SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

Alexander & Baldwin, Inc. and Subsidiaries

December 31, 2014



(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 Improvements		Improvements		Carrying Costs		Land		Buildings and Improvements		Total (2)		Accumulated Depreciation (3)			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	$	(0.1	)	Various	2013
Kaka'ako Commerce Center (HI)	—		16.9		20.6		—		—		16.9		20.6		37.5		—			1969	2014
Komohana Industrial Park (HI)	—		25.2		10.8		0.4		—		25.2		11.2		36.4		(1.4		)	1990	2010
P&L Warehouse (HI)	—		—		—		1.1		—		—		1.1		1.1		(0.6		)	1970	1970
Port Allen (HI)	—		—		0.7		1.9		—		—		2.6		2.6		(1.8		)	1985, 1993	1983-1993
Waipio Industrial (HI)	—		19.6		7.7		0.2		—		19.6		7.9		27.5		(1.3		)	1988, 1989	2009
Midstate Hayes (CA)	8.3		2.7		29.6		1.2		—		2.7		30.8		33.5		(5.2		)	2002-2008	2008
Sparks Business Center (NV)	—		3.2		17.2		3.0		—		3.2		20.2		23.4		(7.3		)	1996-1998	2002

Office:
Judd Building (HI)	—		1.0		2.1		1.1		—		1.0		3.2		4.2		(1.3		)	1898, 1979	2000
Kahului Office Building (HI)	—		1.0		0.4		5.4		—		1.0		5.8		6.8		(6.6		)	1974	1989
Kahului Office Center (HI)	—		—		—		5.6		—		—		5.6		5.6		(3.3		)	1991	1991
Lono Center (HI)	—		—		1.4		0.9		—		—		2.3		2.3		(1.3		)	1973	1991
Maui Clinic Building (HI)	—		—		—		0.5		—		—		0.5		0.5		(0.1		)	1958	2013
Mililani South (HI)	—		7.0		3.5		0.8		—		7.0		4.3		11.3		(0.3		)	1992, 2006	2012
Stangenwald Building (HI)	—		1.8		1.0		1.2		—		1.8		2.2		4.0		(0.7		)	1901, 1980	1996
1800 and 1820 Preston Park (TX)	—		4.5		19.9		4.7		—		4.5		24.6		29.1		(6.0		)	1997, 1998	2006
2868 Prospect Park (CA)	—		2.9		18.1		9.3		—		2.9		27.4		30.3		(12.6		)	1998	1998
2890 Gateway Oaks (CA)	—		1.7		10.8		1.7		—		1.7		12.5		14.2		(2.9		)	1999	2006
Concorde Commerce Center (AZ)	—		3.9		20.9		5.9		—		3.9		26.8		30.7		(5.4		)	1998	2006
Deer Valley Financial Center (AZ)	—		3.4		19.2		2.9		—		3.4		22.1		25.5		(6.2		)	2001	2005
Ninigret Office X and XI (TX)	—		3.1		17.7		3.0		—		3.1		20.7		23.8		(6.1		)	1999, 2002	2006
San Pedro Plaza (TX)	—		4.6		11.9		8.2		—		4.6		20.1		24.7		(9.8		)	1985	1998, 2000
Union Bank (WA)	—		3.4		10.5		0.4		—		3.4		10.9		14.3		(1.2		)	1993, 2008	2011

Retail:
Gateway at Mililani Mauka (HI)	—		5.0		4.7		7.2		—		5.0		11.9		16.9		(0.3		)	2006, 2013	2011
Kahului Shopping Center (HI)	—		—		—		2.5		—		—		2.5		2.5		(1.4		)	1951	1951
Kailua Grocery Anchored (HI)	11.2		54.4		49.3		0.4		—		54.4		49.7		104.1		(1.5		)	Various	2013
Kailua Retail Other (HI)	—		29.6		26.7		0.4		—		29.6		27.1		56.7		(0.9		)	Various	2013
Kaneohe Bay Shopping Ctr. (HI)	—		—		13.4		1.9		—		—		15.3		15.3		(5.0		)	1971	2001
Kunia Shopping Center (HI)	—		2.7		10.6		1.3		—		2.7		11.9		14.6		(3.4		)	2004	2002
Lahaina Square (HI)	—		4.6		3.7		0.3		—		4.6		4.0		8.6		(0.5		)	1973	2010
Lanihau Marketplace (HI)	—		9.4		13.2		1.0		—		9.4		14.2		23.6		(1.7		)	1987	2010
Napili Plaza (HI)	—		9.4		8.0		0.2		—		9.4		8.2		17.6		(0.5		)	1991	2003, 2013
Pearl Highlands Center (HI)	93.6		43.4		96.2		0.4		—		43.4		96.6		140.0		(3.8		)	1993	2013
Port Allen Marina Ctr. (HI)	—		—		3.4		1.1		—		—		4.5		4.5		(1.8		)	2002	1971
The Shops at Kukui'ula (HI)	40.5		8.9		30.1		0.3		—		8.9		30.4		39.3		(1.1		)	2009	2013
Waianae Mall (HI)	19.1		17.4		10.1		4.2		—		17.4		14.3		31.7		(0.7		)	1975	2013
Waipio Shopping Center (HI)	—		24.0		7.6		0.5		—		24.0		8.1		32.1		(1.1		)	1986-2004	2009
Little Cottonwood Center (UT)	—		12.2		9.1		1.0		—		12.2		10.1		22.3		(1.3		)	1998-2008	2010
Royal MacArthur Center (TX)	—		3.5		10.1		1.6		—		3.5		11.7		15.2		(2.5		)	2006	2007
Wilshire Shopping Center (CO)	—		1.3		1.3		0.4		—		1.3		1.7		3.0		(0.9		)	1970	1997

Other:
Oahu Ground Leases (HI)	—		187.7		0.6		—		—		187.7		0.6		188.3		—				2013
Other miscellaneous investments	—		18.6		1.3		12.6		—		18.6		13.9		32.5		(10.6		)

Total	$	172.7	$	548.5	$	525.4	$	96.7	$	—	$	548.5	$	622.1	$	1,170.6	$	(120.5	)



(in millions)
Description	Encumbrances		Land		Buildings and Improvements		Improvements		Carrying Costs		Land		Buildings and Improvements		Total		Accumulated Depreciation
Real Estate Development and Sales Segment
Aina ‘O Kane	$	—	$	—	$	—	$	1.2	$	—	$	—	$	1.2	$	1.2	$	—
Brydeswood	—		—		—		2.5		—		—		2.5		$	2.5	—
Grove Ranch	—		—		—		1.5		—		—		1.5		$	1.5	—
Haliimaile	—		—		—		1.0		—		—		1.0		$	1.0	—
Kahala Portfolio	35.2		77.1		—		1.3		—		77.1		1.3		$	78.4	—
Kahului Town Center	—		—		—		2.3		—		—		2.3		$	2.3	—
Kai'Olino	—		—		—		11.3		—		—		11.3		$	11.3	—
Maui Business Park II	—		—		—		51.6		—		—		51.6		$	51.6	—
Santa Barbara	—		5.9		—		—		—		5.9		—		$	5.9	—
Wailea B-1	—		4.6		—		—		—		4.6		—		$	4.6	—
Wailea B-II	—		3.3		—		—		—		3.3		—		$	3.3	—
Wailea MF-6	—		5.8		—		—		—		5.8		—		$	5.8	—
Wailea MF-7	—		2.9		—		5.9		—		2.9		5.9		$	8.8	—
Wailea SF-8	—		1.3		—		—		—		1.3		—		$	1.3	—
Wailea MF-10	—		2.0		—		0.5		—		2.0		0.5		$	2.5	—
Wailea MF-16	—		2.7		—		—		—		2.7		—		$	2.7	—
Keola 'O Wailea (MF-11)	—		2.7		—		6.3		—		2.7		6.3		$	9.0	—
The Ridge at Wailea (MF-19)	—		1.7		—		6.0		—		1.7		6.0		$	7.7	—
Wailea, other	—		15.3		—		3.1		—		15.3		3.1		$	18.4	—
Waiale Community	—		—		—		1.5		—		—		1.5		$	1.5	—
Other Maui landholdings	—		—		—		3.8		—		—		3.8		$	3.8	—
Other Kauai landholdings	—		—		—		1.4		—		—		1.4		$	1.4	—
Total	$	35.2	$	125.3	$	—	$	101.2	$	—	$	125.3	$	101.2	$	226.5	$	—


(1)	See Note 9 to consolidated financial statements.


(2)	The aggregate tax basis, as of December 31, 2014, for the Real Estate Leasing segment and Real Estate Development and Sales segment assets was approximately $632.3 million, including the outside tax basis of consolidated joint venture investments.


(3)	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)	2014			2013			2012
Balance at beginning of year	$	1,402.1		$	1,022.0		$	998.5
Additions and improvements	57.0			758.5			63.2
Impairments	—			—			(5.1		)
Dispositions, retirements and other adjustments	(62.0		)	(378.4		)	(34.6		)
Balance at end of year	$	1,397.1		$	1,402.1		$	1,022.0



Reconciliation of Accumulated Depreciation (in millions)	2014			2013			2012
Balance at beginning of year	$	116.9		$	133.8		$	115.9
Depreciation expense	19.2			19.5			18.3
Dispositions, retirements and other adjustments	(15.6		)	(36.4		)	(0.4		)
Balance at end of year	$	120.5		$	116.9		$	133.8