PARAMUS, N.J.--(BUSINESS WIRE)-- ALEXANDER'S, INC. (New York Stock Exchange: ALX) today reported:
Quarter Ended December 31, 2009 Results
Net income attributable to common stockholders for the quarter ended December 31, 2009 was $15.1 million, or $2.96 per diluted share, compared to $54.1 million, or $10.60 per diluted share, for the quarter ended December 31, 2008. Funds from operations attributable to common stockholders ("FFO") for the quarter ended December 31, 2009 was $22.4 million, or $4.38 per diluted share, compared to $61.2 million, or $11.98 per diluted share, for the quarter ended December 31, 2008.
Net income attributable to common stockholders and FFO for the quarter ended December 31, 2008 include $43.6 million, or $8.54 per diluted share, for the reversal of a portion of previously recognized stock appreciation rights ("SARs") compensation expense.
Year Ended December 31, 2009 Results
Net income attributable to common stockholders for the year ended December 31, 2009 was $132.2 million, or $25.89 per diluted share, compared to $76.3 million, or $14.96 per diluted share, for the year ended December 31, 2008. FFO for the year ended December 31, 2009 was $159.0 million, or $31.14 per diluted share, compared to $99.9 million, or $19.60 per diluted share, for the year ended December 31, 2008.
Net income attributable to common stockholders and FFO for the year ended December 31, 2009 include $42.5 million, or $8.32 per diluted share, of income from the reversal of a portion of the liability for income taxes, and $34.3 million, or $6.71 per diluted share, for the reversal of a portion of previously recognized SARs compensation expense. Net income attributable to common stockholders and FFO for the year ended December 31, 2008 include $20.3 million, or $3.97 per diluted share, for the reversal of a portion of previously recognized SARs compensation expense.
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. 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, 2009. 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 QUARTER AND YEAR ENDED
DECEMBER 31, 2009 AND 2008
Below are tables with selected operating results.
QUARTER ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share 2009 2008
amounts)
Revenues $ 57,154 $ 54,900
Net income attributable to common stockholders - basic $ 15,102 $ 54,125
and diluted
Net income per common share - basic $ 2.96 $ 10.63
Net income per common share - diluted $ 2.96 $ 10.60
Weighted average share and share equivalents
outstanding:
Basic 5,105,936 5,090,188
Diluted 5,105,936 5,104,745
YEAR ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share 2009 2008
amounts)
Revenues $ 223,529 $ 211,097
Net income attributable to common stockholders - basic $ 132,190 $ 76,288
and diluted
Net income per common share - basic $ 25.90 $ 15.05
Net income per common share - diluted $ 25.89 $ 14.96
Weighted average share and share equivalents
outstanding:
Basic 5,103,790 5,067,426
Diluted 5,105,370 5,098,529
ALEXANDER'S, INC.
OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED
DECEMBER 31, 2009 AND 2008
The following tables reconcile net income to FFO:
QUARTER ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share 2009 2008
amounts)
Net income attributable to Alexander's $ 15,102 $ 54,125
Depreciation and amortization of real property 7,270 7,030
FFO $ 22,372 $ 61,155
FFO per common share - diluted $ 4.38 $ 11.98
Weighted average shares used in computing FFO per 5,105,936 5,104,745
diluted share
YEAR ENDED
DECEMBER 31,
(Amounts in thousands, except share and per share 2009 2008
amounts)
Net income attributable to Alexander's $ 132,190 $ 76,288
Depreciation and amortization of real property 26,770 23,628
FFO $ 158,960 $ 99,916
FFO per common share - diluted $ 31.14 $ 19.60
Weighted average shares used in computing FFO per 5,105,370 5,098,529
diluted share
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 and GAAP extraordinary items, and to include depreciation and amortization expense from real estate assets 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 flows 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: Alexander's, Inc. Joseph Macnow, 201-587-8541