Exhibit

EX-99.2 3 a2018q3supplement.htm EXHIBIT 99.2 Exhibit

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	5
Table 2 – Condensed Consolidated Statements of Operations	6
Table 3 – Segment Results	7
Table 4 – Condensed Consolidated Statements of Cash Flows	8
Table 5 – Debt Summary	9
Table 6 – Capitalization & Financial Ratios	10
Table 7 – Consolidated Metrics	11
Commercial Real Estate
Table 8 – Statement of Operating Profit, Cash NOI and Same-Store Cash NOI	12
Table 9 – Occupancy	13
Table 10 – Cash NOI and Same-Store Cash NOI by Type	14
Table 11 – Property Report	15
Table 12 – Ground Lease Report	17
Table 13 – Portfolio Summary	18
Table 14 – Top 10 Tenants Ranked by ABR	19
Table 15 – Lease Expiration Schedule	20
Table 16 – New & Renewal Lease Summary	21
Table 17 – Portfolio Repositioning, Redevelopment & Development Summary	22
Table 18 – Transactional Activity (2013- 2018)	23
Table 19 – Commercial Real Estate EBITDA	25
Land Operations
Table 20 – Statement of Operating Profit & EBITDA	26
Table 21 – Key Active Development-for-sale Projects	27
Materials & Construction
Table 22 – Statement of Operating Profit, EBITDA and Adjusted EBITDA	28

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 business 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).

Alexander & Baldwin, Inc.

Components of Value Index



Page	Schedule	Description
Commercial Real Estate
12	Statement of Operating Profit, Cash NOI and Same-Store Cash NOI	Summary of CRE Operating Profit, Cash NOI, and Same-Store Cash NOI.
22	Portfolio Repositioning, Redevelopment & Development Summary	Provides an overview of the Company's ongoing and planned developments for hold.

Land Operations
27	Key Active Development-for-sale Projects	Provides an overview of the Company's ongoing and planned developments for sale.

Materials & Construction
28	Statement of Operating Profit, EBITDA and Adjusted EBITDA	Summary of Materials & Construction Operating Profit, EBITDA, and Adjusted EBITDA.

Other
9	Debt Summary	Provides an overview of the Company's notes payable and long-term debt.

Company Overview

Alexander & Baldwin, Inc.

Company Profile

Alexander & Baldwin, Inc. (the "Company") is a Hawai`i real estate company with a 148-year history of being an integral piece of Hawai`i and its economy. This makes us uniquely qualified to create value for shareholders through an investment and asset redeployment strategy focused on growth primarily in our commercial real estate holdings in Hawai`i. In July 2017, the Company announced its decision to convert to a real estate investment trust ("REIT") commencing with the 2017 tax year. This announcement sets a strategic course for the Company to concentrate its activities on investments in, and growth of, its commercial real estate holdings. In January 2018, the Company completed the payment of its previously undistributed non-REIT earnings and profits accumulated prior to January 1, 2017, representing a final step in the REIT conversion. On October 15, 2018, the Company filed its tax return including the 2017 Form 1120-REIT with the Internal Revenue Service.

We are composed of the following as of September 30, 2018:


•	A 3.4 million-square-foot portfolio of commercial real estate and 109 acres of ground leases throughout the Hawaiian islands, including 2.3 million square feet of largely grocery/drugstore-anchored retail centers;


•	More than 86,000 acres of landholdings, making us the fourth largest private landowner in Hawai`i. In addition, we are engaged in residential and commercial development-for-sale activities in select Hawai`i locations; and


•	Hawai`i's most significant materials and construction operations, including strategic quarry and asphalt importation sites that supply the Hawaiian islands, paving activities and certain complementary operations.



Executive Officers

Christopher Benjamin		James Mead
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

Pike Riegert		Meredith Ching
President, Grace Pacific		Executive Vice President, Government & Community Relations

Contact Information		Equity Research

Corporate Headquarters		Evercore ISI
822 Bishop Street		Sheila McGrath
Honolulu, HI 96813		(212) 425-3389
		sheila.mcgrath@evercore.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) 522-6645
		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 website: www.gracepacific.com
		Market capitalization at September 30, 2018: $1.6B
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

Alexander & Baldwin, Inc.

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 for the Materials & Construction segment by adjusting for income attributable to noncontrolling interests from EBITDA.

Backlog	Backlog represents the amount of revenue that Grace Pacific and Maui Paving, LLC, a 50-percent-owned unconsolidated affiliate, expect to realize on contracts awarded or government contracts in which Grace Pacific has been confirmed to be the lowest bidder and formal communication of the award is believed to be perfunctory.

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, 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.

Net Debt	Net Debt is calculated as the Company's total notional debt, excluding unamortized premium, discount and capitalized loan fees, less cash, cash equivalents and restricted cash.

EBITDA	Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated on a consolidated basis 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 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 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 (GAAP) in the United States of America.

GLA	Gross Leasable Area (GLA) is periodically adjusted based on remeasurement or reconfiguration of space, measured in square feet (SF).

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).

Occupancy	The percentage of square footage leased and commenced to gross leasable space properties 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.

Alexander & Baldwin, Inc.

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


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


•	Commercial Real Estate EBITDA


•	Land Operations EBITDA


•	Materials & Construction EBITDA and Adjusted EBITDA

The Company uses these 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. 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 by the Company in evaluating the CRE segment's operating performance as it is an indicator of the return on property investment, and enables a comparison of results of operations, on an unlevered basis, over time. 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 EBITDA.


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


•	Refer to Table 19 for a reconciliation of Commercial Real Estate operating profit to EBITDA.


•	Refer to Table 20 for a reconciliation of Land Operations operating profit to EBITDA.


•	Refer to Table 22 for a reconciliation of Materials & Construction operating profit to EBITDA.

Financial Summary

Alexander & Baldwin, Inc.

Table 1 – Condensed Consolidated Balance Sheets

($ in millions, unaudited)



	September 30,			December 31,
	2018			2017
ASSETS
Current Assets:
Cash and cash equivalents	$	7.5		$	68.9
Accounts receivable, net	60.3			47.3
Costs and estimated earnings in excess of billings on uncompleted contracts	9.6			20.2
Inventories	32.2			31.9
Real estate development inventory and property held for sale	23.7			67.4
Prepaid expenses and other assets	41.3			39.1
Total current assets	174.6			274.8
Investments in Affiliates	379.2			401.7
Real Estate Developments	141.9			151.0
Property – Net	1,322.3			1,147.5
Intangible Assets – Net	75.9			46.9
Deferred Tax Asset	17.6			16.5
Goodwill	102.3			102.3
Restricted Cash	0.2			34.3
Other Assets	62.2			56.2
Total assets	$	2,276.2		$	2,231.2

LIABILITIES AND EQUITY
Current Liabilities:
Notes payable and current portion of long-term debt	$	37.1		$	46.0
Accounts payable	33.7			43.3
Billings in excess of costs and estimated earnings on uncompleted contracts	3.6			5.7
Accrued dividends^(a)	—			783.0
Accrued and other liabilities	46.3			48.8
Total current liabilities	120.7			926.8
Long-term Liabilities:
Long-term debt	741.3			585.2
Accrued retirement benefits	23.1			22.7
Other non-current liabilities	34.5			37.4
Total long-term liabilities	798.9			645.3
Total liabilities	919.6			1,572.1
Redeemable Noncontrolling Interest	8.0			8.0

Equity:
Common stock - no par value; authorized, 150 million shares; outstanding, 72.0 million and 49.3 million shares at September 30, 2018 and December 31, 2017, respectively	1,792.1			1,161.7
Accumulated other comprehensive loss	(38.3		)	(42.3		)
Distributions in excess of accumulated earnings	(410.5		)	(473.0		)
Total A&B shareholders' equity	1,343.3			646.4
Noncontrolling interest	5.3			4.7
Total equity	1,348.6			651.1
Total liabilities and equity	$	2,276.2		$	2,231.2


(a)	Amount as of December 31, 2017 represents the Company's Special Distribution, consisting of $156.6 million of cash and $626.4 million of shares, which was settled on January 23, 2018.

Alexander & Baldwin, Inc.

Table 2 – Condensed Consolidated Statements of Operations

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Operating Revenue:
Commercial Real Estate	$	35.9		$	33.9		$	104.9		$	101.4
Land Operations	24.0			22.6			72.6			45.7
Materials & Construction	59.5			55.0			167.3			155.7
Total operating revenue	119.4			111.5			344.8			302.8
Operating Costs and Expenses:
Cost of Commercial Real Estate	19.2			19.2			57.0			56.9
Cost of Land Operations	17.4			11.7			67.0			29.1
Cost of Materials & Construction	50.5			44.3			143.5			125.1
Selling, general and administrative	14.6			18.4			44.7			47.9
REIT evaluation/conversion costs	—			4.4			—			11.4
Total operating costs and expenses	101.7			98.0			312.2			270.4
Operating Income (Loss)	17.7			13.5			32.6			32.4
Income (loss) related to joint ventures	4.5			4.3			6.3			7.5
Reductions in solar investments, net	(0.1		)	(0.4		)	(0.4		)	(2.6		)
Interest and other income (expense), net	3.8			(0.2		)	2.5			0.6
Interest expense	(9.1		)	(6.1		)	(26.4		)	(18.5		)
Income (Loss) from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties and Ground Leased Land	16.8			11.1			14.6			19.4
Income tax benefit (expense)	(1.0		)	(3.7		)	1.8			(6.4		)
Income (Loss) from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties and Ground Leased Land	15.8			7.4			16.4			13.0
Net gain (loss) on the sale of improved properties and ground leased land	—			—			49.8			3.0
Income (Loss) from Continuing Operations	15.8			7.4			66.2			16.0
Income (loss) from discontinued operations, net of income taxes	(0.2		)	(0.8		)	(0.2		)	2.4
Net Income (Loss)	15.6			6.6			66.0			18.4
Income attributable to noncontrolling interest	(0.8		)	(0.5		)	(1.4		)	(1.7		)
Net Income (Loss) Attributable to A&B Shareholders	$	14.8		$	6.1		$	64.6		$	16.7

Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders	$	0.21		$	0.15		$	0.92		$	0.32
Discontinued operations available to A&B shareholders	—			(0.02		)	—			0.04
Net income (loss) available to A&B shareholders	$	0.21		$	0.13		$	0.92		$	0.36
Diluted Earnings Per Share of Common Stock:
Continuing operations available to A&B shareholders	$	0.20		$	0.15		$	0.89		$	0.31
Discontinued operations available to A&B shareholders	—			(0.02		)	—			0.05
Net income (loss) available to A&B shareholders	$	0.20		$	0.13		$	0.89		$	0.36

Weighted-Average Number of Shares Outstanding:
Basic	72.0			49.2			70.2			49.1
Diluted	72.4			49.6			72.4			49.6

Amounts Available to A&B Shareholders:
Continuing operations available to A&B shareholders, net of income taxes	$	15.0		$	7.4		$	64.8		$	15.5
Discontinued operations available to A&B shareholders, net of income taxes	(0.2		)	(0.8		)	(0.2		)	2.4
Net income (loss) available to A&B shareholders	$	14.8		$	6.6		$	64.6		$	17.9

Alexander & Baldwin, Inc.

Table 3 – Segment Results

($ in millions, unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Operating Revenue:
Commercial Real Estate	$	35.9		$	33.9		$	104.9		$	101.4
Land Operations	24.0			22.6			72.6			45.7
Materials & Construction	59.5			55.0			167.3			155.7
Total operating revenue	119.4			111.5			344.8			302.8
Operating Profit (Loss):
Commercial Real Estate¹	15.9			13.6			45.0			41.3
Land Operations²	13.1			10.4			9.3			9.7
Materials & Construction	3.4			6.5			7.2			18.8
Total operating profit (loss)	32.4			30.5			61.5			69.8
Interest expense	(9.1		)	(6.1		)	(26.4		)	(18.5		)
General corporate expenses	(6.5		)	(8.9		)	(20.5		)	(20.5		)
REIT evaluation/conversion costs	—			(4.4		)	—			(11.4		)
Income (Loss) from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties and Ground Leased Land	16.8			11.1			14.6			19.4
Income tax benefit (expense)	(1.0		)	(3.7		)	1.8			(6.4		)
Income (Loss) from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties and Ground Leased Land	15.8			7.4			16.4			13.0
Net gain on the sale of improved properties and ground leased land	—			—			49.8			3.0
Income (Loss) from Continuing Operations	15.8			7.4			66.2			16.0
Income (loss) from discontinued operations, net of income taxes	(0.2		)	(0.8		)	(0.2		)	2.4
Net Income (Loss)	15.6			6.6			66.0			18.4
Income attributable to noncontrolling interest	(0.8		)	(0.5		)	(1.4		)	(1.7		)
Net Income (Loss) Attributable to A&B Shareholders	$	14.8		$	6.1		$	64.6		$	16.7

¹Commercial 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.

Alexander & Baldwin, Inc.

Table 4 – Condensed Consolidated Statements of Cash Flows

($ in millions, unaudited)



	Nine Months Ended September 30,
	2018			2017
Cash Flows from Operating Activities:
Net income (loss)	$	66.0		$	18.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization	31.6			31.4
Deferred income taxes	(2.4		)	19.1
Gains on asset transactions and other	(62.1		)	(22.2		)
Share-based compensation expense	4.0			3.4
Investments in affiliates, net of distributions of income	2.0			3.2
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables	(4.9		)	(4.2		)
Inventories	(0.3		)	13.2
Prepaid expenses, income tax receivable and other assets	(4.1		)	(19.8		)
Accrued pension and post-retirement benefits	2.5			(48.0		)
Accounts payable	(8.3		)	(3.0		)
Accrued and other liabilities	(7.3		)	(38.2		)
Real estate inventory sales (real estate developments held for sale)	41.0			16.5
Expenditures for real estate inventory (real estate developments held for sale)	(20.0		)	(15.0		)
Net cash provided by (used in) operations	37.7			(45.2		)

Cash Flows from Investing Activities:
Capital expenditures for acquisitions	(201.6		)	(10.1		)
Capital expenditures for property, plant and equipment	(40.0		)	(23.6		)
Proceeds from disposal of property and other assets	169.3			16.7
Payments for purchases of investments in affiliates and other investments	(21.3		)	(31.5		)
Distributions of capital from investments in affiliates and other investments	32.8			3.9
Net cash provided by (used in) investing activities	(60.8		)	(44.6		)

Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt	533.5			145.5
Payments of long-term debt and deferred financing costs	(433.6		)	(46.4		)
Borrowings (payments) on line-of-credit agreement, net	(14.2		)	9.8
Distribution to noncontrolling interests	(0.2		)	(0.2		)
Cash dividends paid	(156.6		)	(10.3		)
Proceeds from issuance (repurchase) of capital stock and other, net	(1.3		)	(4.1		)
Net cash provided by (used in) financing activities	(72.4		)	94.3

Cash, Cash Equivalents and Restricted Cash:
Net increase (decrease) in cash, cash equivalents, and restricted cash	(95.5		)	4.5
Balance, beginning of period	103.2			12.3
Balance, end of period	$	7.7		$	16.8

Alexander & Baldwin, Inc.

Table 5 – Debt Summary

As of September 30, 2018

($ in millions, unaudited)



					Scheduled principal payments
Debt	Stated Rate (%)	Weighted- average Interest Rate (%)	Maturity Date	Weighted- average Maturity (Years)	2018		2019		2020		2021		2022		Thereafter		Total Principal		Unamort Deferred Fin Cost/ (Discount) Premium			Total
Secured:

Kailua Town Center	( a )	5.95%	2021	2.9	0.1		0.3		0.4		9.8		—		—		10.6		(0.2		)	10.4
Kailua Town Center #2	3.15%	3.15%	2021	2.7	—		0.1		0.1		4.6		—		—		4.8		—			4.8
Laulani Village	3.93%	3.93%	2024	5.5	—		—		0.7		1.1		1.1		59.1		62.0		(0.9		)	61.1
Pearl Highlands	4.15%	4.15%	2024	5.7	0.5		1.9		1.9		2.0		2.1		77.3		85.7		1.0			86.7
Manoa Marketplace	( b )	3.14%	2029	9.5	—		0.5		1.6		1.7		1.7		54.5		60.0		(0.3		)	59.7

Subtotal		3.88%		6.4	$	0.6	$	2.8	$	4.7	$	19.2	$	4.9	$	190.9	$	223.1	$	(0.4	)	$	222.7

Unsecured:

Term Loan 3	5.19%	5.19%	2019	0.4	$	0.7	$	2.3	$	—	$	—	$	—	$	—	$	3.0	$	—		$	3.0
Series D Note	6.90%	6.90%	2020	0.7	—		16.3		16.2		—		—		—		32.5		—			32.5
Term Loan 4	( c )	4.26%	2021	3.2	—		—		—		9.4		—		—		9.4		—			9.4
Bank Syndicated Loan	( d )	4.06%	2023	4.4	—		—		—		—		—		50.0		50.0		—			50.0
Series A Note	5.53%	5.53%	2024	4.3	—		—		—		7.1		7.1		14.3		28.5		—			28.5
Series J Note	4.66%	4.66%	2025	6.6	—		—		—		—		—		10.0		10.0		—			10.0
Series B Note	5.55%	5.55%	2026	5.1	—		—		—		1.0		9.0		36.0		46.0		—			46.0
Series C Note	5.56%	5.56%	2026	4.4	—		1.0		1.0		9.0		2.0		11.0		24.0		—			24.0
Series F Note	4.35%	4.35%	2026	5.2	—		—		2.4		4.5		—		15.1		22.0		—			22.0
Series H Note	4.04%	4.04%	2026	8.2	—		—		—		—		—		50.0		50.0		—			50.0
Series K Note	4.81%	4.81%	2027	8.6	—		—		—		—		—		34.5		34.5		(0.1		)	34.4
Series G Note	3.88%	3.88%	2027	4.3	7.5		7.5		5.4		1.5		6.0		22.1		50.0		—			50.0
Series L Note	4.89%	4.89%	2028	9.6	—		—		—		—		—		18.0		18.0		(0.6		)	17.4
Series I Note	4.16%	4.16%	2028	10.3	—		—		—		—		—		25.0		25.0		—			25.0
Term Loan 5	4.30%	4.30%	2029	11.3	—		—		—		—		—		25.0		25.0		(0.1		)	24.9

Subtotal		4.75%		5.0	$	8.2	$	27.1	$	25.0	$	32.5	$	24.1	$	311.0	$	427.9	$	(0.8	)	$	427.1

Revolving Credit Facilities:

GLP Asphalt Revolving Credit Facility	( e )	3.51%	2020	1.9	$	—	$	—	$	4.5	$	—	$	—	$	—	$	4.5	$	—		$	4.5
Revolving credit facility	( f )	4.13%	2022	4.3	$	—	$	—	$	—	$	—	$	124.1	$	—	$	124.1	$	—		$	124.1

Subtotal		4.10%		4.2	$	—	$	—	$	4.5	$	—	$	124.1	$	—	$	128.6	$	—		$	128.6

Total		4.40%		5.3	$	8.8	$	29.9	$	34.2	$	51.7	$	153.1	$	501.9	$	779.6	$	(1.2	)	$	778.4

(a) Loan has a stated interest rate of LIBOR plus 1.50%, and is swapped through maturity to a 5.95% fixed rate.
(b) Loan has a stated interest rate of LIBOR plus 1.35%, and is swapped through maturity to a 3.14% fixed rate.
(c) Loan has a stated interest rate of LIBOR plus 2.00%, and is secured by a letter of credit.
(d) Loan has a stated interest rate of LIBOR plus 1.80%, based on pricing grid
(e) Loan has a stated interest rate of LIBOR plus 1.25%.
(f) Loan has a stated interest rate of LIBOR plus 1.85%, based on pricing grid.

Alexander & Baldwin, Inc.

Table 6 – Capitalization & Financial Ratios

As of September 30, 2018

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



Debt
Secured debt			$	222.7
Unsecured term debt			427.1
Unsecured revolving credit facility			128.6
Total debt			778.4
Add: Net unamortized deferred financing cost / discount premium			1.2
Less: cash, cash equivalents and restricted cash			(7.7		)
Net debt			$	771.9

Market Capitalization	Shares	Stock Price	Market Value
Common stock (NYSE:ALEX)	72,027,109	$22.69	$	1,634.3
Total market capitalization			$	1,634.3

Total Capitalization			$	2,412.7
Debt to total capitalization			32.3		%

Liquidity
Cash on hand			$	7.5
Unused committed line of credit			314.1
Total liquidity			$	321.6

Financial Ratios
Net debt to TTM EBITDA			6.1 x
Fixed-charge coverage ratio			3.4 x
Fixed-rate debt to total debt			75.9		%
Unencumbered CRE assets as a percent of total CRE assets (gross book value)			70.3		%

Alexander & Baldwin, Inc.

Table 7 – Consolidated Metrics

($ in millions, unaudited)



Consolidated EBITDA

	Three Months Ended September 30,						Nine Months Ended September 30,						TTM September 30,
	2018			2017			2018			2017			2018
Net Income (Loss)	$	15.6		$	6.6		$	66.0		$	18.4		$	278.1
Adjustments:
Depreciation and amortization	10.7			10.4			31.6			31.4			41.6
Interest expense	9.1			6.1			26.4			18.5			33.5
Income tax expense (benefit)	0.9			3.2			(1.9		)	7.8			(226.6		)
EBITDA	$	36.3		$	26.3		$	122.1		$	76.1		$	126.6

Other discrete items impacting the respective periods:
Income attributable to noncontrolling interests	(0.8		)	(0.5		)	(1.4		)	(1.7		)	(1.9		)
(Income) loss from discontinued operations before interest, income taxes and depreciation and amortization	0.3			1.3			0.3			(3.8		)	0.4
REIT evaluation/conversion costs	—			4.4			—			11.4			3.8
Reduction in solar investments, net	0.1			0.4			0.4			2.6			0.4
Impairment of real estate assets	—			—			—			—			22.4
Gain on sales of improved properties and ground leases	—			—			(49.8		)	(3.0		)	(56.1		)



Consolidated SG&A

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Commercial Real Estate	$	1.4	$	1.9	$	4.7	$	4.9
Land Operations	1.7		4.3		4.7		10.3
Materials & Construction	5.2		5.0		15.4		14.2
Corporate and Other	6.3		7.2		19.9		18.5
Selling, general and administrative	$	14.6	$	18.4	$	44.7	$	47.9

Commercial Real Estate

Alexander & Baldwin, Inc.

Table 8 – Statement of Operating Profit, Cash NOI and Same-Store Cash NOI

($ in millions, unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Operating Revenues:
Base rents	$	24.3		$	23.4		$	68.8		$	69.7
Recoveries from tenants	8.9			8.1			26.7			24.4
Other revenues	2.7			2.4			9.4			7.3
Total Commercial Real Estate revenues	35.9			33.9			104.9			101.4
Operating Costs and Expenses:
Property operations	8.9			9.4			27.3			28.1
Property taxes	3.1			3.2			9.2			9.1
Depreciation and amortization	7.2			6.6			20.5			19.7
Total Cost of Commercial Real Estate	19.2			19.2			57.0			56.9
Selling, general and administrative	(1.4		)	(1.9		)	(4.7		)	(4.9		)
Intersegment operating revenues ^(a)	0.6			0.9			1.9			2.1
Interest and other income (expense), net	—			(0.1		)	(0.1		)	(0.4		)
Operating Profit (Loss)	15.9			13.6			45.0			41.3
Plus: Depreciation and amortization	7.2			6.6			20.5			19.7
Less: Straight-line lease adjustments	(2.0		)	(0.3		)	(2.7		)	(1.3		)
Less: Favorable/(unfavorable) lease amortization	(0.4		)	(0.7		)	(1.4		)	(2.2		)
Less: Termination income	—			—			(1.1		)	—
Plus: Other (income)/expense, net	—			0.1			0.1			0.4
Plus: Selling, general, administrative and other expenses	1.4			1.9			4.7			5.9
Cash NOI	22.1			21.2			65.1			63.8
Acquisitions / dispositions and other adjustments	(3.3		)	(3.4		)	(9.2		)	(10.0		)
Same-Store Cash NOI	$	18.8		$	17.8		$	55.9		$	53.8


Maintenance Capital Expenditures:
Building improvements	$	1.9		$	1.4		$	5.3		$	3.7
Tenant improvements	1.9			2.5			6.7			4.0
Total maintenance capital expenditures	$	3.8		$	3.9		$	12.0		$	7.7

Leasing Commissions:	0.5			1.0			2.2			4.6

(a) 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.

Alexander & Baldwin, Inc.

Table 9 – Occupancy

(Unaudited)



Occupancy*

	As of	As of	Percentage Point Change
	September 30, 2018	September 30, 2017	Percentage Point Change
Retail	92.7%	92.5%	0.2
Industrial	90.2%	94.2%	(4.0)
Office	91.7%	91.9%	(0.2)
Total	91.9%	93.0%	(1.1)



Same-Store Occupancy
	As of	As of	Percentage Point Change
	September 30, 2018	September 30, 2017	Percentage Point Change
Retail	92.7%	92.8%	(0.1)
Industrial	89.2%	94.3%	(5.1)
Office	91.7%	93.5%	(1.8)
Total	91.5%	93.3%	(1.8)

*During the nine months ended September 30, 2018, the Company disposed of its mainland commercial properties and, therefore, removed the occupancy statistics from mainland commercial properties owned as of September 30, 2018 from the occupancy table.

Alexander & Baldwin, Inc.

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

($ in thousands, unaudited)



Total Portfolio Cash NOI
	Three Months Ended September 30, 2018			Three Months Ended September 30, 2017			Quarter Change
	Hawai`i	Mainland	Total	Hawai`i	Mainland	Total	Hawai`i	Mainland	Total
Retail	$14,953	$(3)	$14,950	$11,212	$560	$11,772	33.4%	(100.5)%	27.0%
Industrial	3,238	12	3,250	3,159	1,209	4,368	2.5%	(99.0)%	(25.6)%
Office	1,040	(42)	998	1,093	940	2,033	(4.9)%	(104.5)%	(50.9)%
Ground	2,905	—	2,905	3,025	—	3,025	(4.0)%	N/A	(4.0)%
Total	$22,136	$(33)	$22,103	$18,489	$2,709	$21,198	19.7%	(101.2)%	4.3%



	Nine Months Ended September 30, 2018			Nine Months Ended September 30, 2017			YTD Change
	Hawai`i	Mainland	Total	Hawai`i	Mainland	Total	Hawai`i	Mainland	Total
Retail	$41,998	$533	$42,531	$34,604	$1,665	$36,269	21.4%	(68.0)%	17.3%
Industrial	9,611	493	10,104	8,823	3,514	12,337	8.9%	(86.0)%	(18.1)%
Office	3,186	435	3,621	3,233	3,080	6,313	(1.5)%	(85.9)%	(42.7)%
Ground	8,797	—	8,797	8,862	—	8,862	(0.7)%	N/A	(0.7)%
Total	$63,592	$1,461	$65,053	$55,522	$8,259	$63,781	14.5%	(82.3)%	2.0%



Same-Store Cash NOI

	Three Months Ended September 30, 2018	Three Months Ended September 30, 2017	Change
Retail	$11,828	$11,111	6.5%
Industrial	3,023	2,972	1.7%
Office	1,036	929	11.6%
Ground	2,907	2,823	3.0%
Total	$18,794	$17,835	5.4%



	Nine Months Ended September 30, 2018	Nine Months Ended September 30, 2017	Change
Retail	$35,276	$34,248	3.0%
Industrial	8,975	8,583	4.6%
Office	3,049	2,725	11.9%
Ground	8,584	8,255	4.0%
Total	$55,884	$53,811	3.9%

Alexander & Baldwin, Inc.

Table 11 – Property Report

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



	Property		Island	Year Built/ Renovated	Current GLA (SF)	Occupancy	ABR		ABR PSF		Q3 2018 Cash NOI			Q3 2018 % Cash NOI to Total Portfolio Cash NOI	Retail Anchor Tenants
	Retail:
1	Pearl Highlands Center	*	Oahu	1992-1994	411,300	93.1%	$	9,796	$	26.16	$	2,271		11.8%	Sam's Club, Regal Cinemas, 24 Hour Fitness
2	Kailua Retail	***	Oahu	1947-2014, 2018	365,500	95.0%	9,808		33.97		2,654			13.8%	Whole Foods Market, Foodland, CVS/Longs Drugs, Ulta Salon
3	Laulani Village		Oahu	2012	175,600	93.9%	6,005		36.70		1,592			8.3%	Safeway, Ross, Walgreens, Petco
4	Waianae Mall	*	Oahu	1975	170,300	86.0%	3,018		20.62		648			3.4%	CVS/Longs Drugs, City Mill
5	Manoa Marketplace	*	Oahu	1977	140,200	90.1%	4,169		33.57		1,062			5.5%	Safeway, CVS/Longs Drugs
6	Kaneohe Bay Shopping Center (Leasehold)	*	Oahu	1971	125,400	100.0%	3,027		24.14		679			3.5%	Safeway, CVS/Longs Drugs
7	Hokulei Village		Kauai	2015	119,200	98.4%	4,121		35.36		1,028			5.3%	Safeway, Petco
8	Waipio Shopping Center	*	Oahu	1986, 2004	113,800	93.8%	3,088		28.92		839			4.4%	Foodland
9	Aikahi Park Shopping Center	*	Oahu	1971	98,000	79.2%	1,651		21.27		573			3.0%	Safeway
10	The Shops at Kukui`ula	*	Kauai	2009	89,100	97.9%	4,285		51.71		1,291			6.7%	CVS/Longs Drugs, Eating House, Living Foods Market
11	Lanihau Marketplace	*	Hawai`i Island	1987	88,300	99.9%	1,844		20.89		390			2.0%	Sak' N Save, CVS/Longs Drugs
12	Kunia Shopping Center	*	Oahu	2004	60,600	88.3%	2,092		39.13		534			2.8%
13	Kahului Shopping Center	*	Maui	1951	45,300	98.5%	425		13.93		50			0.3%
14	Napili Plaza	*	Maui	1991	45,600	83.1%	1,160		30.61		205			1.1%	Napili Market
15	Lahaina Square		Maui	1973	44,800	75.2%	658		19.55		23			0.1%	Ace Hardware
16	Gateway at Mililani Mauka	*	Oahu	2008, 2013	34,900	97.7%	1,759		53.68		480			2.5%	CVS/Longs Drugs (shadow-anchored)
17	Port Allen Marina Center	*	Kauai	2002	23,600	92.0%	565		26.07		137			0.7%
18	The Collection		Oahu	2017	12,000	93.0%	98		54.02		(4		)	—%
19	Pu`unene Shopping Center	**	Maui	2017	120,100	N/A	—		—		501			2.6%	Planet Fitness, Petco, Ulta Salon, Target (shadow-anchored)
	Subtotal – Retail				2,283,600	92.7%	$	57,569	$	30.19	$	14,953		77.8%

	Industrial:
20	Komohana Industrial Park	*	Oahu	1990	238,300	81.2%	$	2,422	$	12.52	$	1,030		5.4%
21	Kaka`ako Commerce Center	*	Oahu	1969	193,900	91.1%	2,618		14.89		534			2.8%
22	Waipio Industrial	*	Oahu	1988-1989	158,400	100.0%	2,504		15.81		623			3.2%
23	P&L Warehouse	*	Maui	1970	104,100	87.1%	1,289		14.21		306			1.6%
24	Honokohau Industrial		Hawai`i Island	2004-2006, 2008	85,500	100.0%	972		11.37		215			1.1%
25	Kailua Industrial/Other	*	Oahu	1951-1974	68,800	92.6%	878		14.79		169			0.9%
26	Port Allen	*	Kauai	1983, 1993	63,800	100.0%	695		10.89		214			1.1%
27	Harbor Industrial	*	Maui	1930	51,100	72.2%	425		11.53		147			0.8%
	Subtotal – Industrial				963,900	90.2%	$	11,803	$	13.66	$	3,238		16.9%



	Property		Island	Year Built/ Renovated	Current GLA (SF)	Occupancy	ABR		ABR PSF		Q3 2018 Cash NOI		Q3 2018 % Cash NOI to Total Portfolio Cash NOI	Retail Anchor Tenants

	Office:
28	Kahului Office Building	*	Maui	1974	59,400	91.5%	$	1,579	$	29.47	$	373	1.9%
29	Gateway at Mililani Mauka South	*	Oahu	1992, 2006	37,100	100.0%	1,638		44.10		431		2.2%
30	Kahului Office Center	*	Maui	1991	33,400	79.5%	692		26.02		176		0.9%
31	Lono Center	*	Maui	1973	13,700	100.0%	310		22.69		56		0.3%
	Stangenwald and Judd Buildings (disposed March 2018)										4		—%
	Subtotal – Office				143,600	91.7%	$	4,219	$	32.21	$	1,040	5.3%
	Total – Hawai`i Portfolio				3,391,100	91.9%	$	73,591	$	25.36	$	19,231	100.0%



* Included in Same-Store portfolio.
** Development completed but not yet stabilized. Upon initial stabilization the property will be included in Occupancy. NOI not included in Same-Store portfolio.
***Lau Hala Shops - development completed but not yet stabilized. Upon initial stabilization the property will be included in Occupancy. NOI not included in Same-Store portfolio.

Alexander & Baldwin, Inc.

Table 12 – Ground Lease Report

($ in thousands, unaudited)



Ground Leases (a)		Location (City, Island)	Acres	Property Type	Exp. Year	Current ABR		Q3 2018 Cash NOI		Next Rent Step	Step Type	Next ABR ($ in $000)	Previous Rent Step	Previous Step Type	Previous ABR ($ in $000)
#1	*	Kaneohe, Oahu	15.4	Retail	2035	$	2,800	$	701	2023	FMV Reset	FMV	2017	Fixed Step	2,100
#2	*	Honolulu, Oahu	2.8	Retail	2040	1,344		337		2020	FMV Reset	FMV	2016	Fixed Step	1,296
#3	*	Kaneohe, Oahu	3.7	Retail	2048	990		246		2023	Fixed Step	1,059	2018	Option	694
#4	*	Kailua, Oahu	3.4	Retail	2062	753		188		2022	Fixed Step	963	2012	FMV Reset	160
#5	*	Pu`unene, Maui	52.0	Heavy Industrial	2034	751		217		2019	FMV Reset	FMV	2014	Fixed Step	626
#6	*	Kailua, Oahu	1.6	Retail		565		141		MTM	MTM	—	2017	Option	538
#7	*	Kailua, Oahu	2.2	Retail	2062	485		122		2022	Fixed Step	621	2012	FMV Reset	unknown
#8	*	Honolulu, Oahu	0.5	Retail	2028	340		86		2019	Fixed Step	348	2018	Fixed Step	252
#9	*	Honolulu, Oahu	0.5	Parking	2023	310		74		2019	Fixed Step	319	2018	Fixed Step	270
#10	*	Kailua, Oahu	1.2	Retail	2022	237		56					2013	FMV Reset	120
#11	*	Kahului, Maui	0.8	Retail	2026	228		57		2018	Fixed Step	235	2017	Fixed Step	221
#12	*	Kahului, Maui	0.4	Retail	2020	207		52		2019	Fixed Step	214	2018	Fixed Step	201
#13	*	Kailua, Oahu	3.3	Office	2037	200		63		2022	FMV Reset	FMV	2012	*Negotiated	100
#14	*	Kahului, Maui	0.8	Industrial	2020	192		48		2019	Fixed Step	200	2018	Fixed Step	183
#15	*	Kailua, Oahu	0.9	Retail	2033	181		45		2019	FMV Reset	FMV	2014	Fixed Step	167
#16	*	Kahului, Maui	0.5	Retail	2029	168		71		2019	Fixed Step	173	2018	Fixed Step	163
#17	*	Kahului, Maui	0.4	Retail	2027	158		61		2022	Fixed Step	181	2017	*Negotiated	128
#18	*	Kailua, Oahu	0.4	Retail	2022	144		36		2019	Fixed Step	151	2018	*Negotiated	130
#19	*	Kailua, Oahu	0.4	Retail	2026	126		32				—	2017	*Negotiated	63
#20	*	Kailua, Oahu	0.3	Retail	2026	110		28				—	2017	*Negotiated	77
Remainder	*	Various	17.3	Various	Various	1,268		244		Various	Various
Total - Ground Leases			108.8			$	11,557	$	2,905
(a) Excludes intersegment ground leases, primarily from our Materials & Construction segment, which are eliminated in our consolidated results of operations.
* Included in Same-Store portfolio.

Alexander & Baldwin, Inc.

Table 13 – Portfolio Summary

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



Portfolio Summary	Current GLA (SF)	Occupancy	Q3 2018 Cash NOI			Q3 2018 % Cash NOI to Total Portfolio Cash NOI
Portfolio Summary	Current GLA (SF)	Occupancy	Q3 2018 Cash NOI			Q3 2018 % Cash NOI to Total Portfolio Cash NOI
Portfolio	3,391,100	91.9%	$	19,231		87.0%
Ground Leases			2,905			13.2%
Mainland Portfolio			(33		)	(0.2)%
Total Portfolio	3,391,100	91.9%	$	22,103		100.0%

Changes in Same-Store portfolio year to date through September 30, 2018:



Dispositions		Additions
Date	Property	Date	Property
7/18	Lahaina Square Shopping Center (Held for Sale)	1/16	Manoa Marketplace
3/18	Stangenwald Building	2/16	Gateway at Mililani Mauka South
3/18	Judd Building
3/18	Kaiser Permanente Ground Lease
3/18	Royal MacArthur Center
3/18	Little Cottonwood Center
3/18	Sparks Business Center
3/18	Preston Park
2/18	Deer Valley Financial Center
1/18	Concorde Commerce Center

Alexander & Baldwin, Inc.

Table 14 – Top 10 Tenants Ranked by ABR

($ in thousands, unaudited)



Tenant (a)	ABR		% of Total Portfolio ABR		GLA (SF)	% of Total Portfolio GLA
Albertsons Companies (including Safeway)	$	4,470	6.1	%	226,208	6.7	%
Sam's Club	3,308		4.6	%	180,908	5.3	%
CVS Corporation (including Longs Drugs)	2,697		3.7	%	150,411	4.4	%
Foodland Supermarket & related companies	1,941		2.6	%	113,879	3.4	%
Ross Dress for Less	1,795		2.4	%	65,484	1.9	%
24 Hour Fitness USA	1,375		1.9	%	45,870	1.4	%
Petco Animal Supplies Stores	1,316		1.8	%	34,282	1.0	%
Whole Foods Market	1,210		1.6	%	31,647	0.9	%
Office Depot	1,138		1.5	%	75,824	2.2	%
Liberty Dialysis Hawaii LLC	1,028		1.4	%	23,271	0.7	%
Total	$	20,278	27.6	%	947,784	27.9	%

(a) Excludes intersegment ground leases, primarily from the Materials & Construction segment, which are eliminated in the consolidated results of operations.

Alexander & Baldwin, Inc.

Table 15 – Lease Expiration Schedule

As of September 30, 2018

($ 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
2018	23	30,629	1.0%	$792	1.0%
2019	140	381,387	12.9%	9,987	12.3%
2020	147	444,158	15.0%	10,883	13.4%
2021	128	505,681	17.1%	11,608	14.3%
2022	100	286,517	9.7%	9,702	11.9%
2023	88	243,640	8.2%	7,624	9.4%
2024	18	237,084	8.0%	5,841	7.2%
2025	22	90,348	3.0%	3,450	4.2%
2026	12	40,023	1.4%	1,829	2.3%
2027	11	105,447	3.6%	2,856	3.5%
Thereafter	39	406,101	13.6%	13,326	16.4%
Month-to-month	83	192,736	6.5%	3,326	4.1%
Total	811	2,963,751	100.0%	$81,224	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
2018	10	12,038	0.6%	$485	0.8%
2019	77	217,424	11.1%	7,002	11.0%
2020	95	235,329	12.0%	7,390	11.6%
2021	81	279,948	14.3%	8,057	12.7%
2022	76	172,332	8.8%	7,579	11.9%
2023	71	188,442	9.6%	6,772	10.6%
2024	17	235,381	12.0%	5,779	9.1%
2025	21	66,828	3.4%	3,012	4.7%
2026	10	19,189	1.0%	886	1.4%
2027	9	27,855	1.4%	1,315	2.1%
Thereafter	37	403,989	20.6%	13,267	20.9%
Month-to-month	49	104,178	5.2%	2,050	3.2%
Total	553	1,962,933	100.0%	$63,594	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
2018	11	17,461	2.0%	$280	2.1%
2019	48	123,568	14.2%	1,767	13.5%
2020	43	182,388	21.0%	2,591	19.8%
2021	35	206,798	23.8%	2,978	22.8%
2022	18	104,058	12.0%	1,750	13.4%
2023	12	44,359	5.1%	570	4.4%
2024	—	—	—%	—	—%
2025	1	23,520	2.7%	438	3.4%
2026	1	6,750	0.8%	130	1.0%
2027	1	75,824	8.7%	1,438	11.0%
Thereafter	1	431	—%	20	0.2%
Month-to-month	31	83,941	9.7%	1,107	8.4%
Total	202	869,098	100.0%	$13,069	100.0%

Alexander & Baldwin, Inc.

Table 16 – New & Renewal Lease Summary

As of September 30, 2018

(Unaudited)



								Comparable Leases Only (a)
Total - New and Renewal Leases	Leases	GLA (SF)	New ABR PSF		TI PSF		Weighted- Average Lease Term (Years)	Leases	GLA (SF)	New ABR PSF	Old ABR PSF	Rent Spread (b)
3rd Quarter - 2018	58	128,091	$	28.28	$	8.42	5.3	36	49,552	$33.69	$32.60	3.3%
2nd Quarter - 2018	66	132,219	$	30.43	$	2.33	3.8	50	108,923	$30.71	$28.13	9.2%
1st Quarter - 2018	61	305,920	$	13.65	$	0.27	4.1	48	267,365	$12.81	$11.63	10.2%
4th Quarter - 2017	65	141,418	$	29.25	$	18.83	5.2	42	82,760	$23.56	$22.05	6.9%
Trailing four quarters	250	707,648	$	22.55	$	5.84	4.5	176	508,600	$20.43	$18.90	8.1%

Total - New Leases	Leases	GLA (SF)	New ABR PSF		TI PSF		Weighted- Average Lease Term (Years)	Leases	GLA (SF)	New ABR PSF	Old ABR PSF	Rent Spread (b)
3rd Quarter - 2018	30	74,424	$	27.75	$	14.15	6.4	12	12,706	$30.61	$26.23	16.7%
2nd Quarter - 2018	30	54,312	$	27.96	$	5.10	3.5	15	32,084	$27.12	$26.47	2.5%
1st Quarter - 2018	19	50,755	$	18.81	$	0.82	3.5	7	14,645	$16.25	$13.86	17.3%
4th Quarter - 2017	30	72,616	$	33.01	$	36.23	6.7	10	17,799	$19.40	$17.36	11.8%
Trailing four quarters	109	252,107	$	27.51	$	15.88	5.3	44	77,234	$23.85	$21.94	8.7%

Total - Renewal Leases	Leases	GLA (SF)	New ABR PSF		TI PSF		Weighted- Average Lease Term (Years)	Leases	GLA (SF)	New ABR PSF	Old ABR PSF	Rent Spread (b)
3rd Quarter - 2018	28	53,667	$	29.02	$	0.49	3.9	24	36,846	$34.75	$34.80	(0.1)%
2nd Quarter - 2018	36	77,907	$	32.14	$	0.39	4.1	35	76,839	$32.22	$28.82	11.8%
1st Quarter - 2018	42	255,165	$	12.63	$	0.16	4.2	41	252,720	$12.62	$11.50	9.7%
4th Quarter - 2017	35	68,802	$	25.28	$	0.46	3.6	32	64,961	$24.69	$23.33	5.9%
Trailing four quarters	141	455,541	$	19.81	$	0.29	4.1	132	431,366	$19.82	$18.36	8.0%


	Three Months Ended September 30, 2018							TTM Ended September 30, 2018
	Leases	GLA (SF)	ABR PSF		Rent Spread (b)			Leases	GLA (SF)	ABR PSF	Rent Spread (b)
Hawai`i							Hawai`i
Retail	38	64,337	$	42.09	4.6%		Retail	137	242,165	$43.94	6.5%
Industrial	16	56,274	$	13.44	16.7%		Industrial	86	243,970	$14.33	14.3%
Office	4	7,480	$	21.12	(22.2)%		Office	17	24,799	$26.93	(4.6)%
							Mainland
							Retail	2	3,869	$22.40	9.2%
							Industrial	2	172,820	$4.28	13.4%
							Office	6	20,025	$16.32	13.2%

^{(a) Comparable lease detail excludes certain one-time strategic lease extensions for space repositioning and assignments without term changes.}

^{(b) Rent Spread is calculated using comparable leases, a subset of the total population of leases for the period defined.}

Alexander & Baldwin, Inc.

Table 17 – Portfolio Repositioning, Redevelopment & Development Summary

As of September 30, 2018

($ in millions, unaudited)

Leasing Activity

Project

Phase

Target
In-service

Target
Stabilization

Book Value of Land
& Related Costs
Contributed to
Project

Total Estimated
Project Capital
Costs, Inclusive
of Land Basis

Project Capital
Costs Incurred
to Date

Estimated
Incremental
Stabilized
Cash NOI

Estimated
Stabilized
Yield on Total
Project Capital
Costs

Projected
GLA (SF)

%
Leased

% Under Letter of Intent (b)

Total

Development for Hold

Ho`okele Shopping Center (a) (b)

Construction

Late 2019

2Q20

$4.3

$41.9

$13.7

$3.1 - $3.6

7.4 - 8.6%

94,000

(a) 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.

(b) As of the date the Supplemental was furnished, there were no leases 'under letter of intent' due to cancellations subsequent to Q3 2018.

Alexander & Baldwin, Inc.

Table 18 – Transactional Activity (2013- 2018)

($ in millions, unaudited)



Dispositions
Property	Type	Location (Island/City, State)	Date (Month/Year)	Sales Price		GLA (SF)
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
Midstate 99 Distribution Center	Industrial	Visalia, CA	11/17	33.4		790,200
The Maui Clinic Building	Office	Maui, HI	1/17	3.4		16,600
Ninigret Office Park	Office	Salt Lake City, UT	6/16	30.4		185,500
Gateway Oaks	Office	Sacramento, CA	6/16	8.0		59,700
Prospect Park	Office	Sacramento, CA	6/16	22.3		163,300
Union Bank	Office	Everett, WA	12/15	10.0		84,000
San Pedro Plaza	Office	San Antonio, TX	5/15	16.7		171,900
Wilshire Shopping Center	Retail	Greeley, CO	3/15	4.3		46,500
Maui Mall	Retail	Maui, HI	1/14	64.1		185,700
Activity Distribution Center	Industrial	San Diego, CA	12/13	32.5		252,300
Heritage Business Park	Industrial	Dallas, TX	12/13	93.4		1,316,400
Savannah Logistics Park	Industrial	Savannah, GA	12/13	39.2		1,035,700
Broadlands Marketplace	Retail	Broomfield, CO	12/13	11.0		103,900
Meadows on the Parkway	Retail/Office	Boulder, CO	12/13	33.0		216,400
Rancho Temecula Town Center	Retail	Temecula, CA	12/13	57.0		165,500
Republic Distribution Center	Industrial	Houston, TX	10/13	19.4		312,500
Centennial Plaza	Industrial	Salt Lake City, UT	9/13	15.0		244,000
Issaquah Office Center	Office	Issaquah, WA	9/13	22.3		146,900
Northpoint Industrial	Industrial	Fullerton, CA	1/13	14.9		119,400
Total				$	689.5	6,710,300




Acquisitions
Property	Type	Location (Island/City, State)	Date (Month/Year)	Purchase Price		GLA (SF)
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
Honokohau Industrial	Industrial	Hawai`i Island, HI	6/17	10.1		73,200
2927 East Manoa Road	Ground Lease	Oahu, HI	12/16	2.8		N/A
Manoa Marketplace	Retail	Oahu, HI	1/16	82.4		139,300
Aikahi Park Shopping Center (Leasehold)	Retail	Oahu, HI	5/15	1.6		98,000
Kaka`ako Commerce Center	Industrial	Oahu, HI	12/14	39.1		204,400
Kailua Portfolio	Retail/Industrial/ Ground Lease	Oahu, HI	12/13	372.6		386,200
The Shops at Kukui`ula	Retail	Kauai, HI	9/13	—		78,900
Pearl Highlands Center	Retail	Oahu, HI	9/13	141.5		415,400
Napili Plaza	Retail	Maui, HI	5/13	19.2		45,100
Waianae Mall	Retail	Oahu, HI	1/13	29.8		170,300
Total				$	962.7	2,038,000

Alexander & Baldwin, Inc.

Table 19 – Commercial Real Estate EBITDA

($ in millions, unaudited)



	Three Months Ended September 30,				Nine Months Ended September 30,				TTM September 30,
	2018		2017		2018		2017		2018
Commercial Real Estate Operating Profit (Loss)	$	15.9	$	13.6	$	45.0	$	41.3	$	38.1
Depreciation and amortization	7.2		6.6		20.5		19.7		26.8
EBITDA	$	23.1	$	20.2	$	65.5	$	61.0	$	64.9

Land Operations

Alexander & Baldwin, Inc.

Table 20 – Statement of Operating Profit & EBITDA

($ in millions, unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Development sales revenue	$	9.0		$	1.5		$	42.8		$	6.1
Unimproved/other property sales revenue	9.1			15.4			11.5			21.4
Other operating revenues¹	5.9			5.7			18.3			18.2
Total Land Operations operating revenue	$	24.0		$	22.6		$	72.6		$	45.7
Land operations costs and operating expenses	(19.3		)	(17.4		)	(71.8		)	(40.7		)
Earnings (loss) from joint ventures	4.5			2.9			6.0			3.6
Reductions in solar investments, net	(0.1		)	(0.4		)	(0.4		)	(2.6		)
Interest and other income (expense), net	4.0			2.7			2.9			3.7
Total Land Operations operating profit (loss)	$	13.1		$	10.4		$	9.3		$	9.7

¹ Other operating revenues includes revenue related to trucking, renewable energy and diversified agriculture. In December 2016, the Company completed its final sugar harvest and ceased its sugar operations. The results of sugar operations have been presented within discontinued operations for all periods presented.



	Three Months Ended September 30,				Nine Months Ended September 30,				TTM September 30,
	2018		2017		2018		2017		2018
Land Operations Operating Profit (Loss)	$	13.1	$	10.4	$	9.3	$	9.7	$	13.8
Depreciation and amortization	0.4		0.2		1.4		1.1		1.9
EBITDA	$	13.5	$	10.6	$	10.7	$	10.8	$	15.7

Alexander & Baldwin, Inc.

Table 21 – Key Active Development-for-sale Projects

As of September 30, 2018

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



																			Construction Timing			Sales Closing Timing
Project	Location	Product Type	Est. Economic Interest	Planned Units or Saleable Acres	Avg Size of Remaining Units (SF) or Lots (Acres)	Units/ Acres Closed	Unit/ Acres Remaining	Target Sales Price Range (PSF) of Remaining	Est. Total Project Cost		A&B Projected Capital Commitment (JVs Only)		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
			(a)						(b)		(c)						(d)
Kahala Avenue Portfolio	Honolulu, Oahu	Residential	100%	17 acres	0.5 acres	14.0 acres	3.0 acres	$150-$385	$	135	N/A		$	134	$	134	$	19		N/A	N/A	2013	2018
The Collection	Honolulu, Oahu	Primary residential	90% +/-5%	465 units	1,881 SF	462 units	3 units	$775-$850	$	285	$	54	$	285	$	54	$	2		2014	2016	2016	2018
Keala o Wailea (MF-11)	Wailea, Maui	Resort residential	65% +/-5%	70 units	1,380 SF	63 unit	7 units	$647 (e)	$	67	$	9	$	64	$	9	$	2		2015	2018	2017	2018
Kamalani (Increment 1)	Kihei, Maui	Primary residential	100%	170 units	975 SF	103 units	67 units	$430	$	64	N/A		$	48	$	48	$	13		2016	2019	2017	2019
Maui Business Park (Phase II)	Kahului, Maui	Light industrial lots	100%	125 acres	2.0 acres	34 acres	91 acres	$38-$60	$	77	N/A		$	59	$	59	$	38		2011	2021	2012	2030+
Kukui`ula (f)	Poipu, Kauai	Resort residential	(f)	(f)	(f)	(f)	(f)	(f)	(f)		(f)		$	613	$	323	$	314		2006	(f)	2006	(f)

(a) 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.
(b) Includes land cost at book value, including capitalized interest, but excluding sales commissions and closing costs.
(c) 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.
(d) The book value of active development projects includes land stated at its acquisition value. In the case of development projects on A&B's historical landholdings, such as Kamalani and Maui Business Park, the value of land would be approximately $150 per acre.
(e) The entirety of remaining units are under bound commitments by buyers and the sale price per square foot shown reflect that average actual sales price under contract.
(f) The Company and its partner are in the process of evaluating a range of alternatives including, but not limited to, seeking third party capital to accelerate the absorption of the project. A revised execution plan will be considered depending upon the result of the process, and so key milestones will be revisited in the future to reflect the revised project plans. There can be no assurances that any of the options evaluated will be pursued or completed.

Materials & Construction

Alexander & Baldwin, Inc.

Table 22 – Statement of Operating Profit, EBITDA and Adjusted EBITDA

($ in millions, unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,						TTM September 30,
	2018			2017			2018			2017			2018
Operating Profit (Loss) (a)	$	3.4		$	6.5		$	7.2		$	18.8		$	10.4
Depreciation and amortization	3.0			3.1			9.1			9.2			12.1
EBITDA	6.4			9.6			16.3			28.0			22.5
Income attributable to noncontrolling interest	(0.8		)	(0.5		)	(1.4		)	(1.7		)	(1.9		)
Adjusted EBITDA	$	5.6		$	9.1		$	14.9		$	26.3		$	20.6


	Three Months Ended September 30,						Nine Months Ended September 30,						TTM September 30,
	2018			2017			2018			2017			2018
Adjusted EBITDA margin	9.4%			16.5%			8.9%			16.9%			9.6%
Aggregate tons delivered (tons in thousands)	191.2			179.7			542.0			526.3			707.3
Asphalt tons delivered (tons in thousands)	152.3			165.8			412.6			442.9			523.5
Oahu crew days lost to weather	71.0			38.5			237.5			154.5			323.5
Total Oahu available crew days	457.0			443.0			1,314.0			1,337.0			1,736.0
% days lost to weather	15.5%			8.7%			18.1%			11.6%			18.6%
Backlog (as of period end, in millions)	$157.4			$211.3

Materials: The Company owns centrally located quarries and an asphalt import terminal, which provide products that include hot mix asphalt, ready-mix concrete, construction aggregate, and asphalt.

Specialty Construction: The Company is vertically integrated and is a contractor that engages in road maintenance and construction, manufactures and sells prestressed and precast concrete products, roadway signage and guardrails, and provides traffic control services and related equipment.

The Company operates under brand names that include Grace Pacific, GP Roadway Solutions (including GP Maintenance Solutions), GPRM Prestress, and GLP Asphalt (Asphalt Hawai`i).

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

(b) Represents composition percentage for the trailing twelve month period.