Alexander & Baldwin : March 2025 Investor Presentation

Published: 2025-05-30 08:44:25 ET ALEX

Published on 05/30/2025 at 08:44

Premier Hawaii Commercial Real Estate

Company

Investor Deck

As of March 31, 2025

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Unique Economy and Demographics

25%

20%

15%

10%

5%

-%

US and Hawai'i GDP by Industry1

Hawai'i has a unique economic make-up

High proportion of government spending at the federal, state and county levels

Supplemented by leisure, hospitality and restaurant spend from local and tourist-driven spend

Honolulu's household income is the highest out of all comparable markets2.

Honolulu's population density is above the median of comparable markets2.

Fundamentals are similar to that of a coastal market.

Government Real estate and

rental & leasing

Financial, Professional and Business Services

Wholesale, Retail and Manufacturing

Leisure & Hospitality (Including Restaurants)

Education & Health (Private Sector)

Transportation, Warehousing & Utilities

Other Construction

$120 k

$100 k

$80 k

$60 k

$40 k

$20 k

Honolulu

Sacramento

Salt Lake City

Minneapolis

Baltimore

Raleigh-Durham

Inland Empire

Atlanta

Philadelphia

Phoenix

Richmond

Nashville

Charlotte

Kansas City

St. Louis

Jacksonville

Cincinnati

Indianapolis

Columbus

Orlando

Las Vegas

Pittsburgh

San Antonio

Louisville

Cleveland

Memphis

Detroit

$- k

Comparable Market - Household Income2

Sources:

U.S. Bureau of Economic Analysis, "SAGDP9 Real GDP by state" (accessed Thursday, May 1, 2025)

"Comparable Market" classification refers to "Secondary Market" classification per Green Street. Data provided for informational purposes only; no endorsement implied.

New Jersey (Central)

Tampa-St. Petersburg

Partners for Hawai'i

Alexander & Baldwin

NYSE: ALEX

HAWAI'I MARKET

5

Disclaimer

Alexander & Baldwin Inc. published this content on May 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 30, 2025 at 12:43 UTC.