PARAMUS, N.J.--(BUSINESS WIRE)-- ALEXANDER'S, INC. (New York Stock Exchange: ALX) today reported:
Third Quarter 2009 Results
Net income attributable to common stockholders for the quarter ended September 30, 2009 was $58.0 million, or $11.37 per diluted share, compared to a net loss of $31.4 million, or $6.20 per diluted share, for the quarter ended September 30, 2008. Funds from operations attributable to common stockholders ("FFO") for the quarter ended September 30, 2009 was $65.2 million, or $12.77 per diluted share, compared to a negative $25.9 million, or $5.10 per diluted share, for the quarter ended September 30, 2008.
Net income attributable to common stockholders and FFO for the quarter ended September 30, 2009 include $42.5 million, or $8.32 per diluted share, of income from the reversal of a portion of the liability for income taxes. Net loss and negative FFO for the quarter ended September 30, 2008 include $44.7 million, or $8.81 per diluted share, for an accrual of stock appreciation rights ("SARs") compensation expense.
Nine Months Ended September 2009 Results
Net income attributable to common stockholders for the nine months ended September 30, 2009 was $117.1 million, or $22.94 per diluted share, compared to $22.2 million, or $4.35 per diluted share, for the nine months ended September 30, 2008. FFO for the nine months ended September 30, 2009 was $136.6 million, or $26.76 per diluted share, compared to $38.8 million, or $7.61 per diluted share, for the nine months ended September 30, 2008.
Net income attributable to common stockholders and FFO for the nine months ended September 30, 2009 include $42.5 million, or $8.32 per diluted share, of income from the reversal of a portion of the liability for income taxes, and $34.3 million, or $6.71 per diluted share, of income from the reversal of a portion of the accrual for SARs compensation expense. Net income attributable to common stockholders and FFO for the nine months ended September 30, 2008 include $23.3 million, or $4.58 per diluted share, for an accrual of SARs 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. 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, 2009 AND 2008
Below are tables with selected operating results.
QUARTER ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share 2009 2008
amounts)
Revenues $ 58,410 $ 52,953
Net income (loss) attributable to common stockholders $ 58,029 $ (31,443)
- basic and diluted
Net income (loss) per common share - basic $ 11.37 $ (6.20)
Net income (loss) per common share - diluted $ 11.37 $ (6.20)
Weighted average share and share equivalents
outstanding:
Basic 5,105,936 5,069,920
Diluted 5,105,936 5,069,920
NINE MONTHS ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share 2009 2008
amounts)
Revenues $ 166,375 $ 156,197
Net income attributable to common stockholders - basic $ 117,088 $ 22,163
and diluted
Net income per common share - basic $ 22.94 $ 4.38
Net income per common share - diluted $ 22.94 $ 4.35
Weighted average share and share equivalents
outstanding:
Basic 5,103,066 5,059,783
Diluted 5,105,138 5,096,564
ALEXANDER'S, INC.
OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
SEPTEMBER 30, 2009 AND 2008
The following tables reconcile our net income to FFO (Negative FFO):
QUARTER ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share 2009 2008
amounts)
Net income (loss) attributable to Alexander's $ 58,029 $ (31,443)
Depreciation and amortization of real property 7,199 5,587
FFO (Negative FFO) $ 65,228 $ (25,856)
FFO (Negative FFO) per common share - diluted $ 12.77 $ (5.10)
Weighted average shares used in computing FFO per 5,105,936 5,069,920
diluted share
(Amounts in thousands, except share and per share NINE MONTHS ENDED
amounts) SEPTEMBER 30,
2009 2008
Net income attributable to Alexander's $ 117,088 $ 22,163
Depreciation and amortization of real property 19,500 16,598
FFO $ 136,588 $ 38,761
FFO per common share - diluted $ 26.76 $ 7.61
Weighted average shares used in computing FFO per 5,105,138 5,096,564
diluted share
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 net income or loss determined in accordance with Generally Accepted Accounting Principles ("GAAP"), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus specified non-cash items, such as real estate asset depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FFO and FFO per diluted share are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. FFO and FFO per diluted share should be evaluated along with GAAP net income and income per diluted share (the most directly comparable GAAP measures), as well as cash flow from operating activities, investing activities and financing activities, in evaluating the operating performance of equity REITs. Management believes that FFO and FFO per diluted share are helpful to investors as supplemental performance measures because these measures exclude the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical cost which implicitly assume that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, these non-GAAP measures can facilitate comparisons of operating performance between periods and among other equity REITs. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs as disclosed in the Company's Consolidated Statements of Cash Flows. FFO should not be considered as an alternative to net income as an indicator of the Company's operating performance or as an alternative to cash flows as a measure of liquidity. A reconciliation of our net income to FFO is provided above.
Source: Alexander's, Inc.Contact: Vornado Realty Trust Joseph Macnow, 201-587-8541