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Alexander’s Announces Third Quarter FFO Of $5.02 Per Share.

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

Third Quarter 2010 Results

Net income attributable to common stockholders for the quarter ended September 30, 2010 was $17.9 million, or $3.50 per diluted share, compared to $58.0 million, or $11.37 per diluted share, for the quarter ended September 30, 2009. Funds from operations attributable to common stockholders (“FFO”) for the quarter ended September 30, 2010 was $25.6 million, or $5.02 per diluted share, compared to $65.2 million, or $12.77 per diluted share, for the quarter ended September 30, 2009.

Net income attributable to common stockholders and FFO for the quarters ended September 30, 2010 and 2009 include income of $5.1 million and $42.5 million, respectively, or $1.00 and $8.32 per diluted share, respectively, from the reversal of a portion of the liability for income taxes. Net income attributable to common stockholders and FFO for the quarter ended September 30, 2010 include a litigation loss accrual related to our Flushing property of $3.1 million, or $0.61 per diluted share.

Nine Months Ended September 30, 2010

Net income attributable to common stockholders for the nine months ended September 30, 2010 was $48.5 million, or $9.51 per diluted share, compared to $117.1 million, or $22.94 per diluted share, for the nine months ended September 30, 2009. FFO for the nine months ended September 30, 2010 was $71.3 million, or $13.96 per diluted share, compared to $136.6 million, or $26.76 per diluted share, for the nine months ended September 30, 2009.

Net income attributable to common stockholders and FFO for the nine months ended September 30, 2010 and 2009 include income of $5.1 million and $42.5 million, respectively, or $1.00 and $8.32 per diluted share, respectively, from the reversal of a portion of the liability for income taxes. Net income attributable to common stockholders and FFO for the nine months ended September 30, 2010 include a litigation loss accrual related to our Flushing property of $3.1 million, or $0.61 per diluted share, and net income attributable to common stockholders and FFO for the nine months ended September 30, 2009 include $34.3 million, or $6.71 per diluted share, for the reversal of stock appreciation rights compensation expense.

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