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.

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 NINE MONTHS ENDED

SEPTEMBER 30, 2011 AND 2010
   

Below is a table of selected operating results.
 
QUARTER ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts) 2011   2010
 
Revenues $ 64,737 $ 61,390
 
Net income attributable to common stockholders - basic and diluted $ 20,425 $ 17,875
 
Net income per common share - basic and diluted $ 4.00 $ 3.50
 
Weighted average shares outstanding:
Basic and diluted   5,106,984   5,105,936
 
 
NINE MONTHS ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts) 2011 2010
 
Revenues $ 189,645 $ 179,100
 
Net income attributable to common stockholders - basic and diluted $ 58,789 $ 48,538
 
Net income per common share - basic and diluted $ 11.51 $ 9.51
 
Weighted average shares outstanding:
Basic and diluted   5,106,427   5,105,936

ALEXANDER'S, INC.

OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS ENDED

SEPTEMBER 30, 2011 AND 2010
   

The following table reconciles our net income to FFO:
 
QUARTER ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts) 2011   2010
 
Net income attributable to Alexander's $ 20,425 $ 17,875
Depreciation and amortization of real property   8,424   7,749
FFO $ 28,849 $ 25,624
 
FFO per common share - diluted $ 5.65 $ 5.02
 
Weighted average shares used in computing FFO per diluted share   5,106,984   5,105,936
 
 
NINE MONTHS ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts) 2011 2010
 
Net income attributable to Alexander's $ 58,789 $ 48,538
Depreciation and amortization of real property   24,960   22,751
FFO $ 83,749 $ 71,289
 
FFO per common share - diluted $ 16.40 $ 13.96
 
Weighted average shares used in computing FFO per diluted share   5,106,427   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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