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

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.

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, 2009. 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, 2010 AND 2009
 

Selected operating results are presented in the following tables.
QUARTER ENDED DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2010   2009

 
Revenues $ 62,250 $ 57,154
 
Net income attributable to common stockholders – basic and diluted $ 17,891 $ 15,102
 
Net income per common share – basic $ 3.50 $ 2.96
 
Net income per common share – diluted $ 3.50 $ 2.96
 
Weighted average share and share equivalents outstanding:
Basic 5,105,936 5,105,936
Diluted 5,105,936 5,105,936
 
 
  YEAR ENDED DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2010   2009
 
Revenues $ 241,350 $ 223,529
 
Net income attributable to common stockholders – basic and diluted $ 66,429 $ 132,190
 
Net income per common share – basic $ 13.01 $ 25.90
 
Net income per common share – diluted $ 13.01 $ 25.89
 
Weighted average share and share equivalents outstanding:
Basic 5,105,936 5,103,790
Diluted 5,105,936 5,105,370
 

ALEXANDER'S, INC.

 

OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED

DECEMBER 31, 2010 AND 2009

 

 

The following tables reconcile our net income to FFO:
QUARTER ENDED DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2010   2009
 
Net income attributable to Alexander’s $ 17,891 $ 15,102
Depreciation and amortization of real property 8,091 7,270
FFO $ 25,982 $ 22,372
 
FFO per common share – diluted $ 5.09 $ 4.38
 
Weighted average shares used in computing FFO per diluted share 5,105,936 5,105,936
 
 
  YEAR ENDED DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2010   2009
 
Net income attributable to Alexander’s $ 66,429 $ 132,190
Depreciation and amortization of real property 30,842 26,770
FFO $ 97,271 $ 158,960
 
FFO per common share – diluted $ 19.05 $ 31.14
 
Weighted average shares used in computing FFO per diluted share 5,105,936 5,105,370

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of depreciated real estate assets, depreciation and amortization expense from real estate assets, extraordinary items and other specified non-cash items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of our net income to FFO is provided above.

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX