ALEX - Alexander & Baldwin: Slow And Scattered Improvement In Hawaii

• Alexander & Baldwin, or "A&B", is a commercial staple of the Hawaiian economy, having been in various businesses in the state for over 150 years.
• Since the outbreak of Covid-19, the heavily tourism-dependent Hawaiian economy has suffered from lockdowns and travel restrictions.
• A&B's rent collection stalled in Q3 and Q4 as business restrictions made a comeback. Q1 2021 is likely to be difficult for the REIT as well.
• In the long run, however, A&B's journey toward simplifying its business and becoming a pure-play REIT focused on grocery-anchored retail, industrial properties, and ground leases is smart.
• In its still-complicated state, though, it is difficult to value or determine a BUY price for A&B.

For further details see: