Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023


(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	$	0.7	$	—	$	7.9	$	17.5	$	25.4	$	(2.7)	2019	2019
Harbor Industrial (HI)	—		0.1		—		1.3		—		0.1		1.3		1.4		(1.2)		1930	2018
Honokohau Industrial (HI)	—		5.0		4.8		0.1		—		5.0		4.9		9.9		(0.9)		Various	2017
Kailua Industrial/Other (HI)	—		10.5		2.0		1.2		—		10.6		3.1		13.7		(0.8)		Various	2013
Kakaako Commerce Center (HI)	1.7		16.9		20.6		5.7		—		16.9		26.3		43.2		(5.2)		1969	2014
Komohana Industrial Park (HI)	—		25.2		10.8		1.9		—		25.4		12.5		37.9		(4.7)		1990	2010
Opule Industrial (HI)	—		10.9		27.1		—		—		10.9		27.1		38.0		(3.6)		2005-2006, 2018	2018
P&L Warehouse (HI)	—		—		—		1.8		—		—		1.8		1.8		(0.9)		1970	1970
Port Allen (HI)	—		—		0.7		2.3		—		—		3.0		3.0		(2.4)		1983, 1993	1983-1993
Waipio Industrial (HI)	—		19.6		7.7		1.6		—		19.7		9.2		28.9		(3.3)		1988-1989	2009
Kahai Street Industrial (HI)	—		4.4		2.0		—		—		4.4		2.0		6.4		(0.1)		1973	2021
Maui Lani Industrial (HI)	—		0.2		0.3		—		—		0.2		0.3		0.5		—		2010	2011-2014
Kaomi Loop (HI)	—		3.3		5.8		—		—		3.3		5.8		9.1		(0.1)		2005	2023

Office :
Kahului Office Building (HI)	—		1.0		0.4		8.1		—		1.0		8.5		9.5		(7.8)		1974	1989
Kahului Office Center (HI)	—		—		—		4.8		—		—		4.8		4.8		(4.1)		1991	1991
Lono Center (HI)	—		—		1.4		1.6		—		—		3.0		3.0		(1.9)		1973	1991
Gateway at Mililani Mauka South (HI)	—		7.0		3.5		7.5		—		7.0		11.0		18.0		(2.8)		1992, 2006	2012

Retail :
Aikahi Park Shopping Center (HI)	—		23.5		6.7		20.7		—		26.0		24.9		50.9		(6.3)		1971	2015
Gateway at Mililani Mauka (HI)	—		7.3		4.7		7.1		—		7.8		11.3		19.1		(3.2)		2008, 2013	2011
Hokulei Street (HI)	—		16.9		36.5		3.2		—		17.0		39.6		56.6		(7.4)		2015	2018
Kahului Shopping Center (HI)	—		—		—		3.8		—		0.6		3.2		3.8		(2.6)		1951	1951
Kailua Retail Other (HI)	—		85.1		73.8		22.2		—		88.2		92.9		181.1		(27.6)		Various	2013
Kaneohe Bay Shopping Ctr. (HI)	—		—		13.4		5.0		—		1.5		16.9		18.4		(9.3)		1971	2001
Kunia Shopping Center (HI)	—		2.7		10.6		3.1		—		3.0		13.4		16.4		(6.6)		2004	2002
Lanihau Marketplace (HI)	—		9.4		13.2		3.2		—		9.8		16.0		25.8		(6.2)		1987	2010
Laulani Village (HI)	57.8		43.4		64.3		3.5		—		43.5		67.7		111.2		(12.0)		2012	2018
Manoa Marketplace (HI)	52.7		43.3		35.9		19.9		—		45.1		54.0		99.1		(9.7)		1977	2016
Napili Plaza (HI)	—		9.4		8.0		3.2		—		10.0		10.6		20.6		(3.3)		1991	2003, 2013
Pearl Highlands Center (HI)	77.5		43.4		96.2		18.0		—		43.6		114.0		157.6		(34.7)		1992-1994	2013
Port Allen Marina Ctr. (HI)	—		—		3.4		1.1		—		—		4.5		4.5		(2.8)		2002	1971
The Collection (HI)	—		0.4		2.2		0.9		—		0.4		3.1		3.5		(0.6)		2017	2018
The Shops at Kukui'ula (HI)	—		8.9		30.1		7.6		—		9.5		37.1		46.6		(11.1)		2009	2013
Waianae Mall (HI)	—		17.4		10.1		9.8		—		18.0		19.3		37.3		(6.2)		1975	2013
Waipio Shopping Center (HI)	—		24.0		7.6		2.4		—		24.5		9.5		34.0		(3.6)		1986, 2004	2009
Lau Hala Shops (HI)	—		—		—		40.7		—		15.2		25.5		40.7		(5.7)		2018	2018
Ho'okele (HI)	—		—		—		31.4		—		13.5		17.9		31.4		(4.2)		2017	2019
Puunene Shopping Center (HI)	—		24.8		28.6		8.1		—		25.2		36.3		61.5		(8.6)		2017	2018
Queens' Marketplace (HI)	—		20.4		58.9		1.9		—		20.4		60.8		81.2		(8.2)		2007	2019


Other :
Oahu Ground Leases (HI)	—		235.5		0.1		0.1		—		235.7		—		235.7		—		—	—
Other miscellaneous investments	—		2.5		0.1		7.1		—		2.6		7.1		9.7		(4.4)		—	—
Total	$	189.7	$	730.3	$	608.3	$	262.6	$	—	$	773.5	$	827.7	$	1,601.2	$	(226.8)


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
Kapolei Business Park West	$	—	$	6.2	$	—	$	—	$	—	$	6.2	$	—	$	6.2	$	—
Kamalani	—		—		—		5.2		—		—		5.2		5.2		—
Maui Business Park II	—		—		—		20.3		—		—		20.3		20.3		—
Wailea	—		24.5		—		9.5		(3.1)		21.9		9.0		30.9		—
Other non-core landholdings	—		6.3		—		2.0		(5.2)		1.5		1.8		3.3		(0.5)
Total	$	—	$	37.0	$	—	$	37.0	$	(8.3)	$	29.6	$	36.3	$	65.9	$	(0.5)

(1) See Note 8 – Notes Payable and Other Debt to the consolidated financial statements.

(2) The aggregate tax basis, at December 31, 2023, for the Commercial Real Estate segment and Land Operations segment assets was approximately $675.4 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)	2023		2022		2021
Balance at beginning of year	$	1,658.8	$	1,653.2	$	1,625.4
Additions and improvements	33.0		24.5		45.4
Dispositions, retirements and other adjustments	(19.9)		(13.9)		(17.6)
Impairment of assets	(4.8)		(5.0)		—
Balance at end of year	$	1,667.1	$	1,658.8	$	1,653.2


Reconciliation of Accumulated Depreciation (in millions)	2023		2022		2021
Balance at beginning of year	$	202.3	$	180.5	$	154.4
Depreciation expense	28.8		28.6		27.3
Dispositions, retirements and other adjustments	(3.8)		(6.8)		(1.2)
Balance at end of year	$	227.3	$	202.3	$	180.5