- ALEX was once a Big Five Hawaiian conglomerate with lots of irons in the fire, from sugarcane farms to agricultural & conservation land ownership to commercial real estate.
- Since converting to a REIT in 2017, ALEX has increasingly focused on income-generating real estate, especially grocery-anchored retail centers and industrial properties.
- The simplification process is almost complete, with ALEX's residential development interest now sold and the sale of its paving business on the horizon.
- I like ALEX and would like to own more of it, but the valuation looks too high based on my assumptions about post-simplification growth.
For further details see:
Alexander & Baldwin: A Venerable Hawaiian Landlord With A Rich Valuation