Alexander’s Announces First Quarter 2013 FFO of $4.18 Per Share

Mon May 6, 2013 9:09am EDT

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Alexander’s Announces First Quarter 2013 FFO of $4.18 Per Share

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

First Quarter 2013 Results

Net income attributable to common stockholders for the quarter ended March 31, 2013 was $14.2 million, or $2.77 per diluted share, compared to $19.5 million, or $3.81 per diluted share for the quarter ended March 31, 2012. Net income from continuing operations was $14.2 million, or $2.77 per diluted share for the quarter ended March 31, 2013, compared to $13.0 million, or $2.55 per diluted share for the quarter ended March 31, 2012.

Funds from operations attributable to common stockholders (“FFO”) for the quarter ended March 31, 2013 was $21.3 million, or $4.18 per diluted share, compared to $28.0 million, or $5.49 per diluted share for prior year’s quarter. The quarter ended March 31, 2012 includes FFO of $7.9 million, or $1.54 per diluted share related to discontinued operations. Adjusting FFO for discontinued operations, FFO was $21.3 million and $20.1 million in the quarters ended March 31, 2013 and 2012, or $4.18 and $3.95 per diluted share, respectively.

Alexander’s, Inc. is a real estate investment trust which has six 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, 2012. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

(tables to follow)

 

ALEXANDER'S, INC.

 

OPERATING RESULTS FOR THE QUARTER ENDED

MARCH 31, 2013 AND 2012

 

 

Below is a table of selected operating results.

 
    QUARTER ENDED
MARCH 31,
(Amounts in thousands, except share and per share amounts) 2013   2012
 
Revenues $ 48,775 $ 47,301
 
Income from continuing operations $ 14,162 $ 13,032
Income from discontinued operations - 6,392
Net income 14,162 19,424
Net loss attributable to the noncontrolling interest - 58
Net income attributable to common stockholders - basic and diluted $ 14,162 $ 19,482
 
Income per common share - basic and diluted
Income from continuing operations $ 2.77 $ 2.55
Income from discontinued operations, net - 1.26
Net income per common share $ 2.77 $ 3.81
 
Weighted average shares outstanding:
Basic and diluted 5,108,016 5,106,984
 

The following table reconciles our net income to FFO:

 
        QUARTER ENDED
MARCH 31,
(Amounts in thousands, except share and per share amounts) 2013   2012
 
Net income attributable to Alexander's $ 14,162 $ 19,482
Depreciation and amortization of real property 7,177 8,548
FFO attributable to common stockholders $ 21,339 $ 28,030
 
FFO attributable to common stockholders per diluted share $ 4.18 $ 5.49
 
Weighted average shares used in computing FFO per diluted share 5,108,016 5,106,984

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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, real estate impairment losses, 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.

Alexander’s, Inc.
Joseph Macnow, 201-587-8541