alex-20200430
0001545654false00015456542020-04-302020-04-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2020
ALEXANDER & BALDWIN, INC.
(Exact name of registrant as specified in its charter)
Hawaii001-3549245-4849780
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
  
P. O. Box 3440,Honolulu,Hawaii96801
(Address of principal executive offices)(Zip Code)
(808) 525-6611
(Registrant’s telephone number, including area code)
N/A
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, without par valueALEXNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 if this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 if this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.





Item 2.02.  Results of Operations and Financial Condition.
On April 30, 2020, Alexander & Baldwin, Inc. issued a press release announcing its 2020 first quarter earnings. This information is being furnished as Exhibit 99.1 to this report.
Item 7.01.  Regulation FD Disclosure.
On April 30, 2020, Alexander & Baldwin, Inc. made available on its website its Supplemental Information, which provides certain supplemental operating and financial information as of and for the three months ended March 31, 2020 and 2019. A copy of this Supplemental Information is being furnished as Exhibit 99.2 to this report.
Item 9.01.  Financial Statements and Exhibits.
(d)  Exhibits
99.1  
99.2  




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
             Date:  April 30, 2020

             ALEXANDER & BALDWIN, INC.


             /s/ Brett A. Brown
             Brett A. Brown
             Executive Vice President and Chief Financial Officer

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Alexander & Baldwin, Inc. Reports First Quarter 2020 Results

HONOLULU, April 30, 2020 /PRNewswire/—Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai‘i-based real estate investment trust focused on owning and operating high-quality commercial real estate in Hawai‘i, today announced financial results for the first quarter of 2020.
        Chris Benjamin, A&B president & chief executive officer stated: "Our core commercial real estate ("CRE") business continued with positive results for the first quarter of 2020, although the impacts from the COVID-19 pandemic had not yet been felt to a significant degree. Quarterly results reflect a 19.4% increase in Cash Net Operating Income ("NOI"), 3.7% Same-Store Cash NOI growth and 10.6% growth in comparable leasing spreads for the period."
"From the onset of the COVID-19 pandemic in early-March, the safety and welfare of our customers, tenants and employees has been A&B's highest priority. The Company implemented its business continuity plan and employees have been working remotely, except for essential service positions. Within our CRE portfolio, all of our properties remain open with enhanced safety measures, allowing essential businesses such as grocery stores, pharmacies, take-out food, hardware stores and other needs-based retailers the ability to provide goods and services to our local communities. We are also fortunate that our industrial and ground lease assets provide an additional layer of financial stability. We have been working closely with our tenants, many of whom have, of course, been severely affected by the pandemic."
"Further, we remain focused on our strategic plan to simplify our Company and generate cash to enhance our liquidity, including monetization efforts at Kukui‘ula and Maui Business Park, as well as other potential non-core asset sales. We remain focused on repositioning our Materials & Construction business for eventual monetization. While that segment was negatively impacted by weather, project delays and COVID-19 in the first quarter, we remain hopeful that recent new contract wins and the essential nature of the business, combined with cost-reduction and operational improvement initiatives, will propel the business to positive EBITDA in 2020."
"As we look ahead, we believe it is too early to foresee the full impact of the COVID-19 pandemic. As such, we are withdrawing our previously provided guidance range and our Board has decided to suspend our dividend in anticipation of reduced REIT taxable income. Throughout this period of uncertainty, we are proud of our team and are encouraged by our portfolio's neighborhood-center orientation, with essential grocery and pharmacy anchors, and asset diversity."
Financial Results
The first quarter of 2020 net income available to A&B common shareholders and diluted earnings per share were $6.2 million and $0.09 per share, respectively, compared to $9.0 million and $0.12 per share in the same quarter of 2019.
The first quarter of 2020 Nareit-defined Funds From Operations ("FFO") and FFO per diluted share were $15.9 million and $0.22 per share, respectively, compared to $16.4 million and $0.23 per share in the same quarter of 2019.
The first quarter of 2020 Core FFO and Core FFO per diluted share were $18.3 million and $0.25 per share, respectively, compared to $12.5 million and $0.17 per share in the same quarter of 2019.
Commercial Real Estate (CRE)
In the first quarter of 2020, CRE revenue increased $6.6 million, or 17.9%, to $43.4 million, as compared to $36.8 million in the same quarter of 2019.
In the first quarter of 2020, CRE operating profit rose by $2.5 million, or 16.0%, to $18.1 million, as compared to $15.6 million in the same quarter of 2019.
In the first quarter of 2020, CRE Cash NOI increased by $4.7 million, or 19.4%, to $28.9 million, as compared to $24.2 million in the same quarter of 2019.
In the first quarter of 2020, Same-Store Cash NOI increased 3.7% compared to the prior year first quarter.
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During the first quarter of 2020, the Company executed a total of 43 leases, covering 200,454 square feet of gross leasable area ("GLA"). Leasing spreads for comparable leases were 10.6% portfolio-wide for the first quarter of 2020 and 4.7% for retail spaces.
Significant leases executed during the first quarter of 2020 included:
Eight executed leases related to properties located in Kailua, including Aikahi Park Shopping Center, totaling approximately 10,000 square feet of GLA.
Six executed leases at Kaka‘ako Commerce Center totaling approximately 11,000 square feet of GLA.
Two executed leases at Komohana Industrial Park totaling approximately 99,000 square feet of GLA, taking occupancy to 100%, for a year-over-year occupancy increase of 18.8%.
Three executed leases at P&L Warehouse totaling approximately 17,000 square feet of GLA, taking occupancy to 100%, for a year-over-year occupancy increase of 9.1%.
Overall occupancy was 94.7% as of March 31, 2020, an increase of 180 basis points compared to March 31, 2019. Same-store occupancy was 95.7% as of March 31, 2020, an increase of 280 basis points compared to March 31, 2019.
Occupancy in the retail portfolio was 93.3% as of March 31, 2020, a decrease of 160 basis points compared to the same period last year, primarily due to the inclusion of Pu‘unene Shopping Center in portfolio occupancy calculations. Occupancy in the same-store retail portfolio was 95.0% as of March 31, 2020, an increase of 10 basis points compared to the same period last year.
Occupancy in the industrial portfolio was 97.4% as of March 31, 2020, an increase of 850 basis points as compared to the quarter ended March 31, 2019, primarily due to positive leasing activity at Komohana Industrial Park and Opule Industrial. Occupancy in the same-store industrial portfolio was 97.2%, an increase of 830 basis points compared to the quarter ended March 31, 2019 due to positive leasing activity at Komohana Industrial Park, Opule Industrial and P&L Warehouse.
CRE Redevelopment
Aikahi Park Shopping Center redevelopment efforts continue, with modest COVID-19-related timing impacts that are not expected to delay overall project completion. Plans are to improve the shopping experience and provide the surrounding residents and center visitors with community-focused dining, shopping and service options.
Land Operations
Operating profit was $5.0 million in the first quarter of 2020, as compared to $12.6 million in the first quarter of 2019. The year-over-year decline was attributable to the strategic shift away from development-for-sale projects, having closed out of two such projects since last year.
The Company continued to monetize land and development-for-sale investments including the following transactions that closed in the first quarter of 2020:
Closed 1.8 acres at Maui Business Park.
Closed one unit at the Kukui‘ula joint venture project.
Materials & Construction
Materials & Construction operating loss was $(3.8) million in the first quarter of 2020, as compared to a $(4.5) million loss in the first quarter of 2019.
Materials & Construction Adjusted EBITDA1 was $(0.4) million for the first quarter of 2020, as compared to $(1.4) million for the first quarter in 2019 due to weather, project delays and COVID-19 impacts in the period.
The Company continues to evaluate strategic options for the businesses within the M&C segment, and believes stable and improving operations will allow monetization at the appropriate time.
Balance Sheet and Capital Markets Activity
As of March 31, 2020, the Company had $819.6 million in total debt, which represents 50% of the Company’s total capitalization. Balance sheet capacity and flexibility increased in the quarter as the Company drew on its Revolving Credit Facility in light of the COVID-19 pandemic. Loan maturities for 2020 have been addressed, with 2021 maturities totaling $14.6 million. The Company's debt has a weighted-average maturity of 4.5 years, with a weighted-average interest rate of 4.03%. Seventy-two percent of debt was at fixed rates.
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As of March 31, 2020, the Company had total liquidity of $348.9 million, consisting of cash, cash equivalents and availability on its committed line of credit.
Dividend
Given the current uncertainty of the economic environment, the Board of Directors has temporarily suspended quarterly dividend distributions. The Company will continue to evaluate dividend declarations each quarter, with the intention of paying 100% of REIT taxable income and will maintain compliance with REIT taxable income distribution requirements for the full year.
Guidance
Due to current uncertainty amid the ongoing COVID-19 pandemic, the Company is withdrawing its previously provided guidance.
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ABOUT ALEXANDER & BALDWIN
Alexander & Baldwin, Inc. (A&B) is Hawai‘i's premier commercial real estate company and the largest owner of grocery-anchored, neighborhood shopping centers in the state. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai‘i, including 22 retail centers, ten industrial assets and four office properties, as well as 154 acres of ground leases. These core assets comprise nearly 70% of A&B's total assets. A&B's non-core assets include renewable energy generation facilities, 27,000 acres of agricultural and conservation land and a vertically integrated paving business. A&B is achieving its strategic objective of becoming a Hawai‘i-focused commercial real estate company by expanding and strengthening its Hawai‘i CRE portfolio and monetizing non-core assets. Over its 150-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:
Brett A. Brown
(808) 525-8475
investorrelations@abhi.com

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ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
SEGMENT DATA & OTHER FINANCIAL INFORMATION
(In millions, except per share amounts; unaudited)
Three Months Ended March 31,
20202019
Operating Revenue:  
Commercial Real Estate  $43.4  $36.8  
Land Operations  11.5  49.0  
Materials & Construction  25.9  43.6  
Total operating revenue  80.8  129.4  
Operating Profit (Loss):    
Commercial Real Estate18.1  15.6  
Land Operations5.0  12.6  
Materials & Construction  (3.8) (4.5) 
Total operating profit (loss) 19.3  23.7  
Gain (loss) on the sale of commercial real estate properties 0.5  —  
Interest expense  (7.8) (9.1) 
Corporate and other expense  (6.2) (6.2) 
Income (Loss) from Continuing Operations Before Income Taxes 5.8  8.4  
Income tax benefit (expense) —  1.1  
Income (Loss) from Continuing Operations 5.8  9.5  
Income (loss) from discontinued operations(0.2) (0.8) 
Net Income (Loss) 5.6  8.7  
Loss (income) attributable to noncontrolling interest 0.6  0.3  
Net Income (Loss) Attributable to A&B Shareholders $6.2  $9.0  
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders$0.09  $0.13  
Discontinued operations available to A&B shareholders—  (0.01) 
Net income (loss) available to A&B shareholders$0.09  $0.12  
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders$0.09  $0.13  
Discontinued operations available to A&B shareholders—  (0.01) 
Net income (loss) available to A&B shareholders$0.09  $0.12  
Weighted-Average Number of Shares Outstanding:
Basic72.372.1  
Diluted72.572.5  
Amounts Available to A&B Common Shareholders:
Continuing operations available to A&B common shareholders$6.4  $9.8  
Discontinued operations available to A&B common shareholders(0.2) (0.8) 
Net income (loss) available to A&B common shareholders$6.2  $9.0  

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ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, unaudited)
March 31,December 31,
20202019
ASSETS
Real estate investments
Real estate property$1,537.7  $1,540.2  
Accumulated depreciation(133.9) (127.5) 
Real estate property, net1,403.8  1,412.7  
Real estate developments81.9  79.1  
Investments in real estate joint ventures and partnerships133.4  133.4  
Real estate intangible assets, net71.2  74.9  
Real estate investments, net1,690.3  1,700.1  
Cash and cash equivalents131.6  15.2  
Restricted cash6.1  0.2  
Accounts receivable and retention, net44.3  51.6  
Inventories20.7  20.7  
Other property, net122.4  124.4  
Operating lease right-of-use assets20.9  21.8  
Goodwill15.4  15.4  
Other receivables15.0  27.8  
Prepaid expenses and other assets107.9  107.1  
Total assets$2,174.6  $2,084.3  
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt$819.6  $704.6  
Accounts payable12.3  17.8  
Operating lease liabilities21.1  21.6  
Accrued pension and post-retirement benefits26.8  26.8  
Indemnity holdbacks7.5  7.5  
Deferred revenue67.4  67.6  
Accrued and other liabilities102.9  103.4  
Redeemable Noncontrolling Interest6.2  6.3  
Equity1,110.8  1,128.7  
Total liabilities and equity$2,174.6  $2,084.3  

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ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOWS
(In millions, unaudited)

Three Months Ended March 31,
20202019
Cash Flows from Operating Activities:
Net income (loss)$5.6  $8.7  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization13.6  10.9  
Deferred income taxes—  —  
Loss (gain) on asset transactions, net(0.5) (2.6) 
Impairment of assets and equity method investments—  —  
Share-based compensation expense1.5  1.4  
(Income) loss from affiliates, net of distributions of income(2.9) (0.8) 
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables7.0  (11.0) 
Inventories—  (2.5) 
Prepaid expenses, income tax receivable and other assets2.4  (4.5) 
Development/other property inventory(3.2) 27.1  
Accrued pension and post-retirement benefits0.6  1.6  
Accounts payable(3.5) (4.8) 
Accrued and other liabilities(1.7) 1.1  
Net cash provided by (used in) operations18.9  24.6  
Cash Flows from Investing Activities:      
Capital expenditures for acquisitions—  (42.4) 
Capital expenditures for property, plant and equipment(6.2) (16.6) 
Proceeds from disposal of property, investments and other assets5.9  2.7  
Payments for purchases of investments in affiliates and other investments—  (2.5) 
Distributions of capital from investments in affiliates and other investments3.2  6.6  
Net cash provided by (used in) investing activities2.9  (52.2) 
Cash Flows from Financing Activities:   
Proceeds from issuance of notes payable and other debt108.0  41.4  
Payments of notes payable and other debt and deferred financing costs(44.2) (49.2) 
Borrowings (payments) on line-of-credit agreement, net51.4  3.6  
Cash dividends paid(13.8) (10.5) 
Proceeds from issuance (repurchase) of capital stock and other, net(0.9) (1.7) 
Net cash provided by (used in) financing activities100.5  (16.4) 
      
Cash, Cash Equivalents and Restricted Cash
Net increase (decrease) in cash, cash equivalents and restricted cash122.3  (44) 
Balance, beginning of period15.4  234.9  
Balance, end of period$137.7  $190.9  

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USE OF NON-GAAP FINANCIAL MEASURES
The Company uses non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' core operating results, and/or the underlying business trends affecting performance on a consistent and comparable basis from period to period. These measures generally are provided to investors as an additional means of evaluating the performance of ongoing core operations.
Cash NOI is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. The Company believes Cash NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those cash income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-cash revenue and expense recognition items, the impact of depreciation and amortization expenses or other gains or losses that relate to the Company's ownership of properties. The Company believes the exclusion of these items from operating profit (loss) is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the Company's Commercial Real Estate portfolio as well as trends in occupancy rates, rental rates, and operating costs. Cash NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
The Company reports Cash NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned and operated for the entirety of the current and prior calendar year. The Company believes that reporting on a Same-Store basis provides investors with additional information regarding the operating performance of comparable assets versus from other factors (such as the effect of developments, redevelopments, acquisitions or dispositions).
Reconciliations of CRE operating profit to CRE Cash NOI and Same-Store Cash NOI are as follows:
Three Months Ended March 31,
(in millions, unaudited)20202019
Change1
Commercial Real Estate Operating Profit (Loss) $18.1  $15.6  $2.5  
Plus: Depreciation and amortization  10.2  7.4  2.8  
Less: Straight-line lease adjustments  (0.8) (1.0) 0.2  
Less: Favorable/(unfavorable) lease amortization (0.3) (0.4) 0.1  
Plus: Other (income)/expense, net (0.4) 0.1  (0.5) 
Plus: Selling, general, administrative and other expenses  2.1  2.5  (0.4) 
Cash NOI   28.9  24.2  4.7  
Less: Cash NOI from acquisitions, dispositions, and other adjustments  (4.4) (0.6) (3.8) 
Same-Store Cash NOI  $24.5  $23.6  $0.9  
1 Amounts in this table are rounded to the nearest tenth of a million, but percentages were calculated based on thousands. Accordingly, a recalculation of some percentages, if based on the reported data, may be slightly different.

FFO is presented by the Company as a widely used non-GAAP measure of operating performance for real estate companies. FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") December 2018 Financial Standards White Paper as follows: net income (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 and (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.
The Company believes that, subject to the following limitations, FFO provides a supplemental measure to net income (calculated in accordance with GAAP) for comparing its performance and operations to those of other REITs. FFO does not represent an alternative to net income calculated in accordance with GAAP. In addition, FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP, as a measure of our liquidity. The Company presents different forms of FFO:
"Core FFO" represents a non-GAAP measure relevant to the operating performance of its commercial real estate business (i.e., its core business). Core FFO is calculated by adjusting CRE operating profit to exclude items noted above (i.e., depreciation and amortization related to real estate included in CRE operating profit) and to make further adjustments to include expenses not included in CRE operating profit but that are necessary to accurately reflect the
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operating performance of its core business (i.e., unallocated corporate expenses and interest expense attributable to this core business). The Company believes such adjustments facilitate the comparable measurement of the Company's core operating performance over time. The Company believes that Core FFO, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess and compare the operating performance of REITs.

FFO represents the Nareit-defined non-GAAP measure for the operating performance of the Company as a whole. The Company's calculation refers to net income (loss) available to A&B common shareholders as its starting point in the calculation of FFO.

The Company presents both non-GAAP measures and reconciles each to the most directly-comparable GAAP measure as well as reconciling FFO to Core FFO. The Company's FFO and Core FFO may not be comparable to FFO non-GAAP measures reported by other REITs. These other REITs may not define the term in accordance with the current Nareit definition or may interpret the current Nareit definition differently.
Reconciliations of net income (loss) available to A&B common shareholders to FFO and Core FFO are as follows:
Three Months Ended March 31,
20202019
Net income (loss) available to A&B common shareholders$6.2  $9.0  
Depreciation and amortization of commercial real estate properties10.2  7.4  
Gain on the sale of commercial real estate properties(0.5) —  
FFO$15.9  $16.4  
Exclude items not related to core business:
Land Operations Operating Profit(5.0) (12.6) 
Materials & Construction Operating Loss3.8  4.5  
Loss from discontinued operations0.2  0.8  
Income (loss) attributable to noncontrolling interest(0.6) (0.3) 
Income tax expense (benefit)—  (1.1) 
Non-core business interest expense4.0  4.8  
Core FFO$18.3  $12.5  

Reconciliations of Core FFO starting from Commercial Real Estate operating profit are as follows:
Three Months Ended March 31,
20202019
CRE Operating Profit$18.1  $15.6  
Depreciation and amortization of commercial real estate properties10.2  7.4  
Corporate and other expense(6.2) (6.2) 
Core business interest expense(3.8) (4.3) 
Core FFO$18.3  $12.5  

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA for the Materials & Construction ("M&C") segment are non-GAAP measures used by the Company in evaluating the Materials & Construction segment'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 segment's ongoing core operations. EBITDA and Adjusted EBITDA should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
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EBITDA is calculated for the Materials & Construction segment by adjusting segment operating profit (which excludes interest and tax expenses), by adding back depreciation and amortization. Adjusted EBITDA is calculated for the Materials & Construction segment by adjusting for income attributable to noncontrolling interests and asset impairments related to the M&C segment. The Company adjusts EBITDA for the asset impairments related to the Materials and Construction segment as the Company believes these items are infrequent in nature. By excluding these items from EBITDA the Company believes it provides meaningful supplemental information about its core operating performance and facilitates comparisons to historical operating results.
Reconciliations of Materials & Construction operating profit to Materials & Construction EBITDA and Adjusted EBITDA are as follows:
Three Months Ended March 31,
(in millions, unaudited)20202019
Materials & Construction Operating Profit (Loss) $(3.8) $(4.5) 
Materials & Construction depreciation and amortization  2.8  2.8  
EBITDA1
(1.0) (1.7) 
Income attributable to noncontrolling interest 0.6  0.3  
M&C Adjusted EBITDA1
$(0.4) $(1.4) 
1 See above for a discussion of management's use of non-GAAP financial measures and reconciliations from GAAP to non-GAAP measures.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that 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, as well as the rapidly changing challenges with, and the Company's plans and responses to, the novel coronavirus (COVID-19) pandemic and related economic disruptions. 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, risks associated with COVID-19 and its impacts on the Company's businesses, results of operations, liquidity and financial condition, the evaluation of alternatives by the Company related to its materials and construction business and by the Company's joint venture related to the development of Kukui‘ula, generally discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the SEC. The information in this release should be evaluated in light of these important risk factors. We do not undertake any obligation to update the Company's forward-looking statements.
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Alexander & Baldwin, Inc.
Table of Contents
  
Company Overview
Company Profile
Glossary of Terms
Statement on Management's Use of Non-GAAP Financial Measures
Financial Summary
Table 1 – Condensed Consolidated Balance Sheets
Table 2 – Condensed Consolidated Statements of Operations
Table 3 – Segment Results
Table 4 – Condensed Consolidated Statements of Cash Flows
Table 5 – Debt Summary
Table 6 – Capitalization & Financial Ratios
Table 7 – Consolidated Metrics
Commercial Real Estate
Table 8 – CRE Metrics
Table 9 – Occupancy
Table 10 – Cash NOI and Same-Store Cash NOI by Type
Table 11 – Improved Property Report
Table 12 – Ground Lease Report
Table 13 – Top 10 Tenants Ranked by ABR
Table 14 – Lease Expiration Schedule
Table 15 – New & Renewal Lease Summary
Table 16 – Portfolio Repositioning, Redevelopment & Development Summary
Table 17 – Transactional Activity (2019 - 2020)
Land Operations
Table 18 – Statement of Operating Profit and EBITDA
Table 19 – Key Active Development-for-sale Projects and Investments
Table 20 – Landholdings as of March 31, 2020
Materials & Construction
Table 21 – Statement of Operating Profit, EBITDA and Adjusted EBITDA
  
Forward-Looking Statements
Statements in this Supplemental Information report that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that 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, as well as the rapidly changing challenges with, and the Company's plans and responses to, the novel coronavirus (COVID-19) pandemic and related economic disruptions. 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, risks associated with COVID-19 and its impact on the Company's businesses, results of operations, liquidity, and financial condition, the evaluation of alternatives by the Company’s joint venture related to its materials and construction business and by the Company's joint venture related to the development of Kukui‘ula, and the risk factors discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. The information in this Supplemental Information report should be evaluated in light of these important risk factors. We do not undertake any obligation to update the Company's forward-looking statements.

Basis of Presentation
The information contained in this Supplemental Information report does not purport to disclose all items required by accounting principles generally accepted in the United States of America (GAAP).























Company Overview



Alexander & Baldwin, Inc.
Company Overview
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 150-year history of being an integral piece of Hawai‘i and its economy making it uniquely qualified to create value for shareholders through an investment and asset redeployment strategy focused on growth primarily in its commercial real estate holdings in Hawai‘i.

The Company operates through three reportable segments: Commercial Real Estate ("CRE"); Land Operations; and Materials & Construction ("M&C") and is composed of the following as of March 31, 2020:

A 3.9 million-square-foot portfolio of commercial real estate and 153.7 acres of ground leases throughout the Hawaiian islands, including 2.5 million square feet of largely grocery/drugstore-anchored retail centers;
More than 28,000 acres of landholdings across its three segments, including development-for-hold and development-for-sale activities in select Hawai‘i locations; and
Materials & Construction operations primarily through its wholly owned subsidiary, Grace Pacific LLC ("Grace Pacific").

Throughout this Supplemental Information report, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries.

Executive Officers
Christopher BenjaminBrett Brown
President & Chief Executive OfficerExecutive Vice President & Chief Financial Officer
Lance ParkerNelson Chun
Executive Vice President & Chief Real Estate Officer Executive Vice President & Chief Legal Officer
Jerrod SchreckMeredith Ching
President, Grace PacificExecutive Vice President, External Affairs
Contact InformationEquity Research
Corporate HeadquartersEvercore ISI
822 Bishop StreetSheila McGrath
Honolulu, HI 96813(212) 497-0882
sheila.mcgrath@evercoreisi.com
Investor Relations
Brett BrownSidoti & Company, LLC
Executive Vice President & Chief Financial OfficerStephen O'Hara
(808) 525-8475(212) 894-3329
investorrelations@abhi.comsohara@sidoti.com
Transfer Agent & RegistrarSandler O'Neill & Partners, L.P.
ComputershareAlexander Goldfarb
P.O. Box 505000(212) 466-7937
Louisville, KY 40233-5000agoldfarb@sandleroneill.com
(866) 442-6551
Other Company Information
Overnight Correspondence
ComputershareStock exchange listing:NYSE: ALEX
462 South 4th Street, Suite 1600Corporate website:www.alexanderbaldwin.com
Louisville, KY 40202Grace Pacific website:www.gracepacific.com
Market capitalization
at March 31, 2020:
$0.8B
Shareholder website: www.computershare.com/investor
3-month average trading volume:796K
Online inquiries: www-us.computershare.com/investor/contact
Independent auditors:Deloitte & Touche LLP

1


Alexander & Baldwin, Inc.
Company Overview
Glossary of Terms

ABRAnnualized 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.
BacklogBacklog represents the total amount of revenue that Grace Pacific and Maui Paving, LLC, a 50-percent-owned unconsolidated affiliate, expect to realize on contracts awarded. Backlog primarily consists of asphalt paving and, to a lesser extent, Grace Pacific’s consolidated revenue from its Prestress and construction-and traffic control-related products. Backlog includes estimated revenue from the remaining portion of contracts not yet completed, as well as revenue from approved change orders. The length of time that projects remain in backlog can span from a few days for a small volume of work to 36 months for large paving contracts and contracts performed in phases. This amount includes opportunity backlog consisting of government contracts in which Grace Pacific has been confirmed to be the lowest bidder and formal communication of the award is perfunctory at the time of this disclosure. Circumstances outside the Company's control such as procurement or technical protests may arise that prevent the finalization of such contracts.
Cash NOICash Net Operating Income ("Cash NOI") represents total Commercial Real Estate cash-based operating revenues less direct property-related operating expenses. The calculation of Cash NOI excludes the impact of depreciation and amortization (including amortization of maintenance capital, tenant improvements and leasing commissions); straight-line lease adjustments (including amortization of lease incentives); amortization of favorable/unfavorable lease assets/liabilities; lease termination income; other income and expense, net; selling, general, administrative and other expenses; and impairment of commercial real estate assets.
Comparable LeaseComparable Leases are either renewals 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.
Consolidated Adjusted EBITDAConsolidated Adjusted EBITDA is calculated by adjusting Consolidated EBITDA for non-cash asset impairments recorded in the M&C segment.
CRE PortfolioComposed of (1) leases of retail, industrial and office improved properties ("Improved Portfolio") and (2) ground leases ("Ground Leases") within the CRE segment.
Debt-service Coverage RatioThe 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, and excludes balloon payments), for the trailing twelve months.
EBITDAEarnings 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 for each segment ("Segment EBITDA" or "Commercial Real Estate EBITDA," "Land Operations EBITDA," and "Materials & Construction EBITDA") by adjusting segment operating profit (which excludes interest and tax expenses), as applicable, by adding back depreciation and amortization recorded at the respective segment.
FFO
Funds From Operations ("FFO") is presented by the Company as a widely used non-GAAP measure of operating performance for real estate companies. FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") December 2018 Financial Standards White Paper as follows: net income (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 and (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. The Company presents different forms of FFO:

"Core FFO" represents a non-GAAP measure relevant to the operating performance of its commercial real estate business (i.e., its core business). Core FFO is calculated by adjusting CRE operating profit to exclude items noted above (i.e., depreciation and amortization related to real estate included in CRE operating profit) and to make further adjustments to include expenses not included in CRE operating profit but that are necessary to accurately reflect the operating performance of its core business (i.e., unallocated corporate expenses and interest expense attributable to this core business).

FFO represents the Nareit-defined non-GAAP measure for the operating performance of the Company as a whole. The Company's calculation refers to net income (loss) available to A&B common shareholders as its starting point in the calculation of FFO.

The Company presents both non-GAAP measures and reconciles each to the most directly-comparable GAAP measure as well as reconciling FFO to Core FFO.
GAAPGenerally accepted accounting principles in the United States of America.
2


GLATotal area measured in square feet ("SF") available for lease in our retail, industrial or office properties. GLA is periodically adjusted based on remeasurement or reconfiguration of space and may change period over period for these remeasurements.
Maintenance Capital ExpendituresAs it relates to CRE segment capital expenditures (i.e., capitalizable costs on a cash basis), 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.
M&C Adjusted EBITDAM&C Adjusted EBITDA is calculated by adjusting Materials & Construction EBITDA for non-cash asset impairments recorded in the M&C segment and income attributable to noncontrolling interests as presented in our consolidated statements of operations.
Net DebtNet 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 our consolidated balance sheets.
OccupancyThe percentage of square footage leased and commenced to gross leasable space at the end of the period reported.
Rent SpreadPercentage change in ABR in the first year of a signed lease relative to the ABR in the last year of the prior lease.
Same-StoreThe Company reports Cash NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned and operated for the entirety of the current and prior calendar year. The Same-Store pool excludes properties under development or redevelopment and also excludes properties acquired or sold during either of the comparable reporting periods. While there is management judgment involved in classifications, new developments and redevelopments are moved into the Same-Store pool after one full calendar year of stabilized operation. Properties included in held for sale are excluded from Same-Store.
StabilizationNew developments and redevelopments are generally considered stabilized upon the initial attainment of 90% occupancy.
Straight-line RentNon-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.
TTMTrailing twelve months.
Year BuiltYear of most recent repositioning/redevelopment or year built if no repositioning/redevelopment has occurred.

3


Alexander & Baldwin, Inc.
Company Overview
Statement on Management's Use of Non-GAAP Financial Measures

The Company presents the following non-GAAP financial measures in this Supplemental Information:

Consolidated EBITDA
Consolidated Adjusted EBITDA
FFO
Core FFO
Commercial Real Estate Cash NOI and Same-Store Cash NOI
Commercial Real Estate EBITDA
Land Operations EBITDA
Materials & Construction EBITDA and M&C Adjusted EBITDA

The Company uses non-GAAP measures when evaluating operating performance because management believes that they provide additional insight into the Company's and segments' core operating results, and/or the underlying business trends affecting performance on a consistent and comparable basis from period to period. These measures generally are provided to investors as an additional means of evaluating the performance of ongoing core operations. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP.

EBITDA is a non-GAAP measure used by the Company in evaluating the Company's and segments' 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 Company's and segments' ongoing operations. The Company adjusts Consolidated EBITDA for the asset impairments recorded in the Materials & Construction segment, as the Company believes these items are infrequent in nature, to arrive at Consolidated Adjusted EBITDA. The Company similarly adjusts Materials & Construction EBITDA for the same asset impairments in addition to adjusting for income attributable to noncontrolling interests as presented in our consolidated statements of operations to arrive at M&C Adjusted EBITDA. By excluding these items from Consolidated EBITDA and Segment EBITDA, the Company believes it provides meaningful supplemental information about its core 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.

FFO is presented by the Company as a widely used non-GAAP measure of operating performance for real estate companies. The Company believes that, subject to the following limitations, FFO provides a supplemental measure to net income (calculated in accordance with GAAP) for comparing its performance and operations to those of other REITs. FFO does not represent an alternative to net income calculated in accordance with GAAP. In addition, FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP, as a measure of our liquidity. The Company presents different forms of FFO:

Core FFO represents a non-GAAP measure relevant to the operating performance of its commercial real estate business (i.e., its core business). Core FFO is calculated by adjusting CRE operating profit to exclude items in a manner consistent with FFO (i.e., depreciation and amortization related to real estate included in CRE operating profit) and to make further adjustments to include expenses not included in CRE operating profit but that are necessary to accurately reflect the operating performance of its core business (i.e., unallocated corporate expenses and interest expense attributable to this core business). The Company believes such adjustments facilitate the comparable measurement of the Company's core operating performance over time. The Company believes that Core FFO, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess and compare the operating performance of REITs.

FFO represents the Nareit-defined non-GAAP measure for the operating performance of the Company as a whole. The Company's calculation refers to net income (loss) available to A&B common shareholders as its starting point in the calculation of FFO.

The Company presents both non-GAAP measures and reconciles each to the most directly-comparable GAAP measure as well as reconciling FFO to Core FFO. The Company's FFO and Core FFO may not be comparable to FFO non-GAAP measures reported by other REITs. These other REITs may not define the term in accordance with the current Nareit definition or may interpret the current Nareit definition differently.
Cash NOI is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. The Company believes Cash NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those cash income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-cash revenue and expense recognition items, the impact of depreciation and amortization expenses or other gains or losses that relate to the Company's ownership of properties. The Company believes the exclusion of these items from operating profit (loss) is useful because the resulting measure captures the actual cash-based revenue generated and actual expenses incurred in operating the Company's Commercial Real Estate portfolio as well as trends in occupancy rates, rental rates and operating costs. Cash NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

4


The Company reports Cash NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned and operated for the entirety of the current and prior calendar year. The Company believes that reporting on a Same-Store basis provides investors with additional information regarding the operating performance of comparable assets versus 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. 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:

Refer to Table 7 for a reconciliation of consolidated net income to Consolidated EBITDA and Consolidated Adjusted EBITDA, a reconciliation of consolidated net income (loss) available to A&B common shareholders to FFO and Core FFO, as well as a reconciliation of Commercial Real Estate operating profit to Core FFO.
Refer to Table 8 for a reconciliation of Commercial Real Estate operating profit to Cash NOI and Same-Store Cash NOI and a reconciliation of Commercial Real Estate operating profit to Commercial Real Estate EBITDA.
Refer to Table 18 for a reconciliation of Land Operations operating profit to Land Operations EBITDA.
Refer to Table 21 for a reconciliation of Materials & Construction operating profit to Materials & Construction EBITDA and M&C Adjusted EBITDA.
5






















Financial Summary




Alexander & Baldwin, Inc.
Financial Summary
Table 1 – Condensed Consolidated Balance Sheets
($ in millions, unaudited)
March 31,
2020
December 31, 2019
ASSETS
Real estate investments
Real estate property$1,537.7  $1,540.2  
Accumulated depreciation(133.9) (127.5) 
Real estate property, net1,403.8  1,412.7  
Real estate developments81.9  79.1  
Investments in real estate joint ventures and partnerships133.4  133.4  
Real estate intangible assets, net71.2  74.9  
Real estate investments, net1,690.3  1,700.1  
Cash and cash equivalents131.6  15.2  
Restricted cash6.1  0.2  
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $1.5 million and $0.4 million as of March 31, 2020 and December 31, 2019, respectively44.3  51.6  
Inventories20.7  20.7  
Other property, net122.4  124.4  
Operating lease right-of-use assets20.9  21.8  
Goodwill15.4  15.4  
Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $4.6 million and $1.6 million as of March 31, 2020 and December 31, 2019, respectively15.0  27.8  
Prepaid expenses and other assets, net of allowance for credit losses and allowance for doubtful accounts of $0.1 million and $0 million as of March 31, 2020 and December 31, 2019, respectively107.9  107.1  
Total assets$2,174.6  $2,084.3  
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt$819.6  $704.6  
Accounts payable12.3  17.8  
Operating lease liabilities21.1  21.6  
Accrued pension and post-retirement benefits26.8  26.8  
Indemnity holdbacks7.5  7.5  
Deferred revenue67.4  67.6  
Accrued and other liabilities102.9  103.4  
Total liabilities1,057.6  949.3  
Commitments and Contingencies
Redeemable Noncontrolling Interest6.2  6.3  
Equity:
Common stock - no par value; authorized, 150 million shares; outstanding, 72.3 million shares at March 31, 2020 and December 31, 2019, respectively1,801.6  1,800.1  
Accumulated other comprehensive income (loss)(55.1) (48.8) 
Distributions in excess of accumulated earnings(638.7) (626.2) 
Total A&B shareholders' equity1,107.8  1,125.1  
Noncontrolling interest3.0  3.6  
Total equity1,110.8  1,128.7  
Total liabilities and equity$2,174.6  $2,084.3  

6


Alexander & Baldwin, Inc.
Financial Summary
Table 2 – Condensed Consolidated Statements of Operations
($ in millions, except per-share amounts; unaudited)
Three Months Ended March 31,
20202019
Operating Revenue:
Commercial Real Estate$43.4  $36.8  
Land Operations11.5  49.0  
Materials & Construction25.9  43.6  
Total operating revenue80.8  129.4  
Operating Costs and Expenses:
Cost of Commercial Real Estate24.3  19.2  
Cost of Land Operations8.0  39.4  
Cost of Materials & Construction25.0  42.1  
Selling, general and administrative13.8  15.5  
Total operating costs and expenses71.1  116.2  
Gain (loss) on the sale of commercial real estate properties0.5  —  
Operating Income (Loss)10.2  13.2  
Other Income and (Expenses):
Income (loss) related to joint ventures3.2  2.7  
Interest and other income (expense), net0.2  1.6  
Interest expense(7.8) (9.1) 
Income (Loss) from Continuing Operations Before Income Taxes5.8  8.4  
Income tax benefit (expense)—  1.1  
Income (Loss) from Continuing Operations5.8  9.5  
Income (loss) from discontinued operations, net of income taxes(0.2) (0.8) 
Net Income (Loss)5.6  8.7  
Loss (income) attributable to noncontrolling interest0.6  0.3  
Net Income (Loss) Attributable to A&B Shareholders$6.2  $9.0  
Earnings (Loss) Per Share Available to A&B Shareholders:      
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders$0.09  $0.13  
Discontinued operations available to A&B shareholders—  (0.01) 
Net income (loss) available to A&B shareholders$0.09  $0.12  
      
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders$0.09  $0.13  
Discontinued operations available to A&B shareholders—  (0.01) 
Net income (loss) available to A&B shareholders$0.09  $0.12  
Weighted-Average Number of Shares Outstanding:      
Basic72.372.1  
Diluted72.572.5  
Amounts Available to A&B Common Shareholders:
Continuing operations available to A&B common shareholders$6.4  $9.8  
Discontinued operations available to A&B common shareholders(0.2) (0.8) 
Net income (loss) available to A&B common shareholders$6.2  $9.0  

7


Alexander & Baldwin, Inc.
Financial Summary
Table 3 – Segment Results
 ($ in millions, unaudited)

Three Months Ended March 31,
20202019
Operating Revenue:
Commercial Real Estate$43.4  $36.8  
Land Operations11.5  49.0  
Materials & Construction25.9  43.6  
Total operating revenue80.8  129.4  
Operating Profit (Loss): 
Commercial Real Estate1
18.1  15.6  
Land Operations2
5.0  12.6  
Materials & Construction(3.8) (4.5) 
Total operating profit (loss)19.3  23.7  
Gain (loss) on the sale of commercial real estate properties 0.5  —  
Interest expense(7.8) (9.1) 
Corporate and other expense(6.2) (6.2) 
Income (Loss) from Continuing Operations Before Income Taxes5.8  8.4  
Income tax benefit (expense)—  1.1  
Income (Loss) from Continuing Operations5.8  9.5  
Income (loss) from discontinued operations, net of income taxes(0.2) (0.8) 
Net Income (Loss)5.6  8.7  
Loss (income) attributable to noncontrolling interest0.6  0.3  
Net Income (Loss) Attributable to A&B Shareholders$6.2  $9.0  
1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the consolidated results of operations.
2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures and non-cash reductions related to the Company's solar tax equity investments.


March 31,
2020
December 31, 2019
Identifiable Assets:
Commercial Real Estate$1,530.1  $1,532.6  
Land Operations273.9  282.5  
Materials & Construction226.2  243.0  
Other144.4  26.2  
Total assets$2,174.6  $2,084.3  

8


Alexander & Baldwin, Inc.
Financial Summary
Table 4 – Condensed Consolidated Statements of Cash Flows 
 ($ in millions, unaudited)
Three Months Ended March 31,
20202019
Cash Flows from Operating Activities:
Net income (loss)$5.6  $8.7  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization13.6  10.9  
Loss (gain) on asset transactions, net(0.5) (2.6) 
Share-based compensation expense1.5  1.4  
(Income) loss from affiliates, net of distributions of income(2.9) (0.8) 
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables7.0  (11.0) 
Inventories—  (2.5) 
Prepaid expenses, income tax receivable and other assets2.4  (4.5) 
Development/other property inventory(3.2) 27.1  
Accrued pension and post-retirement benefits0.6  1.6  
Accounts payable(3.5) (4.8) 
Accrued and other liabilities(1.7) 1.1  
Net cash provided by (used in) operations18.9  24.6  
Cash Flows from Investing Activities:
Capital expenditures for acquisitions—  (42.4) 
Capital expenditures for property, plant and equipment(6.2) (16.6) 
Proceeds from disposal of property, investments and other assets5.9  2.7  
Payments for purchases of investments in affiliates and other investments—  (2.5) 
Distributions of capital from investments in affiliates and other investments3.2  6.6  
Net cash provided by (used in) investing activities2.9  (52.2) 
Cash Flows from Financing Activities:   
Proceeds from issuance of notes payable and other debt108.0  41.4  
Payments of notes payable and other debt and deferred financing costs(44.2) (49.2) 
Borrowings (payments) on line-of-credit agreement, net51.4  3.6  
Cash dividends paid(13.8) (10.5) 
Proceeds from issuance (repurchase) of capital stock and other, net(0.9) (1.7) 
Net cash provided by (used in) financing activities100.5  (16.4) 
Cash, Cash Equivalents and Restricted Cash      
Net increase (decrease) in cash, cash equivalents and restricted cash122.3  (44.0) 
Balance, beginning of period15.4  234.9  
Balance, end of period$137.7  $190.9  

9


Alexander & Baldwin, Inc.
Financial Summary
Table 5 – Debt Summary
As of March 31, 2020
($ in millions, unaudited)
Principal Outstanding
DebtInterest Rate (%)Weighted-average Interest Rate (%)Maturity DateWeighted-average Maturity (Years)20202021202220232024ThereafterTotal PrincipalUnamort Deferred Fin Cost/ (Discount) PremiumTotal  
Secured:
Kailua Town Center(1)5.95%20211.5$0.3  $9.8  $—  $—  $—  $—  $10.1  $(0.1) $10.0  
Kailua Town Center #23.15%3.15%20211.40.1  4.5  —  —  —  —  4.6  —  4.6  
Heavy Equipment Financing(2)4.55%(2)1.60.8  1.1  0.8  0.5  —  —  3.2  —  3.2  
Laulani Village3.93%3.93%20243.90.8  1.1  1.1  1.2  57.8  —  62.0  (0.7) 61.3  
Pearl Highlands4.15%4.15%20244.51.5  2.0  2.1  2.2  75.1  —  82.9  0.8  83.7  
Manoa Marketplace(3)3.14%20298.11.2  1.7  1.7  1.8  1.8  50.9  59.1  (0.1) 59.0  
Subtotal / Wtd Ave3.89 %5.1$4.7  $20.2  $5.7  $5.7  $134.7  $50.9  $221.9  $(0.1) $221.8  
Unsecured:
Bank syndicated loan(4)3.15%20232.9$—  $—  $—  $50.0  $—  $—  $50.0  $—  $50.0  
Series A Note5.53%5.53%20242.8—  7.1  7.1  7.1  7.1  —  28.4  —  28.4  
Series J Note4.66%4.66%20255.1—  —  —  —  —  10.0  10.0  —  10.0  
Series B Note5.55%5.55%20263.6—  1.0  9.0  9.0  9.0  18.0  46.0  —  46.0  
Series C Note5.56%5.56%20263.21.0  9.0  2.0  2.0  2.0  7.0  23.0  —  23.0  
Series F Note4.35%4.35%20263.72.4  4.5  —  5.5  2.4  7.3  22.1  —  22.1  
Series H Note4.04%4.04%20266.7—  —  —  —  —  50.0  50.0  —  50.0  
Series K Note4.81%4.81%20277.1—  —  —  —  —  34.5  34.5  (0.1)