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

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.

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