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ALEXANDER & BALDWIN, INC. : Other Events, Financial Statements and Exhibits (form 8-K)

11/12/2021 | 04:07pm EST

Item 8.01. Other Events. On November 12, 2021, Alexander & Baldwin, Inc.'s (the "Company") joint venture projects Kukui`ula Development Company (Hawaii) LLC, Kukui`ula Web IP LLC and Lodge IP LLC (collectively, "KDCH") completed the sale of substantially all of their assets to Brue Baukol Capital Partners for $183.5 million. The Company expects to receive a cash distribution from KDCH in the range of $110 million to $118 million, which constitutes the Company's 69% share of the sale proceeds less commissions, closing and transaction-related costs and cash retained in KDCH for fulfillment of post-closing obligations. Additionally, the Company will receive $4.7 million in cash to pay off the outstanding principal plus accrued interest on a note receivable the Company has with KDCH.

The distribution and note receivable payoff discussed above is in addition to $34.3 million of distributions received year-to-date from all the Kukui`ula joint venture projects and $6.8 million in year-to-date principal and interest payments on the KDCH note receivable.

With the Company's book value in KDCH as of October 31, 2021 of $104.1 million, the Company expects to recognize joint venture income from this transaction in the range of $6 million to $14 million. Since the Company's tax basis in KDCH exceeds the distributions received, the transaction is expected to create no income tax liability.

Additionally, on November 12, 2021, the Company issued a press release announcing the sale of the assets of KDCH, a copy of which is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.
(d)   Exhibits
     99.1      Press release issued November 1    2    , 2021
      104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


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