jewhyte/iStock Editorial via Getty Images Introduction Alexander & Baldwin (NYSE:ALEX) has underperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, as the shares are down in the low-double digits against a 5% decline in the benchmark ETF: ALEX vs VNQ in 2024 (Seeking Alpha) I think this has pushed the REIT to an undervalued level as the stock offers a high single-digit return potential with really modest leverage. In fact, leverage is so low you may consider it a negative in light of the ...