EX-99.2 3 q42024supplement.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 remaining legacy assets, and the risk factors discussed in Part I, Item 1A of the Company's 2024 Form 10-K, filed with the SEC on or around February 28, 2025, under the heading "Risk Factors"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. The risk factors discussed in "Risk Factors" could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause our results to differ materially from those expressed in 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 Fourth Quarter and Full-Year 2024 Results HONOLULU, (February 27, 2025) /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 $12.4 million, or $0.17 per diluted share, and Commercial Real Estate ("CRE") operating profit of $22.0 million for the fourth quarter of 2024. The Company reported net income available to common shareholders of $60.5 million, or $0.83 per diluted share, and CRE operating profit of $89.4 million for the full year of 2024. Q4 2024 Highlights • Funds From Operations ("FFO") of $22.0 million, or $0.30 per diluted share • Adjusted FFO of $14.2 million, or $0.19 per diluted share • FFO related to CRE and Corporate of $19.0 million, or $0.26 per diluted share • CRE Same-Store Net Operating Income ("NOI") growth of 2.4%, or 2.9% excluding collections of prior year reserves • Leased occupancy as of December 31, 2024, was 94.6% • Comparable blended leasing spreads for the improved portfolio were 14.0% • Began construction of a 29,550 square foot warehouse and distribution center at Maui Business Park II • Amended the Company's revolving credit facility, extending the term of the facility to October 2028 Full-Year 2024 Highlights • FFO of $100.0 million, or $1.37 per diluted share • Adjusted FFO of $80.1 million, or $1.10 per diluted share • FFO related to CRE and Corporate of $81.1 million, or $1.11 per diluted share • CRE Same-Store NOI growth of 2.9%, or 3.3% excluding collections of prior year reserves • Comparable blended leasing spreads for the improved portfolio were 11.7% • Reduced general and administrative expense by $4.2 million, or 12.4%, compared to 2023 • Closed on the acquisition of an 81,500 square foot food and distribution facility • Established a new $200.0 million at-the-market ("ATM") equity offering program to replace our previous program that expired in August 2024 Lance Parker, president and chief executive officer, stated: "Our portfolio ended the year on a high note with better than expected results. Occupancy is healthy, leasing volumes continue to trend well and comparable leasing spreads are strong. Looking ahead to 2025, we are excited about our prospects to continue meaningful earnings growth organically through our portfolio, and through internal and external growth opportunities." Consolidated Financial Results for Q4 and Full-Year 2024 Below is a summary of select consolidated financial results. (dollars in thousands, except per share data) Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 Net income (loss) available to A&B common shareholders $ 12,438 $ (3,530) $60,514 $29,706 Diluted earnings (loss) per share available to A&B shareholders $ 0.17 $ (0.05) $ 0.83 $ 0.41 i

(dollars in thousands, except per share data) Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 FFO $ 21,952 $ 19,824 $ 100,006 $ 79,377 FFO per diluted share $ 0.30 $ 0.27 $ 1.37 $ 1.09 CRE & Corporate-related FFO per diluted share $ 0.26 $ 0.19 $ 1.11 $ 0.94 Adjusted FFO $ 14,178 $ 12,182 $ 80,064 $ 63,602 Adjusted FFO per diluted share $ 0.19 $ 0.17 $ 1.10 $ 0.87 Selling, general and administrative expense $ 7,895 $ 7,828 $ 29,822 $ 34,028 CRE Financial Results for Q4 and Full-Year 2024 Below is a summary of select CRE financial results. (dollars in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 CRE operating revenue $ 49,888 $ 48,336 $ 197,365 $ 193,971 CRE operating profit $ 21,990 $ 17,019 $ 89,411 $ 81,225 Same-Store NOI $ 31,202 $ 30,471 $ 126,359 $ 122,834 Same-Store NOI Growth 2.4 % 4.3 % 2.9 % 4.3 % Same-Store NOI, excluding collections of prior year reserves $ 30,969 $ 30,092 $ 124,698 $ 120,720 Same-Store NOI Growth, excluding collections of prior year reserves 2.9 % 4.8 % 3.3 % 6.8 % CRE Operating Results Results for Q4 and Full-Year 2024 • During the fourth quarter of 2024, the Company executed a total of 47 improved-property leases, or approximately 139,900 square feet of gross leasable area ("GLA"), and two ground leases. In 2024, there were 209 leases executed in our improved-property portfolio, or approximately 630,300 square feet of GLA, and three ground leases. • Comparable leasing spreads in our improved property portfolio were 14.0% for the fourth quarter of 2024, which included 15.2% for retail spaces and 6.6% for industrial spaces. Full-year comparable leasing spreads for the improved property portfolio were 11.7%, including 13.5% for retail spaces and 7.4% for industrial spaces. • Select occupancy information is included below for the periods ending December 31, 2024, September 30, 2024 and December 31, 2023. December 31, 2024 September 30 , 2024 December 31, 2023 Change from prior quarter Change from prior year Leased Occupancy Total leased occupancy 94.6 % 94.0 % 94.7 % 60 bps (10) bps Retail portfolio occupancy 95.2 % 92.9 % 94.3 % 230 bps 90 bps Industrial portfolio occupancy 95.2 % 97.4 % 96.8 % (220) bps (160) bps CRE Investment Activity for Full-Year 2024 • In September 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 the fourth quarter of 2024. ii

• Construction began 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. The asset is pre-leased and is expected to be placed in service in late 2025. Land Operations • Land Operations operating profit was $2.9 million for the quarter ended December 31, 2024, comprised primarily of development sale margin. • Land Operations operating profit was $18.9 million for the year ended December 31, 2024, comprised of $18.7 million of land sale margin and $4.6 million of equity in earnings from unconsolidated joint ventures. Balance Sheet, Capital Markets Activities, and Liquidity • As of December 31, 2024, the Company had total liquidity of $333.4 million, consisting of cash on hand of $33.4 million and $300.0 million available on its revolving line of credit. • Net Debt to Trailing Twelve Months ("TTM") Consolidated Adjusted EBITDA was 3.6 times as of December 31, 2024, with TTM Consolidated Adjusted EBITDA of $122.6 million for the period ended December 31, 2024. • In the fourth quarter of 2024, 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 1.05% based on a leverage-based pricing grid, plus a SOFR adjustment of 0.10%. • The Company paid a fourth quarter 2024 dividend of $0.2250 per share on January 8, 2025. • The Company's Board declared a first quarter 2025 dividend of $0.2250 per share, payable on April 7, 2025, to shareholders of record as of the close of business on March 14, 2025. 2025 Full-Year Guidance The Company's initial outlook for 2025 is as follows. Net Income (Loss) available to A&B common shareholders per diluted share $0.83 $0.64 to $0.71 FFO per diluted share $1.37 $1.13 to $1.20 FFO per share related to CRE and Corporate $1.11 $1.11 to $1.16 CRE Same-Store NOI growth % 2.9% 2.4% to 3.2% 2024 Actual 2025 Guidance 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 December 31, 2024: • A commercial real estate portfolio consisting of 21 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 2.4 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 are leased pursuant to urban ground leases as of December 31, 2024; and 2.4 acres slated for build-to-suit development; and • A land operations portfolio consisting of approximately 3,221 acres of legacy landholdings and assets that are subject to the Company's simplification and monetization efforts, and 44 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 229 65 — 293 — Hawai‘i Island 222 87 — 309 — Total 2,446 1,365 146 3,957 142 Number of Properties 21 14 4 39 N/A In November 2023, the Company completed the sale of its interests in Grace Pacific LLC, a materials and construction company, Company- owned quarry land on Maui, and Grace Pacific’s 50% interest in a paving company (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 twelve months ended December 31, 2023. Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 2 $79,817 $22,675 $4,285 $20,663 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 December 31, 2024, GLA square footage ("SF") by the improved property asset class and location, and acres by ground leases location were as follows: 3.4% YTD 2024 NOI by ASSET CLASS (dollars in thousands) 17.8% 16.2% 62.6%

Throughout this Supplemental Information document, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries. Executive Officers Lance Parker Clayton Chun President & Chief Executive Officer Executive Vice President, Chief Financial Officer & Treasurer Meredith Ching 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 $1.3B December 31, 2024: 3-month average trading volume: 328K 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 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Leased ABR PSF $ 29.97 $ 29.66 $ 29.63 $ 29.57 $ 29.04 Comparable new and renewal leasing spread 14.0 % 15.3 % 7.3 % 7.8 % 7.8 % Leased Occupancy 94.6 % 94.0 % 93.9 % 94.0 % 94.7 % Physical Occupancy 93.7 % 93.5 % 93.4 % 93.5 % 94.1 % Economic Occupancy 92.9 % 93.0 % 92.8 % 92.3 % 93.0 % Net Debt to TTM Consolidated Adjusted EBITDA 3.6 3.6 3.7 3.8 4.2 Dividends declared per share $ 0.2250 $ 0.2225 $ 0.2225 $ 0.2225 $ 0.2225 Three Months Ended December 31, Twelve Months Ended December 31, Summary of Financial Results 2024 2023 2024 2023 Net income (loss) available to A&B common shareholders $ 12,438 $ (3,530) $ 60,514 $ 29,706 Net Income (loss) per share available to A&B shareholders - basic $ 0.17 $ (0.05) $ 0.83 $ 0.41 Net Income (loss) per share available to A&B shareholders - diluted $ 0.17 $ (0.05) $ 0.83 $ 0.41 FFO $ 21,952 $ 19,824 $ 100,006 $ 79,377 FFO per diluted share $ 0.30 $ 0.27 $ 1.37 $ 1.09 Adjusted FFO $ 14,178 $ 12,182 $ 80,064 $ 63,602 Adjusted FFO per diluted share $ 0.19 $ 0.17 $ 1.10 $ 0.87 Consolidated Adjusted EBITDA $ 28,367 $ 30,583 $ 122,589 $ 108,085 Same-Store NOI change1 2.4 % 4.3 % 2.9 % 4.3 % Same-Store NOI change, excluding collections of prior year reserves1 2.9 % 4.8 % 3.3 % 6.8 % 1 Comparing same quarter year-over-year. 2025 Guidance Current Net income (loss) available to A&B common shareholders per diluted share $0.64 to $0.71 FFO per diluted share $1.13 to $1.20 FFO per share related to CRE and Corporate $1.11 to $1.16 Same-Store NOI growth 2.40% to 3.20% Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 4

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

CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands; unaudited) December 31, December 31, 2024 2023 ASSETS Real estate investments Real estate property $ 1,670,879 $ 1,609,013 Accumulated depreciation (255,641) (227,282) Real estate property, net 1,415,238 1,381,731 Real estate developments 46,423 58,110 Investments in real estate joint ventures and partnerships 5,907 6,850 Real estate intangible assets, net 31,176 36,298 Real estate investments, net 1,498,744 1,482,989 Cash and cash equivalents 33,436 13,517 Restricted cash 236 236 Accounts receivable, net of allowances (credit losses and doubtful accounts) of $1,701 and $2,888 as of December 31, 2024 and 2023, respectively 3,697 4,533 Goodwill 8,729 8,729 Other receivables, net of allowance (credit losses and doubtful accounts) of $2,393 and $3,545 as of December 31, 2024 and 2023, respectively 16,696 23,601 Prepaid expenses and other assets 108,894 98,652 Assets held for sale — 13,984 Total assets $ 1,670,432 $ 1,646,241 LIABILITIES AND EQUITY Liabilities: Notes payable and other debt $ 474,837 $ 463,964 Accounts payable 4,529 5,845 Accrued post-retirement benefits 7,582 9,972 Deferred revenue 72,462 70,353 Accrued and other liabilities 107,479 93,096 Total liabilities 666,889 643,230 Commitments and Contingencies Equity: Common stock - no par value; authorized, 225,000,000 shares; outstanding 72,633,866 and 72,447,510 shares at December 31, 2024 and 2023, respectively 1,811,582 1,809,095 Accumulated other comprehensive income (loss) 6,134 3,250 Distributions in excess of accumulated earnings (814,173) (809,334) Total shareholders' equity 1,003,543 1,003,011 Total liabilities and equity $ 1,670,432 $ 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 December 31, Year Ended December 31, 2024 2023 2024 2023 Operating Revenue: Commercial Real Estate $ 49,888 $ 48,336 $ 197,365 $ 193,971 Land Operations 12,560 4,506 39,276 14,872 Total operating revenue 62,448 52,842 236,641 208,843 Operating Costs and Expenses: Cost of Commercial Real Estate 26,693 25,897 102,535 100,972 Cost of Land Operations 9,968 (2,236) 26,460 5,560 Selling, general and administrative 7,895 7,828 29,822 34,028 Impairment of assets 256 4,119 256 4,768 Total operating costs and expenses 44,812 35,608 159,073 145,328 Gain (loss) on disposal of commercial real estate properties 51 — 51 — Gain (loss) on disposal of assets, net — (3) 2,148 1,114 Total gain (loss) on disposal of assets, net 51 (3) 2,199 1,114 Operating Income (Loss) 17,687 17,231 79,767 64,629 Other Income and (Expenses): Income (loss) related to joint ventures 720 (7) 4,556 1,872 Interest and other income (expense), net 371 (2,697) 3,023 (2,693) Interest expense (6,050) (5,988) (23,169) (22,963) Income (Loss) from Continuing Operations Before Income Taxes 12,728 8,539 64,177 40,845 Income tax benefit (expense) — (28) (174) (35) Income (Loss) from Continuing Operations 12,728 8,511 64,003 40,810 Income (loss) from discontinued operations, net of income taxes (285) (11,749) (3,466) (7,847) Net Income (Loss) 12,443 (3,238) 60,537 32,963 Loss (income) attributable to discontinued noncontrolling interest — (268) — (3,151) Net Income (Loss) Attributable to A&B Shareholders $ 12,443 $ (3,506) $ 60,537 $ 29,812 Earnings (Loss) Per Share Available to A&B Shareholders: Basic Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.18 $ 0.12 $ 0.88 $ 0.56 Discontinued operations available to A&B shareholders (0.01) (0.17) (0.05) (0.15) Net income (loss) available to A&B shareholders $ 0.17 $ (0.05) $ 0.83 $ 0.41 Diluted Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.17 $ 0.12 $ 0.88 $ 0.56 Discontinued operations available to A&B shareholders — (0.17) (0.05) (0.15) Net income (loss) available to A&B shareholders $ 0.17 $ (0.05) $ 0.83 $ 0.41 Weighted-Average Number of Shares Outstanding: Basic 72,633 72,449 72,606 72,559 Diluted 72,853 72,719 72,752 72,776 Amounts Available to A&B Common Shareholders: Continuing operations available to A&B common shareholders $ 12,723 $ 8,487 $ 63,980 $ 40,704 Discontinued operations available to A&B common shareholders (285) (12,017) (3,466) (10,998) Net income (loss) available to A&B common shareholders $ 12,438 $ (3,530) $ 60,514 $ 29,706 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands; unaudited) Year Ended December 31, 2024 2023 Cash Flows from Operating Activities: Net income (loss) $ 60,537 $ 32,963 Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: Loss (income) from discontinued operations 3,466 7,847 Depreciation and amortization 36,312 36,791 Provision for (reversal of) credit losses (628) — Loss (gain) from disposals, net (2,199) (1,114) Impairment of assets 256 4,768 Loss (gain) on de-designated interest rate swap valuation adjustment (3,675) 2,718 Share-based compensation expense 4,795 6,081 Loss (income) related to joint ventures, net of operating cash distributions (1,179) (1,822) Changes in operating assets and liabilities: Trade and other receivables 35 120 Prepaid expenses and other assets (424) (894) Development/other property inventory 6,464 (3,474) Accrued post-retirement benefits (1,841) (5) Accounts payable (1,047) 1,130 Accrued and other liabilities 1,239 (9,622) Operating cash flows from continuing operations 102,111 75,487 Operating cash flows from discontinued operations (4,120) (8,395) Net cash provided by (used in) operations 97,991 67,092 Cash Flows from Investing Activities: Capital expenditures for acquisitions (29,826) (9,464) Capital expenditures for property, plant and equipment (20,951) (21,686) Proceeds from disposal of assets 18,955 3,439 Payments for purchases of investments in affiliates and other investments (306) (342) Distributions of capital and other receipts from investments in affiliates and other investments 1,013 451 Investing cash flows from continuing operations (31,115) (27,602) Investing cash flows from discontinued operations 15,000 34,705 Net cash provided by (used in) investing activities (16,115) 7,103 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 (166,994) (35,082) Borrowings (payments) on line-of-credit agreement, net 113,000 25,000 Cash dividends paid (64,980) (64,265) Repurchases of common stock and other payments (2,983) (5,403) Financing cash flows from continuing operations (61,957) (79,750) Financing cash flows from discontinued operations — (15,101) Net cash provided by (used in) financing activities (61,957) (94,851) 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 19,919 (20,656) Balance, beginning of period 13,753 34,409 Balance, end of period $ 33,672 $ 13,753 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 8

SEGMENT RESULTS (dollars in thousands; unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Segment Operating Revenue Commercial Real Estate1 $ 49,894 $ 48,361 $ 197,390 $ 194,032 Land Operations 12,560 4,506 39,276 14,872 Total segment operating revenue 62,454 52,867 236,666 208,904 Operating Profit (Loss): Commercial Real Estate1 21,990 17,019 89,411 81,225 Land Operations2 2,942 6,345 18,922 10,830 Total operating profit (loss) 24,932 23,364 108,333 92,055 Gain (loss) on disposal of commercial real estate properties 51 — 51 — Interest expense (6,050) (5,988) (23,169) (22,963) Corporate and other expense (6,205) (8,837) (21,038) (28,247) Income (Loss) from Continuing Operations Before Income Taxes 12,728 8,539 64,177 40,845 Income tax benefit (expense) — (28) (174) (35) Income (Loss) from Continuing Operations 12,728 8,511 64,003 40,810 Income (loss) from discontinued operations, net of income taxes (285) (11,749) (3,466) (7,847) Net Income (Loss) 12,443 (3,238) 60,537 32,963 Loss (income) attributable to discontinued noncontrolling interest — (268) — (3,151) Net Income (Loss) Attributable to A&B Shareholders $ 12,443 $ (3,506) $ 60,537 $ 29,812 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. 2 Land Operations segment operating profit (loss) includes intersegment operating expense, from the Commercial Real Estate 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 December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Reconciliation of CRE Operating Profit to NOI CRE Operating Profit $ 21,990 $ 17,019 $ 89,411 $ 81,225 Depreciation and amortization 9,283 9,154 36,093 36,490 Straight-line lease adjustments (868) (850) (2,736) (5,067) Favorable (unfavorable) lease amortization (72) (228) (371) (1,077) Termination fees and other 173 42 (347) (90) Interest and other (income) expense, net (59) (39) (184) 59 Impairment of assets 256 4,119 256 4,768 Selling, general and administrative 1,011 1,341 5,356 6,984 NOI $ 31,714 $ 30,558 $ 127,478 $ 123,292 Less: NOI from acquisitions, dispositions and other adjustments (512) (87) (1,119) (458) Same-store NOI $ 31,202 $ 30,471 $ 126,359 $ 122,834 Less: Collections of amounts reserved in prior years (233) (379) (1,661) (2,114) Same-Store NOI excluding collections of amounts reserved in prior years $ 30,969 $ 30,092 $ 124,698 $ 120,720 Components of NOI Property revenue Base rental income, net1 $ 33,574 $ 32,425 $ 132,311 $ 127,593 Percentage rent 1,235 1,273 6,031 6,985 Recoveries from tenants 11,729 10,802 45,874 43,779 Excise tax recoveries from tenants 2,235 2,095 8,894 8,409 Revenues deemed uncollectible, net (355) 284 (1,306) (514) Other revenue2 703 421 2,107 1,485 Total property revenue 49,121 47,300 193,911 187,737 Property operating expenses Property operations 13,582 12,885 51,760 49,635 Property taxes 3,831 3,882 14,698 14,871 Total property operating expenses 17,413 16,767 66,458 64,506 Intersegment operating revenue, net3 6 25 25 61 NOI $ 31,714 $ 30,558 $ 127,478 $ 123,292 Less: NOI from acquisitions, dispositions and other adjustments (512) (87) (1,119) (458) Same-store NOI $ 31,202 $ 30,471 $ 126,359 $ 122,834 Less: Collections of amounts reserved in prior years (233) (379) (1,661) (2,114) Same-Store NOI excluding collections of amounts reserved in prior years $ 30,969 $ 30,092 $ 124,698 $ 120,720 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 the Land Operations segment. 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 Sold in Q4 2024 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 December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net Income (Loss) available to A&B common shareholders $ 12,438 $ (3,530) $ 60,514 $ 29,706 Depreciation and amortization of commercial real estate properties 9,280 9,154 36,077 36,490 Gain on the disposal of commercial real estate properties (51) — (51) — Impairment losses - commercial real estate properties — 2,183 — 2,183 (Income) loss from discontinued operations, net of income taxes 285 11,749 3,466 7,847 Income (loss) attributable to discontinued noncontrolling interest — 268 — 3,151 FFO 21,952 19,824 100,006 79,377 Add (deduct) Adjusted FFO defined adjustments Impairment losses - abandoned development costs 256 1,936 256 2,585 (Gain) loss on sale of legacy business1 — 3 (2,125) (1,114) Non-cash changes to liabilities related to legacy operations2 (165) (4,760) 2,028 (3,965) Provision for (reversal of) current expected credit losses — — (628) — Legacy joint venture (income) loss3 (720) 7 (4,556) (1,872) (Gain) loss on fair value adjustments related to interest rate swaps — 2,718 (3,675) 2,718 Non-recurring financing-related charges — — 2,350 — Amortization of share-based compensation 1,141 798 4,795 6,081 Maintenance capital expenditures4 (7,358) (7,217) (15,103) (13,651) Leasing commissions paid (345) (271) (1,272) (1,380) Straight-line lease adjustments (868) (850) (2,736) (5,067) Amortization of net debt premiums or discounts and deferred financing costs 357 243 1,095 967 Favorable (unfavorable) lease amortization (72) (249) (371) (1,077) Adjusted FFO $ 14,178 $ 12,182 $ 80,064 $ 63,602 Net income available to A&B common shareholders per diluted share $ 0.17 $ (0.05) $ 0.83 $ 0.41 FFO per diluted share $ 0.30 $ 0.27 $ 1.37 $ 1.09 Adjusted FFO per diluted share $ 0.19 $ 0.17 $ 1.10 $ 0.87 Weighted average diluted shares outstanding (FFO/Adjusted FFO) 72,853 72,719 72,752 72,776 1 Amounts in 2024 are primarily associated with the favorable resolution of contingent liabilities related to the sale of a legacy business in a prior year. Amounts in 2023 are 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 December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net Income (Loss) $ 12,443 $ (3,238) $ 60,537 $ 32,963 Adjustments: Depreciation and amortization 9,333 9,219 36,312 36,791 Interest expense 6,050 5,988 23,169 22,963 Income tax expense (benefit) — 28 174 35 Interest expense related to discontinued operations — 12 — 496 Consolidated EBITDA $ 27,826 $ 12,009 $ 120,192 $ 93,248 Asset impairments 256 4,119 256 4,768 (Gain) loss on fair value adjustments related to interest rate swaps — 2,718 (3,675) 2,718 Non-recurring financing-related charges — — 2,350 — (Income) loss from discontinued operations, net of income taxes and excluding depreciation, amortization and interest expense 285 11,737 3,466 7,351 Consolidated Adjusted EBITDA $ 28,367 $ 30,583 $ 122,589 $ 108,085 Discrete items impacting the respective periods - income/(loss): Income (loss) attributable to discontinued noncontrolling interest $ — $ 268 $ — $ 3,151 Gain (loss) from disposals, net $ 51 $ (3) $ 2,199 $ 1,114 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) December 31 2024 December 31, 2023 Debt Secured debt $ 54,714 $ 189,713 Unsecured term debt 270,123 237,251 Unsecured revolving credit facility 150,000 37,000 Total debt $ 474,837 $ 463,964 Net unamortized deferred financing cost / discount (premium) 347 149 Cash and cash equivalents (33,436) (13,517) Net debt $ 441,748 $ 450,596 Equity Capitalization Shares common stock outstanding (NYSE:ALEX) 72,633,866 72,447,510 Share price $ 17.74 $ 19.02 Total equity market capitalization $ 1,288,525 $ 1,377,952 Market Capitalization Total debt $ 474,837 $ 463,964 Total equity market capitalization 1,288,525 1,377,952 Total Market Capitalization $ 1,763,362 $ 1,841,916 Liquidity Cash on hand $ 33,436 $ 13,517 Unused committed line of credit 300,000 463,000 Total liquidity $ 333,436 $ 476,517 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Financial Ratios Total Debt to Total Market Capitalization 26.9 % 25.3 % 27.6 % 27.7 % 25.2 % Net Debt to TTM Consolidated Adjusted EBITDA1 3.6 3.6 3.7 3.8 4.2 Debt-service Coverage Ratio2 1.1 1.1 1.0 2.1 1.9 Fixed-rate debt to total debt 95.8 % 96.8 % 100.0 % 89.9 % 92.0 % Unencumbered CRE Property Ratio3 94.7 % 87.3 % 86.9 % 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 2025 2026 2027 2028 2029 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) 2025 2026 2027 2028 2029 Thereafter Total Principal Premium (discount)/ debt issuance costs, net Total Secured: Photovoltaic Financing (1) 4.74% (1) 2.9 312 327 1,948 1,225 120 — 3,932 — 3,932 Manoa Marketplace (2) 3.14% 2029 4.3 1,888 1,948 2,018 2,081 42,942 — 50,877 (95) 50,782 Subtotal / Wtd Avg 3.25% 4.2 $ 2,200 $ 2,275 $ 3,966 $ 3,306 $ 43,062 $ — $ 54,809 $ (95) $ 54,714 Unsecured: Series J Note 4.66% 4.66% 2025 0.3 10,000 — — — — — 10,000 — 10,000 Series B Note 5.55% 5.55% 2026 0.2 16,000 2,000 — — — — 18,000 — 18,000 Series C Note 5.56% 5.56% 2026 1.2 3,000 4,000 — — — — 7,000 — 7,000 Series F Note 4.35% 4.35% 2026 1.3 3,250 4,000 — — — — 7,250 — 7,250 Series H Note 4.04% 4.04% 2026 1.9 — 50,000 — — — — 50,000 — 50,000 Series K Note 4.81% 4.81% 2027 2.3 — — 34,500 — — — 34,500 (99) 34,401 Series G Note 3.88% 3.88% 2027 1.8 6,000 7,000 2,625 — — — 15,625 — 15,625 Series L Note 4.89% 4.89% 2028 3.3 — — — 18,000 — — 18,000 — 18,000 Series I Note 4.16% 4.16% 2028 4.0 — — — 25,000 — — 25,000 — 25,000 Term Loan 5 4.30% 4.30% 2029 5.0 — — — — 25,000 — 25,000 — 25,000 Series M Note 6.09% 6.09% 2032 7.3 — — — — — 60,000 60,000 (153) 59,847 Subtotal / Wtd Avg 4.85% 3.5 $ 38,250 $ 67,000 $ 37,125 $ 43,000 $ 25,000 $ 60,000 $ 270,375 $ (252) $ 270,123 Revolving Credit Facilities: A&B Revolver (3) 4.93% 2028 (4) 3.8 $ — $ — $ — $ 150,000 $ — $ — $ 150,000 $ — $ 150,000 Subtotal / Wtd Avg 4.93% 3.8 $ — $ — $ — $ 150,000 $ — $ — $ 150,000 $ — $ 150,000 Total / Wtd Avg 4.69% 3.7 $ 40,450 $ 69,275 $ 41,091 $ 196,306 $ 68,062 $ 60,000 $ 475,184 $ (347) $ 474,837 (1) Financing leases have a weighted average discount rate of 4.74% and maturity dates ranging from 2027 to 2029. (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 and $73.0 million is swapped through maturity to a 4.73% 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 % 81,500 100 % Waipouli Town Center Disposition Retail Kauai 10/2024 14.3 N/A 56,600 40 % 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 $ 2.0 $ 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 December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Capital expenditures for real estate Ongoing maintenance capital expenditures Building/area improvements $ 6,342 $ 6,023 $ 10,193 $ 10,482 Tenant space improvements 1,016 1,194 4,910 3,169 Total ongoing maintenance capital expenditures for real estate $ 7,358 $ 7,217 $ 15,103 $ 13,651 Discretionary capital expenditures Property acquisitions $ — $ — $ 29,826 $ 9,464 Tenant space improvements - nonrecurring 449 — 449 84 Development and redevelopment1 490 455 2,518 5,840 Total discretionary capital expenditures for real estate $ 939 $ 455 $ 32,793 $ 15,388 Capitalized indirect costs 768 419 2,784 2,050 Total capital expenditures for real estate1 $ 9,065 $ 8,091 $ 50,680 $ 31,089 Corporate and other capital expenditures 8 — 97 61 Total Capital Expenditures1 $ 9,073 $ 8,091 $ 50,777 $ 31,150 1 Excludes capital expenditures for real estate developments to be held and sold as real estate development inventory, which are classified in the 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 December 31, 2024 Total Commercial Real Estate Portfolio Number of properties 39 Total improved property GLA (in sq. ft.) 3,957,100 Total ground lease acres 142.0 Total improved property ABR $ 109,223 Total ground lease portfolio ABR $ 20,869 Grocery or Drugstore-Anchored Retail Properties Total Retail Properties Total Industrial Properties Number of properties 17 21 14 Total GLA of properties (in sq. ft.) 2,306,800 2,446,000 1,365,400 Leased occupancy 95.8 % 95.2 % 95.2 % Economic occupancy 93.3 % 92.8 % 95.0 % Percent of retail ABR from grocery or drugstore anchored properties 95.2 % N/A N/A Percent of retail NOI from grocery or drugstore anchored properties 95.1 % N/A N/A Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 21

NOI BY ASSET CLASS (dollars in thousands; unaudited) Three Months Ended December 31, Percentage Change Q4 2024 as a % of NOI Q4 2023 as a % of NOI2024 2023 NOI Retail $ 19,794 $ 19,111 3.6% 62.4% 62.5% Industrial 5,790 5,357 8.1% 18.3% 17.5% Office 1,027 1,031 (0.4)% 3.2% 3.4% Total Improved Portfolio 26,611 25,499 4.4% 83.9% 83.4% Ground 5,104 5,058 0.9% 16.1% 16.6% Other (1) 1 NM —% —% Total CRE Portfolio $ 31,714 $ 30,558 3.8% 100.0% 100.0% Same-Store NOI Retail $ 19,748 $ 19,081 3.5% 63.3% 62.6% Industrial 5,268 5,225 0.8% 16.9% 17.1% Office 1,024 1,052 (2.7)% 3.3% 3.5% Total Improved Portfolio $ 26,040 $ 25,358 2.7% 83.5% 83.2% Ground 5,163 5,113 1.0% 16.5% 16.8% Other (1) — NM —% —% Total CRE Portfolio $ 31,202 $ 30,471 2.4% 100.0% 100.0% Twelve Months Ended December 31, Percentage Change YTD 2024 as a % of NOI YTD 2023 as a % of NOI2024 2023 NOI Retail $ 79,817 $ 78,133 2.2% 62.6% 63.4% Industrial 22,675 20,429 11.0% 17.8% 16.6% Office 4,285 4,629 (7.4)% 3.4% 3.8% Total Improved Portfolio 106,777 103,191 3.5% 83.8% 83.8% Ground 20,663 20,041 3.1% 16.2% 16.3% Other 38 60 NM —% —% Total CRE Portfolio $ 127,478 $ 123,292 3.4% 100.0% 100.0% Same-Store NOI Retail $ 79,485 $ 77,820 2.1% 62.9% 63.4% Industrial 21,700 20,098 8.0% 17.2% 16.4% Office 4,313 4,683 (7.9)% 3.4% 3.8% Total Improved Portfolio $ 105,498 $ 102,601 2.8% 83.5% 83.6% Ground 20,862 20,227 3.1% 16.5% 16.5% Other (1) 6 NM —% —% Total CRE Portfolio $ 126,359 $ 122,834 2.9% 100.0% 100.0% Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 22

OCCUPANCY (unaudited) As of December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Leased Occupancy Retail 95.2% 92.9% 92.8% 93.2% 94.3% Industrial 95.2% 97.4% 97.1% 96.8% 96.8% Office 79.8% 80.6% 84.2% 83.9% 84.2% Total Leased Occupancy 94.6% 94.0% 93.9% 94.0% 94.7% Economic Occupancy Retail 92.8% 91.4% 91.2% 91.2% 92.1% Industrial 95.0% 97.2% 97.1% 95.7% 96.0% Office 74.7% 79.3% 82.8% 83.3% 82.8% Total Economic Occupancy 92.9% 93.0% 92.8% 92.3% 93.0% Same-Store Leased Occupancy Retail 95.2% 94.1% 94.0% 94.4% 95.6% Industrial 94.8% 97.2% 97.0% 96.8% 96.7% Office 82.9% 83.9% 87.8% 87.4% 87.8% Total Same-Store Leased Occupancy 94.6% 94.8% 94.8% 95.0% 95.7% Same-Store Economic Occupancy Retail 92.8% 92.6% 92.4% 92.4% 93.4% Industrial 94.5% 96.9% 97.0% 95.6% 95.9% Office 77.3% 82.3% 86.3% 86.7% 86.2% Total Same-Store Economic Occupancy 92.8% 93.7% 93.7% 93.3% 94.0% 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 % $ 11,381 $ 27.68 $ 11,669 11.0 % Sam's Club, Regal Cinemas, 24 Hour Fitness, Ulta Salon, Ross 2 Kailua Retail Oahu 326,200 96.3 % 94.6 % 12,789 41.87 12,760 12.0 % Whole Foods Market, Foodland, CVS/Longs Drugs, Ulta Salon 3 Laulani Village Oahu 175,300 98.2 % 97.5 % 7,217 42.21 6,805 6.4 % Safeway, Ross, Walgreens, Petco 4 Waianae Mall Oahu 170,800 95.0 % 80.9 % 3,612 26.50 3,166 3.0 % CVS/Longs Drugs, City Mill 5 Manoa Marketplace Oahu 142,500 96.7 % 94.7 % 5,117 38.14 5,171 4.8 % Safeway, CVS/Longs Drugs 6 Queens' MarketPlace Hawai‘i Island 133,600 89.1 % 81.0 % 4,819 52.77 4,739 4.4 % Island Gourmet Market 7 Kaneohe Bay Shopping Center (Leasehold) Oahu 125,500 99.5 % 98.0 % 3,336 27.13 2,808 2.6 % Safeway, CVS/Longs Drugs 8 Hokulei Village Kauai 119,000 100.0 % 97.2 % 4,354 37.95 4,242 4.0 % Safeway, Petco 9 Pu‘unene Shopping Center Maui 118,000 78.4 % 77.4 % 4,811 52.69 4,153 3.9 % Planet Fitness, Petco, Ulta Salon, Target1 10 Waipio Shopping Center Oahu 113,800 96.3 % 96.3 % 3,650 33.37 3,451 3.2 % Foodland 11 Aikahi Park Shopping Center Oahu 97,300 90.4 % 90.4 % 3,521 40.82 3,073 2.9 % Safeway 12 Lanihau Marketplace Hawai‘i Island 88,400 94.3 % 94.3 % 1,604 19.25 1,655 1.5 % Sack N Save, CVS/Longs Drugs 13 The Shops at Kukui`ula Kauai 86,000 96.7 % 90.7 % 4,100 53.27 3,711 3.5 % CVS/Longs Drugs, Eating House, Living Foods 14 Ho‘okele Shopping Center Maui 71,400 96.1 % 96.1 % 2,906 42.37 2,807 2.6 % Safeway 15 Kunia Shopping Center Oahu 60,600 89.3 % 89.3 % 2,293 42.38 2,478 2.3 % — 16 Kahului Shopping Center Maui 49,100 84.1 % 84.1 % 783 18.98 (23) — % — 17 Lau Hala Shops Oahu 46,300 98.3 % 98.3 % 2,661 58.53 2,252 2.1 % UFC Gym, Down to Earth 18 Napili Plaza Maui 45,600 100.0 % 100.0 % 1,464 32.99 1,517 1.4 % Napili Market 19 Gateway Mililani Mauka Oahu 34,900 91.7 % 88.8 % 1,985 64.08 1,963 1.8 % CVS/Longs Drugs1 20 Port Allen Marina Center Kauai 23,600 76.3 % 72.5 % 563 34.89 619 0.6 % — 21 The Collection Oahu 5,900 100.0 % 100.0 % 358 60.68 471 0.4 % — Dispositions2 330 0.3 % Subtotal – Retail 2,446,000 95.2 % 92.8 % $ 83,324 $ 37.18 $ 79,817 74.7 % 1 Shadow-anchor tenant 2 NOI related to Waipouli Town Center which was disposed October 2024 Property Island Current GLA (SF) Leased / Economic Occupancy ABR ABR PSF 2024 NOI 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 93.1 % 93.2 % $ 3,450 $ 15.54 $ 5,927 5.5 % 2 Kaka`ako Commerce Center Oahu 197,900 83.2 % 82.1 % 2,413 14.95 2,129 2.0 % 3 Waipio Industrial Oahu 158,400 98.0 % 98.0 % 2,910 18.75 2,983 2.8 % 4 Opule Industrial Oahu 151,500 100.0 % 100.0 % 2,706 17.86 2,727 2.6 % 5 P&L Warehouse Maui 104,100 94.2 % 94.2 % 1,633 16.64 1,614 1.5 % 6 Kapolei Enterprise Center Oahu 93,100 100.0 % 100.0 % 1,696 18.23 1,621 1.5 % 7 Honokohau Industrial Hawai‘i Island 86,700 100.0 % 100.0 % 1,433 16.52 1,407 1.3 % 8 Waihona Industrial2 Oahu 81,500 100.0 % 100.0 % 1,588 19.49 442 0.4 % 9 Kailua Industrial / Other Oahu 68,700 97.4 % 95.8 % 1,258 19.13 1,086 1.0 % 10 Port Allen Center Kauai 64,600 100.0 % 100.0 % 863 13.37 941 0.9 % 11 Harbor Industrial Maui 51,100 90.6 % 90.6 % 664 14.35 647 0.6 % 12 Kaomi Loop Industrial2 Oahu 33,200 100.0 % 100.0 % 543 16.34 532 0.5 % 13 Kahai Street Industrial Oahu 27,900 100.0 % 100.0 % 407 14.60 455 0.4 % 14 Maui Lani Industrial Maui 8,400 100.0 % 100.0 % 160 19.05 164 0.2 % Subtotal – Industrial 1,365,400 95.2 % 95.0 % $ 21,724 $ 16.77 $ 22,675 21.2 % Office: 1 Kahului Office Building Maui 59,100 68.7 % 56.3 % $ 1,070 $ 32.12 $ 1,249 1.2 % 2 Gateway at Mililani Mauka South Oahu 37,100 100.0 % 100.0 % 1,869 50.32 1,871 1.8 % 3 Kahului Office Center Maui 35,800 88.5 % 88.5 % 1,046 32.95 1,192 1.1 % 4 Lono Center2 Maui 13,700 49.6 % 49.6 % 190 33.32 (27) — % Subtotal – Office 145,700 79.8 % 74.7 % $ 4,175 $ 38.69 $ 4,285 4.1 % 39 Total – Improved Portfolio 3,957,100 94.6 % 92.9 % $ 109,223 $ 29.97 $ 106,777 100.0 % 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 2024 NOI 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 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 $ 3,874 2033 FMV Reset FMV 2023 FMV Reset $ 2,800 2 Owner/Operator Kapolei, Oahu 36.4 Industrial2 2025 3,420 3,410 2025 Fixed Step 3,540 2024 Fixed Step 3,300 3 Owner/Operator Honolulu, Oahu 9.0 Retail 2045 2,075 2,075 2025 Fixed Step 2,283 2020 Fixed Step 1,886 4 Kaimuki Shopping Center Honolulu, Oahu 2.8 Retail 2040 2,039 2,033 2026 Fixed Step 2,345 2022 FMV Reset 1,728 5 S&F Industrial Kahului, Maui 52.0 Industrial 2059 1,433 1,561 2029 Fixed Step 1,610 2024 Fixed Step 1,275 6 Owner/Operator Kaneohe, Oahu 3.7 Retail 2048 1,059 1,056 2028 Fixed Step 1,133 2023 Fixed Step 990 7 Pali Palms Plaza Kailua, Oahu 3.3 Office 2037 992 987 2032 FMV Reset FMV 2022 Negotiated 200 8 Windward Town and Country Plaza I Kailua, Oahu 3.4 Retail 2062 963 961 2032 Fixed Step 1,233 2022 Fixed Step 753 9 Windward Town and Country Plaza II Kailua, Oahu 2.2 Retail 2062 621 620 2032 Fixed Step 795 2022 Fixed Step 485 10 Kailua Post Office Kailua, Oahu 1.2 Retail 2034 555 680 2025 Fixed Step 555 2024 Negotiated 555 11 Owner/Operator Kailua, Oahu 1.9 Retail 2034 470 268 2029 Fixed Step 490 2024 Fixed Step 450 12 Owner/Operator Honolulu, Oahu 0.5 Retail 2028 394 396 2025 Fixed Step 404 2024 Fixed Step 385 13 Owner/Operator Honolulu, Oahu 0.5 Retail3 2028 370 364 2025 Fixed Step 381 2024 Fixed Step 359 14 Seven-Eleven Kailua Center Kailua, Oahu 0.9 Retail 2033 336 335 2025 Fixed Step 344 2024 Fixed Step 263 15 Owner/Operator Kahului, Maui 0.8 Retail 2026 280 274 2025 Fixed Step 289 2024 Fixed Step 272 16 Owner/Operator Honolulu, Oahu 0.7 Industrial 2027 259 258 2025 Fixed Step 267 2024 Fixed Step 252 17 Owner/Operator Kahului, Maui 0.8 Industrial 2025 249 245 — — — 2024 Fixed Step 238 18 Owner/Operator Kahului, Maui 0.4 Retail 2027 190 282 2025 Fixed Step 195 2024 Fixed Step 186 19 Owner/Operator Kailua, Oahu 0.4 Retail 2025 189 188 2025 Fixed Step 194 2024 Fixed Step 183 20 Owner/Operator Kahului, Maui 0.9 Retail 2025 151 150 2025 Fixed Step 155 2024 Fixed Step 146 Remainder1 Various 4.8 Various Various 938 646 Various Various — Various Various — Total - Ground Leases 142.0 $ 20,869 $ 20,663 1A portion of these properties are currently not included in the Same-Store pool. 2Property is comprised of vacant land used for industrial yard space. 3Property 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 December 31, 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 7.2% Sam's Club 1 3,308 3.0% 180,908 4.6% Longs Drugs 6 3,003 2.7% 150,411 3.8% Foodland Supermarket & related companies 6 2,131 2.0% 112,865 2.9% Ross Dress for Less 2 2,083 1.9% 65,484 1.7% Coleman World Group 2 2,064 1.9% 115,495 2.9% GP/RM Prestress1 1 1,924 1.8% N/A N/A 24 Hour Fitness 1 1,702 1.6% 45,870 1.2% Ulta Salon 3 1,665 1.5% 33,985 0.9% C&S Wholesale (Hansen Distribution Group) 1 1,588 1.5% 81,495 2.1% Total 30 $ 27,423 25.2% 1,072,537 27.3% 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 December 31, 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 2025 116 301,365 8.3% $ 8,849 8.1% $ 29.36 2026 149 399,941 11.0% 11,610 10.6% 29.03 2027 157 419,847 11.5% 14,318 13.1% 34.10 2028 124 451,180 12.4% 15,697 14.4% 34.79 2029 100 426,975 11.7% 16,246 14.9% 38.05 2030 43 226,426 6.2% 6,270 5.7% 27.69 2031 13 96,458 2.6% 2,878 2.6% 29.84 2032 24 117,388 3.2% 4,247 3.9% 36.18 2033 20 182,825 5.0% 4,686 4.3% 25.63 2034 20 213,961 5.9% 5,532 5.1% 25.86 Thereafter 24 548,598 15.1% 14,203 13.0% 25.89 Month-to-month 61 259,699 7.1% 4,687 4.3% 18.05 Total 851 3,644,663 100.0% $ 109,223 100.0% $ 29.97 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 2025 81 139,958 6.2% $ 5,973 7.2% $ 42.68 2026 95 119,529 5.3% 6,228 7.5% 52.10 2027 112 205,817 9.2% 10,156 12.2% 49.34 2028 95 278,411 12.4% 12,569 15.1% 45.15 2029 84 339,087 15.1% 14,266 17.1% 42.07 2030 35 106,080 4.7% 3,994 4.8% 37.65 2031 12 68,578 3.1% 2,470 3.0% 36.02 2032 21 100,598 4.5% 3,930 4.7% 39.07 2033 17 61,405 2.7% 2,829 3.4% 46.07 2034 18 206,211 9.2% 5,408 6.5% 26.23 Thereafter 22 459,103 20.5% 12,385 14.9% 26.98 Month-to-month 25 156,363 7.1% 3,116 3.6% 19.93 Total 617 2,241,140 100.0% $ 83,324 100.0% $ 37.18 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 2025 31 153,529 11.9% $ 2,553 11.8% $ 16.63 2026 46 256,991 19.8% 4,254 19.6% 16.55 2027 30 188,650 14.6% 3,301 15.2% 17.50 2028 24 166,250 12.8% 2,914 13.4% 17.53 2029 11 66,175 5.1% 1,101 5.1% 16.64 2030 3 106,873 8.3% 1,818 8.4% 17.01 2031 1 27,880 2.2% 407 1.9% 14.60 2032 2 15,400 1.2% 266 1.2% 17.27 2033 3 121,420 9.4% 1,857 8.5% 15.29 2034 2 7,750 0.6% 124 0.6% 16.00 Thereafter 2 89,495 6.9% 1,818 8.4% 20.31 Month-to-month 30 95,202 7.2% 1,311 5.9% 13.77 Total 185 1,295,615 100.0% $ 21,724 100.0% $ 16.77 Alexander & Baldwin, Inc. | NYSE: ALEX Supplemental Information 28

NEW AND RENEWAL LEASE SUMMARY (unaudited) As of December 31, 2024 Comparable Leases Only1 Total - New and Renewal Leases5 Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF Rent Spread2 4th Quarter 2024 47 139,877 $ 29.97 $ 3.18 5.2 29 76,026 $ 35.95 $ 31.54 14.0% 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% Trailing four quarters 209 630,320 $ 30.30 $ 3.32 5.2 155 437,351 $ 33.88 $ 30.34 11.7% 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 4th Quarter 2024 17 51,215 $ 22.65 $ 8.27 4.1 4 5,506 $ 62.92 $ 64.09 (1.8)% 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% Trailing four quarters 60 131,489 $ 27.45 $ 10.53 4.6 29 62,307 $ 32.80 $ 29.39 11.6% Total - Renewal Leases5 Leases GLA (SF) New ABR/SF TI / SF Wtd Avg Lease Term (Years) Leases GLA (SF) New ABR/SF Old ABR/SF Rent Spread2 4th Quarter 2024 30 88,662 $ 34.19 $ 0.25 5.8 25 70,520 $ 33.85 $ 29.00 16.7% 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% Trailing four quarters 149 498,831 $ 31.04 $ 1.42 5.4 126 375,044 $ 34.06 $ 30.50 11.7% Three Months Ended December 31, 2024 Year Ended December 31, 2024 Leases GLA (SF) ABR/SF4 Rent Spread2 Leases GLA (SF) ABR/SF4 Rent Spread2 Retail 35 105,876 $ 32.91 15.2% 138 316,869 $ 42.82 13.5% Industrial5 9 23,364 $ 17.58 6.6% 59 283,060 $ 16.59 7.4% Office 3 10,637 $ 27.82 3.0% 12 30,391 $ 27.31 2.5% Subtotal - Improved 47 139,877 $ 29.97 14.0% 209 630,320 $ 30.30 11.7% Ground 2 N/A3 $ 0.6 N/A 3 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. 5 During Q4 2024, the Company renewed a comparable industrial lease in which the leased premises includes warehouse and yard space. Due to the yard space, GLA, ABR/SF, and rent spread are not comparable and are therefore, not presented. 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 December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Land Operations operating revenue Development sales revenue $ 12,339 $ — $ 18,328 $ — Unimproved/other property sales revenue 83 4,250 20,265 12,325 Other operating revenue1 138 256 683 2,547 Total Land Operations operating revenue 12,560 4,506 39,276 14,872 Development cost of sales (8,978) — (12,592) — Unimproved/other property land cost of sales (109) (828) (7,323) (1,759) Other operating costs and expenses (1,046) (1,696) (4,517) (7,766) (Expense) income from changes to liabilities related to legacy operations 165 4,760 (2,028) 3,965 Selling, general and administrative (436) (412) (1,310) (1,792) Intersegment operating charges, net2 (6) 75 (30) (25) Gain (loss) from disposals, net — (3) 2,148 1,114 Earnings (loss) from joint ventures 720 (7) 4,556 1,872 Interest and other income (expense), net 72 (50) 742 349 Total Land Operations operating profit (loss) $ 2,942 $ 6,345 $ 18,922 $ 10,830 Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Land Operations Operating Profit (Loss) $ 2,942 $ 6,345 $ 18,922 $ 10,830 Land Operations depreciation and amortization 2 7 11 35 Land Operations EBITDA $ 2,944 $ 6,352 $ 18,933 $ 10,865 1 Other operating revenue includes revenue related to leasing of non-core legacy agricultural lands during the three and twelve months ended December 31, 2024 and 2023, and revenue related to trucking and storage operations during the twelve months ended December 31, 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 December 31, 2024 Land Operations Balance Sheet Detail (dollars in thousands; unaudited) Acres Carrying Value ASSETS Real estate investments Core real estate investments Maui Business Park II1 44 $ 15,190 Non-core real estate investments 3,221 32,354 Investments in real estate joint ventures and partnerships 5,907 Total real estate investments, net 3,265 53,451 Accounts receivable and other receivables, net 11,624 Other investments in affiliates 33,126 Other assets 550 Total assets $ 98,751 LIABILITIES Maui agricultural land sale deferred revenue and reserves $ 69,767 Environmental remediation 15,521 Land development warranty and post-closing obligations 1,503 Other liabilities 10,783 Total liabilities $ 97,574 Land Operations Book Value $ 1,177 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 12.5 acres $41-$63 per SF $ 91 $ 65 $ 15 2030+ 1 Includes 2.8 acres of existing and planned roads and easements not available for sale, and 12.5 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 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 December 31, 2024 Supplement Page As of December 31, 2024 Supplement Page NOI from Real Estate Investments Land Operations Real Estate Investments Retail NOI $ 19,794 Core real estate investments $ 15,190 32 Industrial NOI 5,790 Non-core real estate investments 38,261 32 Office NOI 1,027 Total carrying value of Land Operations Real Estate Investments $ 53,451 NOI from Improved Portfolio Investments 26,611 22 NOI from Ground Investments 5,104 22 Other Assets NOI from Real Estate Investments $ 31,714 10 Cash and cash equivalents $ 33,436 6 Restricted cash 236 6 Adjustments to quarterly NOI Account receivable, net 3,697 6 Pro Forma quarterly impact of ABR from leases signed but not yet paying rent - Improved properties $ 591 Other receivable, net 16,696 6 NOI adjustments for dispositions1 $ (47) 24 Other investments in affiliates 33,126 32 Prepaid expenses and other assets 24,926 6 Development and Redevelopment Projects Total carrying value of other assets $ 112,117 Costs incurred to date (in millions) $ 2.0 18 Estimated remaining costs to be incurred (in millions) $ 10.6 to 11.2 18 Liabilities Underwritten incremental unlevered yield 7.8 - 8.1% 18 Notes payable and other debt $ 475,184 16 Leased occupancy for development and redevelopment projects 100 % 18 Accounts payable 4,529 6 Pro Forma quarterly impact of ABR from leases signed but not yet paying rent - Development and redevelopment projects $ 256 Accrued post-retirement benefits 7,582 6 Tenant security deposits 7,568 6 Deferred revenue 72,462 6 Land Operations reserves, warranty, and post closing obligations 24,791 32 Accrued and other liabilities 52,151 6 Total carrying value of liabilities $ 644,267 Equity Common shares outstanding 72,634 15 1Removes NOI related to properties disposed during the quarter 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 income and 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' 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 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 a non-recurring, infrequent or unusual item that is 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 that is realizable (i.e., assuming collectability is deemed probable) and direct property-related expenses paid or payable in cash that are incurred at the property level, as well as trends in occupancy rates, rental rates and operating costs. 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 and amortization of lease incentives and favorable/unfavorable lease assets/liabilities); by non-cash expense recognition items (e.g., the impact of depreciation related to capitalized costs for improved properties and building/tenant space improvements, amortization of leasing commissions, 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 and interest and other income (expense), net). Management believes the exclusion of these items from Commercial Real Estate operating profit (loss) is useful because it provides a performance measure of the revenue and expenses directly involved in owning and operation real estate assets. 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 the forward-looking range of Funds From Operations (“FFO”) per diluted share, is as follow: Reconciliations of Net Income available to A&B common shareholders to FFO Year Ended December 31, 2024 Full-Year 2025 Estimate - Current1 Low High Net Income (Loss) available to A&B common shareholders per diluted share $ 0.83 $ 0.64 $ 0.71 Depreciation and amortization of commercial real estate properties 0.49 0.49 0.49 (Income) loss from discontinued operations, net of income taxes 0.05 — — FFO per diluted share $ 1.37 $ 1.13 $ 1.20 FFO per share related to CRE and Corporate $ 1.11 $ 1.11 $ 1.16 FFO per diluted share related to Land Operations2 0.26 0.02 0.04 FFO per diluted share $ 1.37 $ 1.13 $ 1.20 1 The full-year 2025 estimate reflects guidance as of the date of this supplemental information document and assumes that diluted shares equal the latest 2024 year-to-date ending amount. 2 FFO per diluted share related to Land Operations is equal to Land Operations operating profit (loss) divided by diluted shares, as there are no reconciling items between Land Operations operating profit (loss) and FFO for the Land Operations segment. The forward looking guidance includes certain forward-looking information, including CRE Same-Store NOI growth %, 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