PARAMUS, N.J.--(BUSINESS WIRE)--
ALEXANDER’S, INC. (New York Stock Exchange: ALX) today reported:
Quarter Ended March 31, 2011 Results
Net income attributable to common stockholders for the quarter ended
March 31, 2011 was $18.2 million, or $3.57 per diluted share, compared
to $15.1 million, or $2.96 per diluted share, for the quarter ended
March 31, 2010. Funds from operations attributable to common
stockholders (“FFO”) for the quarter ended March 31, 2011 was $26.3
million, or $5.15 per diluted share, compared to $22.4 million, or $4.39
per diluted share, for the quarter ended March 31, 2010. Net income and
FFO attributable to common stockholders for the quarter ended March 31,
2010 include 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 QUARTERS ENDED
MARCH 31, 2011 AND 2010
Below is a table of selected operating results.
|
| QUARTER ENDED
MARCH 31, |
|
(Amounts in thousands, except share and per share amounts)
| | 2011 |
| 2010 |
| | | | | |
|
|
Revenues
| |
$
|
62,872
| |
$
|
58,544
|
| | | | | |
|
| | | | | |
|
|
Net income attributable to common stockholders – basic and diluted
| |
$
|
18,207
| |
$
|
15,114
|
| | | | | |
|
|
Net income per common share – basic and diluted
| |
$
|
3.57
| |
$
|
2.96
|
| | | | | |
|
|
Weighted average shares and share equivalents outstanding:
| | | | | | |
|
Basic and diluted
| | |
5,105,936
| | |
5,105,936
|
The following table reconciles our net income to FFO:
|
| QUARTER ENDED
MARCH 31, |
|
(Amounts in thousands, except share and per share amounts)
| | 2011 |
| 2010 |
| | | | | |
|
|
Net income attributable to Alexander’s
| |
$
|
18,207
| |
$
|
15,114
|
|
Depreciation and amortization of real property
| | |
8,097
| | |
7,324
|
|
FFO
| |
$
|
26,304
| |
$
|
22,438
|
| | | | | |
|
|
FFO per common share – diluted
| |
$
|
5.15
| |
$
|
4.39
|
| | | | | |
|
|
Weighted average shares used in computing diluted FFO per share
| | |
5,105,936
| | |
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.
Source: Alexander’s, Inc.
Contact:
Joseph Macnow
201-587-8541