Alexander’s Announces Third Quarter Financial Results
October 30, 2023 at 09:07 am EDT
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PARAMUS, N.J., Oct. 30, 2023 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-Q for the quarter ended September 30, 2023 today and reported:
Third Quarter 2023 Financial Results
Net income for the quarter ended September 30, 2023 was $10.8 million, or $2.10 per diluted share, compared to $15.1 million, or $2.95 per diluted share for the quarter ended September 30, 2022.
Funds from operations (“FFO”) (non-GAAP) for the quarter ended September 30, 2023 was $18.6 million, or $3.63 per diluted share, compared to $22.5 million, or $4.40 per diluted share for the quarter ended September 30, 2022.
Nine Months Ended September 30, 2023 Financial Results
Net income for the nine months ended September 30, 2023 was $86.1 million, or $16.79 per diluted share, compared to $44.5 million, or $8.67 per diluted share for the nine months ended September 30, 2022. Net income for the nine months ended September 30, 2023 included $54.0 million, or $10.52 per diluted share, of income as a result of a net gain from the sale of the Rego Park III land parcel.
FFO (non-GAAP) for the nine months ended September 30, 2023 was $55.5 million, or $10.81 per diluted share, compared to $66.5 million, or $12.96 per diluted share for the nine months ended September 30, 2022.
Alexander’s, Inc. is a real estate investment trust which has five properties in New York City.
CONTACT: GARY HANSEN (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, 2022. 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 ENDED SEPTEMBER 30, 2023 AND 2022
Below is a table of selected financial results.
QUARTER ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)
2023
2022
Revenues
$
55,413
$
53,729
Net income
$
10,754
$
15,109
Net income per common share – basic and diluted
$
2.10
$
2.95
Weighted average shares outstanding – basic and diluted
5,130,678
5,127,086
FFO (non-GAAP)
$
18,623
$
22,544
FFO per diluted share (non-GAAP)
$
3.63
$
4.40
Weighted average shares used in computing FFO per diluted share
5,130,678
5,127,086
The following table reconciles net income to FFO (non-GAAP):
QUARTER ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)
2023
2022
Net income
$
10,754
$
15,109
Depreciation and amortization of real property
7,869
7,435
FFO (non-GAAP)
$
18,623
$
22,544
FFO per diluted share (non-GAAP)
$
3.63
$
4.40
Weighted average shares used in computing FFO per diluted share
5,130,678
5,127,086
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
Below is a table of selected financial results.
NINE MONTHS ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)
2023
2022
Revenues
$
162,027
$
152,768
Net income
$
86,127
$
44,455
Net income per common share – basic and diluted
$
16.79
$
8.67
Weighted average shares outstanding – basic and diluted
5,128,875
5,125,768
FFO (non-GAAP)
$
55,464
$
66,451
FFO per diluted share (non-GAAP)
$
10.81
$
12.96
Weighted average shares used in computing FFO per diluted share
5,128,875
5,125,768
The following table reconciles net income to FFO (non-GAAP):
NINE MONTHS ENDED
SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)
2023
2022
Net income
$
86,127
$
44,455
Depreciation and amortization of real property
23,289
21,996
Net gain on sale of real estate
(53,952
)
-
FFO (non-GAAP)
$
55,464
$
66,451
FFO per diluted share (non-GAAP)
$
10.81
$
12.96
Weighted average shares used in computing FFO per diluted share
5,128,875
5,125,768
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 certain 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.
Alexander's, Inc. is a real estate investment trust (REIT). The Company is engaged in leasing, managing, developing and redeveloping its properties. It is managed by, and its properties are leased and developed by, Vornado Realty Trust (Vornado). It has five properties in New York City consisting of 731 Lexington Avenue, a 1,079,000 square foot multi-use building comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan; Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens; Rego Park II, a 616,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens; Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, and The Alexander apartment tower, located above its Rego Park II shopping center, contains 312 units aggregating 255,000 square feet.