SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

Alexander & Baldwin, Inc. and Subsidiaries

December 31, 2013



(in millions)			Initial Cost				Costs Capitalized Subsequent to Acquisition				Gross Amounts at Which Carried at Close of Period
Description	Encum- brances (1)		Land		Buildings and Improve- ments		Improve- ments		Carrying Costs		Land		Buildings and Improve-ments		Total		Accumulated Depreciation (2)			Date of Construction	Date Acquired/ Completed
Real Estate Leasing Segment
Industrial
Kailua Industrial/Other (HI)	$	—	$	10.5	$	2.0	$	—	$	—	$	10.5	$	2.0	$	12.5	$	—		Various	2013
Komohana Industrial Park (HI)	—		25.2		10.8		0.4		—		25.2		11.2		36.4		(1.1		)	1990	2010
P&L Warehouse (HI)	—		—		—		1.0		—		—		1.0		1.0		(0.6		)	1970
Port Allen (HI)	—		—		0.7		1.9		—		—		2.6		2.6		(1.7		)	1985, 1993
Waipio Industrial (HI)	—		19.6		7.7		0.2		—		19.6		7.9		27.5		(1.1		)	1988-1989	2009
Midstate 99 Distribution Ctr. (CA)	11.5		2.7		29.6		1.1		—		2.7		30.7		33.4		(4.3		)	2002-2008	2008
Sparks Business Center (NV)	—		3.2		17.2		3.0		—		3.2		20.2		23.4		(6.6		)	1996-1998	2002

Office :
Mililani South (HI)	—		7.0		3.5		0.1		—		7.0		3.6		10.6		(0.2		)	1992 & 2006	2012
Judd Building (HI)	—		1.0		2.1		0.8		—		1.0		2.9		3.9		(1.2		)	1898/1979	2000
Kahului Office Building (HI)	—		1.0		0.4		5.3		—		1.0		5.7		6.7		(6.3		)	1974
Kahului Office Center (HI)	—		—		—		5.3		—		—		5.3		5.3		(3.2		)	1991
Lono Center (HI)	—		—		1.4		0.8		—		—		2.2		2.2		(1.2		)	1973	1991
Maui Clinic Building (HI)	—		—		—		0.5		—		—		0.5		0.5		(0.1		)	1958	2008
Stangenwald Building (HI)	—		1.8		1.0		1.1		—		1.8		2.1		3.9		(0.6		)	1901/1980	1996
Concorde Commerce Center (AZ)	—		3.9		20.9		5.8		—		3.9		26.7		30.6		(4.2		)	1998	2006
Deer Valley Financial Center (AZ)	—		3.4		19.2		2.7		—		3.4		21.9		25.3		(5.3		)	2001	2005
2890 Gateway Oaks (CA)	—		1.7		10.8		1.0		—		1.7		11.8		13.5		(2.5		)	1999	2006
Ninigret Office X and XI (UT)	—		3.1		17.7		3.0		—		3.1		20.7		23.8		(5.3		)	1999 & 2002	2006
1800/ 1820 Preston Park (TX)	—		4.5		19.9		4.4		—		4.5		24.3		28.8		(5.1		)	1997-1998	2006
2868 Prospect Park (CA)	—		2.9		18.1		8.1		—		2.9		26.2		29.1		(11.6		)	1998	1998
San Pedro Plaza (TX)	—		4.6		11.9		7.3		—		4.6		19.2		23.8		(9.0		)	1985	1998, 2000
Union Bank (WA)	—		3.4		10.5		0.4		—		3.4		10.9		14.3		(0.9		)	1993 & 2008	2011

Retail :
Gateway at Mililani Mauka (HI)	—		5.0		4.7		0.2		—		5.0		4.9		9.9		(0.3		)	2006 & 2013	2011
Kahului Shopping Center (HI)	—		—		—		2.4		—		—		2.4		2.4		(1.4		)	1951
Kailua Grocery Anchored (HI)	11.3		54.4		49.3		—		—		54.4		49.3		103.7		(0.1		)	Various	2013
Kailua Retail Other (HI)	—		29.6		26.7		—		—		29.6		26.7		56.3		—			Various	2013
Kaneohe Bay Shopping Ctr. (HI)	—		—		13.4		1.8		—		—		15.2		15.2		(4.6		)	1971	2001
Kunia Shopping Center (HI)	—		2.7		10.6		1.3		—		2.7		11.9		14.6		(3.0		)	2004	2002
Lahaina Square (HI)	—		4.6		3.7		0.3		—		4.6		4.0		8.6		(0.3		)	1973	2010
Lanihau Marketplace (HI)	—		9.4		13.2		0.4		—		9.4		13.6		23.0		(1.3		)	1987	2010
Maui Mall (HI)	—		0.1		9.2		16.6		—		0.1		25.8		25.9		(15.4		)	1971
Napili Plaza (HI)	—		9.4		8.0		—		—		9.4		8.0		17.4		(0.2		)	1991	2013
Pearl Highlands Center (HI)	61.8		43.4		96.2		—		—		43.4		96.2		139.6		(0.9		)	1993	2013
Port Allen Marina Ctr. (HI)	—		—		3.4		1.0		—		—		4.4		4.4		(1.7		)	2002
Waipio Shopping Center (HI)	—		24.0		7.6		0.3		—		24.0		7.9		31.9		(0.9		)	1986-2004	2009
Little Cottonwood Center (UT)	6.1		12.2		9.1		0.9		—		12.2		10.0		22.2		(1.0		)	1998-2008	2010
Royal MacArthur Center (TX)	—		3.5		10.1		1.5		—		3.5		11.6		15.1		(2.2		)	2006	2007
The Shops at Kuiui'ula (HI)	44.0		8.9		30.1		—		—		8.9		30.1		39.0		(0.2		)	2009	2013
Waianae Mall (HI)	19.9		17.4		10.1		0.7		—		17.4		10.8		28.2		(0.3		)	0.0	—
Wilshire Shopping Center (CO)	—		1.3		1.3		0.4		—		1.3		1.7		3.0		(0.9		)	0.0	—

Other:
Oahu Ground Leases (HI)	—		187.7		0.6		—		—		187.7		0.6		188.3		—			N/A	2013
Other miscellaneous investments	—		19.5		0.3		20.0		—		19.5		20.3		39.8		(10.1		)

Total	$	154.6	$	532.6	$	513.0	$	102.0	$	—	$	532.6	$	615.0	$	1,147.6	$	(116.9	)



(in millions)
Description	Encum-berances		Land		Buildings and Improve-ments		Improve- ments		Carrying Costs		Land		Buildings and Improve-ments		Total		Accumulated Depreciation
Real Estate Sales Segment
Brydeswood	$	—	$	—	$	—	$	2.4	$	—	$	—	$	2.4	$	2.4	$	—
The Collection	—		—		—		4.5		—		—		4.5		4.5		—
Maui Business Park II	—		—		—		53.6		—		—		53.6		53.6		—
Keola 'O Wailea (MF-11)	—		2.7		—		6.3		—		2.7		6.3		9.0		—
The Ridge at Wailea (MF-19)	—		1.9		—		6.6		—		1.9		6.6		8.5		—
Wailea B-1	—		4.6		—		—		—		4.6		—		4.6		—
Wailea MF-7	—		2.9		—		5.9		—		2.9		5.9		8.8		—
Aina ‘O Kane	—		—		—		1.2		—		—		1.2		1.2		—
Haliimaile	—		—		—		0.9		—		—		0.9		0.9		—
Kahala Portfolio	42.0		104.1		—		—		—		104.1		—		104.1		—
Kahului Town Center	—		—		—		2.2		—		—		2.2		2.2		—
Wailea SF-8	—		1.3		—		—		—		1.3		—		1.3		—
Wailea MF-6	—		5.8		—		—		—		5.8		—		5.8		—
Wailea MF-10	—		3.8		—		0.5		—		3.8		0.5		4.3		—
Wailea MF-16	—		2.7		—		—		—		2.7		—		2.7		—
Wailea, other	—		15.3		—		1.4		—		15.3		1.4		16.7		—
Santa Barbara	—		5.9		—		—		—		5.9		—		5.9		—
Kai'Olino	—		—		—		11.3		—		—		11.3		11.3		—
Grove Ranch	—		—		—		1.5		—		—		1.5		1.5		—
Waiale Community	—		—		—		1.3		—		—		1.3		1.3		—
Other Maui landholdings	—		—		—		2.5		—		—		2.5		2.5		—
Other Kauai landholdings	—		—		—		1.4		—		—		1.4		1.4		—
Total	$	42.0	$	151.0	$	—	$	103.5	$	—	$	151.0	$	103.5	$	254.5	$	—


(1)	See Note 9 to consolidated financial statements.


(2)	Depreciation is computed based upon the following estimated useful lives:

Building and improvements 10 – 40 years

Leasehold improvements 5 – 10 years (lesser of useful life or lease term)



Reconciliation of Real Estate (in millions)	2013			2012			2011
Balance at beginning of year	$	1,022.0		$	998.5		$	964.1
Additions and improvements	758.5			63.2			70.7
Impairments	—			(5.1		)	—
Dispositions, retirements and other adjustments	(378.4		)	(34.6		)	(36.3		)
Balance at end of year	$	1,402.1		$	1,022.0		$	998.5



Reconciliation of Accumulated Depreciation (in millions)	2013			2012			2011
Balance at beginning of year	$	133.8		$	115.9		$	107.2
Depreciation expense	19.5			18.3			17.9
Dispositions, retirements and other adjustments	(36.4		)	(0.4		)	(9.2		)
Balance at end of year	$	116.9		$	133.8		$	115.9