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
TheStreet Open House

Alexander’s Announces Fourth Quarter FFO Of $5.71 Per Share

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

Fourth Quarter 2011 Results

Net income attributable to common stockholders for the quarter ended December 31, 2011 was $20.6 million, or $4.04 per diluted share, compared to $17.9 million, or $3.50 per diluted share, for the quarter ended December 31, 2010. Funds from operations attributable to common stockholders (“FFO”) for the quarter ended December 31, 2011 was $29.1 million, or $5.71 per diluted share, compared to $26.0 million, or $5.09 per diluted share, for the prior year’s quarter.

Year Ended December 31, 2011 Results

Net income attributable to common stockholders for the year ended December 31, 2011 was $79.4 million, or $15.55 per diluted share, compared to $66.4 million, or $13.01 per diluted share, for the year ended December 31, 2010. FFO for the year ended December 31, 2011 was $112.9 million, or $22.11 per diluted share, compared to $97.3 million, or $19.05 per diluted share, for the prior year.

Alexander’s, Inc. is a real estate investment trust which has seven properties in the greater New York City metropolitan area.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2011. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

ALEXANDER'S, INC.

 

OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED

DECEMBER 31, 2011 AND 2010

 
Selected operating results are presented in the following tables.
 
  QUARTER ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2011   2010
 
Revenues $ 64,607 $ 62,250
 
Net income attributable to common stockholders - basic and diluted $ 20,634 $ 17,891
 
Net income per common share - basic and diluted $ 4.04 $ 3.50
 
Weighted average shares outstanding:
Basic and diluted 5,106,984 5,105,936
 
 
YEAR ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2011 2010
 
Revenues $ 254,252 $ 241,350
 
Net income attributable to common stockholders - basic and diluted $ 79,423 $ 66,429
 
Net income per common share - basic and diluted $ 15.55 $ 13.01
 
Weighted average shares outstanding:
Basic and diluted 5,106,568 5,105,936
 

ALEXANDER'S, INC.

 

OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED

DECEMBER 31, 2011 AND 2010

 
The following table reconciles our net income to FFO:
 
  QUARTER ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2011  

2010

 
Net income attributable to Alexander's $ 20,634 $ 17,891
Depreciation and amortization of real property 8,511 8,091
FFO $ 29,145 $ 25,982
 
FFO per common share - diluted $ 5.71 $ 5.09
 
Weighted average shares used in computing diluted FFO per share 5,106,984 5,105,936
 
 
YEAR ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2011 2010
 
Net income attributable to Alexander's $ 79,423 $ 66,429
Depreciation and amortization of real property 33,471 30,842
FFO $ 112,894 $ 97,271
 
FFO per common share - diluted $ 22.11 $ 19.05
 
Weighted average shares used in computing diluted FFO per share 5,106,568 5,105,936

_____________________

1 of 2

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!
DOW 17,031.03 -67.42 -0.39%
S&P 500 1,997.46 -5.91 -0.30%
NASDAQ 4,583.1820 +2.9110 0.06%

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