SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

Alexander & Baldwin, Inc. and Subsidiaries

December 31, 2016



(in millions)			Initial Cost				Costs Capitalized Subsequent to Acquisition				Gross Amounts of 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
Commercial Real Estate Segment
Industrial :
Kailua Industrial/Other (HI)	$	—	$	10.5	$	2.0	$	0.1	$	—	$	10.5	$	2.1	$	12.6	$	(0.2	)	Various	2013
Kaka'ako Commerce Center (HI)	—		16.9		20.6		0.3		—		16.9		20.9		37.8		(1.1		)	1969	2014
Komohana Industrial Park (HI)	—		25.2		10.8		0.5		—		25.2		11.3		36.5		(2.0		)	1990	2010
Midstate 99 Distribution Ctr. (CA)	8.2		2.7		29.6		1.3		—		2.7		30.9		33.6		(7.0		)	2002, 2008	2008
P&L Warehouse (HI)	—		—		—		1.2		—		—		1.2		1.2		(0.7		)	1970	1970
Port Allen (HI)	—		—		0.7		1.9		—		—		2.6		2.6		(1.9		)	1983, 1993	1983-1993
Sparks Business Center (NV)	—		3.2		17.2		3.0		—		3.2		20.2		23.4		(8.4		)	1996-1998	2002
Waipio Industrial (HI)	—		19.6		7.7		0.1		—		19.6		7.8		27.4		(1.7		)	1988-1989	2009

Office :
1800 and 1820 Preston Park (TX)	—		4.5		19.9		6.1		—		4.5		26.0		30.5		(7.8		)	1997, 1998	2006
Concorde Commerce Center (AZ)	—		3.9		20.9		6.2		—		3.9		27.1		31.0		(7.9		)	1998	2006
Deer Valley Financial Center (AZ)	—		3.4		19.2		4.3		—		3.4		23.5		26.9		(7.7		)	2001	2005
Judd Building (HI)	—		1.0		2.1		2.2		—		1.0		4.3		5.3		(1.7		)	1898, 1979	2000
Kahului Office Building (HI)	—		1.0		0.4		6.2		—		1.0		6.6		7.6		(7.5		)	1974	1989
Kahului Office Center (HI)	—		—		—		5.7		—		—		5.7		5.7		(3.8		)	1991	1991
Lono Center (HI)	—		—		1.4		1.2		—		—		2.6		2.6		(1.4		)	1973	1991
Gateway at Mililani Mauka South (HI)	—		7.0		3.5		5.8		—		7.0		9.3		16.3		(0.5		)	1992, 2006	2012
Stangenwald Building (HI)	—		1.8		1.0		1.2		—		1.8		2.2		4.0		(1.0		)	1901, 1980	1996

Retail :
Aikahi Park Shopping Center (HI)	—		23.5		6.7		0.2		—		23.5		6.9		30.4		(0.9		)	1971	2015
Gateway at Mililani Mauka (HI)	—		7.3		4.7		5.5		—		7.3		10.2		17.5		(0.8		)	2008, 2013	2011
Kahului Shopping Center (HI)	—		—		—		2.6		—		—		2.6		2.6		(1.6		)	1951	1951
Kailua Grocery Anchored (HI)	11.2		54.4		47.1		3.3		—		54.4		50.4		104.8		(4.4		)	Various	2013
Kailua Retail Other (HI)	—		29.6		26.7		2.1		—		29.6		28.8		58.4		(2.6		)	Various	2013
Kaneohe Bay Shopping Ctr. (HI)	—		—		13.4		2.1		—		—		15.5		15.5		(5.9		)	1971	2001
Kunia Shopping Center (HI)	—		2.7		10.6		1.3		—		2.7		11.9		14.6		(4.2		)	2004	2002
Lahaina Square (HI)	—		4.6		3.7		2.5		—		4.6		6.2		10.8		(0.7		)	1973	2010
Lanihau Marketplace (HI)	—		9.4		13.2		2.0		—		9.4		15.2		24.6		(2.6		)	1987	2010
Little Cottonwood Center (UT)	—		12.2		9.1		1.3		—		12.2		10.4		22.6		(1.9		)	1998, 2008	2010
Manoa Marketplace (HI)	60.0		43.3		35.9		0.9		—		43.3		36.8		80.1		(1.1		)	1977	2016
Napili Plaza (HI)	—		9.4		8.0		0.6		—		9.4		8.6		18.0		(1.2		)	1991	2003, 2013
Pearl Highlands Center (HI)	88.8		43.4		96.2		2.1		—		43.4		98.3		141.7		(10.0		)	1992-1994	2013
Port Allen Marina Ctr. (HI)	—		—		3.4		1.1		—		—		4.5		4.5		(2.0		)	2002	1971
Royal MacArthur Center (TX)	—		3.5		10.1		2.4		—		3.5		12.5		16.0		(3.3		)	2006	2007
The Shops at Kukui'ula (HI)	—		8.9		30.1		2.2		—		8.9		32.3		41.2		(3.1		)	2009	2013
Waianae Mall (HI)	—		17.4		10.1		4.2		—		17.4		14.3		31.7		(1.6		)	1975	2013
Waipio Shopping Center (HI)	—		24.0		7.6		0.6		—		24.0		8.2		32.2		(1.6		)	1986, 2004	2009

Other :
Oahu Ground Leases (HI)	—		170.5		0.6		—		—		170.5		0.6		171.1		—				2013
Other miscellaneous investments	—		2.7		1.1		9.0		—		2.7		10.1		12.8		(7.2		)

Total	$	168.2	$	567.5	$	495.3	$	93.3	$	—	$	567.5	$	588.6	$	1,156.1	$	(119.0	)

Total for Hawaii	$	160.0	$	534.1	$	369.3	$	68.7	$	—	$	534.1	$	438.0	$	972.1	$	(75.0	)
Total for U.S. Mainland	8.2		33.4		126.0		24.6		—		33.4		150.6		184.0		(44.0		)
Grand Total	$	168.2	$	567.5	$	495.3	$	93.3	$	—	$	567.5	$	588.6	$	1,156.1	$	(119.0	)



Description (amounts in millions)	Encumbrances		Land		Buildings and Improvements		Improvements		Carrying Costs		Land		Buildings and Improvements		Total		Accumulated Depreciation
Land Operations Segment
Agricultural Land (4)	$	—	$	9.7	$	—	$	—	$	—	$	9.7	$	—	$	9.7	$	—
Aina ‘O Kane	—		—		—		1.2		—		—		1.2		$	1.2	—
Brydeswood	—		—		—		2.8		—		—		2.8		$	2.8	—
Grove Ranch	—		—		—		1.5		—		—		1.5		$	1.5	—
Haliimaile	—		—		—		1.0		—		—		1.0		$	1.0	—
Kahala Portfolio	—		46.0		—		—		—		46.0		—		$	46.0	—
Kamalani	—		—		—		17.7		—		—		17.7		$	17.7	—
Maui Business Park II	—		—		—		39.0		—		—		39.0		$	39.0	—
The Ridge at Wailea (MF-19)	—		1.7		—		6.2		—		1.7		6.2		$	7.9	—
Waiale Community	—		—		—		1.8		—		—		1.8		$	1.8	—
Wailea B-1	—		4.6		—		—		—		4.6		—		$	4.6	—
Wailea B-II	—		3.3		—		—		—		3.3		—		$	3.3	—
Wailea MF-10	—		2.0		—		1.9		—		2.0		1.9		$	3.9	—
Wailea MF-16	—		2.7		—		—		—		2.7		—		$	2.7	—
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, other	—		15.3		—		2.0		—		15.3		2.0		$	17.3	—
Port Allen Residential (Kai Olino) (5)	—		—		—		2.6		—		—		2.6		$	2.6	—
Other Kauai landholdings	—		—		—		2.8		—		—		2.8		$	2.8
Other Maui Landholdings	—		—		—		7.6		—		—		7.6		$	7.6	—
Other miscellaneous investments (5)	—		3.5		1.3		2.5		—		3.5		3.8		$	7.3	(3.7		)
Total	$	—	$	98.8	$	1.3	$	96.5	$	—	$	98.8	$	97.8	$	196.6	$	(3.7	)


(1)	See Note 8 to consolidated financial statements.


(2)	The aggregate tax basis, as of December 31, 2016, for the Commercial Real Estate segment and Land Operations segment assets was approximately $638.7 million, including 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)

(4) Additions and improvements in 2016 include $4.8 million of Agricultural Land transferred from the Company's former Agribusiness segment to the new Land Operations segment.

(5) During the fourth quarter of 2016, as a result of a change in its strategy for development activities, the Company recorded non-cash impairment charges of

$11.6 million related to non-active, long term developments.



Reconciliation of Real Estate (in millions)	2016			2015			2014
Balance at beginning of year	$	1,332.5		$	1,397.1		$	1,402.1
Additions and improvements	118.8			32.2			57.0
Dispositions, retirements and other adjustments	(98.6		)	(96.8		)	(62.0		)
Balance at end of year	$	1,352.7		$	1,332.5		$	1,397.1



Reconciliation of Accumulated Depreciation (in millions)	2016			2015			2014
Balance at beginning of year	$	128.0		$	120.5		$	116.9
Depreciation expense	20.2			20.5			19.2
Dispositions, retirements and other adjustments	(25.5		)	(13.0		)	(15.6		)
Balance at end of year	$	122.7		$	128.0		$	120.5