22 | $| 0.59 | 3.5 | 26 | 46918 | $41.22 | $39.01 | 5.7% |
| 3rd Quarter 2022 | 32 | 75423 | $28.93 | $| 0.03 | 6.2 | 21 | 59583 | $26.89 | $25.88 | 3.9% |
| 2nd Quarter 2022 | 52 | 114928 | $31.84 | $| 0.20 | 3.2 | 40 | 91760 | $33.32 | $31.61 | 5.4% |
| 1st Quarter 2022<sup>3</sup> | 53 | 304138 | $24.71 | $| 65.01 | 10.6 | 37 | 270873 | $23.14 | $22.48 | 2.9% |
| **Trailing four quarters** | 177 | 591591 | $27.70 | $| 33.56 | 7.5 | 124 | 469134 | $27.42 | $26.35 | 4.0% |
|  | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |  |  | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** | **TTM Ended December 31, 2022** |
|  | **Leases** | **GLA (SF)** | **ABR/SF** | **Rent Spread**<sup>2</sup> | **Rent Spread**<sup>2</sup> |  |  | **Leases** | **GLA (SF)** | **ABR/SF** | **Rent Spread**<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Retail | 41 | 66843 | $44.62 | 5.2% | 5.2% |  | &nbsp;&nbsp;&nbsp;Retail | 183 | 504907 | $32.89 | 3.9% |
| &nbsp;&nbsp;&nbsp;Industrial | 19 | 61304 | $15.31 | 7.7% | 7.7% |  | &nbsp;&nbsp;&nbsp;Industrial | 65 | 251513 | $14.18 | 5.7% |
| &nbsp;&nbsp;&nbsp;Office | 1 | 1390 | $35.33 | —% | —% |  | &nbsp;&nbsp;&nbsp;Office | 13 | 21357 | $34.49 | 7.7% |

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<sup>1</sup> 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.

<sup>2</sup> Rent Spread is calculated for Comparable Leases, a subset of the total population of leases for the period presented.

<sup>3</sup> The first quarter of 2022 included a 15-year renewal lease consisting of 180,908 SF of GLA and $3.4 million ABR with a $19.7 million allowance for TIs.

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 16 – Portfolio Repositioning, Redevelopment & Development Summary

As of December 31, 2022

(dollars in millions; unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | **Leasing Activity** | **Leasing Activity** | **Leasing Activity** |
|<br>**<br>Project** |<br>**Phase** |<br>**Target<br>In-service** |<br>**Target<br>Stabilization** |<br>**Total Estimated<br>Project Capital<br>Costs** |<br>**Project Capital<br>Costs Incurred<br>to Date** |<br>**Estimated<br>Incremental<br>Stabilized<br>NOI** |<br>**Estimated<br>Stabilized<br>Yield on Total<br>Project Capital<br>Costs** |<br>**Projected<br>GLA (SF)** | **%<br>Leased** | **% Under Letter of Intent** | **Total** |
| ***Redevelopment*** | | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Manoa Marketplace | Construction | 3Q2023 | 3Q2024<sup>1</sup> | $8.0 - $8.8 | $2.8 | $0.6 - $0.7 | 8.0 - 8.5% | 142000 | 97.8% | —% | 97.8% |
| <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. | <sup>1</sup> Property stabilized at over 90% leased prior to project commencement. The Company anticipates full incremental stabilized NOI in 2026. |

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**Alexander & Baldwin, Inc.**

***Commercial Real Estate*** <br> Table 17 – Transactional Activity (2021 - 2022)

As of December 31, 2022

(dollars in millions; unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Dispositions*** | | | | | |
| **Property** |<br>**Type** |<br>**Location** |<br>**Date<br>(Month/Year)** |<br>**Sales Price** |<br>**GLA (SF)** |
| Residual Maui land | Land | Maui, HI | 11/21 | $2.7 | N/A |
| Residual Maui land | Land | Maui, HI | 2/21 | 0.3 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  |  | $3.0 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Acquisitions*** | | | | | |
| **Property** |<br>**Type** |<br>**Location** |<br>**Date<br>(Month/Year)** |<br>**Purchase Price** |<br>**GLA (SF)** |
| Maui Lani Industrial | Industrial | Maui, HI | 06/22 | N/A<sup>1</sup> | 8400 |
| 228 Kalihi Street | Ground Lease | Oahu, HI | 10/21 | 4.4 | N/A |
| Kahai Street Industrial | Industrial | Oahu, HI | 10/21 | 6.4 | 27900 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  |  | $10.8 | 36300 |
| <sup>1</sup> Represents an intercompany acquisition transaction from GPRS, a subsidiary of Grace Pacific. | <sup>1</sup> Represents an intercompany acquisition transaction from GPRS, a subsidiary of Grace Pacific. | <sup>1</sup> Represents an intercompany acquisition transaction from GPRS, a subsidiary of Grace Pacific. | <sup>1</sup> Represents an intercompany acquisition transaction from GPRS, a subsidiary of Grace Pacific. | <sup>1</sup> Represents an intercompany acquisition transaction from GPRS, a subsidiary of Grace Pacific. | <sup>1</sup> Represents an intercompany acquisition transaction from GPRS, a subsidiary of Grace Pacific. |

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**Land Operations**

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**Alexander & Baldwin, Inc.**

***Land Operations*** <br> Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA

(amounts in millions; unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Development sales revenue | $1.8 | $4.8 | $8.1 | $16.0 |
| Unimproved/other property sales revenue | 17.9 | 29.4 | 19.9 | 41.3 |
| Other operating revenue<sup>1</sup> | 2.7 | 7.2 | 15.3 | 22.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Land Operations operating revenue | $22.4 | $41.4 | $43.3 | $79.9 |
| Land Operations operating costs and expenses | (15.4) | (15.8) | (34.2) | (38.9) |
| Selling, general and administrative | (0.5) | (1.0) | (3.5) | (3.8) |
| Intersegment operating charges, net<sup>2</sup> | (0.1) |  | (0.3) | (0.2) |
| Gain (loss) on disposal of non-core assets, net |  |  | 54.0 | 0.1 |
| Earnings (loss) from joint ventures | (0.7) | 5.9 | 1.6 | 17.9 |
| Pension termination |  |  | (62.2) |  |
| Interest and other income (expense), net |  | (0.6) | (0.1) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Land Operations operating profit (loss) | $5.7 | $29.9 | $(1.4) | $53.2 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Land Operations Operating Profit (Loss)**<sup>2</sup> | $5.7 | $29.9 | $(1.4) | $53.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Operations depreciation and amortization |  | 0.3 | 1.2 | 1.1 |
| **Land Operations EBITDA** | $5.7 | $30.2 | $(0.2) | $54.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 5.0 |  | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension termination |  |  | 62.2 |  |
| **Land Operations Adjusted EBITDA** | $10.7 | $30.2 | $67.0 | $54.3 |
| <sup>1</sup> Other operating revenue includes revenue related to trucking, renewable energy and licensing and leasing of non-core legacy agricultural lands.  | <sup>1</sup> Other operating revenue includes revenue related to trucking, renewable energy and licensing and leasing of non-core legacy agricultural lands.  | <sup>1</sup> Other operating revenue includes revenue related to trucking, renewable energy and licensing and leasing of non-core legacy agricultural lands.  | <sup>1</sup> Other operating revenue includes revenue related to trucking, renewable energy and licensing and leasing of non-core legacy agricultural lands.  | <sup>1</sup> Other operating revenue includes revenue related to trucking, renewable energy and licensing and leasing of non-core legacy agricultural lands.  |
| <sup>2</sup> Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations.  | <sup>2</sup> Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations.  | <sup>2</sup> Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations.  | <sup>2</sup> Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations.  | <sup>2</sup> Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations.  |

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**Alexander & Baldwin, Inc.**

***Land Operations*** <br> Table 19 – Core Real Estate Development-for-sale Projects

As of December 31, 2022

(dollars in millions, except per square foot amounts; unaudited)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | | | **Sales Closing Timing** | **Sales Closing Timing** |
| **Project** | **Location** | **Product<br>Type** | **Planned Saleable<br>Acres** | **Avg<br>Size of Remaining Lots<br>(Acres)** |<br>**Acres<br>Closed** |<br>**Acres<br>Remaining** |<br>**Target<br>Sales Price<br>Range<br>per SF for Remaining** | **Est.**<br>**Total**<br>**Project**<br>**Cost** | **Total<br>Project<br>Costs<br>Incurred<br>to Date** | **A&B Gross<br>Investment<br>(Life to Date)** | **A&B Net<br>Book Value** | **Start /<br>Est. Start** | **Est. End** |
| Maui Business Park (Phase II) | Kahului,<br>Maui | Light industrial lots | 116.7 acres | 1.4 acres | 64.2 acres | 52.5 acres | $40-$58 per SF | $89 | $65 | $65 | $22 | 2012 | 2030+ |

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**Alexander & Baldwin, Inc.**

***Land Operations***<br> Table 20 – Components of Land Operations

As of December 31, 2022

(dollars in millions; unaudited)

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| | | |
|:---|:---|:---|
| | **Acres** | **Carrying Value** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Core real estate investments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kapolei Business Park West | 3 | $6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maui Business Park II | 53 | 22.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Non-core real estate investments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other real estate development | 192 | $37.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural land | 3123 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban land, not in active development | 20 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservation & preservation | 777 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in real estate joint ventures and partnerships |  | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net | 4168 | 75.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, retention, and other receivables, net |  | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories and other property, net |  | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments in affiliates |  | 29.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets |  | $112.0 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maui agricultural land sale deferred revenue and reserves |  | $75.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental remediation |  | 16.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land development warranty and post-closing obligations |  | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | 11.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  | $107.2 |
| Land Operations Book Value |  | $4.8 |

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