This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Alexander’s Announces First Quarter FFO Of $4.39 Per Share

ALEXANDER’S, INC. (New York Stock Exchange: ALX) today reported:

Quarter Ended March 31, 2010 Results

Net income attributable to common stockholders for the quarter ended March 31, 2010 was $15.1 million, or $2.96 per diluted share, compared to $46.1 million, or $9.03 per diluted share, for the quarter ended March 31, 2009. Funds from operations attributable to common stockholders (“FFO”) for the quarter ended March 31, 2010 was $22.4 million, or $4.39 per diluted share, compared to $51.6 million, or $10.12 per diluted share, for the quarter ended March 31, 2009.

Net income attributable to common stockholders and FFO for the quarter ended March 31, 2009 include $34.3 million, or $6.72 per diluted share, for the reversal of stock appreciation rights compensation expense.

Alexander’s, Inc. is a real estate investment trust which has seven properties in the greater New York City metropolitan area.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

(tables to follow)

ALEXANDER'S, INC.

OPERATING RESULTS FOR THE QUARTER ENDED

MARCH 31, 2010 AND 2009

 

Below is a table of selected operating results.

 

 

QUARTER ENDED MARCH 31,

(Amounts in thousands, except share and per share amounts) 2010 2009
 
Revenues $ 58,544 $ 53,090
 
 
Net income attributable to common stockholders – basic and diluted $ 15,114 $ 46,054
 
Net income per common share – basic $ 2.96 $ 9.04
 
Net income per common share – diluted $ 2.96 $ 9.03
 
Weighted average shares and share equivalents outstanding:
Basic 5,105,936 5,097,232
Diluted 5,105,936 5,102,826
 

The following table reconciles our net income to FFO:

 

QUARTER ENDED MARCH 31,

(Amounts in thousands, except share and per share amounts) 2010

 

2009

 
Net income attributable to Alexander’s

$

15,114 $ 46,054
Depreciation and amortization of real property 7,324 5,589
FFO $ 22,438 $ 51,643
 
FFO per common share – diluted $ 4.39 $ 10.12
 
Weighted average shares used in computing diluted FFO per share 5,105,936 5,102,826

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of our net income to FFO is provided above.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ALX $435.34 -1.29%
AAPL $130.13 1.00%
FB $80.72 1.50%
GOOG $554.99 2.00%
TSLA $207.19 1.68%

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs