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.

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. 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 SIX MONTHS ENDEDJUNE 30, 2011 AND 2010

 
 
Below is a table of selected operating results.

 
   
QUARTER ENDED
JUNE 30,
(Amounts in thousands, except share and per share amounts) 2011   2010
 
Revenues $ 62,036 $ 59,166
 
Net income attributable to common stockholders - basic and diluted $ 20,157 $ 15,549
 
Net income per common share - basic and diluted $ 3.95 $ 3.05
 
Weighted average shares outstanding:
Basic and diluted 5,106,351 5,105,936
 
 
SIX MONTHS ENDED
JUNE 30,
(Amounts in thousands, except share and per share amounts) 2011 2010
 
Revenues $ 124,908 $ 117,710
 
Net income attributable to common stockholders - basic and diluted $ 38,364 $ 30,663
 
Net income per common share - basic and diluted $ 7.51 $ 6.01
 
Weighted average shares outstanding:
Basic and diluted 5,106,144 5,105,936

ALEXANDER'S, INC.
 

OPERATING RESULTS FOR THE QUARTER AND SIX MONTHS ENDEDJUNE 30, 2011 AND 2010

 
 
The following table reconciles our net income to FFO:

 
 
QUARTER ENDED
JUNE 30,
(Amounts in thousands, except share and per share amounts) 2011   2010
 
Net income attributable to Alexander's $ 20,157 $ 15,549
Depreciation and amortization of real property 8,439 7,678
FFO $ 28,596 $ 23,227
 
FFO per common share - diluted $ 5.60 $ 4.55
 
Weighted average shares used in computing FFO per diluted share 5,106,351 5,105,936
 
 
SIX MONTHS ENDED
JUNE 30,
(Amounts in thousands, except share and per share amounts) 2011 2010
 
Net income attributable to Alexander's $ 38,364 $ 30,663
Depreciation and amortization of real property 16,536 15,002
FFO $ 54,900 $ 45,665
 
FFO per common share - diluted $ 10.75 $ 8.94
 
Weighted average shares used in computing FFO per diluted share 5,106,144 5,105,936

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

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