Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

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

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

Alexander & Baldwin, Inc.

December 31, 2025


(in millions)			Initial Cost				Costs Capitalized Subsequent to Acquisition				Gross Amounts of Which Carried at Close of Period
Description	Encum- brances (1)		Land		Buildings and Improvements		Improvements		Carrying Costs		Land		Buildings and Improvements		Total (2)		Accumulated Depreciation (3)		Date of Construction	Date Acquired/ Completed
Commercial Real Estate Segment
Retail :
Pearl Highlands Center (HI)	$	2.0	$	43.4	$	96.2	$	39.7	$	—	$	43.6	$	135.7	$	179.3	$	(42.6)	1992-1994	2013
Kailua Retail Other (HI)	0.4		89.6		73.9		26.0		—		93.1		96.4		189.5		(35.1)		Various	2013
Laulani Village (HI)	—		43.4		64.3		3.9		—		43.5		68.1		111.6		(15.8)		2012	2018
Waianae Mall (HI)	0.8		17.4		10.1		12.5		—		18.2		21.8		40.0		(8.3)		1975	2013
Manoa Marketplace (HI)	49.0		43.3		35.9		24.9		—		45.6		58.5		104.1		(13.9)		1977	2016
Queens' Marketplace (HI)	—		20.4		58.9		8.6		—		20.7		67.2		87.9		(11.8)		2007	2019
Kaneohe Bay Shopping Ctr. (HI)	—		—		13.4		5.6		—		1.7		17.3		19.0		(10.7)		1971	2001
Hokulei Street (HI)	—		16.9		36.5		3.3		—		17.0		39.7		56.7		(9.9)		2015	2018
Puunene Shopping Center (HI)	—		24.8		28.6		9.9		—		26.1		37.2		63.3		(11.8)		2017	2018
Waipio Shopping Center (HI)	—		24.0		7.6		4.3		—		24.5		11.4		35.9		(4.3)		1986, 2004	2009
Aikahi Park Shopping Center (HI)	—		23.5		6.7		21.7		—		26.1		25.8		51.9		(9.5)		1971	2015
Lanihau Marketplace (HI)	—		9.4		13.2		4.8		—		11.3		16.1		27.4		(7.2)		1987	2010
The Shops at Kukui'ula (HI)	—		8.9		30.1		11.3		—		10.8		39.5		50.3		(13.4)		2009	2013
Ho'okele (HI)	—		—		—		31.5		—		13.5		18.0		31.5		(6.1)		2017	2019
Kunia Shopping Center (HI)	—		2.7		10.6		3.4		—		3.0		13.7		16.7		(7.4)		2004	2002
Kahului Shopping Center (HI)	—		—		—		3.4		—		0.6		2.8		3.4		(2.2)		1951	1951
Lau Hala Shops (HI)	—		—		—		41.8		—		15.3		26.5		41.8		(8.3)		2018	2018
Napili Plaza (HI)	—		9.4		8.0		3.7		—		10.0		11.1		21.1		(4.1)		1991	2003, 2013
Gateway at Mililani Mauka (HI)	—		7.3		4.7		7.2		—		7.8		11.4		19.2		(4.1)		2008, 2013	2011
Port Allen Marina Ctr. (HI)	—		—		3.4		1.2		—		—		4.6		4.6		(2.9)		2002	1971
The Collection (HI)	—		0.4		2.2		0.9		—		0.4		3.1		3.5		(0.9)		2017	2018
22 Hana Highway	—		—		0.8		—		—		—		0.8		0.8		—		1999	2025

Industrial :
Komohana Industrial Park (HI)	—		25.2		10.1		13.8		—		25.4		23.7		49.1		(5.2)		1990	2010
Kaka`ako Commerce Center (HI)	1.5		8.5		10.3		4.6		—		8.5		14.9		23.4		(3.4)		1969	2014
Waipio Industrial (HI)	—		19.6		7.7		1.9		—		19.8		9.4		29.2		(4.0)		1988-1989	2009
Opule Industrial (HI)	—		10.9		27.1		0.1		—		10.9		27.2		38.1		(5.0)		2005-2006, 2018	2018
P&L Warehouse (HI)	—		—		—		1.8		—		0.1		1.7		1.8		(1.1)		1970	1970
Kapolei Enterprise Center (HI)	—		7.9		16.8		0.7		—		7.9		17.5		25.4		(3.8)		2019	2019
Honokohau Industrial (HI)	—		5.0		4.8		0.2		—		5.0		5.0		10.0		(1.2)		Various	2017
Waihona Industrial (HI)	—		9.0		20.7		—		—		9.0		20.7		29.7		(1.1)		1981, 1988	2024
Kailua Industrial / Other (HI)	—		10.5		2.0		1.3		—		10.6		3.2		13.8		(1.1)		Various	2013
Port Allen (HI)	—		—		0.7		2.7		—		0.1		3.3		3.4		(2.5)		1983, 1993	1983-1993
Harbor Industrial (HI)	—		0.1		—		1.4		—		0.1		1.4		1.5		(1.2)		1930	2018
Kaomi Loop (HI)	—		3.3		5.8		—		—		3.3		5.8		9.1		(0.4)		2005	2023
Kahai Street Industrial (HI)	—		4.4		2.0		(0.1)		—		4.4		1.9		6.3		(0.2)		1973	2021
Maui Lani Industrial (HI)	—		0.2		0.3		—		—		0.2		0.3		0.5		—		2010	2011-2014

Office :
Kahului Office Building (HI)	—		1.0		0.4		8.6		—		1.2		8.8		10.0		(7.9)		1974	1989
Gateway at Mililani Mauka South (HI)	—		7.0		3.5		8.0		—		7.5		11.0		18.5		(3.7)		1992, 2006	2012
Kahului Office Center (HI)	—		—		—		5.0		—		0.1		4.9		5.0		(4.3)		1991	1991
Lono Center (HI)	—		—		1.4		1.6		—		—		3.0		3.0		(2.1)		1973	1991

Other :
Oahu Ground Leases (HI)	—		231.0		—		1.9		—		231.3		1.6		232.9		(0.1)		—	—
Other miscellaneous investments	—		2.0		0.1		14.1		—		2.0		14.2		16.2		(2.8)		—	—
Total	$	53.7	$	730.4	$	618.8	$	337.2	$	—	$	780.2	$	906.2	$	1,686.4	$	(281.4)


Description (amounts in millions)	Encumbrances (1)		Land		Buildings and Improvements		Improvements		Carrying Costs		Land		Buildings and Improvements		Total (2)		Accumulated Depreciation (3)
Land Operations Segment
Maui Business Park	$	—	$	—	$	—	$	10.4	$	—	$	—	$	10.4	$	10.4	$	—
Wailea	—		24.5		—		9.5		(3.1)		21.9		9.0		30.9		—
Other non-core landholdings	—		5.9		—		0.6		(5.2)		1.2		0.3		1.5		(0.1)
Total	$	—	$	30.4	$	—	$	20.5	$	(8.3)	$	23.1	$	19.7	$	42.8	$	(0.1)

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

(2) The aggregate tax basis, at December 31, 2025, for the Commercial Real Estate segment and Land Operations segment assets was approximately $732.4 million.

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

Building and improvements: 10 – 40 years

Leasehold improvements: lesser of useful life or lease term

Other property improvements: 3 – 35 years


Reconciliation of Real Estate (in thousands)	2025		2024		2023
Balance at beginning of year	$	1,717,302	$	1,667,123	$	1,658,791
Additions and improvements	41,672		70,609		32,953
Dispositions, retirements and other adjustments	(29,789)		(20,174)		(19,853)
Impairment of assets	—		(256)		(4,768)
Balance at end of year	$	1,729,185	$	1,717,302	$	1,667,123


Reconciliation of Accumulated Depreciation (in thousands)	2025		2024		2023
Balance at beginning of year	$	255,641	$	227,282	$	202,264
Depreciation expense	31,908		29,715		28,847
Dispositions, retirements and other adjustments	(6,039)		(1,356)		(3,829)
Balance at end of year	$	281,510	$	255,641	$	227,282