Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

Alexander & Baldwin, Inc.

December 31, 2020


(in millions)			Initial Cost				Costs Capitalized Subsequent to Acquisition				Gross Amounts of Which Carried at Close of Period
Description	Encum- brances (1)		Land		Buildings and Improvements		Improvements		Carrying Costs		Land		Buildings and Improvements		Total (2)		Accumulated Depreciation (3)		Date of Construction	Date Acquired/ Completed
Commercial Real Estate Segment
Industrial :
Kapolei Enterprise Center (HI)	$	—	$	7.9	$	16.8	$	0.8	$	—	$	7.9	$	17.5	$	25.4	$	(1.0)	2019	2019
Harbor Industrial (HI)	—		—		—		1.3		—		—		1.3		1.3		(1.1)		1930	2018
Honokohau Industrial (HI)	—		5.0		4.8		0.1		—		5.0		4.9		9.9		(0.5)		Various	2017
Kailua Industrial/Other (HI)	—		10.5		2.0		0.6		—		10.5		2.6		13.1		(0.5)		Various	2013
Kakaako Commerce Center (HI)	—		16.9		20.6		1.9		—		16.9		22.5		39.4		(3.4)		1969	2014
Komohana Industrial Park (HI)	—		25.2		10.8		1.7		—		25.2		12.4		37.6		(3.3)		1990	2010
Opule Industrial (HI)	—		10.9		27.1		—		—		10.9		27.1		38.0		(1.4)		2005-2006, 2018	2018
P&L Warehouse (HI)	—		—		—		1.3		—		—		1.3		1.3		(0.8)		1970	1970
Port Allen (HI)	—		—		0.7		2.4		—		—		3.1		3.1		(2.3)		1983, 1993	1983-1993
Waipio Industrial (HI)	—		19.6		7.7		0.7		—		19.7		8.4		28.1		(2.5)		1988-1989	2009

Office :
Kahului Office Building (HI)	—		1.0		0.4		7.7		—		1.0		8.1		9.1		(8.8)		1974	1989
Kahului Office Center (HI)	—		—		—		5.3		—		—		5.3		5.3		(3.9)		1991	1991
Lono Center (HI)	—		—		1.4		1.3		—		—		2.7		2.7		(1.7)		1973	1991
Gateway at Mililani Mauka South (HI)	—		7.0		3.5		6.8		—		5.5		10.3		15.8		(1.6)		1992, 2006	2012

Retail :
Aikahi Park Shopping Center (HI)	—		23.5		6.7		5.9		—		23.5		12.6		36.1		(2.5)		1971	2015
Gateway at Mililani Mauka (HI)	—		7.3		4.7		6.1		—		7.7		10.8		18.5		(2.1)		2008, 2013	2011
Hokulei Street (HI)	—		16.9		36.5		2.7		—		16.9		39.2		56.1		(3.6)		2015	2018
Kahului Shopping Center (HI)	—		—		—		2.8		—		0.6		2.8		3.4		(1.7)		1951	1951
Kailua Retail Other (HI)	14.3		85.1		73.8		16.1		—		86.1		89.9		176.0		(17.8)		Various	2013
Kaneohe Bay Shopping Ctr. (HI)	—		—		13.4		2.4		—		0.9		15.8		16.7		(7.7)		1971	2001
Kunia Shopping Center (HI)	—		2.7		10.6		2.0		—		3.0		12.6		15.6		(5.6)		2004	2002
Lanihau Marketplace (HI)	—		9.4		13.2		2.4		—		9.4		15.6		25.0		(4.8)		1987	2010
Laulani Village (HI)	61.3		43.4		64.3		3.0		—		43.4		67.4		110.8		(6.0)		2012	2018
Manoa Marketplace (HI)	57.9		43.3		35.9		3.6		—		45.1		39.5		84.6		(5.7)		1977	2016
Napili Plaza (HI)	—		9.4		8.0		1.1		—		9.4		9.1		18.5		(2.3)		1991	2003, 2013
Pearl Highlands Center (HI)	81.4		43.4		96.2		13.5		—		43.5		109.7		153.2		(23.9)		1992-1994	2013
Port Allen Marina Ctr. (HI)	—		—		3.4		2.0		—		—		5.3		5.3		(3.3)		2002	1971
The Collection (HI)	—		0.4		2.2		0.8		—		0.4		3.0		3.4		(0.2)		2017	2018
The Shops at Kukui'ula (HI)	—		8.9		30.1		4.1		—		9.2		34.2		43.4		(7.6)		2009	2013
Waianae Mall (HI)	—		17.4		10.1		5.2		—		17.7		15.3		33.0		(3.7)		1975	2013
Waipio Shopping Center (HI)	—		24.0		7.6		1.7		—		24.3		9.3		33.6		(2.6)		1986, 2004	2009
Lau Hala Shops (HI)	—		—		—		23.2		—		14.7		23.2		37.9		(2.2)		2018	2018
Ho'okele (HI)	—		—		—		17.5		—		13.5		17.5		31.0		(1.3)		2017	2019
Puunene Shopping Center (HI)	—		24.8		28.6		7.1		—		24.8		35.7		60.5		(3.9)		2017	2018
Queens' Marketplace (HI)	—		20.4		58.9		1.5		—		20.4		60.4		80.8		(3.0)		2007	2019
Waipouli Town Center (HI)	—		5.9		9.7		0.9		—		5.9		10.6		16.5		(0.6)		1980	2019

Other :
Oahu Ground Leases (HI)	—		230.5		0.1		(0.1)		—		230.7		—		230.7		—		—	—
Other miscellaneous investments	—		2.5		0.1		9.7		—		2.8		9.8		12.6		(7.0)		—	—
Total	$	214.9	$	723.2	$	609.9	$	167.1	$	—	$	756.5	$	776.8	$	1,533.3	$	(151.9)


Description (amounts in millions)	Encum- brances (1)		Land		Buildings and Improvements		Improvements		Carrying Costs		Land		Buildings and Improvements		Total (2)		Accumulated Depreciation (3)
Land Operations Segment
Agricultural Land	$	—	$	11.3	$	—	$	0.9	$	—	$	11.3	$	0.9	$	12.2	$	(0.5)
Kahala Portfolio	—		—		—		—		—		—		—		—		—
Kamalani	—		—		—		5.1		—		—		5.1		5.1		—
Kauai Landholdings	—		—		0.1		2.5		—		—		2.6		2.6		(0.8)
Maui Business Park II	—		—		—		33.0		—		—		33.0		33.0		—
Maui Landholdings	—		0.1		0.2		6.2		—		0.1		6.4		6.5		(0.7)
Wailea B-1	—		4.6		—		—		—		4.6		—		4.6		—
Wailea, other	—		19.9		—		8.5		(0.5)		17.3		8.0		25.3		—
Other miscellaneous investments	—		2.0		—		0.9		—		1.9		0.9		2.8		(0.5)
Total	$	—	$	37.9	$	0.3	$	57.1	$	(0.5)	$	35.2	$	56.9	$	92.1	$	(2.5)

(1) See Note 10 to the consolidated financial statements.

(2) The aggregate tax basis, at December 31, 2020, for the Commercial Real Estate segment and Land Operations segment assets was approximately $703.2 million.

(3) Depreciation is computed based upon the following estimated useful lives:

Building and improvements: 10 – 40 years

Leasehold improvements: 5 – 10 years (lesser of useful life or lease term)

Other property improvements: 3 – 35 years


Reconciliation of Real Estate (in millions)	2020		2019		2018
Balance at beginning of year	$	1,619.3	$	1,447.7	$	1,325.1
Additions and improvements	20.4		232.8		317.8
Dispositions, retirements and other adjustments	(14.3)		(61.2)		(194.7)
Impairment of assets	—		—		(0.5)
Balance at end of year	$	1,625.4	$	1,619.3	$	1,447.7


Reconciliation of Accumulated Depreciation (in millions)	2020		2019		2018
Balance at beginning of year	$	127.5	$	107.6	$	133.5
Depreciation expense	27.4		24.3		20.4
Dispositions, retirements and other adjustments	(0.5)		(4.4)		(46.3)
Balance at end of year	$	154.4	$	127.5	$	107.6