EX-99.2 3 q32024supplement.htm EX-99.2

TABLE OF CONTENTS EARNINGS RELEASE i COMPANY OVERVIEW COMPANY PROFILE .......................................................................................................................................................................... 2 KEY METRICS AND GUIDANCE ...................................................................................................................................................... 4 FINANCIAL SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ................................................................................................................... 6 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS .......................................................................................... 7 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS .......................................................................................... 8 SEGMENT RESULTS ......................................................................................................................................................................... 9 NET OPERATING INCOME ............................................................................................................................................................... 10 FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS ...................................................................... 12 EBITDA AND ADJUSTED EBITDA .................................................................................................................................................. 13 DEBT SUMMARY CAPITALIZATION AND FINANCIAL RATIOS ................................................................................................................................ 15 DEBT SUMMARY ................................................................................................................................................................................ 16 TRANSACTIONAL SUMMARY COMMERCIAL REAL ESTATE TRANSACTIONS, DEVELOPMENT, AND REDEVELOPMENT ........................................... 18 CAPITAL EXPENDITURES ............................................................................................................................................................... 19 COMMERCIAL REAL ESTATE PORTFOLIO SUMMARY .................................................................................................................................................................... 20 NOI BY ASSET CLASS ...................................................................................................................................................................... 22 OCCUPANCY ....................................................................................................................................................................................... 23 IMPROVED PROPERTY REPORT ................................................................................................................................................... 24 GROUND LEASE REPORT ............................................................................................................................................................... 26 TENANT CONCENTRATION - TOP 10 IMPROVED PORTFOLIO TENANTS .......................................................................... 27 LEASE EXPIRATION SCHEDULE ................................................................................................................................................... 28 NEW AND RENEWAL LEASE SUMMARY ...................................................................................................................................... 29 LAND OPERATIONS STATEMENT OF OPERATING PROFIT AND EBITDA ................................................................................................................ 31 COMPONENTS OF LAND OPERATIONS ....................................................................................................................................... 32 ADDITIONAL INFORMATION COMPONENTS OF NET ASSET VALUE ........................................................................................................................................ 34 GLOSSARY OF TERMS ..................................................................................................................................................................... 35 STATEMENT ON MANAGEMENT'S USE OF NON-GAAP FINANCIAL MEASURES ............................................................ 37

Forward-Looking Statements Statements in this Supplemental Information document that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions. Such forward-looking statements speak only as of the date the statements were made and are not guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include, but are not limited to, prevailing market conditions and other factors related to the Company's REIT status and the Company's business, the evaluation of alternatives by the Company related to its non-core assets, and the risk factors discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”). The information in this Supplemental Information document 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 document does not purport to disclose all items required by accounting principles generally accepted in the United States of America ("GAAP").

Alexander & Baldwin, Inc. Reports Third Quarter 2024 Results HONOLULU, October 24, 2024 /PRNewswire/—Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai‘i-based owner, operator and developer of high-quality commercial real estate in Hawai‘i, today announced net income available to A&B common shareholders of $19.0 million, or $0.26 per diluted share, and Commercial Real Estate ("CRE") operating profit of $22.8 million for the third quarter of 2024. Q3 2024 Highlights • Funds From Operations ("FFO") of $28.2 million, or $0.39 per diluted share / Adjusted FFO of $23.4 million, or $0.32 per diluted share • CRE Same-Store Net Operating Income ("NOI") growth of 4.1% / CRE Same-Store NOI growth of 4.7% excluding collections of prior year reserves • Leased occupancy as of September 30, 2024, was 94.0% • Comparable blended leasing spreads for the improved portfolio were 15.3% • Closed on the acquisition of an 81,500 square foot food and distribution facility. Lance Parker, president and chief executive officer, stated: "I am pleased with our performance during the third quarter. Our portfolio continued to demonstrate organic growth and leasing demand was healthy, as evidenced by our CRE and Corporate FFO performance. Additionally, Land Operations generated strong FFO during the quarter. As a result, we are again raising our 2024 guidance. We also completed the acquisition of an industrial asset on Oahu, and took steps to ensure we have the tools available to support growth, including establishing a new at-the- market ("ATM") equity offering program to replace our previous program that expired and also took meaningful steps in the third quarter that enabled us to recast our revolving credit facility in the fourth quarter, extending our maturity date into 2028." Financial Results for Q3 2024 • Net income available to A&B common shareholders and diluted earnings per share available to A&B shareholders for the third quarter of 2024 were $19.0 million and $0.26 per diluted share, respectively, compared to $14.6 million and $0.20 per diluted share in the same quarter of 2023. • FFO and FFO per diluted share for the third quarter of 2024 were $28.2 million and $0.39 per diluted share, respectively, compared to $21.2 million and $0.29 per diluted share in the same quarter of 2023. ◦ CRE and Corporate-related FFO per diluted share for the third quarter of 2024 was $0.28 per diluted share compared to $0.25 per diluted share in the same quarter of 2023. • Adjusted FFO and Adjusted FFO per diluted share for the third quarter of 2024 were $23.4 million and $0.32 per diluted share, respectively, compared to $17.4 million and $0.24 per diluted share in the same quarter of 2023. • Selling, general and administrative expense decreased by $0.2 million, or 1.7%, to $7.4 million, from $7.6 million in the same quarter of 2023. i

CRE Highlights for Q3 2024 • CRE operating revenue for the third quarter of 2024 increased by $1.2 million, or 2.4%, to $49.4 million, from $48.2 million in the same quarter of 2023. • CRE operating profit for the third quarter of 2024 increased by $2.2 million, or 10.6%, to $22.8 million, from $20.6 million in the same quarter of 2023. • CRE NOI for the third quarter of 2024 increased by $1.4 million, or 4.4%, to $32.4 million, from $31.0 million in the same quarter of 2023. • CRE Same-Store NOI for the third quarter of 2024 increased by $1.3 million, or 4.1%, to $32.2 million, from $30.9 million in the same quarter of 2023. ◦ Collections of prior year reserves in the third quarter of 2024 were $0.3 million compared to $0.5 million in the same quarter of 2023. • During the third quarter of 2024, the Company executed a total of 71 improved-property leases, covering approximately 182,100 square feet of gross leasable area ("GLA"). • Comparable leasing spreads in our improved property portfolio were 15.3% for the third quarter of 2024, which included 18.2% for retail spaces and 9.9% for industrial spaces. • Leasing activity related to our improved property portfolio during the third quarter of 2024 included: • Six leases at Queens' Marketplace totaling approximately 30,000 square feet of GLA and $2.3 million of annualized base rent ("ABR"). • 12 leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 26,000 square feet of GLA and $0.9 million of ABR. • Five leases at Waipio Shopping Center totaling approximately 16,000 square feet of GLA and $0.7 million of ABR. • One lease at Komohana Industrial Park totaling approximately 31,000 square feet of GLA and $0.5 million of ABR. • Overall leased occupancy was 94.0% as of September 30, 2024, an increase of 10 basis points compared to June 30, 2024, and a decrease of 60 basis points compared to September 30, 2023. ◦ Leased occupancy in the retail portfolio was 92.9% as of September 30, 2024, an increase of 10 basis points compared to June 30, 2024, and a decrease of 110 basis points compared to September 30, 2023. ◦ Leased occupancy in the industrial portfolio was 97.4% as of September 30, 2024, an increase of 30 basis points compared to June 30, 2024, and an increase of 60 basis points compared to September 30, 2023. • Same-Store leased occupancy was 94.8% as of September 30, 2024, flat compared to June 30, 2024, and a decrease of 80 basis points compared to September 30, 2023. ◦ Same-Store leased occupancy in the retail portfolio was 94.1% as of September 30, 2024, an increase of 10 basis points compared to June 30, 2024, and a decrease of 130 basis points compared to September 30, 2023. • Same-Store leased occupancy in the industrial portfolio was 97.2% as of September 30, 2024, an increase of 20 basis points compared to June 30, 2024, and an increase of 50 basis points compared to September 30, 2023. CRE Investment Activity for Q3 2024 • On September 20, 2024, the Company closed on the off-market acquisition of an 81,500-square-foot distribution facility for $29.7 million. The facility is fully leased to Hansen Distribution Group, a broadline food service subsidiary of C&S Wholesale Grocers and was an opportunity to recycle capital from Waipouli Town Center which was sold in October 2024. • The permitting process continues for the 29,550-square-foot warehouse and distribution center at Maui Business Park II. The single-user space includes 32' clear height and can accommodate up to 14 dock-high loading bays. Construction of this pre-leased space will begin in early 2025, with an in-service date expected in late 2025. ii

Land Operations • Land Operations operating profit was $7.9 million for the quarter ended September 30, 2024, compared to an operating profit of $2.9 million for the quarter ended September 30, 2023. The increase in operating profit from the prior year quarter is due primarily to higher unimproved land and development lot sales, including an 81- acre parcel on Maui and one Maui Business Park lot, as well as higher legacy joint venture income in the third quarter of 2024 as compared to the same quarter in 2023. Balance Sheet, Market Value and Liquidity • As of September 30, 2024, the Company had an equity market capitalization of $1.4 billion and $472.2 million in total debt, for a total market capitalization of approximately $1.9 billion. The Company's debt-to-total market capitalization was 25.3% as of September 30, 2024. The Company's debt has a weighted-average maturity of 2.9 years. • Including the effects of interest rate swaps, at quarter end, the Company had a weighted-average interest rate of 4.58% and 96.8% of the Company's debt was at fixed rates. • In the third quarter of 2024, the Company's previously established ATM equity offering program (the "2021 ATM") expired. On August 13, 2024, the Company established a new ATM (the "2024 ATM") to issue and sell common stock up to an aggregate offering price of $200.0 million. The Company did not sell any shares under the 2021 ATM or 2024 ATM in the current year. • As of September 30, 2024, the Company had total liquidity of $445.9 million, consisting of cash on hand of $17.9 million and $428.0 million available on its revolving line of credit. • Net Debt to Trailing Twelve Months ("TTM") Consolidated Adjusted EBITDA was 3.6 times as of September 30, 2024, with TTM Consolidated Adjusted EBITDA of $124.8 million for the period ended September 30, 2024. • Subsequent to quarter end, the Company amended its revolving credit facility, which extends the term of the facility to October 2028 with two six-month extension options and provides for $450.0 million of borrowing capacity. The interest rate under the amended revolving credit facility remains unchanged from the prior facility at a rate of SOFR plus 1.15%, based on a pricing grid and a SOFR adjustment. • The Company paid a third quarter 2024 dividend of $0.2225 per share on October 7, 2024. • Consistent with historical practice, the Company's Board plans to declare a fourth quarter 2024 dividend in December 2024, with payment in January 2025. 2024 Full-Year Guidance The Company revised its 2024 Full-Year guidance as follows: 2024 Guidance Q3 YTD Revised Prior Net Income (Loss) available to A&B common shareholders per diluted share $0.66 $0.74 to $0.82 $0.64 to $0.73 FFO per diluted share $1.07 $1.27 to $1.35 $1.17 to $1.26 Adjusted FFO per diluted share $0.91 $1.05 to $1.12 $0.99 to $1.08 CRE Same-Store NOI growth % 3.0% 1.75% to 2.75% 1.25% to 2.25% CRE Same-Store NOI growth %, excluding collections of prior year reserves 3.4% 2.25% to 3.15% 2.10% to 3.10% FFO per diluted share guidance is comprised of: 2024 Guidance Q3 YTD Revised Prior FFO per share related to CRE and Corporate $0.85 $1.07 to $1.11 $1.04 to $1.08 FFO per share related to Land Operations $0.22 $0.20 to $0.24 $0.13 to $0.18 FFO per diluted share $1.07 $1.27 to $1.35 $1.17 to $1.26 iii

ABOUT ALEXANDER & BALDWIN Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai‘i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately four million square feet of commercial space in Hawai‘i, including 21 retail centers, 14 industrial assets and four office properties, as well as 142.0 acres of ground lease assets. Over its 154-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Learn more about A&B at www.alexanderbaldwin.com. Contact: Jordan Hino (808) 525-8475 investorrelations@abhi.com iv

Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 1

COMPANY PROFILE Alexander & Baldwin, Inc. ("A&B" or the "Company") is a fully integrated real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i. The Company has a history of over 150 years of being an integral piece of Hawai‘i and its economy making it uniquely qualified to create value for shareholders through a strategy focused on asset management and growth primarily in its commercial real estate holdings in Hawai‘i. The Company operates in two reportable segments: Commercial Real Estate ("CRE") and Land Operations, and is composed of the following as of September 30, 2024: • A commercial real estate portfolio consisting of 22 retail centers, 14 industrial assets, and four office properties, representing a total of four million square feet of improved properties gross leasable area ("GLA"), including 2.5 million square feet of largely grocery/ drugstore-anchored retail centers; as well as 142 acres of ground lease assets throughout the Hawaiian islands, of which substantially all is leased pursuant to urban ground leases as of September 30, 2024; and 2.4 acres slated for build-to-suit development; and • A land operations portfolio consisting of approximately 3,237 acres of legacy landholdings and assets that are subject to the Company's simplification and monetization efforts, and 50 acres of core landholdings, including development-for-sale activities. GEOGRAPHICALLY FOCUSED IMPROVED PROPERTY - GLA (SF) (in thousands) Ground (acres)Retail Industrial Office Total Oahu 1,711 1,051 37 2,799 86 Maui 284 164 109 556 56 Kauai 285 65 — 350 — Hawai‘i Island 222 87 — 309 — Total 2,502 1,366 146 4,014 142 Number of Properties 22 14 4 40 N/A In November 2023, the Company completed the sale of its interests in Grace Pacific, a materials and construction company, and the Company- owned quarry land on Maui (collectively, the “Grace Disposal Group”). Financial results prior to disposition are classified as discontinued operations in the consolidated statements of operations and cash flows for the three and nine months ended September 30, 2023. Throughout this Supplemental Information document, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 2 $20,186 $5,816 $1,093 $5,273 The Company's commercial real estate portfolio is geographically focused in Hawai‘i, where it benefits from high barriers to entry, a stable and resilient economy, and where management has extensive market knowledge and deep local roots. As of September 30, 2024, GLA square footage ("SF") by the improved property asset class and location, and acres by ground leases location were as follows: 3.4% Q3 2024 NOI by ASSET CLASS (dollars in thousands) 18.0% 16.2% 62.4%

Executive Officers Lance Parker Clayton Chun President & Chief Executive Officer Executive Vice President, Chief Financial Officer & Treasurer Jeffrey Pauker Meredith Ching Executive Vice President & Chief Investment Officer Executive Vice President, External Affairs Contact Information Equity Research Corporate Headquarters Alliance Global Partners Janney Montgomery Scott 822 Bishop Street Gaurav Mehta Rob Stevenson Honolulu, HI 96813 (646) 908-3825 (646) 840-3217 gmehta@allianceg.com robstevenson@janney.com Investor Relations Jordan Hino JMP Securities Piper Sandler & Co. Director, Investor Relations Mitch Germain Alexander Goldfarb (808) 525-8475 (212) 906-3537 (212) 466-7937 investorrelations@abhi.com mgermain@jmpsecurities.com alexander.goldfarb@psc.com Transfer Agent & Registrar Sidoti & Company, LLC Computershare Brendan McCarthy, CFA P.O. Box 43006 (212) 453-7057 Providence, RI 02940-3006 bmccarthy@sidoti.com (866) 442-6551 Other Company Information Overnight Correspondence Computershare Stock exchange listing: NYSE: ALEX 150 Royall Street, Suite 101 Corporate website: www.alexanderbaldwin.com Canton, MA 02021 Market capitalization at $1.4B September 30, 2024: 3-month average trading volume: 382K Shareholder website: www.computershare.com/investor Independent auditor: Deloitte & Touche LLP Online inquiries: www-us.computershare.com/investor/contact Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 3

KEY METRICS AND GUIDANCE (dollars in thousands, except per share and ABR PSF data; unaudited) Three Months Ended Portfolio Metrics September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Leased ABR PSF $ 29.66 $ 29.63 $ 29.57 $ 29.04 $ 28.92 Comparable new and renewal leasing spread 15.3 % 7.3 % 7.8 % 7.8 % 11.2 % Leased Occupancy 94.0 % 93.9 % 94.0 % 94.7 % 94.6 % Physical Occupancy 93.5 % 93.4 % 93.5 % 94.1 % 93.9 % Economic Occupancy 93.0 % 92.8 % 92.3 % 93.0 % 92.9 % Net Debt to TTM Consolidated Adjusted EBITDA 3.6 3.7 3.8 4.2 4.4 Dividends declared per share $ 0.2225 $ 0.2225 $ 0.2225 $ 0.2225 $ 0.2200 Three Months Ended September 30, Nine Months Ended September 30, Summary of Financial Results 2024 2023 2024 2023 Net income (loss) available to A&B common shareholders $ 18,998 $ 14,628 $ 48,076 $ 33,236 Net Income (loss) per share available to A&B shareholders - basic $ 0.26 $ 0.20 $ 0.66 $ 0.46 Net Income (loss) per share available to A&B shareholders - diluted $ 0.26 $ 0.20 $ 0.66 $ 0.46 FFO $ 28,230 $ 21,150 $ 78,054 $ 59,553 FFO per diluted share $ 0.39 $ 0.29 $ 1.07 $ 0.82 Adjusted FFO $ 23,414 $ 17,430 $ 65,886 $ 51,420 Adjusted FFO per diluted share $ 0.32 $ 0.24 $ 0.91 $ 0.71 Consolidated Adjusted EBITDA $ 34,059 $ 27,969 $ 94,222 $ 77,502 Same-Store NOI change1 4.1 % 6.3 % 3.0 % 4.3 % Same-Store NOI change, excluding collections of prior year reserves1 4.7 % 6.3 % 3.4 % 7.5 % 1 Comparing same quarter year-over-year. 2024 Guidance Revised Prior Net income (loss) available to A&B common shareholders per diluted share $0.74 to $0.82 $0.64 to $0.73 FFO per diluted share $1.27 to $1.35 $1.17 to $1.26 Adjusted FFO per diluted share $1.05 to $1.12 $0.99 to $1.08 Same-Store NOI growth 1.75% to 2.75% 1.25% to 2.25% Same-Store NOI growth, excluding collections of prior year reserves 2.25% to 3.15% 2.10% to 3.10% Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 4

Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 5

CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands; unaudited) September 30, December 31, 2024 2023 ASSETS Real estate investments Real estate property $ 1,644,293 $ 1,609,013 Accumulated depreciation (249,281) (227,282) Real estate property, net 1,395,012 1,381,731 Real estate developments 54,696 58,110 Investments in real estate joint ventures and partnerships 5,907 6,850 Real estate intangible assets, net 32,564 36,298 Real estate investments, net 1,488,179 1,482,989 Cash and cash equivalents 17,919 13,517 Restricted cash 236 236 Accounts receivable, net of allowances (credit losses and doubtful accounts) of $1,549 and $2,888 as of September 30, 2024, and December 31, 2023, respectively 3,501 4,533 Goodwill 8,729 8,729 Other receivables, net of allowances of $2,264 and $3,545 as of September 30, 2024, and December 31, 2023, respectively 12,607 23,601 Prepaid expenses and other assets 104,795 98,652 Assets held for sale 14,036 13,984 Total assets $ 1,650,002 $ 1,646,241 LIABILITIES AND EQUITY Liabilities: Notes payable and other debt $ 472,179 $ 463,964 Accounts payable 4,910 5,845 Accrued post-retirement benefits 8,173 9,972 Deferred revenue 72,499 70,353 Accrued and other liabilities 94,059 93,096 Total liabilities $ 651,820 $ 643,230 Commitments and Contingencies Equity: Common stock - no par value; authorized, 225,000,000 shares; outstanding, 72,632,947 and 72,447,510 shares at September 30, 2024, and December 31, 2023, respectively $ 1,810,443 $ 1,809,095 Accumulated other comprehensive income (loss) (2,059) 3,250 Distributions in excess of accumulated earnings (810,202) (809,334) Total shareholders' equity 998,182 1,003,011 Total liabilities and equity $ 1,650,002 $ 1,646,241 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating Revenue: Commercial Real Estate $ 49,381 $ 48,232 $ 147,477 $ 145,635 Land Operations 12,563 4,263 26,716 10,366 Total operating revenue 61,944 52,495 174,193 156,001 Operating Costs and Expenses: Cost of Commercial Real Estate 25,292 25,078 75,842 75,075 Cost of Land Operations 7,153 2,219 16,492 7,796 Selling, general and administrative 7,436 7,562 21,927 26,200 Impairment of assets — 649 — 649 Total operating costs and expenses 39,881 35,508 114,261 109,720 Gain (loss) from disposals, net — — 2,148 1,117 Operating Income (Loss) 22,063 16,987 62,080 47,398 Other Income and (Expenses): Income (loss) related to joint ventures 2,142 950 3,836 1,879 Interest and other income (expense), net 854 145 2,652 4 Interest expense (5,680) (6,077) (17,119) (16,975) Income (Loss) from Continuing Operations Before Income Taxes 19,379 12,005 51,449 32,306 Income tax benefit (expense) (75) — (174) (7) Income (Loss) from Continuing Operations 19,304 12,005 51,275 32,299 Income (loss) from discontinued operations, net of income taxes (300) 3,894 (3,181) 3,902 Net Income (Loss) 19,004 15,899 48,094 36,201 Loss (income) attributable to discontinued noncontrolling interest — (1,250) — (2,883) Net Income (Loss) Attributable to A&B Shareholders $ 19,004 $ 14,649 $ 48,094 $ 33,318 Earnings (Loss) Per Share Available to A&B Shareholders: Basic Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.27 $ 0.16 $ 0.71 $ 0.44 Discontinued operations available to A&B shareholders (0.01) 0.04 (0.05) 0.02 Net income (loss) available to A&B shareholders $ 0.26 $ 0.20 $ 0.66 $ 0.46 Diluted Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.27 $ 0.16 $ 0.70 $ 0.44 Discontinued operations available to A&B shareholders (0.01) 0.04 (0.04) 0.02 Net income (loss) available to A&B shareholders $ 0.26 $ 0.20 $ 0.66 $ 0.46 Weighted-Average Number of Shares Outstanding: Basic 72,630 72,623 72,597 72,597 Diluted 72,817 72,844 72,718 72,800 Amounts Available to A&B Common Shareholders: Continuing operations available to A&B common shareholders $ 19,298 $ 11,984 $ 51,257 $ 32,217 Discontinued operations available to A&B common shareholders (300) 2,644 (3,181) 1,019 Net income (loss) available to A&B common shareholders $ 18,998 $ 14,628 $ 48,076 $ 33,236 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands; unaudited) Nine Months Ended September 30, 2024 2023 Cash Flows from Operating Activities: Net income (loss) $ 48,094 $ 36,201 Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: Loss (income) from discontinued operations 3,181 (3,902) Depreciation and amortization 26,979 27,572 Provision for credit losses (628) — Loss (gain) from disposals, net (2,148) (1,117) Impairment of assets — 649 Loss (gain) on de-designated interest rate swap valuation adjustment (3,675) — Share-based compensation expense 3,654 5,283 Loss (income) related to joint ventures, net of operating cash distributions (3,062) (1,851) Changes in operating assets and liabilities: Trade and other receivables (611) (92) Prepaid expenses and other assets (3,649) (3,531) Development/other property inventory 8,018 (1,518) Accrued post-retirement benefits (1,798) (10) Accounts payable (1,188) 258 Accrued and other liabilities 2,225 (2,179) Operating cash flows from continuing operations 75,392 55,763 Operating cash flows from discontinued operations (1,718) (12,150) Net cash provided by (used in) operations 73,674 43,613 Cash Flows from Investing Activities: Capital expenditures for acquisitions (29,826) (9,464) Capital expenditures for property, plant and equipment (11,878) (13,595) Proceeds from disposal of assets 41 3,294 Payments for purchases of investments in affiliates and other investments (158) (236) Distributions of capital and other receipts from investments in affiliates and other investments 974 1 Investing cash flows from continuing operations (40,847) (20,000) Investing cash flows from discontinued operations 15,000 647 Net cash provided by (used in) investing activities (25,847) (19,353) Cash Flows from Financing Activities: Proceeds from issuance of notes payable and other debt 60,000 — Payments of notes payable and other debt and deferred financing costs (86,785) (33,674) Borrowings (payments) on line-of-credit agreement, net 35,000 69,000 Cash dividends paid (48,822) (64,249) Repurchases of common stock and other payments (2,818) (3,576) Financing cash flows from continuing operations (43,425) (32,499) Financing cash flows from discontinued operations — (10,721) Net cash provided by (used in) financing activities (43,425) (43,220) Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale 4,402 (18,960) Balance, beginning of period 13,753 34,409 Balance, end of period $ 18,155 $ 15,449 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 8

SEGMENT RESULTS (dollars in thousands; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating Revenue: Commercial Real Estate $ 49,381 $ 48,232 $ 147,477 $ 145,635 Land Operations 12,563 4,263 26,716 10,366 Total operating revenue 61,944 52,495 174,193 156,001 Operating Profit (Loss): Commercial Real Estate1 22,829 20,649 67,421 64,206 Land Operations 7,881 2,878 15,980 4,485 Total operating profit (loss) 30,710 23,527 83,401 68,691 Interest expense (5,680) (6,077) (17,119) (16,975) Corporate and other expense (5,651) (5,445) (14,833) (19,410) Income (Loss) from Continuing Operations Before Income Taxes 19,379 12,005 51,449 32,306 Income tax benefit (expense) (75) — (174) (7) Income (Loss) from Continuing Operations 19,304 12,005 51,275 32,299 Income (loss) from discontinued operations, net of income taxes (300) 3,894 (3,181) 3,902 Net Income (Loss) 19,004 15,899 48,094 36,201 Loss (income) attributable to discontinued noncontrolling interest — (1,250) — (2,883) Net Income (Loss) Attributable to A&B Shareholders $ 19,004 $ 14,649 $ 48,094 $ 33,318 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Land Operations segment, that is eliminated in the consolidated results of operations. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 9

NET OPERATING INCOME (dollars in thousands; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Reconciliation of CRE Operating Profit to NOI CRE Operating Profit $ 22,829 $ 20,649 $ 67,421 $ 64,206 Depreciation and amortization 8,932 9,166 26,797 27,336 Straight-line lease adjustments (564) (849) (1,868) (4,217) Favorable/(unfavorable) lease amortization (103) (334) (299) (849) Termination fees and other 8 (132) (520) (132) Interest and other income (expense), net (26) 159 (125) 98 Impairment of assets — 649 — 649 Selling, general and administrative 1,292 1,703 4,358 5,643 NOI $ 32,368 $ 31,011 $ 95,764 $ 92,734 Less: NOI from acquisitions, dispositions and other adjustments (212) (132) (607) (371) Same-store NOI $ 32,156 $ 30,879 $ 95,157 $ 92,363 Less: Collections of amounts reserved in previous years (310) (460) (1,438) (1,735) Same-Store NOI excluding collections of amounts reserved in prior years $ 31,846 $ 30,419 $ 93,719 $ 90,628 Components of NOI Property revenue Base rental income, net1 $ 33,238 $ 32,197 $ 98,737 $ 95,168 Percentage rent 1,483 1,867 4,796 5,712 Recoveries from tenants 11,556 10,700 34,145 32,977 Excise tax recoveries from tenants 2,244 2,108 6,659 6,314 Revenues deemed uncollectible, net (361) (317) (951) (798) Other revenue2 562 362 1,404 1,064 Total property revenue 48,722 46,917 144,790 140,437 Property operating expenses Property operations 12,839 12,162 38,178 36,750 Property taxes 3,521 3,750 10,867 10,989 Total property operating expenses 16,360 15,912 49,045 47,739 Intersegment operating revenue, net3 6 6 19 36 NOI $ 32,368 $ 31,011 $ 95,764 $ 92,734 Less: NOI from acquisitions, dispositions and other adjustments (212) (132) (607) (371) Same-store NOI $ 32,156 $ 30,879 $ 95,157 $ 92,363 Less: Collections of amounts reserved in previous years (310) (460) (1,438) (1,735) Same-Store NOI excluding collections of amounts reserved in prior years $ 31,846 $ 30,419 $ 93,719 $ 90,628 1 Excludes straight-line lease adjustments and favorable/unfavorable lease amortization. 2 Excludes termination fees and other. 3 Primarily intersegment operating revenue (e.g., base rental income and expense recoveries) from leases with entities that are part of Land Operations. Such operating revenue (and also the related expense recorded by these entities in other segments) is eliminated in the consolidated results of operations. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 10

Changes in the Same-Store portfolio as it relates to the comparable prior period and the current period are as follows: Added Date Asset Class Type Property GLA (SF) 06/22 Industrial Acquisition Maui Lani Industrial 8,400 Removed Date Asset Class Type Property GLA (SF) 11/23 Retail Held-for-Sale Waipouli Town Center 56,600 01/24 Office Other2 Lono Center 13,700 01/24 Ground Other2 Various N/A1 1Not applicable for ground leases as such leases would not be comparable from a GLA (SF) perspective 2Properties fully or partially taken out of service for the purpose of redevelopment or repositioning. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 11

FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (amounts in thousands, except per share data; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Income (Loss) available to A&B common shareholders $ 18,998 $ 14,628 $ 48,076 $ 33,236 Depreciation and amortization of commercial real estate properties 8,932 9,166 26,797 27,336 (Income) loss from discontinued operations, net of income taxes 300 (3,894) 3,181 (3,902) Income (loss) attributable to discontinued noncontrolling interest — 1,250 — 2,883 FFO $ 28,230 $ 21,150 $ 78,054 $ 59,553 Add (deduct) Adjusted FFO defined adjustments Impairment losses - abandoned development costs — 649 — 649 (Gain)/loss on sale of legacy business1 — — (2,125) (1,117) Non-cash changes to liabilities related to legacy operations2 — 200 2,193 795 Provision for current expected credit losses (628) — (628) — (Gain)/loss on fair value adjustments related to interest rate swaps — — (3,675) — Non-recurring financing charges — — 2,350 — Legacy joint venture (income)/loss3 (2,142) (950) (3,836) (1,879) Amortization of share-based compensation 1,266 1,023 3,654 5,283 Maintenance capital expenditures4 (2,503) (3,463) (7,745) (6,434) Leasing commissions paid (389) (293) (927) (1,109) Straight-line lease adjustments (564) (849) (1,868) (4,217) Amortization of net debt premiums or discounts and deferred financing costs 247 243 738 724 Amortization of above and below-market leases, net (103) (280) (299) (828) Adjusted FFO $ 23,414 $ 17,430 $ 65,886 $ 51,420 Net income available to A&B common shareholders per diluted share $ 0.26 $ 0.20 $ 0.66 $ 0.46 FFO per diluted share $ 0.39 $ 0.29 $ 1.07 $ 0.82 Adjusted FFO per diluted share $ 0.32 $ 0.24 $ 0.91 $ 0.71 Weighted average diluted shares outstanding (FFO/Adjusted FFO) 72,817 72,844 72,718 72,800 1 Amounts in 2024 primarily related to the favorable resolution of contingent liabilities related to the sale of a legacy business in a prior year. Amounts in 2023 related to gain on disposal of the Company's ownership interest in a legacy trucking and storage business on Maui. 2 Primarily related to environmental reserves associated with legacy business activities in the Land Operations segment. 3 Includes joint ventures engaged in legacy business activities within the Land Operations segment. 4 Includes ongoing maintenance capital expenditures only. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 12

EBITDA AND ADJUSTED EBITDA (dollars in thousands; unaudited) Three Months Ended September 30, Nine Months Ended September 30, TTM September 30, 2024 2023 2024 2023 2024 Net Income (Loss) $ 19,004 $ 15,899 $ 48,094 $ 36,201 $ 44,856 Adjustments: Depreciation and amortization 9,000 9,238 26,979 27,572 36,198 Interest expense 5,680 6,077 17,119 16,975 23,107 Income tax expense (benefit) 75 — 174 7 202 Interest expense related to discontinued operations — 93 — 484 12 Consolidated EBITDA $ 33,759 $ 31,307 $ 92,366 $ 81,239 $ 104,375 Asset impairments — 649 — 649 4,119 (Gain)/loss on fair value adjustments related to interest rate swaps — — (3,675) — (957) Non-recurring financing charges — — 2,350 — 2,350 (Income) loss from discontinued operations, net of income taxes and excluding depreciation, amortization and interest expense 300 (3,987) 3,181 (4,386) 14,918 Consolidated Adjusted EBITDA $ 34,059 $ 27,969 $ 94,222 $ 77,502 $ 124,805 Discrete items impacting the respective periods - income/(loss): Income (loss) attributable to discontinued noncontrolling interest $ — $ 1,250 $ — $ 2,883 $ 268 Gain (loss) from disposals, net $ — $ — $ 2,148 $ 1,117 $ 2,145 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 13

Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 14

CAPITALIZATION AND FINANCIAL RATIOS (dollars in thousands, except share price; unaudited) September 30 2024 December 31, 2023 Debt Secured debt $ 128,572 $ 189,713 Unsecured term debt 271,607 237,251 Unsecured revolving credit facility 72,000 37,000 Total debt $ 472,179 $ 463,964 Net unamortized deferred financing cost / discount (premium) 329 149 Cash and cash equivalents (17,919) (13,517) Net debt $ 454,589 $ 450,596 Equity Capitalization Shares common stock outstanding (NYSE:ALEX) 72,632,947 72,447,510 Share price $ 19.20 $ 19.02 Total equity market capitalization $ 1,394,553 $ 1,377,952 Market Capitalization Total debt $ 472,179 $ 463,964 Total equity market capitalization 1,394,553 1,377,952 Total Market Capitalization $ 1,866,732 $ 1,841,916 Liquidity Cash on hand $ 17,919 $ 13,517 Unused committed line of credit 428,000 463,000 Total liquidity $ 445,919 $ 476,517 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Financial Ratios Total Debt to Total Market Capitalization 25.3 % 27.6 % 27.7 % 25.2 % 29.5 % Net Debt to TTM Consolidated Adjusted EBITDA1 3.6 3.7 3.8 4.2 4.4 Debt-service Coverage Ratio2 1.1 1.0 2.1 1.9 2.0 Fixed-rate debt to total debt 96.8 % 100.0 % 89.9 % 92.0 % 84.0 % Unencumbered CRE Property Ratio3 87.3 % 86.9 % 77.4 % 77.4 % 77.4 % 1 Consolidated Adjusted EBITDA for the trailing twelve months is calculated on page 13. 2 The ratio of Consolidated Adjusted EBITDA to the sum of debt service – which includes interest expense, principal payments for financing leases and term debt, as well as principal amortization of mortgage debt, but excludes balloon payments – for the trailing twelve months. 3 Measured using gross book value of unencumbered CRE property as a percent of gross book value of total CRE property. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 15 Debt Maturity Schedule (dollars in millions) Secured Debt Unsecured Term Loans Revolving Credit Facilities 2024 2025 2026 2027 2028 Thereafter $0M $20M $40M $60M $80M $100M $120M $140M $160M $180M

DEBT SUMMARY (dollars in thousands; unaudited) Scheduled Principal Payments Debt Interest Rate (%) Weighted -average Interest Rate (%) Maturity Date Weighted -average Maturity (Years) 2024 2025 2026 2027 2028 Thereafter Total Principal Premium (discount)/ debt issuance costs, net Total Secured: Pearl Highlands 4.15% 4.15% 2024 0.2 $ 73,432 $ — $ — $ — $ — $ — $ 73,432 $ 39 $ 73,471 Photovoltaic Financing (1) 4.75% (1) 3.1 74 305 319 1,940 1,218 — 3,856 — 3,856 Manoa Marketplace (2) 3.14% 2029 4.5 468 1,888 1,948 2,018 2,081 42,942 51,345 (100) 51,245 Subtotal / Wtd Avg 3.76% 2.0 $ 73,974 $ 2,193 $ 2,267 $ 3,958 $ 3,299 $ 42,942 $ 128,633 $ (61) $ 128,572 Unsecured: Series J Note 4.66% 4.66% 2025 0.6 — 10,000 — — — — 10,000 — 10,000 Series B Note 5.55% 5.55% 2026 0.5 — 16,000 2,000 — — — 18,000 — 18,000 Series C Note 5.56% 5.56% 2026 1.4 — 3,000 4,000 — — — 7,000 — 7,000 Series F Note 4.35% 4.35% 2026 1.6 — 3,250 4,000 — — — 7,250 — 7,250 Series H Note 4.04% 4.04% 2026 2.2 — — 50,000 — — — 50,000 — 50,000 Series K Note 4.81% 4.81% 2027 2.6 — — — 34,500 — — 34,500 (107) 34,393 Series G Note 3.88% 3.88% 2027 1.9 1,500 6,000 7,000 2,625 — — 17,125 — 17,125 Series L Note 4.89% 4.89% 2028 3.6 — — — — 18,000 — 18,000 — 18,000 Series I Note 4.16% 4.16% 2028 4.3 — — — — 25,000 — 25,000 — 25,000 Term Loan 5 4.30% 4.30% 2029 5.3 — — — — — 25,000 25,000 — 25,000 Series M Note 6.09% 6.09% 2032 7.6 — — — — — 60,000 60,000 (161) 59,839 Subtotal / Wtd Avg 4.84% 3.8 $ 1,500 $ 38,250 $ 67,000 $ 37,125 $ 43,000 $ 85,000 $ 271,875 $ (268) $ 271,607 Revolving Credit Facilities: A&B Revolver (3) 5.03% 2025 (4) 0.9 $ — $ 72,000 $ — $ — $ — $ — $ 72,000 $ — $ 72,000 Subtotal / Wtd Avg 5.03% 0.9 $ — $ 72,000 $ — $ — $ — $ — $ 72,000 $ — $ 72,000 Total / Wtd Avg 4.58% 2.9 $ 75,474 $ 112,443 $ 69,267 $ 41,083 $ 46,299 $ 127,942 $ 472,508 $ (329) $ 472,179 (1) Financing leases have a weighted average discount rate of 4.75% and maturity dates ranging from 2027 to 2028. (2) Loan has a stated interest rate of SOFR plus 1.35% but is swapped through maturity to a 3.14% fixed rate. (3) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid, plus a SOFR adjustment of 0.10%. $57.0 million is swapped through maturity to a 4.78% fixed rate. (4) A&B Revolver has two six-month optional term extensions. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 16

Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 17

COMMERCIAL REAL ESTATE TRANSACTIONS, DEVELOPMENT, AND REDEVELOPMENT (dollars in millions; unaudited) Acquisition, Disposition, and Transfer Summary Property Type Asset Class Location Date (Month/Year) Transaction Price Capitalization Rate GLA (SF) Leased Occupancy at Acquisition/ Disposition Kaomi Loop Industrial Acquisition Industrial Oahu 05/2023 $ 9.5 5.5 % 33,200 100 % Maui Business Park II - 2.4 acre parcel for build-to-suit development Transfer In Industrial Maui 12/2023 N/A1 N/A N/A2 N/A2 Waihona Industrial Acquisition Industrial Oahu 09/2024 29.7 5.4 % 81,495 100 % Development and Redevelopment Summary Project Type Asset Class In-service Date Target Stabilization Total Estimated Project Costs Total Incurred Project Costs Estimated Incremental Stabilized NOI Estimated Stabilized Yield Estimated GLA (SF) Leased Occupancy MBP - Build to Suit Development Industrial 4Q2025 4Q2025 $12.6 - $13.2 $ 1.5 $ 1.0 7.8 - 8.1% 29,550 100.0% 1 Represents an intercompany transaction. Land and land improvements transferred from Land Operations segment. 2 Transfer of land and land improvements only Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 18 KAOMI LOOP INDUSTRIAL MBP BUILD TO SUIT ( render ing)

CAPITAL EXPENDITURES (dollars in thousands; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Capital expenditures for real estate Ongoing maintenance capital expenditures Building/area improvements $ 1,335 $ 2,797 $ 3,851 $ 4,459 Tenant space improvements 1,168 666 3,894 1,975 Total ongoing maintenance capital expenditures for real estate $ 2,503 $ 3,463 $ 7,745 $ 6,434 Discretionary capital expenditures Property acquisitions $ 29,826 $ — $ 29,826 $ 9,464 Tenant space improvements - nonrecurring — 77 — 84 Development and redevelopment1 630 2,362 2,028 5,385 Total discretionary capital expenditures for real estate $ 30,456 $ 2,439 $ 31,854 $ 14,933 Capitalized indirect costs 701 514 2,016 1,631 Total capital expenditures for real estate1 $ 33,660 $ 6,416 $ 41,615 $ 22,998 Corporate and other capital expenditures 33 9 89 61 Total Capital Expenditures1 $ 33,693 $ 6,425 $ 41,704 $ 23,059 1 Excludes capital expenditures for real estate developments to be held and sold as real estate development inventory, which are classified in the condensed consolidated statement of cash flows as operating activities and are excluded from the table above. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 19

Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 20

PORTFOLIO SUMMARY (dollars in thousands; unaudited) As of September 30, 2024 Total Commercial Real Estate Portfolio Number of properties 40 Total improved property GLA (in sq. ft.) 4,013,700 Total ground lease acres 142.0 Total improved property ABR $ 109,431 Total ground lease portfolio ABR $ 20,860 Grocery or Drugstore-Anchored Retail Properties Total Retail Properties Total Industrial Properties Number of properties 17 22 14 Total GLA of properties (in sq. ft.) 2,306,500 2,502,300 1,365,700 Leased occupancy 94.6 % 92.9 % 97.4 % Economic occupancy 93.2 % 91.4 % 97.2 % Percent of retail ABR from grocery or drugstore anchored properties 94.7 % N/A N/A Percent of retail NOI from grocery or drugstore anchored properties 95.8 % N/A N/A Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 21

NOI BY ASSET CLASS (dollars in thousands; unaudited) Three Months Ended September 30, Percentage Change Q3 2024 as a % of NOI Q3 2023 as a % of NOI2024 2023 NOI Retail $ 20,186 $ 19,687 2.5% 62.4% 63.5% Industrial 5,816 5,221 11.4% 18.0% 16.9% Office 1,093 1,094 (0.1)% 3.4% 3.5% Total Improved Portfolio 27,095 26,002 4.2% 83.8% 83.9% Ground 5,273 5,003 5.4% 16.2% 16.1% Other — 6 NM —% —% Total CRE Portfolio $ 32,368 $ 31,011 4.4% 100.0% 100.0% Same-Store NOI Retail $ 20,096 $ 19,638 2.3% 62.5% 63.6% Industrial 5,631 5,089 10.7% 17.5% 16.5% Office 1,104 1,098 0.5% 3.4% 3.6% Total Improved Portfolio $ 26,831 $ 25,825 3.9% 83.4% 83.7% Ground 5,325 5,048 5.5% 16.6% 16.3% Other — 6 NM —% —% Total CRE Portfolio $ 32,156 $ 30,879 4.1% 100.0% 100.0% Nine Months Ended September 30, Percentage Change YTD 2024 as a % of NOI YTD 2023 as a % of NOI2024 2023 NOI Retail $ 60,023 $ 59,022 1.7% 62.7% 63.6% Industrial 16,885 15,072 12.0% 17.6% 16.3% Office 3,258 3,598 (9.4)% 3.4% 3.9% Total Improved Portfolio 80,166 77,692 3.2% 83.7% 83.8% Ground 15,559 14,983 3.8% 16.3% 16.2% Other 39 59 NM —% 0.1% Total CRE Portfolio $ 95,764 $ 92,734 3.3% 100.0% 100.0% Same-Store NOI Retail $ 59,737 $ 58,739 1.7% 62.8% 63.6% Industrial 16,432 14,873 10.5% 17.3% 16.1% Office 3,289 3,631 (9.4)% 3.5% 3.9% Total Improved Portfolio $ 79,458 $ 77,243 2.9% 83.6% 83.6% Ground 15,699 15,114 3.9% 16.5% 16.4% Other — 6 NM —% —% Total CRE Portfolio $ 95,157 $ 92,363 3.0% 100.0% 100.0% Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 22

OCCUPANCY (unaudited) As of September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Leased Occupancy Retail 92.9% 92.8% 93.2% 94.3% 94.0% Industrial 97.4% 97.1% 96.8% 96.8% 96.8% Office 80.6% 84.2% 83.9% 84.2% 84.5% Total Leased Occupancy 94.0% 93.9% 94.0% 94.7% 94.6% Economic Occupancy Retail 91.4% 91.2% 91.2% 92.1% 91.9% Industrial 97.2% 97.1% 95.7% 96.0% 95.9% Office 79.3% 82.8% 83.3% 82.8% 83.5% Total Economic Occupancy 93.0% 92.8% 92.3% 93.0% 92.9% Same-Store Leased Occupancy Retail 94.1% 94.0% 94.4% 95.6% 95.4% Industrial 97.2% 97.0% 96.8% 96.7% 96.7% Office 83.9% 87.8% 87.4% 87.8% 88.1% Total Same-Store Leased Occupancy 94.8% 94.8% 95.0% 95.7% 95.6% Same-Store Economic Occupancy Retail 92.6% 92.4% 92.4% 93.4% 93.1% Industrial 96.9% 97.0% 95.6% 95.9% 95.8% Office 82.3% 86.3% 86.7% 86.2% 87.0% Total Same-Store Economic Occupancy 93.7% 93.7% 93.3% 94.0% 93.8% Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 23

IMPROVED PROPERTY REPORT (dollars in thousands, except per square foot data; unaudited) Retail: 1 Pearl Highlands Center Oahu 412,200 99.8 % 99.7 % $ 11,344 $ 27.59 $ 3,004 11.1 % Sam's Club, Regal Cinemas, 24 Hour Fitness, Ulta Salon, Ross 2 Kailua Retail Oahu 326,100 96.0 % 95.7 % 12,715 41.70 3,198 11.8 % Whole Foods Market, Foodland, CVS/Longs Drugs, Ulta Salon 3 Laulani Village Oahu 175,300 99.0 % 98.3 % 7,256 42.10 1,707 6.3 % Safeway, Ross, Walgreens, Petco 4 Waianae Mall Oahu 170,800 83.0 % 80.9 % 3,605 26.44 801 3.0 % CVS/Longs Drugs, City Mill 5 Manoa Marketplace Oahu 142,500 95.2 % 91.9 % 4,761 37.58 1,208 4.5 % Safeway, CVS/Longs Drugs 6 Queens' MarketPlace Hawai‘i Island 133,600 86.5 % 80.4 % 4,794 52.67 1,401 5.2 % Island Gourmet Market 7 Kaneohe Bay Shopping Center (Leasehold) Oahu 125,500 99.5 % 98.0 % 3,321 27.00 661 2.5 % Safeway, CVS/Longs Drugs 8 Hokulei Village Kauai 119,000 96.4 % 96.4 % 4,354 37.95 1,065 3.9 % Safeway, Petco 9 Pu‘unene Shopping Center Maui 118,000 78.4 % 76.4 % 4,530 50.27 1,035 3.8 % Planet Fitness, Petco, Ulta Salon, Target1 10 Waipio Shopping Center Oahu 113,800 97.8 % 97.3 % 3,647 33.02 852 3.1 % Foodland 11 Aikahi Park Shopping Center Oahu 97,300 91.4 % 87.6 % 3,318 40.20 763 2.8 % Safeway 12 Lanihau Marketplace Hawai‘i Island 88,300 96.4 % 96.4 % 1,668 19.60 397 1.5 % Sack N Save, CVS/Longs Drugs 13 The Shops at Kukui`ula Kauai 85,900 97.1 % 90.7 % 4,092 52.46 1,046 3.9 % CVS/Longs Drugs, Eating House, Living Foods 14 Ho‘okele Shopping Center Maui 71,400 96.1 % 96.1 % 2,906 42.37 798 2.9 % Safeway 15 Kunia Shopping Center Oahu 60,600 89.3 % 84.3 % 2,157 42.24 465 1.7 % — 16 Waipouli Town Center2 Kauai 56,600 39.8 % 39.8 % 530 23.60 90 0.3 % Autozone 17 Kahului Shopping Center Maui 49,100 84.1 % 84.1 % 783 18.98 2 — % — 18 Lau Hala Shops Oahu 46,300 100.0 % 100.0 % 2,723 58.86 575 2.1 % UFC Gym, Down to Earth 19 Napili Plaza Maui 45,600 100.0 % 100.0 % 1,388 32.46 354 1.3 % Napili Market 20 Gateway Mililani Mauka Oahu 34,900 88.8 % 88.8 % 1,972 63.66 473 1.7 % CVS/Longs Drugs1 21 Port Allen Marina Center Kauai 23,600 76.3 % 72.5 % 567 33.20 159 0.6 % — 22 The Collection Oahu 5,900 100.0 % 100.0 % 355 60.17 132 0.5 % — Subtotal – Retail 2,502,300 92.9 % 91.4 % $ 82,786 $ 36.75 $ 20,186 74.5 % 1 Shadow-anchor tenant 2 Property is currently not included in the Same-Store pool. Property Island Current GLA (SF) Leased / Economic Occupancy ABR ABR PSF Q3 2024 NOI Q3 2024 % NOI to Improved Portfolio NOI Retail Anchor Tenants Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 24

IMPROVED PROPERTY REPORT (dollars in thousands, except per square foot data; unaudited) Industrial: 1 Komohana Industrial Park Oahu 238,300 100.0 % 100.0 % $ 3,703 $ 15.54 $ 1,507 5.5 % 2 Kaka`ako Commerce Center Oahu 197,900 84.3 % 83.8 % 2,455 15.14 643 2.4 % 3 Waipio Industrial Oahu 158,400 100.0 % 100.0 % 3,003 18.96 761 2.8 % 4 Opule Industrial Oahu 151,500 100.0 % 100.0 % 2,706 17.86 694 2.6 % 5 P&L Warehouse Maui 104,100 100.0 % 99.2 % 1,707 16.52 462 1.7 % 6 Kapolei Enterprise Center Oahu 93,100 100.0 % 100.0 % 1,696 18.23 421 1.6 % 7 Honokohau Industrial Hawai‘i Island 86,700 100.0 % 100.0 % 1,392 16.05 364 1.3 % 8 Waihona Industrial2 Oahu 81,500 100.0 % 100.0 % 1,588 19.49 48 0.2 % 9 Kailua Industrial / Other Oahu 69,000 98.0 % 98.0 % 1,254 19.07 266 1.0 % 10 Port Allen Center Kauai 64,600 100.0 % 97.8 % 840 13.30 220 0.8 % 11 Harbor Industrial Maui 51,100 94.9 % 94.9 % 682 14.07 151 0.6 % 12 Kaomi Loop Industrial2 Oahu 33,200 100.0 % 100.0 % 543 16.34 137 0.5 % 13 Kahai Street Industrial Oahu 27,900 100.0 % 100.0 % 407 14.60 102 0.4 % 14 Maui Lani Industrial Maui 8,400 100.0 % 100.0 % 160 19.05 40 0.1 % Subtotal – Industrial 1,365,700 97.4 % 97.2 % $ 22,136 $ 16.75 $ 5,816 21.5 % Office: 1 Kahului Office Building Maui 59,100 70.9 % 67.5 % $ 1,403 $ 35.13 $ 333 1.2 % 2 Gateway at Mililani Mauka South Oahu 37,100 100.0 % 100.0 % 1,868 50.29 472 1.7 % 3 Kahului Office Center Maui 35,800 88.5 % 88.5 % 1,048 33.01 299 1.1 % 4 Lono Center2 Maui 13,700 49.6 % 49.6 % 190 33.32 (11) — % Subtotal – Office 145,700 80.6 % 79.3 % $ 4,509 $ 39.37 $ 1,093 4.0 % 40 Total – Improved Portfolio 4,013,700 94.0 % 93.0 % $ 109,431 $ 29.66 $ 27,095 100.0 % 1 Shadow-anchor tenant 2 Property is currently not included in the Same-Store pool. Property Island Current GLA (SF) Leased / Economic Occupancy ABR ABR PSF Q3 2024 NOI Q3 2024 % NOI to Improved Portfolio NOI Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 25

GROUND LEASE REPORT (dollars in thousands; unaudited) Property Location (City, Island) Acres Property Type Exp. Year Current ABR Q3 2024 NOI Next Rent Step Step Type Next ABR Previous Rent Step Previous Step Type Previous ABR 1 Windward City Shopping Center Kaneohe, Oahu 15.4 Retail 2035 $ 3,886 $ 968 2033 FMV Reset FMV 2023 FMV Reset $ 2,800 2 Owner/Operator Kapolei, Oahu 36.4 Industrial3 2025 3,420 849 2025 Fixed Step 3,540 2024 Fixed Step 3,300 3 Owner/Operator Honolulu, Oahu 9.0 Retail 2045 2,075 519 2025 Fixed Step 2,283 2020 Fixed Step 1,886 4 Kaimuki Shopping Center Honolulu, Oahu 2.8 Retail 2040 2,039 508 2026 Fixed Step 2,345 2022 FMV Reset 1,728 5 S&F Industrial Kahului, Maui 52.0 Industrial 2059 1,433 395 2029 Fixed Step 1,610 2024 Fixed Step 1,275 6 Owner/Operator Kaneohe, Oahu 3.7 Retail 2048 1,059 264 2028 Fixed Step 1,133 2023 Fixed Step 990 7 Pali Palms Plaza Kailua, Oahu 3.3 Office 2037 992 247 2032 FMV Reset FMV 2022 Negotiated 200 8 Windward Town and Country Plaza I Kailua, Oahu 3.4 Retail 2062 963 240 2032 Fixed Step 1,233 2022 Fixed Step 753 9 Windward Town and Country Plaza II Kailua, Oahu 2.2 Retail 2062 621 155 2032 Fixed Step 795 2022 Fixed Step 485 10 Kailua Post Office Kailua, Oahu 1.2 Retail MTM2 555 281 — — — 2024 Negotiated 555 11 Owner/Operator Kailua, Oahu 1.9 Retail 2034 470 69 2029 Fixed Step 490 2024 Fixed Step 450 12 Owner/Operator Honolulu, Oahu 0.5 Retail 2028 394 99 2025 Fixed Step 404 2024 Fixed Step 385 13 Owner/Operator Honolulu, Oahu 0.5 Retail4 2028 370 92 2025 Fixed Step 381 2024 Fixed Step 359 14 Seven-Eleven Kailua Center Kailua, Oahu 0.9 Retail 2033 336 84 2025 Fixed Step 344 2024 Fixed Step 263 15 Owner/Operator Kahului, Maui 0.8 Retail 2026 272 68 2024 Fixed Step 280 2023 Fixed Step 264 16 Owner/Operator Honolulu, Oahu 0.7 Industrial 2027 259 63 2025 Fixed Step 267 2024 Fixed Step 252 17 Owner/Operator Kahului, Maui 0.8 Industrial 2025 249 62 — — — 2024 Fixed Step 238 18 Owner/Operator Kahului, Maui 0.4 Retail 2027 190 70 2025 Fixed Step 195 2024 Fixed Step 186 19 Owner/Operator Kailua, Oahu 0.4 Retail 2025 189 47 2025 Fixed Step 194 2024 Fixed Step 183 20 Owner/Operator Kahului, Maui 0.9 Retail 2025 151 38 2025 Fixed Step 155 2024 Fixed Step 146 Remainder1 Various 4.8 Various Various 937 155 Various Various — Various Various — Total - Ground Leases 142.0 $ 20,860 $ 5,273 1A portion of these properties are currently not included in the Same-Store pool. 2Lease is currently month-to-month. 3Property is comprised of vacant land used for industrial yard space. 4Property consists of a parking lot. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 26

TENANT CONCENTRATION - TOP 10 IMPROVED PORTFOLIO TENANTS (dollars in thousands; unaudited) As of September 30, 2024 Tenant Number of Leases ABR % of Total Improved Portfolio ABR GLA (SF) % of Total Improved Portfolio GLA Safeway 7 $ 7,955 7.3% 286,024 7.1% Sam's Club 1 3,308 3.0% 180,908 4.5% Longs Drugs 6 2,889 2.6% 150,411 3.7% Foodland Supermarket & related companies 6 2,131 1.9% 112,865 2.8% Ross Dress for Less 2 2,083 1.9% 65,484 1.6% Coleman World Group 2 2,064 1.9% 115,495 2.9% GP/RM Prestress1 1 1,804 1.6% N/A N/A 24 Hour Fitness 1 1,702 1.6% 45,870 1.1% Ulta Salon 3 1,665 1.5% 33,985 0.8% C&S Wholesale (Hansen Distribution Group) 1 1,588 1.5% 81,495 2.0% Total 30 $ 27,189 24.8% 1,072,537 26.5% 1 The leased premises in the GP/RM Prestress, LLC lease includes warehouse and yard space. Due to the yard space, GLA is not comparable and therefore, not presented. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 27

LEASE EXPIRATION SCHEDULE (dollars in thousands, except per square foot data; unaudited) As of September 30, 2024 Total Improved Portfolio Expiration Year Number of Leases Square Footage of Expiring Leases % of Total Improved Portfolio Leased GLA ABR Expiring % of Total Improved Portfolio Expiring ABR ABR Expiring PSF 2024 25 98,090 2.7% $ 2,323 2.1% $ 23.68 2025 128 363,931 9.9% 10,510 9.6% 28.88 2026 148 394,729 10.7% 11,473 10.5% 29.07 2027 148 413,436 11.2% 13,825 12.6% 33.44 2028 122 444,538 12.1% 15,458 14.1% 34.77 2029 95 410,330 11.1% 15,863 14.5% 38.66 2030 34 204,909 5.6% 5,368 4.9% 26.20 2031 13 96,458 2.6% 2,874 2.6% 29.80 2032 23 116,623 3.2% 4,160 3.8% 35.67 2033 20 182,825 5.0% 4,666 4.3% 25.52 Thereafter 37 721,759 19.5% 18,343 16.8% 25.41 Month-to-month 65 241,467 6.4% 4,568 4.2% 18.92 Total 858 3,689,095 100.0% $ 109,431 100.0% $ 29.66 Retail Portfolio Expiration Year Number of Leases Square Footage of Expiring Leases % of Total Retail Leased GLA ABR Expiring % of Total Retail Expiring ABR ABR Expiring PSF 2024 17 25,273 1.1% $ 1,152 1.4% $ 45.58 2025 90 191,069 8.5% 7,268 8.8% 38.04 2026 94 115,472 5.1% 6,108 7.4% 52.90 2027 107 203,394 9.0% 9,737 11.8% 47.87 2028 95 278,450 12.4% 12,521 15.1% 44.97 2029 82 334,706 14.9% 14,088 17.0% 42.09 2030 27 89,884 4.0% 3,277 4.0% 36.46 2031 12 68,578 3.0% 2,467 3.0% 35.97 2032 20 99,833 4.4% 3,844 4.6% 38.50 2033 17 61,405 2.7% 2,809 3.4% 45.75 Thereafter 33 624,514 27.7% 16,401 19.7% 26.26 Month-to-month 27 160,113 7.2% 3,114 3.8% 19.45 Total 621 2,252,691 100.0% $ 82,786 100.0% $ 36.75 Industrial Portfolio Expiration Year Number of Leases Square Footage of Expiring Leases % of Total Industrial Leased GLA ABR Expiring % of Total Industrial Expiring ABR ABR Expiring PSF 2024 6 70,679 5.4% $ 1,101 5.0% $ 15.58 2025 32 157,796 11.9% 2,665 12.0% 16.89 2026 46 255,836 19.4% 4,237 19.2% 16.56 2027 26 184,662 14.0% 3,227 14.6% 17.48 2028 22 159,569 12.1% 2,724 12.3% 17.07 2029 8 53,911 4.1% 896 4.0% 16.62 2030 3 106,873 8.1% 1,818 8.2% 17.01 2031 1 27,880 2.1% 407 1.8% 14.60 2032 2 15,400 1.2% 266 1.2% 17.27 2033 3 121,420 9.2% 1,857 8.4% 15.29 Thereafter 4 97,245 7.3% 1,943 8.8% 19.98 Month-to-month 34 70,598 5.2% 995 4.5% 14.09 Total 187 1,321,869 100.0% $ 22,136 100.0% $ 16.75 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 28

NEW AND RENEWAL LEASE SUMMARY (unaudited) As of September 30, 2024 Comparable Leases Only1 Total - New and Renewal Leases Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF Rent Spread2 3rd Quarter 2024 71 182,125 $ 36.66 $ 4.39 5.6 53 156,585 $ 36.98 $ 32.07 15.3% 2nd Quarter 2024 47 96,318 $ 30.38 $ 6.10 3.6 39 80,277 $ 31.68 $ 29.53 7.3% 1st Quarter 2024 44 212,000 $ 25.01 $ 1.23 5.6 34 124,463 $ 30.14 $ 27.95 7.8% 4th Quarter 2023 50 114,298 $ 41.54 $ 7.06 4.3 35 46,053 $ 48.05 $ 44.58 7.8% Trailing four quarters 212 604,741 $ 32.50 $ 4.06 5.0 161 407,378 $ 35.10 $ 31.73 10.6% Total - New Leases Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF Rent Spread2 3rd Quarter 2024 23 35,136 $ 38.03 $ 21.81 5.6 13 24,631 $ 34.92 $ 28.71 21.6% 2nd Quarter 2024 8 17,377 $ 20.80 $ 2.55 3.6 4 10,936 $ 23.82 $ 23.38 1.9% 1st Quarter 2024 12 27,761 $ 27.10 $ 5.41 4.9 8 21,234 $ 27.15 $ 24.29 11.8% 4th Quarter 2023 16 17,597 $ 44.43 $ 41.62 5.0 9 9,493 $ 43.06 $ 38.66 11.4% Trailing four quarters 59 97,871 $ 33.02 $ 17.30 4.9 34 66,294 $ 31.76 $ 27.84 14.1% Total - Renewal Leases Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF Rent Spread2 3rd Quarter 2024 48 146,989 $ 36.33 $ 0.22 5.6 40 131,954 $ 37.37 $ 32.70 14.3% 2nd Quarter 2024 39 78,941 $ 32.49 $ 6.88 3.6 35 69,341 $ 32.92 $ 30.50 7.9% 1st Quarter 2024 32 184,239 $ 24.69 $ 0.60 5.7 26 103,229 $ 30.75 $ 28.70 7.2% 4th Quarter 2023 34 96,701 $ 41.02 $ 0.77 4.2 26 36,560 $ 49.35 $ 46.12 7.0% Trailing four quarters 153 506,870 $ 32.40 $ 1.50 5.1 127 341,084 $ 35.75 $ 32.48 10.0% Three Months Ended September 30, 2024 TTM Ended September 30, 2024 Leases GLA (SF) ABR/SF4 Rent Spread2 Leases GLA (SF) ABR/SF4 Rent Spread2 Retail 38 83,885 $ 57.48 18.2% 141 306,561 $ 47.17 11.9% Industrial 27 81,848 $ 17.45 9.9% 59 274,956 $ 16.58 7.8% Office 6 16,392 $ 26.00 3.5% 12 23,224 $ 27.29 2.8% Subtotal - Improved 71 182,125 $ 36.66 15.3% 212 604,741 $ 32.50 10.6% Ground 1 N/A3 $ 0.0 28.8% 2 N/A3 $ 0.6 28.8% 1 Per Glossary of Terms, Comparable Leases are either renewals (executed for the same units) or new leases (executed for units that have been vacated in the previous 12 months) for comparable space and comparable lease terms. Expansions, contractions and strategic short-term renewals are excluded from the Comparable Lease pool. 2 Rent Spread is calculated for Comparable Leases, a subset of the total population of leases for the period presented. 3 Not applicable for ground leases as such leases would not be comparable from a GLA (SF) perspective. 4 Current ABR, in millions, is presented for ground leases. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 29

Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 30

LAND OPERATIONS STATEMENT OF OPERATING PROFIT AND EBITDA (dollars in thousands; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Land Operations operating revenue Development sales revenue $ 1,853 $ — $ 5,989 $ — Unimproved/other property sales revenue 10,557 4,025 20,182 8,075 Other operating revenue1 153 238 545 2,291 Total Land Operations operating revenue 12,563 4,263 26,716 10,366 Land Operations operating costs and expenses (7,153) (2,019) (14,299) (7,001) (Expense) income from changes to liabilities related to legacy operations — (200) (2,193) (795) Selling, general and administrative (236) (450) (874) (1,380) Intersegment operating charges, net2 (6) 45 (24) (100) Gain (loss) from disposals, net — — 2,148 1,117 Earnings (loss) from joint ventures 2,142 950 3,836 1,879 Interest and other income (expense), net 571 289 670 399 Total Land Operations operating profit (loss) $ 7,881 $ 2,878 $ 15,980 $ 4,485 Three Months Ended September 30, Nine Months Ended September 30, TTM September 30, 2024 2023 2024 2023 2024 Land Operations Operating Profit (Loss) $ 7,881 $ 2,878 $ 15,980 $ 4,485 $ 22,325 Land Operations depreciation and amortization 3 6 9 28 16 Land Operations EBITDA $ 7,884 $ 2,884 $ 15,989 $ 4,513 $ 22,341 1 Other operating revenue includes revenue related to leasing of non-core legacy agricultural lands during the nine months ended September 30, 2024 and 2023, and revenue related to trucking and storage operations during the nine months ended September 30, 2023. 2 Intersegment operating charges primarily from CRE that are eliminated in the consolidated results of operations. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 31

COMPONENTS OF LAND OPERATIONS As of September 30, 2024 Land Operations Balance Sheet Detail (dollars in thousands; unaudited) Acres Carrying Value ASSETS Real estate investments Core real estate investments Kapolei Business Park West 3 $ 6,180 Maui Business Park II1 47 17,288 Non-core real estate investments 3,237 32,366 Investments in real estate joint ventures and partnerships 5,907 Total real estate investments, net 3,287 61,741 Accounts receivable and other receivables, net 10,612 Other investments in affiliates 34,954 Other assets 534 Total assets $ 107,841 LIABILITIES Maui agricultural land sale deferred revenue and reserves $ 69,834 Environmental remediation 17,084 Land development warranty and post-closing obligations 1,495 Other liabilities 10,689 Total liabilities $ 99,102 Land Operations Book Value $ 8,739 Core Real Estate Development-for-Sale Projects (dollars in millions; except per square foot amounts; unaudited) Project Location Product Type Remaining Sellable Acres2 Acres Under Contract3 Target Sales Price Range per SF for Remaining Total Estimated Project Costs Total Incurred Project Costs Net Book Value Estimated Project Completion Maui Business Park II Kahului, Maui Light industrial lots 28.7 acres 14.8 acres $38-$62 per SF $ 91 $ 65 $ 17 2030+ 1 Includes 3.5 acres of existing and planned roads and easements not available for sale, and 14.8 acres under contract. 2 Remaining sellable acres may change due to updates in overall development plan that results in modification of planned roads and easements. 3 Includes lots currently under sales contracts and 12.5 acres under contract with a delayed closing pending subdivision completion. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 32 MAUI BUSINESS PARK I I

Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 33

COMPONENTS OF NET ASSET VALUE (amounts in thousands; unaudited) Three Months Ended September 30, 2024 Supplement Page As of September 30, 2024 Supplement Page NOI from Real Estate Investments Land Operations Real Estate Investments Retail NOI $ 20,186 Core real estate investments $ 23,468 32 Industrial NOI 5,816 Non-core real estate investments 38,273 32 Office NOI 1,093 Total carrying value of Land Operations Real Estate Investments $ 61,741 NOI from Improved Portfolio Investments 27,095 22 NOI from Ground Investments 5,273 22 Other Assets NOI from Real Estate Investments $ 32,368 10 Cash and cash equivalents $ 17,919 6 Restricted cash 236 6 Adjustments to NOI Account receivable, net 3,501 6 Pro Forma quarterly impact of ABR from leases signed but not yet paying rent $ 484 Other receivable, net 12,607 6 NOI adjustments for acquisitions1 $ 579.6 24 Other investments in affiliates 34,954 32 Prepaid expenses and other assets 24,082 6 Development and Redevelopment Projects Total carrying value of other assets $ 93,299 Costs incurred to date (in millions) $ 1.5 18 Estimated remaining costs to be incurred (in millions) $ 11.1 to 11.7 18 Liabilities Underwritten incremental unlevered yield 7.8 - 8.1% 18 Notes payable and other debt $ 472,508 16 Accounts payable 4,910 6 Accrued post-retirement benefits 8,173 6 Tenant security deposits 7,649 6 Deferred revenue 72,499 6 Land Operations reserves, warranty, and post closing obligations 26,413 32 Accrued and other liabilities 36,541 6 Total carrying value of liabilities $ 628,693 Equity Common shares outstanding 72,633 15 1Adjusts NOI for acquired properties to represent a full period. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 34

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. Capitalization Rate Estimated in-place NOI for the property divided by the property’s contractual purchase or sale price. Comparable Lease Comparable Leases are either renewals (executed for the same units) or new leases (executed for units that have been vacated in the previous 12 months) for comparable space and comparable lease terms. Expansions, contractions and strategic short-term renewals are excluded from the Comparable Lease pool. CRE Portfolio Composed of (1) retail, industrial and office improved properties subject to operating leases ("Improved Portfolio") and (2) assets subject to ground leases ("Ground Leases") within the CRE segment. Debt-service Coverage Ratio The ratio of Consolidated Adjusted EBITDA to the sum of debt service – which includes interest expense, principal payments for financing leases and term debt, as well as principal amortization of mortgage debt, but excludes balloon payments – for the trailing twelve months. EBITDA (or Consolidated Adjusted EBITDA) Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is calculated on a consolidated basis ("Consolidated EBITDA") by adjusting the Company’s consolidated net income (loss) to exclude the impact of interest expense, income taxes and depreciation and amortization. EBITDA is calculated at the segment level ("Segment EBITDA" or "Land Operations EBITDA") by adjusting segment operating profit (which excludes interest expense and income taxes) to add back depreciation and amortization recorded at the respective segment. Consolidated Adjusted EBITDA is calculated by adjusting Consolidated EBITDA for items identified as non-recurring, infrequent or unusual that are not expected to recur in the Company’s core business. FFO Funds from operations (“FFO”) is a widely used supplemental non-GAAP financial measure of REITs' operating performance. FFO is computed in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”) and is calculated as follows: net income (loss) available to A&B common shareholders (calculated in accordance with GAAP), excluding (1) depreciation and amortization related to real estate, (2) gains and losses from the sale of certain real estate assets, (3) gains and losses from change in control, (4) impairment write- downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and (5) income (loss) from discontinued operations related to legacy business operations. Adjusted FFO is an additional supplemental non-GAAP measure of REITs' operating performance. It is calculated by adjusting FFO to exclude share-based compensation, straight-line lease adjustments and other non-cash adjustments, such as amortization of market lease adjustments, debt premium or discount and deferred financing cost amortization, maintenance capital expenditures, leasing commissions, provision for current expected credit losses and other non- comparable and non-operating items, including certain gains, losses, income, and expenses related to the Company’s legacy business operations and assets. The Company presents both non-GAAP measures and reconciles FFO to the most directly-comparable GAAP measure, Net Income (Loss) available to A&B common shareholders, and FFO to Adjusted FFO. The Company's FFO and Adjusted FFO may not be comparable to such metrics reported by other REITs due to possible differences in the interpretation of the current Nareit definition used by such REITs. GAAP Generally accepted accounting principles in the United States of America. GLA Gross leasable area ("GLA") measured in square feet ("SF"). GLA is periodically adjusted based on remeasurement or reconfiguration of space and may change period over period for these remeasurements. Maintenance Capital Expenditures As it relates to CRE segment capital expenditures (i.e., capitalizable costs on a cash basis), normalized recurring expenditures necessary to maintain building value, the current income stream and position in the market. Such expenditures may include building/area improvements and tenant space improvements. Net Debt Net Debt is calculated by adjusting the Company's total debt to its notional amount (by excluding unamortized premium, discount and capitalized loan fees) and by subtracting cash and cash equivalents recorded in the Company's consolidated balance sheets. NOI Net Operating Income ("NOI") represents total Commercial Real Estate contract-based operating revenue that is realizable (i.e., assuming collectability is deemed probable) less the direct property-related operating expenses paid or payable in cash. The calculation of NOI excludes the impact of depreciation and amortization (e.g., depreciation related to capitalized costs for improved properties, other capital expenditures for building/area improvements and tenant space improvements, as well as amortization of leasing commissions); straight-line lease adjustments (including amortization of lease incentives); amortization of favorable/unfavorable lease assets/liabilities; lease termination income; interest and other income (expense), net; selling, general, administrative and other expenses (not directly associated with the property); and impairment of commercial real estate assets. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 35

Occupancy The Physical Occupancy percentage calculates the square footage leased and commenced (i.e., measured when the lessee has physical access to the space) as a percentage of total available improved property space at the end of the period reported. The Leased Occupancy percentage calculates the square footage leased (i.e., the space has been committed to by a lessee under a signed lease agreement) as a percentage of total available improved property square footage as of the end of the period reported. The Economic Occupancy percentage calculates the square footage under leases for which the lessee is contractually obligated to make lease-related payments (i.e., subsequent to the rent commencement date) to total available improved property square footage as of the end of the period reported. PSF Per square foot of GLA. 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 NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned, operated, and stabilized for the entirety of the prior calendar year and current reporting period, year-to-date. The Same-Store pool excludes properties under development, and properties acquired or sold during either of the comparable reporting periods. The Same-Store pool may also exclude properties that are fully or partially taken out of service for the purpose of redevelopment or repositioning. Management judgment is involved in the classification of properties for exclusion from the same-store pool when they are no longer considered stabilized due to redevelopment or other factors. Properties are moved into the Same-Store pool after one full calendar year of stabilized operation. Stabilization New developments and redevelopments are generally considered stabilized upon the initial attainment of 90% economic 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. | NYSE: ALEX Supplemental Information 36

STATEMENT ON MANAGEMENT'S USE OF NON-GAAP FINANCIAL MEASURES The Company presents the following non-GAAP financial measures in this Supplemental Information document: • Consolidated EBITDA • Consolidated Adjusted EBITDA • FFO • Adjusted FFO • Commercial Real Estate NOI and Same-Store NOI • Land Operations EBITDA The Company uses non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' core operating results, and/or the underlying business trends affecting performance on a consistent and comparable basis from period to period. These measures generally are provided to investors as an additional means of evaluating the performance of ongoing core operations. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP. EBITDA and Adjusted EBITDA The Company may report various forms of EBITDA (e.g. Consolidated EBITDA, Consolidated Adjusted EBITDA, and Land Operations EBITDA) as non-GAAP measures used by the Company in evaluating the segments' and Company's operating performance on a consistent and comparable basis from period to period. The Company provides this information to investors as an additional means of evaluating the performance of the segments' and Company’s ongoing operations. The Company also adjusts Consolidated EBITDA to arrive at Consolidated Adjusted EBITDA for items identified as non- recurring, infrequent or unusual that are not expected to recur in the segment’s normal operations (or in the Company’s core business). As an illustrative example, the Company identified non-cash impairment as non-recurring, infrequent or unusual items that are not expected to recur in the consolidated or segment’s normal operations. By excluding these items from Consolidated EBITDA to arrive at Consolidated Adjusted EBITDA, the Company believes it provides meaningful supplemental information about its operating performance and facilitates comparisons to historical operating results. Such non-GAAP measures should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Funds from Operations and Adjusted Funds from Operations Management believes that FFO serves as a supplemental measure to net income calculated in accordance with GAAP for comparing its performance and operations to those of other REITs because it excludes items included in net income that do not relate to or are not indicative of the Company’s operating and financial performance, such as depreciation and amortization related to real estate, which assumes that the value of real estate assets diminishes predictably over time instead of fluctuating with market conditions, and items that can make periodic or peer analysis more difficult, such as gains and losses from the sale of CRE properties, impairment losses related to CRE properties, and income (loss) from discontinued operations. Management believes that FFO more accurately provides an investor an indication of our ability to incur and service debt, make capital expenditures and fund other needs. The Company has been executing a simplification strategy to focus on the growth and expansion of its commercial real estate portfolio in Hawai‘i by monetizing its legacy assets and operations. The sale of Grace Pacific, LLC and the Company-owned quarry land on Maui in 2023 marked the culmination of the Company’s simplification strategy. Although the Company has some remaining legacy assets to be monetized, investors and analysts now view the Company as a pure-play REIT. In order to enhance comparability to other REITs, the Company provides an additional performance metric, Adjusted FFO, to further adjust FFO to exclude the effects of certain items not related to ongoing property operations. Adjusted FFO is a widely recognized measure of the property operations of REITs and may be more useful than FFO in evaluating the operating performance of the Company’s properties over the long term, as well as enabling investors and analysts to assess performance in comparison to other real estate companies FFO and Adjusted FFO do not represent alternatives to net income calculated in accordance with GAAP and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. In addition, FFO and Adjusted FFO do not represent and should not be considered alternatives to cash generated from operating activities determined in accordance with GAAP, nor should they be used as measures of the Company’s liquidity, or cash available to fund the Company’s needs or pay distributions. FFO and Adjusted FFO should be considered only as supplements to net income as a measure of the Company’s performance. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 37

The Company presents both non-GAAP measures and reconciles FFO to the most directly-comparable GAAP measure, Net Income (Loss) available to A&B common shareholders, and FFO to Adjusted FFO. The Company's FFO and Adjusted FFO may not be comparable to such metrics reported by other REITs due to possible differences in the interpretation of the current Nareit definition used by such REITs. NOI and Same-Store NOI NOI is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. Management believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only the contract-based income and cash-based expense items that are incurred at the property level. When compared across periods, NOI can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-contract-based revenue (e.g., straight-line lease adjustments required under GAAP); by non- cash expense recognition items (e.g., the impact of depreciation and amortization expense or impairments); or by other income, expenses, gains, or losses that do not directly relate to the Company's ownership and operations of the properties (e.g., indirect selling, general, administrative and other expenses, as well as lease termination income). Management believes the exclusion of these items from operating profit (loss) is useful because the resulting measure captures the contract-based revenue that is realizable (i.e., assuming collectability is deemed probable) and the direct property-related expenses paid or payable in cash that are incurred in operating the Company's Commercial Real Estate portfolio, as well as trends in occupancy rates, rental rates and operating costs. NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company reports NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned, operated, and stabilized for the entirety of the prior calendar year and current reporting period, year-to-date. Management believes that reporting on a Same-Store basis provides investors with additional information regarding the operating performance of comparable assets separate from other factors (such as the effect of developments, redevelopments, acquisitions or dispositions). The calculations of these financial measures are described in the Glossary of Terms of this Supplemental Information document. To emphasize, 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 document: • Refer to EBITDA AND ADJUSTED EBITDA for a reconciliation of consolidated net income to Consolidated EBITDA and Consolidated Adjusted EBITDA. • Refer to FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS for a reconciliation of consolidated net income (loss) available to A&B common shareholders to FFO and Adjusted FFO. • Refer to NET OPERATING INCOME for a reconciliation of NOI and Same-Store NOI to Commercial Real Estate operating profit. • Refer to LAND OPERATIONS STATEMENT OF OPERATING PROFIT AND EBITDA for a reconciliation of Land Operations operating profit to Land Operations EBITDA. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 38

RECONCILIATION OF NON-GAAP GUIDANCE (unaudited) Reconciliation of Net Income (Loss) available to A&B common shareholders per diluted share, to both the forward-looking range of Funds From Operations (“FFO”) per diluted share and the forward-looking range of Adjusted FFO per diluted share, is as follow: Reconciliations of Net Income available to A&B common shareholders to FFO and Adjusted FFO Nine Months Ended September 30, 2024 Full-Year 2024 Estimate - Revised1 Full-Year 2024 Estimate - Prior1 Low High Low High Net Income (Loss) available to A&B common shareholders per diluted share $ 0.66 $ 0.74 $ 0.82 $ 0.64 $ 0.73 Depreciation and amortization of commercial real estate properties 0.37 0.49 0.49 0.49 0.49 (Income) loss from discontinued operations, net of income taxes 0.04 0.04 0.04 0.04 0.04 FFO per diluted share $ 1.07 $ 1.27 $ 1.35 $ 1.17 $ 1.17 $ 1.26 Add (deduct) Adjusted FFO defined adjustments Amortization of share-based compensation 0.05 0.06 0.06 0.07 0.07 Maintenance capital expenditures (0.11) (0.18) (0.16) (0.17) (0.15) Legacy joint venture (income)/loss (0.05) (0.05) (0.07) (0.02) (0.03) Leasing commissions paid (0.01) (0.02) (0.02) (0.02) (0.02) Straight-line lease adjustments (0.03) (0.03) (0.04) (0.03) (0.04) Amortization of net debt premiums or discounts and deferred financing costs 0.01 0.02 0.02 0.02 0.02 Other2 (0.02) (0.02) (0.02) (0.03) (0.03) Adjusted FFO per diluted share $ 0.91 $ 1.05 $ 1.12 $ 0.99 $ 1.08 1 The full-year 2024 estimate reflects guidance as of the date of this supplemental information document and assumes that diluted shares equal the latest year-to- date ending amount. 2 Other adjustments in the Adjusted FFO reconciliation include non-recurring and other items that are not forecasted for guidance purposes such as, but not limited to, gains or losses related to the sale of legacy businesses, non-cash changes to liabilities related to legacy operations, fair value adjustments related to interest rate swaps, provision for current expected credit losses, and non-recurring financing charges. Actual results are included in the full-year estimate once recorded. The forward looking guidance includes certain forward-looking information, including CRE Same-Store NOI growth % and CRE Same-Store NOI growth %, excluding collections of prior year reserves, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward- looking CRE Same-Store NOI growth % amounts to the most directly comparable GAAP financial measure. These forward- looking same-store calculations include only activity from properties owned for comparable periods. We are unable, without unreasonable effort, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items, including but not limited to, (i) occupancy changes; (ii) terms for new and renewal leases; (iii) collections from tenants; and (iv) other nonrecurring/unplanned income or expense items. These items are inherently uncertain and depend on various factors, many of which are beyond our control, and the unavailable components could have a significant impact on our future financial results. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 39