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Alexander’s Announces Fourth Quarter FFO Of $5.09 Per Share

Stocks in this article: ALX

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

Fourth Quarter 2010 Results

Net income attributable to common stockholders for the quarter ended December 31, 2010 was $17.9 million, or $3.50 per diluted share, compared to $15.1 million, or $2.96 per diluted share, for the quarter ended December 31, 2009. Funds from operations attributable to common stockholders (“FFO”) for the quarter ended December 31, 2010 was $26.0 million, or $5.09 per diluted share, compared to $22.4 million, or $4.38 per diluted share, for the quarter ended December 31, 2009.

Year Ended December 31, 2010 Results

Net income attributable to common stockholders for the year ended December 31, 2010 was $66.4 million, or $13.01 per diluted share, compared to $132.2 million, or $25.89 per diluted share, for the year ended December 31, 2009. FFO for the year ended December 31, 2010 was $97.3 million, or $19.05 per diluted share, compared to $159.0 million, or $31.14 per diluted share, for the year ended December 31, 2009.

Net income attributable to common stockholders and FFO for the year ended December 31, 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 due to the expiration of the applicable statute of limitations. The year ended December 31, 2010 also includes $3.1 million, or $0.61 per diluted share, for a litigation loss accrual related to our Flushing property and the year ended December 31, 2009 includes $34.3 million, or $6.71 per diluted share, for the reversal of a portion of previously recognized 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.

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