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Contact:
Suzy Hollinger
808.525.8422
shollinger@abinc.com
Alexander & Baldwin Reports Second Quarter 2017 Financial Results
Honolulu (August 2, 2017) - Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B" or "Company") today announced financial results for the second quarter of 2017 ("2Q17").

2Q17 Financial Highlights

Fully-diluted earnings per share from continuing operations available to A&B shareholders ("EPS") was $0.07 for 2Q17, compared to $0.06 for the second quarter of 2016 ("2Q16"). Both 2Q17 and 2Q16 EPS include REIT conversion costs of $0.03.
Commercial Real Estate (“CRE”) 2Q17 operating profit was $13.4 million, compared to $14.7 million in the prior year, a decline of $1.3 million, substantially driven by realignment of internal costs. Same-store net operating income1 ("NOI") for 2Q17 increased 4.7%, including Hawaii retail same-store NOI1 that was up 5.1%.
Portfolio occupancy at the end of 2Q17 increased 70 basis points ("bps") to 94.1%, fueled by a 140 bps increase in Hawaii portfolio occupancy.
Comparable 2Q17 cash leasing spreads of 19.8%, including a strategic anchor renewal with Regal Cinema at Pearl Highlands Center.
Materials & Construction 2Q17 operating profit improved to $6.7 million from $4.9 million for 2Q16.

2017 Strategic Accomplishments

Elected to be a real estate investment trust ("REIT") effective for the 2017 taxable year.
Appointed REIT-experienced board director and chief financial officer.
Acquired the Honokohau Industrial center in June for $10.1 million with proceeds from sales of non-income producing assets.
Advanced redevelopment and development projects like Lau Hala Shops and Ho'okele Shopping Center.
Redeployed agricultural lands into diversified agriculture activities such as ranching, renewable energy, and food and energy crops.
"We're achieving our strategic objective of commercial real estate growth as evidenced by a solid increase in same-store NOI during the quarter and comparable leasing spreads of 19.8%. On the acquisitions front, in June, we added the 73,200-square-foot Honokohau Industrial center on the Island of

1

The following information was filed by Alexander Baldwin, Inc. (ALEX) on Wednesday, August 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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