亚历山大&鲍德温 2024年度报告

Hawaii (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.) 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 Rule405 of the Securities 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 thepreceding 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 90days.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-Tduring 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 growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of theExchange Act. Large accelerated filer☒Non-accelerated filer☐ 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 revisedfinancial 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 overfinancial 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 thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-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 andasked price of such Common Stock, as of the last business day of the most recently completed second fiscal quarter June 30, 2024: $1,231,665,338 Number of shares of Common Stock outstanding as of latest practicable date (February13, 2025):72,711,414 Documents Incorporated By ReferencePortions of Registrant’s Proxy Statement for the 2025 Annual Meeting of Shareholders (Part III of Form 10-K) TABLE OF CONTENTS PART I Item 1.Business1Item 1A.Risk Factors6Item 1B.Unresolved Staff Comments20Item 1C.Cybersecurity20Item 2.Description of Properties by Segment21Item 3.Legal Proceedings24Item 4.Mine Safety Disclosures24 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities25Item 6.Reserved26Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item 7A.Quantitative and Qualitative Disclosures About Market Risk43Item 8.Financial Statements and Supplementary Data44Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure91Item 9A.Controls and Procedures91Item 9B.Other Information93Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections93 PART III Item 10.Directors, Executive Officers and Corporate Governance94Directors94Executive Officers94Corporate Governance95Code of Ethics95Item 11.Executive Compensation95Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters95Item 13.Certain Relationships and Related Transactions, and Director Independence95Item 14.Principal Accounting Fees and Services95 PART IV Signatures104 ALEXANDER & BALDWIN, INC. FORM 10-K Annual Report for the Fiscal YearEnded December31, 2024 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 tobecome one of Hawai‘i's premier commercial real estate companies and the owner of the largest grocery-anchored, neighborhoodshopping center portfolio in the state. The Company's commercial real estate portfolio is geographically focused in Hawai‘i, where itbenefits 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 21 retail centers, 14