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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Alexander’s Announces Third Quarter FFO Of $5.65 Per Share

Stocks in this article: ALX

Alexander’s, Inc. (NYSE: ALX) today reported:

Third Quarter 2011 Results

Net income attributable to common stockholders for the quarter ended September 30, 2011 was $20.4 million, or $4.00 per diluted share, compared to $17.9 million, or $3.50 per diluted share, for the quarter ended September 30, 2010. Funds from operations attributable to common stockholders (“FFO”) for the quarter ended September 30, 2011 was $28.8 million, or $5.65 per diluted share, compared to $25.6 million, or $5.02 per diluted share, for the quarter ended September 30, 2010. Net income attributable to common stockholders and FFO for the quarters ended September 30, 2011 and 2010 include income of $2.6 million and $5.1 million, respectively, from the reversal of a portion of the liability for income taxes due to the expiration of the applicable statute of limitations. In addition, the quarter ended September 30, 2010 includes a $3.1 million litigation loss accrual related to our Flushing property. The aggregate of these items increased net income attributable to common stockholders and FFO for the quarters ended September 30, 2011 and 2010 by $2.6 million and $2.0 million, respectively, or $0.50 and $0.39 per diluted share, respectively.

Nine Months Ended September 30, 2011 Results

Net income attributable to common stockholders for the nine months ended September 30, 2011 was $58.8 million, or $11.51 per diluted share, compared to $48.5 million, or $9.51 per diluted share, for the nine months ended September 30, 2010. FFO for the nine months ended September 30, 2011 was $83.7 million, or $16.40 per diluted share, compared to $71.3 million, or $13.96 per diluted share, for the nine months ended September 30, 2010. Net income attributable to common stockholders and FFO for the nine months ended September 30, 2011 include income of (i) $2.6 million from the reversal of a portion of the liability for income taxes due to the expiration of the applicable statute of limitations, (ii) $1.7 million from the collection of prior period tenant utility costs, and (iii) $0.8 million from the reversal of previously recognized expense in connection with a litigation settlement at our Flushing property. Net income attributable to common stockholders and FFO for the nine months ended September 30, 2010 include income of (i) $5.1 million from the reversal of a portion of the liability for income taxes due to the expiration of the applicable statute of limitations, partially offset by (ii) a $3.1 million litigation loss accrual related to our Flushing property, and (iii) a $1.2 million net loss on the early extinguishment of debt. The aggregate of these items increased net income attributable to common stockholders and FFO for the nine months ended September 30, 2011 and 2010 by $5.0 million and $0.7 million, respectively, or $0.98 and $0.14 per diluted share, respectively.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 18,063.61 +9.90 0.05%
S&P 500 2,092.58 +3.81 0.18%
NASDAQ 4,811.8050 +4.9460 0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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