Alexander & Baldwin : at the Sidoti Fall 2020 Virtual Investor Conference

Alexander & Baldwin

September 2020

Investor Presentation

Safe Harbor Statement

Statements in this presentation 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 presentation 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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Statement On Use Of Non-GAAP

Financial Measures

The Company presents certain non-GAAP financial measures in this presentation. The Company uses these 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.

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 slides. Additional information on non-GAAP financial measures is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at www.alexanderbaldwin.com.

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Alexander & Baldwin

Partners for Hawai'i

Hawai'i Sharpshooter

Hawai'i's premier commercial real estate company with 150-year history of successfully operating in this unique market

• Deep market knowledge resulting in acquisition advantages (off-market or first look opportunities)
• Strong relationships with all stakeholders in the communities operated in, with a proactive approach when dealing with valued tenants and addressing community feedback

Needs-Based Retail Portfolio

Largest owner of grocery-anchored, neighborhood shopping centers in high-performing yet high barrier to entry Hawai'i market

High-Quality and Diverse Portfolio with Internal Capital Sources for Growth

Strategically located portfolio of retail, industrial and ground lease assets with attractive future growth opportunities able to be sourced by the monetization of non-core assets

Nearing End of Strategic Transformation

Focus on end goal and ongoing simplification process should allow Company to unlock significant near-term value for all stakeholders

Strong Environmental, Social and Governance (ESG) Commitment

Solid reputation with a long history of valuing ESG matters, which has been highlighted in inaugural digital-format Corporate Responsibility Report

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Alexander & Baldwin

Business overview

Number of Properties	86+
Retail ("Needs-Based")	22
Industrial	10
Ground Lease	50+
Office	4

Total GLA (Sq. Ft.)	3.9 M
Retail	2.5M
Industrial	1.2M
Office	0.1M
Ground Leases	154 acres
Portfolio Occupancy %	94.6%
Total Portfolio Rent Spread	4.9%
Average quarterly rent spread for trailing four quarters	7.0%
Annualized Base Rent (ABR) Per Sq. Ft.	$27.18
Retail	$33.48
Industrial	$14.84
Office	$32.49
% of Retail ABR from Grocery-Anchored Properties	87%
Equity Market Cap	$0.9B
Net Debt to TTM Consolidated Adjusted EBITDA	7.1x
Total Liquidity	$364.1M
*As of June 30, 2020

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Q2 2020 Highlights

CORE FFO

1. NOI
   LEASING
   PORTFOLIO COMPOSITION BALANCE SHEET COVID-19 UPDATE1

LAND OPERATIONS UPDATE

MATERIALS & CONSTRUCTION UPDATE

BOARD

ESG

Core FFO per diluted share for Q2 2020 of $0.18.

Negatively impacted by charges related to collectability of tenant receivables as a result of COVID-19.

SS NOI 16.8% lower for Q2 2020 compared to Q2 2019.

Steady volume with 42 leases in Q2 2020 (compared to 43 in Q1 2020) totaling approximately 177,000 sq. ft., with 4.9% leasing spread.

Breakout of portfolio by ABR; Retail "needs-based" 66%, industrial 16%, ground leases 15% and office 3%.

Loan maturities for 2020 addressed, with no material maturities until September 2022.

Collected 75% of Q2 billings, 85% of July billings, 78% of August billings and 68% of September billings.

Monetization during Q2 included 1.4 acres at Maui Business Park, 7 units at Kukui'ula joint venture projects and a 10-acrenon-core land sale on Maui.

Modestly positive adjusted EBITDA for both Q2 and YTD. Completed sale of a Grace subsidiary for $5M. Operational momentum and continued new business wins provide optimism, though remain committed to monetization at appropriate time.

New Independent Board Chairman and additional Director identified. Changes align with commitment to ESG.

Published inaugural digital-format Corporate Responsibility Report which highlights our efforts.

1: Rent receipts data as of September 22, 2020, presented by month/quarter of billing.
Partners for Hawai'i	Alexander & Baldwin I NYSE: ALEX 6

Alexander & Baldwin

Asset base overview

Since 2012, A&B began simplification efforts to transform from a diversified

conglomerate into a focused Hawai'i REIT. Hawai'i NOI has steadily increased

to highlight such progress.

	Hawai'i NOI	Nearly				Identified Asset Value
	Fourfold
					At June 30, 2020
		Hawai'i NOI
	120	Increase
	Since 2012				Land Ops.
			72%		$268.1M
	100
						$2.1B	Materials &
	80		CRE-Identified		Construction
Millionsin			$218.1M
60	$105.9M	Assets Value	CRE	Book Value	Other
				$1,515.5M	$104.5M
		22	10
$	40
			Retail	Industrial	CRE
	20		Properties	Properties
			$1,530.1M
	$26.7M		4	50+
	0
	2012	TTM	Office	Ground Leases on
			Properties	154 Acres

28%

Non-CRE

Assets Value

• Land Operations
• 26,800-acreland portfolio
• Development-for-saleportfolio
• Materials & Construction businesses

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7

Commercial Real Estate

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Commercial Real Estate

Portfolio overview

NOI (TTM) by Asset Class

Office

4%

Ground Lease

15%

Industrial	Retail
"Needs-Based"
17%
64%

	No. of	GLA	NOI (TTM in	Occupancy	ABR PSF
Segment	(SF unless	At
Assets	mils)	At 6/30/20
	indicated)	6/30/20
Retail "Needs-Based"	22	2.5M	$67.9	93.1%	$33.48
Industrial	10	1.2M	$17.8	97.6%	$14.84
Ground Lease	50+	154 acres	$16.3	N/A	N/A
Office	4	0.1M	$3.9	93.7%	$32.49
Total Portfolio	86+	3.9M+	$105.9	94.6%	$27.18

$105.9M

Total NOI (TTM)

Island	Hawai'i GDP1	Q2 2020 NOI
Oahu	74%	74%
Maui	11%	15%
Other	15%	11%

Partners for Hawai'i

1: Most recent source data from State of Hawai'i DBEDT.

Alexander & Baldwin I NYSE: ALEX

9

Update on

COVID-19 in Hawai'i

• All properties remain open
• Strong control early, including days in May and June with zero cases statewide
• Uncharacteristic surge primarily in August is now on steady decline, however even with brief surge:
• • Lowest mortality rate in country
  • 3rd lowest cases per million of population

March 12

March 25

May - June

July 13

August 25

A&B proactively	Mandatory stay-at-home
implemented business	order imposed, closing all
continuity plans, with	non-essential businesses and
employees working	implementing physical
remotely.	distancing measures.

Allowed reopening of retailers and shopping malls (May 15), dine-in restaurants (June 5), interisland travel without quarantine (June 16) and indoor attractions (June 19).

Planned date for reopening	Two-weekstay-at-home
Hawai'i to travelers without	order issued for Oahu,
the state's mandatory	closing all non-essential
14-day quarantine pushed	businesses.
back to October 1.	[Tiered reopening set to
[Now set for October 15.]	begin on September 24.]

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Our Actions

Swift and strategic measures

Business Continuity: Executed work-from-home plan on March 12, which enabled A&B to remain fully operational while workforce worked from home

Communication: Developed surveys, web-postings, flyers and other measures to ensure tenants were kept informed

Operations: Instituted safety measures and BOPIS measures to ensure all A&B properties remained open

Tenant Assistance:

• Assisted impacted tenants with additional marketing and operational support, and provided tenants with guidance in accessing government relief resources
• Proactively provided deferrals to highest-risk tenants and addressed rent relief requests on a case-by-case basis to protect long-term health and cash flows of tenants

Cost Control: Implemented expense and capital spending reductions to partially offset cash flow impact; suspended dividend until greater visibility on REIT taxable income

Community Support: Increased ESG-related efforts to help greater community, including $200K in COVID-19 impact donations

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Supporting Our Tenants

Playing the Long Game	Deferrals1

• Senior executives meet daily to discuss tenants
• Strategic Approach:
• • Case-by-caserisk review of all tenants
  • Proactive approach toward those most-impacted
  • Leveraging technology, marketing and other resources to assist during these times

186	$4.3M	2.7	100%
Deferrals	Deferrals	Avg. Term (Months)	Paid back by 2021

Other Modifications1

63 $1.4M

CountValue

Partners for Hawai'i

1: YTD data as of August 31, 2020.

CASE STUDY: Iconic small specialty food & surf clothing tenant with short-term cash flow challenges

• 40+ years in business at location
• Impacted by reduced tourism

Tenant Assistance

• 2 months abated rent
• CAM + % rent until sales return to 85% or 12/21

Landlord Benefit

• Survival and retention of bell cow tenant
• 10-yearlease extension

•

33% increase in contract rent

Alexander & Baldwin I NYSE: ALEX 12

• Re-tenantingwould cost over $100K

Portfolio Composition

ABR exposure by category as of Q2 2020

A&B's portfolio is strategically diversified with

low exposure to non-essential retail.

Portfolio Composition		ABR Exposure by Category
% of ABR		Ground/Industrial/Office		Essential Retail		Non- Essential Retail

	Non-Essential	16%
	14%
	Retail
Essential	21%	12%
	10%
Retail/Restaurants
47%	Ground Leases,	8%
	Industrial and Office	6%
	32%
	4%
		2%
		0%

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High-Quality Tenants

Top Ten Tenants

Tenant1	# of Leases	ABR	Current2	Category
Albertsons Companies	7	$6,920	Paying	Grocery -
(including Safeway)	National
Sam's Club	1	$3,308	Paying	Warehouse -
National
CVS Corporation	6	$2,752	Paying	Drugstore -
(including Longs Drugs)	National
Foodland Supermarket &	10	$2,662	Paying	Grocery -
related companies	Local
Ross Dress for Less	2	$1,992	Paying	Discount -
National
Coleman World Group	2	$1,834	Paying	Moving -
National
				Materials &
GP/RM Prestress, LLC3	1	$1,584	Paying	Construction -
				Local
24 Hour Fitness	1	$1,513	Paying	Fitness -
National
Ulta Salon, Cosmetics &	3	$1,508	Paying	Beauty -
Fragrance, Inc.	National
Petco Animal Supplies	3	$1,316	Paying	Pet - National
Stores
Total	36	$25,389

1. Excludes ground leases, primarily from the Materials & Construction segment.
2. Current status as of September 22, 2020.
3. The leased premises in the GP/RM Prestress, LLC lease is Yard space and therefore not included in GLA.
   Partners for Hawai'i

Low Exposure to Green Street "National Watchlist" Tenants

Strip Center REITs - Watchlist & Bankruptcy Tenants

(Estimated % of Pro-Rata Rent)

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

SITC RPAI KIM UE BRX		AKR WRI FRT ROIC REG ALEX
		BK Tenants		Watchlist Tenants

Source: Green Street Advisors Strip Center Sector Report, August 2020.

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Collections

Steady collections generally in-line with peer REITs.

Portfolio Collections Trend

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

April	May	June		July	August	September
		Paid			Deferral Agreements
		Reserved/Unresolved			Paid by 22nd of Each Month

Rent receipts data as of September 22, 2020, presented by month of billing. Paid by 22nd of each month represents total payments made by the 22nd day of each calendar month.

Collections by Tenant Category1

Asset Class/	% Q2 2020	% July	% August	% September
Tenant Type	Rent Rec.	Rent Rec.	Rent Rec.	Rent Rec.
Retail2	71%	80%	74%	66%
Grocer	85%	89%	84%	88%
Restaurant	46%	54%	34%	38%
Service	69%	79%	78%	65%
QSR	66%	78%	72%	63%
Hard Goods	73%	97%	95%	88%
Apparel/Soft Goods	55%	60%	54%	20%
Industrial	83%	88%	86%	70%
Ground Leases	92%	95%	93%	76%
Office	99%	98%	97%	100%
Total	75%	85%	78%	68%

1. Rent receipts data as of September 22, 2020, presented by month/quarter of billing.
2. Retail tenant breakout excludes certain smaller categories such as pharmacy, medical and financial.

Total Collections	75%		Collected
for Q2		Uncollected

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Bad Debt Reserve

Q2 2020

• $6.6 million in "cash" reserve in the second quarter
• Resort retail was responsible for 1/3 of total reserve, despite being less than 10% of portfolio

Industrial	Office	Ground Leases
1%	2%
5%
				Resort
			Ground Leases	Retail
		Resort Retail	8%
		15%
		34%
		Office
			4%
	Q2 Bad Debt			Retail
	Industrial Q2 ABR - Portfolio	Non-
	Reserve	Resort
			16%		57%

Retail Non-

Resort

58%

Partners for Hawai'i

CRE Revenue Components and Reconciliation

$ in Millions

	Q2 2020	YTD
Billings Collected	$31.4M	$74.6M
Billings Uncollected	11.2	13.2
Total CRE Billings	42.6	87.8
Backout Intercompany Billings1	(1.2)	(3.4)
Straight-line Adjustments	(1.3)	(0.5)
Favorable/Unfavorable Lease	0.5	0.7
Intangible Adjustments
Revenue Charges Against	(6.6)	(7.2)
Uncollectable Billed Receivables
Total CRE Revenues	$34.0M	$77.4M

1. Includes intercompany billings to other A&B-owned entities that run through the AR subledger but are eliminated in consolidation to arrive at CRE revenue reported.

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Hawai'i

CRE

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Hawai'i Market

High-performing market with substantial barrier to entry

Low Strip Retail Square Footage Per Capita

	Detroit												48
	Kansas City									36
	Louisville									36
	Memphis									34
	Atlanta							27	33
	Richmond
	Salt Lake City							26
	Houston
	25
	Fort Lauderdale
	25
	Charlotte		24
	Las Vegas		23								Gateway
	Raliegh-Durham		23
	Dallas/Fort Worth
	22								Primary
	Chicago
	22
	Palm Beach		22
	Orange County
		21								Secondary
	Phoenix
	21
	Cleveland		21
	D.C. Metro		20
New Jersey (Central)		18
	San Diego
	18
	St. Louis		17
	Honolulu		17
	Long Island		15
	Oakland-East Bay
	14
	Philadelphia		14
	Los Angeles
	14
	Seattle
	13
	Pittsburgh		12
	San Francisco
	8
	New York 3

Source: Green Street Advisors and Company disclosures; comparative data set represents strip retail and industrial REITs under Green Street coverage.

Partners for Hawai'i

	Lengthy & Complex
	Entitlement Process
3-5	County General
Plan Inclusion
Years
3-5	State Land Use Urban
Years	Designation
3-5	County Urban
Years	Zoning

9 to 15 years

Fundamentals Drive

Performance

$33.48	vs	$21.48
A&B Q2 2020		Q2 2020 Peer*
Retail ABR PSF		Average
		Retail ABR PSF
$14.84	vs	$6.58
A&B Q2 2020		Q2 2020 Peer*
Industrial ABR PSF		Average
		Industrial ABR PSF

$806

A&B Full-year 2019

Average Grocer Sales

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Ground Leases

Secure, with upside

01	Tenant leases land and operates/
leases building for lease term

2016

Redevelopment of Macy's box into multi-tenant property (Lau Hala Shops) increased cash NOI to $2.5M from $0.2M with investment of $22.6M.

A&B collects ground rent, including

02 FMV and contractual escalations and/or percentage rent during the lease term

Building and other tenant

03 improvements revert to A&B upon expiration or tenant default

2018

Ground lease renewal with auto dealership in Windward Oahu at

43% leasing spread.

Benefits	•	Ground lease payment is senior to	2019
		all other financial obligations	Maui industrial ground lease FMV reset resulted in a
	• Costs of ownership are passed to	70% ABR increase.
		tenant; minimal landlord ownership
		and operating expenses
	• No capital expenditure or tenant	2020
		improvement costs
	•	Minimal property management	Kaimuki Shopping Center ground lease FMV reset resulted in a
		required	29% ABR increase with additional contract steps in years 3 and 7.
	• Significant value creation upside at
		lease reversion and FMV reset
Partners for Hawai'i		Alexander & Baldwin I NYSE: ALEX 19

CRE

Growth vehicles

INVESTMENTS

VIA 1031 EXCHANGES

CRE GROWTH VIA ACQUISITIONS

Local presence provides access to off-market pipeline:

$1.0B	90%+
Invested	First-look or
since 2013	off-market
	acquisitions

Ag land sale proceeds fully reinvested in A&B's preferred asset classes of grocery-anchored, industrial and ground leases; geographically balanced between Oahu and neighbor islands

Near-term strategic focus is on simplification and debt reduction

efforts, with continued growth a constant peripheral goal.

Future target property types

• Anchored & strip retail centers	•	Sale-leasebacks with
•	Industrial/flex warehouses		creditworthy businesses
•	Mixed-use urban with retail	•	Leased-fee interests
	components	•	Retail/industrial development
			opportunities

UPREIT

Structure can provide unique diversification, liquidity and estate benefits to sellers

Grocery-Anchored	Industrial	Ground Lease
Retail Assets	Assets	Assets

Queens' MarketPlace

Kapolei Enterprise Center

Kapolei Business Park West Lot 31

Waipouli Town Center

Opule Street Industrial

Home Depot Iwilei

Partners for Hawai'i	Note: See appendix for a statement on management's use of non-GAAP financial measures and reconciliations.

Ample Opportunity for Future Growth

in Hawai'i

Anchored Retail Asset

Ownership in Hawai'i

22%

78%

		A&B			Other
16	Grocery or drugstore
anchored assets
2.2M	Sq. Ft. of GLA
93.1%	Occupancy
62%	NOI in Q2 2020
			Of Total Improved Property

Industrial Asset

Ownership in Hawai'i

2%

98%

		A&B			Other
10	Industrial assets
1.2M	Sq. Ft. of GLA
97.6%	Occupancy
24%	NOI in Q2 2020
			Of Total Improved Property

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Redevelopment and

Repositioning of

Existing Assets and

Ground Leases

Rendering

Rendering

AIKAHI PARK SHOPPING CENTER

• Redevelopment efforts continue at 98,000-sq. ft. center in Kailua with demolition work completed
• Late-2021expected completion on track even with modest COVID-19-related timing impacts
• Repositioning of 8,000-sq. ft. vacant theater space, re-tenanting main pad with Starbucks and renewal/remodel of anchor Safeway store
• Refresh will create community space with exciting mix of dining, shopping and service options
• Will improve shopping experience and attract new tenants

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Ground-up

Development

of Commercial

Assets

HOʻOKELE SHOPPING CENTER

• Completed phase one development of 69,100-sq. ft. center
• Safeway grocery store, gas station, and convenience store anchor well-located property
• Strong phase one leasing activity continues
• Anticipated to generate stabilized yield of approximately 8%

OPPORTUNITIES THROUGH EXISTING LAND ENTITLEMENT PIPELINE

Pipeline of commercial zoned lands at different stages of entitlements provides an advantage over other developers:

• Kailua Town
• Wailea Business, Parcels I & II
• Kahului Shopping Center Block
• ʻEleʻele Commercial
• Puʻunene Mill
• Maui Business Park II

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Non-CRE Businesses

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Land Operations

Monetization of

Development-for-Sale

Projects and

Investments

Maui Business Park

Light-Industrial Lots / Kahului, Maui 67 acres remaining

Kukui'ula

Resort Residential / Poipu, Kauai 1,204 units remaining

Other Kukuiʻula Related Investments Resort Residential / Poipu, Kauai 12 units remaining

Non-Core Landholdings

Agricultural and Conservation Land / Kauai and Maui Approximately 26,000 acres

"Remaining" figures as of June 30, 2020.

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Materials & Construction

Focused on Continued Improvement of Operations

• Adjusted EBITDA of $0.6 million for the quarter compared to $(0.9) million for Q2 2019
• Continued successes in new business wins and realized cost reductions
• Will monetize this business at appropriate time

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Financial Review

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Capitalization

• Loan maturities for 2020 addressed with no material maturities until September 2022
• Repaid $50 million of $120 million from Q1 2020 line of credit draw
• $364 million of total liquidity, consisting of cash and cash equivalents of
  $96 million and $268 million available on committed line of credit

Ample Liquidity

$400

	Net Debt to TTM
	Consolidated	Total Debt to Total
Total Debt	Adjusted EBITDA	Capitalization
$768.6M	7.1X	47.0%
Fixed-Rate Debt to	Weighted-Average	Weighted-Average
Total Debt	Interest Rate of Debt	Maturity
76.0%	3.69%	4.4 years
	Debt Repayment Profile

$ in Millions

$300

$200

$100

$0

		$250			27%
		$200
$267.9	($M)					20%
$150
					11%
	Debt	$100						9%			9%
		6%				5%	5%	6%
$96.2	$50	2%
	$-
SOURCES
		2020	2021	2022	2023	2024	2025	2026	2027	2028	2029

Cash and Cash Equivalents		Undrawn Revolver		Secured Debt		Unsecured Debt		Revolving Credit Facilities		Total (with %)

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Corporate Responsibility

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Corporate Responsibility

Improving Hawai'i's communities and creating value for stakeholders

Inaugural Report

Inaugural digital-format report now available on the Sustainability portion of website

Framework

Report outlines sustainability efforts, social initiatives to help our employees and communities, and governance principles by which we live

Environmental

• What matters to A&B: SASB and TCFD
• Energy efficiency initiatives and sustainable elements of our properties
• Clean energy production leader

SocialGovernance

•	Employee engagement,	•	Knowledgeable and
	culture and diversity		diverse Board
•	Empowering and taking	•	Business ethics
	care of our employees	•	Shareholder engagement

• Commitment to our communities

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Supporting

Our Communities

A&B has earmarked $200,000 of its annual $1 million giving budget to support non-profits on the frontline of COVID-19 relief and to provide stability to those most affected by the impacts of this pandemic in key communities, working with trusted non-profits that A&B has partnered with over our many years of providing community support.

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Board of Directors Update

Aligned with commitment to the principles of ESG

Stan Kuriyama	Eric Yeaman	Doug Pasquale	John Leong
Current Chairman	Independent Director	Lead Independent Director	Independent Director
	Since 2012	Since 2018	Starting October 1
Will retire on September	Will assume		Highly respected young
30 following 28 years	Chairmanship		leader in Hawai'i
with A&B			Will bring valuable
			business perspective

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Closing Remarks

• COVID-19impacts continue, but A&B's portfolio is balanced and resilient
• Monetization efforts are progressing, reflecting continued demand for non-core Hawai'i assets and land
• Operational momentum at Grace Pacific improving; will enhance longer-term options for monetization
• Advancing efforts to streamline and simplify organization
• Expanding ESG initiatives and engaging with tenants, employees and communities as "Partners for Hawai'i"

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Appendix

CRE Net Operating Income

Reconciliation of GAAP to Non- GAAP Measures

Dollars in Millions

	2Q2020		2Q2019
CRE Operating Profit (Loss)		$8.9	$17.0
Plus: Depreciation and amortization		10.6	9.1
Less: Straight-line lease adjustments		1.3	(1.7)
Less: Favorable/(unfavorable) lease amortization		(0.5)	(0.5)
Less: Termination income		-	-
Plus: Other (income)/expense, net		0.1	(1.6)
Plus: Selling, general, administrative and other expenses		1.8	3.0
NOI		$22.2	$25.3
Less: NOI from acquisitions, dispositions and other adjustments		(3.3)	(2.6)
Same-Store NOI		$18.9	$22.7

Note: Additional information is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at www.alexanderbaldwin.com.

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Alexander & Baldwin I NYSE: ALEX 35

Funds From Operations (FFO) and Core FFO

Reconciliation of Net Income (Loss) Available to A&B Common Shareholders to FFO and Core FFO Dollars in Millions

	Three Months	Three Months
	Ended June 30, 2020	Ended June 30, 2019
Net Income Available to A&B Common Shareholders	$(4.7)	$(0.8)
Depreciation and amortization of commercial real estate properties	10.6	9.1
Gain on the sale of commercial real estate properties	-	-
FFO	$5.9	$8.3
Exclude items not related to core business:
Land Operations Operating Profit	(4.7)	(0.5)
Materials & Construction Operating Loss	7.6	4.3
Loss from discontinued operations	0.6	(0.1)
Income (loss) attributable to noncontrolling interest	-	(0.4)
Income tax expense (benefit)	-	-
Non-core business interest expense	3.7	4.0
Core FFO	$13.1	$15.6

Note: Additional information is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at	Alexander & Baldwin I NYSE: ALEX 36
www.alexanderbaldwin.com.

Core Funds From Operations (Core FFO)

Reconciliation of Core FFO starting from Commercial Real Estate operating profit

Dollars in Millions

	Three Months	Three Months
	Ended June 30, 2020	Ended June 30, 2019
CRE Operating Profit	$8.9	$17.0
Depreciation and amortization of commercial real estate properties	10.6	9.1
Corporate and other expense	(2.3)	(6.4)
Core business interest expense	(4.1)	(4.1)
Core FFO	$13.1	$15.6

Note: Additional information is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at	Alexander & Baldwin I NYSE: ALEX 37
www.alexanderbaldwin.com.

Consolidated Adjusted EBITDA

Reconciliation of consolidated net income to Consolidated Adjusted EBITDA

Dollars in Millions

	Three Months	Three Months	Trailing 12 Months
	Ended June 30, 2020	Ended June 30, 2019	Ended June 30, 2020
Net Income (Loss)	$(4.7)	$(1.2)	$(45.0)
Depreciation and amortization	13.8	12.5	54.5
Interest expense	7.8	8.1	31.5
Income tax expense (benefit)	-	-	(0.9)
Consolidated EBITDA	$16.9	$19.4	$40.1
Asset impairments related to the M&C segment	5.6	-	55.3
Consolidated Adjusted EBITDA	$22.5	$19.4	$95.4

Note: Additional information is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at www.alexanderbaldwin.com.

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Alexander & Baldwin I NYSE: ALEX 38

Land Operations EBITDA

Reconciliation of segment operating profit to EBITDA

Dollars in Millions

	Three Months	Three Months	Trailing 12 Months
	Ended June 30, 2020	Ended June 30, 2019	Ended June 30, 2020
Operating Profit (Loss)	$4.7	$0.5	$17.4
Depreciation and amortization	0.4	0.4	1.6
Land Operations EBITDA	$5.1	$0.9	$19.0

Note: Additional information is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at www.alexanderbaldwin.com.

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Alexander & Baldwin I NYSE: ALEX 39

M&C Adjusted EBITDA

Reconciliation of segment Operating Profit to EBITDA and M&C Adjusted EBITDA

Dollars in Millions

	Three Months	Three Months	Trailing 12 Months
	Ended June 30, 2020	Ended June 30, 2019	Ended June 30, 2020
Operating Profit (Loss)1	$(7.6)	$(4.3)	$(71.8)
Depreciation and amortization	2.6	3.0	11.0
M&C EBITDA	$(5.0)	$(1.3)	$(60.8)
Asset impairments related to the M&C segment	5.6	-	55.3
Loss (income) attributable to noncontrolling interest	-	0.4	1.9
M&C Adjusted EBITDA	$0.6	$(0.9)	$(3.6)

1The Company's GPRM Prestress ("GPRM") operating unit was a 51% owned consolidated subsidiary through its disposal at the end of Q2 2020 and GLP Asphalt is a 70% owned consolidated joint venture.

Note: Additional information is included in the Company's quarterly Supplemental Information report, which is furnished to the SEC and available at www.alexanderbaldwin.com.

Partners for Hawai'i

Alexander & Baldwin I NYSE: ALEX 40