HONOLULU—Meredith J. Ching, Executive Vice President of External Affairs at Alexander & Baldwin, Inc. (NYSE:ALEX), recently sold 700 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $19.374, with the transaction totaling approximately $13,561.
Following the sale, Ching holds 149,167 shares directly. Additionally, indirect holdings include 213 shares owned by a spouse and 743 shares held in a TCESOP account.
The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, allowing insiders to set up a predetermined schedule for selling stocks to avoid potential conflicts of interest. These shares were sold in multiple transactions, with prices ranging from $19.325 to $19.60.
In other recent news, Alexander & Baldwin, a real estate investment trust, has reported an increase in its quarterly dividend from $0.2225 to $0.225 per share for the fourth quarter of 2024, marking a slight enhancement in shareholder returns. In addition to this, the company has seen a significant rise in their third-quarter Funds From Operations (FFO), going up to $28.2 million from $21.2 million in the same quarter of the previous year. The company's management attributed this growth to robust commercial real estate performance and strategic land sales.
Recent developments also include the initiation of a new $200 million At-the-Market (ATM) program and an extension of the credit facility maturity to 2028. In light of these developments, Alexander & Baldwin has raised its 2024 guidance for same-store Net Operating Income (NOI) growth to 1.75%-2.75% and FFO to $1.27-$1.35 per share. Despite expected vacancies extending into 2025, the management expressed optimism about the company's future prospects.
Furthermore, Alexander & Baldwin is repositioning assets and anticipates that land operations will continue contributing to FFO. However, upcoming vacancies from three tenants in Q4 may affect NOI growth. Despite these potential challenges, the company's management is considering various financing options, including the ATM program, and is exploring a diverse pipeline of opportunities. These recent developments underscore Alexander & Baldwin's strategic approach to growth and capital management.
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