ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form
10-Q for the quarter ended September 30, 2019 today and reported:
Third Quarter 2019 Financial
Results
Net income for the quarter ended September 30,
2019 was $16.5 million, or $3.22 per diluted share, compared to
$15.0 million, or $2.93 per diluted share for the quarter ended
September 30, 2018.
Funds from operations (“FFO”) (non-GAAP) for the
quarter ended September 30, 2019 was $25.2 million, or $4.92 per
diluted share, compared to $23.9 million, or $4.68 per diluted
share for the quarter ended September 30, 2018.
Nine Months Ended September 30, 2019
Financial Results
Net income for the nine months ended September
30, 2019 was $45.6 million, or $8.92 per diluted share, compared to
$22.9 million, or $4.47 per diluted share for the nine months ended
September 30, 2018. Net income for the nine months ended September
30, 2018 included $23.8 million, or $4.65 per diluted share, of
expense for potential additional New York City real property
transfer taxes on the 2012 sale of Kings Plaza Regional Shopping
Center (“Kings Plaza”). Adjusting net income for this item, “net
income, as adjusted” (non-GAAP) for the nine months ended September
30, 2018 was $46.7 million, or $9.12 per diluted share.
FFO (non-GAAP) for the nine months ended
September 30, 2019 was $75.0 million, or $14.66 per diluted share,
compared to $53.3 million, or $10.41 per diluted share for the nine
months ended September 30, 2018. FFO (non-GAAP) for the nine months
ended September 30, 2018 included $23.8 million, or $4.65 per
diluted share, of expense for the Kings Plaza transfer taxes.
Adjusting FFO (non-GAAP) for this item, “FFO, as adjusted”
(non-GAAP) for the nine months ended September 30, 2018 was $77.1
million, or $15.06 per diluted share.
Alexander’s, Inc. is a real estate investment
trust which has seven properties in the greater New York
City metropolitan area.
CONTACT:MATTHEW IOCCO(201)
587-8541
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, 2018. Such factors include, among others, risks
associated with the timing of and costs associated with property
improvements, financing commitments, the financial condition of our
tenants and general competitive factors.
(tables to follow)
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE QUARTERS
ENDEDSEPTEMBER 30, 2019 AND 2018
Below is a table of selected financial
results.
|
QUARTER ENDED |
|
|
SEPTEMBER 30, |
|
(Amounts in thousands, except
share and per share amounts) |
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Revenues |
$ |
57,760 |
|
$ |
59,125 |
|
|
|
|
|
|
|
|
Net income |
$ |
16,493 |
|
$ |
15,003 |
|
|
|
|
|
|
|
|
Net income per common share –
basic and diluted |
$ |
3.22 |
|
$ |
2.93 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted |
|
5,118,698 |
|
|
5,117,347 |
|
|
|
|
|
|
|
|
FFO (non-GAAP) |
$ |
25,208 |
|
$ |
23,945 |
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
4.92 |
|
$ |
4.68 |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing FFO per diluted share |
|
5,118,698 |
|
|
5,117,347 |
|
|
|
|
|
|
|
|
The following table reconciles net income to FFO
(non-GAAP):
|
QUARTER ENDED |
|
|
SEPTEMBER 30, |
|
(Amounts in thousands, except
share and per share amounts) |
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Net income |
$ |
16,493 |
|
$ |
15,003 |
|
Depreciation and amortization
of real property |
|
7,698 |
|
|
8,118 |
|
Change in fair value of
marketable securities |
|
1,017 |
|
|
824 |
|
FFO (non-GAAP) |
$ |
25,208 |
|
$ |
23,945 |
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
4.92 |
|
$ |
4.68 |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing FFO per diluted share |
|
5,118,698 |
|
|
5,117,347 |
|
|
|
|
|
|
|
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS
ENDEDSEPTEMBER 30, 2019 AND 2018
Below is a table of selected financial
results.
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
(Amounts in thousands, except
share and per share amounts) |
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Revenues |
$ |
170,470 |
|
$ |
175,258 |
|
|
|
|
|
|
|
|
Income from continuing
operations |
$ |
45,641 |
|
$ |
46,670 |
|
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
- |
|
|
(23,797 |
) |
Net income |
$ |
45,641 |
|
$ |
22,873 |
|
|
|
|
|
|
|
|
Income per common share –
basic and diluted |
|
|
|
|
|
|
Income from continuing
operations |
$ |
8.92 |
|
$ |
9.12 |
|
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
- |
|
|
(4.65 |
) |
Net income per common
share |
$ |
8.92 |
|
$ |
4.47 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted |
|
5,118,030 |
|
|
5,116,667 |
|
|
|
|
|
|
|
|
FFO (non-GAAP) |
$ |
75,044 |
|
$ |
53,271 |
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
14.66 |
|
$ |
10.41 |
|
|
|
|
|
|
|
|
FFO, as adjusted
(non-GAAP) |
$ |
75,044 |
|
$ |
77,068 |
|
|
|
|
|
|
|
|
FFO, as adjusted per diluted
share (non-GAAP) |
$ |
14.66 |
|
$ |
15.06 |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing FFO per diluted share and FFO, as adjusted per diluted
share |
|
5,118,030 |
|
|
5,116,667 |
|
|
|
|
|
|
|
|
The following table reconciles net income to net
income, as adjusted (non-GAAP):
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
(Amounts in thousands, except
share and per share amounts) |
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Net income |
$ |
45,641 |
|
$ |
22,873 |
|
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
- |
|
|
23,797 |
|
Net income, as adjusted
(non-GAAP) |
$ |
45,641 |
|
$ |
46,670 |
|
|
|
|
|
|
|
|
Net income, as adjusted per
diluted share (non-GAAP) |
$ |
8.92 |
|
$ |
9.12 |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing net income, as adjusted per diluted share |
|
5,118,030 |
|
|
5,116,667 |
|
|
|
|
|
|
|
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS
ENDEDSEPTEMBER 30, 2019 AND 2018
The following table reconciles net income to FFO
(non-GAAP):
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
(Amounts in thousands, except
share and per share amounts) |
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Net income |
$ |
45,641 |
|
$ |
22,873 |
|
Depreciation and amortization
of real property |
|
23,146 |
|
|
24,837 |
|
Change in fair value of
marketable securities |
|
6,257 |
|
|
5,561 |
|
FFO (non-GAAP) |
$ |
75,044 |
|
$ |
53,271 |
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
14.66 |
|
$ |
10.41 |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing FFO per diluted share |
|
5,118,030 |
|
|
5,116,667 |
|
|
|
|
|
|
|
|
The following table reconciles FFO (non-GAAP) to
FFO, as adjusted (non-GAAP):
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
(Amounts in thousands, except
share and per share amounts) |
2019 |
|
2018 |
|
|
|
|
|
|
|
|
FFO (non-GAAP) |
$ |
75,044 |
|
$ |
53,271 |
|
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
- |
|
|
23,797 |
|
FFO, as adjusted
(non-GAAP) |
$ |
75,044 |
|
$ |
77,068 |
|
|
|
|
|
|
|
|
FFO, as adjusted per diluted
share (non-GAAP) |
$ |
14.66 |
|
$ |
15.06 |
|
|
|
|
|
|
|
|
Weighted average shares used
in computing FFO, as adjusted per diluted share |
|
5,118,030 |
|
|
5,116,667 |
|
|
|
|
|
|
|
|
FFO is computed in accordance with the December
2018 restated 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 depreciable real estate assets, real estate
impairment losses, depreciation and amortization expense from real
estate assets and other specified 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 net income to FFO is provided above.
In accordance with the NAREIT December 2018
restated definition of FFO, Alexander’s has elected to exclude the
mark-to-market adjustments of marketable securities from the
calculation of FFO. Alexander’s FFO for the three and nine months
ended September 30, 2018 has been adjusted to exclude $0.8 million,
or $0.16 per diluted share and $5.6 million, or $1.09 per diluted
share, of expense, respectively, from the change in fair value of
marketable securities previously reported.
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