Alexander & Baldwin (ALEX) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35492
Entity Registrant Information	ALEXANDER & BALDWIN, INC.
Entity Incorporation, State or Country Code	HI
Entity Tax Identification Number	45-4849780
Entity Address, Address Line One	822 Bishop Street
Entity Address, Address Line Two	P. O. Box 3440,
Entity Address, City or Town	Honolulu,
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96801
City Area Code	808
Local Phone Number	525-6611
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	ALEX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	72,592,147
Entity Central Index Key	0001545654
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate investments
Real estate property	$ 1,612,280	$ 1,609,013
Accumulated depreciation	(234,564)	(227,282)
Real estate property, net	1,377,716	1,381,731
Real estate developments	55,531	58,110
Investments in real estate joint ventures and partnerships	6,828	6,850
Real estate intangible assets, net	34,730	36,298
Real estate investments, net	1,474,805	1,482,989
Cash and cash equivalents	15,683	13,517
Restricted cash	236	236
Accounts receivable, net of allowances (credit losses and doubtful accounts) of $2,503 and $2,888 as of March 31, 2024, and December 31, 2023, respectively	3,715	4,533
Goodwill	8,729	8,729
Other receivables, net of allowances of $3,565 and $3,545 as of March 31, 2024, and December 31, 2023, respectively	15,407	23,601
Prepaid expenses and other assets	103,711	98,652
Assets held for sale	14,004	13,984
Total assets	1,636,290	1,646,241
Liabilities:
Notes payable and other debt	457,574	463,964
Accounts payable	4,350	5,845
Accrued post-retirement benefits	8,275	9,972
Deferred revenue	72,460	70,353
Accrued and other liabilities	87,305	93,096
Total liabilities	629,964	643,230
Commitments and Contingencies
Equity:
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	1,809,095
Accumulated other comprehensive income (loss)	3,979	3,250
Distributions in excess of accumulated earnings	(805,662)	(809,334)
Total shareholders' equity	1,006,326	1,003,011
Total liabilities and equity	$ 1,636,290	$ 1,646,241

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowances (credit losses and doubtful accounts)	$ 2,503	$ 2,888
Allowance for credit losses on other receivables	$ 3,565	$ 3,545
Common stock authorized (in shares)	225,000,000	225,000,000
Common stock outstanding (in shares)	72,592,147	72,447,510

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Revenue:
Total operating revenue	$ 61,202	$ 50,390
Operating Costs and Expenses:
Selling, general and administrative	7,239	8,729
Total operating costs and expenses	37,442	37,263
Gain (loss) on disposal of non-core assets, net	23	1,117
Operating Income (Loss)	23,783	14,244
Other Income and (Expenses):
Income (loss) related to joint ventures	698	388
Interest and other income (expense), net	1,267	(80)
Interest expense	(5,510)	(5,041)
Income (Loss) from Continuing Operations Before Income Taxes	20,238	9,511
Income tax benefit (expense)	0	(5)
Income (Loss) from Continuing Operations	20,238	9,506
Income (loss) from discontinued operations, net of income taxes	(256)	(4,198)
Net Income (Loss)	19,982	5,308
Loss (income) attributable to discontinued noncontrolling interest	0	28
Net Income (Loss) Attributable to A&B Shareholders	$ 19,982	$ 5,336
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders (in dollars per share)	$ 0.28	$ 0.13
Discontinued operations available to A&B shareholders (in dollars per share)	0	(0.06)
Net income (loss) available to A&B shareholders (in dollars per share)	0.28	0.07
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders (in dollars per share)	0.28	0.13
Discontinued operations available to A&B shareholders (in dollars per share)	0	(0.06)
Net income (loss) available to A&B shareholders (in dollars per share)	$ 0.28	$ 0.07
Weighted-Average Number of Shares Outstanding:
Basic (in shares)	72,545	72,549
Diluted (in shares)	72,666	72,629
Amounts Available to A&B Common Shareholders :
Continuing operations available to A&B common shareholders	$ 20,230	$ 9,476
Discontinued operations available to A&B common shareholders	(256)	(4,170)
Net income (loss) available to A&B common shareholders	19,974	5,306
Commercial Real Estate
Operating Revenue:
Commercial Real Estate	48,888	47,870
Operating Costs and Expenses:
Cost of Commercial Real Estate	25,416	24,948
Land Operations
Operating Revenue:
Land Operations	12,314	2,520
Operating Costs and Expenses:
Cost of Land Operations	$ 4,787	$ 3,586

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 19,982	$ 5,308
Cash flow hedges:
Unrealized interest rate derivative gain (loss)	1,202	(3,702)
Reclassification adjustment to interest expense included in Net Income (Loss)	(473)	(347)
Other comprehensive income (loss), net of tax	729	(4,049)
Comprehensive Income (Loss)	20,711	1,259
Comprehensive (income) loss attributable to discontinued noncontrolling interest	0	28
Comprehensive Income (Loss) Attributable to A&B Shareholders	$ 20,711	$ 1,287

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ 19,982	$ 5,308
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Loss (income) from discontinued operations	256	4,198
Depreciation and amortization	9,034	9,181
Loss (gain) from disposals of non-core assets, net	(23)	(1,117)
Loss (gain) on de-designated interest rate swap valuation adjustment	(3,675)	0
Share-based compensation expense	1,126	1,576
Loss (income) related to joint ventures, net of operating cash distributions	50	(384)
Changes in operating assets and liabilities:
Trade and other receivables	(486)	(1,350)
Prepaid expenses, income tax receivable and other assets	(3,435)	(1,238)
Development/other property inventory	(2,925)	(109)
Accrued post-retirement benefits	(1,697)	5
Accounts payable	(1,242)	211
Accrued and other liabilities	(501)	(3,620)
Operating cash flows from continuing operations	16,464	12,661
Operating cash flows from discontinued operations	(403)	(7,150)
Net cash provided by (used in) operations	16,061	5,511
Cash Flows from Investing Activities:
Capital expenditures for property, plant and equipment	(3,746)	(3,018)
Proceeds from disposal of assets	184	1,645
Payments for purchases of investments in affiliates and other investments	(113)	(78)
Investing cash flows from continuing operations	(3,675)	(1,451)
Investing cash flows from discontinued operations	15,000	2,162
Net cash provided by (used in) investing activities	11,325	711
Cash Flows from Financing Activities:
Payments of notes payable and other debt and deferred financing costs	(15,441)	(17,960)
Borrowings (payments) on line-of-credit agreement, net	9,000	25,000
Cash dividends paid	(16,447)	(32,030)
Repurchases of common stock and other payments	(2,332)	(2,392)
Financing cash flows from continuing operations	(25,220)	(27,382)
Financing cash flows from discontinued operations	0	(448)
Net cash provided by (used in) financing activities	(25,220)	(27,830)
Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale
Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale	2,166	(21,608)
Cash, cash equivalents, restricted cash, and cash included in assets held for sale beginning balance	13,753	34,409
Cash, cash equivalents, restricted cash, and cash included in assets held for sale ending balance	15,919	12,801
Other Cash Flow Information:
Interest paid, net of capitalized interest, for continuing operations	4,470	4,902
Interest paid, net of capitalized interest, for discontinued operations	0	196
Income tax (payments)/refunds, net	0	161
Reconciliation of cash, cash equivalents, restricted cash, and cash included in assets held for sale:
Cash and cash equivalents, beginning of period	13,517	33,262
Restricted cash, beginning of period	236	998
Cash included in assets held for sale, beginning of period	0	149
Cash, cash equivalents, restricted cash, and cash included in assets held for sale beginning balance	13,753	34,409
Cash and cash equivalents, end of period	15,683	10,730
Restricted cash, end of period	236	998
Cash included in assets held for sale, end of period	0	1,073
Cash, cash equivalents, restricted cash, and cash included in assets held for sale ending balance	15,919	12,801
Continuing Operations
Noncash Investing and Financing Activities from continuing operations:
Capital expenditures included in accounts payable and accrued and other liabilities	1,907	281
Dividends declared but unpaid at end of period	16,501	624
Increase (decrease) in escrow and other receivables from dispositions	0	298
Noncash Investing and Financing Activities from discontinued operations:
Capital expenditures included in liabilities associated with assets held for sale	1,907	281
Discontinued Operations
Noncash Investing and Financing Activities from continuing operations:
Capital expenditures included in accounts payable and accrued and other liabilities	0	183
Noncash Investing and Financing Activities from discontinued operations:
Capital expenditures included in liabilities associated with assets held for sale	0	183
Distribution to noncontrolling interests included in liabilities associated with assets held for sale	$ 0	$ 345

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Income (Loss)	(Distribution in Excess of Accumulated Earnings) Earnings Surplus
Total Equity
Total shareholders' equity	$ 1,035,705	$ 1,808,401	$ 1,807	$ (774,503)
Beginning balance (in shares) at Dec. 31, 2022		72,463,000
Beginning balance at Dec. 31, 2022	1,035,705	$ 1,808,401	1,807	(774,503)
Total Equity
Net income (loss)	5,336			5,336
Other comprehensive income (loss), net of tax	(4,049)		(4,049)
Dividend on common stock	(16,188)			(16,188)
Distributions to noncontrolling interest	0
Share-based compensation	1,576	$ 1,576
Shares issued (repurchased), net (in shares)		130,000
Shares issued (repurchased), net	(2,376)	$ (2,367)		(9)
Ending balance (in shares) at Mar. 31, 2023		72,593,000
Ending balance at Mar. 31, 2023	1,020,004	$ 1,807,610	(2,242)	(785,364)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2022	7,986
Redeemable Non- Controlling Interest
Net income (loss)	(28)
Distributions to noncontrolling interest	(345)
Redeemable non-controlling interest, ending balance at Mar. 31, 2023	7,613
Total Equity
Total shareholders' equity	1,020,004	1,807,610	(2,242)	(785,364)
Total shareholders' equity	$ 1,003,011	$ 1,809,095	3,250	(809,334)
Beginning balance (in shares) at Dec. 31, 2023	72,447,510	72,448,000
Beginning balance at Dec. 31, 2023	$ 1,003,011	$ 1,809,095	3,250	(809,334)
Total Equity
Net income (loss)	19,982			19,982
Other comprehensive income (loss), net of tax	729		729
Dividend on common stock	(16,190)			(16,190)
Share-based compensation	1,126	$ 1,126
Shares issued (repurchased), net (in shares)		144,000
Shares issued (repurchased), net	$ (2,332)	$ (2,212)		(120)
Ending balance (in shares) at Mar. 31, 2024	72,592,147	72,592,000
Ending balance at Mar. 31, 2024	$ 1,006,326	$ 1,808,009	3,979	(805,662)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2023	0
Redeemable Non- Controlling Interest
Net income (loss)	0
Redeemable non-controlling interest, ending balance at Mar. 31, 2024	0
Total Equity
Total shareholders' equity	$ 1,006,326	$ 1,808,009	$ 3,979	$ (805,662)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.2225	$ 0.22

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Description of Business: Alexander & Baldwin, Inc. ("A&B" or the "Company") is a fully integrated real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i, whose history in Hawai‘i dates back to 1870. Over time, the Company has evolved from a 571-acre sugar plantation on Maui to become one of Hawai‘i's premier commercial real estate companies and the owner of the largest grocery-anchored, neighborhood shopping center portfolio in the state. The Company operates in two segments: Commercial Real Estate ("CRE") and Land Operations. As of March 31, 2024, the Company's commercial real estate portfolio resides entirely in Hawai‘i and consists of 22 retail centers, 13 industrial assets and four office properties, representing a total of 3.9 million square feet of gross leasable area ("GLA"), as well as 142.0 acres of commercial land, of which substantially all is leased pursuant to urban ground leases. Throughout this quarterly report on Form 10-Q, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries. Basis of Presentation: The interim condensed consolidated financial statements are unaudited. Because of the nature of the Company's operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated statements of operations, comprehensive income (loss), cash flows, and equity and redeemable noncontrolling interest for each of the three years ended December 31, 2023, 2022, and 2021, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC"). Reclassifications: Certain amounts presented in the prior year have been reclassified to conform to the current year presentation (e.g., captions previously presented in the prior years that, in the currently presented periods, are less than five percent of total assets or total liabilities were combined in the current year condensed consolidated balance sheets). Operating lease right-of-use assets, which was previously reported separately on the condensed consolidated balance sheets, is now presented in Prepaid expenses and other assets for all periods presented. Operating lease liabilities and Liabilities associated with assets held for sale , which were previously reported separately on the condensed consolidated balance sheets, are now presented in Accrued and other liabilities for all periods presented. Rounding: Amounts in the condensed consolidated financial statements and notes are rounded to the nearest thousand. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may result in differences.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The Company's significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2023 Form 10-K. Changes to the Company's significant accounting policies are included herein. Recently issued accounting pronouncements In October 2023, the FASB issued ASU No. 2023-06 ("ASU 2023-06"), Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative . This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. Early adoption is prohibited. The Company does not expect the amendments of this accounting standard update to have a material impact on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. Interest and other income (expense), net Interest and other income (expense), net for the three months ended March 31, 2024 and 2023, included the following (in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 231 $ 90 Post-retirement benefit (expense) (107) (176) Gain (loss) on fair value adjustments related to interest rate swaps 3,675 — Financing charges (2,350) — Other income (expense), net (182) 6 Interest and other income (expense), net $ 1,267 $ (80)

Investments in Affiliates

Investments in Affiliates	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	Investments in Affiliates The Company's investments in affiliates principally consist of equity investments in limited liability companies in which the Company has the ability to exercise significant influence over the operating and financial policies of these investments. Accordingly, the Company accounts for its investments using the equity method of accounting. Operating results presented in the Company's condensed consolidated financial statements include the Company's proportionate share of net income (loss) from its equity method investments. Summarized financial information of entities accounted for by the equity method on a combined basis for the three months ended March 31, 2024 and 2023, is as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenues $ 39,370 $ 37,935 Operating costs and expenses 35,399 34,434 Gross Profit (Loss) $ 3,971 $ 3,501 Income (Loss) from Continuing Operations 1 $ (700) $ (1,291) Net Income (Loss) 1 $ (700) $ (1,291) 1 Includes earnings from equity method investments held by the investee. During the three months ended March 31, 2024 and 2023, Income (loss) related to joint ventures was $0.7 million and $0.4 million, respectively, and return on investment operating cash distributions was $0.7 million and zero, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The following tables present the fair value of those assets and (liabilities) measured on a recurring basis as of March 31, 2024 and December 31, 2023, (in thousands): Fair Value Measurements at March 31, 2024 Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 5,829 $ — $ 5,829 $ — Fair Value Measurements at December 31, 2023 Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 4,142 $ — $ 4,142 $ — Liabilities Derivative financial instruments - interest rate swaps Accrued and other liabilities $ (2,718) $ — $ (2,718) $ — Derivative Financial Instruments: The Company records its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are classified as Level 2 measurements in the fair value hierarchy and are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs (refer to Note 6 – Derivative Instruments for fair value information regarding the Company's derivative instruments). Non-Recurring Fair Value Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment is discussed in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2023 Form 10-K. Impairment of Assets Held for Sale, net: As of March 31, 2024 and December 31, 2023, one CRE improved property met the criteria for classification as held for sale and accordingly, was measured at its fair value less costs to sell, resulting in an impairment charge of $2.2 million recorded during the year ended December 31, 2023. During the three months ended March 31, 2024, the Company recorded no additional fair value adjustment related to assets and liabilities held for sale. The Company classifies these fair value measurements as Level 3 in the fair value hierarchy because they are determined using significant unobservable inputs such as management assumptions about expected sales proceeds from third parties. The following table presents the fair value hierarchy and quantitative information about the significant unobservable inputs used to determine the fair value of long-lived assets held and used and assets held for sale, net for which a nonrecurring fair value adjustment was recorded (in thousands): Fair Value Measurements at Quantitative Information about December 31, 2023 Level 3 Fair Value Measurements Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Valuation Technique/ Unobservable Inputs Weighted Average Discount Rate Assets held for sale, net 1,2 $ 14,209 $ — $ — $ 14,209 $ (2,183) Contract value N/A Total $ 14,209 $ — $ — $ 14,209 $ (2,183) 1 Assets or liabilities are presented in Assets held for sale or Accrued and other liabilities , respectively, in the Condensed Consolidated Balance Sheets. Impairment loss was recorded during year ended December 31, 2023, in Impairment of assets in the Consolidated Statements of Operations. 2 Assets held for sale of $14.0 million, net, excluding estimated selling costs of $0.3 million. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our condensed consolidated balance sheets include cash and cash equivalents, restricted cash, accounts and notes receivable, net and notes payable and other debt. The fair value of the Company's cash and cash equivalents, restricted cash, accounts receivable, net and short-term borrowings approximate their carrying values due to the short-term nature of the instruments, which is classified as Level 1 measurement in the fair value hierarchy. The fair value of the Company's notes receivable approximated the carrying amount of $11.4 million and $20.8 million as of March 31, 2024 and December 31, 2023, respectively. The fair value of these notes is estimated using a discounted cash flow analysis in which the Company uses unobservable inputs such as market interest rates determined by the loan-to-value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made, and is classified as a Level 3 measurement in the fair value hierarchy.

Notes Payable and Other Debt

Notes Payable and Other Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Notes Payable and Other Debt	Notes Payable and Other Debt As of March 31, 2024 and December 31, 2023, notes payable and other debt consisted of the following (dollars in thousands): Interest Rate (%) Maturity Date Principal Outstanding March 31, 2024 December 31, 2023 Secured: Laulani Village 3.93% 2024 $ 57,517 $ 57,798 Pearl Highlands 4.15% 2024 74,570 75,137 Photovoltaic Financing (1) (1) 4,000 4,073 Manoa Marketplace (2) 2029 52,254 52,705 Subtotal $ 188,341 $ 189,713 Unsecured: Series A Note 5.53% 2024 $ 7,125 $ 7,125 Series J Note 4.66% 2025 10,000 10,000 Series B Note 5.55% 2026 18,000 27,000 Series C Note 5.56% 2026 9,000 9,000 Series F Note 4.35% 2026 9,625 9,650 Series H Note 4.04% 2026 50,000 50,000 Series K Note 4.81% 2027 34,500 34,500 Series G Note 3.88% 2027 17,125 22,125 Series L Note 4.89% 2028 18,000 18,000 Series I Note 4.16% 2028 25,000 25,000 Term Loan 5 4.30% 2029 25,000 25,000 Subtotal $ 223,375 $ 237,400 Revolving Credit Facilities: A&B Revolver (3) 2025 (4) 46,000 37,000 Total debt (contractual) $ 457,716 $ 464,113 Unamortized debt premium (discount) $ 91 $ — Unamortized debt issuance costs (233) (149) Total debt (carrying value) $ 457,574 $ 463,964 (1) Financing leases have a weighted average discount rate of 4.75% and maturity dates ranging from 2027 to 2028. (2) Loan has a stated interest rate of SOFR plus 1.35%. Loan is swapped through maturity to a 3.14% fixed rate. (3) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid, plus a SOFR adjustment of 0.10%. (4) A&B Revolver has two six

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company is exposed to interest rate risk related to its variable-rate interest debt. From time to time, the Company may use interest rate swaps to manage its exposure to interest rate risk. Cash Flow Hedges of Interest Rate Risk As of March 31, 2024, the Company had three interest rate swap agreements, all three of which were designated as cash flow hedges. The key terms are as follows (dollars in thousands): Effective Maturity Fixed Interest Notional Amount at Asset (Liability) Fair Value at Date Date Rate March 31, 2024 March 31, 2024 December 31, 2023 Interest Rate Swap Agreements 4/7/2016 8/1/2029 3.14% $ 52,254 $ 4,902 $ 4,142 Forward Interest Rate Swap Agreements 5/1/2024 12/9/2031 4.88% $ 57,000 $ 584 $ (1,144) 12/9/2024 12/9/2031 4.83% $ 73,000 $ 343 $ (1,574) The asset related to the interest rate swap and forward interest rate swaps as of March 31, 2024, is presented within Prepaid expenses and other assets in the condensed consolidated balance sheets. The asset related to the interest rate swap and liability related to the forward interest rate swaps as of December 31, 2023, are presented within Prepaid expenses and other assets and Accrued and other liabilities , respectively, in the condensed consolidated balance sheets. Changes in fair value of designated cash flow hedges are recorded in Accumulated other comprehensive income (loss) and subsequently reclassified into interest expense as interest is incurred on the related variable-rate debt. Changes in fair value of undesignated cash flow hedges, including de-designated hedges, are recorded in Interest and other income (expense), net . In 2022, the Company entered into two forward starting interest rate swap agreements with notional amounts of $57.0 million and $73.0 million in order to hedge interest rate fluctuations related to $130.0 million of future financing aligned with the effective and maturity dates listed. The Company designated the hedging relationships of these two forward interest swap agreements as cash flow hedges at their inception. In December 2023, the Company de-designated the forward interest swap agreements as it was determined that underlying cash flows related to the designated hedging relationships were no longer probable of occurring. As a result, for the year ended December 31, 2023, the Company reclassified from Accumulated other comprehensive income (loss) and recognized in Interest and other income (expense), net a $2.7 million loss related to the fair value adjustment of the de-designated hedging relationships. Subsequent changes in fair value of the forward interest rate swaps were recorded in earnings until, on February 29, 2024, the Company re-designated the hedging relationships of both forward interest rate swaps in anticipation of future financing. The Company recorded a gain on forward interest rate swap valuation adjustment of $3.7 million during the three months ended March 31, 2024, that occurred prior to the date of re-designation. Statement of Comprehensive Income (Loss) Derivative Instruments Impact The following table represents the pre-tax effect of the derivative instruments in the Company's condensed consolidated statements of comprehensive income (loss) during the three months ended March 31, 2024 and 2023, (in thousands): Three Months Ended March 31, 2024 2023 Information regarding derivatives designated as hedging instruments Amount of gain (loss) recognized in OCI on derivatives $ 1,202 $ (3,702) Impact of reclassification adjustment to interest expense included in Net Income (Loss) $ (473) $ (347) As of March 31, 2024, the Company expects to reclassify $2.8 million of net gains (losses) on derivative instruments from accumulated other comprehensive income to earnings during the next 12 months.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and other financial arrangements Bonds related to the Company's real estate activities totaled $18.7 million as of March 31, 2024, and represent commercial bonds issued by third party sureties (permit, subdivision, license and notary bonds). If drawn upon, the Company would be obligated to reimburse the surety that issued the bond for the amount of the bond, reduced for the work completed to date. Legal proceedings and other contingencies Prior to the sale of approximately 41,000 acres of agricultural land on Maui to Mahi Pono Holdings, LLC ("Mahi Pono") in December 2018, the Company, through East Maui Irrigation Company, LLC ("EMI"), also owned approximately 16,000 acres of watershed lands in East Maui and held four water licenses to approximately 30,000 acres owned by the State of Hawai‘i in East Maui. The sale to Mahi Pono included the sale of a 50% interest in EMI (which closed February 1, 2019), and provided for the Company and Mahi Pono, through EMI, to jointly continue the existing process to secure a long-term lease from the State for delivery of irrigation water to Mahi Pono for use in Central Maui. The last of these water license agreements expired in 1986, and all four agreements were then extended as revocable permits that were renewed annually. In 2001, a request was made to the State Board of Land and Natural Resources (the "BLNR") to replace these revocable permits with a long-term water lease. Pending the completion by the BLNR of a contested case hearing it ordered to be held on the request for the long-term lease, the BLNR has kept the existing permits on a holdover basis. Three parties (Healoha Carmichael; Lezley Jacintho; and Na Moku Aupuni O Ko‘olau Hui) filed a lawsuit on April 10, 2015, (the "Initial Lawsuit") alleging that the BLNR has been renewing the revocable permits annually rather than keeping them in holdover status. The lawsuit challenged the BLNR’s decision to continue the revocable permits for calendar year 2015 and asked the court to void the revocable permits and to declare that the renewals were illegally issued without preparation of an environmental assessment ("EA"). In December 2015, the BLNR decided to reaffirm its prior decisions to keep the permits in holdover status. This decision by the BLNR was challenged by the three parties. In January 2016, the court ruled in the Initial Lawsuit that the renewals were not subject to the EA requirement, but that the BLNR lacked legal authority to keep the revocable permits in holdover status beyond one year (the "Initial Ruling"). The Initial Ruling was appealed to the Intermediate Court of Appeals ("ICA") of the State of Hawai‘i. In May 2016, while the appeal of the Initial Ruling was pending, the Hawai‘i State Legislature passed House Bill 2501, which specified that the BLNR has the legal authority to issue holdover revocable permits for the disposition of water rights for a period not to exceed three years. The governor signed this bill into law as Act 126 in June 2016. Pursuant to Act 126, the annual authorization of the existing holdover permits was sought and granted by the BLNR in December 2016, November 2017 and November 2018 for calendar years 2017, 2018, and 2019. No extension of Act 126 was approved by the Hawai‘i State Legislature in 2019. In June 2019, the ICA vacated the Initial Ruling, effectively reversing the determination that the BLNR lacked authority to keep the revocable permits in holdover status beyond one year (the "ICA Ruling"). The ICA remanded the case back to the trial court to determine whether the holdover status of the permits was both (a) "temporary" and (b) in the best interest of the State, as required by statute. The plaintiffs filed a motion with the ICA for reconsideration of its decision, which was denied on July 5, 2019. On September 30, 2019, the plaintiffs filed a request with the Supreme Court of Hawai‘i to review and reverse the ICA Ruling. On November 25, 2019, the Supreme Court of Hawai‘i granted the plaintiffs' request to review the ICA Ruling and, on May 5, 2020, oral argument was held. On October 11, 2019, the BLNR took up the renewal of all the existing water revocable permits in the state, acting under the ICA Ruling, and approved the continuation of the four East Maui water revocable permits for another one-year period through December 31, 2020. On November 13, 2020, the BLNR approved another renewal of such permits through December 31, 2021. On March 2, 2022, the Supreme Court of Hawai’i vacated the ICA’s ruling relating to the BLNR's decision to continue the revocable permits for the calendar year 2015, holding that Hawaii Revised Statutes Chapter 343 (the Hawaii Environmental Policy Act) did apply to the permits. The court remanded the matter back to the Circuit Court to determine if any exceptions would apply and, if not, how HRS Chapter 343 should be applied in light of the steps taken by A&B/EMI toward the long-term water lease. The Supreme Court of Hawai’i also determined that the BLNR had the statutory authority to continue the permits for more than one year, but required the BLNR to make findings of fact and conclusions of law determining that the action would serve the best interests of the State. On remand, the Carmichael Plaintiffs filed a motion for partial summary judgment asking the Circuit Court to conclude that the BLNR and A&B/EMI violated HRS Chapter 343 when the BLNR continued the revocable permits for calendar year 2015. On December 21, 2023, the Circuit Court entered its order granting in part and denying in part the motion for partial summary judgment, determining that the BLNR and A&B/EMI had violated HRS Chapter 343 when the BLNR continued the revocable permits for calendar year 2015, but denying the plaintiffs’ request for a declaration that A&B/EMI had no authority to divert any water until a final environmental impact statement had been accepted. Also on remand, the Carmichael Plaintiffs sought and were granted leave to file an amended complaint asserting a claim for unjust enrichment against A&B/EMI. The plaintiffs assert that they had a superior right to the water diverted by EMI from at least 2015 until September 2021 when BLNR accepted the final environmental impact statement for the long-term water lease, and EMI lacked the authority to divert water during that time period. In December 2023, the Carmichael Plaintiffs filed their amended complaint. In the companion case brought by Na Moku Aupuni O Ko‘olau Hui challenging the BLNR’s decision to continue the revocable permits for calendar year 2016, Na Moku filed a motion asking for a decision on appeal and requesting that the Circuit Court limit the current diversion of water pursuant to the revocable permits and order the BLNR to allow Na Moku to intervene in the contested case hearing ordered by the Circuit Court in the Sierra Club litigation addressed below. On January 2, 2024, the Circuit Court entered its order granting Na Moku’s request to invalidate the BLNR’s decision reaffirming the holdover status of the revocable permits for calendar year 2016 and denying Na Moku’s request to (1) impose a cap on the current amount of water diverted pursuant to the revocable permits, (2) order the BLNR to allow Na Moku to intervene in Sierra Club’s contested case hearing; and (3) declare that A&B/EMI had no legal authority to divert water pursuant to then-valid revocable permits. In January 2024, the circuit court entered final judgment in this case. In a separate matter, on December 7, 2018, a contested case request filed by the Sierra Club (contesting the BLNR's November 2018 approval of the 2019 revocable permits) was denied by the BLNR. On January 7, 2019, the Sierra Club filed a lawsuit in the circuit court of the first circuit in Hawai‘i against the BLNR, A&B and EMI, seeking to invalidate the 2019 and 2020 holdovers of the revocable permits for, among other things, failure to perform an EA. The lawsuit also sought to enjoin A&B/EMI from diverting more than 25 million gallons a day until a permit or lease is properly issued by the BLNR, and for the imposition of certain conditions on the revocable permits by the BLNR. The count seeking to invalidate the revocable permits based on the failure to perform an EA was dismissed by the court, based on the ICA Ruling in the Initial Lawsuit. The Sierra Club’s lawsuit was amended to include a challenge to the BLNR’s renewal of the revocable permits for calendar year 2020. After a full trial on the merits held beginning in August of 2020, the court ruled, on April 6, 2021, against the Sierra Club on its lawsuit challenging the 2019 and 2020 revocable permits. On February 17, 2022, the Sierra Club filed its notice of appeal challenging the decision on the August 2020 trial. The court separately considered a lawsuit filed by the Sierra Club appealing the BLNR’s decision to deny it a contested case hearing on the 2021 revocable permits, which were granted by the BLNR on or about November 13, 2020. In that case, on May 28, 2021, the court issued an interim decision that the Sierra Club’s due process rights were violated, ordered the BLNR to hold a contested case hearing on the 2021 permits, and that the permits would be vacated. On July 30, 2021, the court modified its ruling to say that the permits would not be invalidated, but left in place pending the outcome of the contested case hearing. The contested case hearing was held by the BLNR in December 2021 to address the continuation of the revocable permits for both calendar years 2021 and 2022 and the BLNR issued a decision on June 30, 2022. On December 27, 2021, while the BLNR’s decision in the contested case hearing was pending, the court further modified its ruling to allow the permits to remain in place until the earlier of May 1, 2022, the date on which the BLNR renders a substantive decision on the continuation of the permits for calendar year 2022, or further order of the court. On April 26, 2022, the court orally granted an extension of the May 1, 2022 deadline to the earlier of June 15, 2022, or the date on which the BLNR renders a substantive decision on the continuation of the permits for calendar year 2022, or as may be further ordered by the court. On June 1, 2022, the court granted an extension of the June 15, 2022 deadline to the earlier of July 15, 2022 or the date on which the BLNR renders a substantive decision on the continuation of the permits for calendar year 2022 or as may be further ordered by the court. On June 30, 2022, the BLNR issued its final decision on the contested case hearing on the permits for calendar years 2021 and 2022, approving the continuation of the permits through the end of calendar year 2022. The Company and the BLNR appealed the court’s determination that the Sierra Club was entitled to a contested case hearing on the 2021 revocable permits. At the request of Sierra Club, the Intermediate Court of Appeals held oral argument on the matter on December 13, 2023. On April 12, 2024, the ICA issued its opinion holding that Sierra Club was not entitled to a contested case hearing, the circuit court erred by modifying the permits, and Sierra Club was not entitled to attorneys’ fees and costs. In July 2022, the Sierra Club filed a separate appeal challenging the BLNR’s June 30, 2022 decision on the contested case hearing on the permits for calendar years 2021 and 2022. On March 31, 2023, the court entered its decision on appeal, dismissing the appeal as moot. On January 29, 2024, the court entered final judgment in this case. On February 8, 2024, the Sierra Club filed a notice of appeal with the Hawaii Intermediate Court of Appeals. On November 10, 2022, the BLNR voted to continue the revocable permits for calendar year 2023 and, at that same meeting, denied the Sierra Club’s oral request for a contested case hearing. The Sierra Club subsequently submitted a written request to the BLNR for a contested case hearing on the continuation of the revocable permits, which the BLNR denied on December 9, 2022. On November 29, 2022, the Sierra Club filed an appeal of the BLNR’s decisions to deny its oral request for a contested case hearing and to continue the revocable permits for 2023 and on December 15, 2022, the Sierra Club amended its appeal to also challenge the BLNR’s denial of its written request for a contested case hearing. On June 16, 2023, the Circuit Court entered its Decision on Appeal; and Interim Modification of Permits Pursuant to HRS 91-14(g) in which the court concluded that the Sierra Club was again entitled to a contested case hearing on the continuation of the revocable permits for calendar year 2023. The court also modified the BLNR’s decision to continue the revocable permits by reducing the cap to 31.50 million gallons per day. A&B/EMI filed motions to increase the modified cap and for leave to take an immediate appeal. On August 11, 2023, the court entered its order denying A&B/EMI’s motion for leave to take an immediate appeal. On September 8, 2023, the court entered its ruling denying without prejudice A&B/EMI’s motion to increase the modified cap. On August 17, 2023, Sierra Club filed its First Motion to Modify Permits, asking the court to impose conditions on the revocable permits requiring A&B/EMI to determine the water needs of the County of Maui Fire Department and to line one reservoir, which the court granted in part, ordering the parties to meet with the County of Maui Fire Department to discuss the Department’s water needs. In January 2024, the court entered final judgment in this case. In February 2024, A&B/EMI and BLNR filed separate notices of appeal with the Hawaii Intermediate Court of Appeals. On December 8, 2023, the BLNR issued a new revocable permit to the Company for calendar year 2024. On that same date, after the BLNR voted to grant the new revocable permit to the Company, Sierra Club made an oral request for a contested case hearing and, on December 18, 2023, filed a written request for the same. The BLNR has not decided on Sierra Club’s requests for a contested case hearing. In connection with A&B’s obligation to continue the existing process to secure a long-term water lease from the State, A&B and EMI will defend against the remaining claims made by the Sierra Club. In addition to the litigation described above, the Company is a party to, or may be contingently liable in connection with, other legal actions arising in the normal conduct of its businesses. While the outcomes of such litigation and claims cannot be predicted with certainty, in the opinion of management after consultation with counsel, the reasonably possible losses would not have a material effect on the Company's consolidated financial statements as a whole. Further note that certain of the Company's properties and assets may become the subject of other types of claims and assessments at various times (e.g., environmental matters based on normal operations of such assets). Depending on the facts and circumstances surrounding such potential claims and assessments, the Company records an accrual if it is deemed probable that a liability has been incurred and the amount of loss can be reasonably estimated/valued as of the date of the financial statements.

Revenue and Contract Balances

Revenue and Contract Balances	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Contract Balances	Revenue and Contract Balances The Company generates revenue through its Commercial Real Estate and Land Operations segments. Through its Commercial Real Estate segment, the Company owns and operates a portfolio of commercial real estate properties and generates income (i.e., revenue) as a lessor through leases of such assets. Refer to Note 9 – Leases - The Company as a Lessor for further discussion of lessor income recognition. The Land Operations segment generates revenue from contracts with customers. The Company further disaggregates revenue from contracts with customers by revenue type when appropriate if the Company believes disaggregation best depicts how the nature, amount, timing, and uncertainty of the Company's revenue and cash flows are affected by economic factors. Revenue by type for the three months ended March 31, 2024 and 2023, was as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenues: Commercial Real Estate $ 48,888 $ 47,870 Land Operations: Development sales revenue 2,455 — Unimproved/other property sales revenue 9,625 850 Other operating revenue 234 1,670 Land Operations 12,314 2,520 Total revenues $ 61,202 $ 50,390 The following table provides information about receivables, contract assets and contract liabilities from contracts with customers as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 6,218 $ 7,421 Allowances (credit losses and doubtful accounts) (2,503) (2,888) Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts $ 3,715 $ 4,533 Variable consideration 1 $ 62,000 $ 62,000 Prepaid rent 7,067 4,985 Other deferred revenue 3,393 3,368 Deferred revenue $ 72,460 $ 70,353 1 Variable consideration deferred as of the end of the periods related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price. For the three months ended March 31, 2024, the Company did not recognize any revenue related to the Company's variable consideration and other deferred revenue reported as of December 31, 2023.

Leases - The Company as a Lesso

Leases - The Company as a Lessor	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases - The Company as a Lessor	Leases - The Company as a Lessor The Company leases real estate property to tenants under operating leases. Such activity is primarily composed of operating leases within its CRE segment. The historical cost of, and accumulated depreciation on, leased property as of March 31, 2024, and December 31, 2023, were as follows (in thousands): March 31, 2024 December 31, 2023 Leased property - real estate $ 1,610,830 $ 1,607,919 Less: accumulated depreciation (236,004) (228,714) Property under operating leases - net 1 $ 1,374,826 $ 1,379,205 1 Property under operating leases as of March 31, 2024, and December 31, 2023, includes leased property included in Assets held for sale. Total rental income (i.e., revenue) under these operating leases during the three months ended March 31, 2024 and 2023, relating to lease payments and variable lease payments were as follows (in thousands): Three Months Ended March 31, 2024 2023 Lease payments $ 33,612 $ 33,094 Variable lease payments 15,649 15,644 Revenues deemed uncollectible, net (216) (724) Total rental income $ 49,045 $ 48,014 Contractual future lease payments to be received on non-cancelable operating leases as of March 31, 2024, were as follows (in thousands): March 31, 2024 2024 97,815 2025 120,052 2026 106,642 2027 94,345 2028 79,135 2029 62,174 Thereafter 509,979 Total future lease payments to be received $ 1,070,142

Leases - The Company as a Lesse

Leases - The Company as a Lessee	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases - The Company as a Lessee	Leases - The Company as a Lessee There have been no material changes from the Company's leasing activities as a lessee described in Note 13 to the consolidated financial statements included in Item 8 of the Company's 2023 Form 10-K. The following table provides information about the Company's operating lease costs and finance lease costs recognized during the three months ended March 31, 2024 and 2023, (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost $ 477 $ 596 Finance lease cost: Amortization of right-of-use assets 71 35 Interest on lease liabilities 48 14 Total lease cost - operating and finance leases $ 596 $ 645
Leases - The Company as a Lessee	Leases - The Company as a Lessee There have been no material changes from the Company's leasing activities as a lessee described in Note 13 to the consolidated financial statements included in Item 8 of the Company's 2023 Form 10-K. The following table provides information about the Company's operating lease costs and finance lease costs recognized during the three months ended March 31, 2024 and 2023, (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost $ 477 $ 596 Finance lease cost: Amortization of right-of-use assets 71 35 Interest on lease liabilities 48 14 Total lease cost - operating and finance leases $ 596 $ 645

Share-Based Payment Awards

Share-Based Payment Awards	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Awards	Share-based Payment Awards The 2022 Incentive Compensation Plan ("2022 Plan") allows for the granting of stock options, stock appreciation rights, stock awards, restricted stock units, dividend equivalent rights, and other awards. The shares of common stock authorized to be issued under the 2022 Plan are to be drawn from the shares of the Company's authorized but unissued common stock or from shares of its common stock that the Company acquired, including shares purchased on the open market or private transactions. During the three months ended March 31, 2024, the Company granted approximately 310,100 of restricted stock unit awards with a weighted average grant date fair value of $17.91. During the three months ended March 31, 2023, the Company granted approximately 310,200 of restricted stock unit awards with a weighted average grant date fair value of $22.36. The fair value of the Company's time-based and performance-based awards was determined using the Company's stock price on the grant date. The fair value of the Company's market-based awards was estimated using the Company's stock price on the date of grant and the probability of vesting using a Monte Carlo simulation. The Monte Carlo simulation was performed with the following weighted-average assumptions: 2024 Grants 2023 Grants Volatility of A&B common stock 27.4% 49.1% Average volatility of peer companies 29.9% 48.2% Risk-free interest rate 4.0% 3.8% The Company recognizes compensation cost net of actual forfeitures of time-based or market-based awards. A summary of compensation cost related to share-based payments is as follows (in thousands): Three Months Ended March 31, 2024 2023 Share-based expense: Time-based and market-based restricted stock units $ 1,126 $ 1,576

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has been organized and operates in a manner that enables it to qualify, and management believes it will continue to qualify, as a REIT for federal income tax purposes. As of March 31, 2024, tax years 2020 and later are open to audit by the tax authorities. Management believes the result of any potential audits will not have a material adverse effect on its results of operations, financial condition, or liquidity.

Earnings Per Share (_EPS_)

Earnings Per Share (“EPS”)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share (“EPS”)	Earnings Per Share ("EPS") Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards as well as adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued. The following table provides a reconciliation of income (loss) from continuing operations to net income (loss) from continuing operations available to A&B common shareholders and net income (loss) available to A&B common shareholders (in thousands): Three Months Ended March 31, 2024 2023 Income (loss) from continuing operations $ 20,238 $ 9,506 Distributions and allocations to participating securities (8) (30) Income (loss) from continuing operations available to A&B shareholders 20,230 9,476 Income (loss) from discontinued operations (256) (4,198) Exclude: Loss (income) attributable to discontinued noncontrolling interest — 28 Net income (loss) available to A&B common shareholders $ 19,974 $ 5,306 The number of shares used to compute basic and diluted earnings per share is as follows (in thousands): Three Months Ended March 31, 2024 2023 Denominator for basic EPS - weighted average shares outstanding 72,545 72,549 Effect of dilutive securities: Restricted stock unit awards 121 80 Denominator for diluted EPS - weighted average shares outstanding 72,666 72,629 The number of anti-dilutive securities, excluded from the calculation of diluted earnings per common share, consisted of the following (in thousands): Three Months Ended March 31, 2024 2023 Number of anti-dilutive securities 100 38

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) For the three months ended March 31, 2024, other comprehensive income (loss) principally includes unrealized interest rate hedging gains and losses and associated reclassification adjustments to interest expense. The components of Accumulated other comprehensive income (loss), net of taxes, were as follows as of March 31, 2024, and December 31, 2023, (in thousands): March 31, 2024 December 31, 2023 Post-retirement plans $ (133) $ (150) Non-qualified benefit plans (48) (31) Interest rate swap 4,160 3,431 Accumulated other comprehensive income (loss) $ 3,979 $ 3,250 The changes in Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024, were as follows (in thousands, net of taxes): Employee Benefit Plans Interest Rate Swap Total Balance, January 1, 2024 $ (181) $ 3,431 $ 3,250 Other comprehensive income (loss) before reclassifications, net of taxes of $0 — 1,202 1,202 Amounts reclassified from accumulated other comprehensive income (loss) 1 — (473) (473) Other comprehensive income (loss), net of taxes — 729 729 Balance, March 31, 2024 $ (181) $ 4,160 $ 3,979 1 Amounts reclassified from Accumulated other comprehensive income (loss) related to interest rate swap settlements are presented as an adjustment to Interest expense in the Condensed Consolidated Statements of Operations. Amounts reclassified from Accumulated other comprehensive income (loss) related to employee benefit plan items are presented as part of Interest and other income (expense), net in the Condensed Consolidated Statements of Operations.

Segment Results

Segment Results	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Results	Segment Results Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (its Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company operates and reports on two segments: Commercial Real Estate and Land Operations. Reportable segment information for the three months ended March 31, 2024 and 2023, is summarized below (in thousands): Three Months Ended March 31, 2024 2023 Operating Revenue: Commercial Real Estate $ 48,888 $ 47,870 Land Operations 12,314 2,520 Total operating revenue 61,202 50,390 Operating Profit (Loss): Commercial Real Estate 1 21,981 20,877 Land Operations 7,931 (92) Total operating profit (loss) 29,912 20,785 Interest expense (5,510) (5,041) Corporate and other expense (4,164) (6,233) Income (Loss) from Continuing Operations Before Income Taxes $ 20,238 $ 9,511 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Land Operations segment that is eliminated in the consolidated results of operations.

Held for Sale and Discontinued

Held for Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale and Discontinued Operations	Held for Sale and Discontinued Operations In November 2023, the Company entered into a disposition agreement with an unrelated third party for the sale of Waipouli Town Center, a retail property within the Commercial Real Estate segment. The transaction is structured to qualify under section §1031 of the Internal Revenue Code of 1986, as amended (the "Code"). In order to allow time for the Company to identify suitable replacement property, the Company has up to one year from the agreement execution date to close the transaction, at its option. The Company determined that the property met the criteria to be classified as held for sale as of the agreement execution date of November 15, 2023, but would not be considered discontinued operations as it neither represents a strategic shift, nor will it have a material impact on the Company's operations and financial results. Assets associated with Waipouli Town Center are presented in the Condensed Consolidated Balance Sheets as Assets held for sale as of March 31, 2024, and December 31, 2023. Liabilities associated with assets held for sale are presented in Accrued and other liabilities , as of March 31, 2024, and December 31, 2023. Income (loss) from discontinued operations for the three months ended March 31, 2023, primarily relates to Grace Pacific and the Company-owned quarry land on Maui (collectively, the “Grace Disposal Group”), which was sold in November 2023. Income (loss) from discontinued operations for the three months ended March 31, 2024, relates to the Company's former sugar operations. The following table summarizes income (loss) from discontinued operations included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, (in thousands): Three Months Ended March 31, 2024 2023 Revenue $ — $ 36,849 Cost of sales 1 149 (37,429) Selling, general and administrative (405) (3,583) Gain (loss) on disposal of non-core assets, net — (24) Operating income (loss) from discontinued operations 1 (256) (4,187) Income (loss) related to joint ventures — (79) Interest and other income (expense), net — 264 Interest expense — (196) Income (loss) from discontinued operations before income taxes 1 (256) (4,198) Income tax benefit (expense) attributable to discontinued operations — — Income (loss) from discontinued operations 1 (256) (4,198) Loss (income) attributable to discontinued noncontrolling interest — 28 Income (loss) from discontinued operations attributable to A&B Shareholders 1 $ (256) $ (4,170) 1 For both of the three month periods ended March 31, 2024 and March 31, 2023, the Company recognized $0.1 million in income due to the favorable resolution of liabilities related to the Company’s former sugar operations. The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, (in thousands): March 31, 2024 December 31, 2023 Real estate investments Real estate property $ 17,556 $ 17,556 Accumulated depreciation (1,817) (1,817) Real estate property, net 15,739 15,739 Real estate intangible assets, net 307 307 Real estate investments, net 16,046 16,046 Prepaid expenses and other assets 141 121 Less: Impairment recognized on classification as held for sale (2,183) (2,183) Total Assets held for sale $ 14,004 $ 13,984 Accrued and other liabilities 55 55 Total Liabilities associated with assets held for sale 1 $ 55 $ 55 1 Liabilities associated with assets held for sale is presented in Accrued and other liabilities on the Condensed Consolidated Balance Sheets for all periods presented. During the three months ended March 31, 2024, the Company recorded no additional fair value adjustment related to assets and liabilities held for sale. Related Party Transactions within Discontinued Operations and Held for Sale: Related to the Grace Disposal Group, the Company entered into contracts in the ordinary course of business, as a supplier, with affiliate entities that required accounting under the equity method due to the Company's financial interests in such entities and also with affiliate parties that are members in entities in which the Company also was a member and held a controlling financial interest. For the three months ended March 31, 2023, during which such relationships existed, revenues earned and expenses recognized from transactions with affiliates were $3.9 million and $1.4 million, respectively. Due to the sale of the Grace Disposal Group in November 2023, these relationships no longer exist and consequently, for the three months ended March 31, 2024, there were no revenues earned or expenses recognized from transactions with such affiliates.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 15, 2024, the Company entered into an agreement (the "Prudential Agreement") with PGIM, Inc. and its affiliates ("Prudential") for an unsecured note purchase and private shelf facility that enables the Company to issue notes in an aggregate amount up to $300.0 million, less the sum of all principal amounts then outstanding on any notes issued by the Company or any of its subsidiaries to Prudential and the amounts of any notes that are committed under the Prudential Agreement for a period of three years from execution of the agreement. In addition, on April 15, 2024, the Company issued a $60.0 million note (the "Series M Note") under its Prudential Agreement. The Series M Note has a coupon rate of 6.09%, paid semiannually, and matures in full on April 15, 2032. On April 23, 2024, the Company's Board of Directors declared a cash dividend of $0.2225 per share on outstanding common stock, payable on July 8, 2024, to shareholders of record as of the close of business on June 14, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 19,982	$ 5,336

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The interim condensed consolidated financial statements are unaudited. Because of the nature of the Company's operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated statements of operations, comprehensive income (loss), cash flows, and equity and redeemable noncontrolling interest for each of the three years ended December 31, 2023, 2022, and 2021, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC").
Reclassifications	Reclassifications: Certain amounts presented in the prior year have been reclassified to conform to the current year presentation (e.g., captions previously presented in the prior years that, in the currently presented periods, are less than five percent of total assets or total liabilities were combined in the current year condensed consolidated balance sheets). Operating lease right-of-use assets, which was previously reported separately on the condensed consolidated balance sheets, is now presented in Prepaid expenses and other assets for all periods presented. Operating lease liabilities and Liabilities associated with assets held for sale , which were previously reported separately on the condensed consolidated balance sheets, are now presented in Accrued and other liabilities for all periods presented.
Rounding	Rounding: Amounts in the condensed consolidated financial statements and notes are rounded to the nearest thousand. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may result in differences.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In October 2023, the FASB issued ASU No. 2023-06 ("ASU 2023-06"), Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative . This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. Early adoption is prohibited. The Company does not expect the amendments of this accounting standard update to have a material impact on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Interest and Other Income (Expense), Net	Interest and other income (expense), net for the three months ended March 31, 2024 and 2023, included the following (in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 231 $ 90 Post-retirement benefit (expense) (107) (176) Gain (loss) on fair value adjustments related to interest rate swaps 3,675 — Financing charges (2,350) — Other income (expense), net (182) 6 Interest and other income (expense), net $ 1,267 $ (80)

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Information for Equity Method Investments	Operating results presented in the Company's condensed consolidated financial statements include the Company's proportionate share of net income (loss) from its equity method investments. Summarized financial information of entities accounted for by the equity method on a combined basis for the three months ended March 31, 2024 and 2023, is as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenues $ 39,370 $ 37,935 Operating costs and expenses 35,399 34,434 Gross Profit (Loss) $ 3,971 $ 3,501 Income (Loss) from Continuing Operations 1 $ (700) $ (1,291) Net Income (Loss) 1 $ (700) $ (1,291) 1 Includes earnings from equity method investments held by the investee.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the fair value of those assets and (liabilities) measured on a recurring basis as of March 31, 2024 and December 31, 2023, (in thousands): Fair Value Measurements at March 31, 2024 Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 5,829 $ — $ 5,829 $ — Fair Value Measurements at December 31, 2023 Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 4,142 $ — $ 4,142 $ — Liabilities Derivative financial instruments - interest rate swaps Accrued and other liabilities $ (2,718) $ — $ (2,718) $ —
Schedule of Fair Value of the Long-Lived Assets Held-for-sale	The following table presents the fair value hierarchy and quantitative information about the significant unobservable inputs used to determine the fair value of long-lived assets held and used and assets held for sale, net for which a nonrecurring fair value adjustment was recorded (in thousands): Fair Value Measurements at Quantitative Information about December 31, 2023 Level 3 Fair Value Measurements Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Valuation Technique/ Unobservable Inputs Weighted Average Discount Rate Assets held for sale, net 1,2 $ 14,209 $ — $ — $ 14,209 $ (2,183) Contract value N/A Total $ 14,209 $ — $ — $ 14,209 $ (2,183) 1 Assets or liabilities are presented in Assets held for sale or Accrued and other liabilities , respectively, in the Condensed Consolidated Balance Sheets. Impairment loss was recorded during year ended December 31, 2023, in Impairment of assets in the Consolidated Statements of Operations. 2 Assets held for sale of $14.0 million, net, excluding estimated selling costs of $0.3 million.

Notes Payable and Other Debt (T

Notes Payable and Other Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Notes Payable and Other Debt	As of March 31, 2024 and December 31, 2023, notes payable and other debt consisted of the following (dollars in thousands): Interest Rate (%) Maturity Date Principal Outstanding March 31, 2024 December 31, 2023 Secured: Laulani Village 3.93% 2024 $ 57,517 $ 57,798 Pearl Highlands 4.15% 2024 74,570 75,137 Photovoltaic Financing (1) (1) 4,000 4,073 Manoa Marketplace (2) 2029 52,254 52,705 Subtotal $ 188,341 $ 189,713 Unsecured: Series A Note 5.53% 2024 $ 7,125 $ 7,125 Series J Note 4.66% 2025 10,000 10,000 Series B Note 5.55% 2026 18,000 27,000 Series C Note 5.56% 2026 9,000 9,000 Series F Note 4.35% 2026 9,625 9,650 Series H Note 4.04% 2026 50,000 50,000 Series K Note 4.81% 2027 34,500 34,500 Series G Note 3.88% 2027 17,125 22,125 Series L Note 4.89% 2028 18,000 18,000 Series I Note 4.16% 2028 25,000 25,000 Term Loan 5 4.30% 2029 25,000 25,000 Subtotal $ 223,375 $ 237,400 Revolving Credit Facilities: A&B Revolver (3) 2025 (4) 46,000 37,000 Total debt (contractual) $ 457,716 $ 464,113 Unamortized debt premium (discount) $ 91 $ — Unamortized debt issuance costs (233) (149) Total debt (carrying value) $ 457,574 $ 463,964 (1) Financing leases have a weighted average discount rate of 4.75% and maturity dates ranging from 2027 to 2028. (2) Loan has a stated interest rate of SOFR plus 1.35%. Loan is swapped through maturity to a 3.14% fixed rate. (3) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid, plus a SOFR adjustment of 0.10%. (4) A&B Revolver has two six

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedges of Interest Rate Swaps	As of March 31, 2024, the Company had three interest rate swap agreements, all three of which were designated as cash flow hedges. The key terms are as follows (dollars in thousands): Effective Maturity Fixed Interest Notional Amount at Asset (Liability) Fair Value at Date Date Rate March 31, 2024 March 31, 2024 December 31, 2023 Interest Rate Swap Agreements 4/7/2016 8/1/2029 3.14% $ 52,254 $ 4,902 $ 4,142 Forward Interest Rate Swap Agreements 5/1/2024 12/9/2031 4.88% $ 57,000 $ 584 $ (1,144) 12/9/2024 12/9/2031 4.83% $ 73,000 $ 343 $ (1,574)
Schedule of Derivative Instruments in Consolidated Statements of Comprehensive Income (Loss)	three months ended March 31, 2024 and 2023, (in thousands): Three Months Ended March 31, 2024 2023 Information regarding derivatives designated as hedging instruments Amount of gain (loss) recognized in OCI on derivatives $ 1,202 $ (3,702) Impact of reclassification adjustment to interest expense included in Net Income (Loss) $ (473) $ (347)

Revenue and Contract Balances (

Revenue and Contract Balances (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue by type for the three months ended March 31, 2024 and 2023, was as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenues: Commercial Real Estate $ 48,888 $ 47,870 Land Operations: Development sales revenue 2,455 — Unimproved/other property sales revenue 9,625 850 Other operating revenue 234 1,670 Land Operations 12,314 2,520 Total revenues $ 61,202 $ 50,390
Schedule of Contract Balances	The following table provides information about receivables, contract assets and contract liabilities from contracts with customers as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 6,218 $ 7,421 Allowances (credit losses and doubtful accounts) (2,503) (2,888) Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts $ 3,715 $ 4,533 Variable consideration 1 $ 62,000 $ 62,000 Prepaid rent 7,067 4,985 Other deferred revenue 3,393 3,368 Deferred revenue $ 72,460 $ 70,353 1 Variable consideration deferred as of the end of the periods related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price.

Leases - The Company as a Les_2

Leases - The Company as a Lessor (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Historical Cost, and Accumulated Depreciation on Leased Property	The historical cost of, and accumulated depreciation on, leased property as of March 31, 2024, and December 31, 2023, were as follows (in thousands): March 31, 2024 December 31, 2023 Leased property - real estate $ 1,610,830 $ 1,607,919 Less: accumulated depreciation (236,004) (228,714) Property under operating leases - net 1 $ 1,374,826 $ 1,379,205 1 Property under operating leases as of March 31, 2024, and December 31, 2023, includes leased property included in Assets held for sale.
Schedule of Total Rental Income Under Operating Leases	Total rental income (i.e., revenue) under these operating leases during the three months ended March 31, 2024 and 2023, relating to lease payments and variable lease payments were as follows (in thousands): Three Months Ended March 31, 2024 2023 Lease payments $ 33,612 $ 33,094 Variable lease payments 15,649 15,644 Revenues deemed uncollectible, net (216) (724) Total rental income $ 49,045 $ 48,014
Schedule of Future Minimum Rentals on Non-cancelable Operating Leases	Contractual future lease payments to be received on non-cancelable operating leases as of March 31, 2024, were as follows (in thousands): March 31, 2024 2024 97,815 2025 120,052 2026 106,642 2027 94,345 2028 79,135 2029 62,174 Thereafter 509,979 Total future lease payments to be received $ 1,070,142

Leases - The Company as a Les_3

Leases - The Company as a Lessee (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease Cost and Other Amounts Relating to Finance and Operating Leases	The following table provides information about the Company's operating lease costs and finance lease costs recognized during the three months ended March 31, 2024 and 2023, (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost $ 477 $ 596 Finance lease cost: Amortization of right-of-use assets 71 35 Interest on lease liabilities 48 14 Total lease cost - operating and finance leases $ 596 $ 645

Share-Based Payment Awards (Tab

Share-Based Payment Awards (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value Assumptions of Market-based Awards	2024 Grants 2023 Grants Volatility of A&B common stock 27.4% 49.1% Average volatility of peer companies 29.9% 48.2% Risk-free interest rate 4.0% 3.8%
Schedule of Compensation Cost Related to Share-Based Payments	The Company recognizes compensation cost net of actual forfeitures of time-based or market-based awards. A summary of compensation cost related to share-based payments is as follows (in thousands): Three Months Ended March 31, 2024 2023 Share-based expense: Time-based and market-based restricted stock units $ 1,126 $ 1,576

Earnings Per Share (_EPS_) (Tab

Earnings Per Share (“EPS”) (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Income and Computation of Earnings per Share	The following table provides a reconciliation of income (loss) from continuing operations to net income (loss) from continuing operations available to A&B common shareholders and net income (loss) available to A&B common shareholders (in thousands): Three Months Ended March 31, 2024 2023 Income (loss) from continuing operations $ 20,238 $ 9,506 Distributions and allocations to participating securities (8) (30) Income (loss) from continuing operations available to A&B shareholders 20,230 9,476 Income (loss) from discontinued operations (256) (4,198) Exclude: Loss (income) attributable to discontinued noncontrolling interest — 28 Net income (loss) available to A&B common shareholders $ 19,974 $ 5,306 The number of shares used to compute basic and diluted earnings per share is as follows (in thousands): Three Months Ended March 31, 2024 2023 Denominator for basic EPS - weighted average shares outstanding 72,545 72,549 Effect of dilutive securities: Restricted stock unit awards 121 80 Denominator for diluted EPS - weighted average shares outstanding 72,666 72,629
Schedule of Antidilutive Securities Outstanding	The number of anti-dilutive securities, excluded from the calculation of diluted earnings per common share, consisted of the following (in thousands): Three Months Ended March 31, 2024 2023 Number of anti-dilutive securities 100 38

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of Accumulated other comprehensive income (loss), net of taxes, were as follows as of March 31, 2024, and December 31, 2023, (in thousands): March 31, 2024 December 31, 2023 Post-retirement plans $ (133) $ (150) Non-qualified benefit plans (48) (31) Interest rate swap 4,160 3,431 Accumulated other comprehensive income (loss) $ 3,979 $ 3,250 The changes in Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024, were as follows (in thousands, net of taxes): Employee Benefit Plans Interest Rate Swap Total Balance, January 1, 2024 $ (181) $ 3,431 $ 3,250 Other comprehensive income (loss) before reclassifications, net of taxes of $0 — 1,202 1,202 Amounts reclassified from accumulated other comprehensive income (loss) 1 — (473) (473) Other comprehensive income (loss), net of taxes — 729 729 Balance, March 31, 2024 $ (181) $ 4,160 $ 3,979 1 Amounts reclassified from Accumulated other comprehensive income (loss) related to interest rate swap settlements are presented as an adjustment to Interest expense in the Condensed Consolidated Statements of Operations. Amounts reclassified from Accumulated other comprehensive income (loss) related to employee benefit plan items are presented as part of Interest and other income (expense), net in the Condensed Consolidated Statements of Operations.

Segment Results (Tables)

Segment Results (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Operating Segment Information	Reportable segment information for the three months ended March 31, 2024 and 2023, is summarized below (in thousands): Three Months Ended March 31, 2024 2023 Operating Revenue: Commercial Real Estate $ 48,888 $ 47,870 Land Operations 12,314 2,520 Total operating revenue 61,202 50,390 Operating Profit (Loss): Commercial Real Estate 1 21,981 20,877 Land Operations 7,931 (92) Total operating profit (loss) 29,912 20,785 Interest expense (5,510) (5,041) Corporate and other expense (4,164) (6,233) Income (Loss) from Continuing Operations Before Income Taxes $ 20,238 $ 9,511 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Land Operations segment that is eliminated in the consolidated results of operations.

Held for Sale and Discontinue_2

Held for Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups Including Discontinued Operations	The following table summarizes income (loss) from discontinued operations included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, (in thousands): Three Months Ended March 31, 2024 2023 Revenue $ — $ 36,849 Cost of sales 1 149 (37,429) Selling, general and administrative (405) (3,583) Gain (loss) on disposal of non-core assets, net — (24) Operating income (loss) from discontinued operations 1 (256) (4,187) Income (loss) related to joint ventures — (79) Interest and other income (expense), net — 264 Interest expense — (196) Income (loss) from discontinued operations before income taxes 1 (256) (4,198) Income tax benefit (expense) attributable to discontinued operations — — Income (loss) from discontinued operations 1 (256) (4,198) Loss (income) attributable to discontinued noncontrolling interest — 28 Income (loss) from discontinued operations attributable to A&B Shareholders 1 $ (256) $ (4,170) 1 For both of the three month periods ended March 31, 2024 and March 31, 2023, the Company recognized $0.1 million in income due to the favorable resolution of liabilities related to the Company’s former sugar operations. The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, (in thousands): March 31, 2024 December 31, 2023 Real estate investments Real estate property $ 17,556 $ 17,556 Accumulated depreciation (1,817) (1,817) Real estate property, net 15,739 15,739 Real estate intangible assets, net 307 307 Real estate investments, net 16,046 16,046 Prepaid expenses and other assets 141 121 Less: Impairment recognized on classification as held for sale (2,183) (2,183) Total Assets held for sale $ 14,004 $ 13,984 Accrued and other liabilities 55 55 Total Liabilities associated with assets held for sale 1 $ 55 $ 55 1 Liabilities associated with assets held for sale is presented in Accrued and other liabilities on the Condensed Consolidated Balance Sheets for all periods presented.

Background and Basis of Prese_2

Background and Basis of Presentation (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2024 a ft² segment property
Property, Plant and Equipment [Line Items]
Number of operating segments | segment	2
Number of reportable segments | segment	2
Gross leasable area (in sqft) | ft²	3.9
Area of ground leases owned (acres) | a	142
Retail centers
Property, Plant and Equipment [Line Items]
Number of properties	22
Industrial assets
Property, Plant and Equipment [Line Items]
Number of properties	13
Office properties
Property, Plant and Equipment [Line Items]
Number of properties	4

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Interest income	$ 231	$ 90
Post-retirement benefit (expense)	(107)	(176)
Gain (loss) on fair value adjustments related to interest rate swaps	3,675	0
Financing charges	(2,350)	0
Other income (expense), net	(182)	6
Interest and other income (expense), net	$ 1,267	$ (80)

Investments in Affiliates - Sch

Investments in Affiliates - Schedule of Financial Information for Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement
Revenues	$ 61,202	$ 50,390
Operating costs and expenses	37,442	37,263
Income (loss) from continuing operations	20,238	9,511
Net income (loss)	19,982	5,336
Equity Method Investments
Income Statement
Revenues	39,370	37,935
Operating costs and expenses	35,399	34,434
Gross Profit (Loss)	3,971	3,501
Income (loss) from continuing operations	(700)	(1,291)
Net income (loss)	$ (700)	$ (1,291)

Investments in Affiliates - Nar

Investments in Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Income (loss) related to joint ventures	$ 698	$ 388
Dividends and distributions from unconsolidated affiliates	$ 700	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and (Liabilities) Measured on a Recurring Basis (Details) - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	$ 5,829	$ 4,142
Derivative liability, financial instruments - interest rate swaps		(2,718)
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	0	0
Derivative liability, financial instruments - interest rate swaps		0
Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	5,829	4,142
Derivative liability, financial instruments - interest rate swaps		(2,718)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	$ 0	0
Derivative liability, financial instruments - interest rate swaps		$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value of the Long-Lived Assets Held-for-sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	$ 14,209
Total Gains (Losses)	(2,183)
Discontinued Operations, Held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held-for-sale, net	14,000
Total Liabilities associated with assets held for sale1	55	$ 55
Assets held for sale, selling costs	300
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	14,209
Assets Held For Sale, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	14,209
Total Gains (Losses)	(2,183)
Assets Held For Sale, Net | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Assets Held For Sale, Net | Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Assets Held For Sale, Net | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	$ 14,209

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term notes receivable	$ 11,400,000	$ 20,800,000
Company's debt	457,600,000	464,000,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	448,100,000	$ 452,500,000
CRE Improved Property | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets	$ 0
Discontinued Operations, Held-for-sale | CRE Improved Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties | property		1
Impairment of assets		$ 2,200,000

Notes Payable and Other Debt (D

Notes Payable and Other Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total debt (contractual)	$ 457,716	$ 464,113
Unamortized debt premium (discount)	91	0
Unamortized debt issuance costs	(233)	(149)
Total debt (carrying value)	457,574	463,964
Secured:
Debt Instrument [Line Items]
Total debt (contractual)	$ 188,341	189,713
Secured: | Laulani Village
Debt Instrument [Line Items]
Stated interest rate (percent)	3.93%
Total debt (contractual)	$ 57,517	57,798
Secured: | Pearl Highlands
Debt Instrument [Line Items]
Stated interest rate (percent)	4.15%
Total debt (contractual)	$ 74,570	75,137
Secured: | Photovoltaic Financing
Debt Instrument [Line Items]
Financing leases	$ 4,000	4,073
Finance lease discount rate (percent)	4.75%
Secured: | Manoa Marketplace
Debt Instrument [Line Items]
Total debt (contractual)	$ 52,254	52,705
Fixed interest rate (percent)	3.14%
Secured: | Manoa Marketplace | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Unsecured:
Debt Instrument [Line Items]
Total debt (contractual)	$ 223,375	237,400
Unsecured: | Series A Note
Debt Instrument [Line Items]
Stated interest rate (percent)	5.53%
Total debt (contractual)	$ 7,125	7,125
Unsecured: | Series J Note
Debt Instrument [Line Items]
Stated interest rate (percent)	4.66%
Total debt (contractual)	$ 10,000	10,000
Unsecured: | Series B Note
Debt Instrument [Line Items]
Stated interest rate (percent)	5.55%
Total debt (contractual)	$ 18,000	27,000
Unsecured: | Series C Note
Debt Instrument [Line Items]
Stated interest rate (percent)	5.56%
Total debt (contractual)	$ 9,000	9,000
Unsecured: | Series F Note
Debt Instrument [Line Items]
Stated interest rate (percent)	4.35%
Total debt (contractual)	$ 9,625	9,650
Unsecured: | Series H Note
Debt Instrument [Line Items]
Stated interest rate (percent)	4.04%
Total debt (contractual)	$ 50,000	50,000
Unsecured: | Series K Note
Debt Instrument [Line Items]
Stated interest rate (percent)	4.81%
Total debt (contractual)	$ 34,500	34,500
Unsecured: | Series G Note
Debt Instrument [Line Items]
Stated interest rate (percent)	3.88%
Total debt (contractual)	$ 17,125	22,125
Unsecured: | Series L Note
Debt Instrument [Line Items]
Stated interest rate (percent)	4.89%
Total debt (contractual)	$ 18,000	18,000
Unsecured: | Series I Note
Debt Instrument [Line Items]
Stated interest rate (percent)	4.16%
Total debt (contractual)	$ 25,000	25,000
Unsecured: | Term Loan 5
Debt Instrument [Line Items]
Stated interest rate (percent)	4.30%
Total debt (contractual)	$ 25,000	25,000
Revolving Credit Facilities: | A&B Revolver
Debt Instrument [Line Items]
Total debt (contractual)	$ 46,000	$ 37,000
Number of extension options | option	2
Revolving commitments term of extension options	6 months
Revolving Credit Facilities: | A&B Revolver | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Variable rate adjustment (percent)	0.10%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Cash Flow Hedges of Interest Rate Swaps (Details) - Cash Flow Hedging $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) swap_agreement	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) swap_agreement
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swap agreements | swap_agreement	3
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Number of interest rate swap agreements | swap_agreement	3		2
Interest Rate Swap, Effective 04/07/2016 | Designated as Hedging Instrument
Derivative [Line Items]
Fixed interest rate (percent)	3.14%
Notional amount	$ 52,254
Fair value of interest rate derivative asset	$ 4,902	$ 4,142
Forward Interest Rate Swap, Effective May 1,2024 | Designated as Hedging Instrument
Derivative [Line Items]
Fixed interest rate (percent)	4.88%
Notional amount	$ 57,000		$ 57,000
Fair value of interest rate derivative asset	$ 584
Fair value of interest rate derivative liability		(1,144)
Forward Interest Rate Swap, Effective December 9, 2024 | Designated as Hedging Instrument
Derivative [Line Items]
Fixed interest rate (percent)	4.83%
Notional amount	$ 73,000		73,000
Fair value of interest rate derivative asset	343
Fair value of interest rate derivative liability		(1,574)
Interest Rate Contract | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, amount of hedged item			$ 130,000
(Loss) gain on derivatives	$ 3,700
Interest Rate Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
(Loss) gain on derivatives		$ (2,700)

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Derivative Instruments in Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	$ 1,202	$ (3,702)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	473	347
Cash Flow Hedging
Derivative [Line Items]
Net gains (losses) on derivative instruments expected to be reclassified from accumulated other comprehensive income in next 12 months	2,800
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	1,202	(3,702)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	$ (473)	$ (347)

Commitments and Contingencies (

Commitments and Contingencies (Details) gal / d in Thousands, a in Thousands, $ in Millions						1 Months Ended		2 Months Ended
	Aug. 17, 2023 reservoir	Jun. 16, 2023 gal / d	Oct. 11, 2019 license	Jan. 07, 2019 gal / d	Apr. 10, 2015 plaintiff	May 31, 2016	Jan. 31, 2016	Jan. 31, 2019	Mar. 31, 2024 USD ($)	Dec. 31, 2018 a license
East Maui Irrigation Company, LLC (EMI)
Loss Contingencies [Line Items]
Interest held in EMI								50%
East Maui Irrigation Company, LLC (EMI) | Maui
Loss Contingencies [Line Items]
Area of land sold (in acres)										41
East Maui Irrigation Company, LLC (EMI) | East Maui
Loss Contingencies [Line Items]
Watershed lands owned (in acres)										16
State of Hawai'i | East Maui
Loss Contingencies [Line Items]
Number of water licenses held and extended as revocable permits | license										4
Additional watershed lands accessible by licenses (in acres)										30
Bid, Performance and Payment Bonds and Commercial Bonds
Loss Contingencies [Line Items]
Possible administrative penalty | $									$ 18.7
Long Term Water Lease Request
Loss Contingencies [Line Items]
Number of water licenses held and extended as revocable permits | license			4
Number of parties filed lawsuit | plaintiff					3
Permitted holdover period							1 year
Duration of revocable permits for disposition of water rights			1 year			3 years
Sierra Club Lawsuit Against BLNR, A&B, and EMI
Loss Contingencies [Line Items]
Number of gallons per day diverted (in gallons) | gal / d		31,500		25,000
Number of reservoirs to be lined | reservoir	1

Revenue and Contract Balances -

Revenue and Contract Balances - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenue	$ 61,202	$ 50,390
Commercial Real Estate
Disaggregation of Revenue [Line Items]
Commercial Real Estate	48,888	47,870
Land Operations
Disaggregation of Revenue [Line Items]
Land Operations	12,314	2,520
Land Operations | Development sales revenue
Disaggregation of Revenue [Line Items]
Land Operations	2,455	0
Land Operations | Unimproved/other property sales revenue
Disaggregation of Revenue [Line Items]
Land Operations	9,625	850
Land Operations | Other operating revenue
Disaggregation of Revenue [Line Items]
Land Operations	$ 234	$ 1,670

Revenue and Contract Balances_2

Revenue and Contract Balances - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 6,218	$ 7,421
Allowances (credit losses and doubtful accounts)	(2,503)	(2,888)
Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts	3,715	4,533
Variable consideration	62,000	62,000
Prepaid rent	7,067	4,985
Other deferred revenue	3,393	3,368
Deferred revenue	$ 72,460	$ 70,353

Revenue and Contract Balances_3

Revenue and Contract Balances - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities	$ 0

Leases - The Company as a Les_4

Leases - The Company as a Lessor - Schedule of Historical Cost and Accumulated Depreciation of Leased Property (Details) - Leased property - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessor, Lease, Description [Line Items]
Leased property - real estate	$ 1,610,830	$ 1,607,919
Less: accumulated depreciation	(236,004)	(228,714)
Property under operating leases - net	$ 1,374,826	$ 1,379,205

Leases - The Company as a Les_5

Leases - The Company as a Lessor - Schedule of Total Rental Income Under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Lease payments	$ 33,612	$ 33,094
Variable lease payments	15,649	15,644
Revenues deemed uncollectible, net	(216)	(724)
Total rental income	$ 49,045	$ 48,014

Leases - The Company as a Les_6

Leases - The Company as a Lessor - Schedule of Future Minimum Rentals on Non-cancelable Operating Leases as Lessor (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Future minimum rentals on non-cancelable leases
2024	$ 97,815
2025	120,052
2026	106,642
2027	94,345
2028	79,135
2029	62,174
Thereafter	509,979
Total future lease payments to be received	$ 1,070,142

Leases - The Company as a Les_7

Leases - The Company as a Lessee (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 477	$ 596
Amortization of right-of-use assets	71	35
Interest on lease liabilities	48	14
Total lease cost - operating and finance leases	$ 596	$ 645

Share-Based Payment Awards - Na

Share-Based Payment Awards - Narrative (Details) - 2022 Plan - Time-based and market-based restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	310,100	310,200
Granted (in dollars per share)	$ 17.91	$ 22.36

Share-Based Payment Awards - Sc

Share-Based Payment Awards - Schedule of Fair Value Assumptions of Market-based Awards (Details) - Time-based and market-based restricted stock units - 2022 Plan - Time-Based Vesting	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of A&B common stock (percent)	27.40%	49.10%
Average volatility of peer companies (percent)	29.90%	48.20%
Risk-free interest rate (percent)	4%	3.80%

Share-Based Payment Awards - _2

Share-Based Payment Awards - Schedule of Compensation Cost related to Share-based Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Time-based and market-based restricted stock units | 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time-based and market-based restricted stock units	$ 1,126	$ 1,576

Earnings Per Share (_EPS_) - Sc

Earnings Per Share (“EPS”) - Schedule of Reconciliation of Income from Continuing Operations and Computation of Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 20,238	$ 9,506
Distributions and allocations to participating securities	(8)	(30)
Income (loss) from continuing operations available to A&B shareholders	20,230	9,476
Income (loss) from discontinued operations	(256)	(4,198)
Exclude: Loss (income) attributable to discontinued noncontrolling interest	0	28
Net income (loss) available to A&B common shareholders	$ 19,974	$ 5,306
Number of shares used to compute basic and diluted earnings per share [Abstract]
Denominator for basic EPS – weighted-average shares outstanding (in shares)	72,545	72,549
Effect of dilutive securities:
Restricted stock unit awards (in shares)	121	80
Denominator for diluted EPS - weighted average shares outstanding (in shares)	72,666	72,629

Earnings Per Share (_EPS_) - _2

Earnings Per Share (“EPS”) - Schedule of Antidilutive Securities Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Number of anti-dilutive securities (in shares)	100	38

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,003,011	$ 1,035,705
Other comprehensive income (loss) before reclassifications, net of taxes of $0	1,202
Amounts reclassified from accumulated other comprehensive income (loss)	(473)
Other comprehensive income (loss), net of tax	729	(4,049)
Ending balance	1,006,326	1,020,004
Other comprehensive loss before reclassifications, tax	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,250	1,807
Other comprehensive income (loss), net of tax	729	(4,049)
Ending balance	3,979	$ (2,242)
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(181)
Other comprehensive income (loss) before reclassifications, net of taxes of $0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Other comprehensive income (loss), net of tax	0
Ending balance	(181)
Post-retirement plans | Post-retirement plans | Qualified Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(150)
Ending balance	(133)
Post-retirement plans | Post-retirement plans | Nonqualified Plan
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(31)
Ending balance	(48)
Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3,431
Other comprehensive income (loss) before reclassifications, net of taxes of $0	1,202
Amounts reclassified from accumulated other comprehensive income (loss)	(473)
Other comprehensive income (loss), net of tax	729
Ending balance	$ 4,160

Segment Results - Narrative (De

Segment Results - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment Results - Schedule of O

Segment Results - Schedule of Operating Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information, Profit (Loss) [Abstract]
Total operating revenue	$ 61,202	$ 50,390
Total segment operating profit (loss)	29,912	20,785
Interest expense	(5,510)	(5,041)
Corporate and other expense	(4,164)	(6,233)
Income (Loss) from Continuing Operations Before Income Taxes	20,238	9,511
Commercial Real Estate
Segment Reporting Information, Profit (Loss) [Abstract]
Commercial Real Estate	48,888	47,870
Total segment operating profit (loss)	21,981	20,877
Land Operations
Segment Reporting Information, Profit (Loss) [Abstract]
Land Operations	12,314	2,520
Total segment operating profit (loss)	$ 7,931	$ (92)

Held for Sale and Discontinue_3

Held for Sale and Discontinued Operations - Schedule of Income From Discontinued Operations, Net of Taxes And Noncontrolling Interest Included in Consolidated Statements Of Comprehensive Income (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest and other income (expense), net		$ 231	$ 90
Income tax benefit (expense) attributable to discontinued operations		0	(28)
Income (loss) from discontinued operations attributable to A&B Shareholders		(256)	(4,170)
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Agreement execution period	1 year
Revenue		0	36,849
Cost of sales		149	(37,429)
Selling, general and administrative		(405)	(3,583)
Gain (loss) on disposal of non-core assets, net		0	(24)
Operating income (loss) from discontinued operations		(256)	(4,187)
Income (loss) related to joint ventures		0	(79)
Interest and other income (expense), net		0	264
Interest expense		0	(196)
Income (loss) from discontinued operations before income taxes		(256)	(4,198)
Income tax benefit (expense) attributable to discontinued operations		0	0
Income (loss) from discontinued operations		(256)	(4,198)
Loss (income) attributable to discontinued noncontrolling interest		0	28
Income (loss) from discontinued operations attributable to A&B Shareholders		(256)	$ (4,170)
Income recognized due to the favorable resolution of liabilities		$ 100

Held for Sale and Discontinue_4

Held for Sale and Discontinued Operations - Schedule of Assets And Liabilities Held For Sale Included in Consolidated Balance Sheets (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate property	$ 17,556	$ 17,556
Accumulated depreciation	(1,817)	(1,817)
Real estate property, net	15,739	15,739
Real estate intangible assets, net	307	307
Real estate investments, net	16,046	16,046
Prepaid expenses and other assets	141	121
Less: Impairment recognized on classification as held for sale	(2,183)	(2,183)
Total Assets held for sale	14,004	13,984
Accrued and other liabilities	55	55
Total Liabilities associated with assets held for sale	$ 55	$ 55

Held for Sale and Discontinue_5

Held for Sale and Discontinued Operations - Related Party Transactions within Discontinued Operations and Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 61,202	$ 50,390
Affiliated Entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		3,900
Expenses from transactions	0	$ 1,400
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 23, 2024	Apr. 15, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Dividends declared (in dollars per share)			$ 0.2225	$ 0.22
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.2225
Subsequent Event | Prudential Agreement
Subsequent Event [Line Items]
Face amount		$ 300
Debt instrument, term		3 years
Stated interest rate (percent)		6.09%
Subsequent Event | Series M Note
Subsequent Event [Line Items]
Face amount		$ 60