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
|
_____________________
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.