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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________________ to _________________
Commission file number 001-35492
ALEXANDER & BALDWIN, INC.
(Exact name of registrant as specified in its charter)
Hawaii45-4849780
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
P. O. Box 3440,Honolulu,Hawaii96801
(Address of principal executive offices)(Zip Code)
(808) 525-6611
(Registrant's telephone number, including area code)
N/A
(Former name, former address, and former
fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, without par valueALEXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
Number of shares of common stock outstanding as of September 30, 2021: 72,529,953

1


ALEXANDER & BALDWIN, INC.
FORM 10-Q
For the Quarterly Period Ended September 30, 2021

TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1.
Condensed Consolidated Balance Sheets - As of September 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2021 and 2020
Condensed Consolidated Statements of Equity - Three and Nine Months Ended September 30, 2021 and 2020
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 4.
Item 6.




PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in millions; unaudited)
September 30, December 31,
20212020
ASSETS
Real estate investments
Real estate property$1,569.3 $1,549.7 
Accumulated depreciation(174.4)(154.4)
Real estate property, net1,394.9 1,395.3 
Real estate developments68.9 75.7 
Investments in real estate joint ventures and partnerships109.1 134.1 
Real estate intangible assets, net53.9 61.9 
Real estate investments, net1,626.8 1,667.0 
Cash and cash equivalents26.5 57.2 
Restricted cash0.2 0.2 
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $1.9 million and $3.3 million as of September 30, 2021 and December 31, 2020, respectively
24.4 43.5 
Inventories22.2 18.4 
Other property, net108.1 110.8 
Operating lease right-of-use assets21.2 18.6 
Goodwill10.5 10.5 
Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $3.1 million and $3.9 million as of September 30, 2021 and December 31, 2020, respectively
18.2 14.2 
Prepaid expenses and other assets105.4 95.6 
Total assets$1,963.5 $2,036.0 
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt$627.7 $687.1 
Accounts payable11.4 9.8 
Operating lease liabilities21.4 18.4 
Accrued pension and post-retirement benefits33.5 34.7 
Deferred revenue69.8 66.9 
Accrued and other liabilities99.6 116.5 
Total liabilities863.4 933.4 
Commitments and Contingencies (Note 8)
Redeemable Noncontrolling Interest6.8 6.5 
Equity:
Common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.4 million shares at September 30, 2021 and December 31, 2020, respectively
1,809.0 1,805.5 
Accumulated other comprehensive income (loss)(59.7)(60.0)
Distributions in excess of accumulated earnings(656.0)(649.4)
Total equity1,093.3 1,096.1 
Total liabilities and equity$1,963.5 $2,036.0 
See Notes to Condensed Consolidated Financial Statements.
1


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in millions, except per share data; unaudited)

Three Months Ended September 30, Nine Months Ended September 30,
2021202020212020
Operating Revenue:
Commercial Real Estate$44.0 $35.7 $127.2 $113.1 
Land Operations5.4 7.4 38.5 27.5 
Materials & Construction34.9 34.7 88.9 91.9 
Total operating revenue84.3 77.8 254.6 232.5 
Operating Costs and Expenses: 
Cost of Commercial Real Estate24.1 23.5 71.0 71.8 
Cost of Land Operations4.7 12.9 23.4 23.8 
Cost of Materials & Construction31.8 30.2 84.2 83.4 
Selling, general and administrative12.6 11.7 37.2 34.5 
Impairment of assets   5.6 
Total operating costs and expenses73.2 78.3 215.8 219.1 
Gain (loss) on disposal of commercial real estate properties, net  0.2 0.5 
Gain (loss) on disposal of non-core assets, net 9.0 0.2 9.0 
Total gain (loss) on disposal of assets, net 9.0 0.4 9.5 
Operating Income (Loss)11.1 8.5 39.2 22.9 
Other Income and (Expenses):
Income (loss) related to joint ventures2.7 2.2 12.2 5.3 
Interest and other income (expense), net (Note 2)
(0.2)(0.4)(1.0)(0.6)
Interest expense(6.5)(7.1)(20.2)(22.7)
Income (Loss) from Continuing Operations Before Income Taxes7.1 3.2 30.2 4.9 
Income tax benefit (expense)  (0.1) 
Income (Loss) from Continuing Operations7.1 3.2 30.1 4.9 
Income (loss) from discontinued operations, net of income taxes(0.6) (0.7)(0.8)
Net Income (Loss)6.5 3.2 29.4 4.1 
Loss (income) attributable to noncontrolling interest(0.1)(0.2)(0.3)0.4 
Net Income (Loss) Attributable to A&B Shareholders$6.4 $3.0 $29.1 $4.5 
Earnings (Loss) Per Share Available to A&B Shareholders:
Basic Earnings (Loss) Per Share of Common Stock: 
Continuing operations available to A&B shareholders$0.10 $0.04 $0.41 $0.07 
Discontinued operations available to A&B shareholders(0.01) (0.01)(0.01)
Net income (loss) available to A&B shareholders$0.09 $0.04 $0.40 $0.06 
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders$0.10 $0.04 $0.41 $0.07 
Discontinued operations available to A&B shareholders(0.01) (0.01)(0.01)
Net income (loss) available to A&B shareholders$0.09 $0.04 $0.40 $0.06 
Weighted-Average Number of Shares Outstanding:
Basic72.572.4 72.572.3 
Diluted72.772.4 72.672.4 
Amounts Available to A&B Common Shareholders (Note 15):
Continuing operations available to A&B common shareholders$6.9 $3.0 $29.7 $5.3 
Discontinued operations available to A&B common shareholders(0.6) (0.7)(0.8)
Net income (loss) available to A&B common shareholders$6.3 $3.0 $29.0 $4.5 
See Notes to Condensed Consolidated Financial Statements.
2


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(amounts in millions; unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
 2021202020212020
Net Income (Loss)$6.5 $3.2 $29.4 $4.1 
Other Comprehensive Income (Loss), net of tax:
Cash flow hedges:
Unrealized interest rate hedging gain (loss)0.2 (0.1)1.9 (7.7)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)0.4 0.5 1.2 0.6 
Employee benefit plans:
Actuarial gain (loss)(4.7) (4.7) 
Amortization of net loss included in net periodic benefit cost0.5 0.8 1.9 2.0 
Income taxes related to other comprehensive income (loss)    
Other comprehensive income (loss), net of tax(3.6)1.2 0.3 (5.1)
Comprehensive Income (Loss)2.9 4.4 29.7 (1.0)
Comprehensive (income) loss attributable to noncontrolling interest(0.1)(0.2)(0.3)0.4 
Comprehensive Income (Loss) Attributable to A&B Shareholders$2.8 $4.2 $29.4 $(0.6)
See Notes to Condensed Consolidated Financial Statements.
3


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in millions; unaudited)
Nine Months Ended September 30,
 20212020
Cash Flows from Operating Activities:
Net income (loss)$29.4 $4.1 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization37.7 40.5 
Loss (gain) from disposals and asset transactions, net(0.4)(9.5)
Impairment of assets 5.6 
Share-based compensation expense4.4 4.4 
Equity in (income) loss from affiliates, net of operating cash distributions(10.1)(5.0)
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables9.5 (2.1)
Inventories(3.8)1.2 
Prepaid expenses, income tax receivable and other assets0.3 7.9 
Development/other property inventory0.4 1.4 
Accrued pension and post-retirement benefits(4.0)2.0 
Accounts payable2.9 (5.2)
Accrued and other liabilities0.9 (8.1)
Net cash provided by (used in) operations67.2 37.2 
Cash Flows from Investing Activities:  
Capital expenditures for property, plant and equipment(26.1)(17.7)
Proceeds from disposal of assets0.6 27.1 
Payments for purchases of investments in affiliates and other investments(0.8) 
Distributions of capital and other receipts from investments in affiliates and other investments40.2 11.1 
Net cash provided by (used in) investing activities13.9 20.5 
Cash Flows from Financing Activities:  
Proceeds from issuance of notes payable and other debt128.0 173.0 
Payments of notes payable and other debt and deferred financing costs(192.2)(105.3)
Borrowings (payments) on line-of-credit agreement, net (8.7)
Cash dividends paid(46.5)(13.8)
Proceeds from issuance (repurchase) of capital stock and other, net(1.1)(1.0)
Net cash provided by (used in) financing activities(111.8)44.2 
Cash, Cash Equivalents and Restricted Cash  
Net increase (decrease) in cash, cash equivalents and restricted cash(30.7)101.9 
Balance, beginning of period57.4 15.4 
Balance, end of period$26.7 $117.3 
4


Other Cash Flow Information:
Interest paid, net of capitalized interest$(18.4)$(15.1)
Income tax (payments)/refunds, net$0.4 $0.5 
Noncash Investing and Financing Activities:
Capital expenditures included in accounts payable and accrued and other liabilities$1.6 $2.5 
Operating lease liabilities arising from obtaining ROU assets$5.5 $ 
Finance lease liabilities arising from obtaining ROU assets$0.1 $0.4 
Reconciliation of cash, cash equivalents and restricted cash:
Beginning of the period:
Cash and cash equivalents$57.2 $15.2 
Restricted cash0.2 0.2 
Cash, cash equivalents and restricted cash$57.4 $15.4 
End of the period:
Cash and cash equivalents$26.5 $117.1 
Restricted cash0.2 0.2 
Cash, cash equivalents and restricted cash$26.7 $117.3 
See Notes to Condensed Consolidated Financial Statements.
5


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2021 and 2020
(amounts in millions, except per share data; unaudited)
Total Equity
Common StockAccumulated
 Other
 Compre-
hensive Income (Loss)
(Distribution
in Excess
of Accumulated Earnings)
Earnings Surplus
Non-Controlling
Interest
TotalRedeem-
able
Non-
Controlling
Interest
SharesStated Value
Balance, January 1, 202072.3 $1,800.1 $(48.8)$(626.2)$3.6 $1,128.7 $6.3 
Cumulative impact of adoption of ASC 326— — — (4.0)(0.1)(4.1)— 
Net income (loss)— — — 4.5 (0.5)4.0 0.1 
Other comprehensive income (loss), net of tax— — (5.1)— — (5.1)— 
Dividend on common stock ($0.19 per share)
— — — (13.8)— (13.8)— 
Disposal of M&C subsidiary— — — — (3.0)(3.0)— 
Share-based compensation— 4.4 — — — 4.4 — 
Shares issued or repurchased, net0.1  — (0.9)— (0.9)— 
Balance, September 30, 202072.4 $1,804.5 $(53.9)$(640.4)$ $1,110.2 $6.4 
Total Equity
Common StockAccumulated
 Other
 Compre-
hensive Income (Loss)
(Distribution
in Excess
of Accumulated Earnings)
Earnings Surplus
Non-Controlling
Interest
TotalRedeem-
able
Non-
Controlling
Interest
SharesStated Value
Balance, January 1, 202172.4 $1,805.5 $(60.0)$(649.4)$ $1,096.1 $6.5 
Net income (loss)— — — 29.1 — 29.1 0.3 
Other comprehensive income (loss), net of tax— — 0.3 — — 0.3 — 
Dividend on common stock ($0.49 per share)
— — — (35.7)— (35.7)— 
Share-based compensation— 4.4 — — — 4.4 — 
Shares issued or repurchased, net0.1 (0.9)—  — (0.9)— 
Balance, September 30, 202172.5 $1,809.0 $(59.7)$(656.0)$ $1,093.3 $6.8 
See Notes to Condensed Consolidated Financial Statements
6


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2021 and 2020
(amounts in millions, except per share data; unaudited)
Total Equity
Common StockAccumulated
 Other
 Compre-
hensive Income (Loss)
(Distribution
in Excess
of Accumulated Earnings)
Earnings Surplus
Non-Controlling
Interest
TotalRedeem-
able
Non-
Controlling
Interest
SharesStated Value
Balance, July 1, 202072.3 $1,803.1 $(55.1)$(643.4)$ $1,104.6 $6.2 
Net income (loss)— — — 3.0 — 3.0 0.2 
Other comprehensive income (loss), net of tax— — 1.2 — — 1.2 — 
Share-based compensation— 1.4 — — — 1.4 — 
Shares issued or repurchased, net0.1  —  —  — 
Balance, September 30, 202072.4 $1,804.5 $(53.9)$(640.4)$ $1,110.2 $6.4 
Total Equity
Common StockAccumulated
 Other
 Compre-
hensive Income (Loss)
(Distribution
in Excess
of Accumulated Earnings)
Earnings Surplus
Non-Controlling
Interest
TotalRedeem-
able
Non-
Controlling
Interest
SharesStated Value
Balance, July 1, 202172.5 $1,807.5 $(56.1)$(649.2)$ $1,102.2 $6.7 
Net income (loss)— — — 6.4 — 6.4 0.1 
Other comprehensive income (loss), net of tax— — (3.6)— — (3.6)— 
Dividend on common stock ($0.18 per share)
— — — (13.2)— (13.2)— 
Share-based compensation— 1.6 — — — 1.6 — 
Shares issued or repurchased, net (0.1)—  — (0.1)— 
Balance, September 30, 202172.5 $1,809.0 $(59.7)$(656.0)$ $1,093.3 $6.8 
See Notes to Condensed Consolidated Financial Statements
7


Alexander & Baldwin, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1.    BACKGROUND AND BASIS OF PRESENTATION
Description of Business: Alexander & Baldwin, Inc. ("A&B" or the "Company") is a real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i. The Company operates in three segments: Commercial Real Estate ("CRE"); Land Operations; and Materials & Construction ("M&C"). As of September 30, 2021, the Company owns a portfolio of commercial real estate improved properties in Hawai‘i consisting of 22 retail centers, ten industrial assets and four office properties, representing a total of 3.9 million square feet of gross leasable area, as well as a portfolio of ground leases in Hawai‘i representing 146.0 acres. Throughout this quarterly report on Form 10-Q, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries.
Basis of Presentation: The interim condensed consolidated financial statements are unaudited. Because of the nature of the Company's operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2020 and 2019, and the related consolidated statements of operations, comprehensive income (loss), cash flows and equity for each of the three years ended December 31, 2020, 2019 and 2018, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2020 ("2020 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC").
Segment Reclassifications: The Company continually monitors its reportable segments for changes in facts and circumstances to determine whether changes in the identification or aggregation of operating segments are necessary. In the first quarter of 2021, the Company updated its reportable segments. Consequently, the segment disclosures in this filing have been recast to reflect these changes and therefore differ from prior year quarterly filings to conform to the current year presentation resulting from the reorganization of a component of the Company historically included in the results of Land Operations that will now be included in the results of Materials & Construction. Refer to Note 18 for additional information.
Rounding: Amounts in the condensed consolidated financial statements and notes are rounded to the nearest tenth of a million. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may result in differences.
2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company's significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2020 Form 10-K. There have not been any changes to the Company's significant accounting policies as described in the Company's 2020 Form 10-K.
Recently issued accounting pronouncements
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform, establishing ASC Topic 848, and amended the standard thereafter ("ASC 848"). ASC 848 provides optional practical expedients and exceptions related to the impacts of reference rate reform that affect certain debt, leases, derivatives and other contracts if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Reference rate reform has not had a material impact on any of the Company's existing contracts. Therefore, the Company has not elected to apply any of the optional practical expedients and exceptions under ASC 848 as of the current date. The Company will assess future changes in its contracts and the impact of electing to apply the optional practical expedients and exceptions provided by ASC 848 as they occur, but expects their application will not have a material effect on its financial position or results of operations.
8


Interest and other income (expense), net
Interest and other income (expense), net for the three and nine months ended September 30, 2021 and 2020 included the following (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2021202020212020
Interest income$0.2 $0.2 $0.8 $1.0 
Pension and postretirement benefit (expense)(0.7)(0.6)(2.1)(1.9)
Other income (expense), net0.3  0.3 0.3 
Interest and other income (expense), net$(0.2)$(0.4)$(1.0)$(0.6)

3.    INVESTMENTS IN AFFILIATES
The Company's investments in affiliates principally consist of equity investments in limited liability companies in which the Company has the ability to exercise significant influence over the operating and financial policies of these investments. Accordingly, the Company accounts for its investments using the equity method of accounting.
Operating results presented in the Company's condensed consolidated financial statements include the Company's proportionate share of net income (loss) from its equity method investments. Summarized financial information of entities accounted for by the equity method on a combined basis for the three and nine months ended September 30, 2021 and 2020 is as follows (in millions):
Three Months Ended September 30, Nine Months Ended September 30,
2021202020212020
Revenues$60.6 $43.3 $188.9 $133.6 
Operating costs and expenses58.3 36.9 167.2 110.9 
Gross Profit (Loss)$2.3 $6.4 $21.7 $22.7 
Income (Loss) from Continuing Operations1
$1.0 $6.0 $10.0 $14.0 
Net Income (Loss)1
$(0.5)$5.7 $9.1 $13.5 
1 Includes earnings from equity method investments held by the investee.
4.    INVENTORIES
Inventories are stated at the lower of cost (principally first-in, first-out basis) or net realizable value. Inventories as of September 30, 2021 and December 31, 2020 were as follows (in millions):
September 30, December 31,
20212020
Asphalt$7.1 $4.2 
Processed rock and sand8.0 7.9 
Work in progress3.6 3.2 
Retail merchandise2.1 2.1 
Parts, materials and supplies inventories1.4 1.0 
Total$22.2 $18.4 
5.    FAIR VALUE MEASUREMENTS
The fair value of the Company's cash and cash equivalents, accounts receivable, net and short-term borrowings approximate their carrying values due to the short-term nature of the instruments.
The fair value of the Company's notes receivable approximates the carrying amount of $14.1 million as of September 30, 2021. The fair value and carrying amount of these notes was $11.5 million at December 31, 2020. The fair value of these notes is estimated using a discounted cash flow analysis in which the Company uses unobservable inputs such as market interest rates determined by the loan-to-value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made and classified as a Level 3 measurement in the fair value hierarchy.
9


At September 30, 2021, the carrying amount of the Company's notes payable and other debt was $627.7 million and the corresponding fair value was $644.9 million. At December 31, 2020, the carrying amount of the Company's notes payable and other debt was $687.1 million, and the corresponding fair value was $704.1 million. The fair value of debt is calculated by discounting the future cash flows of the debt at market rates for instruments with similar risk, terms and maturities as compared to the Company's existing debt arrangements and classified as a Level 3 measurement in the fair value hierarchy.
The Company records its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs (refer to Note 7 for fair value information regarding the Company's derivative instruments). The fair values of the Company's interest rate swaps are classified as a Level 2 measurement in the fair value hierarchy.

6.    NOTES PAYABLE AND OTHER DEBT
At September 30, 2021 and December 31, 2020, notes payable and total debt consisted of the following (dollars in millions):

Interest Rate (%)Maturity DatePrincipal Outstanding
September 30, 2021December 31, 2020
Secured:
Kailua Town Center(1)2021$ $9.8 
Kailua Town Center #23.15%2021 4.5 
Heavy Equipment Financing(2)(2)2.2 3.2 
Laulani Village3.93%202460.5 61.3 
Pearl Highlands4.15%202480.0 81.4 
Manoa Marketplace(3)202956.6 57.9 
Subtotal$199.3 $218.1 
Unsecured:
Bank syndicated loan(4)2021$ $50.0 
Series A Note5.53%202421.3 28.4 
Series J Note4.66%202510.0 10.0 
Series B Note5.55%202645.0 46.0 
Series C Note5.56%202613.0 22.0 
Series F Note4.35%202615.2 19.7 
Series H Note4.04%202650.0 50.0 
Series K Note4.81%202734.5 34.5 
Series G Note3.88%202729.6 29.6 
Series L Note4.89%202818.0 18.0 
Series I Note4.16%202825.0 25.0 
Term Loan 54.30%202925.0 25.0 
Subtotal$286.6 $358.2 
Revolving Credit Facilities:
GLP Asphalt revolving credit facility(5)2022$ $ 
A&B Revolver(6)2025142.0 111.0 
Subtotal$142.0 $111.0 
Total debt (contractual)$627.9 $687.3 
Unamortized debt premium (discount)(0.2)(0.2)
Total debt (carrying value)$627.7 $687.1 
(1) Loan had a stated interest rate of LIBOR plus 1.50%, but was swapped through maturity to a 5.95% fixed rate. Loan was repaid in full in September 2021.
(2) Loans have a weighted average stated interest rate of approximately 2.87% and stated maturity dates ranging from 2021 to 2024.
(3) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate.
(4) Loan had a stated interest rate of LIBOR plus 1.80%, based on a pricing grid, and its LIBOR component was swapped through maturity. Loan was repaid in full in August 2021.
(5) Loan has a stated interest rate of LIBOR plus 1.25%.
(6) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid. $50.0 million is swapped through February 2023 to a 2.40% fixed rate.
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On August 31, 2021, the Company entered into a Third Amended and Restated Credit Agreement ("A&B Revolver") with Bank of America N.A, as administrative agent, First Hawaiian Bank, KeyBank National Association, Wells Fargo Bank, National Association, and other lenders party thereto, which amended and restated the existing $450.0 million committed revolving credit facility ("Revolving Credit Facility"). The A&B Revolver increased the total revolving commitments to $500.0 million, extended the term of the facilities to August 2025, and includes two six-month extension options. In addition, the A&B Revolver amended certain covenants and reduced the interest rates and fees charged under the financials-based pricing grid of the Revolving Credit Facility.

On August 31, 2021, concurrent with the closing of the A&B Revolver, the Company drew $50.0 million on the A&B Revolver and repaid the Bank Syndicated Loan in full, plus accrued interest, and satisfied all obligations thereto. The LIBOR component of this loan was swapped through maturity under a designated hedging relationship. The Company has committed to maintaining a $50.0 million draw on the A&B Revolver until February 27, 2023, the maturity date of the interest rate swap, in order to maintain an effective hedging relationship.

On August 31, 2021, the Company also entered into separate agreements with Prudential Investment Management, Inc. and AIG Asset Management to amend certain covenants related to the Prudential Private Shelf Facility and AIG Private Shelf Facility, respectively. All other terms of these agreements remain substantially unchanged.

7.    DERIVATIVE INSTRUMENTS
The Company is exposed to interest rate risk related to its variable-rate interest debt. The Company balances its cost of debt and exposure to interest rates primarily through its mix of fixed-rate and variable-rate debt. From time to time, the Company may use interest rate swaps to manage its exposure to interest rate risk.
Cash Flow Hedges of Interest Rate Risk
The Company has two interest rate swap agreements designated as cash flow hedges whose key terms are as follows (dollars in millions):

EffectiveMaturityFixed InterestNotional Amount atAsset (Liability) Fair Value atClassification on
DateDateRateSeptember 30, 2021September 30, 2021December 31, 2020Balance Sheet
4/7/20168/1/20293.14%$56.6 $(2.2)$(4.8)Accrued and other liabilities
2/13/20202/27/20233.15%$50.0 $(0.8)$(1.3)Accrued and other liabilities

Liabilities related to the interest rate swap are presented within Accrued and other liabilities, and assets are presented within Prepaid expenses and other assets in the condensed consolidated balance sheets, as applicable. The changes in fair value of the cash flow hedges are recorded in Accumulated other comprehensive income (loss) and subsequently reclassified into interest expense as interest is incurred on the related variable-rate debt.
The following table represents the pre-tax effect of the derivative instruments in the Company's condensed consolidated statement of comprehensive income (loss) during the three and nine months ended September 30, 2021 and 2020 (in millions):

Three Months Ended September 30, Nine Months Ended September 30,
2021202020212020
Derivatives in Designated Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in OCI on derivatives$0.2 $(0.1)$1.9 $(7.7)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)$0.4 $0.5 $1.2 $0.6 

As of September 30, 2021, the Company expects to reclassify $1.6 million of net gains (losses) on derivative instruments from accumulated other comprehensive income to earnings during the next 12 months.
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Non-designated Hedges
The Company's single interest rate swap that was not designated as a cash flow hedge matured on September 1, 2021. Key terms were as follows (dollars in millions):