Alexander’s Announces Fourth Quarter FFO of $4.84 Per Share

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

Fourth Quarter 2012 Results

Net income attributable to common stockholders for the quarter ended December 31, 2012 was $617.2 million, or $120.82 per diluted share, compared to $20.6 million, or $4.04 per diluted share for the quarter ended December 31, 2011. The quarter ended December 31, 2012 includes $599.6 million, or $117.39 per diluted share for the net gain on sale of the Kings Plaza Regional Shopping Center. Net income from continuing operations was $12.0 million, or $2.36 per diluted share for the quarter ended December 31, 2012, compared to $13.3 million, or $2.61 per diluted share for the quarter ended December 31, 2011.

Funds from operations attributable to common stockholders (“FFO”) for the quarter ended December 31, 2012 was $24.7 million, or $4.84 per diluted share, compared to $29.1 million, or $5.71 per diluted share for the prior year’s quarter. FFO from continuing operations was $19.2 million, or $3.76 per diluted share for the quarter ended December 31, 2012, compared to $20.4 million, or $4.00 per diluted share for the prior year’s quarter.

Year Ended December 31, 2012 Results

Net income attributable to common stockholders for the year ended December 31, 2012 was $674.4 million, or $132.04 per diluted share, compared to $79.4 million, or $15.55 per diluted share for the year ended December 31, 2011. The year ended December 31, 2012 includes $599.6 million, or $117.40 per diluted share for the net gain on sale of the Kings Plaza Regional Shopping Center. Net income from continuing operations was $50.0 million, or $9.80 per diluted share for the year ended December 31, 2012, compared to $54.8 million, or $10.74 per diluted share for the year ended December 31, 2011.

FFO for the year ended December 31, 2012 was $107.6 million, or $21.07 per diluted share, compared to $112.9 million, or $22.11 per diluted share for the prior year. FFO from continuing operations was $78.7 million, or $15.40 per diluted share for the year ended December 31, 2012, compared to $82.7 million, or $16.21 per diluted share for the prior year.

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 AND YEAR ENDED

DECEMBER 31, 2012 AND 2011

 
Below is a table of selected operating results.
 
 
QUARTER ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2012 2011
 
Revenues $ 48,491   $ 46,558  
 
Income from continuing operations $ 12,033 $ 13,318

Income from discontinued operations, including a $599,628 net gain on sale of real estate in 2012

604,950   7,453  
Net income 616,983 20,771
Net loss (income) attributable to the noncontrolling interest 174   (137 )
Net income attributable to common stockholders - basic and diluted $ 617,157   $ 20,634  
 
Income per common share - basic and diluted
Income from continuing operations $ 2.36 $ 2.61
Income from discontinued operations, net 118.46   1.43  
Net income per common share $ 120.82   $ 4.04  
 
Weighted average shares outstanding:
Basic and diluted 5,108,016   5,106,984  
 
 
YEAR ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2012 2011
 
Revenues $ 191,312   $ 185,246  
 
Income from continuing operations $ 50,041 $ 54,831

Income from discontinued operations, including a $599,628 net gain on sale of real estate in 2012

624,952   26,215  
Net income 674,993 81,046
Net income attributable to the noncontrolling interest (606 ) (1,623 )
Net income attributable to common stockholders - basic and diluted $ 674,387   $ 79,423  
 
Income per common share - basic and diluted
Income from continuing operations $ 9.80 $ 10.74
Income from discontinued operations, net 122.24   4.81  
Net income per common share $ 132.04   $ 15.55  
 
Weighted average shares outstanding:
Basic and diluted 5,107,610   5,106,568  
 
   

ALEXANDER'S, INC.

 

OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED

DECEMBER 31, 2012 AND 2011

 
The following table reconciles our net income to FFO:
 
QUARTER ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2012 2011
 
Net income attributable to Alexander's $ 617,157 $ 20,634
Net gain on sale of real estate (599,628 ) -
Depreciation and amortization of real property 7,194   8,511
FFO attributable to common stockholders $ 24,723   $ 29,145
 
FFO attributable to common stockholders per diluted share $ 4.84   $ 5.71
 
Weighted average shares used in computing FFO per diluted share 5,108,016   5,106,984
 
 
YEAR ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2012 2011
 
Net income attributable to Alexander's $ 674,387 $ 79,423
Net gain on sale of real estate (599,628 ) -
Depreciation and amortization of real property 32,857   33,471
FFO attributable to common stockholders $ 107,616   $ 112,894
 
FFO attributable to common stockholders per diluted share $ 21.07   $ 22.11
 
Weighted average shares used in computing FFO per diluted share 5,107,610   5,106,568

_____________________

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.

Contacts

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

Recent Stories

RSS feed for Alexander’s, Inc.

Release Summary

Alexander’s Announces Fourth Quarter FFO of $4.84 per share

Alexander’s, Inc.