8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

______________

FORM 8-K

______________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 8, 2013

ALEXANDER & BALDWIN, INC.

(Exact name of registrant as specified in its charter)

Hawaii	001-35492	45-4849780
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

822 Bishop Street, P. O. Box 3440

Honolulu, Hawaii 96801

(Address of principal executive office and zip code)

(808) 525-6611

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.  Regulation FD Disclosure.

On August 8, 2013, Alexander & Baldwin, Inc. made its Real Estate Supplement Update for its Real Estate operating segments, which provides certain supplemental operating and financial information for the quarters ended March 31, 2013 and 2012, available on its website. A copy of this Real Estate Supplement Update is being furnished as Exhibit 99.1 to this report.

Item 9.01.  Financial Statements and Exhibits.

(d)           Exhibits

0.1 Alexander & Baldwin, Inc.’s Real Estate Supplement Update, as of and for the quarters ended June 30, 2013 and 2012.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  August 8, 2013

ALEXANDER & BALDWIN, INC.

/s/ Paul K. Ito

Paul K. Ito

Senior Vice President, Chief Financial Officer,

Treasurer and Controller

EX-99.1

ALEXANDER & BALDWIN, INC.’S REAL ESTATE SUPPLEMENT UPDATE

AS OF AND FOR THE QUARTERS ENDED JUNE 30, 2013 AND 2012

(Unaudited)

0

About This Supplement Update

This periodic Supplement Update is designed to provide current and potential shareholders of Alexander & Baldwin, Inc. with additional information regarding the Company’s Real Estate operating segments. This information is supplemental to and does not replace the information provided to shareholders in the Company’s periodic filings with the Securities and Exchange Commission.

This second quarter Supplement updates the following tables in the Company’s Real Estate Supplement as of and for the years ended December 31, 2012 and 2011:

Table 7: Property Detail – Hawaii Improved Properties

Table 8: Property Detail – Mainland Improved Properties

Table 9: Comparable % Occupancy Data by Geographic Region and
Asset Class

Table 10: Weighted Average Gross Leasable Area by Geographic Region and
Asset Class

Table 11: Occupancy Analysis Trend – Last Five Quarters

Table 12: Real Estate Leasing Cash Net Operating Income (NOI)

Table 13: Real Estate Leasing Same Store Cash NOI

Table 14: Reconciliation of Real Estate Leasing Operating Profit to Cash NOI and Same Store Cash NOI

Table 15: 2012 and 2011 Improved Property Portfolio Acquisitions/Dispositions

Table numbers used in this Update correspond with table numbers used in the full-year Supplement.

The information contained in this Supplement Update is unaudited and should be read in conjunction with the Company’s Real Estate Supplement as of and for the years ended December 31, 2012 and 2011, its 2012 Form 10-K and other filings with the SEC through the date of this Supplement Update.

Feedback and suggestions regarding the contents of this Supplement Update from the investing audience are welcomed, and should be directed to Suzy P. Hollinger, Director, Investor Relations, via telephone at (808) 525-8422 or via email to shollinger@abinc.com.

0

Alexander & Baldwin, Inc. │Real Estate Supplement Update

INDEX TO REAL ESTATE SUPPLEMENT UPDATE

(Unaudited)

AS OF AND FOR THE QUARTERS ENDED JUNE 30, 2013 AND 2012

Forward-Looking Statements	2
Basis of Presentation	2
Real Estate Leasing Segment – Asset Descriptions and Statistics	3
Property Detail – Hawaii Improved and Unimproved Properties (Table 7)	3
Property Detail – Mainland Improved Properties (Table 8)	4
Comparable % Occupancy Data by Geographic Region and Asset Class (Table 9)	5
Weighted Average Gross Leasable Area by Geographic Region and Asset Class (Table 10)	5
Occupancy Analysis Trend – Last Five Quarters (Table 11)	5
Real Estate Leasing Net Operating Income (NOI) (Table 12)	6
Real Estate Leasing Same Store NOI (Table 13)	6
Statement on Management’s Use of Non-GAAP Financial Measures	7
Reconciliation of Real Estate Leasing Operating Profit to NOI and Same Store NOI (Table 14)	7
Portfolio Acquisitions and Dispositions	8
2013 and 2012 Improved Property Portfolio Acquisitions/Dispositions (Table 15)	8

1

Forward-Looking Statements

Statements in this Supplement that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are not guarantees of future performance. This Supplement should be read in conjunction with pages 18-28 of Alexander & Baldwin, Inc.’s 2012 Form 10-K and other filings with the SEC through the date of this Supplement, which identify important factors that could affect the forward-looking statements in this Supplement. We do not undertake any obligation to update our forward-looking statements.

Basis of Presentation

The information contained in this Supplement Update does not purport to disclose all items required by accounting principles generally accepted in the United States of America (GAAP). The information contained in this Supplement is unaudited and should be read in conjunction with Alexander & Baldwin, Inc.’s Real Estate Supplement as of and for the years ended December 31, 2012 and 2011, its 2012 Form 10-K and other filings with the SEC through the date of this Supplement.

2

Real Estate Leasing Segment – Asset Descriptions and Statistics

TABLE 7

PROPERTY DETAIL - HAWAII IMPROVED AND UNIMPROVED PROPERTIES

Property	Number of properties	Island	Gross leasable area at 06/30/13 (sq. ft.)	Leased1     (percent)	Outstanding debt ($ in 000s)		2Q2013 Cash net operating income (NOI)2 ($ in 000s)		% cash net operating income to total Hawaii portfolio
Industrial:
Komohana Industrial Park	1	Oahu	238,300	100	—		$	947	12.5
P&L Building	1	Maui	104,100	89	—		239		3.1
Port Allen	3	Kauai	63,800	99	—		146		1.9
Waipio Industrial	1	Oahu	158,400	95	—		510		6.7
Subtotal – Industrial	6		564,600	96	—		$	1,842	24.2
Office:
Gateway at Mililani Mauka South	1	Oahu	18,700	100	—		$	158	2.1
Judd Building	1	Oahu	20,200	71	—		41		0.6
Kahului Office Building	1	Maui	58,400	80	—		267		3.5
Kahului Office Center	1	Maui	32,900	62	—		119		1.6
Lono Center	1	Maui	13,400	84	—		55		0.7
Maui Clinic Building	1	Maui	16,600	91	—		86		1.1
Stangenwald Building	1	Oahu	27,100	81	—		51		0.7
Subtotal – Office	7		187,300	79	—		$	777	10.2
Retail:
Gateway at Mililani Mauka	1	Oahu	5,900	100	—		$	80	1.1
Kahului Shopping Center	1	Maui	48,700	87	—		78		1.0
Kaneohe Bay Shopping Center	1	Oahu	124,300	99	—		555		7.3
Kunia Shopping Center	1	Oahu	60,400	95	—		521		6.9
Lahaina Square	1	Maui	50,200	68	—		122		1.6
Lanihau Marketplace	1	Hawaii	88,300	89	—		423		5.6
Maui Mall	1	Maui	185,700	92	—		662		8.7
Napili Plaza	1	Maui	45,100	92	—		80		1.1
Port Allen Marina Center	1	Kauai	23,600	72	—		83		1.1
Waianae Mall	1	Oahu	170,300	91	20,314		696		9.2
Waipio Shopping Center	1	Oahu	113,800	97	—		807		10.6
Subtotal – Retail	11		916,300	91	$	20,314	$	4,107	54.1
Hawaii unimproved	—		—		—		867		11.4
Total Hawaii	24		1,668,200	92	$	20,314	$	7,593	100.0

¹   Represents the average percentage of space leased during the period referenced or A&B’s ownership period, whichever is shorter. Space is considered leased when a tenancy agreement has been fully executed or the space is revenue producing.

²  See page 7 for a statement regarding the Company’s use of non-GAAP financial measures and a reconciliation of leasing operating profit to NOI for the total portfolio.

Note: For portfolio asset class and geographic occupancy see Table 9 on page 5. Gross leasable area is periodically adjusted based on remeasurement or reconfiguration of space.

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TABLE 8

PROPERTY DETAIL - MAINLAND IMPROVED PROPERTIES

Property	Number of properties	Location	Gross leasable area at 06/30/13 (sq. ft.)	Leased1     (percent)	Outstanding debt ($ in 000s)		2Q2013 cash net operating income (NOI)2 ($ in 000s)			% cash net operating income to total Mainland portfolio
Industrial:
Activity Distribution Center	1	San Diego, CA	252,300	100	—		$	550		6.3
Centennial Plaza	1	Salt Lake City, UT	244,000	100	—		256			2.9
Heritage Business Park	1	Dallas, TX	1,316,400	99	—		1,385			15.7
Midstate Hayes	1	Visalia, CA	789,100	91	11,502		733			8.3
Republic Distribution Center	1	Pasadena, TX	312,500	100	—		244			2.8
Savannah Logistics Park	1	Savannah, GA	1,035,700	100	—		783			8.9
Sparks Business Center	1	Sparks, NV	396,100	99	—		402			4.6
Subtotal – Industrial	7		4,346,100	98	$	11,502	$	4,353		49.5
Office:
Concorde Commerce Center	1	Phoenix, AZ	137,200	100	—		$	(189	)	(2.1	)
Deer Valley Financial Center	1	Phoenix, AZ	126,600	75	9,994		66			0.8
Gateway Oaks	1	Sacramento, CA	58,700	54	—		59			0.7
Issaquah Office Center	1	Issaquah, WA	146,900	100	—		535			6.1
Ninigret Office Park	1	Salt Lake City, UT	185,500	100	—		380			4.3
1800 Preston Park	1	Plano, TX	78,300	89	—		144			1.6
1820 Preston Park	1	Plano, TX	120,500	97	—		363			4.1
2868 Prospect Park	1	Sacramento, CA	162,900	86	—		294			3.3
San Pedro Plaza	1	San Antonio, TX	172,000	76	—		240			2.7
Union Bank	1	Everett, WA	84,000	100	—		335			3.8
Subtotal – Office	10		1,272,600	89	$	9,994	$	2,227		25.3
Retail:
Broadlands Marketplace	1	Broomfield, CO	103,900	91	—		187			2.1
Little Cottonwood Center	1	Sandy, UT	141,500	94	6,170		382			4.4
Meadows on the Parkway	1	Boulder, CO	216,400	81	—		485			5.5
Rancho Temecula Town Center	1	Temecula, CA	165,500	96	—		922			10.5
Royal MacArthur Center	1	Dallas, TX	44,400	100	—		192			2.2
Wilshire Shopping Center	1	Greeley, CO	46,500	57	—		45			0.5
Subtotal – Retail	6		718,200	88	6,170		2,213			25.2
Total Mainland	23		6,336,900	95	27,666		8,793			100.0

¹   Represents the average percentage of space leased during the period referenced or A&B’s ownership period, whichever is shorter. Space is considered leased when a tenancy agreement has been fully executed or the space is revenue producing.

²  See page 7 for a statement regarding the Company’s use of non-GAAP financial measures and a reconciliation of leasing operating profit to NOI for the total portfolio.

Note: For portfolio asset class and geographic occupancy see Table 9 on page 5. Gross leasable area is periodically adjusted based on remeasurement or reconfiguration of space.

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TABLE 9

COMPARABLE % OCCUPANCY DATA BY GEOGRAPHIC REGION AND ASSET CLASS

	2Q 2013				2Q 2012				Percentage point change
Location	Industrial	Office	Retail	Total	Industrial	Office	Retail	Total	Industrial	Office		Retail		Total
Hawaii improved	96	79	91	92	90	88	93	91	6	(9	)	(2	)	1
Mainland improved	98	89	88	95	96	83	85	93	2	6		3		2
Total	98	88	90	94	96	84	89	92	2	4		1		2

TABLE 10

WEIGHTED AVERAGE GROSS LEASABLE AREA BY GEOGRAPHIC REGION AND ASSET CLASS

	2Q 2013 (in sq. ft.)				2Q 2012 (in sq. ft.)				Percentage Change
Location	Industrial	Office	Retail	Total	Industrial	Office	Retail	Total	Industrial		Office	Retail	Total
Hawaii improved	564,600	187,400	901,400	1,653,400	564,700	176,500	698,200	1,439,400	—		6.2	29.1	14.9
Mainland improved	4,346,000	1,274,100	718,600	6,338,700	4,465,600	1,272,800	718,300	6,456,700	(2.7	)	0.1	—	(1.8	)
Total	4,910,600	1,461,500	1,620,000	7,992,100	5,030,300	1,449,300	1,416,500	7,896,100	(2.4	)	0.8	14.4	1.2

TABLE 11

OCCUPANCY ANALYSIS TREND – LAST FIVE QUARTERS

	2Q2013			1Q2013			4Q2012			3Q2012			2Q2012
	Number of properties	Weighted average sq. ft.	Percentage leased	Number of properties	Weighted average sq. ft.	Percentage leased	Number of properties	Weighted average sq. ft.	Percentage leased	Number of properties	Weighted average sq. ft.	Percentage leased	Number of properties	Weighted average sq. ft.	Percentage leased
Industrial	13	4,910,600	98	13	4,910,700	98	14	5,030,300	97	14	5,030,300	97	14	5,030,300	96
Office	17	1,461,500	88	17	1,461,200	89	16	1,460,200	89	16	1,460,200	86	16	1,449,300	84
Retail	17	1,620,000	90	16	1,588,600	90	15	1,416,500	89	15	1,416,500	88	15	1,416,500	89
Total	47	7,992,100	94	46	7,960,500	94	45	7,907,000	94	45	7,907,000	93	45	7,896,100	92

Note: Gross leasable area is periodically adjusted based on remeasurement of reconfiguration of space.

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TABLE 12

REAL ESTATE LEASING NET OPERATING INCOME (NOI)

(in millions)

	2Q 2013								2Q 2012								Percentage Change
Location	Industrial		Office		Retail		Total		Industrial		Office		Retail		Total		Industrial	Office	Retail	Total
Hawaii improved	$	1.8	$	0.8	$	4.2	$	6.8	$	1.6	$	0.9	$	3.6	$	6.1	12.5	(11.1)	16.7	11.5
Hawaii unimproved	—		—		—		0.8		—		—		—		0.9		—	—	—	(11.1)
Total Hawaii	$	1.8	$	0.8	$	4.2	$	7.6	$	1.6	$	0.9	$	3.6	$	7.0	12.5	(11.1)	16.7	8.6
Mainland improved	4.4		2.2		2.2		8.8		3.6		2.6		2.3		8.5		22.2	(15.4)	(4.3)	3.5
Total	$	6.2	$	3.0	$	6.4	$	16.4	$	5.2	$	3.5	$	5.9	$	15.5	19.2	(14.3)	8.5	5.8

TABLE 13

REAL ESTATE LEASING SAME STORE NOI¹  

(in millions)

	2Q 2013								2Q 2012								Percentage Change
Location	Industrial		Office		Retail		Total		Industrial		Office		Retail		Total		Industrial	Office		Retail		Total
Hawaii improved	$	1.8	$	0.7	$	3.3	$	5.8	$	1.6	$	0.9	$	3.5	$	6.0	12.5	(22.2	)	(5.7	)	(3.3	)
Hawaii unimproved	—		—		—		0.8		—		—		—		0.9		—	—		—		(11.1	)
Total Hawaii	$	1.8	$	0.7	$	3.3	$	6.6	$	1.6	$	0.9	$	3.5	$	6.9	12.5	(22.2	)	(5.7	)	(4.3	)
Mainland improved	4.4		2.2		2.2		8.8		3.5		2.5		2.4		8.4		25.7	(12	)	(8.3	)	4.8
Total	$	6.2	$	2.9	$	5.5	$	15.4	$	5.1	$	3.4	$	5.9	$	15.3	21.6	(14.7	)	(6.8	)	0.7

¹     Same Store NOI relates to properties that were operated throughout the duration of both periods under comparison.

Note: See page 7 for a statement on the Company’s use of non-GAAP financial measures and a reconciliation of leasing operating profit to real estate leasing NOI and real estate leasing same store NOI.

6

Statement on Management’s Use of Non-GAAP Financial Measures

Net operating income (NOI) is a non-GAAP measure derived from real estate revenues (determined in accordance with GAAP, less straight-line rental adjustments) minus property operating expenses (determined in accordance with GAAP). NOI does not have any standardized meaning prescribed by GAAP, and therefore, may differ from definitions of NOI used by other companies. NOI should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance, or as an alternative to cash flow from operating activities as a measure of the Company’s liquidity. NOI is commonly used as a measure of operating performance because it is an indicator of the return on property investment, and provides a method of comparing property performance over time. NOI excludes general and administrative expenses, straight-line rental adjustments, interest income, interest expense, depreciation and amortization, and gains on sales of interests in real estate. The Company believes that the real estate leasing segment’s operating profit after discontinued operations is the most directly comparable GAAP measurement to NOI. A required reconciliation of real estate leasing operating profit to real estate leasing segment NOI and same store NOI is as follows:

TABLE 14

RECONCILIATION OF REAL ESTATE OPERATING PROFIT TO NOI AND SAME STORE NOI

(in millions)

	2Q 2013			2Q 2012
Real Estate Leasing segment operating profit before discontinued operations	$	10.6		$	10.5
Less amounts reported in discontinued operations	—			(0.2		)
Real Estate Leasing segment operating profit after subtracting discontinued operations	$	10.6		$	10.3
Adjustments:
Depreciation and amortization	$	6.0		$	5.7
FASB 13 straight-line lease adjustments	(0.9		)	(1.5		)
General and administrative expense	0.7			0.8
Discontinued operations	—			0.2
Real Estate Leasing total NOI	$	16.4		$	15.5
Acquisitions/ disposition adjustments/ other	(1		)	(0.2		)
Real Estate Leasing segment same store NOI1	$	15.4		$	15.3

¹   NOI related to properties that were operated throughout the duration of both periods under comparison.

7

Portfolio Acquisitions and Dispositions

TABLE 15

2013 IMPROVED PROPERTY PORTFOLIO ACQUISITIONS/DISPOSITIONS

Property acquired in 2013	Acquisition date (month/year)	Acquisition price ($ in millions)	Gross leasable area (sq. ft.)	Leased percentage at acquisition
Waianae Mall	1/13	29.8	170,300	93(1)
Napili Plaza	5/13	19.2	45,100	92
Total		49.0	215,400

Property disposed in 2013	Disposition date (month/year)	Disposition price ($ in millions)	Gross leasable area (sq. ft.)	Leased percentage at disposition
Northpoint Industrial	1/13	14.9	119,400	100

2012 IMPROVED PROPERTY PORTFOLIO ACQUISITIONS/DISPOSITIONS

Property acquired in 2012	Acquisition date (month/year)	Acquisition price ($ in millions)	Gross leasable area (sq. ft.)	Leased percentage at acquisition
Gateway at Mililani Mauka South	6/12	11.4(2)	18,700	100

Property disposed in 2012	Disposition date (month/year)	Disposition price ($ in millions)	Gross leasable area (sq. ft.)	Leased percentage at disposition
Firestone Boulevard Building	3/12	4.2	28,100	100

¹     79 percent occupied at closing on 1/23/13. Lease signed prior to closing, but effective on 2/1/13, brought occupancy up to 93 percent.

²    $11.4 M acquisition price includes two existing buildings totaling 18,700 square feet and a 1.6-acre development parcel.

8