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Last updated on April 18, 2014 at 16:16 EDT

Alexander & Baldwin Reports Second Quarter 2012 Results

August 1, 2012

HONOLULU, Aug. 1, 2012 /PRNewswire/ — Alexander & Baldwin, Inc. (NYSE:ALEX) (A&B or Company) today announced results for the second quarter of 2012.

(Logo: http://photos.prnewswire.com/prnh/20120801/LA50085LOGO)

“As previously reported, we successfully completed the separation of Alexander & Baldwin, Inc. and Matson, Inc. at the end of the second quarter, which created two Hawaii-based companies, each with a market capitalization of over a billion dollars,” said Stanley M. Kuriyama, chairman and chief executive officer of Alexander & Baldwin, Inc. “Notwithstanding the focus on separation and the resultant impact on financial results, our operations performed well in the quarter, with a number of positive milestones achieved in our development and sales segment, coupled with steady operating performance in our leasing and agribusiness segments.”

Included in results for the second quarter were two charges related to separation that caused the Company to report a net loss: (1) one-time advisory, legal, equity conversion and other expenses that were incurred to effect the separation, and (2) a non-cash reduction in the carrying value of two non-strategic development projects in California that do not align with the Company’s post-separation focus on Hawaii real estate development. The Company’s net income, adjusted to exclude the effects of these separation-related charges, was $5.5 million, or $0.13 per diluted share, for the second quarter of 2012(1). On an unadjusted basis, the Company incurred a net loss of $4.4 million, or $0.10 per diluted share, compared to net income for the second quarter of 2011 of $12.3 million, or $0.29 per diluted share. Revenue for the second quarter of 2012 was $72.4 million, compared to $73.2 million last year.

Key operating accomplishments in the second quarter included the following:

  • Strong pre-sales results continue to be achieved at the Company’s 341-unit Waihonua high-rise condominium project in urban Honolulu near the Ala Moana Shopping Center. As of July 31, 2012, the Company sold 227 units under binding contracts and had non-binding sales contracts for an additional nine units.
  • In June, a binding contract was entered into for the sale of 286 acres of non-core agricultural land for $8.3 million, or roughly $29,000 per acre. The sale closed on July 26 and will be reflected in third quarter results. The buyer will continue to employ the land in agriculture.
  • On June 6, the State Land Use Commission approved the reclassification of the Company’s 545-acre Waiale master-planned community in Central Maui from Agriculture to Urban. The Company is now in the process of pursuing County zoning for the project.
  • The Company’s lease to Matson Logistics, Inc., covering one million square feet of warehouse space in Savannah, Georgia, was renewed through March 2017, significantly reducing lease rollover exposure in 2013.
  • Subdivision approval was received in June for 65 lots within the first increment of the Company’s Maui Business Park II project. On-site and off-site construction work is proceeding and marketing commenced in July.

“As previously disclosed, the Company also was successful in establishing a $260 million revolving credit facility to fund future operating and investment needs and extending maturities for $207 million of existing long-term notes. These arrangements, together with cash generated by our businesses, provide a strong financial platform from which to pursue current and future growth opportunities,” said Kuriyama.

SECOND QUARTER FINANCIAL RESULTS

Real estate leasing operating profit in the quarter of $10.5 million was modestly higher than the $10.4 million recorded last year. Hawaii occupancy of 91 percent and Mainland occupancy of 93 percent in the second quarter of 2012 were consistent with last year and the first quarter of 2012. During the quarter, the Company renewed its one million square-foot warehouse lease in Savannah, Georgia, with Matson Logistics, reducing lease rollover exposure in 2013 by nearly 50 percent. The lease now runs through March 2017.

Results in the real estate development and sales segment include a $9.8 million non-cash reduction in the carrying value of two of the Company’s three remaining development projects on the Mainland, resulting in an operating loss of $9.9 million for the quarter, compared to operating profit of $10.6 million last year. The projects consist of vacant lands in Santa Barbara and Bakersfield, California that are unlikely to be developed in light of the Company’s strategic decision to focus primarily on the development of Hawaii real estate. The remaining aggregate book value of these two projects is $12.9 million. (The third project, in Palmdale, California, has a book value of $4.7 million.) Operating losses for the quarter also were affected by the variability in the timing of sales closings. In the second quarter of 2012, the Company recognized a $3.7 million margin from the sale of a 4.1-acre parcel at Maui Business Park II to Costco, and in the second quarter of 2011, the Company closed the sales of a Texas shopping center and four Hawaii properties, which generated margin of $10.8 million.

Agribusiness operating profit for the second quarter of 2012 was $7.0 million, $1.5 million lower than last year. While the Company expects that full-year sugar pricing and volumes in 2012 will be similar to 2011, quarterly results are affected by the quantity of sugar shipped and the pricing of individual vessel loads. The Company sold a similar amount of sugar in the second quarter of 2012 as it did in 2011; however, it received higher pricing on a vessel load shipped in the second quarter of 2011.

Corporate expenses for the quarter include $3.6 million of professional services and other expenses related to the Company’s separation from Matson, and a non-cash charge of $0.8 million to convert pre-separation stock options into A&B-only stock options. These one-time expenses resulted in an increase in corporate expenses to $8.4 million for the second quarter of 2012, compared to $4.1 million last year.

YEAR-TO-DATE FINANCIAL RESULTS

Excluding separation charges and the reduction of the carrying value of the California properties, net income for the six months ended June 30, 2012 was $9.8 million, or $0.23 per diluted share(1). On an unadjusted basis, net loss for the six months ended June 30, 2012 was $1.6 million, or $0.04 per diluted share, compared to net income of $22.1 million, or $0.52 per diluted share, for the six months ended June 30, 2011. Revenue for the six months ended June 30, 2012 was $113.9 million, compared to $119.3 million for the same period last year.

ANALYSIS OF FINANCIAL RESULTS

Real estate development and sales and leasing revenue and operating profit are analyzed before subtracting amounts related to discontinued operations. This is consistent with how the Company evaluates performance and makes decisions regarding capital allocation, acquisitions and dispositions. Direct year-over-year comparison of real estate development and sales results may not provide a consistent, measurable indicator of future performance because results from period to period are significantly affected by the mix and timing of property sales. Operating results, by virtue of each project’s asset class, geography and timing, are inherently episodic. Earnings from joint venture investments are not included in segment revenue, but are included in operating profit.

    REAL ESTATE LEASING - SECOND QUARTER OF 2012 COMPARED WITH 2011
    ---------------------------------------------------------------
                                                    Quarter Ended June 30,
                                                    ----------------------
    (dollars in
     millions)                                     2012                  2011  Change
    -----------                                    ----                  ----  ------
    Revenue                                       $25.5                 $25.1         2%
    Operating
     profit                                       $10.5                 $10.4         1%
    Operating
     profit margin                                 41.2%                 41.4%
    --------------                                 ----                  ----
    Average
     occupancy
     rates:
    Mainland                                         93%                   93%
    Hawaii                                           91%                   91%
    ------                                          ---                   ---
    Leasable space
     (million sq.
     ft.) -
     improved
    Mainland                                        6.5                   6.3
    Hawaii                                          1.4                   1.5
    ------                                          ---                   ---

Real estate leasing revenue for the second quarter of 2012, before subtracting amounts presented as discontinued operations, was two percent higher than 2011, due to the timing of commercial property acquisitions and dispositions, as well as higher common area maintenance recoveries.

Operating profit for the second quarter of 2012, before subtracting amounts presented as discontinued operations, was one percent higher than 2011, for the same reasons described for the revenue increase.

    REAL ESTATE LEASING - FIRST HALF OF 2012 COMPARED WITH 2011
    -----------------------------------------------------------
                                                   Six Months Ended June 30,
                                                   -------------------------
    (dollars in
     millions)                                     2012                  2011  Change
    -----------                                    ----                  ----  ------
    Revenue                                       $51.0                 $51.0         --%
    Operating
     profit                                       $21.2                 $21.0           1%
    Operating
     profit
     margin                                        41.6%                 41.2%
    ---------                                      ----                  ----
    Average
     occupancy
     rates:
    Mainland                                         93%                   92%
    Hawaii                                           91%                   91%
    ------                                          ---                   ---
    Leasable
     space
     (million
     sq. ft.) -
     improved
    Mainland                                        6.5                   6.3
    Hawaii                                          1.4                   1.5
    ------                                          ---                   ---

Real estate leasing revenue for the first half of 2012, before subtracting amounts presented as discontinued operations, was the same as last year.

Operating profit for the first half of 2012, before subtracting amounts presented as discontinued operations, was one percent higher than 2011, principally due to the timing of acquisitions and dispositions and higher operating income from a Mainland industrial property due to higher occupancy, partially offset by lower occupancy at three Mainland properties and higher depreciation and amortization expense.

    REAL ESTATE DEVELOPMENT AND SALES - SECOND QUARTER AND FIRST HALF OF 2012 COMPARED WITH 2011
    --------------------------------------------------------------------------------------------
                                                                  Quarter Ended June 30,
                                                                  ----------------------
    (dollars in millions)                                        2012                   2011     Change
    --------------------                                         ----                   ----     ------
    Improved property sales
     revenue                                                     $ --                  $22.4             NM
    Development sales revenue                                     6.8                    2.9             2X
    Unimproved/other property
     sales revenue                                                0.2                    2.7            -93%
                                                                  ---                    ---
    Total revenue                                                 7.0                   28.0            -75%
    -------------                                                 ---                   ----            ---
    Operating profit before
     joint ventures and
     impairment                                                   1.0                   11.0            -91%
    Impairment of Santa Barbara
     development project                                         (5.1)                    --             NM
    Impairment and equity loss
     related to Bakersfield
     joint venture                                               (4.7)                    --             NM
    Loss from joint ventures                                     (1.1)                  (0.4)            3X
          Total operating profit
           (loss)                                               $(9.9)                 $10.6             NM
          ----------------------                                -----                  -----            ---
    Operating profit margin                                        NM                   37.9%
    -----------------------                                       ---                   ----
                                                               Six Months Ended June 30,
                                                               -------------------------
    (dollars in millions)                                        2012                   2011     Change
    --------------------                                         ----                   ----     ------
    Improved property sales
     revenue                                                     $5.0                  $36.6            -86%
    Development sales revenue                                     8.1                    4.8             69%
    Unimproved/other property
     sales revenue                                                5.3                    6.3            -16%
                                                                  ---                    ---
    Total revenue                                                18.4                   47.7            -61%
    -------------                                                ----                   ----            ---
    Operating profit before
     joint ventures and
     impairment                                                   3.5                   21.0            -83%
    Impairment of Santa Barbara
     development project                                         (5.1)                    --             NM
    Impairment and equity loss
     related to Bakersfield
     joint venture                                               (4.7)                    --             NM
    Earnings (loss) from joint
     ventures                                                    (2.7)                   1.6             NM
          Total operating profit
           (loss)                                               $(9.0)                 $22.6             NM
          ----------------------                                -----                  -----            ---
    Operating profit margin                                        NM                   47.4%
    -----------------------                                       ---                   ----

2012 Second Quarter: Total revenue was $7.0 million and was principally related to the sale of a 4.1-acre parcel at Maui Business Park II (MBP-II). The $3.7 million margin on this sale was more than offset by $9.8 million of impairment charges and equity losses related to the Company’s Santa Barbara and Bakersfield development projects in California, resulting from a change in the Company’s development strategy to focus on development projects in Hawaii, as well as the loss from joint ventures.

2012 First Half: Revenue for the first half of 2012, before subtracting amounts presented as discontinued operations, was $18.4 million and, in addition to the MBP-II sale described above, included the sales of two leased fee parcels on Maui, two residential units on Oahu, a California office property, and a 79-acre, non-core land parcel on Maui. The margin on these sales was more than offset by $9.8 million of impairment charges related to Company’s Santa Barbara and Bakersfield development projects described above.

2011 Second Quarter: Revenue and operating profit were $28.0 million and $10.6 million, respectively, and were principally composed of the sales of Arbor Park Shopping Center in Texas, a vacant four-acre parcel on Maui, and three units on Oahu.

2011 First Half: Revenue for the first half of 2011, before subtracting amounts presented as discontinued operations, was $47.7 million and, in addition to the sales described above, included the sales of two commercial properties on Maui and Oahu, an 86-acre vacant parcel on Maui, and a residential unit on Oahu. In addition to the sales included in revenue, operating profit of $22.6 million for the first half of 2011 included a gain from the sale of the Company’s interest in the Bridgeport Marketplace joint venture development in Valencia, California, a four-acre commercial parcel at the Company’s Kukui’ula joint venture on Kauai, and two residential units on Hawaii island, partially offset by other joint venture expenses.

    AGRIBUSINESS - SECOND QUARTER OF 2012 COMPARED WITH 2011
    --------------------------------------------------------
                                                  Quarter Ended June 30,
                                                  ----------------------
    (dollars
     in
     millions)                                   2012                   2011  Change
    ----------                                   ----                   ----  ------
    Revenue                                     $39.9                  $43.4          -8%
    Operating
     profit                                      $7.0                   $8.5         -18%
    ---------                                    ----                   ----         ---
    Operating
     profit
     margin                                      17.5%                  19.6%
    Tons sugar
     produced                                  57,500                 67,700         -15%
    Tons sugar
     sold
     (bulk raw
     sugar)                                    36,000                 36,300          -1%
    ----------                                 ------                 ------         ---

Agribusiness revenue for the second quarter of 2012 decreased $3.5 million, or eight percent, compared to the second quarter of 2011. The decrease was primarily due to $2.7 million of lower sugar sales revenue due to higher pricing on a vessel of sugar delivered in the second quarter of 2011 and $0.6 million of lower coffee revenue due to the sale of coffee assets in 2011.

Operating profit for the second quarter of 2012 decreased $1.5 million, or 18 percent, compared to the second quarter of 2011. The decrease was principally due to the aforementioned lower sugar pricing for the quarter.

    AGRIBUSINESS - FIRST HALF OF 2012 COMPARED WITH 2011
    ----------------------------------------------------
                                                 Six Months Ended June 30,
                                                 -------------------------
    (dollars
     in
     millions)                                   2012                   2011  Change
    ----------                                   ----                   ----  ------
    Revenue                                     $53.5                  $59.3         -10%
    Operating
     profit                                     $10.5                  $11.1          -5%
    ---------                                   -----                  -----         ---
    Operating
     profit
     margin                                      19.6%                  18.7%
    Tons sugar
     produced                                  59,300                 74,400         -20%
    Tons sugar
     sold
     (bulk raw
     sugar)                                    36,000                 36,300          -1%
    ----------                                 ------                 ------         ---

Agribusiness revenue for the first half of 2012 decreased $5.8 million, or 10 percent, compared with the first half of 2011. The decrease was due to $2.5 million in lower sugar sales revenue due to higher 2011 pricing, $2.3 million in lower coffee revenue due to the sale of the coffee assets in 2011, and $1.4 million in lower charter revenue.

Operating profit for the first half of 2012 decreased $0.6 million compared to the first half of 2011. The decrease was primarily due to $1.3 million in lower sugar margins, resulting from lower pricing in 2012 relative to 2011, and $1.2 million of lower molasses margins due to lower volume, partially offset by $1.7 million of higher power and lease margins due to the sale of coffee assets in 2011.

Year-to-date sugar production was 20 percent lower in 2012 than in 2011, due principally to a decrease in the number of acres harvested in the first half of the year as a result of boiler downtime that reduced the pace of factory and field operations, as well as weather-related delays. However, based on expected yields and the harvesting schedule, the Company expects that the production shortfall versus prior year will be substantially eliminated by the end of the year.

ABOUT ALEXANDER & BALDWIN

Alexander & Baldwin, Inc. is a premier Hawaii land company, with interests in real estate development, commercial real estate and agriculture. With ownership of approximately 88,000 acres in Hawaii, A&B is the State’s fourth largest private landowner, and is one of the State’s most active real estate investors. A&B has a diverse portfolio of real estate development projects throughout Hawaii, and a commercial property portfolio comprising nearly eight million square feet of leasable space in Hawaii and on the U.S. Mainland. It is also the owner and operator of the Hawaiian Commercial & Sugar plantation on Maui, and a significant provider of renewable energy on the islands of Maui and Kauai. Additional information about A&B may be found at www.alexanderbaldwin.com.

FORWARD-LOOKING STATEMENTS

Statements in this press 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 statement. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Form 10 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.

    (1) Refer to the accompanying
     disclosures for a discussion of
     management's use of non-GAAP
     financial measures and a
     reconciliation of net income
     (loss) and diluted earnings (loss)
     per share to adjusted net income
     and diluted earnings per share,
     adjusted net income.

USE OF NON-GAAP FINANCIAL MEASURES

Alexander & Baldwin, Inc. reports net income and diluted earnings per share in accordance with GAAP and on a non-GAAP basis. Reconciliations of the Company’s GAAP to non-GAAP financial measures for the three- and six-month periods ended June 30, 2012 and 2011 are presented below.

The Company uses these non-GAAP financial measures when evaluating operating performance because management believes that the exclusion from net income of 1) one-time advisory, legal, equity conversion and other expenses that were incurred to effect the separation of the Company from Matson, Inc., and 2) the reduction in carrying values of two of the Company’s Mainland development projects that do not align with the Company’s post-separation focus on Hawaii real estate development, provides insight into the Company’s core operating results, future cash flow generation, and the underlying business trends affecting performance on a consistent and comparable basis from period to period. A&B provides this information to investors as an additional means of evaluating 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.

                       Three Months Ended  Six Months Ended
                       ------------------  ----------------
                             June 30            June 30
                             -------           -------
    (dollars in
     millions)             2012            2011               2012   2011
                           ----            ----               ----   ----
    Net income (loss)     $(4.4)          $12.3               (1.6)  22.1
    Professional
     service and other
     expenses incurred
     to effect
     separation             3.6              --                5.3     --
    Charge to convert
     pre-separation
     stock options to
     A&B-only shares        0.8              --                0.8     --
    Write-down of
     non-strategic
     Mainland
     development
     project carrying
     values                 9.8              --                9.8     --
    Income tax effect
     of adjusting
     items                 (4.3)             --               (4.5)    --
                           ----             ---               ----    ---
    Adjusted net
     income                $5.5           $12.3                9.8   22.1
                           ====           =====                ===   ====

    Diluted earnings
     (loss) per share,
     net income (loss)   $(0.10)          $0.29             $(0.04) $0.52
    Professional
     service and other
     expenses incurred
     to effect
     separation            0.08              --               0.13     --
    Charge to convert
     pre-separation
     stock options to
     A&B-only shares       0.02              --               0.02     --
    Write-down of
     non-strategic
     Mainland
     development
     project carrying
     values                0.23              --               0.23     --
    Income tax effect
     of adjusting
     items                (0.10)             --              (0.11)    --
                          -----             ---              -----    ---
    Diluted earnings
     per share,
     adjusted net
     income               $0.13           $0.29              $0.23  $0.52
                          =====           =====              =====  =====
                                ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
                           INDUSTRY SEGMENT DATA, NET INCOME (LOSS) (CONDENSED)
                            (In Millions, Except Per Share Amounts, Unaudited)

                                                Three Months Ended              Six Months Ended
                                                ------------------              ----------------
                                                      June 30                        June 30
                                                      -------                        -------
    Revenue:                                        2012               2011               2012     2011
    --------                                        ----               ----               ----     ----
    Real estate:
    Leasing                                        $25.5               25.1              $51.0    $51.0
    Development and sales                            7.0               28.0               18.4     47.7
    Less amounts reported
     in discontinued
     operations                                       --              (23.3)              (9.0)   (38.7)
    Agribusiness                                    39.9               43.4               53.5     59.3
    Total revenue                                  $72.4              $73.2             $113.9   $119.3
                                                   =====              =====             ======   ======

    Operating profit
     (loss), net income
     (loss):
    -------------------
    Real estate:
    Leasing                                        $10.5              $10.4              $21.2    $21.0
    Development and sales                           (9.9)              10.6               (9.0)    22.6
    Less amounts reported
     in discontinued
     operations                                       --               (9.3)              (3.9)   (16.7)
    Agribusiness                                     7.0                8.5               10.5     11.1
                                                     ---                ---               ----     ----
    Total operating profit                           7.6               20.2               18.8     38.0
    Interest expense                                (4.0)              (4.2)              (8.1)    (8.5)
    General corporate
     expenses                                       (4.0)              (4.1)              (8.7)    (8.2)
    Separation costs                                (4.4)                --               (6.1)      --
                                                    ----                ---               ----      ---
    Income (loss) from
     continuing operations
     before income taxes                            (4.8)              11.9               (4.1)    21.3
    Income tax expense
     (benefit)                                      (0.4)               5.2               (0.1)     9.2
                                                    ----                ---               ----      ---
    Income (loss) from
     continuing operations                          (4.4)               6.7               (4.0)    12.1
    Income (loss) from
     discontinued
     operations (net of
     income taxes)                                    --                5.6                2.4     10.0
                                                     ---                ---                ---     ----
    Net income (loss)                              $(4.4)             $12.3              $(1.6)   $22.1
                                                   =====              =====              =====    =====

    Basic earnings (loss)
     per share, continuing
     operations                                   $(0.10)             $0.16             $(0.10)   $0.28
    Basic earnings (loss)
     per share, net income
     (loss)                                       $(0.10)             $0.29             $(0.04)   $0.52

    Diluted earnings
     (loss) per share,
     continuing
     operations(1)                                $(0.10)             $0.16             $(0.10)   $0.28
    Diluted earnings
     (loss) per share, net
     income (loss) 1                              $(0.10)             $0.29             $(0.04)   $0.52

    Basic and diluted
     weighted average
     shares outstanding(1)                          42.4               42.4               42.4     42.4
    (1) For all periods presented,
     there were no dilutive shares
     because no actual A&B shares
     or share-based awards were
     outstanding prior to the
     separation.

                          ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEET (CONDENSED)
                                   (In Millions, Unaudited)

                           June 30,       December 31,
                           --------       ------------
                               2012                   2011
                               ----                   ----
    ASSETS
    Current assets                                   $83.8              $68.8
    Investments in
     affiliates                                      290.5              290.8
    Real estate
     developments                                    158.6              143.3
    Property, net                                    832.1              830.6
    Other assets                                      59.9               53.1
                                                      ----               ----
                                                  $1,424.9           $1,386.6
                                                  ========           ========

    LIABILITIES & EQUITY
    Current liabilities                              $83.7              $90.0
    Long-term debt, non-
     current portion                                 223.8              327.2
    Deferred income taxes                            156.5              164.1
    Accrued pension and
     post-retirement
     benefits                                         55.2               54.6
    Other long-term
     liabilities                                      24.4               24.9
    Shareholders' equity                             881.3              725.8
                                                     -----              -----
                                                  $1,424.9           $1,386.6
                                                  ========           ========

                                ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
                                         CONDENSED CASH FLOW TABLE
                                         (In Millions, Unaudited)

                                                         Six Months Ended June 30,
                                                         -------------------------
                                                                    2012            2011
                                                                    ----            ----

    Cash flow used in operating
     activities                                                             $(24.3)      $(8.5)

    Capital expenditures(1)
       Leasing                                                                (5.2)       (3.5)
       Development and sales                                                  (0.1)       (0.4)
       Agribusiness/other                                                     (7.1)       (3.3)
    Total capital expenditures                                               (12.4)       (7.2)
    Other investing activities,
     net                                                                      (6.4)        1.6
                                                                              ----         ---
    Cash used in investing
     activities                                                             $(18.8)      $(5.6)
                                                                            ------       -----

    Net debt proceeds                                                         88.5        64.6
    Payments of debt and
     deferred financing costs                                               (200.9)      (37.1)
    Contributions from
     (distribution to)
     Alexander & Baldwin
     Holdings, Inc.                                                          146.3       (16.3)
                                                                             -----       -----
    Cash provided by financing
     activities                                                              $33.9       $11.2
                                                                             -----       -----

    Net decrease in cash and
     cash  equivalents                                                       $(9.2)      $(2.9)
    ------------------------                                                 -----       -----

    1 Excludes non-cash 1031
     exchange transactions and real
     estate development activity.
    -------------------------------

For media inquiries:
Meredith J. Ching
808.525.6669
mching@abinc.com

For investor relations inquiries:
Suzy P. Hollinger
808.525.8422
shollinger@abinc.com

SOURCE Alexander & Baldwin, Inc.


Source: PR Newswire