8-K

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): August 1, 2019

ALEXANDER & BALDWIN, INC.

(Exact name of registrant as specified in its charter)

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

(808) 525-6611

(Registrant’s telephone number, including area code)

N/A

(Former name or former address,

if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, without par value	ALEX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 if this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 if this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.

On August 1, 2019, Alexander & Baldwin, Inc. issued a press release announcing its 2019 second quarter earnings. This information is being furnished as Exhibit 99.1 to this report.

Item 7.01.  Regulation FD Disclosure.

On August 1, 2019, Alexander & Baldwin, Inc. made available on its website its Supplemental Information, which provides certain supplemental operating and financial information as of and for the three and six months ended June 30, 2019 and 2018. A copy of this Supplemental Information is being furnished as Exhibit 99.2 to this report.

Item 9.01.  Financial Statements and Exhibits.

(d)     Exhibits

99.1	Press release announcing 2019 second quarter earnings issued August 1, 2019.
99.2	Alexander & Baldwin, Inc.'s Supplemental Information, as of and for the three and six months ended June 30, 2019 and 2018.

SIGNATURE

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

Date:  August 1, 2019

ALEXANDER & BALDWIN, INC.

/s/ Brett A. Brown

Brett A. Brown

Executive Vice President and Chief Financial Officer

EX-99.1

Alexander & Baldwin, Inc. Reports Second Quarter 2019 Results

Commercial real estate business achieves 20.4% increase in cash NOI

HONOLULU, August 1, 2019 /PRNewswire/—Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company") today announced financial results for the second quarter of 2019.

Chris Benjamin, A&B president & chief executive officer, stated: "Our second quarter 2019 results reflect the continued success of our commercial real estate ("CRE") growth strategy as cash net operating income ("NOI") grew a remarkable 20.4% compared to the same quarter last year. The largest driver of this increase was the purchase in late 2018 and early 2019 of six Hawaii commercial assets and ground leases with proceeds from the sale of non-income-producing agricultural lands. The six assets are in the Company's preferred asset classes and will produce roughly $14.4 million of annualized NOI once fully stabilized next year."

"Our existing portfolio also is performing extremely well. Same-store NOI ("SSNOI") increased by 6.1% compared to the same quarter last year, while leasing spreads for the quarter were 7.5%. The SSNOI growth was due largely to our successful repositioning efforts at Pearl Highlands Center and Kailua Retail. Overall occupancy for the portfolio was 94.7% for the second quarter of 2019, an increase of 260 basis points compared to the second quarter of 2018. With the excellent CRE results to date, we are raising our SSNOI guidance for the full year to between 4.5% and 5.5% and our leasing spreads outlook to between 5.5% and 6.5%."

"Our broader simplification efforts are progressing, as residential development sales during the quarter included the final 22 units in the 170-unit first increment of Kamalani, and 14 units at Kukui‘ula, the highest quarterly sales count for that project in over a decade. These sales contributed to the pay down of a total of $47.3 million of debt in the quarter. We continue to evaluate strategic options including the possible sale of our Materials & Construction business. Financial performance of the segment continues to be challenged, primarily due to volume and margin shortfalls in paving. Operational repositioning efforts, expected to improve performance, have accelerated in the business under new leadership."

Corporate Highlights

• Net income (loss) available to A&B shareholders and diluted earnings (loss) per share for the second quarter of 2019 were $(0.8) million and $(0.01) per share, respectively, compared to $2.5 million and $0.03 per share in the same quarter of 2018. While our core CRE segment performance improved, gains were offset by poor performance at Grace Pacific.

• Net income available to A&B shareholders and diluted earnings per share for the first six months of 2019 were $8.2 million and $0.11 per share, respectively, compared to $49.8 million and $0.69 per share in 2018. The largest contributor to the year-over-year decline was the non-recurrence of six mainland and three Hawaii property sales in the first quarter of 2018.

Commercial Real Estate (CRE) Highlights

• CRE operating profit rose by $3.4 million, or 25.0%, to $17.0 million in the second quarter of 2019, as compared to $13.6 million in the same quarter of 2018.

• CRE cash NOI was $25.3 million in the second quarter of 2019, as compared to $21.0 million in the same quarter of 2018, a $4.3 million or 20.4% increase. CRE cash NOI was $49.5 million year-to-date in 2019, as compared to $42.7 million in the same period of 2018, a $6.8 million or 15.9% increase.

• Same-store cash NOI¹ increased 6.1% in the second quarter of 2019, as compared to the prior year second quarter, largely due to continued strong performance at Pearl Highlands Center and Kailua Retail properties. Year-to-date SSNOI growth was 6.9%. Full-year SSNOI guidance is being raised 200 basis points to between 4.5% and 5.5%.

1

• A total of 53 leases, covering 208,000 square feet of gross leasable area ("GLA"), were executed during the second quarter of 2019. Leasing spreads for comparable leases were 7.5% portfolio-wide for the second quarter of 2019 and 7.8% for retail spaces. Year-to-date comparable leasing spreads stand at 8.6% portfolio-wide, excluding ground leases. Full-year leasing spread guidance is being raised 100 basis points to between 5.5% and 6.5%.

• Significant leasing activity during the second quarter of 2019 includes:

◦ Thirteen executed leases at Kaka‘ako Commerce Center totaling approximately 57,500 square feet of GLA and at an average leasing spread of 6.4%.

◦ Six executed leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 22,000 square feet of GLA.

◦ An executed lease at Komohana Industrial Park for approximately 14,000 square feet of GLA, taking occupancy to 87.0%, for a year-over-year occupancy increase of 5.8%.

• Overall occupancy increased to 94.7%as of June 30, 2019, an increase of 260 basis points compared to June 30, 2018. Same-store occupancy increased to 93.7%as of June 30, 2019, an increase of 170 basis points compared to June 30, 2018.

◦ Occupancy in the retail portfolio was 94.9%as of June 30, 2019, an increase of 230 basis points compared to the same period last year, primarily due to strong leasing activity in our retail portfolio including Pearl Highlands Center, Laulani Village Shopping Center and Waipio Shopping Center. Occupancy in the same-store retail portfolio was 94.2%as of June 30, 2019, an increase of 160 basis points compared to the same period last year.

◦ Occupancy in the industrial portfolio was 94.4%as of June 30, 2019, an increase of 330 basis points as compared to the quarter ended June 30, 2018, primarily due to Komohana Industrial Park and the recent additions of both fully occupied Kapolei Enterprise Center and Opule Street Industrial to the portfolio. Occupancy in the same-store industrial portfolio was 92.9%, an increase of 180 basis points compared to the quarter ended June 30, 2018.

CRE Acquisitions, Development and Redevelopment Highlights

• On May 16, the Company closed on an off-market acquisition of Waipouli Town Center located in Kapaa, Kauai for $17.8 million. The purchase of the 56,600-square-foot grocery-anchored center utilized §1031 proceeds from the bulk Maui agricultural land sale that closed on December 20, 2018.

• On May 22, the Company closed on an off-market acquisition of Queens' MarketPlace, a Class-A grocery-anchored retail center built in 2007 and located in the Waikoloa Beach Resort area on the island of Hawaii for $90.0 million. The 135,000-square-foot center represents the final investment using §1031 proceeds from the bulk Maui agricultural land sale.

• Construction of the 71,000-square-foot Phase 1 of the Ho‘okele Shopping Center on Maui is substantially complete and the 57,400-square-foot Safeway grocery store celebrated its grand opening on July 24th. The Safeway gas station is on schedule to open later this year. The 23,000-square-foot Phase 2 of the project will commence as leases are executed.

• The Company's Board has approved renovation plans for the 98,000-square-foot Aikahi Park Shopping Center near Kailua Town, with construction expected to begin in the fourth quarter of 2019. The project will modernize three major buildings, refresh the appearance of the center and facilitate new leasing opportunities. When completed, the improved shopping experience will transform the center into a community gathering place similar to the successful renovation of the Lau Hala Shops in Kailua.

Land Operations Highlights

• Land Operations monetization efforts in the quarter generated revenues of $24.9 million. Operating profit was $0.5 million in the second quarter of 2019, as compared to $1.6 million in the second quarter of 2018 due in large part to the close out of three joint venture projects (Ka Milo, Keala o Wailea and The Collection) in the third and fourth quarter of 2018. Operating profit was $13.1 million in the first six months of 2019, as compared to a $3.8 millionloss in the first six months of 2018 due primarily to the first quarter 2019 closing of the second tranche of the Maui agricultural land sale.

• The Company continued to monetize land and development-for-sale investments. Cash of $17.3 million was generated from the closing of the final 22 units at Kamalani Increment 1, the closing of one Kahala parcel, the sale of a lot at Maui Business Park and joint venture distributions from The Collection. The successful completion and close out of the Kamalani residential project, which also secures 55 affordable housing credits, marks the end of another major development-for-sale project as the Company shifts toward development-for-hold.

• Sales activity at Kukui‘ula through the second quarter of 2019 is on pace to exceed the full year 2018 total and continues to support the cash operating needs of the project.

2

Materials & Construction Highlights

• Materials & Construction operating loss was $4.3 million in the second quarter of 2019, as compared to a $3.6 millionprofit in the second quarter of 2018. Materials & Construction operating loss was $8.8 million in the first six months of 2019, as compared to a $3.8 millionprofit in 2018.

• Materials & Construction Adjusted EBITDA¹ was $(0.9) million for the second quarter of 2019, as compared to $6.2 million for the second quarter in 2018, due primarily to lower paving volume, increased project costs in the paving operations and project delays experienced in the prestress operations.

Financial Highlights

• As of June 30, 2019, the Company had $727.7 million in total debt, which represents 30.4% of the Company’s total market capitalization. Average maturities for the next three years average $36.7 million, or 5.0% of total debt per year. The Company's debt has a weighted-average maturity of 5.3 years with a weighted-average interest rate of 4.4%. Seventy-eight percent of debt was at fixed rates.

3

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES

SEGMENT DATA & OTHER FINANCIAL INFORMATION

(In millions, except per share amounts; unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Operating Revenue:
Commercial Real Estate	$	39.1		$	33.8		$	75.9		$	69.0
Land Operations	24.9			19.3			73.9			48.6
Materials & Construction	45.1			59.0			88.7			107.8
Total operating revenue	109.1			112.1			238.5			225.4
Operating Profit (Loss):
Commercial Real Estate	17.0			13.6			32.6			29.1
Land Operations	0.5			1.6			13.1			(3.8		)
Materials & Construction	(4.3		)	3.6			(8.8		)	3.8
Total operating profit (loss)	13.2			18.8			36.9			29.1
Gain (loss) on the sale of commercial real estate properties	—			0.2			—			49.8
Interest expense	(8.1		)	(8.9		)	(17.2		)	(17.3		)
General corporate expenses	(6.4		)	(7.3		)	(12.6		)	(14.0		)
Income (Loss) from Continuing Operations Before Income Taxes	(1.3		)	2.8			7.1			47.6
Income tax benefit (expense)	—			0.1			1.1			2.8
Income (Loss) from Continuing Operations	(1.3		)	2.9			8.2			50.4
Income (loss) from discontinued operations, net of income taxes	0.1			0.1			(0.7		)	—
Net Income (Loss)	(1.2		)	3.0			7.5			50.4
Loss (income) attributable to noncontrolling interest	0.4			(0.5		)	0.7			(0.6		)
Net Income (Loss) Attributable to A&B Shareholders	$	(0.8	)	$	2.5		$	8.2		$	49.8
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders	$	(0.01	)	$	0.03		$	0.12		$	0.72
Discontinued operations available to A&B shareholders	—			—			(0.01		)	—
Net income (loss) available to A&B shareholders	$	(0.01	)	$	0.03		$	0.11		$	0.72
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders	$	(0.01	)	$	0.03		$	0.12		$	0.69
Discontinued operations available to A&B shareholders	—			—			(0.01		)	—
Net income (loss) available to A&B shareholders	$	(0.01	)	$	0.03		$	0.11		$	0.69
Weighted-Average Number of Shares Outstanding:
Basic	72.2			72.0			72.1			69.2
Diluted	72.2			72.3			72.5			72.3
Amounts Available to A&B Shareholders:
Continuing operations available to A&B shareholders	$	(0.9	)	$	2.4		$	8.9		$	49.8
Discontinued operations available to A&B shareholders	0.1			0.1			(0.7		)	—
Net income (loss) available to A&B shareholders	$	(0.8	)	$	2.5		$	8.2		$	49.8

4

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, unaudited)

	June 30, 2019			December 31, 2018
ASSETS
Real estate investments
Real estate property	$	1,501.9		$	1,293.7
Accumulated depreciation	(118.3		)	(107.2		)
Real estate property, net	1,383.6			1,186.5
Real estate developments	125.2			155.2
Investments in real estate joint ventures and partnerships	137.6			141.0
Real estate intangible assets, net	82.3			59.8
Real estate investments, net	1,728.7			1,542.5
Cash and cash equivalents	5.5			11.4
Restricted cash	0.2			223.5
Accounts receivable and retention, net	70.0			61.2
Inventories	28.2			26.5
Other property, net	127.3			135.5
Operating lease right-of-use assets	28.5			—
Goodwill	65.1			65.1
Other receivables	28.4			56.8
Prepaid expenses and other assets	102.6			102.7
Total assets	$	2,184.5		$	2,225.2
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt	$	727.7		$	778.1
Accrued pension and post-retirement benefits	30.8			29.4
Deferred revenue	65.9			63.2
Accrued and other liabilities	159.6			138.3
Redeemable Noncontrolling Interest	7.9			7.9
Equity	1,192.6			1,208.3
Total liabilities and equity	$	2,184.5		$	2,225.2

5

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED CASH FLOWS

(In millions, unaudited)

	Six Months Ended June 30,
	2019			2018
Cash Flows from Operating Activities:
Net income (loss)	$	7.5		$	50.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization	23.4			21.3
Deferred income taxes	—			(2.7		)
Loss (gain) on asset transactions, net	(2.5		)	(50.7		)
Share-based compensation expense	2.7			2.7
(Income) loss from affiliates, net of distributions of income	(1.4		)	3.2
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables	(11.0		)	(11.7		)
Inventories	(1.7		)	3.2
Prepaid expenses, income tax receivable and other assets	31.4			1.5
Accrued pension and post-retirement benefits	3.1			5.0
Accounts payable	(10.4		)	(2.7		)
Accrued and other liabilities	(1.4		)	(13.4		)
Real estate development for sale proceeds	48.0			34.1
Expenditures for real estate development for sale	(6.6		)	(13.4		)
Net cash provided by (used in) operations	81.1			26.8
Cash Flows from Investing Activities:
Capital expenditures for acquisitions	(218.4		)	(194.7		)
Capital expenditures for property, plant and equipment	(27.4		)	(25.3		)
Proceeds from disposal of property, investments and other assets	3.0			155.3
Payments for purchases of investments in affiliates and other	(3.3		)	(15.8		)
Distributions of capital from investments in affiliates and other investments	10.6			20.3
Net cash provided by (used in) investing activities	(235.5		)	(60.2		)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt	53.9			504.1
Payments of long-term debt and deferred financing costs	(109.2		)	(391.1		)
Borrowings (payments) on line-of-credit agreement, net	4.0			(14.9		)
Cash dividends paid	(22.4		)	(156.6		)
Proceeds from issuance (repurchase) of capital stock and other, net	(1.1		)	(1.4		)
Net cash provided by (used in) financing activities	(74.8		)	(60.1		)
Cash, Cash Equivalents and Restricted Cash:
Net increase (decrease) in cash, cash equivalents, and restricted cash	(229.2		)	(93.5		)
Balance, beginning of period	234.9			103.2
Balance, end of period	$	5.7		$	9.7

6

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.

Cash Net Operating Income ("Cash NOI") is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. The Company believes Cash NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those cash income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-cash revenue and expense recognition items, the impact of depreciation and amortization expenses or other gains or losses that relate to the Company's ownership of properties. The Company believes the exclusion of these items from operating profit (loss) is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the Company's Commercial Real Estate portfolio as well as trends in occupancy rates, rental rates, and operating costs. Cash NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Cash NOI is calculated as total Commercial Real Estate operating revenues less direct property-related operating expenses. Cash NOI excludes straight-line lease adjustments, amortization of favorable/unfavorable leases, amortization of lease incentives, selling, general and administrative expenses, impairment of commercial real estate assets, lease termination income, other income and expense, net, and depreciation and amortization (including amortization of maintenance capital, tenant improvements and leasing commissions)

The Company reports Cash NOI on a same store basis, which includes the results of properties that were owned and operated for the entirety of the prior calendar year. The same-store pool excludes properties under development or redevelopment, properties held for sale and also excludes properties acquired or sold during the comparable reporting periods. While there is management judgment involved in classifications, new developments and redevelopments are moved into the same store pool upon one full calendar year of stabilized operation, which is typically upon attainment of market occupancy.

A reconciliation of CRE operating profit to CRE Cash NOI and Same-Store Cash NOI is as follows:

	Three Months Ended June 30,							Six Months Ended June 30,
(in millions, unaudited)	2019			2018			Change2	2019			2018			Change2
Commercial Real Estate Operating Profit (Loss)	$	17.0		$	13.6			$	32.6		$	29.1
Plus: Depreciation and amortization	9.1			7.0				16.5			13.3
Less: Straight-line lease adjustments	(1.7		)	(0.6		)		(2.7		)	(0.7		)
Less: Favorable/(unfavorable) lease amortization	(0.5		)	(0.5		)		(0.9		)	(1.0		)
Plus: Other (income)/expense, net	(1.6		)	0.1				(1.5		)	0.1
Plus: Selling, general, administrative and other expenses	3.0			1.6				5.5			3.3
Less: Impact of adoption of ASU 2016-021	—			(0.2		)		—			(0.3		)
Cash NOI as adjusted	25.3			21.0			20.4%	49.5			42.7			15.9%
Less: Cash NOI from acquisitions, dispositions and other adjustments	(5.7		)	(2.5		)		(9.7		)	(5.4		)
Same-Store Cash NOI as adjusted	$	19.6		$	18.5		6.1%	$	39.8		$	37.3		6.9%
1 Represents legal costs related to leasing activity that were previously capitalized when incurred and recognized as amortization expense over the term of the lease contract. Upon the Company's adoption of ASU 2016-02, Leases, on January 1, 2019, such legal costs are directly expensed as operating costs and are included in Cash NOI. For comparability purposes, Cash NOI for the 2018 periods presented have been adjusted to include legal fees in conformity with Cash NOI for the 2019 periods presented.
2 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.

7

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA for the Materials & Construction ("M&C") segment are non-GAAP measures used by the Company in evaluating the Materials & Construction segment'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 segment's ongoing core operations. EBITDA and Adjusted EBITDA should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

EBITDA is calculated for the Materials & Construction segment by adjusting segment operating profit (which excludes interest and tax expenses), by adding back depreciation and amortization. Adjusted EBITDA is calculated for the Materials & Construction segment by adjusting for income attributable to noncontrolling interests and asset impairments related to the M&C segment. The Company adjusts EBITDA for the asset impairments related to the Materials and Construction segment as the Company believes these items are infrequent in nature. By excluding these items from EBITDA the Company believes it provides meaningful supplemental information about its core operating performance and facilitates comparisons to historical operating results.

A reconciliation of Materials & Construction operating profit to Materials & Construction EBITDA and Adjusted EBITDA is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, unaudited)	2019			2018			2019			2018
Operating Profit (Loss)	$	(4.3	)	$	3.6		$	(8.8	)	$	3.8
Depreciation and amortization	3.0			3.1			5.8			6.1
EBITDA1	(1.3		)	6.7			(3.0		)	9.9
Income attributable to noncontrolling interest	0.4			(0.5		)	0.7			(0.6		)
M&C Adjusted EBITDA1	$	(0.9	)	$	6.2		$	(2.3	)	$	9.3

____________________________________________________________________________________

¹ See above for a discussion of management's use of non-GAAP financial measures and reconciliations from GAAP to non-GAAP measures.

Note: Percent changes are determined using amounts rounded to the thousands.

___________________________________________________________________________________

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 that 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, as well as the evaluation of alternatives by the Company related to its materials and construction business and by the Company's joint venture related to the development of Kukui‘ula, generally discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the SEC. 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.

8

ABOUT ALEXANDER & BALDWIN

Alexander & Baldwin, Inc. is Hawai‘i's premier commercial real estate company and the state's foremost owner of grocery-anchored retail centers. A&B is a fully integrated real estate investment trust and owns, operates and manages approximately 3.8 million square feet of primarily retail and industrial space in Hawai‘i, and is a major landowner in the state. A&B's interests extend beyond commercial real estate into renewable energy and land stewardship. A&B is also a construction materials company and paving contractor in Hawai‘i. Over its nearly 150-year history, A&B has evolved with the state's economy and played a lead role in the development of the agricultural, transportation, tourism, construction and real estate industries. Learn more about A&B at www.alexanderbaldwin.com.

###

Contact:

Kenneth Kan

(808) 525-8475

kkan@abhi.com

9

EX-99.2

Alexander & Baldwin, Inc.

Table of Contents

Company Overview
Company Profile	1
Glossary of Terms	2
Statement on Management's Use of Non-GAAP Financial Measures	3
Financial Summary
Table 1 – Condensed Consolidated Balance Sheets	4
Table 2 – Condensed Consolidated Statements of Operations	5
Table 3 – Segment Results	6
Table 4 – Condensed Consolidated Statements of Cash Flows	7
Table 5 – Debt Summary	8
Table 6 – Capitalization & Financial Ratios	9
Table 7 – Consolidated Metrics	10
Commercial Real Estate
Table 8 – CRE Metrics	11
Table 9 – Occupancy	12
Table 10 – Cash NOI and Same-Store Cash NOI by Type	13
Table 11 – Improved Property Report	14
Table 12 – Ground Lease Report	16
Table 13 – Top 10 Tenants Ranked by ABR	17
Table 14 – Lease Expiration Schedule	18
Table 15 – New & Renewal Lease Summary	19
Table 16 – Portfolio Repositioning, Redevelopment & Development Summary	20
Table 17 – Transactional Activity (2018 - 2019)	21
Land Operations
Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA	22
Table 19 – Key Active Development-for-sale Projects and Investments	23
Table 20 – Landholdings as of June 30, 2019	24
Materials & Construction
Table 21 – Statement of Operating Profit, EBITDA and Adjusted EBITDA	25

Forward-Looking Statements

Statements in this Supplemental Information report that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that 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, as well as the evaluation of alternatives by the Company’s joint venture related to the development of Kukui‘ula, generally 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 Supplemental Information report 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 report does not purport to disclose all items required by accounting principles generally accepted in the United States of America (GAAP).

Company Overview

Alexander & Baldwin, Inc.

Company Overview

Company Profile

Alexander & Baldwin, Inc. ("A&B" or the "Company") is a fully integrated real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i. The Company has a 149-year history of being an integral piece of Hawai‘i and its economy making it uniquely qualified to create value for shareholders through an investment and asset redeployment strategy focused on growth primarily in its commercial real estate holdings in Hawai‘i.

The Company operates through three reportable segments: Commercial Real Estate ("CRE"); Land Operations; and Materials & Construction ("M&C") and is composed of the following as of June 30, 2019:

• A 3.8 million-square-foot portfolio of commercial real estate and 154 acres of ground leases throughout the Hawaiian islands, including 2.4 million square feet of largely grocery/drugstore-anchored retail centers;

• More than 29,000 acres of landholdings, including residential and commercial development-for-sale activities in select Hawai‘i locations; and

• M&C operations primarily through its wholly owned subsidiary, Grace Pacific LLC ("Grace Pacific"), including strategic quarry and asphalt importation sites that supply the Hawaiian islands, paving activities and certain complementary operations.

Executive Officers
Christopher Benjamin	Brett Brown
President & Chief Executive Officer	Executive Vice President & Chief Financial Officer
Lance Parker	Nelson Chun
Executive Vice President & Chief Real Estate Officer	Executive Vice President & Chief Legal Officer
Jerrod Schreck	Meredith Ching
President, Grace Pacific	Executive Vice President, External Affairs
Contact Information	Equity Research
Corporate Headquarters	Evercore ISI
822 Bishop Street	Sheila McGrath
Honolulu, HI 96813	(212) 497-0882
	sheila.mcgrath@evercoreisi.com
Investor Relations
Kenneth Kan	JMP Securities LLC
Vice President, Capital Markets	Peter Martin
(808) 525-8475	(415) 835-8904
kkan@abhi.com	pmartin@jmpsecurities.com
Transfer Agent & Registrar	Sidoti & Company, LLC
Computershare	Stephen O'Hara
P.O. Box 505000	(212) 894-3329
Louisville, KY 40233-5000	sohara@sidoti.com
(866) 442-6551
	Other Company Information
Overnight Correspondence
Computershare	Stock exchange listing:	NYSE: ALEX
462 South 4th Street, Suite 1600	Corporate website:	www.alexanderbaldwin.com
Louisville, KY 40202	Grace Pacific website:	www.gracepacific.com
	Market capitalization at June 30, 2019:		$1.7	B
Shareholder website:  www.computershare.com/investor	3-month average trading volume:	335K
Online inquiries:         www.us-computershare.com/investor/contact	Independent auditors:	Deloitte & Touche LLP

1

Alexander & Baldwin, Inc.

Company Overview

Glossary of Terms

ABR	Annualized Base Rent ("ABR") is the current month's contractual base rent multiplied by 12. Base rent is presented without consideration of percentage rent that may, in some cases, be significant.
Adjusted EBITDA	Adjusted EBITDA is calculated on a consolidated basis ("Consolidated Adjusted EBITDA") and on a segment basis by adjusting Consolidated EBITDA or Segment EBITDA for M&C non-cash asset impairments, the other-than-temporary impairment related to the Company's investment in Kukui‘ula, and/or loss (income) attributable to noncontrolling interest.
Backlog	Backlog represents the total amount of revenue that Grace Pacific and Maui Paving, LLC, a 50-percent-owned unconsolidated affiliate, expect to realize on contracts awarded. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its Prestress and construction-and traffic control-related products. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of government contracts in which Grace Pacific has been confirmed to be the lowest bidder and formal communication of the award is perfunctory at the time of this disclosure. Circumstances outside the Company's control such as procurement or technical protests may arise that prevent the finalization of such contracts.
Cash NOI	Cash Net Operating Income ("Cash NOI") is calculated as total Commercial Real Estate operating revenues less direct property-related operating expenses. Cash NOI excludes straight-line lease adjustments, amortization of favorable/unfavorable leases, amortization of lease incentives, selling, general and administrative expenses, impairment of commercial real estate assets, lease termination income, other income and expense, net, and depreciation and amortization (including amortization of maintenance capital, tenant improvements and leasing commissions).
Comparable Lease	Renewals and leases executed for units that have been vacated in the previous 12 months.  Expansions, contractions and strategic short-term renewals are excluded from the Comparable Lease pool.
CRE Portfolio	Composed of (1) leases of retail, industrial, and office improved properties ("Improved Portfolio") and (2) ground leases ("Ground Leases") within the CRE segment.
EBITDA	Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is calculated on a consolidated basis ("Consolidated EBITDA") by adjusting the Company’s consolidated net income (loss) to exclude the impact of interest expense, income taxes, and depreciation and amortization. EBITDA is calculated for each segment ("Segment EBITDA" or "Commercial Real Estate EBITDA," "Land Operations EBITDA," "Materials & Construction EBITDA") by adjusting segment operating profit (which excludes interest and tax expenses), as applicable, by adding back depreciation and amortization.
Fixed-charge Coverage Ratio	The ratio of Adjusted EBITDA to the sum of debt service (which includes interest payments and principal amortization of mortgage debt, excluding balloon payments), for the trailing twelve months.
GAAP	Generally accepted accounting principles in the United States of America.
GLA	Total area measured in square feet ("SF") available for lease in our retail, industrial, or office properties. GLA is periodically adjusted based on remeasurement or reconfiguration of space.
Land Operations Adjusted EBITDA	Land Operations Adjusted EBITDA is calculated by adjusting Land Operations EBITDA for the other-than-temporary impairment related to the Company's investment in Kukui‘ula.
Maintenance Capital Expenditures	Capital expenditures necessary to maintain building value, the current income stream and position in the market (including building improvements, and tenant improvements allowances).
M&C Adjusted EBITDA	M&C Adjusted EBITDA is calculated by adjusting Materials & Construction EBITDA for income attributable to noncontrolling interests and asset impairments.
Net Debt	Net Debt is calculated as the Company's total notional debt, excluding unamortized premium, discount and capitalized loan fees, less cash and cash equivalents.
Occupancy	The percentage of square footage leased and commenced to gross leasable space at the end of the period reported.
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 Cash 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. The same-store pool excludes properties under development or redevelopment and also excludes properties acquired or sold during 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% 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.

2

Alexander & Baldwin, Inc.

Company Overview

Statement on Management's Use of Non-GAAP Financial Measures

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

• Consolidated EBITDA

• Consolidated Adjusted EBITDA

• Commercial Real Estate Cash NOI and Same-Store Cash NOI

• Commercial Real Estate EBITDA

• Land Operations EBITDA and Land Operations Adjusted EBITDA

• Materials & Construction EBITDA and M&C 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.

EBITDA is a non-GAAP measure 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. The Company adjusts Consolidated EBITDA & Segment EBITDA for the asset impairments related to the Materials & Construction segment and the other-than-temporary impairment of the Kukui‘ula joint venture, where applicable, as the Company believes these items are infrequent in nature. The Company similarly adjusts Segment EBITDA for the same items in addition to adjusting for income attributable to noncontrolling interests to arrive at M&C Adjusted EBITDA. By excluding these items from EBITDA, the Company believes it provides meaningful supplemental information about its core operating performance and facilitates comparisons to historical operating results. EBITDA and Adjusted EBITDA should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Cash NOI is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. The Company believes Cash NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those cash income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-cash revenue and expense recognition items, the impact of depreciation and amortization expenses or other gains or losses that relate to the Company's ownership of properties. The Company believes the exclusion of these items from operating profit (loss) is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the Company's Commercial Real Estate portfolio as well as trends in occupancy rates, rental rates, and operating costs. Cash NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The calculations of these financial measures are described in the Glossary of Terms of this Supplemental Information. 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:

• Refer to Table 7 for a reconciliation of consolidated net income to Consolidated EBITDA and Consolidated Adjusted EBITDA.

• Refer to Table 8 for a reconciliation of Commercial Real Estate operating profit to Cash NOI and a reconciliation of Commercial Real Estate operating profit to Commercial Real Estate EBITDA.

• Refer to Table 18 for a reconciliation of Land Operations operating profit to Land Operations EBITDA and Land Operations Adjusted EBITDA.

• Refer to Table 21 for a reconciliation of Materials & Construction operating profit to Materials & Construction EBITDA and M&C Adjusted EBITDA.

3

Financial Summary

Alexander & Baldwin, Inc.

Financial Summary

Table 1 – Condensed Consolidated Balance Sheets

($ in millions, unaudited)

	June 30, 2019			December 31, 2018
ASSETS
Real estate investments
Real estate property	$	1,501.9		$	1,293.7
Accumulated depreciation	(118.3		)	(107.2		)
Real estate property, net	1,383.6			1,186.5
Real estate developments	125.2			155.2
Investments in real estate joint ventures and partnerships	137.6			141.0
Real estate intangible assets, net	82.3			59.8
Real estate investments, net	1,728.7			1,542.5
Cash and cash equivalents	5.5			11.4
Restricted cash	0.2			223.5
Accounts receivable and retention, net	70.0			61.2
Inventories	28.2			26.5
Other property, net	127.3			135.5
Operating lease right-of-use assets	28.5			—
Goodwill	65.1			65.1
Other receivables	28.4			56.8
Prepaid expenses and other assets	102.6			102.7
Total assets	$	2,184.5		$	2,225.2
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt	$	727.7		$	778.1
Accounts payable	19.3			34.2
Operating lease liabilities	28.5			—
Accrued pension and post-retirement benefits	30.8			29.4
Indemnity holdbacks	14.6			16.3
Deferred revenue	65.9			63.2
Accrued and other liabilities	97.2			87.8
Total liabilities	984.0			1,009.0
Commitments and Contingencies
Redeemable Noncontrolling Interest	7.9			7.9
Equity:
Common stock - no par value; authorized, 150 million shares; outstanding, 72.2 million and 72.0 million shares at June 30, 2019 and December 31, 2018, respectively	1,795.9			1,793.4
Accumulated other comprehensive income (loss)	(54.0		)	(51.9		)
Distributions in excess of accumulated earnings	(554.0		)	(538.9		)
Total A&B shareholders' equity	1,187.9			1,202.6
Noncontrolling interest	4.7			5.7
Total equity	1,192.6			1,208.3
Total liabilities and equity	$	2,184.5		$	2,225.2

4

Alexander & Baldwin, Inc.

Financial Summary

Table 2 – Condensed Consolidated Statements of Operations

($ in millions, except per-share amounts; unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Operating Revenue:
Commercial Real Estate	$	39.1		$	33.8		$	75.9		$	69.0
Land Operations	24.9			19.3			73.9			48.6
Materials & Construction	45.1			59.0			88.7			107.8
Total operating revenue	109.1			112.1			238.5			225.4
Operating Costs and Expenses:
Cost of Commercial Real Estate	21.3			19.2			40.5			37.8
Cost of Land Operations	23.2			19.8			62.6			49.6
Cost of Materials & Construction	43.2			50.1			85.2			93.0
Selling, general and administrative	16.2			15.1			31.8			30.1
Total operating costs and expenses	103.9			104.2			220.1			210.5
Gain (loss) on the sale of commercial real estate properties	—			0.2			—			49.8
Operating Income (Loss)	5.2			8.1			18.4			64.7
Other Income and (Expenses):
Income (loss) related to joint ventures	1.0			4.4			3.7			1.8
Interest and other income (expense), net	0.6			(0.8		)	2.2			(1.6		)
Interest expense	(8.1		)	(8.9		)	(17.2		)	(17.3		)
Income (Loss) from Continuing Operations Before Income Taxes	(1.3		)	2.8			7.1			47.6
Income tax benefit (expense)	—			0.1			1.1			2.8
Income (Loss) from Continuing Operations	(1.3		)	2.9			8.2			50.4
Income (loss) from discontinued operations, net of income taxes	0.1			0.1			(0.7		)	—
Net Income (Loss)	(1.2		)	3.0			7.5			50.4
Loss (income) attributable to noncontrolling interest	0.4			(0.5		)	0.7			(0.6		)
Net Income (Loss) Attributable to A&B Shareholders	$	(0.8	)	$	2.5		$	8.2		$	49.8
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders	$	(0.01	)	$	0.03		$	0.12		$	0.72
Discontinued operations available to A&B shareholders	—			—			(0.01		)	—
Net income (loss) available to A&B shareholders	$	(0.01	)	$	0.03		$	0.11		$	0.72
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders	$	(0.01	)	$	0.03		$	0.12		$	0.69
Discontinued operations available to A&B shareholders	—			—			(0.01		)	—
Net income (loss) available to A&B shareholders	$	(0.01	)	$	0.03		$	0.11		$	0.69
Weighted-Average Number of Shares Outstanding:
Basic	72.2			72.0			72.1			69.2
Diluted	72.2			72.3			72.5			72.3
Amounts Available to A&B Shareholders:
Continuing operations available to A&B shareholders, net of income taxes	$	(0.9	)	$	2.4		$	8.9		$	49.8
Discontinued operations available to A&B shareholders, net of income taxes	0.1			0.1			(0.7		)	—
Net income (loss) available to A&B shareholders	$	(0.8	)	$	2.5		$	8.2		$	49.8

5

Alexander & Baldwin, Inc.

Financial Summary

Table 3 – Segment Results

 ($ in millions, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Operating Revenue:
Commercial Real Estate	$	39.1		$	33.8		$	75.9		$	69.0
Land Operations	24.9			19.3			73.9			48.6
Materials & Construction	45.1			59.0			88.7			107.8
Total operating revenue	109.1			112.1			238.5			225.4
Operating Profit (Loss):
Commercial Real Estate1	17.0			13.6			32.6			29.1
Land Operations2	0.5			1.6			13.1			(3.8		)
Materials & Construction	(4.3		)	3.6			(8.8		)	3.8
Total operating profit (loss)	13.2			18.8			36.9			29.1
Gain (loss) on the sale of commercial real estate properties	—			0.2			—			49.8
Interest expense	(8.1		)	(8.9		)	(17.2		)	(17.3		)
General corporate expenses	(6.4		)	(7.3		)	(12.6		)	(14.0		)
Income (Loss) from Continuing Operations Before Income Taxes	(1.3		)	2.8			7.1			47.6
Income tax benefit (expense)	—			0.1			1.1			2.8
Income (Loss) from Continuing Operations	(1.3		)	2.9			8.2			50.4
Income (loss) from discontinued operations, net of income taxes	0.1			0.1			(0.7		)	—
Net Income (Loss)	(1.2		)	3.0			7.5			50.4
Loss (income) attributable to noncontrolling interest	0.4			(0.5		)	0.7			(0.6		)
Net Income (Loss) Attributable to A&B Shareholders	$	(0.8	)	$	2.5		$	8.2		$	49.8

¹ Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the consolidated results of operations.

² Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures and non-cash reductions related to the Company's solar tax equity investments.

6

Alexander & Baldwin, Inc.

Financial Summary

Table 4 – Condensed Consolidated Statements of Cash Flows

 ($ in millions, unaudited)

	Six Months Ended June 30,
	2019			2018
Cash Flows from Operating Activities:
Net income (loss)	$	7.5		$	50.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization	23.4			21.3
Deferred income taxes	—			(2.7		)
Loss (gain) on asset transactions, net	(2.5		)	(50.7		)
Share-based compensation expense	2.7			2.7
(Income) loss from affiliates, net of distributions of income	(1.4		)	3.2
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables	(11.0		)	(11.7		)
Inventories	(1.7		)	3.2
Prepaid expenses, income tax receivable and other assets	31.4			1.5
Accrued pension and post-retirement benefits	3.1			5.0
Accounts payable	(10.4		)	(2.7		)
Accrued and other liabilities	(1.4		)	(13.4		)
Real estate development for sale proceeds	48.0			34.1
Expenditures for real estate development for sale	(6.6		)	(13.4		)
Net cash provided by (used in) operations	81.1			26.8
Cash Flows from Investing Activities:
Capital expenditures for acquisitions	(218.4		)	(194.7		)
Capital expenditures for property, plant and equipment	(27.4		)	(25.3		)
Proceeds from disposal of property, investments and other assets	3.0			155.3
Payments for purchases of investments in affiliates and other	(3.3		)	(15.8		)
Distributions of capital from investments in affiliates and other investments	10.6			20.3
Net cash provided by (used in) investing activities	(235.5		)	(60.2		)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt	53.9			504.1
Payments of long-term debt and deferred financing costs	(109.2		)	(391.1		)
Borrowings (payments) on line-of-credit agreement, net	4.0			(14.9		)
Distribution to noncontrolling interests	—			(0.2		)
Cash dividends paid	(22.4		)	(156.6		)
Proceeds from issuance (repurchase) of capital stock and other, net	(1.1		)	(1.4		)
Net cash provided by (used in) financing activities	(74.8		)	(60.1		)
Cash, Cash Equivalents and Restricted Cash:
Net increase (decrease) in cash, cash equivalents, and restricted cash	(229.2		)	(93.5		)
Balance, beginning of period	234.9			103.2
Balance, end of period	$	5.7		$	9.7

7

Alexander & Baldwin, Inc.

Financial Summary

Table 5 – Debt Summary

As of June 30, 2019

($ in millions, unaudited)

					Scheduled principal payments
Debt	Interest Rate (%)	Weighted- average Interest Rate (%)	Maturity Date	Weighted- average Maturity (Years)	2019		2020		2021		2022		2023		Thereafter		Total Principal		Unamort Deferred Fin Cost/ (Discount) Premium			Total
Secured:
Kailua Town Center	(1)	5.95%	2021	2.2	$	0.2	$	0.4	$	9.8	$	—	$	—	$	—	$	10.4	$	—		$	10.4
Kailua Town Center #2	3.15%	3.15%	2021	2.1	0.1		0.1		4.5		—		—		—		4.7		(0.2		)	4.5
Laulani Village	3.93%	3.93%	2024	4.8	—		0.7		1.1		1.1		1.2		57.9		62.0		(0.8		)	61.2
Pearl Highlands	4.15%	4.15%	2024	5.1	0.9		1.9		2.0		2.1		2.2		75.2		84.3		0.9			85.2
Manoa Marketplace	(2)	3.14%	2029	8.7	0.5		1.6		1.7		1.8		1.8		52.6		60.0		(0.3		)	59.7
Heavy equipment financing	(3)	4.62%	2023	2.9	0.4		0.7		0.7		0.3		0.1		—		2.2		—			2.2
Subtotal / Wtd Ave		3.89%		5.8	$	2.1	$	5.4	$	19.8	$	5.3	$	5.3	$	185.7	$	223.6	$	(0.4	)	$	223.2
Unsecured:
Term Loan 3	5.19%	5.19%	2019	0.3	$	1.4	$	—	$	—	$	—	$	—	$	—	$	1.4	$	—		$	1.4
Series D Note	6.90%	6.90%	2020	0.8	—		16.2		—		—		—		—		16.2		—			16.2
Term Loan 4	(4)	4.40%	2019	0.4	9.4		—		—		—		—		—		9.4		—			9.4
Bank syndicated loan	(5)	4.00%	2023	3.7	—		—		—		—		50.0		—		50.0		—			50.0
Series A Note	5.53%	5.53%	2024	3.6	—		—		7.1		7.1		7.1		7.2		28.5		—			28.5
Series J Note	4.66%	4.66%	2025	5.8	—		—		—		—		—		10.0		10.0		—			10.0
Series B Note	5.55%	5.55%	2026	4.4	—		—		1.0		9.0		9.0		27.0		46.0		—			46.0
Series C Note	5.56%	5.56%	2026	3.8	1.0		1.0		9.0		2.0		2.0		9.0		24.0		—			24.0
Series F Note	4.35%	4.35%	2026	4.4	—		2.4		4.5		—		5.5		9.6		22.0		—			22.0
Series H Note	4.04%	4.04%	2026	7.4	—		—		—		—		—		50.0		50.0		—			50.0
Series K Note	4.81%	4.81%	2027	7.8	—		—		—		—		—		34.5		34.5		(0.1		)	34.4
Series G Note	3.88%	3.88%	2027	4.3	7.5		5.4		1.5		6.0		5.0		17.1		42.5		—			42.5
Series L Note	4.89%	4.89%	2028	8.8	—		—		—		—		—		18.0		18.0		(0.3		)	17.7
Series I Note	4.16%	4.16%	2028	9.5	—		—		—		—		—		25.0		25.0		—			25.0
Term Loan 5	4.30%	4.30%	2029	10.5	—		—		—		—		—		25.0		25.0		—			25.0
Subtotal / Wtd Ave		4.67%		5.5	$	19.3	$	25.0	$	23.1	$	24.1	$	78.6	$	232.4	$	402.5	$	(0.4	)	$	402.1
Revolving Credit Facilities:
GLP Asphalt revolving credit facility	(6)	3.65%	2020	1.3	$	—	$	3.8	$	—	$	—	$	—	$	—	$	3.8	$	—		$	3.8
Revolving credit facility	(7)	4.11%	2022	3.5	$	—	$	—	$	—	$	98.6	$	—	$	—	$	98.6	$	—		$	98.6
Subtotal / Wtd Ave		4.09%		3.4	$	—	$	3.8	$	—	$	98.6	$	—	$	—	$	102.4	$	—		$	102.4
Total / Wtd Ave		4.35%		5.3	$	21.4	$	34.2	$	42.9	$	128.0	$	83.9	$	418.1	$	728.5	$	(0.8	)	$	727.7
(1) Loan has a stated interest rate of LIBOR plus 1.50%, but is swapped through maturity to a 5.95% 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) Loans have stated rates ranging from 4.08% to 5.00%.
(4) Loan has a stated interest rate of LIBOR plus 2.00%, and is secured by a letter of credit.
(5) Loan has a stated interest rate of LIBOR plus 1.60%, based on pricing grid.
(6) Loan has a stated interest rate of LIBOR plus 1.25%.
(7) Loan has a stated interest rate of LIBOR plus 1.65%, based on pricing grid.

8

Alexander & Baldwin, Inc.

Financial Summary

Table 6 – Capitalization & Financial Ratios

As of June 30, 2019

($ in millions, except number of shares and stock price; unaudited)

Debt
Secured debt			$	223.2
Unsecured term debt			402.1
Unsecured revolving credit facility			102.4
Total debt			727.7
Add: Net unamortized deferred financing cost / discount (premium)			0.8
Less: cash and cash equivalents			(5.5		)
Net Debt			$	723.0
Market Capitalization	Shares	Stock Price	Market Value
Common stock (NYSE:ALEX)	72,241,757	$23.10	$	1,668.8
Total market capitalization			$	1,668.8
Total Capitalization			$	2,396.5
Total debt to total capitalization			30.4		%
Liquidity
Cash on hand			$	5.5
Unused committed line of credit			340.1
Total liquidity			$	345.6
Financial Ratios
Net Debt to TTM Consolidated Adjusted EBITDA			2.9 x
Fixed-charge Coverage Ratio1			6.5 x
Fixed-rate debt to total debt			77.8		%
Unencumbered CRE Assets Ratio2			75.0		%

¹ The ratio of Consolidated Adjusted EBITDA ($250.0 million) to the sum of debt service (which includes interest payments and principal amortization of mortgage debt and excludes balloon payments, or $38.5 million) for the trailing twelve months.

² The gross book value of unencumbered CRE property ($1,114.2 million) as a percent of total CRE property ($1,486.4 million).

9

Alexander & Baldwin, Inc.

Financial Summary

Table 7 – Consolidated Metrics

($ in millions, unaudited)

Consolidated EBITDA & Consolidated Adjusted EBITDA
	Three Months Ended June 30,						Six Months Ended June 30,						TTM June 30,
	2019			2018			2019			2018			2019
Net Income (Loss)	$	(1.2	)	$	3.0		$	7.5		$	50.4		$	(112.7	)
Adjustments:
Depreciation and amortization	12.5			11.1			23.4			21.3			44.9
Interest expense	8.1			8.9			17.2			17.3			35.2
Income tax expense (benefit)	—			(0.1		)	(1.1		)	(2.8		)	18.0
Consolidated EBITDA	$	19.4		$	22.9		$	47.0		$	86.2		$	(14.6	)
Asset impairments related to the Materials and Construction Segment	—			—			—			—			77.8
Other-than-temporary impairment of Kukui‘ula joint venture	—			—			—			—			186.8
Consolidated Adjusted EBITDA	$	19.4		$	22.9		$	47.0		$	86.2		$	250.0
Other discrete items impacting the respective periods:
Loss (income) attributable to noncontrolling interest	0.4			(0.5		)	0.7			(0.6		)	(0.9		)
(Income) loss from discontinued operations before interest, income taxes and depreciation and amortization	(0.1		)	(0.1		)	0.7			—			1.3
Impairment of assets	—			—			—			—			79.4
Impairment of equity method investment	—			—			—			—			188.6
Loss (gain) on sale of commercial real estate properties	—			(0.2		)	—			(49.8		)	(1.6		)
Loss (gain) on agricultural land sale	—			—			(6.7		)	—			(168.9		)

Consolidated SG&A
	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Commercial Real Estate	$	3.0	$	1.6	$	5.5	$	3.3
Land Operations	1.3		1.2		2.6		3.0
Materials & Construction	6.0		5.1		11.7		10.2
Corporate and Other	5.9		7.2		12.0		13.6
Selling, general and administrative	$	16.2	$	15.1	$	31.8	$	30.1

10

Commercial Real Estate

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 8 – CRE Metrics

($ in millions, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Operating Revenues:
Base rents	$	27.7		$	22.1		$	52.4		$	44.5
Recoveries from tenants	8.4			9.1			18.1			17.8
Other revenues	3.0			2.6			5.4			6.7
Total Commercial Real Estate revenues	39.1			33.8			75.9			69.0
Operating Costs and Expenses:
Property operations	7.6			9.2			17.2			18.4
Property taxes	4.6			3.0			6.8			6.1
Depreciation and amortization	9.1			7.0			16.5			13.3
Total Cost of Commercial Real Estate	21.3			19.2			40.5			37.8
Selling, general and administrative	(3.0		)	(1.6		)	(5.5		)	(3.3		)
Intersegment operating revenues1	0.6			0.7			1.2			1.3
Interest and other income (expense), net	1.6			(0.1		)	1.5			(0.1		)
Operating Profit (Loss)	17.0			13.6			32.6			29.1
Plus: Depreciation and amortization	9.1			7.0			16.5			13.3
Less: Straight-line lease adjustments	(1.7		)	(0.6		)	(2.7		)	(0.7		)
Less: Favorable/(unfavorable) lease amortization	(0.5		)	(0.5		)	(0.9		)	(1.0		)
Less: Termination income	—			—			—			(1.1		)
Plus: Other (income)/expense, net	(1.6		)	0.1			(1.5		)	0.1
Plus: Selling, general, administrative and other expenses	3.0			1.6			5.5			3.3
Less: Impact of adoption of ASU 2016-022	—			(0.2		)	—			(0.3		)
Cash NOI as adjusted	25.3			21.0			49.5			42.7
Less: Cash NOI from acquisitions, dispositions and other adjustments	(5.7		)	(2.5		)	(9.7		)	(5.4		)
Same-Store Cash NOI as adjusted	$	19.6		$	18.5		$	39.8		$	37.3
Maintenance Capital Expenditures:
Building improvements	$	2.7		$	2.0		$	5.2		$	3.4
Tenant improvements	0.5			1.6			1.4			4.8
Total maintenance capital expenditures	$	3.2		$	3.6		$	6.6		$	8.2
Leasing Commissions Paid:	1.0			0.5			1.4			1.7
Operating Profit (Loss)	$	17.0		$	13.6		$	32.6		$	29.1
Plus: Depreciation and amortization	9.1			7.0			16.5			13.3
Commercial Real Estate EBITDA	$	26.1		$	20.6		$	49.1		$	42.4
1 Represents intersegment revenues, primarily base rents and expense recoveries from leases to tenants that operate as part of the Materials & Construction segment. These operating revenues, and the related rental expense incurred by these tenants, are eliminated in the consolidated results of operations.
2 Represents legal costs related to leasing activity that were previously capitalized when incurred and recognized as amortization expense over the term of the lease contract. Upon the Company's adoption of ASU 2016-02, Leases, on January 1, 2019, such legal costs are directly expensed as operating costs and are included in Cash NOI. For comparability purposes, Cash NOI for the 2018 periods presented have been adjusted to include legal fees in conformity with Cash NOI for the 2019 periods presented.

11

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 9 – Occupancy

(Unaudited)

Occupancy
	As of	As of	Percentage Point Change
	June 30, 2019	June 30, 2018
Retail	94.9%	92.6%	2.3
Industrial	94.4%	91.1%	3.3
Office	94.3%	91.2%	3.1
Total	94.7%	92.1%	2.6

Same-Store Occupancy
	As of	As of	Percentage Point Change
	June 30, 2019	June 30, 2018
Retail	94.2%	92.6%	1.6
Industrial	92.9%	91.1%	1.8
Office	94.3%	91.2%	3.1
Total	93.7%	92.0%	1.7

12

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 10 – Cash NOI and Same-Store Cash NOI by Type

($ in thousands, unaudited)

Total Portfolio Cash NOI
	Three Months Ended June 30,					Percentage Change	Six Months Ended June 30,					Percentage Change
	2019			20181			2019			20181
Retail	$	16,611		$	13,940	19.2%	$	32,998		$	26,808	23.1%
Industrial	3,996			3,193		25.1%	7,865			6,322		24.4%
Office	959			1,024		(6.3)%	1,881			2,148		(12.4)%
Ground	3,726			2,756		35.2%	6,775			5,880		15.2%
Total Hawai‘i Portfolio	$	25,292		$	20,913	20.9%	$	49,519		$	41,158	20.3%
Other	(42		)	53		NM	(50		)	1,515		NM
Total	$	25,250		$	20,966	20.4%	$	49,469		$	42,673	15.9%

Same-Store Cash NOI
	Three Months Ended June 30,				Percentage Change	Six Months Ended June 30,				Percentage Change
	2019		20181			2019		20181
Retail	$	12,367	$	11,506	7.5%	$	25,275	$	23,267	8.6%
Industrial	3,427		3,193		7.3%	6,817		6,322		7.8%
Office	958		1,020		(6.1)%	1,880		2,013		(6.6)%
Ground	2,859		2,760		3.6%	5,871		5,664		3.7%
Total	$	19,611	$	18,479	6.1%	$	39,843	$	37,266	6.9%

¹ Upon the Company's adoption of ASU 2016-02, Leases, on January 1, 2019, Cash NOI now includes the impact of legal fees that are not directly related to lease execution. Historically, these legal costs were capitalized and amortized over the lease term. For comparability purposes, the Company adjusted 2018 Cash NOI to also include legal fees, see Table 8 for reconciliation.

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

Dispositions		Additions
Date	Property	Date	Property
11/18	Lahaina Square Shopping Center	6/17	Honokohau Industrial

13

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 11 – Improved Property Report

($ in thousands, except per square foot amounts; unaudited)

	Property		Island	Year Built/ Renovated	Current GLA (SF)	Occupancy	ABR		ABR PSF		Q2 2019 Cash NOI			Q2 2019 % Cash NOI to Total Portfolio Cash NOI	Retail Anchor Tenants
	Retail:
1	Pearl Highlands Center	(1)	Oahu	1992-1994	411,400	98.4%	$	10,672	$	26.64	$	2,616		12.1%	Sam's Club, Regal Cinemas, 24 Hour Fitness, Ulta Salon
2	Kailua Retail	(1)(3)	Oahu	1947-2014	319,100	96.5%	10,778		35.70		2,990			13.9%	Whole Foods Market, Foodland, CVS/Longs Drugs, Ulta Salon
3	Laulani Village		Oahu	2012	175,600	99.3%	6,222		37.37		1,504			7.0%	Safeway, Ross, Walgreens, Petco
4	Waianae Mall	(1)	Oahu	1975	170,300	86.3%	3,081		20.98		640			3.0%	CVS/Longs Drugs, City Mill
5	Manoa Marketplace	(1)	Oahu	1977	140,500	87.7%	4,052		33.10		1,042			4.8%	Safeway, CVS/Longs Drugs
6	Queens' MarketPlace		Hawai‘i Island	2007	134,700	93.2%	5,581		53.68		589			2.7%	Island Gourmet
7	Kaneohe Bay Shopping Center (Leasehold)	(1)	Oahu	1971	125,400	100.0%	3,090		24.64		657			3.0%	Safeway, CVS/Longs Drugs
8	Hokulei Village		Kauai	2015	119,200	99.2%	4,178		35.62		898			4.2%	Safeway, Petco
9	Waipio Shopping Center	(1)	Oahu	1986, 2004	113,800	99.4%	3,197		29.56		928			4.3%	Foodland
10	Aikahi Park Shopping Center	(1)	Oahu	1971	98,000	79.2%	1,770		22.81		559			2.6%	Safeway
11	The Shops at Kukui‘ula	(1)	Kauai	2009	89,100	94.4%	4,342		55.12		1,044			4.8%	CVS/Longs Drugs, Eating House, Living Foods Market
12	Lanihau Marketplace	(1)	Hawai‘i Island	1987	88,300	97.9%	1,847		21.35		314			1.5%	Sak' N Save, CVS/Longs Drugs
13	Kunia Shopping Center	(1)	Oahu	2004	60,600	98.3%	2,382		39.99		610			2.8%
14	Waipouli Town Center		Kauai	1980	56,600	93.9%	945		17.79		183			0.8%	Foodland
15	Lau Hala Shops	(3)	Oahu	2018	46,000	100.0%	1,629		54.12		313			1.5%
16	Napili Plaza	(1)	Maui	1991	45,600	85.0%	1,135		33.25		350			1.6%	Napili Market
17	Kahului Shopping Center	(1)	Maui	1951	45,300	89.9%	598		14.67		24			0.1%
18	Gateway at Mililani Mauka	(1)	Oahu	2008, 2013	34,900	93.2%	1,755		55.40		421			2.0%	CVS/Longs Drugs (shadow-anchored)
19	Port Allen Marina Center	(1)	Kauai	2002	23,600	92.0%	581		26.81		172			0.8%
20	The Collection		Oahu	2017	12,000	100.0%	559		46.64		(13		)	(0.1)%
21	Pu‘unene Shopping Center	(2)	Maui	2017	120,500	N/A	—		—		770			3.6%	Planet Fitness, Petco, Ulta Salon, Target (shadow-anchored)
	Subtotal – Retail				2,430,500	94.9%	$	68,394	$	32.28	$	16,611		77.0%
	Industrial:
22	Komohana Industrial Park	(1)	Oahu	1990	238,300	87.0%	$	2,651	$	12.78	$	1,042		4.8%
23	Kaka‘ako Commerce Center	(1)	Oahu	1969	197,200	92.7%	2,809		15.96		696			3.2%
24	Waipio Industrial	(1)	Oahu	1988-1989	158,400	100.0%	2,545		16.07		646			3.0%
25	Opule Industrial		Oahu	2005-2006, 2018	151,500	100.0%	1,780		15.41		364			1.7%
26	P&L Warehouse	(1)	Maui	1970	104,100	98.6%	1,469		14.31		361			1.7%
27	Kapolei Enterprise Center		Oahu	2019	93,000	100.0%	—		—		205			1.0%
28	Honokohau Industrial	(1)	Hawai‘i Island	2004-2006, 2008	86,000	98.3%	1,160		13.73		247			1.1%
29	Kailua Industrial/Other	(1)	Oahu	1951-1974	69,000	92.4%	1,071		17.32		196			0.9%
30	Port Allen	(1)	Kauai	1983, 1993	63,800	92.9%	666		11.23		112			0.6%
31	Harbor Industrial	(1)	Maui	1930	51,100	79.4%	495		12.21		127			0.6%
	Subtotal – Industrial				1,212,400	94.4%	$	14,646	$	14.56	$	3,996		18.6%

14

	Property		Island	Year Built/ Renovated	Current GLA (SF)	Occupancy	ABR		ABR PSF		Q2 2019 Cash NOI		Q2 2019 % Cash NOI to Total Portfolio Cash NOI	Retail Anchor Tenants
	Office:
32	Kahului Office Building	(1)	Maui	1974	59,400	90.8%	$	1,497	$	29.26	$	403	1.9%
33	Gateway at Mililani Mauka South	(1)	Oahu	1992, 2006	37,100	100.0%	1,274		45.31		281		1.3%
34	Kahului Office Center	(1)	Maui	1991	33,400	91.8%	785		25.57		202		0.9%
35	Lono Center	(1)	Maui	1973	13,700	100.0%	325		23.79		73		0.3%
	Subtotal – Office				143,600	94.3%	$	3,881	$	31.39	$	959	4.4%
	Total – Hawai‘i Improved Portfolio				3,786,500	94.7%	$	86,921	$	26.76	$	21,566	100.0%

(1) Included in the Same-Store pool.

(2) Development completed but not yet stabilized. Upon initial stabilization the property will be included in Occupancy. NOI not included in Same-Store portfolio.

(3) In prior periods, Lau Hala was combined into Kailua Retail. However, starting in this Supplemental Information for the three and six months ended June 30, 2019, we have presented information for Lau Hala separately and excluded such Lau Hala information from Kailua Retail.

15

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 12 – Ground Lease Report

($ in thousands, unaudited)

Ground Leases (1)		Location (City, Island)	Acres	Property Type	Exp. Year	Current ABR		Q2 2019 Cash NOI		Next Rent Step	Step Type	Next ABR ($ in $000)	Previous Rent Step	Previous Step Type	Previous ABR ($ in $000)
#1	(2)	Kaneohe, Oahu	15.4	Retail	2035	$	2,800	$	700	2023	FMV Reset	FMV	2017	Fixed Step	$	2,100
#2		Kapolei, Oahu	36.4	Industrial	2025	2,271		391		2020	Fixed Step	2,328	2019	Fixed Step	2,216
#3		Honolulu, Oahu	9.0	Retail	2045	1,886		474		2020	Fixed Step	2,075	—	Fixed Step	1,715
#4	(2)	Honolulu, Oahu	2.8	Retail	2040	1,344		336		2020	FMV Reset	FMV	2016	Fixed Step	1,296
#5	(2)	Kaneohe, Oahu	3.7	Retail	2048	990		247		2023	Fixed Step	1,059	2018	Option	694
#6	(2)	Kailua, Oahu	3.4	Retail	2062	753		188		2022	Fixed Step	963	2012	FMV Reset	160
#7	(2)	Pu'unene, Maui	52.0	Heavy Industrial	2034	751		214		2019	FMV Reset	FMV	2014	Fixed Step	626
#8	(2)	Kailua, Oahu	2.2	Retail	2062	485		121		2022	Fixed Step	621	2012	FMV Reset	unknown
#9	(2)	Kailua, Oahu	1.9	Retail	2034	450		78		2024	Fixed Step	470	2019	Negotiated	641
#10	(2)	Honolulu, Oahu	0.5	Retail	2028	348		88		2020	Fixed Step	357	2019	Fixed Step	340
#11	(2)	Honolulu, Oahu	0.5	Parking	2023	310		78		2019	Fixed Step	319	2018	Fixed Step	270
#12	(2)	Kailua, Oahu	3.3	Office	2037	257		73		2022	FMV Reset	FMV	2012	Negotiated	226
#13	(2)	Kailua, Oahu	0.9	Retail	2033	243		76		2020	Fixed Step	248	2019	FMV Reset	181
#14	(2)	Kailua, Oahu	1.2	Retail	2022	237		56		—	—	—	2013	FMV Reset	120
#15	(2)	Kahului, Maui	0.8	Retail	2026	235		59		2019	Fixed Step	242	2018	Fixed Step	228
#16	(2)	Kahului, Maui	0.4	Retail	2020	207		52		2019	Fixed Step	214	2018	Fixed Step	201
#17	(2)	Kahului, Maui	0.8	Industrial	2020	200		49		Option	Fixed Step	209	2019	Fixed Step	192
#18	(2)	Kahului, Maui	0.5	Retail	2029	168		75		2019	Fixed Step	173	2018	Fixed Step	163
#19	(2)	Kahului, Maui	0.4	Retail	2027	158		56		2022	Fixed Step	181	2017	Negotiated	128
#20	(2)	Kailua, Oahu	0.4	Retail	2022	151		38		2020	Fixed Step	158	2019	Negotiated	144
Remainder	(2)	Various	17.5	Various	Various	1,468		277		Various	Various	—	—	—	—
Total - Ground Leases			154.0			$	15,712	$	3,726
(1) Excludes intersegment ground leases, primarily from our Materials & Construction segment, which are eliminated in our consolidated results of operations.
(2) Included in Same-Store pool.

16

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 13 – Top 10 Tenants Ranked by ABR

($ in thousands, unaudited)

Tenant1	Number of Leases	ABR		% of Total Portfolio ABR		GLA (SF)	% of Total Portfolio GLA
Albertsons Companies (including Safeway)	5	$	4,537	5.2	%	226,208	6.0	%
Sam's Club	1	3,308		3.8	%	180,908	4.8	%
CVS Corporation (including Longs Drugs)	6	2,697		3.1	%	150,411	4.0	%
Foodland Supermarket & related companies	10	2,536		2.9	%	146,901	3.9	%
Ross Dress for Less	2	1,992		2.3	%	65,484	1.7	%
Coleman World Group	2	1,780		2.1	%	115,495	3.0	%
Ulta Salon, Cosmetics, & Fragrance, Inc.	3	1,508		1.7	%	33,985	0.9	%
24 Hour Fitness USA	1	1,375		1.6	%	45,870	1.2	%
Petco Animal Supplies Stores	3	1,316		1.5	%	34,282	0.9	%
Whole Foods Market	1	1,210		1.4	%	31,647	0.8	%
Total	34	$	22,259	25.6	%	1,031,191	27.2	%
1 Excludes intersegment ground leases, primarily from the Materials & Construction segment, which are eliminated in the consolidated results of operations.

17

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 14 – Lease Expiration Schedule

At June 30, 2019

($ in thousands, unaudited)

Total Portfolio
Expiration Year	Number of Leases	Square Footage of Expiring Leases	% of Total Portfolio Leased GLA	ABR Expiring		% of Total Portfolio Expiring ABR
2019	67	144,521	4.2%	$	4,184	4.2%
2020	160	492,119	14.2%	11,605		11.6%
2021	152	643,301	18.5%	15,665		15.7%
2022	148	360,580	10.4%	12,211		12.2%
2023	109	255,214	7.4%	8,569		8.6%
2024	58	390,935	11.3%	10,524		10.5%
2025	24	153,100	4.4%	4,497		4.5%
2026	19	94,710	2.7%	3,353		3.4%
2027	17	138,247	4.0%	3,680		3.7%
2028	30	205,569	5.9%	7,987		8.0%
Thereafter	40	474,898	13.6%	15,008		15.0%
Month-to-month	84	117,824	3.4%	2,539		2.6%
Total	908	3,471,018	100.0%	$	99,822	100.0%
Retail Portfolio
Expiration Year	Number of Leases	Square Footage of Expiring Leases	% of Total Retail Leased GLA	ABR Expiring		% of Total Retail Expiring ABR
2019	34	82,363	3.8%	$	2,905	3.8%
2020	99	265,177	12.1%	7,858		10.3%
2021	95	346,089	15.8%	11,060		14.5%
2022	107	213,203	9.7%	9,527		12.5%
2023	88	193,890	8.8%	7,598		9.9%
2024	49	341,427	15.6%	9,732		12.7%
2025	21	70,318	3.2%	3,028		4.0%
2026	16	26,232	1.2%	1,502		2.0%
2027	15	60,655	2.8%	2,138		2.8%
2028	26	160,661	7.3%	7,045		9.2%
Thereafter	34	376,179	17.2%	12,437		16.3%
Month-to-month	47	55,599	2.5%	1,621		2.0%
Total	631	2,191,793	100.0%	$	76,451	100.0%
Industrial Portfolio
Expiration Year	Number of Leases	Square Footage of Expiring Leases	% of Total Industrial Leased GLA	ABR Expiring		% of Total Industrial Expiring ABR
2019	24	39,650	3.5%	$	646	3.5%
2020	50	198,270	17.3%	2,797		14.9%
2021	44	275,601	24.1%	3,980		21.3%
2022	34	136,650	11.9%	2,279		12.2%
2023	16	47,694	4.2%	689		3.7%
2024	6	43,704	3.8%	633		3.4%
2025	3	82,782	7.2%	1,469		7.9%
2026	2	54,394	4.8%	1,038		5.5%
2027	1	75,824	6.6%	1,438		7.7%
2028	1	40,505	3.5%	793		4.2%
Thereafter	4	86,921	7.7%	2,032		10.9%
Month-to-month	37	62,225	5.4%	918		4.8%
Total	222	1,144,220	100.0%	$	18,712	100.0%

18

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 15 – New & Renewal Lease Summary

At June 30, 2019

(Unaudited)

								Comparable Leases Only1
Total - New and Renewal Leases	Leases	GLA	New ABR / SF		TI / SF		Wtd Ave Lease Term (Years)	Leases	GLA	New ABR / SF		Old ABR / SF		Rent Spread2
2nd Quarter - 2019	53	207,602	$	25.47	$	3.40	4.7	36	106,247	$	27.82	$	25.88	7.5%
1st Quarter - 2019	54	119,763	$	28.49	$	8.41	3.7	32	74,622	$	24.83	$	22.51	10.3%
4th Quarter - 2018	55	259,009	$	21.07	$	4.35	7.4	29	105,026	$	22.55	$	20.79	8.5%
3rd Quarter - 2018	58	128,091	$	28.28	$	8.42	5.3	36	49,552	$	33.69	$	32.60	3.3%
Trailing four quarters	220	714,465	$	24.89	$	5.48	5.6	133	335,447	$	26.37	$	24.53	7.5%
Total - New Leases	Leases	GLA	New ABR / SF		TI / SF		Wtd Ave Lease Term (Years)	Leases	GLA	New ABR / SF		Old ABR / SF		Rent Spread2
2nd Quarter - 2019	16	98,348	$	24.02	$	3.76	3.5	4	14,373	$	27.68	$	24.69	12.1%
1st Quarter - 2019	29	55,851	$	34.26	$	18.03	4.2	7	10,710	$	33.10	$	30.49	8.6%
4th Quarter - 2018	33	163,240	$	22.43	$	6.78	9.2	9	17,247	$	39.60	$	40.26	(1.6)%
3rd Quarter - 2018	30	74,424	$	27.75	$	14.15	6.4	12	12,706	$	30.61	$	26.23	16.7%
Trailing four quarters	108	391,863	$	25.52	$	9.03	6.5	32	55,036	$	33.15	$	31.05	6.7%
Total - Renewal Leases	Leases	GLA	New ABR / SF		TI / SF		Wtd Ave Lease Term (Years)	Leases	GLA	New ABR / SF		Old ABR / SF		Rent Spread2
2nd Quarter - 2019	37	109,254	$	26.78	$	3.07	5.7	32	91,874	$	27.85	$	26.06	6.8%
1st Quarter - 2019	25	63,912	$	23.44	$	—	3.2	25	63,912	$	23.44	$	21.18	10.7%
4th Quarter - 2018	22	95,769	$	18.77	$	0.20	4.3	20	87,779	$	19.20	$	16.96	13.2%
3rd Quarter - 2018	28	53,667	$	29.02	$	0.49	3.9	24	36,846	$	34.75	$	34.80	(0.1)%
Trailing four quarters	112	322,602	$	24.11	$	1.18	4.5	101	280,411	$	25.04	$	23.25	7.7%
	Three Months Ended June 30, 2019							Six Months Ended June 30, 2019
	Leases	GLA	ABR / SF		Rent Spread2			Leases	GLA (SF)	ABR / SF		Rent Spread2
Retail	23	58,785	$	50.75	7.8%		Retail	51	106,063	$	49.83	9.4%
Industrial	27	143,776	$	14.59	5.8%		Industrial	50	210,212	$	14.56	6.8%
Office	3	5,041	$	41.18	16.0%		Office	6	11,090	$	31.81	10.8%

¹ Per Glossary of Terms, Comparable Leases are renewals and leases executed for units that have been vacated in the previous 12 months. Expansions, contractions and strategic short-term renewals are excluded from the Comparable Lease pool.

² Rent Spread is calculated for Comparable Leases, a subset of the total population of leases for the period defined.

19

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 16 – Portfolio Repositioning, Redevelopment & Development Summary

As of June 30, 2019

 ($ in millions, unaudited)

Leasing Activity

Project

Phase

Target In-service

Target Stabilization

Book Value of Land & Related Cost

Total Estimated Project Capital Costs & Contributed Land Basis

Project Capital Costs Incurred to Date

Estimated Incremental Stabilized Cash NOI

Estimated Stabilized Yield on Total Project Capital Costs2

Projected GLA (SF)

% Leased

% Under Letter of Intent

Total

Redevelopment

Aikahi Park Shopping Center

Planning

Late 2020

4Q21

N/A

$18.0 - $18.8

$0.3

$1.5 - $1.7

8.2 - 9.0%

98,000

80

—

80

Development for Hold

Ho‘okele Shopping Center 1

Construction

Mid 2019

2Q20

$4.3

$41.9

$32.1

$3.1 - $3.6

7.4 - 8.6%

94,000

64

—

64

1 The center is being developed on a parcel adjacent to Maui Business Park. The carrying value of this parcel, including certain previously incurred infrastructure improvements and related costs, was $4.3 million at project inception. The stabilized yield on cost was determined utilizing this book value. Phase 1 which includes a Safeway, gas station, and related shops is expected to commence operations in the second half of 2019 while Phase 2 with 23,000 SF will commence operations at a later time based on execution of leases.

2 Ranges are calculated based on the midpoint of Total Estimated Project Capital Costs & Contributed Land Basis where applicable. Amounts in this table are rounded to the nearest tenth of a million, and therefore a recalculation of percentages, if based on the reported data, may be slightly different.

20

Alexander & Baldwin, Inc.

Commercial Real Estate

Table 17 – Transactional Activity (2018 - 2019)

($ in millions, unaudited)

Dispositions
Property	Type	Location (Island/City, State)	Date (Month/Year)	Sales Price		GLA (SF)
Lahaina Square	Retail	Maui, HI	11/18	$	11.3	44,800
Judd Building	Office	Oahu, HI	3/18	6.0		20,200
Stangenwald Building	Office	Oahu, HI	3/18	7.2		27,100
Sparks Business Center	Industrial	Sparks, Nevada	3/18	38.3		396,100
Kaiser Permanente	Ground Lease	Maui, HI	3/18	21.5		N/A
Royal MacArthur Center	Retail	Dallas, TX	3/18	14.2		44,900
Little Cottonwood Shopping Center	Grocery Anchored	Sandy, UT	3/18	23.4		141,500
1800 and 1820 Preston Park	Office	Plano, TX	3/18	24.1		198,800
Deer Valley Financial Center	Office	Phoenix, AZ	2/18	15.0		126,600
Concorde Commerce Center	Office	Phoenix, AZ	1/18	9.5		138,700
Total				$	170.5	1,138,700
Acquisitions
Property	Type	Location (Island/City, State)	Date (Month/Year)	Purchase Price		GLA (SF)
Queens' Marketplace	Retail	Hawai‘i Island, HI	5/19	$	90.3	135,000
Waipouli Town Center	Retail	Kauai, HI	5/19	17.8		56,500
Kapolei Business Park West	Ground Lease	Oahu, HI	4/19	41.1		N/A
Kapolei Enterprise Center	Industrial	Oahu, HI	4/19	26.7		93,000
Home Depot Iwilei	Ground Lease	Oahu, HI	3/19	42.4		N/A
Opule Street Industrial	Industrial	Oahu, HI	12/18	40.0		151,500
The Collection	Retail	Oahu, HI	7/18	6.9		12,000
Laulani Village	Retail	Oahu, HI	2/18	124.4		175,600
Hokulei Village	Retail	Kauai, HI	2/18	68.7		119,200
Pu‘unene Shopping Center	Retail	Maui, HI	2/18	63.6		120,400
Total				$	521.9	863,200

21

Land Operations

Alexander & Baldwin, Inc.

Land Operations

Table 18 – Statement of Operating Profit, EBITDA and Adjusted EBITDA

($ in millions, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Development sales revenue	$	18.1		$	10.8		$	30.4		$	33.8
Unimproved/other property sales revenue	0.4			2.1			30.9			2.4
Other operating revenue1	6.4			6.4			12.6			12.4
Total Land Operations operating revenue	$	24.9		$	19.3		$	73.9		$	48.6
Land Operations costs and operating expenses	(24.4		)	(20.9		)	(65.2		)	(52.5		)
Earnings (loss) from joint ventures	0.8			4.1			3.4			1.5
Interest and other income (expense), net	(0.8		)	(0.9		)	1.0			(1.4		)
Land Operations operating profit (loss)	$	0.5		$	1.6		$	13.1		$	(3.8	)

¹Other operating revenue include revenue related to trucking, renewable energy and diversified agriculture.

	Three Months Ended June 30,				Six Months Ended June 30,					TTM June 30,
	2019		2018		2019		2018			2019
Land Operations Operating Profit (Loss)	$	0.5	$	1.6	$	13.1	$	(3.8	)	$	(9.8	)
Depreciation and amortization	0.4		0.5		0.8		1.0			1.7
EBITDA	0.9		2.1		13.9		(2.8		)	(8.1		)
Other-than-temporary impairment of Kukui‘ula joint venture	—		—		—		—			186.8
Land Operations Adjusted EBITDA	$	0.9	$	2.1	$	13.9	$	(2.8	)	$	178.7

22

Alexander & Baldwin, Inc.

Land Operations

Table 19 – Key Active Development-for-sale Projects and Investments

As of June 30, 2019

($ in millions except per square foot and per unit amounts, unaudited)

																			Construction Timing		Sales Closing Timing
Project	Location	Product Type	Est. Economic Interest1	Planned Units or Saleable Acres	Avg Size of Remaining Units (SF) or Lots (Acres)	Units / Acres Closed	Unit / Acres Remaining	Target Sales Price Range per SF / per Unit for Remaining	Est. Total Project Cost / Investment Cost2		A&B Projected Capital Commitment3		Total Project Costs Incurred to Date		A&B Gross Investment (Life to Date)		A&B Net Book Value		Start / Est. Start	Est. Substantial Completion	Start / Est. Start	Est. End
Kahala Avenue Portfolio	Honolulu, Oahu	Residential	100%	17 acres	0.4 acres	16 acres	1 acre	$200-$335	$	135	N/A		$	134	$	134	$	10	N/A	N/A	2013	2019
Maui Business Park (Phase II)	Kahului, Maui	Light industrial lots	100%	125 acres	1.9 acres	35 acres	90 acres	$38-$60	$	77	N/A		$	59	$	59	$	39	2011	2021	2012	2030+
Kukui‘ula	Poipu, Kauai	Resort residential	85% +/- 5%	1,425 units	N/A	211 units	1,214 units	$1.1M per unit	$	1,071	$	343	$	629	$	323	$	118	2006	2041	2006	2042
Other Kukui‘ula Related Investments4	Poipu, Kauai	Resort residential	75% +/- 5%	60 units	N/A	53 units	7 units	$4.4M per unit	$	120	$	64	$	99	$	63	$	22	2012	2018	2013	2020
1 Estimated economic interest represents the Company's estimated share of distributions after return of capital contributions based on current forecasts of sales activity. Actual results could differ materially from projected results due to the timing of expected sales, increases or decreases in estimated sales prices or costs and other factors. As a result, estimated economic interests are subject to change. Further, as it relates to certain of our joint venture projects, information disclosed herein is obtained from our joint venture partners, who maintain the books and records of the related ventures.
2 Includes land cost at book value, including capitalized interest, but excluding sales commissions and closing costs.
3 Includes land cost at contribution value and total expected A&B capital to be contributed. The estimate includes due diligence costs and capitalized interest, but excludes capital projected to be contributed by equity partners, third-party debt, and amounts expected to be funded from project cash flows and/or buyer deposits.
4 Includes joint venture investments in three vertical construction, development-for-sale projects at Kukui‘ula, as well as notes receivable from a Kukui‘ula development-for-sale project ($13.6 million as of June 30, 2019).

23

Alexander & Baldwin, Inc.

Land Operations

Table 20 – Landholdings as of June 30, 2019

(In acres, unaudited)

Type	Maui	Kauai	Oahu	Total Acres
Land used in other operations	21	20	—	41
Urban land, not in active development/use
Developable, with full or partial infrastructure	110	7	—	117
Developable, with limited or no infrastructure	186	29	—	215
Other	12	6	—	18
Subtotal - Urban land, not in active development	308	42	—	350
Agriculture-related
Agriculture	6,284	6,358	75	12,717
In urban entitlement process	357	260	—	617
Conservation & preservation	393	13,309	509	14,211
Subtotal - Agriculture-related	7,034	19,927	584	27,545
Total Land Operations Landholdings	7,363	19,989	584	27,936

24

Materials & Construction

Alexander & Baldwin, Inc.

Materials & Construction

Table 21 – Statement of Operating Profit, EBITDA and Adjusted EBITDA

($ in millions, unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,						TTM June 30,
	2019			2018			2019			2018			2019
Operating Profit (Loss)1	$	(4.3	)	$	3.6		$	(8.8	)	$	3.8		$	(85.8	)
Depreciation and amortization	3.0			3.1			5.8			6.1			11.8
EBITDA	(1.3		)	6.7			(3.0		)	9.9			(74.0		)
Asset impairments related to the Materials & Construction segment	—			—			—			—			77.8
Loss (income) attributable to noncontrolling interest	0.4			(0.5		)	0.7			(0.6		)	(0.9		)
M&C Adjusted EBITDA	$	(0.9	)	$	6.2		$	(2.3	)	$	9.3		$	2.9
Other discrete items impacting the respective periods:
One-time charges related to the evaluation of strategic options for the Materials & Construction Segment	1.0			0.6			1.2			1.3			2.1
	Three Months Ended June 30,						Six Months Ended June 30,						TTM June 30,
	2019			2018			2019			2018			2019
Adjusted EBITDA margin	(2.0)%			10.5%			(2.6)%			8.6%			1.5%
Aggregate tons delivered (tons in thousands)	209.6			183.5			410.6			350.8			778.0
Asphalt tons delivered (tons in thousands)	92.7			151.6			169.7			260.3			407.6
Crew days lost to weather	76.0			85.0			177.0			219.5			318.0
Total available crew days	645.0			666.0			1,244.0			1,271.0			2,516.0
% days lost to weather	11.8%			12.8%			14.2%			17.3%			12.6%
Backlog (as of period end, in millions)	$105.2			$174.4

¹ The Company's GPRM Prestress operating unit is a 51% owned consolidated joint venture and GLP Asphalt is a 70% owned consolidated joint venture.

25

XML

Cover Page	Aug. 01, 2019
Cover page.
Document Type	8-K
Date of Report	Aug. 01, 2019
Entity Registrant Name	ALEXANDER & BALDWIN, INC.
Entity Incorporation, State or Country Code	HI
Entity File Number	001-35492
Entity Tax Identification Number	45-4849780
Entity Address, Address Line One	P. O. Box 3440,
Entity Address, City or Town	Honolulu,
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96801
City Area Code	(808)
Local Phone Number	525-6611
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	ALEX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001545654
Amendment Flag	false