Alexander & Baldwin EVP Meredith Ching sells $13,561 worth of stock from Investing.com

HONOLULU—Meredith J. Ching, executive vice president of external affairs at Alexander & Baldwin, Inc. (NISE:), 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 a total transaction amount of about $13,561.

Following the sale, Ching directly holds 149,167 shares. In addition, indirect investments include 213 shares owned by a spouse and 743 shares held in a TCESOP account.

The sale was made pursuant to a prearranged trading plan under Rule 10b5-1, which allows insiders to set a predetermined schedule for selling shares 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, reported an increase in its quarterly dividend from $0.2225 to $0.225 per share in the fourth quarter of 2024, representing a slight increase in shareholder returns. In addition, the company saw a significant increase in its funds from operations (FFO) in the third quarter, rising to $28.2 million from $21.2 million in the same quarter last year. Company management attributes this growth to strong commercial real estate performance and strategic land sales.

Recent developments also include the launch of a new $200 million At-the-Market (ATM) program and the extension of the credit facility maturity to 2028. In light of these developments, Alexander & Baldwin raised its 2024 guidance for Net Same Store Growth operating income (NOI) at 1.75%-2.75% and FFO at $1.27-1.35 per share. Despite expected vacancies until 2025, management expressed optimism about the company’s future prospects.

Furthermore, Alexander & Baldwin is repositioning assets and anticipates that the real estate business will continue to contribute to FFO. However, the upcoming vacancies of three tenants in Q4 may affect NOI growth. Despite these potential challenges, the company’s management is considering various financing options, including an ATM program, and is exploring various opportunities. These recent developments underscore Alexander & Baldwin’s strategic approach to capital growth and management.

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