00015456542025FYfalseP6Mhttp://fasb.org/us-gaap/2025#OperatingLeaseRightOfUseAssethttp://fasb.org/us-gaap/2025#OperatingLeaseRightOfUseAssethttp://fasb.org/us-gaap/2025#RealEstateInvestmentshttp://fasb.org/us-gaap/2025#RealEstateInvestmentshttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityhttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityhttp://www.alexanderbaldwin.com/20251231#DebtAndLeaseObligationsNetOfIssuanceCostshttp://www.alexanderbaldwin.com/20251231#DebtAndLeaseObligationsNetOfIssuanceCostshttp://fasb.org/us-gaap/2025#IncomeLossFromDiscontinuedOperationsNetOfTaxhttp://fasb.org/us-gaap/2025#IncomeLossFromDiscontinuedOperationsNetOfTaxhttp://fasb.org/us-gaap/2025#IncomeLossFromDiscontinuedOperationsNetOfTaxiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesutr:acrealex:propertyutr:sqftalex:segmentxbrli:purealex:unitalex:optionalex:agreementalex:borrowingsalex:swap_agreementalex:licensealex:plaintiffalex:Propertyalex:Building00015456542025-01-012025-12-3100015456542025-06-3000015456542026-02-1300015456542025-12-3100015456542024-12-310001545654alex:CommercialRealEstateSegmentMember2025-01-012025-12-310001545654alex:CommercialRealEstateSegmentMember2024-01-012024-12-310001545654alex:CommercialRealEstateSegmentMember2023-01-012023-12-310001545654alex:LandOperationsMember2025-01-012025-12-310001545654alex:LandOperationsMember2024-01-012024-12-310001545654alex:LandOperationsMember2023-01-012023-12-3100015456542024-01-012024-12-3100015456542023-01-012023-12-3100015456542023-12-3100015456542022-12-310001545654us-gaap:SegmentContinuingOperationsMember2025-01-012025-12-310001545654us-gaap:SegmentContinuingOperationsMember2024-01-012024-12-310001545654us-gaap:SegmentContinuingOperationsMember2023-01-012023-12-310001545654us-gaap:SegmentContinuingOperationsMember2025-12-310001545654us-gaap:SegmentContinuingOperationsMember2024-12-310001545654us-gaap:SegmentContinuingOperationsMember2023-12-310001545654us-gaap:CommonStockMember2022-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001545654us-gaap:RetainedEarningsMember2022-12-310001545654us-gaap:RetainedEarningsMember2023-01-012023-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310001545654us-gaap:CommonStockMember2023-01-012023-12-310001545654us-gaap:CommonStockMember2023-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001545654us-gaap:RetainedEarningsMember2023-12-310001545654us-gaap:RetainedEarningsMember2024-01-012024-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310001545654us-gaap:CommonStockMember2024-01-012024-12-310001545654us-gaap:CommonStockMember2024-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001545654us-gaap:RetainedEarningsMember2024-12-310001545654us-gaap:RetainedEarningsMember2025-01-012025-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310001545654us-gaap:CommonStockMember2025-01-012025-12-310001545654us-gaap:CommonStockMember2025-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001545654us-gaap:RetainedEarningsMember2025-12-3100015456541870-12-310001545654srt:RetailSiteMember2025-12-310001545654srt:IndustrialPropertyMember2025-12-310001545654srt:OfficeBuildingMember2025-12-310001545654alex:MauiPavingLLCMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMemberalex:GraceDisposalGroupMember2023-11-012023-11-300001545654srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310001545654srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-12-310001545654srt:MinimumMemberalex:WaterPowerAndSewerSystemsMember2025-12-310001545654srt:MaximumMemberalex:WaterPowerAndSewerSystemsMember2025-12-310001545654srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2025-12-310001545654srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2025-12-310001545654srt:MinimumMemberalex:OtherPropertyImprovementsMember2025-12-310001545654srt:MaximumMemberalex:OtherPropertyImprovementsMember2025-12-310001545654alex:CREPropertiesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMember2025-12-310001545654us-gaap:LandMember2025-12-310001545654us-gaap:LandMember2024-12-310001545654us-gaap:BuildingMember2025-12-310001545654us-gaap:BuildingMember2024-12-310001545654alex:OtherPropertyImprovementsMember2025-12-310001545654alex:OtherPropertyImprovementsMember2024-12-310001545654alex:RealEstateAcquisitionMember2025-01-012025-12-310001545654alex:RealEstateAcquisitionMember2024-01-012024-12-310001545654alex:RealEstateAcquisitionMember2024-12-310001545654us-gaap:DiscontinuedOperationsHeldforsaleMemberalex:CREImprovedPropertyMember2024-01-012024-12-310001545654us-gaap:DiscontinuedOperationsHeldforsaleMemberalex:CREImprovedPropertyMember2023-01-012023-12-310001545654alex:KakaakoCommerceCenterKCCLeaseMember2025-09-300001545654alex:KakaakoCommerceCenterKCCLeaseMember2025-01-012025-12-310001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberalex:CREImprovedPropertyMember2025-09-300001545654alex:CREImprovedPropertyMemberus-gaap:FairValueInputsLevel3Member2025-09-012025-09-300001545654us-gaap:LeasesAcquiredInPlaceMember2025-12-310001545654us-gaap:LeasesAcquiredInPlaceMember2024-12-310001545654us-gaap:AboveMarketLeasesMember2025-12-310001545654us-gaap:AboveMarketLeasesMember2024-12-310001545654us-gaap:OtherIntangibleAssetsMember2025-12-310001545654us-gaap:OtherIntangibleAssetsMember2024-12-310001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2025-12-310001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-12-310001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2025-01-012025-12-310001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-01-012024-12-310001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2023-01-012023-12-310001545654us-gaap:FinanceReceivablesMember2025-12-310001545654us-gaap:FinanceReceivablesMember2024-12-310001545654alex:OtherReceivablesMember2025-12-310001545654alex:OtherReceivablesMember2024-12-310001545654us-gaap:RealEstateLoanMember2022-12-310001545654alex:TenantLoanMember2022-12-310001545654us-gaap:RealEstateLoanMember2023-01-012023-12-310001545654alex:TenantLoanMember2023-01-012023-12-310001545654us-gaap:RealEstateLoanMember2023-12-310001545654alex:TenantLoanMember2023-12-310001545654us-gaap:RealEstateLoanMember2024-01-012024-12-310001545654alex:TenantLoanMember2024-01-012024-12-310001545654us-gaap:RealEstateLoanMember2024-12-310001545654alex:TenantLoanMember2024-12-310001545654us-gaap:RealEstateLoanMember2025-01-012025-12-310001545654alex:TenantLoanMember2025-01-012025-12-310001545654us-gaap:RealEstateLoanMember2025-12-310001545654alex:TenantLoanMember2025-12-310001545654us-gaap:NotesReceivableMember2025-01-012025-12-310001545654alex:SecuredNotesReceivableMember2025-12-310001545654alex:UnsecuredNotesReceivableMember2025-12-310001545654us-gaap:NotesReceivableMember2025-12-310001545654us-gaap:InterestRateSwapMember2025-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2025-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2025-12-310001545654us-gaap:InterestRateSwapMember2024-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2024-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2024-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2024-12-310001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberalex:CREImprovedPropertyMember2025-12-310001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberalex:CompanyOccupiedBuildingMember2025-12-310001545654alex:CREImprovedPropertyMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-12-310001545654alex:CREImprovedPropertyMember2024-01-012024-12-310001545654us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001545654us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001545654us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001545654us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001545654alex:PhotoVoltaicFinancingDue2027Memberus-gaap:SecuredDebtMember2025-12-310001545654alex:PhotoVoltaicFinancingDue2027Memberus-gaap:SecuredDebtMember2024-12-310001545654alex:ManoaMarketplaceLIBORPlus1.35SecuredDebtMemberus-gaap:SecuredDebtMember2025-12-310001545654alex:ManoaMarketplaceLIBORPlus1.35SecuredDebtMemberus-gaap:SecuredDebtMember2024-12-310001545654us-gaap:SecuredDebtMember2025-12-310001545654us-gaap:SecuredDebtMember2024-12-310001545654alex:TermLoan4.66Due2025Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan4.66Due2025Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan555Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan555Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan556Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan556Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan4.35Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan4.35Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan4.04PercentDueNovember2026Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan4.04PercentDueNovember2026Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan4.81Due2027Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan4.81Due2027Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan3.88Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan3.88Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan4.89Due2028Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan4.89Due2028Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan4.16PercentDueDecember2028Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan4.16PercentDueDecember2028Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan4.30PercentDue2029Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan4.30PercentDue2029Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2024-12-310001545654alex:TermLoan6.09PercentDueDecember2032Memberus-gaap:UnsecuredDebtMember2025-12-310001545654alex:TermLoan6.09PercentDueDecember2032Memberus-gaap:UnsecuredDebtMember2024-12-310001545654us-gaap:UnsecuredDebtMember2025-12-310001545654us-gaap:UnsecuredDebtMember2024-12-310001545654alex:ABRevolverDue2028Memberus-gaap:RevolvingCreditFacilityMember2025-12-310001545654alex:ABRevolverDue2028Memberus-gaap:RevolvingCreditFacilityMember2024-12-310001545654us-gaap:RevolvingCreditFacilityMember2025-12-310001545654us-gaap:RevolvingCreditFacilityMember2024-12-310001545654alex:ManoaMarketplaceLIBORPlus1.35SecuredDebtMemberus-gaap:SecuredDebtMember2025-01-012025-12-310001545654alex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2025-01-012025-12-310001545654alex:ABRevolverDue2028Memberus-gaap:RevolvingCreditFacilityMember2025-01-012025-12-310001545654alex:TermLoan1.35Memberus-gaap:SecuredDebtMember2016-12-310001545654alex:TermLoan1.35Memberus-gaap:SecuredDebtMember2016-01-012016-12-310001545654us-gaap:InterestRateSwapMember2016-12-310001545654alex:PrudentialNotesMemberus-gaap:UnsecuredDebtMember2015-12-310001545654alex:PrudentialAgreementMemberus-gaap:UnsecuredDebtMember2024-04-150001545654alex:PrudentialNotesMemberus-gaap:UnsecuredDebtMember2024-04-152024-04-150001545654alex:PrudentialAgreementSeriesMNoteMemberus-gaap:UnsecuredDebtMember2024-04-150001545654alex:TermLoan4.30PercentDue2029Memberus-gaap:UnsecuredDebtMember2017-11-300001545654alex:TermLoan4.30PercentDue2029Memberus-gaap:UnsecuredDebtMember2017-12-310001545654alex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2025-11-300001545654alex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2025-11-030001545654alex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2025-11-032025-11-030001545654alex:AAndBRevolverDue2026Memberus-gaap:RevolvingCreditFacilityMember2025-11-032025-11-030001545654alex:TermLoan4.57PercentDue2030Memberus-gaap:UnsecuredDebtMember2025-11-030001545654us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-11-020001545654alex:InterestRateSwapEffectiveDecember92024Memberus-gaap:DesignatedAsHedgingInstrumentMember2025-11-020001545654alex:InterestRateSwapEffectiveMay12024Memberus-gaap:DesignatedAsHedgingInstrumentMember2025-11-020001545654us-gaap:RevolvingCreditFacilityMemberalex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2025-11-030001545654alex:TermLoan4.76Memberus-gaap:UnsecuredDebtMember2025-11-030001545654us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-11-030001545654us-gaap:RevolvingCreditFacilityMemberalex:AndBSeniorCreditFacilityMember2021-08-310001545654alex:AAndBRevolverDue2028Memberus-gaap:RevolvingCreditFacilityMember2024-10-170001545654alex:AAndBRevolverDue2028Memberus-gaap:RevolvingCreditFacilityMember2024-10-172024-10-170001545654alex:AAndBRevolverDue2026Memberus-gaap:RevolvingCreditFacilityMember2025-11-030001545654alex:A2024ABRevolverPrudentialSeriesNotesMember2025-12-310001545654alex:A2024ABRevolverPrudentialSeriesNotesMember2025-01-012025-12-310001545654alex:TermLoan5Member2025-01-012025-12-310001545654alex:TermLoan5Member2025-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-12-310001545654alex:InterestRateSwapEffectiveApril72016Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310001545654alex:InterestRateSwapEffectiveApril72016Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310001545654alex:InterestRateSwapEffectiveNovember32025Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310001545654alex:InterestRateSwapEffectiveNovember32025Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310001545654alex:InterestRateSwapEffectiveMay12024Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310001545654alex:InterestRateSwapEffectiveMay12024Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310001545654alex:InterestRateSwapEffectiveDecember92024Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310001545654alex:InterestRateSwapEffectiveDecember92024Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310001545654alex:ForwardInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-12-310001545654alex:InterestRateSwapEffectiveMay12024Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-12-310001545654alex:ForwardInterestRateSwapEffectiveDecember92024Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310001545654alex:ForwardInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310001545654alex:TermLoan4.57PercentDue2030Memberus-gaap:UnsecuredDebtMember2025-11-300001545654alex:SyndicatedTermLoanDue2030Memberus-gaap:UnsecuredDebtMember2025-11-012025-11-300001545654us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310001545654us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-11-300001545654us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-12-310001545654us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-12-310001545654us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310001545654us-gaap:CashFlowHedgingMember2025-01-012025-12-310001545654alex:BidPerformanceandPaymentBondsandCommercialBondsMember2025-12-310001545654alex:MauiMemberalex:EastMauiIrrigationCompanyLLCEMIMember2018-12-310001545654alex:EastMauiMemberalex:EastMauiIrrigationCompanyLLCEMIMember2018-12-310001545654alex:EastMauiMemberalex:StateofHawaiiMember2018-12-310001545654alex:EastMauiIrrigationCompanyLLCEMIMember2018-12-012019-01-310001545654alex:EastMauiIrrigationCompanyLLCEMIMember2025-06-012025-06-300001545654alex:LongTermWaterLeaseRequestMember2015-04-102015-04-100001545654alex:LongTermWaterLeaseRequestMember2015-12-012015-12-310001545654alex:LongTermWaterLeaseRequestMember2016-01-012016-01-310001545654alex:LongTermWaterLeaseRequestMember2016-05-012016-05-310001545654alex:LongTermWaterLeaseRequestMember2019-06-012019-06-300001545654alex:LongTermWaterLeaseRequestMember2019-10-110001545654alex:LongTermWaterLeaseRequestMember2019-10-112019-10-110001545654alex:LongTermWaterLeaseRequestMember2022-03-022022-03-020001545654alex:DevelopmentSalesMemberalex:LandOperationsMember2025-01-012025-12-310001545654alex:DevelopmentSalesMemberalex:LandOperationsMember2024-01-012024-12-310001545654alex:DevelopmentSalesMemberalex:LandOperationsMember2023-01-012023-12-310001545654alex:UnimprovedOtherPropertySalesMemberalex:LandOperationsMember2025-01-012025-12-310001545654alex:UnimprovedOtherPropertySalesMemberalex:LandOperationsMember2024-01-012024-12-310001545654alex:UnimprovedOtherPropertySalesMemberalex:LandOperationsMember2023-01-012023-12-310001545654alex:OtherOperationsMemberalex:LandOperationsMember2025-01-012025-12-310001545654alex:OtherOperationsMemberalex:LandOperationsMember2024-01-012024-12-310001545654alex:OtherOperationsMemberalex:LandOperationsMember2023-01-012023-12-310001545654us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-06-170001545654alex:TerminationAgreementMember2025-06-172025-06-170001545654alex:EastMauiIrrigationCompanyLLCEMIMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-06-172025-06-170001545654us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2025-06-172025-06-170001545654alex:MahiPonoHoldingsLLCMemberalex:TerminationAgreementMember2025-06-170001545654alex:MahiPonoHoldingsLLCMemberalex:TerminationAgreementMember2025-06-172025-06-170001545654alex:TerminationAgreementMember2025-01-012025-12-310001545654alex:TerminationAgreementMember2025-06-170001545654alex:TerminationAgreementMember2025-12-310001545654us-gaap:LandMember2025-03-3100015456542025-03-310001545654us-gaap:RealEstateMember2025-12-310001545654us-gaap:RealEstateMember2024-12-310001545654alex:A2022PlanMember2022-04-260001545654alex:A2022PlanAnd2012PlanMember2025-12-310001545654us-gaap:RestrictedStockUnitsRSUMember2024-12-310001545654us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310001545654us-gaap:RestrictedStockUnitsRSUMember2025-12-310001545654alex:EmployeeMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310001545654us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:ChiefExecutiveOfficerMember2025-01-012025-12-310001545654us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:DirectorMember2025-01-012025-12-310001545654us-gaap:PerformanceSharesMember2025-01-012025-12-310001545654us-gaap:RestrictedStockUnitsRSUMemberalex:MarketBasedVestingMember2025-01-012025-12-310001545654us-gaap:RestrictedStockUnitsRSUMemberalex:MarketBasedVestingMember2024-01-012024-12-310001545654us-gaap:RestrictedStockUnitsRSUMemberalex:MarketBasedVestingMember2023-01-012023-12-310001545654us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-12-310001545654us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-12-310001545654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310001545654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310001545654us-gaap:OtherPensionPlansDefinedBenefitMember2024-12-310001545654us-gaap:OtherPensionPlansDefinedBenefitMember2023-12-310001545654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310001545654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310001545654us-gaap:OtherPensionPlansDefinedBenefitMember2025-01-012025-12-310001545654us-gaap:OtherPensionPlansDefinedBenefitMember2024-01-012024-12-310001545654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310001545654us-gaap:OtherPensionPlansDefinedBenefitMember2025-12-310001545654us-gaap:PostemploymentRetirementBenefitsMember2025-12-310001545654us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310001545654us-gaap:OtherPensionPlansDefinedBenefitMember2023-01-012023-12-310001545654srt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310001545654srt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310001545654srt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310001545654srt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310001545654srt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310001545654srt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310001545654alex:DefinedContribution401KPlanMember2025-01-012025-12-310001545654alex:DefinedContribution401KPlanMember2024-01-012024-12-310001545654alex:DefinedContribution401KPlanMember2023-01-012023-12-310001545654alex:CashBalancePensionPlanMember2025-01-012025-12-310001545654alex:CashBalancePensionPlanMember2024-01-012024-12-310001545654alex:CashBalancePensionPlanMember2023-01-012023-12-310001545654us-gaap:DeferredProfitSharingMembersrt:MinimumMember2025-01-012025-12-310001545654us-gaap:DeferredProfitSharingMembersrt:MaximumMember2025-01-012025-12-310001545654us-gaap:DeferredProfitSharingMember2025-01-012025-12-310001545654us-gaap:DeferredProfitSharingMember2024-01-012024-12-310001545654us-gaap:DeferredProfitSharingMember2023-01-012023-12-310001545654stpr:HI2025-01-012025-12-310001545654stpr:HI2024-01-012024-12-310001545654stpr:HI2023-01-012023-12-310001545654stpr:CA2025-01-012025-12-310001545654stpr:CA2024-01-012024-12-310001545654stpr:CA2023-01-012023-12-310001545654us-gaap:DomesticCountryMember2025-12-310001545654alex:ExpireIn2036Memberus-gaap:DomesticCountryMember2025-12-310001545654alex:ExpireIn2039Memberus-gaap:DomesticCountryMember2025-12-310001545654us-gaap:StateAndLocalJurisdictionMember2025-12-310001545654us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-12-310001545654us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-01-012025-12-310001545654us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-12-310001545654us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310001545654us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-01-012024-12-310001545654us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310001545654us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-310001545654us-gaap:QualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310001545654us-gaap:QualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001545654us-gaap:NonqualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310001545654us-gaap:NonqualifiedPlanMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001545654us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310001545654us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001545654us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310001545654us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001545654us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-310001545654us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-12-310001545654us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-12-310001545654alex:CommercialRealEstateSegmentMemberus-gaap:LandMember2025-12-310001545654stpr:HIalex:CommercialRealEstateSegmentMember2025-12-310001545654us-gaap:IntersegmentEliminationMemberalex:CommercialRealEstateSegmentMember2025-01-012025-12-310001545654us-gaap:IntersegmentEliminationMemberalex:CommercialRealEstateSegmentMember2024-01-012024-12-310001545654us-gaap:IntersegmentEliminationMemberalex:CommercialRealEstateSegmentMember2023-01-012023-12-310001545654us-gaap:OperatingSegmentsMemberalex:CommercialRealEstateSegmentMember2025-01-012025-12-310001545654us-gaap:OperatingSegmentsMemberalex:CommercialRealEstateSegmentMember2024-01-012024-12-310001545654us-gaap:OperatingSegmentsMemberalex:CommercialRealEstateSegmentMember2023-01-012023-12-310001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2025-01-012025-12-310001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2024-01-012024-12-310001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2023-01-012023-12-310001545654us-gaap:OperatingSegmentsMember2025-01-012025-12-310001545654us-gaap:OperatingSegmentsMember2024-01-012024-12-310001545654us-gaap:OperatingSegmentsMember2023-01-012023-12-310001545654us-gaap:MaterialReconcilingItemsMember2025-01-012025-12-310001545654us-gaap:MaterialReconcilingItemsMember2024-01-012024-12-310001545654us-gaap:MaterialReconcilingItemsMember2023-01-012023-12-310001545654us-gaap:IntersegmentEliminationMember2023-01-012023-12-310001545654us-gaap:IntersegmentEliminationMember2025-01-012025-12-310001545654us-gaap:IntersegmentEliminationMember2024-01-012024-12-310001545654us-gaap:OperatingSegmentsMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654us-gaap:OperatingSegmentsMemberalex:CommercialRealEstateSegmentMember2024-12-310001545654us-gaap:OperatingSegmentsMemberalex:CommercialRealEstateSegmentMember2023-12-310001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2025-12-310001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2024-12-310001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2023-12-310001545654us-gaap:OperatingSegmentsMemberalex:ReportableSegmentMember2025-12-310001545654us-gaap:OperatingSegmentsMemberalex:ReportableSegmentMember2024-12-310001545654us-gaap:OperatingSegmentsMemberalex:ReportableSegmentMember2023-12-310001545654us-gaap:CorporateNonSegmentMember2025-12-310001545654us-gaap:CorporateNonSegmentMember2024-12-310001545654us-gaap:CorporateNonSegmentMember2023-12-310001545654us-gaap:OperatingSegmentsMemberalex:ReportableSegmentMember2025-01-012025-12-310001545654us-gaap:OperatingSegmentsMemberalex:ReportableSegmentMember2024-01-012024-12-310001545654us-gaap:OperatingSegmentsMemberalex:ReportableSegmentMember2023-01-012023-12-310001545654us-gaap:CorporateNonSegmentMember2025-01-012025-12-310001545654us-gaap:CorporateNonSegmentMember2024-01-012024-12-310001545654us-gaap:CorporateNonSegmentMember2023-01-012023-12-310001545654us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-11-152023-11-150001545654us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-11-150001545654us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-01-012023-12-310001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberalex:CompanyOwnedOfficeBuildingMember2025-12-310001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-10-012023-12-310001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2025-12-310001545654us-gaap:DiscontinuedOperationsHeldforsaleMember2025-01-012025-12-310001545654us-gaap:DiscontinuedOperationsHeldforsaleMember2024-01-012024-12-310001545654us-gaap:DiscontinuedOperationsHeldforsaleMember2023-01-012023-12-310001545654srt:AffiliatedEntityMember2023-01-012023-12-3100015456542025-10-012025-12-310001545654alex:LanceK.ParkerMember2025-01-012025-12-310001545654alex:LanceK.ParkerMember2024-01-012024-12-310001545654alex:LanceK.ParkerMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMember2022-01-012022-12-3100015456542022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMember2021-01-012021-12-3100015456542021-01-012021-12-310001545654alex:LanceK.ParkerMemberecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:LanceK.ParkerMemberecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:LanceK.ParkerMemberecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:PeoMember2023-01-012023-12-310001545654alex:LanceK.ParkerMemberecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:LanceK.ParkerMemberecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:PeoMember2023-01-012023-12-310001545654alex:LanceK.ParkerMemberecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:LanceK.ParkerMemberecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:LanceK.ParkerMemberecd:PeoMember2025-01-012025-12-310001545654alex:LanceK.ParkerMemberecd:PeoMember2024-01-012024-12-310001545654alex:LanceK.ParkerMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:PeoMember2021-01-012021-12-310001545654alex:ChristopherJ.BenjaminMemberecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:PeoMember2021-01-012021-12-310001545654alex:ChristopherJ.BenjaminMemberecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:PeoMember2021-01-012021-12-310001545654alex:ChristopherJ.BenjaminMemberecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:PeoMember2021-01-012021-12-310001545654alex:ChristopherJ.BenjaminMemberecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:PeoMember2021-01-012021-12-310001545654alex:ChristopherJ.BenjaminMemberecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:PeoMember2021-01-012021-12-310001545654alex:ChristopherJ.BenjaminMemberecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:PeoMember2021-01-012021-12-310001545654alex:ChristopherJ.BenjaminMemberecd:PeoMember2023-01-012023-12-310001545654alex:ChristopherJ.BenjaminMemberecd:PeoMember2022-01-012022-12-310001545654alex:ChristopherJ.BenjaminMemberecd:PeoMember2021-01-012021-12-310001545654ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMemberecd:NonPeoNeoMember2021-01-012021-12-310001545654ecd:NonPeoNeoMember2025-01-012025-12-310001545654ecd:NonPeoNeoMember2024-01-012024-12-310001545654ecd:NonPeoNeoMember2023-01-012023-12-310001545654ecd:NonPeoNeoMember2022-01-012022-12-310001545654ecd:NonPeoNeoMember2021-01-012021-12-31000154565412025-01-012025-12-31000154565422025-01-012025-12-31000154565432025-01-012025-12-31000154565442025-01-012025-12-31000154565452025-01-012025-12-310001545654srt:RetailSiteMemberstpr:HIalex:PearlHighlandsCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:KailuaRetailOtherMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:LaulaniVillageMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:WaianaeMallMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:ManoaMarketplaceMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:QueensMarketplaceMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:KaneoheBayShoppingCtr.Memberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:HokuleiStreetMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:PuuneneShoppingCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:WaipioShoppingCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:AikahiParkShoppingCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:LanihauMarketplaceMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:TheShopsatKukuiulaMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:HookeleMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:KuniaShoppingCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:KahuluiShoppingCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:LauHalaShopsMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:NapiliPlazaMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:GatewayatMililaniMaukaMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:PortAllenMarinaCtr.Memberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:TheCollectionMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:RetailSiteMemberstpr:HIalex:A22HanaHighwayMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:KomohanaIndustrialParkMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:KakaakoCommerceCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:WaipioIndustrialMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:OpuleIndustrialMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:PLWarehouseMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:KapoleiEnterpriseCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:HonokohauIndustrialMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:WaihonaIndustrialMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:KailuaIndustrialOtherMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:PortAllenMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:HarborIndustrialMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:KaomiLoopMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:KahaiStreetIndustrialMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:IndustrialPropertyMemberstpr:HIalex:MauiLaniIndustrialMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:OfficeBuildingMemberstpr:HIalex:KahuluiOfficeBuildingMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:OfficeBuildingMemberstpr:HIalex:GatewayatMililaniMaukaSouthMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:OfficeBuildingMemberstpr:HIalex:KahuluiOfficeCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:OfficeBuildingMemberstpr:HIalex:LonoCenterMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:OtherPropertyMemberstpr:HIalex:OahuGroundLeasesMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654srt:OtherPropertyMemberalex:OthermiscellaneousinvestmentsMemberalex:CommercialRealEstateSegmentMember2025-12-310001545654alex:CommercialRealEstateSegmentMember2025-12-310001545654stpr:HIalex:MauiBusinessParkMemberalex:LandOperationsMember2025-12-310001545654stpr:HIalex:WaileaotherMemberalex:LandOperationsMember2025-12-310001545654stpr:HIalex:OthermiscellaneousinvestmentsMemberalex:LandOperationsMember2025-12-310001545654stpr:HIalex:LandOperationsMember2025-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [_______ to _______]

Commission file number 001-35492

Alexander & Baldwin, Inc.

(Exact name of registrant as specified in its charter)


Hawaii			45-4849780
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)

822 Bishop Street

Post Office Box 3440, Honolulu, Hawaii 96801

(Address of principal executive offices and zip code)

808-525-6611

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, without par value	ALEX	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Aggregate market value of Common Stock held by non-affiliates computed by reference to the price at which the Common Stock was last sold, or the average bid and asked price of such Common Stock, as of the last business day of the most recently completed second fiscal quarter June 30, 2025: $1,297,190,804

Number of shares of Common Stock outstanding as of latest practicable date (February 13, 2026): 72,875,492

TABLE OF CONTENTS

PART I

Page

Item 1.

Business

Item 1A.

Risk Factors

Item 1B.

Unresolved Staff Comments

Item 1C.

Cybersecurity

Item 2.

Description of Properties by Segment

Item 3.

Legal Proceedings

Item 4.

Mine Safety Disclosures

PART II


Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	28

Item 6.	Reserved	29

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	47

Item 8.	Financial Statements and Supplementary Data	48

Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	92

Item 9A.	Controls and Procedures	93

Item 9B.	Other Information	94

Item 9C.	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	94

PART III


Item 10.	Directors, Executive Officers and Corporate Governance	95

	Directors	95

	Executive Officers	97

	Corporate Governance	97

	Code of Ethics	99

	Code of Conduct	99

	Insider Trading Policy	99

Item 11.	Executive Compensation	99

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	130

Item 13.	Certain Relationships and Related Transactions, and Director Independence	131

Item 14.	Principal Accounting Fees and Services	131

PART IV


Item 15.	Exhibits and Financial Statement Schedules	133

	Financial Statements	133

	Financial Statement Schedules	134

	Exhibits Required by Item 601 of Regulation S-K	136

Item 16.	Form 10-K Summary	140

Signatures		141

ALEXANDER & BALDWIN, INC.

FORM 10-K

Annual Report for the Fiscal Year

Ended December 31, 2025

PART I

ITEM 1. BUSINESS

Overview

Alexander & Baldwin, Inc. ("A&B," the "Company," "we," "our," or "us") is a fully integrated real estate investment trust ("REIT") whose history in Hawai‘i dates back to 1870. Over time, the Company has evolved from a 571-acre sugar plantation on Maui to become one of Hawai‘i's premier commercial real estate companies and the owner of the largest grocery-anchored, neighborhood shopping center portfolio in the state. The Company's commercial real estate portfolio is geographically focused in Hawai‘i, where it benefits from its deep local roots, broad experience base, and strong relationships and reputation in the islands.

The Company's commercial real estate portfolio consists of 22 retail centers, 14 industrial assets, and four office properties, representing approximately four million square feet of gross leasable area ("GLA"), as well as 145 acres of commercial land in Hawai‘i, of which substantially all is leased pursuant to urban ground leases. As of December 31, 2025, the improved portfolio leased occupancy was at 95.6%, which is leased to a mix of national, regional, and local retailers and businesses.

Agreement and Plan of Merger

On December 8, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Tropic Purchaser LLC, a Delaware limited liability company ("Parent"), and Tropic Merger Sub LLC, a Hawaii limited liability company and wholly owned subsidiary of Parent ("Merger Sub"). Parent is a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will merge with and into Merger Sub (the "Merger") and the separate existence of the Company will cease and Merger Sub will survive as a wholly owned subsidiary of Parent. The Merger is expected to close in the first quarter of 2026, subject to customary closing conditions, including approval of the Company's shareholders. For additional information regarding the Merger and the terms of the Merger Agreement, see (i) Part I, Item 1A, “Risk Factors,” Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and Note 1 of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K, (ii) the Current Report on Form 8-K that the Company filed with the SEC on December 8, 2025, and (iii) the definitive proxy statement on Schedule 14A that the Company filed with the SEC on January, 23, 2026 (as it may be amended or supplemented from time to time).

Business Objectives and Strategies

The Company's business objective is to create long-term shareholder value and sustainable income by strategically acquiring, managing, and enhancing a premier portfolio of commercial real estate properties in Hawai‘i. The Company intends to achieve its objective through the following strategies:

Geographic Focus - The Company's commercial real estate strategy focuses on Hawai‘i, where it benefits from its broad experience base, deep relationships and strong reputation in the islands. The Company believes the geographic focus on the Hawai‘i market provides a foundation for strong financial and operational performance and future growth, including showing resilience during economic down cycles.

•High Barriers to Entry - The Hawai‘i market offers high value opportunities for the Company to pursue attractive growth and position itself for long-term stability given its geographic location, high barriers to entry, and lack of urban-entitled lands (at about 5% of land in the state). The entitlement process is lengthy and complex, taking between 9-15 years to complete.

•Stable and Resilient Economy - The Hawai‘i economy benefits both directly and indirectly from stable and consistently high levels of government spending compared to the U.S. Mainland due to Hawai‘i's strategic defense location between the continental U.S. and Asia. The state also benefits from a tourism industry that holds a unique brand that appeals to tourists from varying geographies (e.g., U.S. East Coast, U.S. West Coast, Canada, Asia, Europe).

•Market Knowledge and Deep Local Roots - A&B’s management team is physically in the islands which provides direct insight into the needs of the communities the Company serves. Being geographically focused allows A&B to create and cultivate unique relationships that lead to value creating opportunities in leasing, vendor relationships, and growth.

Balance Sheet Management and Financing Strategy Positioned for External Growth - The Company intends to grow its commercial real estate portfolio by pursuing accretive acquisitions in its preferred asset classes and other commercial property investment opportunities when they are strategically consistent with the value creation objectives of the Company and have attractive risk-adjusted returns relative to the Company’s cost of capital, while maintaining a moderate leverage profile and flexible balance sheet. The Company strives to maintain an appropriate debt profile to include well-laddered debt maturities, favorable leverage ratios, a high proportion of fixed-rate debt, and a general preference for unsecured debt.

Increase Income and Optimize Returns through Internal Growth - The Company strives to be the landlord of choice by providing desirable locations, quality properties, community amenities, and effective leasing and management of commercial properties; as well as create value through property development and redevelopment in order to increase recurring income streams and optimize returns.

•Development and Redevelopment - The Company employs strong investment, development, and asset management teams to capitalize on embedded internal investment opportunities through the repositioning and redevelopment of existing assets, as well as ground-up development of new commercial properties at an appropriate risk-adjusted return on capital.

•Leasing - With the Company’s in-house leasing capabilities and tenant demand in submarkets in which A&B operates, the Company is positioned to achieve internal growth through increased rental rates on the renewal of expiring leases or the leasing of space to new tenants at higher rental rates while limiting vacancy and down-time. Additionally, the Company is able to drive incremental growth and enhance portfolio returns through attracting high-quality tenants and managing the merchandising mix of the tenant base.

•Property Management - The Company oversees all aspects of asset and property management including execution of effective marketing and leasing strategies to attract quality tenants, and increase occupancy and the effective and efficient management of property operations focused on reducing operating expenses and maximizing property cash flows over the long term, thereby enhancing the value of the Company’s properties.

Segment Reporting

The Company operates two segments: Commercial Real Estate ("CRE") and Land Operations. A description of the Company's reportable segments is as follows:

•Commercial Real Estate - This segment functions as a vertically integrated real estate investment company. The Company's preferred asset classes include improved properties in retail and industrial spaces and also urban ground leases. Its focus within improved retail properties, in particular, is on grocery-anchored neighborhood shopping centers that meet the daily needs of Hawai‘i communities. Income from this segment is principally generated by owning, operating, and leasing real estate assets.

•Land Operations - This segment includes the Company's legacy landholdings, joint venture investments, and liabilities that are subject to the Company's simplification and monetization effort. Financial results from this segment are principally derived from real estate development and unimproved land sales and joint venture activity.

Revenue Concentration

As of December 31, 2025, the Company's three largest tenants by annualized base rent (“ABR”) were Albertsons Companies (Safeway), Windward City Shopping Center, and City and County of Honolulu, with no single tenant accounting for more than 10% of total commercial real estate revenue in any of the three years ended December 31, 2025, 2024, and 2023. Pearl Highlands Center accounted for approximately 10.9%, 11.1%, and 11.6% of total Commercial Real Estate segment revenues for the three years ended December 31, 2025, 2024, and 2023, respectively. Kailua Retail accounted for approximately 11.1%, 10.5%, and 10.4% of total Commercial Real Estate segment revenues for the three years ended December 31, 2025, 2024, and 2023, respectively.

Discontinued Operations

In November 2023, the Company completed the sale of its interests in Grace Pacific LLC, a materials and construction company, Company-owned quarry land on Maui, and Grace Pacific’s 50% interest in a paving company (collectively, the

“Grace Disposal Group”). Refer to Note 20 – Sale of Business and Note 21 – Held for Sale and Discontinued Operations included within the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for additional information regarding the Grace Disposal Group, including income from discontinued operations.

Compliance with Government Regulations

The Company is subject to a number of federal, state and local laws and regulations. The CRE segment must comply with state and local regulations surrounding the brokering of deals and the management of its commercial real estate portfolio. With respect to land development in both its CRE and Land Operations segments, the Company is subject to laws and regulations that affect the land development process, including zoning and permitted land uses which may impact the Company's development costs. Additionally, the Company is subject to various other regulations such as Occupational Safety and Health Administration regulations, Environmental Protection Agency regulations, and state and county permitting requirements.

The Company is also subject to a number of tax laws and regulations that could materially impact its financial condition and results of operations. For example, the Company utilizes §1031 of the Internal Revenue Code of 1986, as amended (the "Code"), to obtain tax-deferral treatment when it sells qualifying real estate assets and reinvests the resulting proceeds in replacement properties within the required time period. This may occur when the Company sells bulk parcels of land in Hawai‘i or commercial properties in Hawai‘i, many of which may have a low tax basis. Failure to comply with, or a repeal of, or adverse amendment to, §1031 of the Code could impose significant additional costs on the Company in the event of a future transaction with an associated gain.

Sustainability

While recent years have seen intense focus on sustainability topics, these principles have been an integral part of the Company's corporate culture and values since its founding over 155 years ago. The Company's deep Hawai‘i roots offer the obligation and privilege to exceed the baseline of corporate responsibility. The Company believes that doing what is right for its employees and communities is critical in achieving its goal to deliver long-term growth and to create value for shareholders.

Additional information regarding the Company’s sustainability initiatives is available in the Company’s Corporate Responsibility Report (“CRR”), which can be found on the Company’s website. Information on the Company’s website, including its CRR, is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document filed with the SEC.

Environmental Stewardship

The Company understands the importance of environmental stewardship and throughout its history, has worked to protect and preserve Hawai‘i's unique and precious land and water resources. Today, the Company recognizes the risks that climate change poses to Hawai‘i's island communities and businesses, and strives to own, operate, and develop properties in ways that contribute to a more sustainable future. Its employee-led environmental council, which is comprised of a cross-functional team of individuals from all levels of the Company, develops and implements strategies to address sustainability and environmental stewardship, with a focus on energy efficiency, climate change, water conservation, waste management, and sustainable transportation. The Company is committed to addressing climate risks, and mitigating potential risks and vulnerabilities associated with its real estate portfolio. The Company also recognizes the importance of outreach to its tenants to promote sustainability initiatives, as tenant practices are beyond the Company's control and are a significant contributor of utility consumption and greenhouse gas ("GHG") emissions at its properties. The Company’s leases include terms that encourage sustainable practices in order to align tenant activity with the Company’s sustainability priorities.

The Company highlights the following environmental sustainability achievements:

•Implemented a CRE benchmarking program that compiles energy and water data in ENERGY STAR Portfolio Manager. This enables the Company to better track and understand energy and water consumption throughout the CRE portfolio. In addition, the Company collaborated with the City & County of Honolulu and other stakeholders to establish a county-wide energy and water building benchmarking program.

•The Company partnered with Carbon Lighthouse to increase energy efficiency and reduce GHG emissions within the CRE portfolio. Under this partnership, approximately 22% of the Company's portfolio (based on GLA) has undergone performance updates to lighting, heating, and cooling systems, driving energy reductions.

•The Company continues to implement sustainable energy and conservation features at its properties, including installing energy efficient LED lighting, rooftop photovoltaic (“PV”) systems and electric vehicle (“EV”) charging stations, as well as incorporating the use of cool roofs, water efficient fixtures and reclaimed water, pedestrian friendly open spaces, ride and bike share transportation options, and native Hawaiian and environmentally friendly landscaping, among other initiatives.

•As of December 31, 2025, the Company has completed the installation of five PV systems totaling 2.5-megawatts, including a 1.3-megawatt rooftop system in 2022 at Pearl Highlands Center, the Company's largest retail asset by GLA, and a 0.5-megawatt rooftop system in 2023 at Kaka‘ako Commerce Center, the Company's second largest industrial asset by GLA, and three PV systems totaling 0.7-megawatts at various Oahu retail properties in 2024 and 2025. Additionally, the Company has three PV systems under construction on Oahu and Hawai‘i Island that are scheduled for completion in early 2026 and are expected to increase capacity by 0.5-megawatts.

Social Responsibility - Human Capital Resources

As "Partners for Hawai‘i," the Company is dedicated to its employees, collectively the A&B family, who play a vital role in achieving our mission to serve the communities in which it lives and operates, while creating value for all stakeholders. The Company strives to attract, develop, and retain employees with a wide range of backgrounds and perspectives, and support them in their pursuit to advance their careers, provide for their families, enjoy their work, and give back to the community.

The Company does the following to support these efforts:

•Offers a competitive compensation and benefits program;

•Maintains a hybrid onsite/remote work environment with flexible scheduling and incentives for onsite work;

•Utilizes leading industry software and other technology to facilitate communication, document management, collaboration, and other business processes;

•Brings the A&B family together and fosters an inclusive environment by hosting in-person and virtual engagement activities through an employee-led social council, and well-being tools and resources through an employee-led wellness program;

•Invests in learning and development opportunities to support the personal and professional development of employees.

Recruitment, Development, and Retention

The Company had 91 employees (including 3 part-time employees) as of December 31, 2025, compared to 99 employees (including 3 part-time employees) in the prior year. The Company has maintained a hybrid onsite/remote work environment and 94.5% of our employees are based in Hawai'i.

The Company recognizes that employees drive its success and are one of its most valuable resources. To expand its reach for talent, the Company utilizes a variety of resources to recruit employees that embody A&B's core values of integrity, collaboration, respect, decisiveness, adaptability, and accountability. The Company's compensation and benefits program is designed to attract, reward, and retain talented individuals who possess the skills necessary to support its business objectives, assist in the achievement of strategic goals, and create long-term value for shareholders. The Company provides employees with competitive total rewards packages that include, in addition to base compensation, meaningful benefits such as health (medical, dental, drug, and vision), life, long-term disability, and long-term care insurance, paid time off, flexible spending reimbursement accounts, a corporate wellness program, gain sharing opportunities, and a 401(k) plan with a Company contribution and Company match. Certain employees are eligible to receive annual incentive bonuses and long-term equity awards tied to the value of the Company's common stock price. In addition, the Company provides meaningful learning and development opportunities for employees to encourage both personal and professional growth, offering a wide variety of formal and informal training programs and professional development stipends to be used towards qualified workshops, conferences, forums, and classes. The Company also offers a tuition reimbursement program that is available to employees wishing to obtain a qualified higher education degree.

The Company believes that a fair and competitive compensation and benefits program with both short-term and long-term features aligns employee and shareholder interests by incentivizing business and individual performance (i.e., pay for performance), motivating based on long-term company performance, and integrating compensation with its business plans. Our employees have an average tenure of approximately 10 years and, for the year ended December 31, 2025, overall voluntary turnover was 10.7% which is lower than the average of 12% for REITs participating in the 2025 National Association of Real Estate Investment Trusts (“Nareit”) Compensation and Benefits Survey.

Engagement, Community, and Culture

The Company strives to keep employees engaged by communicating regularly through various channels, including town halls, learning and development trainings, community and social events, and frequent communication through an employee intranet, employee newsletters, and email updates. Since 2023, the Company has held an annual collaboration and learning day, an all-day event for employees that provided an opportunity to revitalize A&B’s corporate culture, foster connections with colleagues, and enhance professional development. The Company also conducts a confidential, annual employee survey to better understand employee perspectives on topics including employee experience, workplace culture, employee engagement and the direction and leadership of the Company. In 2025, the Company had an 81% participation rate. Results of the survey are reviewed carefully by senior leadership and have resulted in specific actions, including increased recognition programs and the development of the Company’s vision, mission, and values statements.

The Company has a long-standing commitment to giving back to the communities it serves and where its employees live, and it believes this dedication supports its ability to attract and retain talent. The Company also facilitates employee engagement in their communities through its matching gifts program, which supplements employees' contributions with Company donations to eligible community non-profit organizations; through volunteer initiatives that provide employees paid time off for community service and cash grants to qualifying organizations; and through corporate sponsorship of charities supported by its employees.

The Company has an employee-led social council, which is comprised of cross-functional teams of individuals from all levels of the Company and focused on workplace culture and community impact. The Company maintains an employee-led wellness program to support the health and wellness of employees. The program provides support and resources to employees on a variety of topics including mental, physical, and emotional health; sleep, fitness, and nutrition habits; stress and change-management; self-care; financial well-being, and other wellness topics with programs, presentations, and challenges throughout the year. Employees can access tools, activities, and online courses through a Company-sponsored wellness platform, and track their progress toward earning wellness incentives.

Inclusion and Belonging

The Company believes that an inclusive environment fosters more creativity and produces more opportunities to create value through its assets, people, and relationships, and is crucial to its efforts to attract and retain key talent. The Company is focused on building an inclusive culture through a variety of initiatives. This commitment starts at the top, with Board members having a wide range of experiences, skills and backgrounds.

Corporate Governance and Compliance

The Company prioritizes sound principles of corporate governance. The Company's Board of Directors, which is entirely independent, with the exception of the Chief Executive Officer ("CEO"), stand for re-election every year and is comprised of a group of directors with broad and complementary skill sets. The Company has been recognized with a "1" ranking, which is the highest score available, in governance by Institutional Shareholder Services.

The Company is committed to conducting its business in accordance with the highest ethical standards. The Company has adopted a Code of Ethics that applies to the CEO, Chief Financial Officer, and Controller, and a Code of Conduct which is applicable to all directors, officers, and employees, establishing the importance of ethical behavior and compliance with all federal, state, and local laws and regulations. All directors and employees sign and reaffirm their understanding of the Code of Conduct on an annual basis. In order to ensure a fair workplace for our employees, the Company also has strict policies to protect against unlawful discrimination and harassment. Employees have access to a 24-hours ethics hotline that allows for anonymous reporting of suspected violations of the Code of Conduct, or other ethical or legal violations. The Audit Committee receives a report on hotline calls at each meeting.

The Company's leadership team and the Board of Directors are committed to sustainability issues. Sustainability consideration is a meaningful component of the Company's operating and strategic plans and is integrated into its operations and informs how the Company pursues opportunities and manage risks. The Board of Directors provides oversight and receives regular reports on sustainability topics, including climate risk, at both its Nominating and Corporate Governance Committee meetings and Board meetings. The Company also values the views of its shareholders and regularly seeks input from its investors on sustainability and other topics.

Available Information

The Company files reports with the Securities and Exchange Commission (the “SEC”). The reports and other information filed include annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other reports and information filed under the Securities Exchange Act of 1934 (the “Exchange Act”).

The SEC maintains a website at www.sec.gov, which contains reports, proxy and information statements, and other information regarding the Company and other issuers that file electronically with the SEC.

The Company makes available, free of charge, on or through its Internet website, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after it electronically files such material with, or furnishes it to, the SEC. The Company’s website address is www.alexanderbaldwin.com. The information found on the Company's website, including the Company's CRR, is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document filed with the SEC.

ITEM 1A. RISK FACTORS

The risks described below could materially and adversely affect our shareholders and our results of operations, financial condition, liquidity and cash flows. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may affect our business. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Form 10-K and the Company’s filings with the U.S. Securities and Exchange Commission.

Risk Factors Summary

Our business is subject to numerous risks and uncertainties and an investment in our common stock may involve various risks. Such risks, including, but not limited to, the following summarized risks, should be carefully considered before making an investment in our common stock:

Summary of risks related to the Merger

•The Merger is subject to approval of our shareholders as well as the satisfaction of other closing conditions, some or all of which may not be satisfied (or waived, if applicable) within the expected timeframe, if at all.

•We may not complete the Merger within the timeframe anticipated or at all, which could have an adverse effect on our business, financial results and/or operations.

•We will be subject to various uncertainties while the Merger is pending that may cause disruption and may make it more difficult to maintain relationships, including but not limited to relationships with existing and prospective employees, tenants, and other third-party business partners.

•In certain instances, the Merger Agreement requires us to pay a termination fee to Parent, which could affect the decisions of a third party considering making an alternative acquisition proposal.

•Pending litigation related to the Merger could result in substantial costs and may delay or prevent the Merger from being completed.

•If the Merger is completed, our shareholders will forgo potential future appreciation in the Company's value.

Summary of risks related to our Business and Operations

•Our business is geographically concentrated in Hawai‘i and is dependent upon regional and local economic conditions, which may cause us to be more susceptible to adverse developments than if we owned a more geographically diverse portfolio.

•Significant inflation and related volatility could adversely affect our business and financial results.

•An increase in fuel prices and energy costs may adversely affect our operating environment and costs.

•Our remaining non-strategic assets that we intend to sell are relatively illiquid, and it may not be possible to dispose of such assets in a timely manner or on favorable terms, which could adversely affect our financial condition, operating results, cash flows and may result in additional non-cash impairment charges.

Summary of risks related to our Investments in Real Estate

•There are risks relating to investments in real estate that could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and make distributions to our shareholders.

•Commercial real estate investments are relatively illiquid.

•Increases in real estate ownership costs and operating expenses, including property taxes, insurance, and common area maintenance costs, would adversely affect our operating results.

•The bankruptcy or loss of key tenants in our commercial real estate portfolio may adversely affect our cash flows and profitability.

•A shift in retail shopping from brick and mortar stores to online shopping may have an adverse impact on our cash flow, financial condition and results of operations.

•We may be unable to renew leases, lease vacant space, or re-lease space as leases expire, thereby increasing or prolonging vacancies, which would adversely affect our financial condition, results of operations and cash flows.

•Our retail centers may depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants.

•Certain of our leases at our retail centers contain “co-tenancy” or “go-dark” provisions, which, if triggered, may allow tenants to pay reduced rent, cease operations, or terminate their leases, which could adversely affect our performance or the value of the applicable retail property.

•A decline in real estate values could result in impairment of the carrying values of our long-lived assets and have a material and adverse effect on our operating results.

•Instability in the financial industry could negatively impact our ability to sell our real estate holdings.

•We are subject to risks associated with real estate construction and development.

•Real estate development projects are subject to warranty and construction defect claims, in the ordinary course of business, that can be significant.

•We face competition for the acquisition, development, and management and leasing of real estate properties, which may impede our ability to grow our operations or may increase the cost of these activities.

•We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth.

Summary of risks related to our Financing

•We may need to incur additional indebtedness, in the future, which could adversely affect our business, financial condition, and ability to make distributions to our shareholders.

•We may face potential difficulties in obtaining operating and development capital.

•We may raise additional capital in the future on terms that are more stringent to us, which could provide holders of new issuances rights, preferences and privileges that are senior to those currently held by our common shareholders, or that could result in dilution of common stock ownership.

•Failure to comply with certain restrictive financial covenants contained in our credit facilities could impose restrictions on our business segments, capital availability or the ability to pursue other activities.

•Covenants in our loan agreements may restrict our operations and adversely affect our financial condition and ability to make distributions to our shareholders.

•Increasing interest rates would increase our overall interest expense.

•Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect our financial condition, cash flows, and results of operations.

Summary of risks related to our Business Continuity

•Security breaches through cyber attacks or intrusions, or other significant disruptions of the Company's information technology ("IT") networks, communications, and related systems could impair our ability to operate, adversely affect our financial condition, and damage our reputation.

•The Company's business and operations could suffer in the event of system failures or interruptions.

•Weather, natural disasters and the impacts of climate change may adversely affect our business.

•Political crises, public health crises and other events beyond our control may adversely impact our operations and profitability.

Summary of risks related to our REIT Status

•Because qualification as a REIT involves highly technical and complex provisions of the Code, there can be no assurance that we will remain qualified as a REIT for U.S. federal income tax purposes.

•U.S. federal, state and local legislative, judicial or regulatory tax changes could have an adverse effect on our shareholders and us.

•Complying with the REIT requirements may cause us to sell assets or forgo otherwise attractive investment opportunities.

•We may be required to borrow funds, sell assets or raise equity to satisfy our REIT distribution requirements, which could adversely affect our ability to execute our business plan and grow.

•Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.

•The REIT ownership limitations and transfer restrictions contained in our articles of incorporation may restrict or prevent certain transfers of our common stock, could have unintended antitakeover effects and may not be successful in preserving our qualification for taxation as a REIT.

•Our cash distributions are not guaranteed and may fluctuate.

•Certain of our business activities may be subject to corporate-level income tax and other taxes, which would reduce our cash flows, and would cause potential deferred and contingent tax liabilities.

•The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions that would be treated as sales for U.S. federal income tax purposes.

•The ability of our Board of Directors to revoke our REIT qualification, without shareholder approval, may cause adverse consequences to our shareholders.

Summary of Regulatory and Legal Risks

•Governmental entities have adopted or may adopt regulatory requirements that may restrict our development activity.

•Governmental entities have adopted or may adopt regulatory requirements related to dams, reservoirs, and other water infrastructure that may adversely affect our operations.

•Changes to federal, state or local law or regulations, including environmental laws and regulations, may adversely affect our business.

•We are subject to, and may in the future be subject to, disputes, legal or other proceedings, or government inquiries or investigations, that could have an adverse effect on us.

Risks Related to the Merger

The Merger is subject to approval of our shareholders as well as the satisfaction of other closing conditions, some or all of which may not be satisfied (or waived, if applicable) within the expected timeframe, if at all.

Completion of the Merger is subject to a number of closing conditions, including, among others, (i) approval of the Merger Agreement by the affirmative vote of the holders of a majority of the outstanding shares of the Company's common stock entitled to vote on the Merger Agreement, (ii) the absence of a law or order restraining, enjoining, rendering illegal or otherwise prohibiting the consummation of the Merger and (iii) the absence of a Company Material Adverse Effect (as defined in the

Merger Agreement). We can provide no assurance that all required consents and approvals will be obtained or that all closing conditions will otherwise be satisfied (or waived, if applicable), and, even if all required consents and approvals can be obtained and all closing conditions are satisfied (or waived, if applicable), we can provide no assurance as to the terms, conditions, and timing of such consents and approvals or the timing of the completion of the Merger. Many of the conditions to completion of the Merger are not within our control and we cannot predict when or if these conditions will be satisfied (or waived, if applicable). Additionally, under circumstances specified in the Merger Agreement, we or Parent may terminate the Merger Agreement. Any adverse consequence of the pending Merger could be exacerbated by any delays in completion of the Merger or termination of the Merger Agreement.

Each party’s obligation to consummate the Merger is also subject to the accuracy of the representations and warranties of the other party (subject to customary materiality qualifications) and compliance in all material respects with the covenants and agreements contained in the Merger Agreement as of the closing of the Merger, including, with respect to the Company, covenants to conduct its business in the ordinary course and to not engage in certain kinds of material transactions prior to closing. In addition, the Merger Agreement may be terminated under certain specified circumstances, including, but not limited to, in connection with a change in the recommendation of our Board of Directors to enter into an agreement for a Superior Proposal (as defined in the Merger Agreement). As a result, we cannot assure you that the Merger will be completed, even if our shareholders approve the Merger Agreement, or that, if completed, it will be exactly on the terms set forth in the Merger Agreement or within the expected timeframe.

We may not complete the Merger within the timeframe anticipated or at all, which could have an adverse effect on our business, financial results and/or operations.

The Merger may not be completed within the expected timeframe, or at all, as a result of various factors and conditions, some of which may be beyond our control. If the Merger is not completed for any reason, including as a result of our shareholders failing to approve the Merger Agreement, our shareholders will not receive any payment for their shares of our common stock in connection with the Merger. Instead, we will remain a public company, our common stock will continue to be listed and traded on the New York Stock Exchange (the "NYSE") and registered under the Exchange Act, and we will be required to continue to file periodic reports with the SEC. Moreover, our ongoing business may be materially adversely affected, and we would be subject to a number of risks, including the following:

•we may experience negative reactions from the financial markets, including negative impacts on stock price, and it is uncertain when, if ever, the price of the shares would return to the price at which the shares currently trade;

•we may experience negative publicity, which could have an adverse effect on our ongoing operations including, but not limited to, retaining and attracting employees and those with whom we do business;

•we will still be required to pay certain significant costs relating to the Merger, such as legal, accounting, financial advisory, regulatory, printing and other professional services fees, which may relate to activities that we would not have undertaken other than in connection with the Merger;

•we may be required to pay a cash termination fee to Parent of $50.5 million, as required under the Merger Agreement under certain circumstances;

•while the Merger Agreement is in effect, we are subject to restrictions on our business activities, including, among other things, restrictions on our ability to engage in certain kinds of material transactions, including, subject to certain exceptions, acquiring other properties or disposing of currently owned properties, making capital expenditures, incurring indebtedness, and declaring and paying regular quarterly cash dividends on common stock, which could prevent us from pursuing strategic business opportunities, taking actions with respect to the business that we may consider advantageous and responding effectively and/or timely to competitive pressures and industry developments, and may as a result materially adversely affect our business, results of operations, and financial condition;

•matters relating to the Merger require substantial commitments of time and resources by management, which could result in the distraction of management from ongoing business operations and pursuing other opportunities that could have been beneficial to the Company; and

•our exclusive remedy against the counterparties to the Merger Agreement with respect to any breach of the Merger Agreement is to seek payment by Parent of the parent termination fee in the amount of $155.3 million, which may not be adequate to cover our damages.

If the Merger is not consummated, the risks described above may materialize, and they may have a material adverse effect on our business operations, financial results, and stock price, particularly to the extent that the current market price of our common stock reflects an assumption that the Merger will be completed.

We will be subject to various uncertainties while the Merger is pending that may cause disruption and may make it more difficult to maintain relationships, including but not limited to relationships with existing and prospective employees, tenants, and other third-party business partners.

The Company’s efforts to complete the Merger could cause substantial disruptions in, and create uncertainty surrounding, the business, which may materially adversely affect results of operation and the business. Uncertainty as to whether the Merger will be completed may affect our ability to recruit prospective employees or to retain and motivate existing employees. Employee retention may be particularly challenging while the Merger is pending because employees may experience uncertainty about their roles following the Merger. As mentioned above, a substantial amount of our management’s and employees’ attention is being directed toward the completion of the Merger and thus is being diverted from our day-to-day operations. Uncertainty as to the future could adversely affect our business and our relationships with tenants and potential tenants. For example, tenants and other third parties may defer decisions concerning working with us, or seek to change existing business relationships with us. Changes to or termination of existing business relationships could adversely affect our revenue, earnings, and financial condition, as well as the market price of our common stock. The adverse effects of the pendency of the Merger could be exacerbated by any delays in completion of the Merger or termination of the Merger Agreement.

In certain instances, the Merger Agreement requires us to pay a termination fee to Parent, which could affect the decisions of a third party considering making an alternative acquisition proposal.

Under the terms of the Merger Agreement, the Company may be required to pay a termination fee to Parent of $50.5 million if the Merger Agreement is terminated under specific circumstances set forth in the Merger Agreement. This payment could affect the structure, pricing, and terms proposed by a third party considering an acquisition of the Company and could discourage a third party from making a competing acquisition proposal or inquiry, including a proposal that would be more favorable to our shareholders than the Merger. For these and other reasons, termination of the Merger Agreement could materially and adversely affect business operations and financial results, which in turn would materially and adversely affect the price of our common stock.

Pending litigation related to the Merger could result in substantial costs and may delay or prevent the Merger from being completed.

Lawsuits are often brought against public companies that have entered into merger agreements. Purported shareholders of the Company have filed, and may file in the future, lawsuits against the Company and/or our Board of Directors in connection with the Merger. Even if the lawsuits are without merit, defending against these claims can result in substantial costs to us and divert management time and resources. Additionally, if a plaintiff is successful in obtaining an injunction prohibiting consummation of the Merger, then that injunction may delay or prevent the Merger from being completed.

If the Merger is completed, our shareholders will forgo potential future appreciation in the Company's value.

If the Merger is consummated, the Company will no longer exist as an independent public company and our existing shareholders will not participate in any potential future appreciation in the value of the Company’s common stock. Such potential future appreciation depends on the Company’s future performance, and that the Company’s business plan is based, in part, on projections for a number of variables that are difficult to project and subject to a high level of uncertainty and volatility, including real estate values, interest rates, ongoing operating costs and necessary capital expenditures. Additionally, the receipt of the cash consideration in the Merger would (i) be taxable to our U.S. shareholders for U.S. federal income tax purposes and (ii) generally not be taxable to our non-U.S. shareholders for U.S. federal income tax purposes unless they have certain connections to the U.S.

Risks Related to Our Business and Operations

Our business is geographically concentrated in Hawai‘i and is dependent upon regional and local economic conditions, which may cause us to be more susceptible to adverse developments than if we owned a more geographically diverse portfolio.

Our business, including our portfolio of properties and operations, is located exclusively in Hawai‘i. While we believe this geographic focus provides a foundation for strong financial and operational performance, future growth, and resilience during economic down cycles, we may be more exposed to certain economic risks than if we owned a more geographically diverse portfolio. We may be particularly susceptible to adverse economic or other conditions and developments impacting Hawai‘i (such as periods of state-wide economic slowdown, businesses downsizing or exiting the Hawai‘i market, industry slowdowns, trade disputes, such as the imposition of new of increased sanctions or tariffs, changes in the local or global tourism industry, reductions or other changes in government spending or strategic defense priorities, relocations of businesses, increases in real estate and other taxes and the cost of complying with governmental regulations or increased regulation, including as a result of executive orders), as well as to natural disasters that occur in this market (such as hurricanes, wildfires, tropical storms, volcanic eruptions, and other events). If there is a downturn in the economy or weakening of economic drivers in Hawai‘i, which include tourism, government, military and consumer spending, public and private construction starts and spending, personal income

growth, and employment, our operations and our revenue and cash available for distribution, including cash available to pay distributions to our shareholders, could be materially adversely affected. We cannot assure that this market will grow or that underlying real estate fundamentals will be favorable to owners and operators of retail, industrial, or office properties. Any adverse economic or real estate developments in Hawaii, or any decrease in demand for retail, industrial, or office space resulting from the regulatory environment or business climate could adversely impact our financial condition, results of operations, cash flow, our ability to satisfy our debt service obligations and our ability to pay distributions to shareholders.

Significant inflation and related volatility could adversely affect our business and financial results

High inflation, inflation volatility, and future inflation uncertainty could have a pronounced negative impact on operating expenses, general and administrative costs, our mortgage and debt interest, development and redevelopment construction costs (including tenant improvements and other capital projects), and real estate acquisition costs, as such costs and expenses could increase at a rate higher than our rents. In recent periods, central banks have responded to rapidly rising inflation by tightening monetary policies, which could create headwinds to economic growth. Despite recent rate cuts, previous rate hikes enacted by the Federal Reserve have had a significant impact on interest rate indexes, such as SOFR. See “Risks Related to Financing”. Most of our leases require tenants to pay an allocable portion of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation. While these provisions partially mitigate the impact of inflation, these provisions do not mitigate increases in operating expenses that are not reimbursable. Increased inflation could also have an adverse effect on consumer spending, which could impact our tenants’ sales and, in turn, our average rents, and in some cases, our percentage rents, where applicable. In addition, renewals of leases or future leases may not be negotiated on current terms, in which event we may recover a smaller percentage of our operating expenses.

An increase in fuel prices and energy costs may adversely affect our operating environment and costs.

Fuel prices have a direct impact on the health of the Hawai‘i economy. Increases in the price of fuel may result in higher transportation costs to Hawai‘i and adversely affect visitor counts and the cost of goods shipped to Hawai‘i, thereby affecting the strength of the Hawai‘i economy and its consumers. Increases in energy costs for our leased real estate portfolio are typically recovered from lessees, although our share of energy costs increases as a result of lower occupancies, and higher operating cost reimbursements impact the ability to increase underlying rents. Rising fuel prices also may increase the cost of construction, including delivery costs to Hawai‘i, and the cost of materials that are petroleum-based, thus affecting our real estate development projects and margins.

Our remaining non-strategic assets that we intend to sell are relatively illiquid, and it may not be possible to dispose of such assets in a timely manner or on favorable terms, which could adversely affect our financial condition, operating results, cash flows and may result in additional non-cash impairment charges.

Our ability to dispose of non-strategic assets on advantageous terms, including pricing, depends on factors beyond our control, including but not limited to, competition from other sellers, insufficient infrastructure capacity or availability (e.g., water, sewer and roads) for real estate assets, the availability of attractive financing for potential buyers and market conditions. As a result, we may be unable to realize our strategy through dispositions, we may be unable to do so on advantageous terms, or we may not be able to execute the strategy in a timely manner, which could adversely affect our financial condition, operating results and/or cash flows and may result in additional non-cash impairment charges.

In addition, many of the non-strategic assets are relatively illiquid. Illiquid assets typically experience greater price volatility, as a ready market does not exist, and can be more difficult to value. In addition, validating third party pricing for illiquid assets may be more subjective than more liquid assets. As a result, we may record additional non-cash impairment charges and/or realize significantly less than the value at which we have previously recorded such assets.

Risks Related to Our Investments in Real Estate

There are risks relating to investments in real estate that could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and make distributions to our shareholders.

Real property investments are subject to multiple risks. Real estate values are affected by several factors, including changes in the general economic climate, local conditions (such as an oversupply of space or a reduction in demand), the quality and philosophy of management, competition from other available space, and the ability to provide adequate maintenance and insurance and to control variable operating costs. Retail properties, in particular, may be affected by changing perceptions of retailers or shoppers regarding the convenience and attractiveness of the property and by the overall climate for the retail industry. Real estate values are also affected by such factors as government regulations, interest rate levels, the availability of financing and potential liability under, and changes in, environmental, zoning, tax, and other laws. The majority of our income is derived from rental income from real property. Our income and cash flow would be adversely affected if (i) a significant number of our tenants are unable to meet their obligations; (ii) we incur increases in non-recoverable operating and ownership costs; (iii) we are unable to lease space at our properties when the space becomes available; (iv) the rental rates upon a renewal or a new lease are significantly lower than prior rents or do not increase sufficiently to cover increases in operating and ownership costs; (v) increased lease concessions, such as free or discounted rents and tenant improvement allowances are offered to tenants to secure deals; and (vi) there is a discovery of hazardous or toxic substances, or other environmental, culturally-sensitive, or related issues at the property.

Declines in real estate values, among other factors, could result in a determination that the Company’s assets have been impaired. If the Company determines that an impairment has occurred, the Company would be required to make an adjustment to the net carrying value of the asset which could have an adverse effect on its results of operations in the period in which the non-cash impairment charge is recorded.

Increases in real estate ownership costs and operating expenses, including property taxes, insurance, and common area maintenance costs, would adversely affect our operating results.

Our operating expenses include, but are not limited to, property taxes, insurance, utilities, repairs, and the maintenance of the common areas of our commercial real estate. We may experience increases in our operating expenses, some or all of which may be out of our control. Most of our leases require that tenants pay for a share of property taxes, insurance, and common area maintenance and utility costs. However, if any property is not fully occupied, or if recovery income from tenants is not sufficient to cover operating expenses, then we could be required to expend our own funds for operating expenses. In addition, we may be unable to renew leases or negotiate new leases with terms requiring our tenants to pay all the property tax, insurance, and common area maintenance and utility costs that tenants currently pay, which would adversely affect our operating results.

Commercial real estate investments are relatively illiquid.

Our ability to promptly sell one or more properties in our portfolio in response to changing economic, financial and investment conditions is limited. The real estate market is affected by many factors, such as general economic conditions, supply and demand, availability of financing, interest rates and other factors that are beyond our control. We cannot be certain that we will be able to sell any property for the price and other terms we seek, or that any price or other terms offered by a prospective purchaser would be acceptable to us. We also cannot estimate with certainty the length of time needed to find a willing purchaser and to complete the sale of a property. Factors that impede our ability to dispose of properties could adversely affect our financial condition and operating results.

The bankruptcy or loss of key tenants in our commercial real estate portfolio may adversely affect our cash flows and profitability.

We may derive significant cash flows and earnings from certain key tenants. If one or more of these tenants declares bankruptcy or voluntarily vacates from the leased premise and we are unable to re-lease such space (or to re-lease it on comparable or more favorable terms), we may be adversely impacted. Additionally, we may be further adversely impacted by an impairment or “write-down” of intangible assets, such as lease-in-place value, favorable lease asset, or a deferred asset related to straight-line lease rent, associated with a tenant bankruptcy or vacancy.

A shift in retail shopping from brick and mortar stores to online shopping may have an adverse impact on our cash flow, financial condition and results of operations.

Although many of the retailers operating at our properties sell groceries and other necessity-based soft goods or provide services, the shift to online shopping may cause declines in brick-and-mortar sales generated by certain of our tenants and/or may cause certain of our tenants to reduce the size or number of their retail locations in the future. As a result, our cash flow, financial condition and results of operations could be adversely affected.

We may be unable to renew leases, lease vacant space, or re-lease space as leases expire, thereby increasing or prolonging vacancies, which would adversely affect our financial condition, results of operations and cash flows.

We may not be able to renew leases, lease vacant space, or re-let space as leases expire. In addition, we may need to offer substantial rent abatements, tenant improvements, early termination rights, or below-market renewal options to retain existing tenants or attract new tenants. If the rental rates for our properties decrease, our existing tenants do not renew their leases, or we do not re-let our available space, our financial condition, results of operations, and cash flows would be adversely affected.

Our retail centers may depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants.

Some of our retail centers are anchored by large tenants. At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants, including our anchor and other major tenants, may fail to comply with their contractual obligations to us, seek concessions in order to continue operations, or declare bankruptcy, any of which could result in the termination of such tenants’ leases and the loss of rental income attributable to the terminated leases. In addition, certain of our tenants may cease operations while continuing to pay rent, which could decrease customer traffic, thereby decreasing sales for our other tenants at the applicable retail property. In addition, mergers or consolidations among retail establishments could result in the closure of existing stores or the duplication or geographic overlapping of store locations, which could include stores at our retail centers.

Loss of, or a store closure by, an anchor store or major tenant could significantly reduce our occupancy level or the rent that we receive from our retail centers. We may be unable to re-lease vacated space or to re-lease it on comparable or more favorable terms, or at all. In the event of default by an anchor store or major tenant, we may experience delays and costs in enforcing our rights as landlord to recover amounts due to us under the terms of our agreements with such parties.

Certain of our leases at our retail centers contain “co-tenancy” or “go-dark” provisions, which, if triggered, may allow tenants to pay reduced rent, cease operations, or terminate their leases, which could adversely affect our performance or the value of the applicable retail property.

Certain of the leases at our retail centers contain “co-tenancy” provisions that establish conditions related to a tenant’s obligation to remain open, the amount of rent payable, or a tenant’s obligation to continue occupying space, including (i) the presence of an anchor tenant, (ii) the continued operation of an anchor tenant’s store, and (iii) minimum occupancy levels at the applicable property. If a co-tenancy provision is triggered by a failure of any of these conditions, a tenant could have the right to cease operations, to terminate its lease early, or to a reduction of its rent. In addition, certain of the leases at our retail centers contain “go-dark” provisions that allow the tenant to cease operations while continuing to pay rent. This could result in decreased customer traffic at the property, thereby decreasing sales for our other tenants at such property, which may result in our other tenants being unable to pay their minimum rents or expense recovery charges. Such provisions may also result in lower rental revenue generated under the applicable leases. To the extent co-tenancy or go-dark provisions in our leases result in lower revenue or tenant sales, tenants’ rights to terminate their leases early, or to a reduction of their rent, our performance and/or the value of the applicable retail center could be adversely affected.

A decline in real estate values could result in impairment of the carrying values of our long-lived assets and have a material and adverse effect on our operating results.

We have significant investments in various commercial real estate properties. Declines in real estate values from weakness in the real estate sector, especially in Hawai‘i, difficulty in obtaining or renewing financing, a prolonged economic slowdown or recession, as well as competition and advances in technology, adverse changes in the regulatory environment, or other factors leading to reduction in expected profitability, or changes in our investment and redevelopment strategy, among other factors, may affect the fair value of these real estate assets. If the undiscounted cash flows of our commercial properties, or redevelopment projects, were to decline below the carrying value of those assets, we would be required to recognize a non-cash impairment loss if the fair value of those assets were below their carrying value,

Instability in the financial industry could negatively impact our ability to sell our real estate holdings.

Significant instability in the financial industry may result in declining property values and increasing defaults on loans. This, in turn, could lead to increased regulations, tightened credit requirements, reduced liquidity and increased credit risk premiums for virtually all borrowers. Fewer loan products and strict loan qualifications make it more difficult for borrowers to finance the purchase of our development lots or unimproved land. Additionally, more stringent requirements to obtain financing for buyers of commercial real estate properties make it significantly more difficult for us to sell commercial real estate properties and may negatively impact the sales prices and other terms of such sales. Deterioration in the credit environment may also impact us in other ways, including the credit or solvency of customers, vendors, tenants, or joint venture partners, the ability of partners to fund their financial obligations to joint ventures and our access to mortgage financing for our own properties.

We are subject to risks associated with real estate construction and development.

Our redevelopment, development-for-hold, and development-for-sale projects are subject to risks relating to our ability to complete our projects on time and on budget. Factors that may result in a development project exceeding budget or being prevented from completion include, but are not limited to: (i) our inability to secure sufficient financing or insurance on favorable terms, or at all; (ii) construction delays, defects, or cost overruns, which may increase project development costs; (iii) an increase in commodity or construction costs, including labor costs; (iv) the discovery of hazardous or toxic substances, or other environmental, culturally-sensitive, or related issues; (v) an inability to obtain, or a significant delay in obtaining, zoning, construction, occupancy and other required governmental permits and authorizations; (vi) difficulty in complying with local, city, county and state rules and regulations regarding permitting, zoning, subdivision, utilities, and water quality, as well as federal rules and regulations regarding air and water quality and protection of endangered species and their habitats; (vii) insufficient infrastructure capacity or availability (e.g., water, sewer and roads) to serve the needs of our projects; (viii) an inability to secure tenants necessary to support the project or maintain compliance with debt covenants; (ix) failure to achieve or sustain anticipated occupancy levels; (x) condemnation of all or parts of development or operating properties, which could adversely affect the value or viability of such projects; and (xi) instability in the financial industry could reduce the availability of financing.

Real estate development projects are subject to warranty and construction defect claims, in the ordinary course of business, that can be significant.

In our development-for-sale projects, we are subject to warranty and construction defect claims arising in the ordinary course of business. The amounts payable under these claims, both in legal fees and remedying any construction defects, can be significant and could exceed the profits made from the project. As a consequence, we may maintain liability insurance, obtain indemnities and certificates of insurance from contractors generally covering claims related to workmanship and materials, and create warranty and other reserves for projects based on historical experience and qualitative risks associated with the type of project built. Because of the uncertainties inherent in these matters, we cannot provide any assurance that our insurance coverage, contractor arrangements and reserves will be adequate to address some or all of our warranty and construction defect claims in the future. For example, contractual indemnities may be difficult to enforce, we may be responsible for applicable self-insured retentions, and certain claims may not be covered by insurance or may exceed applicable coverage limits. Additionally, the coverage offered, and the availability of liability insurance for construction defects, could be limited or costly. Accordingly, we cannot provide any assurance that such coverage will be adequate, available at an acceptable cost, or available at all.

We face competition for the acquisition, development, and management and leasing of real estate properties, which may impede our ability to grow our operations or may increase the cost of these activities.

There are numerous other developers, buyers, managers and owners of commercial real estate and undeveloped land that compete or may compete with us for management and leasing revenues, land for development, properties for acquisition and disposition, and for tenants and purchasers of properties, including other REITs, private institutional investors, and other owner-operators of commercial real estate. Larger REITs may enjoy competitive advantages that result from a lower cost of capital. Intense competition may increase the market price we would have to pay to acquire properties or could lead to increased supply of space, which could then increase vacancies, the need for increased tenant incentives, decreased rents, sales prices or sales volume, or lack of development opportunities.

We may be unable to identify and complete acquisitions of properties that meet our criteria, which may impede our growth.

Our business strategy involves the acquisition of retail, industrial, and other properties. These activities require us to identify suitable acquisition candidates or investment opportunities that meet our criteria. We evaluate the market of available properties and may attempt to acquire properties when strategic opportunities exist. We may be unable to acquire properties that we have

identified as potential acquisition opportunities due to various factors, including but not limited to, the inability to (i) negotiate terms agreeable to the parties involved, (ii) satisfy conditions to closing, or (iii) finance the acquisition on favorable terms, or at all. In addition, we may incur significant costs and divert management attention in connection with evaluating and negotiating potential acquisitions, including ones that we are subsequently not able to complete. If we are unable to acquire properties on favorable terms, or at all, our financial condition, results of operations, and cash flow, as well as our ability to grow could be adversely affected.

Risks Related to Our Financing

We may need to incur additional indebtedness, in the future, which could adversely affect our business, financial condition, and ability to make distributions to our shareholders.

We have obtained, and may continue to obtain, lines of credit, and other long-term financing that may be secured by our real estate assets. In connection with executing our business strategies, we expect to evaluate additional acquisitions and strategic investments, and we may elect to finance these endeavors by incurring additional indebtedness. We may also incur mortgage debt on real estate assets that we already own as a source of liquidity. In addition, we may borrow as necessary to ensure that we maintain our qualification as a REIT for U.S. federal income tax purposes, including borrowings to satisfy the REIT requirement that we distribute at least 90% of our annual REIT taxable income to our shareholders (computed without regard to the dividends-paid deduction and excluding net capital gain). However, we cannot guarantee that we will be able to obtain any such borrowings on satisfactory terms. Additionally, if we have insufficient income to service any recourse debt obligations, our lenders could institute proceedings against us to foreclose upon our assets.

High debt levels could have material adverse consequences for the Company, including hindering our ability to adjust to changing market, industry, or economic conditions; limiting our ability to access the capital markets to refinance maturing debt or to fund acquisitions; requiring the use of a substantial portion of our cash flows for the payment of principal and interest on our debt, thereby limiting the amount of free cash flow available for future operations, acquisitions, distributions, stock repurchases, or other uses; making us more vulnerable to economic or industry downturns, including interest rate increases; and placing us at a competitive disadvantage compared to less leveraged competitors.

We may face potential difficulties in obtaining operating and development capital.

The successful execution of our strategy requires substantial amounts of operating and development capital. Sources of such capital could include banks, life insurance companies, public and private offerings of debt or equity, including rights offerings, sale of certain assets and joint venture partners. If our investment or credit profile deteriorates significantly, our access to the debt or equity capital markets may become restricted, our cost of capital may increase, or we may not be able to refinance debt at the same levels or on the same terms. Further, we rely on our ability to obtain and draw on a revolving credit facility to support our operations. Volatility in the credit and financial markets or deterioration in our credit profile may prevent us from accessing funds. There is no assurance that any capital will be available on terms acceptable to us, or at all, to satisfy our short or long-term cash needs.

We may raise additional capital in the future on terms that are more stringent to us, which could provide holders of new issuances rights, preferences and privileges that are senior to those currently held by our common shareholders, or that could result in dilution of common stock ownership.

As noted above, the successful execution of our strategy requires substantial amounts of operating and development capital. If our capital needs are not able to be filled through our existing liquidity sources (e.g., our revolving credit facility), we may require additional capital. If we incur additional debt or raise equity, the terms of the debt or equity issued may give the holders rights, preferences and privileges senior to those of holders of our common stock, particularly in the event of liquidation. The terms of any new debt may also impose additional and more stringent restrictions on our operations than currently in place. If we issue additional common equity, either through public or private offerings or rights offerings, existing common shareholders' percentage ownership in us would decline if they do not participate on a ratable basis.

Failure to comply with certain restrictive financial covenants contained in our credit facilities could impose restrictions on our business segments, capital availability or the ability to pursue other activities.

Our credit facilities and term debt contain certain restrictive financial covenants. If we breach any of the covenants and such breach is not cured in a timely manner or waived by the lenders, and such event results in default, our access to credit may be limited or terminated and the lenders could declare any outstanding amounts immediately due and payable. We further may be limited in our ability to make distributions to our shareholders in event of default.

Covenants in our loan agreements may restrict our operations and adversely affect our financial condition and ability to make distributions to our shareholders.

When providing financing, a lender may impose restrictions on us that affect operating policies and our ability to incur additional debt. Our loan agreements may contain covenants that limit our ability to further mortgage a property. In addition, loan agreements may limit our ability to enter into or terminate certain operating or lease agreements related to a property. These or other limitations would decrease our operating flexibility and our ability to achieve our operating objectives, which may adversely affect our financial condition and ability to make distributions to our shareholders.

Increasing interest rates would increase our overall interest expense.

Although a significant amount of our outstanding debt has fixed interest rates, we borrow funds at variable interest rates under our revolving credit facility. Interest expense on our floating-rate debt increases as interest rates rise. Additionally, the interest expense associated with fixed-rate debt could rise in future periods when the debt matures and is refinanced. Furthermore, the value of our commercial real estate portfolio and the market price of our stock could decline if market interest rates increase and investors seek alternative investments with higher distribution rates.

Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect our financial condition, cash flows, and results of operations.

From time to time, we manage our exposure to interest rate volatility by using interest rate hedging arrangements that involve risk, including but not limited to, the risk that counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, and that we may be required to pay the counterparty if interest rates decrease in the future below the hedged amount. There can be no assurance that our hedging arrangements will qualify for hedge accounting or that our hedging activities will have the desired beneficial impact on our results of operations. Should we desire to terminate a hedging agreement, there may be significant costs and cash requirements involved to fulfill our obligations under the hedging agreement. Failure to hedge effectively against interest rate changes may adversely affect our financial condition, cash flows, and results of operations.

Risks Related to Our Business Continuity

Security breaches through cyber attacks or intrusions, or other significant disruptions of the Company's information technology ("IT") networks, communications, and related systems could impair our ability to operate, adversely affect our financial condition, and damage our reputation.

We rely extensively on IT and communication systems to process transactions and to operate and manage our business and face risks associated with security breaches, whether through cyber attacks or cyber intrusions over the Internet, malware, computer viruses, attachments to e-mails, persons inside the Company or persons with access to systems inside the Company. The risk of a security breach or disruption, particularly through cyber attack or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. The Company’s IT networks and related systems are essential to the operation of its business and its ability to perform day-to-day operations. Furthermore, a significant subset of our employees partially operate in a remote work environment, which may exacerbate certain risks to our businesses, including an increased risk of cybersecurity attacks and increased risk of unauthorized dissemination of proprietary or confidential information.

Despite our implementation of security measures, there can be no assurance that our efforts to maintain the security and integrity of our systems will be effective or that attempted security breaches or disruptions would not be successful or damaging. A security breach or other significant disruption involving our systems could result in improper uses of our systems and interruptions in our operations, which in turn could have a material adverse effect on our income, cash flow, results of operations, financial condition, liquidity, the ability to service debt obligations, the market price of our common stock and our ability to pay dividends and other distributions to shareholders. We may also incur significant costs to remedy damages caused by security breaches.

These risks require continuous and likely increasing attention and other resources to identify and quantify these risks, upgrade, and expand the Company’s technologies, systems and processes to adequately address them and provide periodic training for the Company’s employees to assist them in detecting phishing, malware and other schemes. Such attention diverts time and other resources from other activities and there is no assurance that the Company’s efforts will be effective. Additionally, the Company relies on third-party service providers for certain aspects of the Company’s business. The Company can provide no assurance that the networks and systems that the Company’s third-party vendors have established or use will be effective. As

the Company’s reliance on technology has increased, so have the risks posed to the Company’s information systems, both internal and those provided by the Company and third-party service providers.

In the normal course of business, the Company and its service providers collect and retain certain personal information provided by employees, tenants and vendors, and relies extensively on IT systems to process transactions and manage its business. The Company can provide no assurance that the data security measures designed to protect confidential information on the Company’s systems established by the Company and the Company’s service providers will be able to prevent unauthorized access to this personal information or that attempted security breaches or disruptions would not be successful or damaging.

The Company's business and operations could suffer in the event of system failures or interruptions.

The Company’s internal IT systems are vulnerable to damage from any number of sources, including computer viruses, unauthorized access, energy blackouts, natural disasters, terrorism, war, telecommunication failures, reliability issues, and integration and compatibility concerns. Further, we may experience failures caused by the intentional or inadvertent acts and errors by our employees or vendors. The Company has implemented policies and procedures around its IT systems, including security measures, employee training, system redundancies, and the existence of a disaster recovery plan. However, any system failure or accident that causes interruptions in the Company’s operations could result in a material disruption to its business. The Company may incur additional costs to remedy damages caused by such disruptions, as well as increased demand for IT resources to support employees operating in a partially remote work environment.

Weather, natural disasters and the impacts of climate change may adversely affect our business.

As a result of climate change, we may experience extreme weather and changes in precipitation and temperature, including natural disasters. Should the impact of climate change be significant or occur for lengthy periods of time, our financial condition or results of operations would be adversely affected.

Our real estate assets are vulnerable to natural disasters, such as hurricanes, earthquakes, tsunamis, floods, sea level rise, wildfires, tornadoes and unusually heavy or prolonged rain, which could cause personal injury and loss of life. In addition, natural disasters could damage our real estate holdings, including dams and reservoirs within our Land Operations segment, which could result in substantial repair or replacement costs to the extent not covered by insurance, a reduction in property values, or a loss of revenue, and could have an adverse effect on our ability to develop, lease and sell properties. The occurrence of natural disasters could also cause increases in property insurance rates and deductibles, which could reduce demand for, or increase the cost of, owning or developing our properties.

We maintain casualty insurance under policies we believe to be adequate and appropriate. These policies are generally subject to large retentions and deductibles. Some types of losses, such as losses resulting from physical damage to dams, generally are not insured. In some cases, we retain the entire risk of loss because it is not economically prudent to purchase insurance coverage or because of the perceived remoteness of the risk. Other risks are uninsured because insurance coverage may not be commercially available. Finally, we retain all risk of loss that exceeds the limits of our insurance.

Political crises, public health crises and other events beyond our control may adversely impact our operations and profitability.

Political crises (including but not limited to heightened security measures, war, actual or threatened terrorist attacks, efforts to combat terrorism or other acts of violence) and public health crises (including, but not limited to, pandemics) may cause consumer confidence and spending to decrease, or may affect the ability or willingness of tourists to travel to Hawai‘i, thereby adversely affecting Hawai‘i’s economy and us. Further, as our business is concentrated in Hawai‘i, an attack on Hawai‘i as a result of war or terrorism may severely or irreparably harm the Company.

Such events beyond our control could adversely affect trade and global and local economies and may lead to actions limiting trade and population movement and the movement of goods through the supply chain, as well as other impacts to business and consumer demand, which may adversely affect the Company’s business, operating results and financial condition.

Risks Related to Our REIT Status

Because qualification as a REIT involves highly technical and complex provisions of the Code, there can be no assurance that we will remain qualified as a REIT for U.S. federal income tax purposes.

We have determined that we operated in compliance with the REIT requirements commencing with the taxable year ended December 31, 2017. However, qualification as a REIT involves the application of highly technical and complex provisions of the Code, for which there may be only limited judicial or administrative interpretations, and depends on our ability to meet, on a continuing basis, various requirements concerning, among other things, the sources of our income, the nature of our assets, the diversity of our share ownership and the amounts we distribute to our shareholders. Our ability to satisfy the asset tests depends upon our analysis of the characterization and fair market values of our assets, some of which are not susceptible to a precise determination, and for which we will not obtain independent appraisals. The determination of various factual matters and circumstances not entirely within our control can potentially affect our ability to continue to qualify as a REIT. In addition, no assurance can be given that future legislation, regulations, administrative interpretations or court decisions will not significantly change the requirements for qualification as a REIT or adversely affect the U.S. federal income tax consequences of such qualification. In addition, our ability to satisfy the requirements to qualify as a REIT depends, in part, on the actions of third parties, over which we have no control or only limited influence. Even a technical or inadvertent violation could jeopardize our REIT qualification.

Although we intend to operate in a manner consistent with the REIT requirements, we cannot be certain that we will remain so qualified. Under current law, if we fail to qualify as a REIT in any taxable year, we would not be allowed a deduction for dividends paid to shareholders in computing our net taxable income. In addition, our taxable income would be subject to U.S. federal and state income tax at the regular corporate rates. Also, unless we are entitled to relief under certain Code provisions, we would also be disqualified from re-electing REIT status for the four taxable years following the year during which we failed to qualify as a REIT. Cash available for distribution to our shareholders would be significantly reduced for each year in which we do not qualify as a REIT. In that event, we would not be required to continue to make distributions.

Although we currently intend to continue to qualify as a REIT, it is possible that future economic, market, legal, tax or other considerations may cause us, without the consent of our shareholders, to revoke the REIT election or to otherwise take action that would result in disqualification.

U.S. federal, state and local legislative, judicial or regulatory tax changes could have an adverse effect on our shareholders and us.

The present U.S. federal income tax treatment of REITs and their shareholders may be modified, possibly with retroactive effect, by legislative, judicial or administrative action at any time, which could affect the U.S. federal income tax treatment of an investment in us. The U.S. federal income tax rules dealing with REITs are constantly under review by persons involved in the legislative process, the Internal Revenue Service ("IRS") and the U.S. Treasury Department, which results in statutory changes as well as frequent revisions to regulations and interpretations. We cannot predict how changes in the tax laws might affect our investors or us. Revisions in U.S. federal income tax laws and interpretations thereof could significantly and negatively affect our ability to qualify as a REIT and the tax considerations relevant to an investment in us, or could cause us to change our investments and commitments.

At the state level, the Hawai‘i State legislature has repeatedly considered, and is currently considering, legislation that would (i) eliminate (i.e., repeal) the REIT dividends paid deduction for Hawai‘i State income tax purposes related to income generated in Hawai‘i for a number of years or permanently, and/or (ii) mandate withholding of Hawai‘i State income tax on dividends paid to out-of-state shareholders. These provisions could result in double taxation of REIT income in Hawai‘i under the Hawai‘i tax code, reduce returns to shareholders and make our stock less attractive to investors, which could in turn lower the value of our stock.

You are urged to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our stock.

Complying with the REIT requirements may cause us to sell assets or forgo otherwise attractive investment opportunities.

To maintain our qualification as a REIT, we must continually satisfy various requirements concerning, among other things, the nature of our assets, the sources of our income and the amounts we distribute to our shareholders. For example, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our total assets consists of some combination of “real estate assets” (as defined in the Code), cash, cash items and U.S. government securities. The remainder of our investments (other than government securities, qualified real estate assets and securities issued by a taxable REIT subsidiary ("TRS")) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, and no more than 20% of the value of our total assets can be represented by securities of one or more TRS. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to sell assets or forgo otherwise attractive investment opportunities. These actions could have the effect of reducing our income, amounts available for distribution to our shareholders and amounts available for making payments on our indebtedness.

We may be required to borrow funds, sell assets or raise equity to satisfy our REIT distribution requirements, which could adversely affect our ability to execute our business plan and grow.

We generally must distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, to maintain our qualification as a REIT. To the extent that we satisfy this distribution requirement and qualify as a REIT but distribute less than 100% of our REIT taxable income, including any net capital gains, we will be subject to tax at ordinary corporate tax rates on the retained portion. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we distribute to our shareholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. We intend to make distributions to our shareholders to comply with the REIT requirements of the Code and avoid corporate income tax and the 4% annual excise tax.

From time to time, we may generate taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves or required debt or amortization payments. If we do not have other funds available in these situations, we could be required to borrow funds on unfavorable terms, sell assets at disadvantageous prices or distribute amounts that would otherwise be invested in future acquisitions, to make distributions sufficient to enable us to pay out enough of our taxable income to satisfy the REIT distribution requirement and to avoid corporate income tax and the 4% excise tax in a particular year. These alternatives could increase our costs or reduce our equity or adversely impact our ability to raise short- and long- term debt. Furthermore, the REIT distribution requirements may increase the financing we need to fund capital expenditures and further growth and expansion initiatives. Thus, compliance with the REIT requirements may hinder our ability to grow, which could adversely affect the value of our common stock.

Whether we issue equity, at what price and the amount and other terms of any such issuances will depend on many factors, including alternative sources of capital, our then-existing leverage, our need for additional capital, market conditions and other factors beyond our control. If we raise additional funds through the issuance of equity securities or debt convertible into equity securities, the percentage of stock owned by our existing shareholders may be reduced. In addition, new equity securities or convertible debt securities could have rights, preferences and privileges senior to those of our current shareholders, which could substantially decrease the value of our securities owned by them. Depending on the share price we are able to obtain, we may have to sell a significant number of shares to raise the capital we deem necessary to execute our long-term strategy, and our shareholders may experience dilution in the value of their shares as a result.

Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.

The maximum U.S. federal income tax rate applicable to income from “qualified dividends” payable to U.S. shareholders that are individuals, trusts and estates is currently 20%, exclusive of the 3.8% net investment income tax. Dividends payable by REITs, however, generally are not eligible for the reduced rates applicable to qualified dividends. Although these rules do not adversely affect the taxation of REITs, the more favorable rates applicable to regular corporate qualified dividends could cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the stock of REITs, including our common stock. Shareholders that are individuals, trusts or estates are generally entitled to a deduction equal to 20% of the aggregate amount of ordinary income dividends received from a REIT, subject to certain limitations.

The REIT ownership limitations and transfer restrictions contained in our articles of incorporation may restrict or prevent certain transfers of our common stock, could have unintended antitakeover effects and may not be successful in preserving our qualification for taxation as a REIT.

For us to remain qualified for taxation as a REIT, among other requirements, not more than 50% of the value of outstanding shares of our capital stock may be owned, beneficially or constructively, by five or fewer individuals (as defined in the Code to include certain entities) at any time during the last half of each taxable year beginning with our 2018 taxable year. Also, such shares must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year beginning with our 2018 taxable year. In addition, a person actually or constructively owning 10% or more of the vote or value of the shares of our capital stock could lead to a level of affiliation between the Company and one or more of its tenants that could cause our revenues from such affiliated tenants to not qualify as rents from real property. Our articles of incorporation include certain restrictions regarding transfers of our shares of capital stock and ownership limits that are intended to assist us in satisfying these limitations, among other purposes.

Subject to certain exceptions, our articles of incorporation prohibit any shareholder from owning, beneficially or constructively, more than (i) 9.8% in value of the outstanding shares of all classes or series of our capital stock or (ii) 9.8% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. Additionally, the constructive ownership rules for these limits are complex and groups of related individuals or entities may be deemed a single owner and consequently in violation of the share ownership limits. As a result, the acquisition of less than 9.8% of our outstanding common stock (or the outstanding shares of any class or series of our stock) by an individual or entity could cause that individual or entity, or another individual or entity, to own constructively in excess of the relevant ownership limits. Any attempt to own or transfer shares of our common stock, or of any of our other capital stock in violation of these restrictions, may result in the shares being automatically transferred to a charitable trust or may be void. As a result, if a violative transfer were made, the recipient of the shares would not acquire any economic or voting rights attributable to the transferred shares.

The transfer restrictions and ownership limits may prevent certain transfers of our common stock. These restrictions and limits may not be adequate in all cases, however, to prevent our qualification for taxation as a REIT from being jeopardized, including under the affiliated tenant rule. Furthermore, there can be no assurance that we will be able to enforce the ownership limits. If the restrictions in our articles of incorporation are not effective and, as a result, we fail to satisfy the REIT tax rules described above, then absent an applicable relief provision, we will fail to remain qualified for taxation as a REIT.

The ownership limits contained in our articles of incorporation may have the effect of delaying, deterring or preventing a change of control of us that might involve a premium price for our stock or otherwise be in the best interests of our shareholders. As a result, the overall effect of the ownership limitations and transfer restrictions may be to render more difficult or discourage any attempt to acquire us, even if such acquisition may be favorable to the interests of our shareholders. This potential inability to obtain a premium could reduce the price of our common stock.

Our cash distributions are not guaranteed and may fluctuate.

A REIT generally is required to distribute at least 90% of its REIT taxable income to its shareholders (determined without regard to the dividends paid deduction and excluding any net capital gains). Generally, we expect to distribute all, or substantially all, of our REIT taxable income, including net capital gains, so as to not be subject to the income or excise tax on undistributed REIT taxable income. Our Board of Directors, in its sole discretion, will determine on a quarterly basis the amount of cash to be distributed to our shareholders based on a number of factors including, but not limited to, our results of operations, cash flow and capital requirements, economic conditions, tax considerations, borrowing capacity and other factors, including debt covenant restrictions, that may impose limitations on cash payments and plans for future acquisitions and divestitures. Consequently, our distribution levels may fluctuate.

Certain of our business activities may be subject to corporate-level income tax and other taxes, which would reduce our cash flows, and would cause potential deferred and contingent tax liabilities.

Our TRS assets and operations are subject to U.S. federal income taxes at regular corporate rates. We also may be subject to a variety of other taxes, including payroll taxes and state, local, and foreign income, property, transfer and other taxes on assets and operations. In addition, we could, in certain circumstances, be required to pay an excise or penalty tax, which could be significant in amount, to utilize one or more relief provisions under the Code to maintain qualification for taxation as a REIT. We also could incur a 100% excise tax on transactions with a TRS, if they are not conducted on an arm’s length basis, or we also could be subject to tax in situations and on transactions not presently contemplated. Any of these taxes would decrease our earnings and our available cash.

The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions that would be treated as sales for U.S. federal income tax purposes.

A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. The term “prohibited transaction” generally includes a sale or other disposition of property (including mortgage loans, but other than foreclosure property, as discussed below) that is held primarily for sale to customers in the ordinary course of a REIT's trade or business. We might be subject to this tax if we were to dispose of or securitize loans in a manner that was treated as a prohibited transaction for U.S. federal income tax purposes.

We intend to conduct our operations so that no asset that we own (or are treated as owning) will be treated as, or as having been, held for sale to customers, and that a sale of any such asset will not be treated as having been in the ordinary course of our business. As a result, we may choose not to engage in certain sales of loans at the REIT level, and may limit the structures we utilize for our securitization transactions, even though such sales or structures might otherwise be beneficial to us. In addition, whether property is held “primarily for sale to customers in the ordinary course of a trade or business” depends on the particular facts and circumstances. No assurance can be given that any property that we sell will not be treated as property held for sale to customers, or that we can comply with certain safe-harbor provisions of the Code that would prevent such treatment. The 100% prohibited transaction tax does not apply to gains from the sale of property that is held through a TRS or other taxable corporation, although such income will be subject to tax in the hands of the corporation at regular corporate rates. We intend to structure our activities to prevent prohibited transaction characterization.

The ability of our Board of Directors to revoke our REIT qualification, without shareholder approval, may cause adverse consequences to our shareholders.

Our articles of incorporation provide that the Board of Directors may revoke or otherwise terminate our REIT election, without the approval of our shareholders, if it determines that it is no longer in our best interests to continue to qualify as a REIT. If we cease to be a REIT, we will not be allowed a deduction for dividends paid to shareholders in computing our taxable income, and we will be subject to U.S. federal income tax at regular corporate rates, which may have adverse consequences on our total return to our shareholders.

Regulatory and Legal Risks

Governmental entities have adopted or may adopt regulatory requirements that may restrict our development activity.

We are subject to laws and regulations that affect the land development process, including zoning and permitted land uses. Government entities have adopted or may approve regulations or laws that could negatively impact the availability of land and development opportunities. It is possible that requirements will be imposed on developers that could adversely affect our ability to develop projects in the affected markets or could require that we satisfy additional administrative and regulatory requirements, which could delay development progress or increase the development costs to us.

Governmental entities have adopted or may adopt regulatory requirements related to dams, reservoirs, and other water infrastructure that may adversely affect our operations.

We are subject to inspections and regulations that apply to certain of our dams, reservoirs, and other water infrastructure. Certain of these facilities have deficiencies noted by the State of Hawai‘i, which we are working with the regulators to resolve. It is possible that current or future requirements imposed on landowners and dam owners/operators may require that we satisfy additional administrative and regulatory requirements and thereby increase the holding costs to us and/or decrease the operational utility of the subject facilities.

Changes to federal, state or local law or regulations, including environmental laws and regulations, may adversely affect our business.

We are subject to federal, state and local laws and regulations, including government rate, land use, environmental, climate-related and tax laws and regulations. Compliance or noncompliance with, or changes to, the laws and regulations governing our business, including as a result of executive orders, could impose significant additional costs on us and adversely affect our financial condition and results of operations. For example, our real estate-related segments are subject to numerous federal, state and local laws and regulations, which, if changed or not complied with, may adversely affect our business.

We frequently utilize §1031 of the Code to defer taxes when selling qualifying real estate and reinvesting the proceeds in replacement properties. This often occurs when we sell bulk parcels of land in Hawai‘i or commercial properties in Hawai‘i, all of which typically have a very low tax basis. A repeal of, or adverse amendment to, §1031 of the Code could impose significant additional costs on us.

The Company’s operations and properties are subject to various federal, state and local laws and regulations concerning the protection of the environment, including Occupational Safety and Health Administration regulations; Environmental Protection Agency regulations; and state and county permits related to our operations. Under some environmental laws, a current or previous owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances released at a property. The owner or operator may also be held liable to a governmental entity or to third parties for property damage or personal injuries and for investigation and clean-up costs incurred by those parties because of the contamination. These laws often impose liability without regard to whether the owner or operator knew of the release of the substances or caused the release. The presence of contamination or the failure to remediate contamination may impair the Company’s ability to sell or lease real estate or to borrow using the real estate as collateral. Other laws and regulations govern indoor and outdoor air quality including those that can require the abatement or removal of asbestos-containing materials in the event of damage, demolition, renovation or remodeling and also govern emissions of and exposure to asbestos fibers in the air. The maintenance and removal of lead paint and certain electrical equipment containing polychlorinated biphenyls (“PCBs”) and underground storage tanks are also regulated by federal and state laws. The Company is also subject to risks associated with human exposure to chemical or biological contaminants such as molds, pollens, viruses and bacteria which, above certain levels, can be alleged to be connected to allergic or other health effects and symptoms in susceptible individuals. The Company could incur fines for environmental compliance and be held liable for the costs of remedial action with respect to the foregoing regulated substances or tanks or related claims arising out of environmental contamination or human exposure to contamination at or from its properties. Identification of compliance concerns or undiscovered areas of contamination, changes in the extent or known scope of contamination, discovery of additional sites, human exposure to the contamination or changes in cleanup or compliance requirements could result in significant costs to the Company. Moreover, compliance with new laws or regulations such as those related to climate change, including compliance with “green” building codes, or more stringent laws or regulations or stricter interpretations of existing laws may require material expenditures by the Company.

We are subject to, and may in the future be subject to, disputes, legal or other proceedings, or government inquiries or investigations, that could have an adverse effect on us.

The nature of our business exposes us to the potential for disputes, legal or other proceedings, or government inquiries or investigations, relating to labor and employment matters, contractual disputes, personal injury and property damage, environmental matters, construction litigation, business practices, and other matters, as discussed in the other risk factors disclosed in this section. These disputes could harm our business by distracting our management from the operation of our business. If these disputes develop into proceedings, these proceedings could result in significant expenditures or losses by us. Further, as a real estate developer, we may face warranty and construction defect claims, as described under “Risks Related to Our Investments in Real Estate.”

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Cybersecurity, and in particular cybersecurity risk management, is an important part of operations and a focus area for the Company. Cybersecurity risks are evaluated on an ongoing basis by the Company’s Technology department, both internally and with the assistance of external firms.

The Company engages a national security firm to improve its cybersecurity posture and keep current with evolving cybersecurity risks. The Company’s cybersecurity program is examined on a regular basis, and new procedures and tools are

adopted on an ongoing basis to address the changing cybersecurity landscape. The Company’s technology team gauges the effectiveness of its tools with periodic testing and evaluations.

The Company’s Board of Directors oversees the overall risk management process, including cybersecurity risks, which it administers in part through its Audit Committee. One of the Audit Committee’s responsibilities involves reviewing the Company’s policies regarding risk assessment and risk management, including with respect to cybersecurity risks. Risk oversight plays a role in all major decisions of the Company’s Board of Directors, and the evaluation of risk is a key part of its decision-making process.

Cybersecurity risks are considered as part of the risk management process across all levels of the organization but are also facilitated through a formal process in which the Company identifies significant risks through regular discussions with management and also develops responses and mitigating actions to address such risks. In conjunction with the Company’s Internal Audit department, management compiles a report of significant, enterprise risks that is shared with the Company’s Board of Directors and its Audit Committee annually or as needed. In addition, cybersecurity and information security risks are among the matters presented by the Chief Technology Officer (“CTO”) for discussion with the Company’s Board of Directors annually and its Audit Committee quarterly or as needed. The CTO, who reports to the Chief Financial Officer, is responsible for leading the assessment and management of cybersecurity risks. The Company's current CTO has more than twenty-five years of experience in IT across diverse industries, and he has designed and led the approach for the modernization of the Company's technology platforms and security posture since 2017.

As many security threats involve social engineering, the Company maintains a security awareness and training program for all employees. The program provides continuous, adaptive security simulations and education, including brief quarterly training modules focused on emerging and relevant threats. The Company monitors participation and progress to help ensure ongoing preparedness and awareness across the organization.

The Company does not believe that any risks from cybersecurity threats to date, including as a result of any previous cybersecurity incidents of which the Company is aware, have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial conditions. Refer to the risk factor captioned, “Security breaches through cyber attacks or intrusions, or other significant disruptions of the Company's information technology ("IT") networks, communications, and related systems could impair our ability to operate, adversely affect our financial condition, and damage our reputation.,” in Part I, Item IA. “Risk Factors” for additional description of cybersecurity risks and potential related impacts on the Company.

ITEM 2. DESCRIPTION OF PROPERTIES BY SEGMENT

Commercial Real Estate

Asset classes

The Company owns and operates a portfolio of improved properties within three asset classes in Hawai‘i (retail, industrial and office). The following table presents a summary of GLA square footage ("SF") by the improved property asset class and location as of December 31, 2025:


	Oahu	Maui	Kauai	Hawai‘i Island	Total
Retail	1,723,300	288,600	228,600	222,100	2,462,600
Industrial	1,037,600	163,600	64,600	86,700	1,352,500
Office	37,100	108,500	—	—	145,600
Total	2,798,000	560,700	293,200	308,800	3,960,700

The Company also owns 145 acres of land in Hawai‘i, primarily on Oahu and Maui, of which substantially all is leased pursuant to urban ground leases as of December 31, 2025.

Improved properties

Most of the Company's improved retail, industrial and office properties are located on Oahu and Maui, with a smaller number of holdings on Hawai‘i (island) and Kauai. The occupancy for the improved properties portfolio (i.e., the percentage of square footage leased and commenced to gross leasable space at the end of the period reported, "Leased Occupancy") was 95.6% as of December 31, 2025, and 94.6% as of December 31, 2024. For properties in the portfolio, the Company presents annualized base rent ("ABR") for each of its improved properties on a total and per-square-foot ("PSF") basis; ABR is calculated by multiplying the current month's contractual base rent by twelve.

As of December 31, 2025, the Company's commercial real estate improved property assets were as follows (dollars in thousands, except PSF data):


	Property	Island	Year Built/ Renovated	Current GLA (SF)	Leased/Economic Occupancy		ABR		ABR PSF
	Retail:
1	Pearl Highlands Center	Oahu	1992-1994	412,200	99.8%	99.7%	$	11,571	$	28.14
2	Kailua Retail	Oahu	1947-2014	338,200	97.0%	96.0%	13,897		43.12
3	Laulani Village	Oahu	2012	175,300	97.8%	97.8%	7,356		42.92
4	Waianae Mall	Oahu	1975	170,800	96.2%	96.2%	4,078		25.02
5	Manoa Marketplace	Oahu	1977, 2023	142,500	95.4%	92.1%	5,091		39.29
6	Queens' MarketPlace	Hawai‘i Island	2007	133,700	86.3%	79.3%	5,091		57.05
7	Kaneohe Bay Shopping Center (Leasehold)	Oahu	1971	125,500	99.5%	99.5%	3,549		28.42
8	Hokulei Village	Kauai	2015	119,000	100.0%	100.0%	4,830		40.59
9	Pu‘unene Shopping Center	Maui	2017	118,000	78.4%	78.4%	4,941		53.41
10	Waipio Shopping Center	Oahu	1986, 2004	113,800	98.6%	98.6%	3,914		34.98
11	Aikahi Park Shopping Center	Oahu	1971, 2022	97,300	92.2%	89.1%	3,522		41.48
12	Lanihau Marketplace	Hawai‘i Island	1987	88,400	95.5%	94.3%	1,649		19.79
13	The Shops at Kukui`ula	Kauai	2009	86,000	96.7%	92.3%	4,161		54.92
14	Ho‘okele Shopping Center	Maui	2019	71,400	98.7%	96.1%	2,908		42.40
15	Kunia Shopping Center	Oahu	2004	60,600	86.5%	84.8%	2,187		43.65
16	Kahului Shopping Center1	Maui	1951	49,100	84.1%	84.1%	800		19.39
17	Lau Hala Shops	Oahu	2018	46,300	100.0%	100.0%	2,756		59.57
18	Napili Plaza	Maui	1991	45,600	100.0%	89.9%	1,460		36.71
19	Gateway Mililani Mauka	Oahu	2008, 2013	34,900	96.8%	91.7%	2,098		65.61
20	Port Allen Marina Center	Kauai	2002	23,600	76.3%	76.3%	650		36.08
21	The Collection	Oahu	2017	5,900	100.0%	100.0%	369		62.54
22	22 Hana Highway1	Maui	1999	4,500	100.0%	100.0%	151		33.50
	Subtotal – Retail			2,462,600	95.4%	94.0%	$	87,029	$	38.08
	Industrial:
1	Komohana Industrial Park	Oahu	1990	222,000	100.0%	100.0%	$	3,614	$	16.28
2	Kaka`ako Commerce Center	Oahu	1969	201,100	96.9%	96.9%	2,720		14.09
3	Waipio Industrial	Oahu	1988-1989	158,400	99.4%	99.4%	3,043		19.33
4	Opule Industrial	Oahu	2005-2006, 2018	151,500	100.0%	100.0%	2,787		18.40
5	P&L Warehouse	Maui	1970	104,100	100.0%	100.0%	1,788		17.17
6	Kapolei Enterprise Center	Oahu	2019	93,100	100.0%	100.0%	1,799		19.33
7	Honokohau Industrial	Hawai‘i Island	2004-2006, 2008	86,700	96.0%	96.0%	1,421		17.08
8	Waihona Industrial1	Oahu	1981,1988,2001,2008	81,500	100.0%	100.0%	1,620		19.88
9	Kailua Industrial / Other	Oahu	1951-1974	68,900	97.8%	95.2%	1,281		19.54
10	Port Allen Center	Kauai	1983, 1993	64,600	97.8%	97.8%	870		13.77
11	Harbor Industrial1	Maui	1930	51,100	62.0%	62.0%	482		15.19
12	Kaomi Loop Industrial	Oahu	2005	33,200	100.0%	100.0%	559		16.82
13	Kahai Street Industrial	Oahu	1973	27,900	100.0%	100.0%	435		15.60
14	Maui Lani Industrial	Maui	2010	8,400	100.0%	100.0%	165		19.64
	Subtotal – Industrial			1,352,500	97.6%	97.4%	$	22,584	$	17.16
	Office:
1	Kahului Office Building1	Maui	1974	59,000	70.7%	69.2%	$	1,264	$	31.00
2	Gateway at Mililani Mauka South	Oahu	1992, 2006	37,100	100.0%	100.0%	1,925		51.82
3	Kahului Office Center	Maui	1991	35,800	94.1%	92.2%	1,103		33.43
4	Lono Center1	Maui	1973	13,700	37.2%	37.2%	129		32.23
	Subtotal – Office			145,600	80.8%	79.7%	$	4,421	$	38.47
	Total – Improved Portfolio			3,960,700	95.6%	94.7%	$	114,034	$	30.69

1Property is currently not included in the same-store ("Same-Store") pool. The Same-Store pool excludes properties under development, and properties acquired or sold during either of the comparable reporting periods. The Same-Store pool may also exclude properties that are fully or partially taken out of service for the purpose of redevelopment or repositioning. Management judgment is involved in the classification of properties for exclusion from the Same-Store pool when they are no longer considered stabilized due to redevelopment or other factors. Properties are moved into the Same-Store pool after one full calendar year of stabilized operation.

Ground leases

The Company's portfolio of commercial ground leases at December 31, 2025, was as follows (dollars in thousands):


	Property Name	Location (City, Island)	Acres	Property Type	Exp. Year	Current ABR
1	Windward City Shopping Center	Kaneohe, Oahu	15.4	Retail	2035	$	3,886
2	Owner/Operator	Kapolei, Oahu	36.4	Industrial	2025	3,540
3	Owner/Operator	Honolulu, Oahu	9.0	Retail	2045	2,283
4	Kaimuki Shopping Center	Honolulu, Oahu	2.8	Retail	2040	2,039
5	S&F Industrial	Kahului, Maui	52.0	Industrial	2059	1,433
6	Owner/Operator	Kaneohe, Oahu	3.7	Retail	2048	1,059
7	Pali Palms Plaza	Kailua, Oahu	3.3	Office	2037	992
8	Windward Town and Country Plaza I	Kailua, Oahu	3.4	Retail	2062	963
9	Windward Town and Country Plaza II	Kailua, Oahu	2.2	Retail	2062	621
10	Owner/Operator	Kailua, Oahu	1.9	Retail	2034	470
11	Owner/Operator	Honolulu, Oahu	0.5	Retail	2028	404
12	Owner/Operator	Honolulu, Oahu	0.5	Retail	2028	381
13	Seven-Eleven Kailua Center	Kailua, Oahu	0.9	Retail	2033	344
14	Owner/Operator	Kahului, Maui	0.8	Retail	2026	289
15	Owner/Operator	Honolulu, Oahu	0.7	Industrial	2030	275
16	Owner/Operator	Kahului, Maui	0.8	Industrial	MTM2	249
17	Owner/Operator	Kahului, Maui	0.4	Retail	2027	195
18	Owner/Operator	Kailua, Oahu	0.4	Retail	2030	194
19	Owner/Operator	Kahului, Maui	0.9	Retail	2030	155
20	Wendy's	Kailua, Oahu	0.5	Retail	2046	142
	Remainder1	Various	8.5	Various	Various	674
	Total - Ground Leases		145.0			$	20,588

1A portion of these properties are currently not included in the Same-Store pool. The Same-Store pool excludes properties under development, and properties acquired or sold during either of the comparable reporting periods. The Same-Store pool may also exclude properties that are fully or partially taken out of service for the purpose of redevelopment or repositioning. Management judgment is involved in the classification of properties for exclusion from the Same-Store pool when they are no longer considered stabilized due to redevelopment or other factors. Properties are moved into the Same-Store pool after one full calendar year of stabilized operation.
2Lease is currently month-to-month.

Land Operations

The Company's Land Operations segment primarily consists of the Company's legacy landholdings and other legacy assets and liabilities.

Real Estate Investments

At December 31, 2025, the Company's real estate investments related to its Land Operations segment were as follows (amounts in thousands):


	Carrying Value
ASSETS
Real estate investments
Real estate property	$	1,278
Accumulated depreciation	(158)
Real estate property, net	1,120
Real estate developments	41,566

Investments in real estate joint ventures and partnerships	5,907

Real estate investments, net	$	48,593

Core Real Estate Development Projects

As of December 31, 2025, the Company's Land Operations segment has one remaining active, core real estate development-for-sale project, Maui Business Park (Phase II) ("Maui Business Park"). Maui Business Park represents the second phase of the Company's Maui Business Park project in Kahului, Maui, Hawai‘i and is zoned for light industrial, retail, and office use. A summary of the project as of December 31, 2025, is as follows:

(in millions)

Project

Location

Product Type

Remaining Sellable Acres1

Acres Under Contract2

Estimated Total Project Cost

Total Project Costs Incurred to Date

Maui Business Park

Kahului, Maui

Light industrial lots

24.0

12.5

92.1

65.5

1 Remaining sellable acres may change due to updates in overall development plan that results in modification of planned roads and easements. The remaining sellable acres provide potential to add up to 520,000 sq. ft. of industrial GLA to the improved portfolio if developed.

2 Includes 12.5 acres under contract with a delayed closing pending subdivision completion.

ITEM 3. LEGAL PROCEEDINGS

The information set forth under the "Legal proceedings and other contingencies" section in Note 10 – Commitments and Contingencies of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report, is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

The common stock of Alexander & Baldwin, Inc. ("A&B" or the "Company") is listed on the New York Stock Exchange under the ticker symbol "ALEX". As of February 13, 2026, there were approximately 1,636 shareholders of record. In addition, Cede & Co., which appears as a single record holder, represents the holdings of thousands of beneficial owners of the Company's common stock.

Dividends

The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2017. As a REIT, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders (determined without regard to the dividends paid deduction and excluding any net capital gains). The Company has distributed and intends to continue to distribute REIT taxable income, including net capital gains, to its shareholders that will enable the Company to meet the distribution requirements applicable to REITs under the Code. The Company's Board of Directors, in its sole discretion, determines on a quarterly basis the amount of cash to be distributed to the Company's shareholders based on a number of factors including, but not limited to, the Company's results of operations, cash flow and capital requirements, economic conditions, tax considerations, borrowing capacity and other factors, including debt covenant restrictions, that may impose limitations on cash payments and plans for future acquisitions and divestitures. Notwithstanding, during the term of the Merger Agreement, the Company may not pay dividends, except as reasonably necessary to avoid incurring entity-level income or excise taxes or to maintain its tax status as a real estate investment trust, and any such dividends would result in an offsetting decrease to the per-share merger consideration paid to our shareholders under the Merger Agreement at the closing of the Merger.

Issuer Purchases and Sales of Equity Securities

In October 2023, the Company's Board of Directors authorized the Company to repurchase up to $100.0 million of its common stock beginning on January 1, 2024, and ending on December 31, 2025. During the quarter ended December 31, 2025, the Company purchased 120,041 shares of its common stock. In October 2025, the Company's Board of Directors authorized the Company to repurchase up to $100.0 million of its common stock beginning on January 1, 2026, and ending on December 31, 2027.

The following summarizes the Company's purchases of equity securities and use of proceeds for the fourth quarter of fiscal year 2025.


Issuer Purchases of Equity Securities
Execution Date	Total Number of Shares Purchased	Average Price Paid per Share¹		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
					(in thousands)
October 1-31, 2025	—	$	—	5,830	$	99,908
November 1-30, 2025	120,041	$	15.72	125,871	$	98,021
December 1-31, 2025	—	$	—	125,871	$	98,021

1The average price paid per share includes $0.03 commission fee per share.

There were no unregistered equity securities sold by the Company during 2025 or 2024.

The graph below compares the cumulative total return on the Company’s common stock with that of the Standard & Poor's 500 Stock Index (“S&P 500”) and two industry peer group indices, FTSE Nareit All Equity REITs and FTSE Nareit Equity Shopping Centers, from December 31, 2020, through December 31, 2025. The stock price performance graph assumes that an investor invested $100 in each of the Company and the indices, and the reinvestment of any dividends. The comparisons in the graph are provided in accordance with the SEC disclosure requirements and are not intended to forecast or be indicative of the future performance of the Company's shares of common stock.

ITEM 6. RESERVED

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

Statements in this Form 10-K that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and 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 that relate to future events or conditions, including without limitation, the statements in Part I, Item 1. “Business” and Item 1A. “Risk Factors,” Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Note 1 of the Notes to Consolidated Financial Statements included in this Form 10-K, regarding the pending merger (the “Merger”) of Alexander & Baldwin, Inc. ("A&B" or the "Company") with and into a wholly owned subsidiary of a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (the “Merger”); the likelihood of the satisfaction of the conditions to the completion of the Merger and whether and when the Merger will be consummated; any anticipated effects of the announcement or pendency of the Merger on the Company’s business, expenses related to the Merger and any potential future costs; and statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. 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, and those discussed in Part I, Item 1A of this Form 10-K under the heading "Risk Factors." The information in this Form 10-K should be evaluated in light of these important risk factors. The Company does not undertake any obligation to update any forward-looking statements.

The risk factors discussed in "Risk Factors" could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause our results to differ materially from those expressed in forward-looking statements.

Introduction and Objective

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part II, Item 8. Financial Statements and Supplementary Data, of this Annual Report on Form 10-K, our Current Reports on Form 8-K and our other filings with the Securities and Exchange Commission. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024; and provides additional material information about the Company's business, recent developments and financial condition; its results of operations at a consolidated and segment level; its liquidity and capital resources including an evaluation of the amounts and certainty of cash flows from operations and from outside sources; and how certain accounting principles, policies, and estimates affect its financial statements. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. MD&A is organized as follows:

•Business Overview: This section provides a general description of the Company's business, as well as recent developments that management believes are important in understanding its results of operations and financial condition or in understanding anticipated future trends.

•Consolidated Results of Operations: This section provides an analysis of the Company's consolidated results of operations.

•Analysis of Operating Revenue and Profit by Segment: This section provides an analysis of the Company's results of operations by business segment.

•Liquidity and Capital Resources: This section provides a discussion of the Company's liquidity, financial condition and an analysis of its cash flows, including a discussion of the Company's ability to fund its future commitments and ongoing operating activities in the short-term (i.e., over the next twelve months from the most recent fiscal period end)

and in the long-term (i.e., beyond the next twelve months) through internal and external sources of capital. It includes an evaluation of the amounts and certainty of cash flows from operations and from outside sources.

•Critical Accounting Estimates: This section identifies and summarizes the significant judgments or estimates on the part of management in preparing the Company's consolidated financial statements that may materially impact the Company's reported results of operations and financial condition.

Amounts in the MD&A section are rounded to the nearest thousand. Accordingly, a recalculation of totals and percentages, if based on the reported data, may be slightly different.

Business Overview

Reportable segments

The Company operates two segments: Commercial Real Estate and Land Operations. A description of each of the Company's reportable segments is as follows:

•Commercial Real Estate ("CRE") - This segment functions as a vertically integrated real estate investment company with core competencies in property management and in-house leasing (i.e., executing new and renegotiating renewal lease arrangements, managing its properties' day-to-day operations and maintaining positive tenant relationships); investments and acquisitions (i.e., identifying opportunities and acquiring properties); and construction and development (i.e., designing and ground-up development of new properties or repositioning and redevelopment of existing properties). The Company's preferred asset classes include improved properties in retail and industrial spaces, and also urban ground leases. Its focus within improved retail properties, in particular, is on grocery-anchored neighborhood shopping centers that meet the daily needs of Hawai‘i communities. Through its core competencies and with its experience and relationships in Hawai‘i, the Company seeks to create places that enhance the lives of Hawai‘i residents and to provide venues and opportunities that enable its tenants to thrive. Income from this segment is principally generated by owning, operating, and leasing real estate assets.

Agreement and Plan of Merger

At the effective time of the Merger (the "Effective Time"), each share of common stock, without par value, of the Company that is issued and outstanding immediately prior to the Effective Time (other than (i) shares of common stock held by the Company or any subsidiary of the Company or by Parent or Merger Sub immediately prior to the Effective Time and (ii) shares of common stock with respect to which dissenters’ rights have been properly exercised in accordance with Part XIV of the Hawaii Business Corporation Act and perfected and not withdrawn) will be automatically cancelled and converted into the right to receive $21.20 in cash, without interest and less any applicable withholding taxes and our fourth quarter 2025 dividend of $0.35 per share (resulting in a net payment at closing of $20.85 less any applicable withholding taxes).

If the Merger is consummated, the shares of the Company's common stock currently listed on the New York Stock Exchange (the "NYSE") will be delisted from the NYSE and will subsequently be deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The consummation of the Merger is subject to certain customary closing conditions, including, among others, (i) approval of the Merger Agreement by the affirmative vote of the holders of a majority of the outstanding shares of the Company common stock entitled to vote on the Merger Agreement, (ii) the absence of a law or order restraining, enjoining, rendering illegal or otherwise prohibiting the consummation of the Merger, and (iii) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement). The Merger is expected to close in the first quarter of 2026.

The foregoing description of the Merger Agreement is qualified in its entirety by reference to the full text of the Merger Agreement, which has been filed as Exhibit 2.1 to the Current Report on Form 8-K that the Company filed with the SEC on December 8, 2025. For additional information regarding the Merger and the terms of the Merger Agreement, see also the definitive proxy statement on Schedule 14A that the Company filed with the SEC on January 23, 2026 (as it may be amended or supplemented from time to time).

Consolidated Results of Operations

For an understanding of the significant factors that influenced our performance during fiscal 2025 and 2024, the following analysis of the consolidated financial condition and results of operations of the Company and its subsidiaries should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part II, Item 8 of this Annual Report on Form 10-K.


					Favorable (Unfavorable) Change
(amounts in thousands, except percentage data and per share data)	2025		2024		$			%
Operating revenue	$	206,673	$	236,641	$	(29,968)		(12.7)	%
Cost of operations	(110,566)		(128,995)		18,429			14.3	%
Selling, general, and administrative	(28,126)		(29,822)		1,696			5.7	%
Merger transaction costs	(7,101)		—		(7,101)		0	NM
Impairment of assets	—		(256)		256		0	100.0	%
Gain (loss) on commercial real estate transactions	7,454		51		7,403			145X
Gain (loss) on disposal of assets and settlements, net	11,685		2,148		9,537			4X
Operating income (loss)	80,019		79,767		252			0.3	%
Income (loss) related to joint ventures and partnerships	8,288		4,556		3,732			81.9	%
Impairment of equity method investment	(406)		—		(406)			NM
Interest and other income (expense), net	416		3,023		(2,607)			(86.2)	%
Interest expense	(23,801)		(23,169)		(632)			(2.7)	%
Income tax benefit (expense)	69		(174)		243			NM
Income (loss) from continuing operations	64,585		64,003		582			0.9	%
Income (loss) from discontinued operations (net of income taxes)	89		(3,466)		3,555			NM
Net income (loss)	64,674		60,537		4,137			6.8	%



Earnings per share:
Basic earnings (loss) per share - continuing operations	$	0.89	$	0.88	$	0.01		1.1	%
Basic earnings (loss) per share - discontinued operations	—		(0.05)		0.05			100.0	%
Basic earnings (loss) per share of common stock:	$	0.89	$	0.83	$	0.06		7.2	%

Diluted earnings (loss) per share - continuing operations	$	0.89	$	0.88	$	0.01		1.1	%
Diluted earnings (loss) per share - discontinued operations	—		(0.05)		0.05			100.0	%
Diluted earnings (loss) per share of common stock:	$	0.89	$	0.83	$	0.06		7.2	%

Continuing operations available to A&B common shareholders	$	64,585	$	63,980	$	605		0.9	%
Discontinued operations available to A&B common shareholders	89		(3,466)		3,555			NM
Net income (loss) available to A&B common shareholders	$	64,674	$	60,514	$	4,160		6.9	%

Funds From Operations ("FFO")1	$	95,251	$	100,006	$	(4,755)		(4.8)	%
Adjusted FFO1	$	75,129	$	80,064	$	(4,935)		(6.2)	%

FFO per diluted share	$	1.30	$	1.37	$	(0.07)		(5.1)	%

Weighted average diluted shares outstanding (FFO)2	73,047		72,752

1 For definitions of capitalized terms and a discussion of management's use of non-GAAP financial measures and the required reconciliations of non-GAAP measures to GAAP measures, refer to page 39.
2 May differ from figure used in the consolidated statements of operations based on differing dilutive effects for net income (loss) versus FFO.

The causes of material changes in the consolidated statements of operations for the year ended December 31, 2025, as compared to the year ended December 31, 2024, are described below or in the Analysis of Operating Revenue and Profit by Segment sections below.

Operating revenue for 2025 decreased 12.7%, or $30.0 million, to $206.7 million primarily due to lower revenues from the Land Operations segment's land sales, partially offset by increases in rental and recovery revenues from the Commercial Real Estate segment. During the current year, the Company sold approximately 130 acres of legacy land holdings on Maui, and no development lots at Maui Business Park, compared to approximately 430 acres of legacy land holdings on Maui and Kauai, including an 81-acre residential-zoned parcel on Maui, as well as six development lots at Maui Business Park and two industrial-zoned development lots on Oahu in the prior year.

Cost of operations for 2025 decreased 14.3%, or $18.4 million, to $110.6 million, due primarily to the Land Operations segment's lower cost of sales associated with the reduced land sales activity in the current year.

Selling, general, and administrative costs for 2025 decreased 5.7%, or $1.7 million, to $28.1 million due primarily to lower software and technology costs, charitable giving, personnel-related expenses, insurance and professional service fees.

Merger transaction costs of $7.1 million for the year ended December 31, 2025, relates to the Merger and consists primarily of legal consulting and financial advisory fees.

Gain (loss) on commercial real estate transactions of $7.5 million for the year ended December 31, 2025, is due primarily to two leases that met the criteria for classification as sales-type leases during the first and third quarters of 2025. Accordingly, the Company derecognized the associated real estate property and recognized $6.7 million in selling profit from sales-type leases. In addition, the Company recognized a gain of $0.8 million from the repossession of a CRE property located in Maui.

Gain (loss) on disposal of assets and settlements, net of $11.7 million for 2025 is primarily related to a contract modification and favorable resolution of the remaining rights and obligations from a land sale in a prior year. Gain (loss) on disposal of assets and settlements, net of $2.1 million for 2024 was related to the favorable resolution of contingent liabilities related to a prior year sale of a legacy business.

Income (loss) related to joint ventures and partnerships of $8.3 million for the year ended December 31, 2025, is primarily composed of earnings from the Company's unconsolidated investment in a materials company and a release of reserves held at a legacy real estate joint venture. The increase of $3.7 million from $4.6 million for the year ended December 31, 2024, is due primarily to the release of reserves.

Interest and other income (expense), net of $3.0 million for the year ended December 31, 2024, was due primarily to a gain on the fair value adjustment for two forward interest rate swaps and interest income related to a note receivable that was collected in 2024, partially offset by a one-time financing-related charge.

Loss from discontinued operations (net of income taxes) of $3.5 million for the year ended December 31, 2024, primarily relates to the resolution of cessation related liabilities associated with the Company's former sugar operations that did not reoccur in the current year.

Analysis of Operating Revenue and Profit by Segment

The following analysis should be read in conjunction with the consolidated financial statements and related notes thereto.

Commercial Real Estate

Financial results

Results of operations for the years ended December 31, 2025 and 2024, were as follows:


					Favorable (Unfavorable) Change
(amounts in thousands, except percentage data and acres; unaudited)	2025		2024		$		%
Commercial Real Estate operating revenue	$	202,861	$	197,365	$	5,496	2.8	%
Commercial Real Estate operating costs and expenses	(106,030)		(102,535)		(3,495)		(3.4)	%
Selling, general and administrative	(5,997)		(5,372)		(625)		(11.6)	%
Intersegment operating revenue1	—		25		(25)		(100.0)	%
Impairment of assets	—		(256)		256		100.0	%

Interest and other income (expense), net	95		184		(89)		(48.4)	%
Commercial Real Estate operating profit (loss)	$	90,929	$	89,411	$	1,518	1.7	%

Net Operating Income ("NOI")2	$	132,529	$	127,478	$	5,051	4.0	%

Same-Store Net Operating Income ("Same-Store NOI")2	$	129,183	$	124,707	$	4,476	3.6	%
Gross Leasable Area ("GLA") in square feet ("SF") for improved properties at end of period	3,961		3,957		4		0.1	%
Ground leases (acres at end of period)	145.0		142.0		3.0		2.1	%

1 Intersegment operating revenue for Commercial Real Estate is primarily from the Land Operations segment and is eliminated in the consolidated results of operations.
2 For a discussion of management's use of non-GAAP financial measures and the required reconciliations of non-GAAP measures to GAAP measures, refer to page 39.

Commercial Real Estate operating revenue increased 2.8% or $5.5 million, to $202.9 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024. Operating profit increased 1.7%, or $1.5 million, to $90.9 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024. The increase in operating revenue from the prior year was due primarily to higher rental revenue, largely driven by the acquisition of Waihona Industrial in September 2024, the sales-type leases entered into in the first and third quarters of 2025 and increased overall occupancy, partially offset by higher depreciation expense primarily due to the Waihona Industrial acquisition, a $19.7 million anchor tenant improvement that was placed in service in first quarter of 2025, and accelerated depreciation that resulted from a revised economic life for an industrial asset identified for redevelopment.

Commercial Real Estate portfolio transactions

During the year ended December 31, 2025, the Company's commercial real estate transactions were as follows (dollars in millions):

Transactions

Property

Location

Transaction Type

Date
(Month/Year)

Purchase Price

GLA (SF)

Maui Business Park - 4.7-acre parcel subject to ground lease

Maui

Transfer-in

3/25

N/A1

N/A2

22 Hana Highway3

Maui

Repossession

12/25

N/A3

4,500

1 Represents an intercompany transaction. Land and land improvements transferred from the Land Operations segment. During the year ended December 31, 2025, the Company entered into a ground lease agreement for the transferred land, and the agreement was determined to meet the classification as a sales-type lease.

2 Transfer of land and land improvements only.

3 In December 2025, the Company took possession of a 4,500 square foot retail building for which the ground lease tenant was in default. In conjunction with the repossession, the Company recognized a gain on commercial real estate transactions equal to the fair value of the building of $0.8 million. Additionally, the ground asset was moved from the ground lease portfolio to the retail asset class within the Company's improved portfolio.

The Company made no acquisitions or dispositions of CRE improved properties or ground lease interests in land during the year ended December 31, 2025.

Leasing activity

During the year ended December 31, 2025, the Company signed 64 new leases and 136 renewal leases for its improved properties across its three asset classes, covering 722,700 square feet of GLA. The 64 new leases consist of 249,300 square feet with an average annual base rent of $27.16 per-square-foot. Of the 64 new leases, 28 leases with a total GLA of 45,600 square feet were considered comparable (i.e., leases executed for units that have been vacated in the previous 12 months for comparable space and comparable lease terms) and, for these 28 leases, resulted in a 10.2% average base rent increase over comparable expiring leases. The 136 renewal leases consist of 473,400 square feet with an average annual base rent of $29.29 per square foot. Of the 136 renewal leases, 115 leases with a total GLA of 329,600 were considered comparable and resulted in a 6.3% average base rent increase over comparable expiring leases. The Company signed three new ground lease renewals during the year ended December 31, 2025, of which two were considered comparable and resulted in a 3.4% base rent increase over the comparable expiring lease.

Leasing activity summarized by asset class for the year ended December 31, 2025, was as follows:


	Year Ended December 31, 2025
	Leases	GLA (SF)	ABR2,4/SF	Rent Spread3
Retail	133	295,419	$40.69	7.6%
Industrial	55	397,130	$17.98	7.1%
Office	12	30,176	$48.90	2.1%
Subtotal - Improved	200	722,725	$28.55	6.8%
Ground4,5	3	N/A1	$637	3.4%
1 Not applicable for ground leases as such leases would not be comparable from a GLA (SF) perspective.
2Annualized Base Rent ("ABR") as is relates to new and renewal leases is the first monthly contractual base rent multiplied by 12. Base rent is presented without consideration of percentage rent that may, in some cases, be significant.
3 Rent spread is calculated for comparable leases, a subset of the total population of leases for the period presented (described above).
4 Current ABR, in thousands, is presented for ground leases.
5 During the year ended December 31, 2025, the Company entered into a non-comparable ground lease for a 4.7 acre land parcel located within Maui Business Park. As rent has not yet commenced for the lease, the ABR presented is the expected economic ABR.

Occupancy

The Company reports three types of occupancy: "Leased Occupancy," "Physical Occupancy," and "Economic Occupancy."

The Leased Occupancy percentage calculates the square footage leased (i.e., the space has been committed to by a lessee under a signed lease agreement) as a percentage of total available improved property square footage as of the end of the period reported.

The Physical Occupancy percentage calculates the square footage leased and commenced (i.e., measured when the lessee has physical access to the space) as a percentage of total available improved property space at the end of the period reported.

The Economic Occupancy percentage calculates the square footage under leases for which the lessee is contractually obligated to make lease-related payments (i.e., subsequent to the rent commencement date) to total available improved property square footage as of the end of the period reported.

The Company's improved portfolio occupancy metrics as of December 31, 2025 and 2024, were as follows:


	As of		Basis Point Change
	December 31, 2025	December 31, 2024
Leased Occupancy	95.6%	94.6%	100
Physical Occupancy	95.2%	93.7%	150
Economic Occupancy	94.7%	92.9%	180

For further context, the Company's Leased Occupancy and Economic Occupancy metrics for its improved portfolio summarized by asset class – and the corresponding occupancy metrics for a category of properties that were owned and operated for the entirety of the prior calendar year and current period, to date ("Same-Store" as more fully described below) – as of December 31, 2025 and 2024, were as follows:


Leased Occupancy
	As of
	December 31, 2025	December 31, 2024	Basis Point Change
Retail	95.4%	95.2%	20
Industrial	97.6%	95.2%	240
Office	80.8%	79.8%	100
Total Leased Occupancy	95.6%	94.6%	100

Economic Occupancy
	As of
	December 31, 2025	December 31, 2024	Basis Point Change
Retail	94.0%	92.8%	120
Industrial	97.4%	95.0%	240
Office	79.7%	74.7%	500
Total Economic Occupancy	94.7%	92.9%	180

Same-Store Leased Occupancy1
	As of
	December 31, 2025	December 31, 2024	Basis Point Change
Retail	95.7%	95.4%	30
Industrial	98.9%	95.1%	380
Office	97.1%	94.4%	270
Total Same-Store Leased Occupancy	96.8%	95.3%	150

Same-Store Economic Occupancy1
	As of
	December 31, 2025	December 31, 2024	Basis Point Change
Retail	94.2%	93.0%	120
Industrial	98.7%	94.8%	390
Office	96.2%	94.4%	180
Total Same-Store Economic Occupancy	95.8%	93.6%	220

1The Same-Store pool excludes properties under development, and properties acquired or sold during either of the comparable reporting periods. The Same-Store pool may also exclude properties that are fully or partially taken out of service for the purpose of redevelopment or repositioning. Management judgment is involved in the classification of properties for exclusion from the Same-Store pool when they are no longer considered stabilized due to redevelopment or other factors. Properties are moved into the Same-Store pool after one full calendar year of stabilized operation.

Land Operations

Trends, events and uncertainties

The asset class mix of real estate sales in any given period can be diverse and may include developable subdivision lots, undeveloped land or property sold under threat of condemnation. Further, the timing of property or parcel sales can significantly affect operating results in a given period.

Operating profit reported in each period for the Land Operations segment does not necessarily follow a percentage of sales trend because the cost basis of property sold can differ significantly between transactions. For example, the sale of undeveloped land and vacant parcels in Hawai‘i may result in higher margins than the sale of developed property due to the low historical cost basis of the Company's Hawai‘i landholdings.

As a result, direct year-over-year comparison of the Land Operations segment results may not provide a consistent, measurable indicator of future performance. Further, Land Operations revenue trends, cash flows from the sales of real estate, and the amount of real estate available for sale on the Company's consolidated balance sheet do not necessarily indicate future profitability trends for this segment.

Financial results

Results of operations for the years ended December 31, 2025 and 2024, were as follows:


(amounts in thousands; unaudited)	2025		2024
Development sales revenue	$	—	$	18,328
Unimproved/other property sales revenue	3,362		20,265
Other operating revenue1	450		683
Total Land Operations operating revenue	3,812		39,276
Land Operations operating costs and expenses2	(4,536)		(26,490)
Selling, general, and administrative	(1,056)		(1,310)

Gain (loss) on disposal of assets and settlements, net	11,748		2,148

Impairment of equity method investment	(406)		—
Income (loss) related to joint ventures and partnerships	8,288		4,556
Interest and other income (expense), net	(23)		742
Total Land Operations operating profit (loss)	$	17,827	$	18,922

1 Other operating revenue primarily includes revenue related to licensing and leasing of legacy agricultural lands during the twelve months ended December 31, 2025 and 2024.
2 Includes intersegment operating charges for Land Operations that are from the Commercial Real Estate segment and are eliminated in the consolidated results of operations.

2025: Land Operations operating revenue of $3.8 million for the year ended December 31, 2025, is primarily related to the sale of unimproved and other land holdings on the island of Maui.

Land Operations operating profit of $17.8 million during the year ended December 31, 2025, is primarily composed of the gain related to a contract modification and favorable resolution of remaining rights and obligations from a land sale in a prior year, equity earnings from joint ventures driven by earnings from the Company's unconsolidated investment in a materials company and a release of reserves held at a legacy real estate joint venture, and the margins resulting from unimproved land sales in the current year.

2024: Land Operations operating revenue of $39.3 million and related costs of sales of $26.5 million for the year ended December 31, 2024, are primarily related to the sale of approximately 430 acres of unimproved and other land holdings on Maui and Kauai for $20.3 million, including an 81-acre residential-zoned parcel on Maui, as well as six development lots at Maui Business Park for $10.2 million and two industrial-zoned development lots on Oahu for $8.1 million.

Land Operations operating profit of $18.9 million for the year ended December 31, 2024, is primarily composed of the margins resulting from land sales noted above, equity in earnings from joint ventures of $4.6 million primarily related to the Company's unconsolidated investment in a materials company, and the gain from disposals of assets of $2.1 million due to the favorable resolution of contingent liabilities related to the sale of a legacy business in a prior year, and charges related to legacy business environmental remediation activities.

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' 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 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.

Funds from Operations and Adjusted 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 computed in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”) and is calculated as follows: net income (loss) available to A&B common shareholders (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 and selling profit or loss recognized on sales-type leases, (3) gains and losses from change in control, (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, and (5) income (loss) from discontinued operations related to legacy business operations.

FFO serves as a supplemental measure to net income calculated in accordance with GAAP and management believes is useful for comparing the Company’s performance and operations to those of other REITs because it excludes items included in net income that do not relate to or are not indicative of its operating and financial performance, such as depreciation and amortization related to real estate, which assumes that the value of real estate assets diminishes predictably over time instead of fluctuating with market conditions, and items that can make periodic or peer analysis more difficult, such as gains and losses from the sale of CRE properties, impairment losses related to CRE properties, and income (loss) from discontinued operations. Management believes that FFO more accurately provides an investor an indication of the Company’s ability to incur and service debt, make capital expenditures and fund other needs.

FFO related to CRE and Corporate is a supplemental non-GAAP measure that refines FFO to reflect the operating performance of the Company's commercial real estate business. FFO related to CRE and Corporate is calculated by adjusting FFO to exclude the operating performance of the Company’s Land Operations segment. The Company also provides a reconciliation from CRE Operating Profit to FFO related to CRE and Corporate by including corporate, interest, and income tax expenses attributable to its commercial real estate business, and by excluding gains or losses on and depreciation and amortization of CRE properties, as well as distributions to participating securities. Management believes that FFO related to CRE and Corporate provides an additional measure to compare the Company’s performance by excluding legacy items from the Land Operations segment.

Adjusted FFO serves as a supplemental measure to net income calculated in accordance with GAAP and management believes may be more useful than FFO in evaluating the operating performance of the Company’s properties over the long term because it excludes from FFO the effects of certain items that do not relate to or are not indicative of the Company’s ongoing property operations, and by enhancing comparability to other REITs by enabling investors and analysts to assess property operating performance in comparison to other real estate companies.

Adjusted FFO is calculated by excluding from FFO certain items not related to ongoing property operations including share-based compensation, Merger transaction costs, straight-line lease adjustments and other non-cash adjustments, such as amortization of market lease adjustments, non-cash income related to sales-type leases, debt premium or discount and deferred financing cost amortization, maintenance capital expenditures, leasing commissions, provision for current expected credit losses and other non-comparable and non-operating items, including certain gains, losses, income, and expenses related to the Company’s legacy business operations and assets.

FFO, FFO related to CRE and Corporate, and Adjusted FFO do not represent alternatives to net income calculated in accordance with GAAP and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. In addition, FFO, FFO related to CRE and Corporate, and Adjusted FFO do not represent and should not be considered alternatives to cash generated from operating activities determined in accordance with GAAP, nor should they be used as measures of the Company’s liquidity, or cash available to fund the Company’s needs or pay distributions. FFO, FFO related to CRE and Corporate, and Adjusted FFO should be considered only as supplements to net income as a measure of the Company’s performance.

The Company reconciles FFO, FFO related to CRE and Corporate and Adjusted FFO to the most directly-comparable GAAP measure, Net Income (Loss) available to A&B common shareholders. The Company's FFO, FFO related to CRE and Corporate and Adjusted FFO may not be comparable to such metrics reported by other REITs due to possible differences in the

interpretation of the current Nareit definition used by such REITs. Reconciliations of net income (loss) available to A&B common shareholders to FFO, FFO related to CRE and Corporate, and Adjusted FFO for the years ended December 31, 2025 and 2024, are as follows (in thousands):



	2025		2024
Net Income (Loss) available to A&B common shareholders	$	64,674	$	60,514
Depreciation and amortization of commercial real estate properties	38,120		36,077
(Gain) loss on commercial real estate transactions1	(7,454)		(51)

(Income) loss from discontinued operations, net of income taxes	(89)		3,466

FFO	95,251		100,006
Add (deduct) Adjusted FFO defined adjustments
Impairment losses - abandoned development costs	—		256

(Gain) loss on sale of legacy business2	—		(2,125)
Non-cash changes to liabilities related to legacy operations3	(10,957)		2,028
Provision for (reversal of) current expected credit losses	45		(628)
Impairment of equity method investment	406		—
Legacy joint venture (income) loss4	(8,466)		(4,556)
(Gain) loss on fair value adjustments related to interest rate swaps	—		(3,675)
Non-recurring financing and Merger transaction-related charges	7,101		2,350
Amortization of share-based compensation	5,912		4,795
Maintenance capital expenditures5	(12,716)		(15,103)
Leasing commissions paid	(1,328)		(1,272)
Sales-type lease interest income adjustments	(701)		—
Straight-line lease adjustments	(757)		(2,736)
Amortization of net debt premiums or discounts and deferred financing costs	1,694		1,095
Favorable (unfavorable) lease amortization	(355)		(371)
Adjusted FFO	$	75,129	$	80,064
1 Includes selling profits from sales-type leases.
2 Amounts in 2024 are primarily due to the favorable resolution of contingent liabilities related to the prior year sale of a legacy business.
3 Amounts in 2025 are mainly related to the favorable resolution of rights and obligations from a land sale in a prior year, partially offset by transfer of the Company's interest in a joint venture of $2.7 million. Amounts in 2024 are primarily related to environmental reserves associated with legacy business activities in the Land Operations segment.
4 Includes joint ventures engaged in legacy business activities within the Land Operations segment.
5 Includes ongoing maintenance capital expenditures only.



	2025		2024
Net Income (Loss) available to A&B common shareholders	$	64,674	$	60,514
Depreciation and amortization of commercial real estate properties	38,120		36,077
(Gain) loss on commercial real estate transactions1	(7,454)		(51)

(Income) loss from discontinued operations, net of income taxes	(89)		3,466

Land Operations operating (profit) loss	(17,827)		(18,922)
FFO related to CRE and Corporate	$	77,424	$	81,084
1 Includes selling profits from sales-type leases.


	2025		2024
CRE Operating Profit	$	90,929	$	89,411
Corporate and other expense	(27,893)		(21,038)
CRE properties depreciation and amortization	38,120		36,077


Interest expense	(23,801)		(23,169)
Income tax benefit (expense)	69		(174)
Distributions to participating securities	—		(23)
FFO related to CRE and Corporate	$	77,424	$	81,084

Net Operating Income and Same-Store Net Operating Income

NOI is a non-GAAP measure used internally in evaluating the unlevered performance of the Company's Commercial Real Estate portfolio. Management believes NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only the contract-based income that is realizable (i.e., assuming collectability is deemed probable) and direct property-related expenses paid or payable in cash that are incurred at the property level, as well as trends in occupancy rates, rental rates and operating costs. When compared across periods, NOI can be used to determine trends in earnings of the Company's properties as this measure is not affected by non-contract-based revenue (e.g., straight-line lease adjustments required under GAAP and amortization of lease incentives and favorable/unfavorable lease assets/liabilities); by non-cash expense recognition items (e.g., the impact of depreciation related to capitalized costs for improved properties and building/tenant space improvements, amortization of leasing commissions, or impairments); by non-cash income related to sales-type leases; or by other income, expenses, gains, or losses that do not directly relate to the Company's ownership and operations of the properties (e.g., indirect selling, general, administrative and other expenses, as well as lease termination income and interest and other income (expense), net). Management believes the exclusion of these items from Commercial Real Estate operating profit (loss) is useful because it provides a performance measure of the revenue and expenses directly involved in owning and operation real estate assets. NOI should not be viewed as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company reports NOI and Occupancy on a Same-Store basis, which includes the results of properties that were owned, operated, and stabilized for the entirety of the prior calendar year and current reporting period, year-to-date. The Same-Store pool excludes properties under development, and properties acquired or sold during either of the comparable reporting periods. The Same-Store pool may also exclude properties that are fully or partially taken out of service for the purpose of redevelopment or repositioning. Management judgment is involved in the classification of properties for exclusion from the Same-Store pool when they are no longer considered stabilized due to redevelopment or other factors. Properties are moved into the Same-Store pool after one full calendar year of stabilized operation.

Management believes that reporting on a Same-Store basis provides investors with additional information regarding the operating performance of comparable assets separate from other factors (such as the effect of developments, redevelopments, acquisitions or dispositions).

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. Reconciliations of CRE operating profit (loss) to NOI for the years ended December 31, 2025 and 2024, are as follows (in thousands):


	2025		2024
CRE Operating Profit	$	90,929	$	89,411
Depreciation and amortization	38,133		36,093
Straight-line lease adjustments	(757)		(2,736)
Favorable (unfavorable) lease amortization	(355)		(371)
Sales-type lease adjustments	(656)		—
Termination fees and other	(654)		(347)
Interest and other (income) expense, net	(95)		(184)
Impairment of assets	—		256
Selling, general and administrative	5,984		5,356
NOI	$	132,529	$	127,478
Less: NOI from acquisitions, dispositions and other adjustments	(3,346)		(2,771)
Same-store NOI	$	129,183	$	124,707

Liquidity and Capital Resources

Overview

The Company's principal sources of liquidity to meet its business requirements and plans, both in the short-term (i.e., the next twelve months from December 31, 2025) and long-term (i.e., beyond the next twelve months), have generally been cash provided by operating activities; available cash and cash equivalents; and borrowing capacity under its credit facility. The Company's primary liquidity needs for its business requirements and plans have generally been funding shareholder distributions, known contractual obligations, and capital expenditures (including recent commercial real estate acquisitions and real estate developments); and supporting working capital needs.

The Company's ability to retain outstanding borrowings and utilize remaining amounts available under its revolving credit facility will depend on its continued compliance with the applicable financial covenants and other terms of the Company's notes payable and other debt arrangements. The Company was in compliance with its financial covenants for all outstanding balances as of December 31, 2025, and intends to operate in compliance with these covenants or seek to obtain waivers or modifications to these financial covenants to enable the Company to maintain compliance in the future. However, due to various uncertainties and factors outside of Management's control, the Company may be unable to continue to maintain compliance with certain of its financial covenants. Failure to maintain compliance with its financial covenants or obtain waivers or agree to modifications with its lenders would have a material adverse impact on the Company's financial condition.

Based on its current outlook, the Company believes that funds generated from cash provided by operating activities; available cash and cash equivalent balances; and borrowing capacity under its credit facility will be sufficient to meet the needs of the Company's business requirements and plans both in the short-term (i.e., the next twelve months from December 31, 2025) and long-term (i.e., beyond the next twelve months). There can be no assurance, however, that the Company will continue to generate cash flows at or above current levels or that it will be able to maintain its ability to borrow under its available credit facilities. As the circumstances underlying its current outlook may change, the Company will continue to actively monitor the situation and may take further actions that it determines is in the best interest of its business, financial condition and liquidity and capital resources.

Known contractual obligations

A description of material contractual commitments as of December 31, 2025, is included in Note 8 – Notes Payable and Other Debt, Note 9 – Derivative Instruments, Note 11 – Revenue and Contract Balances, Note 13 – Leases - The Company as a Lessee, and Note 15 – Employee Benefit Plans of the Notes to Consolidated Financial Statements and Part II, Item 8 of this report, and is herein incorporated by reference.

In addition, contractual interest payments for Notes payable and other debt in the short-term (i.e., over the next twelve months from December 31, 2025) and long-term (i.e., beyond the next twelve months) is estimated to be $22.8 million and $69.8 million, respectively (includes amounts based on contractual/fixed swap interest rates applied to future principal balances based on repayment schedules for secured and unsecured debt and also estimated interest on the revolving credit facility based on the outstanding balance and the rates in effect as of December 31, 2025).

In June 2025, the Company and certain of its subsidiaries entered into a termination agreement with Mahi Pono Holdings, LLC ("Mahi Pono") and certain of its related entities ("the Termination Agreement") in which both parties mutually agreed to generally terminate the remaining rights and performance obligations related to a 2018 sale of approximately 41,000 acres of agricultural land on Maui. Under the Termination Agreement, the Company became obligated to pay $55.3 million to Mahi Pono in installments over a period of four years with $10.0 million paid upon execution of the Termination Agreement, $12.7 million payable on each of the first and second anniversaries of the Termination Agreement, and $10.0 million payable on each of the third and fourth anniversaries of the Termination Agreement. As of December 31, 2025, the remaining $45.3 million payable under the Termination Agreement is included in Refund liability in the consolidated balance sheets.

The Company expects that its short-term capital expenditures for contractual commitments related to development projects and building and tenant improvements (i.e., over the next twelve months from December 31, 2025) is estimated to be $37.1 million. The largest of such amounts pertain to contracts for two commercial real estate development and redevelopment projects for $26.6 million. The Company expects that its long-term capital expenditures for contractual commitments related to development projects and building and tenant improvements (i.e., beyond the next twelve months from December 31, 2025) is not material. Refer to Other uses (or sources) of liquidity below for additional discussion of the Company's total anticipated capital expenditures for 2026.

A description of other commitments, contingencies and off-balance sheet arrangements as of December 31, 2025, is included in Note 10 – Commitments and Contingencies of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report, and is herein incorporated by reference.

Sources of liquidity

As noted above, the Company's principal sources of liquidity are operating cash flows from continuing operations, which were $79.6 million for the year ended December 31, 2025, primarily driven by cash generated from CRE operations. The Company's cash flows from continuing operations provided by operating activities for the year ended December 31, 2025, reflects an decrease of $22.5 million from the prior year amount of $102.1 million, due primarily to lower cash proceeds of $19.1 million from unimproved and development land sales in 2025 as compared to 2024, compounded by a $10.0 million refund liability payment during the year ended December 31, 2025. These were partially offset by $6.3 million more cash collections of financing receivables related to prior years' unimproved and development land sales, higher operating cash distributions from joint ventures, and lower carrying costs associated with legacy landholdings for the year ended December 31, 2025. Total cash flows in future periods may be subject to variation from the Land Operations segment due to, among other factors, the varying activity in completing development and unimproved/other property sales.

During the term of the Merger Agreement, the Company may not pay dividends, except as reasonably necessary to avoid incurring entity-level income or excise taxes or to maintain its tax status as a real estate investment trust, and any such dividends would result in an offsetting decrease to the per-share merger consideration paid to our shareholders under the Merger Agreement at the closing of the Merger.

The Company's other primary sources of liquidity include its cash and cash equivalents of $11.3 million as of December 31, 2025, and the Company's revolving credit facility, which provides liquidity and flexibility on a short-term (i.e., the next twelve months from December 31, 2025), as well as long-term basis. With respect to the revolving credit facility, as of December 31, 2025, the Company had $8.0 million of borrowings outstanding, no letters of credit issued against, and $442.0 million of available capacity (with a term through October 17, 2028, and two six-month extension options).

On August 13, 2024, the Company entered into an at-the-market equity distribution agreement, or ATM Agreement, pursuant to which it may sell common stock up to an aggregate sales price of $200.0 million. Sales of common stock, if any, made pursuant to the ATM Agreement may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act of 1933, as amended. Actual sales will depend on a variety of factors including market conditions, the trading price of the Company's common stock, capital needs, and the Company's determination of the appropriate sources of funding to meet such needs. As of December 31, 2025, the Company has not sold any shares under the at-the-market offering program, nor has any obligation to sell the shares under the at-the-market offering program.

Other uses (or sources) of liquidity

The Company may use (or, in some periods, generate) cash through various investing activities or financing activities. Cash used in investing activities from continuing operations was $45.5 million for the year ended December 31, 2025, as compared to cash used in investing activities from continuing operations of $31.1 million for the year ended December 31, 2024. The year ended December 31, 2025, included capital expenditures for continuing operations of $52.2 million, which included non-recurring major renovations and charges for initial build-outs of previously unoccupied shell space of $21.5 million, partially

offset by $3.4 million in cash proceeds from the collection of a note related to the disposal of an improved Commercial Real Estate property in 2024. The year ended December 31, 2024, included capital expenditures for continuing operations of $50.8 million, which included the purchase of a Commercial Real Estate property for $29.8 million, partially offset by $19.0 million in cash proceeds from the disposal of assets. The 2024 acquisition was structured as a partial like-kind exchange in accordance with Code §1031.

The Company primarily uses cash in investing activities for capital expenditures related to its CRE segment. For the year ended December 31, 2025, nearly all of the Company's capital expenditures for property, plant and equipment of $52.2 million related to the CRE segment. The Company further differentiates capital expenditures as follows (based on management's perspective on discretionary versus non-discretionary areas of spending for its CRE business):

•Ongoing Maintenance Capital Expenditures: Costs necessary to maintain building value, the current income stream, and position in the market.

•Discretionary Capital Expenditures: Property acquisition, development and redevelopment activity, and tenant improvements to generate income and cash flow growth.

•Capitalized Indirect Costs: Certain costs related to the development and redevelopment of real estate properties, including: pre-construction costs; real estate taxes; insurance; construction costs; attributable interest expense; and salaries and related costs of personnel directly involved.

Capital expenditures for continuing operations are summarized as follows for the years ended:



(in thousands, unaudited)	2025		2024
Capital expenditures for real estate
Ongoing maintenance capital expenditures
Building/area improvements	$	9,633	$	10,193
Tenant space improvements	3,083		4,910
Total ongoing maintenance capital expenditures for real estate	12,716		15,103
Discretionary capital expenditures
Property acquisitions	—		29,826
Development and redevelopment1	14,413		2,518
Tenant space improvements - nonrecurring2	21,541		449
Total discretionary capital expenditures for real estate	35,954		32,793
Capitalized indirect costs	3,359		2,784
Total capital expenditures for real estate1	52,029		50,680
Corporate and other capital expenditures	201		97
Total Capital Expenditures1	$	52,230	$	50,777

1 Excludes capital expenditures for real estate developments to be held and sold as real estate development inventory, which are classified in the consolidated statement of cash flows as operating activities and are excluded from the tables above.

2 Includes non-recurring major renovations and first-time space build outs.

The Company regularly evaluates investment opportunities, including development-for-hold projects, commercial real estate acquisitions, joint venture investments, share repurchases, business acquisitions, and other strategic transactions to increase shareholder value. In 2026, the Company expects that its capital expenditures, not including potential commercial real estate property acquisitions, will be approximately $75.0 million - $85.0 million. The projected increase in capital expenditures for 2026 from the actual capital expenditures for the years ended December 31, 2025 and 2024, is primarily related to two development and redevelopment projects currently under construction and that are expected to be completed in 2026 and 2027. Should investment opportunities in excess of the amounts budgeted arise, the Company believes it has adequate sources of liquidity to fund these investments.

Cash used in financing activities for continuing operations was $56.1 million for the year ended December 31, 2025, a decrease from cash used in financing activities for continuing operations of $62.0 million for the year ended December 31, 2024. Cash used in financing activities is primarily composed of cash dividends paid, net payments on the Company line-of-credit agreement, and payments of notes payable and other debt which totaled $65.7 million, $142.0 million, and $40.5 million, respectively, during the year ended December 31, 2025. Partially offsetting these cash outflows were proceeds from issuance of notes payable and other debt of $198.0 million during the year ended December 31, 2025.

Other capital resource matters

The Company utilizes §1031 or §1033 of the Code to obtain tax-deferral treatment when qualifying real estate assets are sold or become subject to involuntary conversion and the resulting proceeds are reinvested in replacement properties within the required time period. Proceeds from potential tax-deferred sales under §1031 of the Code are held in escrow (and presented as part of Restricted cash on the consolidated balance sheets) pending future reinvestment or are returned to the Company for general use if eligibility for tax-deferral treatment based on the required time period lapses. The proceeds from involuntary conversions under §1033 of the Code are held by the Company until the funds are redeployed. As of December 31, 2025, the Company has no funds from tax-deferred sales or involuntary conversions that are available for use and have not been reinvested under §1031 or §1033 of the Code.

Trends, events and uncertainties

General economic conditions and consumer spending patterns can negatively impact our operating results. Unfavorable local, regional, national, or global economic developments or uncertainties, including market volatility, supply chain and labor constraints, inflationary pressures, travel restrictions, war, natural disasters or effects of climate change, or a prolonged economic downturn could adversely affect our business. The impact of an elevated federal funds rate for a prolonged period resulted in a tightening of credit and contributed to volatility in the banking, technology, and housing industries. In an effort to improve the labor market and price stability, the Federal Reserve lowered the federal funds target rate range by 0.25% in December 2025 to a range of 3.5% to 3.75%, and is considering additional adjustments to the target rate range. The ultimate extent of the impact that these trends and events will have on the Company's business, financial condition, results of operations and liquidity and capital resources will largely depend on future developments, including the resulting impact on economic growth/recession, the impact on travel and tourism behavior and the impact on consumer confidence and discretionary and non-discretionary spending, all of which are highly uncertain and cannot be reasonably predicted.

There are a number of uncertainties related to the Merger, including that it may not be completed within the expected timeframe, or at all, as a result of various factors and conditions, some of which are beyond management's control. The Company has incurred and expects to incur non-recurring costs associated with the Merger that are payable by the Company regardless of whether or not the Merger is completed and for which it will receive little or no benefit if the Merger is not completed. These costs include financial advisory, legal, accounting, consulting and other advisory fees, severance/employee benefit-related costs, financing-related fees and costs, public company filing fees and other regulatory fees, printing costs, and other related costs. In addition, if the Merger is not completed, the Company may be required to pay a cash termination fee of $50.5 million, as required under the Merger Agreement under certain circumstances. The ultimate extent of the impact that this uncertainty could have on the Company's business, financial condition, results of operations and liquidity and capital resources will largely depend on future developments, including obtaining shareholder approvals and satisfying all other required closing conditions, which cannot be reasonably predicted.

Critical Accounting Estimates

The Company’s significant accounting policies are described in Note 2 – Significant Accounting Policies of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report. The preparation of financial statements in conformity with accounting principles generally accepted in the United States, upon which the MD&A is based, requires that management exercise judgment when making estimates and assumptions about future events that may affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with certainty and actual results may differ from those critical accounting estimates. These differences could be material.

Management considers an accounting estimate to be critical if: (i) it requires assumptions to be made that were uncertain at the time the estimate was made; and (ii) changes in the estimate, or the use of different estimating methods that could have been selected and could have a material impact on the Company’s consolidated results of operations or financial condition. The critical accounting estimates inherent in the preparation of the Company’s financial statements are described below.

Purchase Price Allocation of Acquired Real Estate

In accordance with Accounting Standards Codification 805, Business Combinations, acquisitions of real estate properties generally do not meet the definition of a business and are treated as asset acquisitions. Upon the acquisition of a property, management assesses the fair value of acquired tangible and intangible assets and liabilities (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities on a relative fair value basis. All expenses related to an acquisition are capitalized and allocated among the identified assets. Generally, the most significant portion of the allocation is to building and land, and requires the use of market-based estimates and assumptions.

In estimating the fair value of tangible and intangible assets acquired and liabilities assumed, management uses various valuation methods, such as estimated cash flow projections using appropriate discount and capitalization rates, analysis of recent comparable sales transactions, estimates of replacement costs net of depreciation, and other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market and economic conditions. Management determines capitalization rates based on recent transactions and other market data and adjusts, if necessary, based on a property's specific characteristics. The fair value of land is generally based on relevant market data, such as a comparison of a property's site to similar parcels that have recently been sold or are available on the market for sale.

Acquired above-market and below-market leases are recorded at their fair values (using a discount rate that reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Acquired in-place lease values are recorded based on an evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods are included in the estimate, as appropriate. In estimating costs to execute similar leases, leasing commissions, legal and other related expenses are included, as appropriate. Management also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including, but not limited to, the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals.

Impairment

Long-lived assets held and used, including finite-lived intangible assets, are reviewed for possible impairment when events or circumstances indicate that the carrying value may not be recoverable. In such an evaluation, the estimated future undiscounted cash flows generated by the asset are compared with the amount recorded for the asset to determine if its carrying value is not recoverable. If this review determines that the recorded value will not be recovered, the amount recorded for the asset is reduced to estimated fair value. These asset impairment analyses are highly subjective because they require management to make assumptions and apply considerable judgments to, among other things, estimates of the timing and amount of future cash flows, the cash flow projection period, uncertainty about future events, including changes in economic conditions, changes in operating performance, discount rates, changes in the use of the assets and ongoing costs of maintenance and improvements of the assets, and thus, the accounting estimates may change from period to period. If management uses different assumptions or if different conditions occur in future periods, the Company’s financial condition or its future financial results could be materially impacted.

Assets held for sale are carried at the lower of their carrying values or estimated fair values less costs to sell. The fair value of a disposal group, less any costs to sell, is assessed each reporting period it remains classified as held for sale and any remeasurement to the lower of carrying value or fair value less costs to sell is reported as an adjustment to the carrying value. The estimates of fair value consider matters such as contracts, the results of negotiations with prospective purchasers, broker quotes, or recent comparable sales. These estimates are subject to revision as market conditions, and our assessment of such conditions, change.

As of December 31, 2025, one subdivided unit at a CRE improved property and an office building that houses the Company’s regional office on Maui met the criteria to be classified as held for sale. Management measured the assets at their fair values less costs to sell and found them to be in excess of their carrying values. Consequently, no fair value adjustment related to the assets held for sale was required. During the year ended December 31, 2024, the Company recorded an impairment charge of $0.3 million related to the abandonment of potential CRE development projects.

New Accounting Pronouncements

See Note 2 – Significant Accounting Policies of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report, for a full description of the impact of recently issued accounting standards, which is incorporated herein by reference, including the expected dates of adoption and estimated effects on the Company's results of operations and financial condition.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to changes in interest rates, primarily as a result of its borrowing activities used to maintain liquidity and to fund business operations. In order to manage its exposure to changes in interest rates, the Company utilizes a balanced mix of debt maturities, along with both fixed-rate and variable-rate debt. The Company further manages its exposure to interest rate risk through interest rate swaps on its variable-rate debt. The nature and amount of the Company’s fixed-rate and variable-rate debt can be expected to fluctuate as a result of future business requirements, market conditions and other factors.

As of December 31, 2025, the Company’s fixed-rate debt (after the effects of interest rate swaps), excluding debt premium or discount and debt issuance costs, consisted of $486.0 million in principal term notes and other instruments. As of December 31, 2025, the Company’s variable-rate debt under its revolving credit facilities was $8.0 million. Other than in default, the Company does not have an obligation, nor the option in some cases, to prepay its fixed-rate debt prior to maturity and, as a result, interest rate fluctuations and the resulting changes in fair value would not have an impact on the Company’s financial condition or results of operations unless the Company was required to refinance such debt.

The table below summarizes the Company's estimated exposure to interest rate risk over each of the next five years and thereafter based on the expected remaining principal obligation as of the beginning of each period and the related interest rates based on the Company's debt obligations as of December 31, 2025 (dollars in thousands). The table has limited predictive value as average interest rates for variable-rate debt included in the table represent rates that existed as of December 31, 2025, and are subject to change. Furthermore, the table below incorporates only those exposures that existed as of December 31, 2025, and does not consider exposures or positions that may arise of expire after that date.


																			Fair Value at
	Expected Remaining Obligation as of Beginning of Year																		December 31,
	2026			2027			2028			2029			2030			Thereafter			2025
Liabilities
Fixed-rate debt	$	485,952		$	416,616		$	375,461		$	329,087		$	260,954		$	60,000		$	483,700
Weighted average interest rate on remaining fixed-rate principal	5.87		%	6.16		%	6.32		%	6.59		%	5.01		%	6.09		%
Variable-rate debt1	$	8,000		$	8,000		$	8,000		$	—		$	—		$	—		$	8,000
Weighted average interest rate on remaining variable principal2	4.71		%	4.71		%	4.71		%	—		%	—		%	—		%

																			Fair Value at
	Expected Remaining Notional as of Beginning of Year																		December 31,
	2026			2027			2028			2029			2030			Thereafter			2025
Interest rate swap agreements3
Variable to fixed remaining notional and fair value of swap asset (liability)	$	248,989		$	247,041		$	245,023		$	242,942		$	200,000		$	130,000		$	1,504
Average pay fixed rate	4.44		%	4.45		%	4.46		%	4.47		%	4.75		%	4.85		%
Average receive rate2	4.91		%	4.91		%	4.91		%	4.91		%	4.87		%	4.87		%








1 Estimated variable-rate principal is based on the amounts outstanding and the contractual maturity date of the revolving credit facility as of December 31, 2025. Actual principal outstanding may be greater or less than the amounts indicated.
2 Estimated interest rates on variable-rate debt are determined based on the rate in effect on December 31, 2025. Actual interest rates may be greater or less than the amounts indicated.
3 The Company's interest rate derivatives are designated as cash flow hedges with changes in the fair value of the asset or liability recorded to accumulated other comprehensive income. Refer to Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report, for further discussion.

As of December 31, 2024, the Company had $455.2 million of fixed-rate debt outstanding and $20.0 million of variable-rate debt outstanding (after the effects of interest rate swaps), with weighted average interest rates of 4.6% and 5.5%, respectively, and the aggregate fair value of its interest rate derivatives for variable to fixed interest rate swaps was an asset of $7.4 million.

Also, from time to time, the Company may invest its excess cash in higher yield accounts. Such deposits may be in excess of Federal Deposit Insurance Corporation ("FDIC") limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.

With respect to exposure to changes in interest rates, the Company will continue to actively monitor the economic situation and its impact on interest rates and may take further actions that it determines is in the best interest of its business, financial condition and liquidity and capital resources.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


			Page

Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)			49
Consolidated Balance Sheets			50
Consolidated Statements of Operations			51
Consolidated Statements of Comprehensive Income (Loss)			52
Consolidated Statements of Cash Flows			53
Consolidated Statements of Equity and Redeemable Noncontrolling Interest			55
Notes to Consolidated Financial Statements			56
	1.	Background and Basis of Presentation	56
	2.	Significant Accounting Policies	57
	3.	Real Estate Property, Net	65
	4.	Real Estate Transactions	65
	5.	Investments in Joint Ventures and Partnerships	67
	6.	Other Receivables and Allowances and Other Reserves	68
	7.	Fair Value Measurements	69
	8.	Notes Payable and Other Debt	71
	9.	Derivative Instruments	73
	10.	Commitments and Contingencies	75
	11.	Revenue and Contract Balances	76
	12.	Leases - The Company as a Lessor	78
	13.	Leases - The Company as a Lessee	79
	14.	Share-based Payment Awards	81
	15.	Employee Benefit Plans	82
	16.	Income Taxes	84
	17.	Earnings Per Share ("EPS")	86
	18.	Accumulated Other Comprehensive Income (Loss)	87
	19.	Segment Information	87
	20.	Sale of Business	90
	21.	Held for Sale and Discontinued Operations	91

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Alexander & Baldwin, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Alexander & Baldwin, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), equity and redeemable noncontrolling interest, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 27, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ Deloitte & Touche LLP

Honolulu, Hawai‘i

February 27, 2026

We have served as the Company's auditor since 1950.

ALEXANDER & BALDWIN, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)


	December 31,		December 31,
	2025		2024
ASSETS
Real estate investments
Real estate property	$	1,687,619	$	1,670,879
Accumulated depreciation	(281,510)		(255,641)
Real estate property, net	1,406,109		1,415,238
Real estate developments	41,566		46,423
Investments in sales-type leases, net of allowances (credit losses) of $45 as of December 31, 2025	23,913		—
Investments in real estate joint ventures and partnerships	5,907		5,907
Real estate intangible assets, net	25,684		31,176
Real estate investments, net	1,503,179		1,498,744
Cash and cash equivalents	11,303		33,436
Restricted cash	236		236
Accounts receivable, net of allowances (credit losses and doubtful accounts) of $1,219 and $1,701 as of December 31, 2025 and 2024, respectively	5,101		3,697
Operating lease right-of-use assets	15,067		148
Goodwill	8,729		8,729
Other receivables, net of allowance (credit losses) of $2,336 and $2,393 as of December 31, 2025 and 2024, respectively	6,477		16,696
Straight-line rent receivable	45,268		44,547
Investments in other joint ventures and partnerships	30,883		33,126
Prepaid expenses and other assets	25,021		31,073
Assets held for sale	8,273		—
Total assets	$	1,659,537	$	1,670,432

LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt	$	491,585	$	474,837
Accounts payable	12,419		4,529
Operating lease liabilities	14,345		123
Accrued post-retirement benefits	7,757		7,582
Refund liability	45,300		—
Deferred revenue	12,356		72,462
Accrued dividends	26,753		17,032
Real estate intangible liabilities, net	13,939		15,278
Accrued and other liabilities	47,881		75,046

Total liabilities	672,335		666,889

Commitments and Contingencies (Note 10)
Equity:
Common stock - no par value; authorized, 225,000,000 shares; outstanding 72,820,075 and 72,633,866 shares at December 31, 2025 and 2024, respectively	1,812,619		1,811,582
Accumulated other comprehensive income (loss)	18		6,134
Distributions in excess of accumulated earnings	(825,435)		(814,173)
Total shareholders' equity	987,202		1,003,543
Total liabilities and equity	$	1,659,537	$	1,670,432

See Notes to Consolidated Financial Statements.

ALEXANDER & BALDWIN, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)


	Year Ended December 31,
		2025		2024		2023
Operating Revenue:
Commercial Real Estate		$	202,861	$	197,365	$	193,971
Land Operations		3,812		39,276		14,872
Total operating revenue		206,673		236,641		208,843
Operating Costs and Expenses:
Cost of Commercial Real Estate		106,030		102,535		100,972
Cost of Land Operations		4,536		26,460		5,560
Selling, general and administrative		28,126		29,822		34,028
Merger transaction costs		7,101		—		—
Impairment of assets		—		256		4,768
Total operating costs and expenses		145,793		159,073		145,328
Gain (loss) on commercial real estate transactions		7,454		51		—
Gain (loss) on disposal of assets and settlements, net		11,685		2,148		1,114

Total gain (loss) on commercial real estate transactions and disposal of assets and settlements, net		19,139		2,199		1,114
Operating Income (Loss)		80,019		79,767		64,629
Other Income and (Expenses):
Income (loss) related to joint ventures and partnerships		8,288		4,556		1,872
Impairment of equity method investment		(406)		—		—
Interest and other income (expense), net (Note 2)		416		3,023		(2,693)
Interest expense		(23,801)		(23,169)		(22,963)
Income (Loss) from Continuing Operations Before Income Taxes		64,516		64,177		40,845
Income tax benefit (expense)		69		(174)		(35)
Income (Loss) from Continuing Operations		64,585		64,003		40,810
Income (loss) from discontinued operations, net of income taxes		89		(3,466)		(7,847)
Net Income (Loss)		64,674		60,537		32,963

Loss (income) attributable to discontinued noncontrolling interest		—		—		(3,151)
Net Income (Loss) Attributable to A&B Shareholders		$	64,674	$	60,537	$	29,812

Earnings (Loss) Per Share Available to A&B Shareholders:
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders		$	0.89	$	0.88	$	0.56
Discontinued operations available to A&B shareholders		—		(0.05)		(0.15)
Net income (loss) per share available to A&B shareholders		$	0.89	$	0.83	$	0.41


Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders		$	0.89	$	0.88	$	0.56
Discontinued operations available to A&B shareholders		—		(0.05)		(0.15)
Net income (loss) per share available to A&B shareholders		$	0.89	$	0.83	$	0.41


Weighted-Average Number of Shares Outstanding:
Basic		72,717		72,606		72,559
Diluted		73,047		72,752		72,776

Amounts Available to A&B Common Shareholders (Note 17):
Continuing operations available to A&B common shareholders		$	64,585	$	63,980	$	40,704
Discontinued operations available to A&B common shareholders		89		(3,466)		(10,998)
Net income (loss) available to A&B common shareholders		$	64,674	$	60,514	$	29,706

See Notes to Consolidated Financial Statements.

ALEXANDER & BALDWIN, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(amounts in thousands)


	Year Ended December 31,
		2025		2024		2023
Net Income (Loss)		$	64,674	$	60,537	$	32,963
Other Comprehensive Income (Loss), net of tax:
Cash flow hedges:
Unrealized interest rate derivative gain (loss)		(3,672)		4,100		296
Reclassification of interest rate derivative loss (gain) to interest and other income (expense), net included in Net Income (Loss)		—		—		2,718
Reclassification adjustment to interest expense included in Net Income (Loss)		(2,074)		(1,764)		(1,680)
Employee benefit plans:
Actuarial gain (loss)		(370)		534		109

Settlement recognition of net loss (gain)		—		14		—



Other comprehensive income (loss), net of tax		(6,116)		2,884		1,443
Comprehensive Income (Loss)		58,558		63,421		34,406
Comprehensive (income) loss attributable to discontinued noncontrolling interest		—		—		(3,151)
Comprehensive Income (Loss) Attributable to A&B Shareholders		$	58,558	$	63,421	$	31,255

See Notes to Consolidated Financial Statements.

ALEXANDER & BALDWIN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)


	Year Ended December 31,
	2025		2024		2023
Cash Flows from Operating Activities:
Net income (loss)	$	64,674	$	60,537	$	32,963
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
(Income) loss from discontinued operations	(89)		3,466		7,847
Depreciation and amortization	38,338		36,312		36,791

Provision for (reversal of) credit losses	45		(628)		—


(Gain) loss on commercial real estate transactions	(7,454)		(51)		—
(Gain) loss on disposal of assets and settlements, net	(11,685)		(2,148)		(1,114)
Impairment of assets and equity method investment	406		256		4,768
(Gain) loss on de-designated interest rate swap valuation adjustment	—		(3,675)		2,718
Share-based compensation expense	5,912		4,795		6,081
(Income) loss related to joint ventures, net of operating cash distributions	(4,288)		(1,179)		(1,822)
Changes in operating assets and liabilities:
Trade and other receivables	(1,570)		35		120
Prepaid expenses and other assets	194		(424)		(894)
Development/other property inventory	6,842		6,464		(3,474)
Accrued post-retirement benefits	(194)		(1,841)		(5)
Accounts payable	966		(1,047)		1,130
Refund liability	(10,000)		—		—
Accrued and other liabilities	(2,486)		1,239		(9,622)
Operating cash flows from continuing operations	79,611		102,111		75,487
Operating cash flows from discontinued operations	(100)		(4,120)		(8,395)
Net cash provided by (used in) operations	79,511		97,991		67,092
Cash Flows from Investing Activities:
Capital expenditures for acquisitions	—		(29,826)		(9,464)
Capital expenditures for property, plant and equipment	(52,230)		(20,951)		(21,686)
Proceeds from disposal of assets	3,410		18,955		3,439
Contributions to investments in joint ventures and partnerships	(208)		(306)		(342)
Distributions of capital and other receipts from investments in joint ventures and partnerships	3,523		1,013		451
Investing cash flows from continuing operations	(45,505)		(31,115)		(27,602)
Investing cash flows from discontinued operations	—		15,000		34,705
Net cash provided by (used in) investing activities	(45,505)		(16,115)		7,103
Cash Flows from Financing Activities:
Proceeds from issuance of notes payable and other debt, net	198,000		60,000		—
Payments of notes payable and other debt and deferred financing costs	(40,683)		(166,994)		(35,082)
Borrowings (payments) on line-of-credit agreement, net	(142,000)		113,000		25,000

Cash dividends paid	(65,710)		(64,980)		(64,265)
Repurchases of common stock and other payments	(5,746)		(2,983)		(5,403)
Financing cash flows from continuing operations	(56,139)		(61,957)		(79,750)
Financing cash flows from discontinued operations	—		—		(15,101)
Net cash provided by (used in) financing activities	(56,139)		(61,957)		(94,851)

Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale
Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale	(22,133)		19,919		(20,656)
Balance, beginning of period	33,672		13,753		34,409
Balance, end of period	$	11,539	$	33,672	$	13,753

ALEXANDER & BALDWIN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(amounts in thousands)


	Year Ended December 31,
	2025		2024		2023
Other Cash Flow Information:
Interest paid, net of capitalized interest, for continuing operations	$	22,150	$	22,125	$	22,638
Interest paid, net of capitalized interest, for discontinued operations	$	—	$	—	$	553
Income tax payments/(refunds), net	$	72	$	(31)	$	17

Noncash Investing and Financing Activities from continuing operations:
Capital expenditures included in accounts payable and accrued and other liabilities	$	9,044	$	21,738	$	2,122
Operating lease liabilities arising from obtaining right-of-use assets	$	15,202	$	—	$	—
Finance lease liabilities arising from obtaining right-of-use assets	$	1,275	$	152	$	1,728
Dividends declared but unpaid at end of period	$	26,753	$	17,032	$	16,758

Increase (decrease) in escrow and other receivables from dispositions	$	—	$	3,250	$	15,000










Reconciliation of cash, cash equivalents, restricted cash, and cash included in assets held for sale
Beginning of the period:
Cash and cash equivalents	$	33,436	$	13,517	$	33,262
Restricted cash	236		236		998
Cash included in assets held for sale	—		—		149
Cash, cash equivalents, restricted cash, and cash included in assets held for sale	$	33,672	$	13,753	$	34,409

End of the period:
Cash and cash equivalents	$	11,303	$	33,436	$	13,517
Restricted cash	236		236		236

Cash, cash equivalents, restricted cash, and cash included in assets held for sale	$	11,539	$	33,672	$	13,753

See Notes to Consolidated Financial Statements.

ALEXANDER & BALDWIN, INC.

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST

(amounts in thousands, except per share data)


	Total Equity
	Common Stock			Accumulated Other Comprehensive Income (Loss)		(Distribution in Excess of Accumulated Earnings) Earnings Surplus		Total		Redeemable Non- Controlling Interest

	Shares	Stated Value
Balance, January 1, 2023	72,463	$	1,808,401	$	1,807	$	(774,503)	$	1,035,705	$	7,986
Net income (loss)	—	—		—		29,812		29,812		3,151
Other comprehensive income (loss), net of tax	—	—		1,443		—		1,443		—
Dividend on common stock ($0.8825 per share)	—	—		—		(64,617)		(64,617)		—
Disposal of subsidiary	—	—		—		—		—		(9,952)
Distributions to noncontrolling interest	—	—		—		—		—		(1,185)
Share-based compensation	—	6,081		—		—		6,081		—
Shares issued (repurchased), net	(15)	(5,387)		—		(26)		(5,413)		—
Balance, December 31, 2023	72,448	$	1,809,095	$	3,250	$	(809,334)	$	1,003,011	$	—

Net income (loss)	—	—		—		60,537		60,537		—
Other comprehensive income (loss), net of tax	—	—		2,884		—		2,884		—
Dividend on common stock ($0.8925 per share)	—	—		—		(65,254)		(65,254)		—
Disposal of su

Alexander & Baldwin, Inc. 10-K