Alexander & Baldwin, Inc
(NYSE:ALEX)

Alexander & Baldwin, Inc. (A&B) is Hawai'i's premier commercial real estate company and the largest owner of grocery-anchored, neighborhood shopping centers in the state. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai'i, including 22 retail centers,...

Website: http://www.alexanderbaldwin.com

Founded: 1870

Full Time Employees: 793

Sector: Real Estate

Industry: REIT-Diversified

REIT

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At a glance:

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Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-05-09	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30

operating revenue:
commercial real estate	50,213,000	50,731,000	51,043,000	49,888,000	49,381,000	49,208,000	48,888,000	48,400,000	48,200,000	49,500,000	47,900,000	49,100,000	46,200,000	45,800,000	46,100,000	46,000,000	44,000,000	43,300,000	39,900,000	36,900,000	35,700,000	34,000,000	43,400,000	42,000,000	42,700,000	39,100,000	36,800,000	35,400,000	35,900,000	33,800,000	35,200,000	35,200,000	35,500,000	33,900,000	33,800,000	33,700,000	32,400,000	32,900,000
land operations	35,000	971,000	2,695,000	12,560,000	12,563,000	1,839,000	12,314,000	4,500,000	4,300,000	3,600,000	2,500,000	22,400,000	2,900,000	5,100,000	12,900,000	41,400,000	5,400,000	16,000,000	17,100,000	11,600,000	7,700,000	9,800,000	11,500,000	31,700,000	8,500,000	24,900,000	49,000,000	216,900,000	24,000,000	19,300,000	29,300,000	29,300,000	38,800,000	22,600,000	12,100,000	11,000,000
total operating revenue	50,248,000	51,702,000	53,738,000	62,448,000	61,944,000	51,047,000	61,202,000	52,900,000	52,500,000	53,100,000	50,400,000	-53,000,000	97,200,000	88,100,000	98,200,000	124,700,000	84,300,000	89,300,000	81,000,000	72,800,000	77,800,000	73,900,000	80,800,000	107,600,000	89,100,000	109,100,000	129,400,000	299,600,000	119,400,000	112,100,000	113,300,000	113,300,000	122,700,000	111,500,000	98,100,000	93,200,000	37,300,000	138,700,000	102,700,000	108,800,000	121,400,000	144,700,000	153,700,000	150,700,000	164,900,000	153,400,000	146,700,000	94,900,000	45,525,000	72,200,000	71,100,000	41,500,000	89,900,000	92,900,000	72,400,000
yoy	-18.88%	1.28%	-12.20%	18.05%	17.99%	-3.87%	21.43%	-199.81%	-45.99%	-39.73%	-48.68%	-142.50%	15.30%	-1.34%	21.23%	71.29%	8.35%	20.84%	0.25%	-32.34%	-12.68%	-32.26%	-37.56%	-64.09%	-25.38%	-2.68%	14.21%	164.43%	-2.69%	0.54%	15.49%	21.57%	228.95%	-19.61%	-4.48%	-14.34%	-69.28%	-4.15%	-33.18%	-27.80%	-26.38%	-5.67%	4.77%	58.80%	262.22%	112.47%	106.33%	128.67%	-49.36%	-22.28%	-1.80%
qoq	-2.81%	-3.79%	-13.95%	0.81%	21.35%	-16.59%	15.69%	0.76%	-1.13%	5.36%	-195.09%	-154.53%	10.33%	-10.29%	-21.25%	47.92%	-5.60%	10.25%	11.26%	-6.43%	5.28%	-8.54%	-24.91%	20.76%	-18.33%	-15.69%	-56.81%	150.92%	6.51%	-1.06%	0.00%	-7.66%	10.04%	13.66%	5.26%	149.87%	-73.11%	35.05%	-5.61%	-10.38%	-16.10%	-5.86%	1.99%	-8.61%	7.50%	4.57%	54.58%	108.46%	-36.95%	1.55%	71.33%	-53.84%	-3.23%	28.31%
operating costs and expenses:
cost of commercial real estate	26,239,000	26,932,000	26,169,000	26,693,000	25,292,000	25,134,000	25,416,000	25,900,000	25,100,000	25,000,000	25,000,000	25,500,000	25,000,000	24,200,000	24,000,000	25,000,000	24,100,000	23,500,000	23,400,000	23,800,000	23,500,000	24,000,000	24,300,000	24,700,000	23,800,000	21,300,000	19,200,000	20,200,000	19,200,000	19,200,000	18,600,000	18,600,000	18,600,000	19,200,000	18,900,000	18,800,000	18,700,000	19,400,000
cost of land operations	1,312,000	1,181,000	894,000	9,968,000	7,153,000	4,552,000	4,787,000	-2,200,000	2,200,000	2,000,000	3,600,000	15,100,000	4,200,000	5,600,000	9,300,000	15,800,000	4,700,000	10,600,000	8,100,000	7,300,000	12,900,000	2,900,000	8,000,000	24,000,000	5,900,000	23,200,000	39,400,000	50,100,000	17,400,000	19,800,000	29,800,000	29,800,000	31,300,000	11,700,000	9,000,000	8,400,000
selling, general and administrative	6,083,000	7,014,000	6,990,000	7,895,000	7,436,000	7,252,000	7,239,000	7,800,000	7,600,000	9,900,000	8,700,000	-2,400,000	12,700,000	13,200,000	12,400,000	14,700,000	12,600,000	12,400,000	12,200,000	11,600,000	11,700,000	9,000,000	13,800,000	13,800,000	13,300,000	16,200,000	15,500,000	16,500,000	14,600,000	15,100,000	15,000,000	15,000,000	15,400,000	20,100,000	15,500,000	15,400,000	13,600,000	14,700,000	13,200,000	16,600,000	14,000,000	12,600,000	14,100,000	14,600,000	15,000,000	12,100,000	12,300,000	13,400,000	6,100,000	9,600,000	7,200,000	8,600,000	15,800,000	6,500,000	7,400,000
total operating costs and expenses	33,634,000	35,127,000	34,053,000	44,812,000	39,881,000	36,938,000	37,442,000	35,700,000	35,500,000	36,900,000	37,300,000	-73,300,000	85,200,000	77,100,000	79,800,000	116,300,000	73,200,000	75,200,000	67,400,000	66,100,000	78,300,000	69,700,000	71,100,000	94,700,000	134,700,000	103,900,000	116,200,000	210,800,000	101,700,000	104,200,000	106,300,000	106,300,000	132,500,000	99,700,000	87,300,000	86,500,000	-10,200,000	136,500,000	105,600,000	114,000,000	142,200,000	130,600,000	132,400,000	126,200,000	148,700,000	137,800,000	123,900,000	84,800,000	39,325,000	64,700,000	59,100,000	34,500,000	80,800,000	73,000,000	67,400,000
gain on commercial real estate transactions	2,556,000		4,103,000
gain on disposal of assets and settlements	7,000	11,563,000
total gain on commercial real estate transactions and disposal of assets and settlements	2,563,000	11,563,000
operating income	19,177,000	28,138,000	23,981,000	17,687,000	22,063,000	16,234,000	23,783,000	17,200,000	17,000,000	16,200,000	14,200,000	20,300,000	12,000,000	65,000,000	18,400,000	11,000,000	11,100,000	14,200,000	13,900,000	6,800,000	8,500,000	4,200,000	10,200,000	12,900,000	-45,600,000	5,200,000	13,200,000	140,200,000	17,700,000	7,900,000	7,000,000	7,000,000	-9,800,000	11,800,000	10,800,000	6,700,000	47,500,000	2,200,000	-2,900,000	-5,200,000	-20,800,000	14,100,000	21,300,000	24,500,000	16,200,000	15,600,000	22,800,000	10,100,000	15,100,000	7,500,000	12,000,000	7,000,000	9,100,000	19,900,000	5,000,000
yoy	-13.08%	73.33%	0.83%	2.83%	29.78%	0.21%	67.49%	-15.27%	41.67%	-75.08%	-22.83%	84.55%	8.11%	357.75%	32.37%	61.76%	30.59%	238.10%	36.27%	-47.29%	-118.64%	-19.23%	-22.73%	-90.80%	-357.63%	-34.18%	88.57%	1902.86%	-280.61%	-33.05%	-35.19%	4.48%	-120.63%	436.36%	-472.41%	-228.85%	-328.37%	-84.40%	-113.62%	-121.22%	-228.40%	-9.62%	-6.58%	142.57%	7.28%	108.00%	90.00%	44.29%	65.93%	-62.31%	140.00%
qoq	-31.85%	17.33%	35.59%	-19.83%	35.91%	-31.74%	38.27%	1.18%	4.94%	14.08%	-30.05%	69.17%	-81.54%	253.26%	67.27%	-0.90%	-21.83%	2.16%	104.41%	-20.00%	102.38%	-58.82%	-20.93%	-128.29%	-976.92%	-60.61%	-90.58%	692.09%	124.05%	12.86%	0.00%	-171.43%	-183.05%	9.26%	61.19%	-85.89%	2059.09%	-175.86%	-44.23%	-75.00%	-247.52%	-33.80%	-13.06%	51.23%	3.85%	-31.58%	125.74%	-33.11%	101.33%	-37.50%	71.43%	-23.08%	-54.27%	298.00%
operating margin %	38.16%	54.42%	44.63%	28.32%	35.62%	31.80%	38.86%	32.51%	32.38%	30.51%	28.17%	-38.30%	12.35%	73.78%	18.74%	8.82%	13.17%	15.90%	17.16%	9.34%	10.93%	5.68%	12.62%	11.99%	-51.18%	4.77%	10.20%	46.80%	14.82%	7.05%	6.18%	6.18%	-7.99%	10.58%	11.01%	7.19%	127.35%	1.59%	-2.82%	-4.78%	-17.13%	9.74%	13.86%	16.26%	9.82%	10.17%	15.54%	10.64%	33.17%	10.39%	16.88%	16.87%	10.12%	21.42%	6.91%
other income and
income related to joint ventures and partnerships	1,592,000
impairment of equity method investment	-406,000
interest and other income	47,000	220,000	51,000	371,000	854,000	531,000	1,267,000		100,000		-100,000	-300,000	-100,000	900,000	100,000	-600,000	-200,000	-500,000	-300,000	900,000	-400,000	-400,000	200,000	400,000	600,000	600,000	1,600,000	300,000	3,800,000	-600,000	-700,000	-700,000	-1,600,000	1,500,000	1,200,000	1,000,000
interest expense	-5,959,000	-5,856,000	-5,802,000	-6,050,000	-5,680,000	-5,929,000	-5,510,000	-6,000,000	-6,100,000	-5,900,000	-5,000,000	-5,200,000	-5,500,000	-5,600,000	-5,700,000	-6,100,000	-6,500,000	-6,700,000	-7,000,000	-7,600,000	-7,100,000	-7,800,000	-7,800,000	-7,700,000	-8,200,000	-8,100,000	-9,100,000	-8,900,000	-9,100,000	-8,900,000	-8,400,000	-8,400,000	-7,100,000	-6,100,000	-6,200,000	-6,200,000	-6,200,000	-6,400,000	-6,800,000	-6,900,000	-6,600,000	-6,500,000	-6,600,000	-7,100,000	-7,400,000	-7,200,000	-7,200,000	-7,200,000	-2,925,000	-4,200,000	-3,900,000	-3,600,000	-3,200,000	-3,600,000	-4,000,000
income from continuing operations before income taxes	14,451,000	25,091,000	21,255,000	12,728,000	19,379,000	11,832,000	20,238,000	8,500,000	12,000,000	10,800,000		14,600,000	6,800,000	-13,600,000	11,000,000	6,700,000	7,100,000	13,100,000	10,000,000	700,000	3,200,000	-4,100,000	5,800,000	4,800,000	-50,800,000	-1,300,000	8,400,000						5,600,000	11,100,000	7,500,000	3,800,000					-21,800,000	10,800,000	17,100,000	41,500,000	14,200,000	-4,100,000	16,700,000	2,000,000	2,800,000	-100,000	9,100,000	3,900,000	5,300,000	15,300,000	-4,800,000
income tax benefit	-75,000	60,000	39,000		-75,000	-99,000						200,000		18,100,000		-25,000			-100,000					900,000			1,100,000	-18,100,000	-1,000,000	100,000	2,700,000	2,700,000				800,000	-5,400,000	-2,400,000	-16,500,000	-2,700,000	-9,900,000	3,800,000			4,500,000	-14,900,000					4,100,000				-400,000
income from continuing operations	14,376,000	25,151,000	21,294,000	12,728,000	19,304,000	11,733,000	20,238,000	8,500,000	12,000,000	10,800,000	9,500,000	14,800,000	6,800,000	4,500,000	11,000,000	6,800,000	7,100,000	13,100,000	9,900,000	1,100,000	3,200,000	-4,100,000	5,800,000	5,700,000	-50,800,000	-1,300,000	9,500,000	-135,400,000	15,800,000	2,900,000	47,500,000	47,500,000	212,100,000	7,400,000	4,000,000	4,600,000					-11,900,000	7,000,000	10,100,000	25,900,000	9,700,000	10,800,000	10,200,000	-500,000	9,600,000	-900,000	5,000,000	2,300,000	8,300,000	13,400,000	-4,400,000
income from discontinued operations, net of income taxes	-39,000	-23,000	139,000	-285,000	-300,000	-2,625,000	-256,000	-11,700,000	3,900,000	4,200,000	-4,200,000	-86,500,000		-100,000		-400,000	-600,000	-100,000				-600,000	-200,000	-700,000	-100,000	100,000	-800,000	-400,000	-200,000	100,000	-100,000	-100,000		-800,000	800,000	2,400,000
net income	14,337,000	25,128,000	21,433,000	12,443,000	19,004,000	9,108,000	19,982,000	-3,200,000	15,900,000	15,000,000	5,300,000	-71,700,000	6,800,000	4,400,000	11,000,000	6,400,000	6,500,000	13,000,000	9,900,000	1,100,000	3,200,000	-4,700,000	5,600,000	5,000,000	-50,900,000	-1,200,000	8,700,000	-135,800,000	15,600,000	3,000,000	47,400,000	47,400,000	212,100,000	6,600,000	4,800,000	7,000,000	600,000	-1,400,000	-600,000	-7,000,000	-11,900,000	7,000,000	10,100,000	25,900,000	9,700,000	10,800,000	10,200,000	33,800,000	23,000,000	4,400,000	5,000,000	5,000,000	8,700,000	13,400,000	-4,400,000
yoy	-24.56%	175.89%	7.26%	-488.84%	19.52%	-39.28%	277.02%	-95.54%	133.82%	240.91%	-51.82%	-1220.31%	4.62%	-66.15%	11.11%	481.82%	103.13%	-376.60%	76.79%	-78.00%	-106.29%	291.67%	-35.63%	-103.68%	-426.28%	-140.00%	-81.65%	-386.50%	-92.64%	-54.55%	887.50%	577.14%	35250.00%	-571.43%	-900.00%	-200.00%	-105.04%	-120.00%	-105.94%	-127.03%	-222.68%	-35.19%	-0.98%	-23.37%	-57.83%	145.45%	104.00%	576.00%	164.37%	-67.16%	-213.64%
qoq	-42.94%	17.24%	72.25%	-34.52%	108.65%	-54.42%	-724.44%	-120.13%	6.00%	183.02%	-107.39%	-1154.41%	54.55%	-60.00%	71.88%	-1.54%	-50.00%	31.31%	800.00%	-65.62%	-168.09%	-183.93%	12.00%	-109.82%	4141.67%	-113.79%	-106.41%	-970.51%	420.00%	-93.67%	0.00%	-77.65%	3113.64%	37.50%	-31.43%	1066.67%	-142.86%	133.33%	-91.43%	-41.18%	-270.00%	-30.69%	-61.00%	167.01%	-10.19%	5.88%	-69.82%	46.96%	422.73%	-12.00%	0.00%	-42.53%	-35.07%	-404.55%
net income margin %	28.53%	48.60%	39.88%	19.93%	30.68%	17.84%	32.65%	-6.05%	30.29%	28.25%	10.52%	135.28%	7.00%	4.99%	11.20%	5.13%	7.71%	14.56%	12.22%	1.51%	4.11%	-6.36%	6.93%	4.65%	-57.13%	-1.10%	6.72%	-45.33%	13.07%	2.68%	41.84%	41.84%	172.86%	5.92%	4.89%	7.51%	1.61%	-1.01%	-0.58%	-6.43%	-9.80%	4.84%	6.57%	17.19%	5.88%	7.04%	6.95%	35.62%	50.52%	6.09%	7.03%	12.05%	9.68%	14.42%	-6.08%
earnings per share available to a&b shareholders:
basic earnings per share of common stock:
continuing operations available to a&b shareholders	0.2	0.35	0.29	0.17	0.27	0.16	0.28	0.12	0.16	0.15	0.13	0.22	0.09	0.06	0.14	0.09	0.1	0.18	0.14	0.02	0.04	-0.06	0.09	0.08	-0.69	-0.01	0.13	-1.93	0.21	0.03	0.71	0.71	4.31	0.15	0.08	0.09					-0.29	0.11
discontinued operations available to a&b shareholders					-0.01	-0.03		-0.17	0.04	0.03	-0.06					-0.01	-0.01					-0.01		-0.01			-0.01						0.01	-0.02	0.02	0.05
net income available to a&b shareholders	0.2	0.35	0.29	0.17	0.26	0.13	0.28	-0.05	0.2	0.18	0.07	-0.99	0.09	0.06	0.14	0.08	0.09	0.18	0.14	0.02	0.04	-0.07	0.09	0.07	-0.69	-0.01	0.12	-1.94	0.21	0.03	0.71	0.71	4.32	0.13	0.1	0.14
diluted earnings per share of common stock:
weighted-average number of shares outstanding:
basic	72,757	72,743	72,683	72,606	72,630	72,615	72,545	72.6	72.6	72.6	72.5	72.6	72.7	72.7	72.6	72.5	72.5	72.5	72.5	72.3	72.4	72.3	72.3	72.2	72.3	72.2	72.1	70.6	72	72	66.4	66.4	49.2	49.2	49.2	49.1	49	49	49	48.9	48.9	48.9	48.9	48.8	48.7	48.8	48.7	48.7		43.1	43.1	43	42.6	42.6
diluted	72,947	72,868	72,820	72,752	72,817	72,692	72,666	72.8	72.8	72.8	72.6	72.8	72.8	72.8	72.8	72.6	72.7	72.6	72.6	72.4	72.4	72.3	72.5	72.2	72.3	72.2	72.5	70.6	72.4	72.3	72.2	72.2	53	49.6	49.6	49.6	49.4	49	49	48.9	49.3	49.4	49.4	49.3	49.3	49.3	49.3	49.2		43.8	43.7	43.6	42.9	43.3
amounts available to a&b common shareholders:
continuing operations available to a&b common shareholders	14,376	25,151	21,294	12,723	19,298	11,729	20,230	8.5	12	10.7	9.5	16	6.3	4.1	10.5	6.5	6.9	12.9	9.9	1	3	-4.1	6.4
discontinued operations available to a&b common shareholders	-39	-23	139	-285	-300	-2,625	-256	-12	2.6	2.6	-4.2	-87.6		-0.1		-0.4	-0.6	-0.1				-0.6	-0.2
net income available to a&b common shareholders	14,337	25,128	21,433	12,438	18,998	9,104	19,974	-3.5	14.6	13.3	5.3	-71.6	6.3	4	10.5	6.1	6.3	12.8	9.9	1	3	-4.7	6.2
income related to joint ventures		2,589,000	3,025,000	720,000	2,142,000	996,000	698,000		1,000,000	500,000	400,000	-200,000	400,000	-200,000	1,600,000	5,300,000	2,700,000	6,100,000	3,400,000	600,000	2,200,000	-100,000	3,200,000	-800,000	2,400,000	1,000,000	2,700,000	-10,400,000	4,500,000	4,400,000	-2,600,000	-2,600,000	-300,000	4,300,000	1,900,000	1,300,000	15,700,000	100,000	1,300,000	2,100,000	6,100,000	2,900,000	3,800,000	24,000,000	1,800,000	1,500,000	400,000	-1,600,000
gain on disposal of assets			193,000
total gain on commercial real estate transactions and other disposal of assets			4,296,000
impairment of assets								4,200,000	600,000
gain from disposals				537,000		2,125,000
loss attributable to discontinued noncontrolling interest								-300,000	-1,300,000
net income attributable to a&b shareholders				12,443,000	19,004,000	9,108,000	19,982,000	-3,500,000	14,600,000	13,400,000	5,300,000	-71,600,000	6,400,000	4,100,000	10,500,000	6,300,000	6,400,000	12,800,000	9,900,000	1,100,000	3,000,000	-4,700,000	6,200,000	5,200,000	-49,800,000	-800,000	9,000,000	-136,600,000	14,800,000	2,500,000	47,300,000	47,300,000	211,600,000	6,100,000	4,300,000	6,300,000	-2,525,000	-1,900,000	-700,000	-7,500,000	10,450,000	6,700,000	9,800,000	25,300,000	-52,799,998.74	10,200,000	0.19	0.69
amounts available to a&b common shareholders
gain on disposal of non-core assets							23,000				1,100,000			54,000,000				100,000	100,000	100,000	9,000,000
pension termination														-73,700,000
loss (income) attributable to discontinued noncontrolling interest										-1,600,000
materials & construction												31,125,000	48,100,000	37,200,000	39,200,000	37,300,000	34,900,000	30,000,000	24,000,000	24,300,000	34,400,000	30,100,000	25,900,000	33,900,000	37,900,000	45,100,000	43,600,000	47,300,000	59,500,000	59,000,000	48,800,000	48,800,000	48,400,000	55,000,000	52,200,000	48,500,000
cost of materials & construction												27,875,000	43,300,000	34,100,000	34,100,000	34,700,000	31,800,000	28,700,000	23,700,000	23,400,000	30,200,000	28,200,000	25,000,000	32,200,000	42,000,000	43,200,000	42,100,000	44,600,000	50,500,000	50,100,000	42,900,000	42,900,000	41,000,000	44,300,000	41,700,000	39,100,000
gain on disposal of commercial real estate properties																2,600,000			200,000
total gain on disposal of assets														54,000,000		2,600,000		100,000	300,000	100,000	9,000,000
loss attributable to noncontrolling interest												-300,000	-400,000			-100,000	-100,000
loss (income) attributable to noncontrolling interest														-300,000	-500,000			-200,000		100,000	-200,000		600,000	200,000	1,100,000	400,000	300,000
pension and postretirement benefit															-3,400,000
impairment of assets related to materials & construction																				1,400,000		5,600,000
gain on the disposal of assets
gain on the sale of commercial real estate properties																							500,000
goodwill impairment																								12,425,000	49,700,000
amounts available to a&b shareholders
reit evaluation/conversion costs																																	3,800,000	4,400,000	2,200,000
reductions in solar investments																												-100,000	-100,000	-200,000	-100,000	-100,000		-400,000	-200,000	-2,000,000	-2,425,000	-200,000	-9,500,000
income from continuing operations before income taxes and net gain on sale of improved properties and ground leased land																												3,650,000	16,800,000	2,600,000	-4,800,000	-4,800,000
income from continuing operations before net gain on sale of improved properties and ground leased land																												4,100,000	15,800,000	2,700,000	-2,100,000	-2,100,000
net gain on the sale of improved properties and ground leased land																												12,450,000		200,000	49,600,000	49,600,000
income attributable to noncontrolling interest																												-800,000	-800,000	-500,000	-100,000	-100,000	-500,000	-500,000	-500,000	-700,000	-700,000	-500,000	-100,000	-500,000	-300,000	-300,000	-300,000	-600,000	-500,000	-600,000	-1,000,000	-400,000
continuing operations available to a&b shareholders, net of income taxes																														2.4	47.4	47.4	212.2	7.4	3.7	4.4
discontinued operations available to a&b shareholders, net of income taxes																														0.1	-0.1	-0.1		-0.8	0.8	2.4
gain on the sale of improved property																																	750,000			3,000,000	16,100,000		-8,000,000		-475,000			-1,900,000
total other income and																																	-1,725,000	-700,000	-3,300,000	-2,900,000
income tax expense																																	-1,600,000	-3,700,000	-3,500,000								7,000,000	15,600,000			6,500,000	2,500,000	1,425,000	800,000		1,600,000	450,000	1,900,000
cash dividends per share																																	0.053	0.07	0.07		0.045	0.06	0.06	0.06	0.038	0.05
reit evaluation costs																																				4,800,000	5,700,000	1,900,000
real estate development and sales																																					3,350,000	12,800,000	300,000	300,000	12,700,000	19,900,000	35,700,000	32,200,000	39,500,000	18,200,000	21,400,000	900,000	3,000,000	10,100,000	1,400,000	500,000	2,400,000	100,000	7,000,000
materials and construction																																					46,100,000	52,100,000	42,000,000	50,700,000	53,700,000	51,000,000	57,400,000	56,900,000
agribusiness																																					22,425,000	40,900,000	25,800,000	23,000,000	21,700,000	40,800,000	25,800,000	28,900,000	32,300,000	45,500,000	29,800,000	12,900,000	23,525,000	35,900,000	43,500,000	14,700,000	60,900,000	67,900,000	39,900,000
cost of real estate development and sales																																					825,000	3,100,000	100,000	100,000	3,700,000	6,700,000	19,300,000	21,300,000	4,125,000	5,400,000	11,200,000	-100,000	900,000	3,300,000	200,000	100,000	1,075,000	100,000	3,100,000
cost of construction contracts and materials																																					28,725,000	41,000,000	34,500,000	39,400,000	33,525,000	40,700,000	47,600,000	45,800,000
cost of agribusiness revenue																																					21,900,000	38,800,000	27,100,000	21,700,000	26,775,000	49,800,000
hc&s cessation costs																																					12,900,000	17,600,000	18,500,000	15,500,000
interest income and other																																					900,000	500,000	800,000	300,000	400,000	400,000	100,000	200,000	3,500,000	1,100,000	700,000	700,000	400,000	1,200,000
income before income taxes																																					-7,650,000	-3,800,000	-17,100,000	-9,700,000
earnings per share
basic - net income available to a&b shareholders																																					-0.048	-0.03	-0.01	-0.15	0.208	0.11
diluted - net income available to a&b shareholders																																					-0.048	-0.03	-0.01	-0.15	0.205	0.11
real estate leasing																																							34,600,000	34,800,000	33,300,000	33,000,000	34,800,000	32,700,000	31,900,000	31,300,000	31,000,000	31,000,000	19,000,000	26,200,000	26,200,000	26,300,000	23,600,000	24,900,000	25,500,000
cost of real estate leasing																																							20,200,000	20,700,000	19,300,000	20,800,000	20,900,000	19,600,000	19,700,000	19,600,000	19,400,000	19,600,000	11,175,000	15,400,000	15,300,000	15,000,000	14,000,000	14,400,000	14,600,000
reduction in krs ii carrying value																																									-900,000	-100,000	-1,500,000	-100,000	400,000	-15,100,000
basic earnings per share:
diluted earnings per share:
costs of agribusiness revenue																																											30,500,000
income from discontinued operations																																													8,575,000			34,300,000	2,225,000	5,300,000		2,700,000	600,000
continuing operations attributable to a&b shareholders																																											0.2	0.52	0.18	0.21	0.19	-0.02
discontinued operations attributable to a&b shareholders																																																0.71
basic - net income attributable to a&b shareholders																																											0.2
diluted - net income attributable to a&b shareholders																																											0.2
amounts attributable to a&b shareholders:
income from continuing operations, net of tax																																											9.8	25.3	8.6	10.2	9.2	-0.9
discontinued operations, net of tax																																																34.3
cash dividends declared per share																																											0.05	0.05	0.03	0.04	0.04	0.04
costs of agribusiness revenues																																												26,800,000	22,950,000	52,700,000	29,200,000	9,800,000	20,025,000	34,400,000	34,900,000	10,800,000	25,375,000	58,600,000	32,800,000
construction and natural materials																																													43,275,000	58,400,000	64,500,000	50,100,000
cost of construction contracts and natural materials																																													35,475,000	48,000,000	51,800,000	42,100,000
grace acquisition costs																																																	1,125,000	2,000,000
gain on insurance																																																	325,000	1,300,000
impairment and equity losses related to real estate joint ventures
net income attributable to a&b																																															9,200,000	33,400,000
gain on the sale of agricultural parcel
impairment of real estate assets																																																							5,100,000
separation costs																																																						700,000
income related to real estate joint ventures																																																	450,000	700,000	600,000	500,000	-925,000	-1,000,000	-1,100,000
impairment and equity losses related to joint ventures																																																	-1,650,000	-6,600,000
continuing operations																																																	0.033	-0.02	0.11	0.05	0.19	0.31	-0.1
discontinued operations																																																	22,299,999.8	0.12		0.07	0.01
acquisition costs																																																			1,500,000
impairment and equity losses related to bakersfield joint venture																																																							-4,700,000
interest income																																																			400,000
gain on sale of agricultural parcel																																																						-7,300,000
gain on sale of investment and other
separation costs, including equity conversion costs																																																							4,400,000
weighted-average number of shares outstanding:
basic and diluted																																																							42.4

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2012-12-31

assets
real estate investments	1,493,938,000	1,496,272,000	1,499,444,000	1,498,744,000	1,488,179,000	1,469,972,000	1,474,805,000	1,483,000,000	1,502,600,000	1,505,400,000	1,500,500,000	1,507,600,000	1,519,100,000	1,519,200,000	1,523,200,000	1,533,100,000	1,626,800,000	1,638,800,000	1,652,900,000	1,667,000,000	1,670,700,000	1,678,600,000	1,690,300,000	1,700,100,000	1,715,000,000	1,728,700,000	1,567,500,000
real estate property	1,671,663,000	1,682,017,000	1,676,343,000	1,670,879,000	1,644,293,000	1,610,927,000	1,612,280,000	1,609,000,000	1,619,900,000	1,614,300,000	1,600,700,000	1,598,900,000	1,598,300,000	1,589,000,000	1,590,900,000	1,588,200,000	1,569,300,000	1,564,600,000	1,557,200,000	1,549,700,000	1,544,100,000	1,541,400,000	1,537,700,000	1,540,200,000	1,531,400,000	1,501,900,000	1,342,100,000
accumulated depreciation	-275,799,000	-271,006,000	-263,283,000	-255,641,000	-249,281,000	-241,888,000	-234,564,000	-227,300,000	-223,000,000	-216,500,000	-209,300,000	-202,300,000	-197,600,000	-190,600,000	-187,800,000	-180,500,000	-174,400,000	-167,800,000	-161,000,000	-154,400,000	-148,000,000	-141,400,000	-133,900,000	-127,500,000	-124,300,000	-118,300,000	-112,400,000
real estate developments	41,556,000	41,506,000	41,466,000	46,423,000	54,696,000	60,856,000	55,531,000	58,100,000	60,000,000	60,000,000	59,900,000	59,900,000	64,800,000	64,600,000	61,900,000	65,000,000	68,900,000	68,800,000	73,600,000	75,700,000	77,300,000	77,900,000	81,900,000	79,100,000	93,800,000	125,200,000	136,300,000	124,100,000	141,900,000	139,600,000	142,000,000	151,000,000	151,700,000	184,500,000	184,000,000	179,500,000	192,600,000	188,500,000	184,900,000	183,500,000	181,200,000	179,500,000	199,100,000	224,000,000	254,400,000	252,700,000	248,200,000	144,000,000
investments in sales-type leases, net of allowances (credit losses) of 44 as of september 30, 2025	23,694,000
investments in real estate joint ventures and partnerships	5,907,000	5,907,000	5,907,000	5,907,000	5,907,000	6,765,000	6,828,000	6,900,000	7,400,000	7,400,000	7,400,000	7,500,000	8,200,000	8,800,000	8,800,000	8,800,000	109,100,000	116,800,000	124,000,000	134,100,000	132,400,000	132,800,000	133,400,000	133,400,000	135,400,000	137,600,000	140,500,000
real estate intangible assets	26,917,000	28,427,000	29,795,000	31,176,000	32,564,000	33,312,000	34,730,000	36,300,000	38,300,000	40,200,000	41,800,000	43,600,000	45,400,000	47,400,000	49,400,000	51,600,000	53,900,000	56,400,000	59,100,000	61,900,000	64,900,000	67,900,000	71,200,000	74,900,000	78,700,000	82,300,000	61,000,000
cash and cash equivalents	17,294,000	8,579,000	16,855,000	33,436,000	17,919,000	29,523,000	15,683,000	13,500,000	11,800,000	8,200,000	10,700,000	33,300,000	7,300,000	33,200,000	33,700,000	70,000,000	26,500,000	19,900,000	32,000,000	57,200,000	117,100,000	96,200,000	131,600,000	15,200,000	7,200,000	5,500,000	3,000,000	11,400,000	7,500,000	9,500,000	26,500,000	68,900,000	13,300,000	11,000,000	15,300,000	2,200,000	5,800,000	6,400,000	3,500,000	1,300,000	4,100,000	2,300,000	3,400,000	2,800,000	9,200,000	6,200,000	5,500,000	1,100,000
restricted cash	1,057,000	1,518,000	697,000	236,000	236,000	236,000	236,000	200,000	200,000	200,000	1,000,000	1,000,000	200,000	200,000	1,000,000	1,000,000	200,000	200,000	200,000	200,000	200,000	200,000	6,100,000	200,000	200,000	200,000	187,900,000	223,500,000	200,000	200,000	17,100,000	34,300,000
accounts receivable	3,758,000	4,097,000	4,942,000	3,697,000	3,501,000	4,580,000	3,715,000	4,500,000	3,600,000	5,200,000	4,200,000	6,100,000												43,400,000				49,600,000	60,300,000	54,700,000	37,500,000	34,100,000	34,200,000	39,700,000	30,000,000
operating lease right-of-use assets	15,436,000							1,700,000	2,200,000	2,600,000	3,000,000	5,400,000	37,000,000	37,400,000	19,300,000	20,100,000	21,200,000	22,100,000	18,200,000	18,600,000	19,500,000	20,000,000	20,900,000	21,800,000	22,700,000	28,500,000	30,000,000
goodwill	8,729,000	8,729,000	8,729,000	8,729,000	8,729,000	8,729,000	8,729,000	8,700,000	8,700,000	8,700,000	8,700,000	8,700,000	8,700,000	8,700,000	8,700,000	8,700,000	10,500,000	10,500,000	10,500,000	10,500,000	10,500,000	10,500,000	15,400,000	15,400,000	15,400,000	65,100,000	65,100,000	65,100,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,300,000	102,900,000	100,000,000	100,000,000
other receivables, net of allowances (credit losses) of 2,398 and 2,393 as of september 30, 2025 and december 31, 2024, respectively	6,983,000
straight-line rent receivable	44,960,000
investments in other joint ventures and partnerships	29,932,000
prepaid expenses and other assets	27,708,000	114,453,000	106,762,000	108,894,000	104,795,000	101,204,000	103,711,000	97,000,000	102,600,000	91,200,000	92,600,000	89,000,000	133,900,000	121,600,000	108,100,000	102,600,000	105,400,000	90,500,000	95,100,000	95,600,000				97,100,000	109,400,000	102,600,000	115,100,000	15,900,000	41,300,000	38,400,000	14,700,000	11,400,000	39,400,000	34,400,000	15,900,000	19,600,000	12,600,000	9,100,000	14,700,000	14,900,000	11,400,000	15,400,000	20,800,000	15,600,000	18,600,000	15,200,000	18,300,000	11,300,000
assets held for sale	7,424,000				14,036,000	13,999,000	14,004,000	14,000,000	144,700,000	154,900,000	125,100,000	126,800,000
total assets	1,657,219,000	1,642,373,000	1,648,614,000	1,670,432,000	1,650,002,000	1,641,909,000	1,636,290,000	1,646,200,000	1,785,900,000	1,784,900,000	1,756,100,000	1,787,300,000	1,847,900,000	1,854,100,000	1,854,600,000	1,879,800,000	1,963,500,000	1,956,000,000	1,991,900,000	2,036,000,000	2,114,900,000	2,106,200,000	2,174,600,000	2,084,300,000	2,121,700,000	2,184,500,000	2,249,600,000	2,225,200,000	2,276,200,000	2,272,200,000	2,310,700,000	2,231,200,000	2,208,300,000	2,177,000,000	2,160,600,000	2,156,300,000	2,224,200,000	2,239,200,000	2,319,000,000	2,243,500,000	2,245,500,000	2,269,600,000	2,288,200,000	2,329,900,000	2,295,200,000	2,283,700,000	2,295,500,000	1,437,300,000
liabilities and equity
liabilities:
notes payable and other debt	475,231,000	450,297,000	452,843,000	474,837,000	472,179,000	469,804,000	457,574,000	464,000,000	507,600,000	506,900,000	479,200,000	472,200,000	469,700,000	475,900,000	522,200,000	532,700,000	627,700,000	597,800,000	654,600,000	687,100,000	763,600,000	768,600,000	819,600,000	704,600,000	732,400,000	727,700,000	775,000,000
accounts payable	8,944,000	6,600,000	4,490,000	4,529,000	4,910,000	5,241,000	4,350,000	5,800,000	6,100,000	5,200,000	4,900,000	4,500,000	18,500,000	14,800,000	13,200,000	9,900,000	11,400,000	12,400,000	13,200,000	9,800,000	10,400,000	12,400,000	12,300,000	17,800,000	15,000,000	19,300,000	26,700,000	34,200,000	33,700,000	40,100,000	32,600,000	43,300,000	36,000,000	32,200,000	31,600,000	35,200,000	30,100,000	27,300,000	28,800,000	35,500,000	30,100,000	35,600,000	32,400,000	37,600,000	37,100,000	32,200,000	31,800,000	26,200,000
operating lease liabilities	15,262,000							1,100,000	2,000,000	2,000,000	2,900,000	4,900,000	36,800,000	36,700,000	18,900,000	19,400,000	21,400,000	21,900,000	18,500,000	18,400,000	19,700,000	19,800,000	21,100,000	21,600,000	23,000,000	28,500,000	30,400,000
accrued post-retirement benefits	7,435,000	7,482,000	7,535,000	7,582,000	8,173,000	8,216,000	8,275,000
refund liability	45,300,000	45,300,000
deferred revenue	12,622,000	10,245,000	75,085,000	72,462,000	72,499,000	71,243,000	72,460,000	70,400,000	71,900,000	71,800,000	71,900,000	68,800,000	71,300,000	68,700,000	70,000,000	68,500,000	69,800,000	70,700,000	68,700,000	66,900,000	68,000,000	66,800,000	67,400,000	67,600,000	68,400,000	65,900,000	65,400,000	63,100,000			3,000,000	900,000	2,700,000	100,000	1,900,000	17,600,000			1,900,000	100,000	1,800,000	2,500,000	1,700,000	16,500,000	1,700,000	100,000	13,300,000
accrued dividends	17,135,000																															783,000,000
real estate intangible liabilities	14,211,000
accrued and other liabilities	49,516,000	109,417,000	103,518,000	107,479,000	94,059,000	85,833,000	87,305,000	91,800,000	78,400,000	80,300,000	81,700,000	102,100,000	105,900,000	103,300,000	96,400,000	119,500,000	99,600,000	109,100,000	95,700,000	116,500,000	102,200,000	93,400,000	102,900,000	95,500,000	107,700,000	97,200,000	92,300,000	41,500,000	46,300,000	43,000,000	21,900,000	27,500,000	28,600,000	29,100,000	26,500,000	31,700,000	36,200,000	33,300,000	33,400,000	41,300,000	33,200,000	32,700,000	28,600,000	35,800,000	33,000,000	30,300,000	26,600,000	22,700,000
total liabilities	645,656,000	629,341,000	643,471,000	666,889,000	651,820,000	640,337,000	629,964,000	643,200,000	747,400,000	752,000,000	728,500,000	743,600,000	712,600,000	710,400,000	776,800,000	806,300,000	863,400,000	847,100,000	885,600,000	933,400,000	998,300,000	995,400,000	1,057,600,000	949,300,000	985,400,000	984,000,000	1,036,200,000	1,009,000,000	919,600,000	933,800,000	977,500,000	1,572,100,000	974,400,000	948,600,000
commitments and contingencies
equity:
common stock - no par value; authorized, 225,000,000 shares; outstanding 72,758,460 and 72,633,866 shares at september 30, 2025 and december 31, 2024, respectively	1,814,385,000
accumulated other comprehensive income	-102,000	504,000	2,506,000	6,134,000	-2,059,000	5,208,000	3,979,000	3,200,000	8,600,000	1,500,000	-2,200,000	1,800,000	4,500,000	1,900,000	-72,800,000	-80,700,000	-59,700,000	-56,100,000	-56,000,000	-60,000,000	-53,900,000	-55,100,000	-55,100,000	-48,800,000	-55,000,000	-54,000,000	-52,600,000	-51,900,000	-38,300,000	-39,400,000
distributions in excess of accumulated earnings	-802,720,000	-800,572,000	-809,189,000	-814,173,000	-810,202,000	-812,907,000	-805,662,000	-809,300,000	-789,600,000	-788,100,000	-785,400,000	-774,500,000	-686,700,000	-677,100,000	-666,400,000	-663,200,000	-656,000,000	-649,200,000	-650,400,000	-649,400,000	-640,400,000	-643,400,000	-638,700,000	-626,200,000	-617,600,000	-554,000,000	-541,300,000		-410,500,000	-426,000,000	-428,400,000
total shareholders' equity	1,011,563,000	1,013,032,000	1,005,143,000	1,003,543,000	998,182,000	1,001,572,000	1,006,326,000
total liabilities and equity	1,657,219,000	1,642,373,000	1,648,614,000	1,670,432,000	1,650,002,000	1,641,909,000	1,636,290,000	1,646,200,000	1,785,900,000	1,784,900,000	1,756,100,000	1,787,300,000	1,847,900,000	1,854,100,000	1,854,600,000	1,879,800,000	1,963,500,000	1,956,000,000	1,991,900,000	2,036,000,000	2,114,900,000	2,106,200,000	2,174,600,000	2,084,300,000	2,121,700,000	2,184,500,000	2,249,600,000	2,225,200,000	2,276,200,000	2,272,200,000	2,310,700,000	2,231,200,000	2,208,300,000	2,177,000,000	2,160,600,000	2,156,300,000	2,224,200,000	2,239,200,000	2,319,000,000	2,243,500,000	2,245,500,000	2,269,600,000	2,288,200,000	2,329,900,000	2,295,200,000	2,283,700,000	2,295,500,000
investments in sales-type leases, net of allowances (credit losses) of 18 as of june 30, 2025		9,421,000
other receivables, net of allowances (credit losses) of 2,208 and 2,393 as of june 30, 2025 and december 31, 2024, respectively		8,725,000
common stock - no par value; authorized, 225,000,000 shares; outstanding 72,753,270 and 72,633,866 shares at june 30, 2025 and december 31, 2024, respectively		1,813,100,000
investments in sales-type leases, net of allowances (credit losses) of 17 as of march 31, 2025			9,216,000
other receivables, net of allowances (credit losses) of 2,299 and 2,393 as of march 31, 2025 and december 31, 2024, respectively			11,185,000
common stock - no par value; authorized, 225,000,000 shares; outstanding 72,711,539 and 72,633,866 shares at march 31, 2025 and december 31, 2024, respectively			1,811,826,000
other receivables, net of allowance (credit losses and doubtful accounts) of 2,393 and 3,545 as of december 31, 2024 and 2023, respectively				16,696,000
common stock - no par value; authorized, 225,000,000 shares; outstanding 72,633,866 and 72,447,510 shares at december 31, 2024 and 2023, respectively				1,811,582,000
other receivables, net of allowances of 2,264 and 3,545 as of september 30, 2024, and december 31, 2023, respectively					12,607,000
common stock - no par value; authorized, 225,000,000 shares; outstanding, 72,632,947 and 72,447,510 shares at september 30, 2024, and december 31, 2023, respectively					1,810,443,000
other receivables, net of allowances of 3,653 and 3,545 as of june 30, 2024, and december 31, 2023, respectively						13,666,000
common stock - no par value; authorized, 225,000,000 shares; outstanding, 72,621,777 and 72,447,510 shares at june 30, 2024, and december 31, 2023, respectively						1,809,271,000
other receivables, net of allowances of 3,565 and 3,545 as of march 31, 2024, and december 31, 2023, respectively							15,407,000
common stock - no par value; authorized, 225,000,000 shares; outstanding, 72,592,147 and 72,447,510 shares at march 31, 2024, and december 31, 2023, respectively							1,808,009,000
other receivables, net of allowances of 3.5 million and 2.7 million as of december 31, 2023 and 2022, respectively								23,600,000
accrued pension and post-retirement benefits								10,000,000	10,100,000	10,100,000	10,100,000	10,100,000	10,400,000	11,000,000	56,100,000	56,300,000	33,500,000	35,200,000	34,900,000	34,700,000	26,900,000	26,900,000	26,800,000	26,800,000	31,400,000	30,800,000	30,100,000				20,100,000	19,900,000	16,700,000	63,700,000	64,900,000	64,800,000				59,700,000				54,800,000
liabilities associated with assets held for sale								100,000	71,300,000	75,700,000	77,800,000	81,000,000
redeemable noncontrolling interest									9,700,000	9,200,000	7,600,000	8,000,000	8,100,000	7,700,000	7,400,000	6,900,000	6,800,000	6,700,000	6,500,000	6,500,000	6,400,000	6,200,000	6,200,000	6,300,000	7,900,000	7,900,000	7,900,000	7,900,000	8,000,000	8,000,000	8,000,000	8,000,000	10,800,000	10,800,000	10,800,000	10,800,000	11,600,000	11,600,000	11,600,000	11,600,000	9,800,000
common stock - no par value; authorized, 225.0 million shares; outstanding 72.4 million and 72.5 million shares as of december 31, 2023 and 2022, respectively								1,809,100,000
total a&b shareholders' equity								1,003,000,000	1,028,800,000	1,023,700,000	1,020,000,000	1,035,700,000				1,066,600,000				1,096,100,000	1,110,200,000	1,104,600,000	1,107,800,000	1,125,100,000	1,124,800,000	1,187,900,000	1,200,100,000	1,202,600,000	1,343,300,000	1,325,400,000	1,320,600,000	646,400,000	1,218,900,000	1,213,400,000	1,210,600,000	1,209,300,000	1,211,100,000	1,213,400,000	1,216,300,000	1,223,600,000	1,242,200,000	1,237,200,000	1,227,500,000	1,203,900,000	1,218,700,000	1,208,700,000	1,199,500,000
other property									2,200,000	2,200,000	2,300,000	2,500,000	69,600,000	68,500,000	83,800,000	83,500,000	108,100,000	108,400,000	108,700,000	110,800,000	111,200,000	119,800,000	122,400,000	124,400,000	131,400,000	127,300,000	128,900,000
other receivables, net of allowances of 3.7 million and 2.7 million as of september 30, 2023, and december 31, 2022, respectively									7,300,000
common stock - no par value; authorized, 225.0 million shares; outstanding, 72.5 million and 72.5 million shares at september 30, 2023 and december 31, 2022, respectively									1,809,800,000
other receivables, net of allowances of 3.6 million and 2.7 million as of june 30, 2023, and december 31, 2022, respectively										6,300,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.6 million and 72.5 million shares at june 30, 2023 and december 31, 2022, respectively										1,810,300,000
other receivables, net of allowances of 3.6 million and 2.7 million as of march 31, 2023, and december 31, 2022, respectively											8,000,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.6 million and 72.5 million shares at march 31, 2023 and december 31, 2022, respectively											1,807,600,000
other receivables, net of allowances of 2.7 million and 2.5 million as of december 31, 2022 and 2021, respectively												6,900,000
common stock - no par value; authorized, 150.0 million shares; outstanding 72.5 million and 72.5 million shares as of december 31, 2022 and 2021, respectively												1,808,400,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 1.1 million and 1.3 million as of september 30, 2022, and december 31, 2021, respectively													35,900,000
inventories													30,100,000	24,600,000	26,100,000	20,300,000	22,200,000	24,100,000	27,200,000	18,400,000	19,300,000	20,200,000	20,700,000	20,700,000	23,900,000	28,200,000	29,000,000	26,500,000	32,200,000	28,700,000	29,600,000	31,900,000	30,100,000	34,100,000	28,000,000	43,300,000	47,300,000	66,000,000	63,700,000	55,900,000	66,200,000	79,800,000	85,100,000	81,900,000	81,000,000	92,100,000	94,800,000	23,500,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 2.2 million and 2.5 million as of september 30, 2022, and december 31, 2021, respectively													6,100,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.5 million shares at september 30, 2022 and december 31, 2021, respectively													1,809,400,000
total equity													1,127,200,000	1,136,000,000	1,070,400,000		1,093,300,000	1,102,200,000	1,099,800,000	1,096,100,000	1,110,200,000	1,104,600,000	1,110,800,000	1,128,700,000	1,128,400,000	1,192,600,000	1,205,500,000	1,208,300,000	1,348,600,000	1,330,400,000	1,325,200,000	651,100,000	1,223,100,000	1,217,600,000	1,214,500,000	1,213,200,000	1,214,800,000	1,217,000,000	1,219,900,000	1,227,100,000	1,245,800,000	1,249,000,000	1,239,000,000	1,214,800,000	1,229,600,000	1,219,000,000	1,208,800,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 1.2 million and 1.3 million as of june 30, 2022, and december 31, 2021, respectively														34,900,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 2.2 million and 2.5 million as of june 30, 2022, and december 31, 2021, respectively														5,800,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.7 million and 72.5 million shares at june 30, 2022 and december 31, 2021, respectively														1,811,200,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 1.3 million and 1.3 million as of march 31, 2022, and december 31, 2021, respectively															37,600,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 2.5 million and 2.5 million as of march 31, 2022, and december 31, 2021, respectively															13,100,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.7 million and 72.5 million shares at march 31, 2022 and december 31, 2021, respectively															1,809,600,000
accounts receivable and retention, net of allowances (credit losses and doubtful accounts) of 1.3 million and 3.3 million as of december 31, 2021 and 2020, respectively																28,900,000
other receivables, net of allowances of 2.5 million and 3.9 million as of december 31, 2021 and december 31, 2020, respectively																11,600,000
common stock - no par value; authorized, 150.0 million shares; outstanding 72.5 million and 72.4 million shares as of december 31, 2021 and 2020, respectively																1,810,500,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 1.9 million and 3.3 million as of september 30, 2021 and december 31, 2020, respectively																	24,400,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 3.1 million and 3.9 million as of september 30, 2021 and december 31, 2020, respectively																	18,200,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.4 million shares at september 30, 2021 and december 31, 2020, respectively																	1,809,000,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 2.3 million and 3.3 million as of june 30, 2021 and december 31, 2020, respectively																		24,800,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 3.5 million and 3.9 million as of june 30, 2021 and december 31, 2020, respectively																		16,700,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.4 million shares at june 30, 2021 and december 31, 2020, respectively																		1,807,500,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 3.3 million and 3.3 million as of march 31, 2021 and december 31, 2020, respectively																			33,200,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 3.6 million and 3.9 million as of march 31, 2021 and december 31, 2020, respectively																			13,900,000
common stock - no par value; authorized, 150.0 million shares; outstanding, 72.5 million and 72.4 million shares at march 31, 2021 and december 31, 2020, respectively																			1,806,200,000
accounts receivable and retention, net of allowances (credit losses and doubtful accounts) of 3.3 million and 0.6 million as of december 31, 2020 and 2019, respectively																				43,500,000
other receivables, net of allowances of 3.9 million and 1.6 million as of december 31, 2020 and december 31, 2019, respectively																				14,200,000
common stock - no par value; authorized, 150.0 million shares; outstanding 72.4 million and 72.3 million shares as of december 31, 2020 and 2019, respectively																				1,805,500,000
noncontrolling interest																							3,000,000	3,600,000	3,600,000	4,700,000	5,400,000	5,700,000	5,300,000	5,000,000	4,600,000	4,700,000	4,200,000	4,200,000	3,900,000	3,900,000	3,700,000	3,600,000	3,600,000	3,500,000	3,600,000	11,800,000	11,500,000		10,900,000	10,300,000	9,300,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 4.1 million and 0.6 million as of september 30, 2020 and december 31, 2019, respectively																					52,700,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 4.5 million and 1.6 million as of september 30, 2020 and december 31, 2019, respectively																					15,800,000
prepaid expenses and other assets, net of allowance for credit losses and allowance for doubtful accounts of 0.1 million and 0 million as of september 30, 2020 and december 31, 2019, respectively																					97,900,000
indemnity holdbacks																					7,500,000	7,500,000	7,500,000	7,500,000	7,500,000	14,600,000	16,300,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.4 million shares at september 30, 2020 and december 31, 2019, respectively																					1,804,500,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 4.1 million and 0.4 million as of june 30, 2020 and december 31, 2019, respectively																						48,000,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 4.3 million and 1.6 million as of june 30, 2020 and december 31, 2019, respectively																						14,000,000
prepaid expenses and other assets, net of allowance for credit losses and allowance for doubtful accounts of 0.1 million and 0 million as of june 30, 2020 and december 31, 2019, respectively																						98,700,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.3 million shares at june 30, 2020 and december 31, 2019, respectively																						1,803,100,000
accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of 1.5 million and 0.4 million as of march 31, 2020 and december 31, 2019, respectively																							44,300,000
other receivables, net of allowance for credit losses and allowance for doubtful accounts of 4.6 million and 1.6 million as of march 31, 2020 and december 31, 2019, respectively																							15,000,000
prepaid expenses and other assets, net of allowance for credit losses and allowance for doubtful accounts of 0.1 million and 0 million as of march 31, 2020 and december 31, 2019, respectively																							107,900,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.3 million shares at march 31, 2020 and december 31, 2019, respectively																							1,801,600,000
contracts retention																								8,600,000				11,600,000			12,700,000	13,200,000	12,400,000	12,500,000	12,600,000	13,100,000	12,400,000	12,200,000	12,100,000	11,500,000	10,100,000	9,500,000	9,300,000	9,100,000	9,200,000	9,500,000	8,800,000
other receivables																								27,400,000	28,700,000	28,400,000	54,200,000
costs and estimated earnings in excess of billings on uncompleted contracts																								10,000,000				9,200,000	9,600,000	19,900,000	16,200,000	20,200,000	20,700,000	15,500,000	18,500,000	16,400,000	16,600,000	14,000,000	14,300,000	16,300,000	13,900,000	13,400,000	14,100,000	15,900,000	13,500,000	11,800,000	13,100,000
billings in excess of costs and estimated earnings on uncompleted contracts																								7,900,000				5,900,000	3,600,000	2,000,000	3,900,000	5,700,000	2,600,000	3,100,000	2,700,000	3,500,000	2,700,000	3,200,000	2,600,000	2,600,000	1,900,000	1,800,000	2,100,000	3,600,000	3,800,000	4,300,000	4,200,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.3 million and 72.0 million shares at december 31, 2019 and 2018, respectively																								1,800,100,000
accounts receivable and retention																									67,800,000	70,000,000	68,900,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.3 million and 72.0 million shares at september 30, 2019 and december 31, 2018, respectively																									1,797,400,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.2 million and 72.0 million shares at june 30, 2019 and december 31, 2018, respectively																										1,795,900,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.1 million and 72.0 million shares at march 31, 2019 and december 31, 2018, respectively																											1,794,000,000
current assets:
real estate development inventory and property held for sale																												31,100,000	23,700,000
income tax receivable																												25,400,000			25,700,000	27,700,000	25,900,000	9,800,000	10,300,000	10,600,000	11,500,000	5,700,000	11,600,000	14,000,000	4,200,000	4,200,000	2,800,000	6,700,000	4,900,000
total current assets																												180,700,000	174,600,000	167,100,000	178,500,000	274,800,000	239,800,000	159,000,000	130,600,000	138,300,000	144,600,000	143,200,000	157,900,000	152,500,000	152,900,000	183,300,000	179,200,000	175,900,000	175,000,000	183,800,000	190,100,000	63,400,000
investments in affiliates																												171,400,000	379,200,000	388,300,000	397,000,000	401,700,000	402,000,000	398,700,000	395,300,000	390,800,000	430,800,000	432,200,000	422,700,000	416,400,000	413,600,000	409,500,000	403,400,000	418,600,000	348,600,000	342,600,000	344,200,000	319,900,000
property – net																												1,322,000,000	1,322,300,000	1,321,000,000	1,317,600,000	1,147,500,000	1,212,400,000	1,235,100,000	1,226,100,000		1,256,100,000	1,275,600,000	1,337,100,000		1,288,900,000	1,286,200,000	1,296,000,000		1,263,600,000	1,266,800,000	1,271,200,000	838,700,000
intangible assets – net																												68,400,000	75,900,000	77,800,000	80,500,000	46,900,000	48,700,000	50,300,000	51,900,000
deferred income taxes																																	202,500,000	182,800,000	182,500,000	182,000,000	184,200,000	183,400,000	197,700,000	202,100,000	5,700,000	8,300,000	8,300,000	8,300,000	9,200,000	7,800,000	7,800,000	7,800,000
other assets																												70,000,000	62,200,000	57,500,000	57,100,000	56,200,000	51,400,000	47,100,000	70,400,000	60,000,000	42,000,000	39,300,000	53,700,000	65,000,000	50,100,000	50,000,000	46,500,000	43,500,000	86,400,000	70,300,000	71,100,000	71,300,000
current liabilities:
notes payable and current portion of long-term debt																												39,000,000	37,100,000	35,800,000	42,800,000	46,000,000	41,600,000	44,100,000	48,800,000	42,400,000	82,400,000	88,000,000	91,900,000	90,400,000	47,700,000	48,800,000	71,100,000	74,500,000	46,900,000	46,000,000	51,700,000	15,500,000
indemnity holdback related to grace acquisition																												8,800,000			9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	9,300,000	23,500,000	23,500,000	18,800,000
total current liabilities																												129,400,000	120,700,000	120,900,000	123,300,000	926,800,000	129,600,000	128,200,000	130,900,000	165,100,000	181,500,000	184,000,000	186,200,000	184,700,000	127,100,000	136,200,000	148,500,000	183,000,000	149,300,000	148,000,000	162,500,000	69,600,000
long-term liabilities:
long-term debt																												739,100,000	741,300,000	755,000,000	795,800,000	585,200,000	584,200,000	530,800,000	511,200,000	472,700,000	523,900,000	532,000,000	591,800,000	497,800,000	546,700,000	568,600,000	589,700,000	631,500,000	637,900,000	630,100,000	634,900,000	220,000,000
accrued retirement benefits																												28,300,000	23,100,000	23,100,000
other non-current liabilities																												49,100,000	34,500,000	34,800,000	38,300,000	40,200,000	41,400,000	43,100,000	45,800,000	47,700,000	49,600,000	52,500,000	52,300,000	60,500,000	52,000,000	51,200,000	50,500,000	51,800,000	52,800,000	52,800,000	58,800,000	21,500,000
total long-term liabilities																												879,600,000	798,900,000	812,900,000	854,200,000	645,300,000	844,800,000	820,400,000	804,400,000	767,200,000	816,300,000	826,600,000	901,300,000	820,100,000	862,800,000	884,400,000	900,700,000	932,100,000	916,300,000	916,700,000	924,200,000	453,300,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.0 million and 49.3 million shares at december 31, 2018 and december 31, 2017, respectively																												1,793,400,000
(distribution in excess of accumulated earnings) earnings surplus																												-538,900,000
deferred tax asset																													17,600,000	18,400,000	18,600,000	16,500,000
common stock - no par value; authorized, 150 million shares; outstanding, 72.0 million and 49.3 million shares at september 30, 2018 and december 31, 2017, respectively																													1,792,100,000
real estate held for sale																														15,900,000	15,600,000	67,400,000	63,800,000	2,000,000		1,000,000					700,000	6,600,000		2,500,000			8,900,000	11,500,000
common stock																														1,790,800,000	1,789,400,000						1,156,200,000	1,154,800,000	1,153,800,000		1,150,300,000	1,149,200,000	1,147,700,000		1,147,400,000	1,146,000,000	1,144,700,000
accrued interest																															5,400,000	6,500,000	3,800,000	5,100,000	3,700,000	6,300,000	3,900,000	5,300,000	3,700,000	5,500,000	3,100,000	5,500,000	3,300,000	5,700,000	3,300,000	5,800,000	3,300,000	5,200,000
hc&s cessation-related liabilities																															4,400,000	4,600,000	5,000,000	5,200,000	6,400,000
accumulated other comprehensive loss																															-40,400,000	-42,300,000	-41,000,000	-42,000,000	-42,500,000	-43,200,000	-43,800,000	-44,800,000	-44,300,000	-45,300,000	-42,200,000	-43,100,000	-43,900,000	-44,400,000	-28,000,000	-28,400,000	-29,100,000	-47,200,000
common stock - no par value; authorized, 150 million shares; outstanding, 49.3 million and 49.0 million shares at december 31, 2017 and december 31, 2016, respectively																																1,161,700,000
(distributions in excess of accumulated earnings) retained earnings																																-473,000,000
common stock - no par value; authorized, 150 million shares; outstanding, 49.2 million and 49.0 million shares at september 30, 2017 and december 31, 2016, respectively																																	1,160,500,000
retained earnings																																	99,400,000	96,500,000	95,400,000	95,200,000	98,700,000	103,400,000	106,800,000	117,200,000	134,100,000	131,100,000	123,700,000	101,000,000	99,300,000	91,100,000	83,900,000	21,800,000
common stock - no par value; authorized, 150 million shares; outstanding, 49.2 million and 49.0 million shares at june 30, 2017 and december 31, 2016, respectively																																		1,158,900,000
common stock - no par value; authorized, 150 million shares; outstanding, 49.1 million and 49.0 million shares at march 31, 2017 and december 31, 2016, respectively																																			1,157,700,000
current assets
accounts receivable, less allowances																																				32,100,000				38,600,000				33,100,000				8,200,000
property - net																																				1,231,600,000				1,269,400,000				1,301,700,000
intangible assets - net																																				53,800,000	55,800,000	58,100,000	60,400,000	54,400,000	56,500,000	58,800,000	61,700,000	63,900,000	64,300,000	67,500,000	70,700,000
current liabilities
hc&s cessation related liabilities																																				19,100,000
long-term liabilities
equity
common stock - no par value; authorized, 150 million shares; outstanding, 49.0 million and 48.9 million shares at december 31, 2016 and 2015, respectively																																				1,157,300,000
accounts and other notes receivable																																					38,400,000	29,800,000	38,000,000		36,600,000	43,800,000	35,400,000		29,400,000	41,200,000	32,900,000
hc&s cessation related liabilities - current																																					16,900,000	17,600,000	14,600,000
accrued pension and postretirement benefits																																					58,600,000	58,700,000	59,500,000		53,200,000	53,700,000	54,700,000		31,000,000	32,900,000	36,500,000	58,900,000
common stock - no par value; authorized, 150 million shares; outstanding, 48.9 million and 48.8 million shares at december 31, 2015 and 2014, respectively																																								1,151,700,000
common stock - no par value; authorized, 150 million shares; outstanding, 48.8 million and 48.6 million shares at december 31, 2014 and 2013, respectively																																												1,147,300,000
non-controlling interest																																												10,900,000
income taxes - current																																														5,800,000	12,800,000
liabilities and shareholders’ equity
income taxes payable
shareholders’ equity
common stock – no par value; authorized, 150 million shares; outstanding, 42.9 million shares at december 31, 2012																																																939,800,000
preferred stock, no par value; authorized, 15 million shares; none issued or outstanding
net investment
total shareholders’ equity																																																914,400,000
total																																																1,437,300,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30

cash flows from operating activities:																																			-10,600,000		18,600,000	24,300,000	5,500,000
net income	14,337,000	25,128,000	21,433,000	12,443,000	19,004,000	9,108,000	19,982,000	-3,200,000	15,900,000	15,000,000	5,300,000	-71,700,000	6,800,000	4,400,000	11,000,000	6,400,000	6,500,000	13,000,000	9,900,000	1,100,000	3,200,000	-4,700,000	5,600,000	5,000,000	-50,900,000	-1,200,000	8,700,000	-135,800,000	15,600,000	3,000,000	47,400,000	212,100,000	6,600,000
adjustments to reconcile net income to net cash from operations:
loss from discontinued operations	39,000	23,000	-139,000	285,000	300,000	2,625,000	256,000
depreciation and amortization	9,644,000	10,061,000	9,207,000	9,333,000	9,000,000	8,945,000	9,034,000	9,200,000	9,300,000	9,100,000	9,200,000	4,900,000	10,400,000	11,400,000	11,300,000	12,700,000	12,300,000	12,800,000	12,600,000	12,800,000	13,100,000	13,800,000	13,600,000	13,900,000	13,200,000	12,500,000	10,900,000	11,200,000	10,300,000	11,100,000	10,200,000	10,000,000	10,400,000
provision for (reversal of) credit losses	26,000	1,000	17,000
loss on commercial real estate transactions	-2,556,000
loss on disposal of assets and settlements	-7,000
impairment of assets and equity method investment
loss on de-designated interest rate swap valuation adjustment				0	0	0	-3,675,000
share-based compensation expense	1,359,000	1,367,000	1,370,000	1,141,000	1,266,000	1,262,000	1,126,000	800,000	1,000,000	2,700,000	1,600,000	300,000	1,600,000	1,500,000	1,500,000	1,500,000	1,600,000	1,400,000	1,400,000	1,400,000	1,400,000	1,500,000	1,500,000	1,300,000	1,400,000	1,300,000	1,400,000	700,000	1,300,000	1,400,000	1,300,000	1,000,000	1,200,000
loss related to joint ventures, net of operating cash distributions	408,000	-2,589,000	-1,025,000	1,883,000	-2,128,000	-984,000	50,000
changes in operating assets and liabilities:
trade and other receivables	-751,000	1,917,000	-1,524,000	646,000	223,000	-348,000	-486,000	200,000	500,000	800,000	-1,400,000
prepaid expenses and other assets	-4,922,000	5,100,000	-2,471,000	3,225,000	-4,948,000
development/other property inventory	-66,000	2,326,000	4,564,000	-1,554,000	8,693,000	2,250,000	-2,925,000	-2,000,000	0	-1,400,000	-100,000	1,000,000	-100,000	6,500,000	3,100,000	8,300,000	-100,000	-1,700,000	2,200,000	2,200,000	700,000	3,900,000	-3,200,000
accrued post-retirement benefits	-47,000	-53,000	-47,000	-43,000	-42,000	-59,000	-1,697,000
accounts payable	179,000	516,000	-58,000	141,000	-205,000	259,000	-1,242,000	800,000	200,000	-100,000	200,000	-4,900,000	1,200,000	2,000,000	2,500,000	-1,000,000	3,200,000	-1,100,000	800,000	-1,000,000	-1,500,000	-200,000	-3,500,000	-2,600,000	100,000	-5,600,000	-4,800,000	-700,000	-5,600,000	6,000,000	-8,700,000
refund liability	0
accrued and other liabilities	6,503,000	-5,621,000	-1,149,000	-986,000	5,248,000	-2,522,000	-501,000	-7,400,000	700,000	700,000	-3,600,000	6,400,000	2,700,000	-3,200,000	-6,200,000	2,100,000	1,700,000	-400,000	-400,000	-8,400,000	10,200,000	-16,600,000	-1,700,000	-3,400,000	8,000,000	-2,500,000	1,100,000	81,500,000	6,100,000	-4,800,000	-8,600,000	-1,900,000	-1,600,000
operating cash flows from continuing operations	24,552,000	16,613,000	25,882,000	26,719,000	35,783,000	23,145,000	16,464,000	19,700,000	17,900,000	25,200,000	12,700,000
operating cash flows from discontinued operations	-88,000	-118,000	115,000	-2,402,000	-474,000	-841,000	-403,000	3,800,000	16,500,000	-21,500,000	-7,200,000
net cash from operations	24,464,000	16,495,000	25,997,000	24,317,000	35,309,000	22,304,000	16,061,000	23,500,000	34,400,000	3,700,000	5,500,000	25,000,000	8,300,000	-6,600,000	7,300,000	57,000,000	7,600,000	39,000,000	20,600,000	25,900,000	9,000,000	9,300,000	18,900,000	53,600,000	22,900,000	56,500,000	24,600,000	272,200,000	10,900,000	18,300,000	8,500,000	43,900,000	-28,600,000
cash flows from investing activities:
capital expenditures for acquisitions				0				0	0															0	0	-176,000,000	-42,400,000	-40,100,000	-6,900,000	0	-194,700,000
capital expenditures for property, plant and equipment	-28,185,000	-4,714,000	-4,169,000	-9,073,000	-3,867,000	-4,265,000	-3,746,000	-8,100,000	-6,400,000	-4,200,000	-3,000,000	-6,000,000	-6,100,000	-5,800,000	-3,800,000	-10,500,000	-11,300,000	-9,600,000	-5,200,000	-7,400,000	-6,800,000	-4,700,000	-6,200,000	-4,900,000	-4,400,000	-10,800,000	-16,600,000	-14,400,000	-14,700,000	-12,600,000	-12,700,000	-8,800,000	-10,300,000	-17,300,000	-6,100,000	-3,300,000	-5,500,000	-7,700,000	-92,100,000	-8,500,000	-14,500,000	-11,800,000	-8,600,000	-32,900,000	-7,600,000	-11,200,000	-8,500,000
proceeds from disposal of assets	8,000	-64,000	3,468,000	18,914,000	0	-143,000	184,000	100,000	300,000	1,400,000	1,600,000	0	-900,000			2,600,000	0	100,000	500,000	0
contributions to investments in joint ventures and partnerships
distributions of capital and other receipts from investments in affiliates and other investments				39,000	973,000							0				109,300,000	10,200,000
investing cash flows from continuing operations	-24,800,000	-4,835,000	-793,000	9,732,000	-32,754,000	-4,418,000	-3,675,000	-7,600,000	-6,200,000	-12,300,000	-1,500,000
investing cash flows from discontinued operations				0	0	0	15,000,000	34,100,000	-700,000	-900,000	2,200,000
net cash from investing activities	-24,800,000	-4,835,000	-793,000	9,732,000	-32,754,000	-4,418,000	11,325,000	26,500,000	-6,900,000	-13,200,000	700,000	-11,400,000	-6,900,000	66,800,000	-3,900,000	82,600,000	-1,100,000	4,600,000	10,400,000	-8,500,000	16,700,000	900,000	2,900,000	-2,100,000	-2,800,000	-183,300,000	-52,200,000	-43,900,000	-600,000	-4,100,000	-56,100,000	34,100,000	-14,700,000	-9,700,000	-13,600,000	29,000,000	-2,600,000	45,200,000	-97,200,000	-5,500,000	-18,500,000	1,600,000	23,400,000	-61,400,000	-28,000,000	3,900,000	57,500,000	-96,200,000	-26,200,000	-10,500,000	-10,300,000	-21,000,000
cash flows from financing activities:
proceeds from issuance of notes payable and other debt				0	0								8,400,000			3,000,000	122,000,000			0	0	65,000,000	108,000,000
payments of notes payable and other debt and deferred financing costs	-6,811,000	-10,562,000	-16,560,000	-80,209,000	-12,482,000	-58,862,000	-15,441,000	-1,400,000	-14,400,000	-1,300,000	-18,000,000	6,100,000	-17,300,000	-1,500,000	-10,500,000	-98,000,000	-96,800,000	-57,700,000	-37,700,000	-77,700,000	-4,800,000	-56,300,000	-44,200,000
borrowings (payments) on line-of-credit agreement	32,000,000	8,000,000	-7,000,000	78,000,000	15,000,000	11,000,000	9,000,000	-44,000,000	15,000,000	29,000,000	25,000,000	12,000,000	0						4,000,000	0	0	-60,100,000	51,400,000	4,800,000	-9,100,000	400,000	3,600,000	18,900,000	700,000	-12,600,000	-2,300,000	-7,200,000	-1,600,000	4,500,000	6,900,000
cash dividends paid	-16,386,000	-16,417,000	-16,524,000	-16,158,000	-16,191,000	-16,184,000	-16,447,000	-100,000	-16,000,000	-16,200,000	-32,000,000	0	-16,000,000	-14,700,000	-27,000,000	-100,000	-24,700,000	0	-21,800,000	0	0	0	-13,800,000	-13,800,000	-13,800,000	-11,900,000	-10,500,000	0	0	0	-156,600,000
repurchases of common stock and other payments	-213,000	-136,000	-1,240,000	-165,000	-486,000	0	-2,332,000	-1,800,000	-1,200,000	0	-2,400,000	-2,300,000
financing cash flows from continuing operations	8,590,000	-19,115,000	-41,324,000	-18,532,000	-14,159,000	-4,046,000	-25,220,000	-47,300,000	-16,600,000	11,500,000	-27,400,000
net cash from financing activities	8,590,000	-19,115,000	-41,324,000	-18,532,000	-14,159,000	-4,046,000	-25,220,000	-51,700,000	-22,100,000	6,700,000	-27,800,000	13,300,000	-27,300,000	-61,500,000	-39,700,000	-95,300,000	100,000	-55,700,000	-56,200,000	-77,300,000	-4,800,000	-51,500,000	100,500,000	-43,500,000	-18,400,000	-58,400,000	-16,400,000	-1,100,000	-12,300,000	-48,100,000	-12,000,000	1,800,000	45,600,000	11,400,000	37,300,000	-95,400,000	-16,600,000	-66,600,000	93,900,000	-10,500,000	-25,600,000	-45,300,000	-49,600,000	19,200,000	7,100,000	-12,000,000	-25,900,000	192,200,000	17,300,000	35,800,000	-16,400,000	11,100,000
cash, cash equivalents, and restricted cash
net increase in cash, cash equivalents, and restricted cash	8,254,000	-7,455,000	-16,120,000																						1,700,000	-185,200,000	-44,000,000		-2,000,000	-33,900,000	-59,600,000
balance, beginning of period	0	0	33,672,000	0	0	0	13,753,000	0	0	0	34,400,000	0	0	0	71,000,000	0	0	0	57,400,000	0	0	0	15,400,000	0	0	0	234,900,000	0	0	0	103,200,000	10,100,000	0	0	2,200,000		0	0	1,300,000		0	0	2,800,000		0	0	3,300,000	0	0	1,100,000		0
balance, end of period	8,254,000	-7,455,000	17,552,000	15,517,000	-11,604,000	13,840,000	15,919,000	-1,700,000	5,400,000	-2,800,000	12,800,000	26,900,000	-25,900,000	-1,300,000	34,700,000	44,300,000	6,600,000	-12,100,000	32,200,000	-59,900,000	20,900,000	-41,300,000	137,700,000	8,000,000	1,700,000	-185,200,000	190,900,000	227,200,000	-2,000,000	-33,900,000	43,600,000	89,900,000	2,300,000	-4,300,000	15,300,000		-600,000	2,900,000	3,500,000		1,800,000	-1,100,000	3,400,000		3,000,000	700,000	5,500,000	3,400,000	-500,000	1,200,000		1,600,000
payments for purchases of investments in affiliates and other investments		-57,000	-92,000	-148,000	-34,000	-11,000	-113,000	-100,000	-100,000	0	-100,000	1,000,000	0	-1,400,000	-100,000	-1,900,000	0	-200,000	-600,000					0					-5,500,000	-6,600,000	-9,200,000	-10,400,000	-7,600,000	-9,400,000	-14,500,000
loss on commercial real estate transactions and other disposals			-4,296,000
financing cash flows from discontinued operations								-4,400,000	-5,500,000	-4,800,000	-400,000
deferred income taxes																												19,000,000	300,000	0	-2,700,000	-218,100,000	19,000,000
loss from disposals				-51,000	0
impairment of assets								4,200,000												0	0
pension termination												0	0
cash, cash equivalents, restricted cash, and cash included in assets held for sale
net increase in cash, cash equivalents, restricted cash, and cash included in assets held for sale				15,517,000	-11,604,000	13,840,000	2,166,000	-1,700,000	5,400,000	-2,800,000	-21,600,000
provision for credit losses
loss from disposals of non-core assets							-23,000
prepaid expenses, income tax receivable and other assets							-3,435,000	2,600,000	-5,600,000	3,300,000	-1,200,000	11,300,000	-5,400,000	-2,000,000	-5,700,000	1,000,000	-6,700,000	8,000,000	-1,000,000	5,100,000	-6,400,000	11,900,000	2,400,000	2,700,000	-5,600,000	35,900,000	-4,500,000	-9,100,000	-5,600,000	2,900,000	-1,400,000	-3,200,000	-16,100,000
loss (income) from discontinued operations								11,700,000			4,200,000
income tax expense
gain from disposals and asset transactions								0	0	0	-1,100,000								-300,000		-9,000,000
gain from de-designation of interest rate swaps
loss (income) related to joint ventures, net of operating cash distributions								100,000
accrued pension and post-retirement benefits												4,200,000	-1,500,000	-30,600,000	800,000	1,000,000	-5,800,000	900,000	900,000	700,000	700,000	700,000	600,000	0	1,500,000	1,500,000	1,600,000	1,100,000	-2,500,000	3,900,000	1,100,000	600,000	-49,600,000
income tax benefit related to pension termination and other												200,000
equity in (income) income from affiliates, net of operating cash distributions										-500,000	-400,000				-1,600,000				-2,100,000
loss from disposals and asset transactions												0	400,000			-2,600,000	0
equity in loss from affiliates, net of operating cash distributions												200,000	300,000			1,500,000	-2,600,000
inventories												9,900,000	-5,500,000	1,500,000	-5,800,000	1,900,000	1,900,000	3,100,000	-8,800,000	900,000	900,000			3,100,000	4,300,000	800,000	-2,500,000	5,800,000	-3,500,000	900,000	2,300,000	-1,800,000	4,000,000
trade, contracts retention, and other contract receivables													-2,400,000	500,000	-6,800,000	-4,800,000	-4,400,000	8,500,000	5,400,000	10,900,000	-2,200,000	-6,900,000	7,000,000	15,400,000	4,100,000	0	-11,000,000	700,000
cash, cash equivalents and restricted cash
net increase in cash, cash equivalents and restricted cash													-25,900,000	-1,300,000	-36,300,000	44,300,000	6,600,000	-12,100,000	-25,200,000	-59,900,000	20,900,000	-41,300,000	122,300,000
income tax benefit of pension termination and other
proceeds from issuance (repurchase) of capital stock and other														-400,000	-2,200,000		-400,000	0	-700,000		0	-100,000	-900,000			600,000	-1,700,000	-200,000	100,000	100,000	-1,500,000	-3,100,000	-100,000									300,000	-800,000
settlement charge related to pension plan termination															3,200,000
distribution to noncontrolling interests																								0				-500,000	0			-300,000	0	0	-200,000
proceeds from issuance (payments for repurchases) of capital stock and other
payment of deferred acquisition holdback																								0
distributions of capital from investments in affiliates and other investments																			15,700,000	-100,000	5,800,000	2,100,000	3,200,000	1,400,000	1,600,000	4,000,000	6,600,000	9,500,000	12,500,000
(income) income from affiliates, net of distributions of income																						0	-2,900,000	2,100,000	-2,100,000	-600,000	-800,000
proceeds from disposal of property, investments and other assets																						3,500,000	5,900,000	1,400,000	0	300,000	2,700,000
gain on asset transactions																							-500,000	0	-100,000	100,000	-2,600,000
impairment of assets and equity method investments
real estate development for sale proceeds, net of margins recognized in net income
expenditures for real estate development for sale																								-500,000	-1,200,000
goodwill impairment
real estate development for sale proceeds																									500,000
proceeds from issuance of long-term debt																									57,900,000	12,500,000	41,400,000	14,900,000	29,400,000	0	504,100,000	147,000,000	62,000,000	26,500,000	57,000,000
payments of long-term debt and deferred financing costs																									-46,100,000	-60,000,000	-49,200,000	-34,200,000	-42,500,000	-35,400,000	-355,700,000	-134,600,000	-11,300,000	-16,100,000	-19,000,000			-71,700,000	-22,600,000	-66,000,000	-45,200,000	-68,400,000	-68,500,000	-137,700,000	-43,100,000	-32,400,000	-11,000,000	-166,400,000	-25,200,000	-5,200,000
proceeds from issuance (repurchase) of common stock and other
cash, cash equivalents and restricted cash:
payments for purchases of investments in affiliates and other																										-800,000	-2,500,000
real estate inventory sales																											31,700,000	17,400,000	6,900,000	12,000,000	22,100,000	31,100,000	13,600,000
expenditures for real estate inventory																											-4,600,000	-6,600,000	-6,600,000	-6,200,000	-7,200,000	-5,800,000	-5,500,000
gains on asset transactions
income from affiliates, net of distributions of income
proceeds from disposal of property and other assets																												2,400,000	14,000,000	-100,000	155,400,000	37,400,000	100,000	5,000,000	4,700,000	8,200,000	9,500,000			3,000,000	0	0	5,100,000	1,000,000	300,000	7,800,000	400,000					0
gains on asset transactions and other
investments in affiliates, net of distributions of income																													-1,200,000
gains on asset transactions, net of asset write-downs																														-700,000	-50,000,000	9,500,000
trade, contracts retention, and other receivables																														-4,000,000	-4,200,000	-1,900,000	7,300,000
costs and estimated earnings in excess of billings on uncompleted contracts - net																														-5,600,000	2,100,000	3,700,000	-5,800,000
investments in affiliates, net of distributions																															4,800,000	2,300,000
proceeds from investments in affiliates and other investments																															5,100,000	29,400,000	1,900,000	1,400,000	600,000
accounts payable and contracts retention																																6,300,000	600,000
dividends paid																																0	-3,400,000	-3,500,000	-3,400,000	-3,500,000	-2,900,000	-3,000,000	-2,900,000	-2,900,000	-2,500,000	-1,300,000	-3,600,000	-2,400,000	-2,000,000	-2,000,000	-1,900,000
capital expenditures related to 1031 commercial property transactions																																					0	100,000	-6,300,000	0	0
proceeds from disposals related to 1031 commercial property transactions																																	0	3,600,000	3,300,000	9,900,000	0			14,800,000	0	20,600,000	4,600,000	-800,000	14,700,000	2,300,000	69,400,000
change in restricted cash associated with 1031 transactions																																	1,200,000	7,000,000	-1,600,000	-8,600,000	0	9,900,000	6,300,000	-14,700,000	0			15,800,000	-14,700,000	2,300,000	-2,800,000
cash and cash equivalents:
net increase in cash and cash equivalents																																	2,300,000	-4,300,000	13,100,000
other cash flow information:
interest paid, net of capitalized interest																																	-6,600,000
income taxes paid																																	-400,000	-3,900,000	300,000						-1,800,000			-1,600,000	-1,600,000	-7,500,000	-3,500,000	-4,800,000	-4,400,000	-800,000	4,300,000	-5,300,000
noncash investing and financing activities:
uncollected proceeds from disposal of equipment																																	-200,000
capital expenditures included in accounts payable and accrued expenses																																	900,000	800,000	1,500,000		4,300,000	-1,100,000	4,500,000		-1,100,000	600,000	4,200,000			1,900,000	1,200,000	300,000	900,000	6,500,000	6,600,000
gains on asset transactions, net of impairment losses
investment in affiliates, net of distributions
proceeds from issuance and (payments) for repurchase of capital stock and other																																			-4,000,000
interest paid, net of amounts capitalized																																			8,600,000
uncollected proceeds from disposal of mobile equipment																																			4,400,000
capital expenditures related to forward 1031 commercial property transactions
proceeds from investment tax credits and grants related to port allen solar farm																																												0
acquisition of business, net of cash
payments on line-of-credit agreement
net increase for the year
balance, beginning of year
balance, end of year
payments for purchases of investments in affiliates and investments
proceeds from investments in affiliates																																					3,000,000	2,700,000	300,000		400,000	3,800,000	33,400,000		8,200,000	5,700,000	500,000	1,200,000	1,500,000	600,000	1,100,000	1,700,000
proceeds from issuances of long-term debt																																					90,000,000	10,000,000	122,000,000		20,000,000	31,000,000	20,000,000		53,000,000	28,000,000	45,000,000	349,000,000	44,000,000	35,000,000
payments of long-term debt and deferred financing charges
payments under line-of-credit
distributions to non-controlling interest																																					0	0	-500,000		0
(tax withholding payments) proceeds from issuance of capital stock and other																																					0
net increase for the period																																					-600,000	2,900,000	2,200,000		1,800,000	-1,100,000	600,000		3,000,000	700,000	2,200,000			100,000
interest paid																																					-8,100,000	-22,600,000	8,600,000		-9,000,000	-4,600,000	-9,700,000		-9,900,000	-5,000,000	-9,800,000	-6,000,000	-900,000	-7,200,000		-2,700,000
non-cash investing activities:
land contributed into real estate joint venture																																									0
payments for purchases of investments in affiliates																																						-21,000,000	-5,400,000		-4,400,000	-7,000,000	-11,100,000		-28,900,000	-4,000,000	-5,000,000	-7,900,000	-23,300,000	-4,700,000	-9,500,000	-700,000
borrowings (payments) under line-of-credit																																						-2,000,000	-2,900,000
other non-cash information:
(repurchase) proceeds from issuance of capital stock and other																																							800,000
investments in affiliates
hc&s write-offs
payments for purchases of investments in affiliates and preferred investment
proceeds from investments in affiliates and preferred investment
proceeds from (payments on) line-of-credit agreement
payments on borrowings under line-of-credit
real estate exchanged for note receivable																																												0	0
increase in redeemable noncontrolling interest
cash flows from (used in) operating activities:																																										42,600,000	26,800,000
proceeds from (payments of) line-of-credit agreements
proceeds (payments) from line-of-credit agreements																																											3,300,000		-800,000	-5,700,000	-58,000,000	11,300,000
share-based expense
equity in (income) loss of affiliates, net of distributions
accounts payable, contracts retention, and income taxes
distributions to alexander & baldwin holdings, inc.
contributions from alexander & baldwin holdings, inc.
distribution to non-controlling interests
non-cash activities:
contribution of land and development assets to the collection joint venture
acquisition of grace
mortgage debt assumed at fair value in real estate acquisitions
property (net) acquired in connection with the consolidation of the shops at kukui'ula
contribution of land and development assets to waihonua joint venture
conversion of net investment of a&b holdings into common stock
cash acquired through consolidation of the shops at kukui'ula
proceeds from issuance of capital stock and other
note payable assumed in connection with acquisition of waianae mall																																																900,000	0	19,700,000
note payable assumed in connection with acquisition of pearl highlands center
notes payable assumed in connection with the consolidation of the shops at kukui'ula
note receivable received in connection with the sale of issaquah office center
cash flows used in operating activities:																																														8,800,000	-29,400,000	-92,600,000	8,400,000	-25,200,000
proceeds from investment tax credits and grants related to renewable energy projects																																														1,000,000	3,500,000
cash flows used in investing activities:
capital expenditures for properties and developments																																																-89,800,000	-6,600,000	-6,500,000
proceeds from disposal of income-producing properties and other assets																																																0	2,200,000	100,000
proceeds from stock option exercises, including excess tax benefit and tax withholding
tax-deferred property sales																																																2,000,000	800,000	14,700,000	1,600,000	8,200,000
tax-deferred property purchases																																																0	-15,500,000	-9,800,000	0	0
transfer of real estate development assets to waihonua joint venture investment
proceeds from stock option exercises, including excess tax benefit																																																	800,000	1,500,000
net decrease for the period																																																				1,600,000
proceeds from line-of-credit agreements																																																		4,500,000
depreciation and amortization expense																																																		9,000,000		8,700,000
gain from receipt of insurance proceeds
accounts receivable
accrued pension and postretirement benefits
real estate developments held for sale:
capital expenditures for property and developments
proceeds from disposal of income-producing property and other assets
loans to affiliate
debt assumed in real estate purchase
real estate received in settlement of a mortgage note
capital expenditures	-28,185,000	-4,714,000	-4,169,000	-9,073,000	-3,867,000	-4,265,000	-3,746,000	-8,100,000	-6,400,000	-4,200,000	-3,000,000	-6,000,000	-6,100,000	-5,800,000	-3,800,000	-10,500,000	-11,300,000	-9,600,000	-5,200,000	-7,400,000	-6,800,000	-4,700,000	-6,200,000	-4,900,000	-4,400,000	-10,800,000	-16,600,000	-14,400,000	-14,700,000	-12,600,000	-12,700,000	-8,800,000	-10,300,000
free cash flows	-3,721,000	11,781,000	21,828,000	15,244,000	31,442,000	18,039,000	12,315,000	15,400,000	28,000,000	-500,000	2,500,000	19,000,000	2,200,000	-12,400,000	3,500,000	46,500,000	-3,700,000	29,400,000	15,400,000	18,500,000	2,200,000	4,600,000	12,700,000	48,700,000	18,500,000	45,700,000	8,000,000	257,800,000	-3,800,000	5,700,000	-4,200,000	35,100,000	-38,900,000
proceeds from issuances of debt																																																				28,000,000
payments of debt and deferred financing costs																																																				-30,200,000
proceeds from (payments on) line-of-credit agreements																																																				2,000,000
contributions from																																																				-300,000
proceeds from issuances of capital stock, including excess tax benefit
cash flows used in operating activities

Alexander & Baldwin, Inc(NYSE:ALEX)

Alexander & Baldwin, Inc
(NYSE:ALEX)