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Alexander’s Announces Second Quarter FFO Of $5.60 Per Share

ALEXANDER’S, INC. (NYSE: ALX) today reported:

Second Quarter 2011 Results

Net income attributable to common stockholders for the quarter ended June 30, 2011 was $20.2 million, or $3.95 per diluted share, compared to $15.5 million, or $3.05 per diluted share, for the quarter ended June 30, 2010. Funds from operations attributable to common stockholders (“FFO”) for the quarter ended June 30, 2011 was $28.6 million, or $5.60 per diluted share, compared to $23.2 million, or $4.55 per diluted share, for the quarter ended June 30, 2010. Net income attributable to common stockholders and FFO for the quarter ended June 30, 2011 include $1.7 million of income from the collection of prior period tenant utility costs and $0.8 million of income from the reversal of previously recognized expense in connection with a litigation settlement at our Flushing property. The aggregate of these items increased net income attributable to common stockholders and FFO by $2.5 million, or $0.48 per diluted share, for the quarter ended June 30, 2011.

First Half 2011 Results

Net income attributable to common stockholders for the six months ended June 30, 2011 was $38.4 million, or $7.51 per diluted share, compared to $30.7 million, or $6.01 per diluted share, for the six months ended June 30, 2010. FFO for the six months ended June 30, 2011 was $54.9 million, or $10.75 per diluted share, compared to $45.7 million, or $8.94 per diluted share, for the six months ended June 30, 2010. Net income attributable to common stockholders and FFO for the six months ended June 30, 2011 include $1.7 million of income from the collection of prior period tenant utility costs and $0.8 million of income from the reversal of previously recognized expense in connection with a litigation settlement at our Flushing property. The aggregate of these items increased net income attributable to common stockholders and FFO by $2.5 million, or $0.48 per diluted share, for the six months ended June 30, 2011. The six months ended June 30, 2010 includes a net loss on the early extinguishment of debt of $1.2 million, or $0.24 per diluted share.

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