SOURCE: Alexander's Inc.

Alexander's Inc.

February 16, 2016 08:53 ET

Alexander's Announces Fourth Quarter 2015 FFO of $6.21 per Share

PARAMUS, NJ--(Marketwired - February 16, 2016) - ALEXANDER'S, INC. (NYSE: ALX) filed its Form 10-K for the year ended December 31, 2015 today and reported:

Fourth Quarter 2015 Results

 Net income for the quarter ended December 31, 2015 was $23.6 million, or $4.61 per diluted share, compared to $18.2 million, or $3.55 per diluted share for the quarter ended December 31, 2014. Funds from operations ("FFO") for the quarter ended December 31, 2015 was $31.7 million, or $6.21 per diluted share, compared to $25.5 million, or $4.99 per diluted share for the quarter ended December 31, 2014. 

Year Ended December 31, 2015 Results

 Net income for the year ended December 31, 2015 was $76.9 million, or $15.04 per diluted share, compared to $67.9 million, or $13.29 per diluted share for the year ended December 31, 2014. FFO for the year ended December 31, 2015 was $107.6 million, or $21.06 per diluted share, compared to $97.0 million, or $18.98 per diluted share for the year ended December 31, 2014.

 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, 2015. 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 QUARTERS AND YEARS ENDED DECEMBER 31, 2015 AND 2014

Below is a table of selected operating results.      
       
       
  QUARTER ENDED
  DECEMBER 31,
(Amounts in thousands, except share and per share amounts) 2015   2014
       
Revenues $ 52,819   $ 51,286
           
Income from continuing operations $ 23,572   $ 17,632
Income from discontinued operations   -     529
Net income - basic and diluted $ 23,572   $ 18,161
           
Income per common share - basic and diluted          
  Income from continuing operations $ 4.61   $ 3.45
  Income from discontinued operations   -     0.10
  Net income per common share $ 4.61   $ 3.55
           
Weighted average shares outstanding:          
  Basic and diluted   5,113,077     5,111,201
           
           
    YEAR ENDED
    DECEMBER 31,
(Amounts in thousands, except share and per share amounts)   2015     2014
           
Revenues $ 207,915   $ 200,814
           
Income from continuing operations $ 76,907   $ 67,396
Income from discontinued operations   -     529
Net income - basic and diluted $ 76,907   $ 67,925
           
  Income per common share - basic and diluted          
  Income from continuing operations $ 15.04   $ 13.19
  Income from discontinued operations   -     0.10
Net income per common share $ 15.04   $ 13.29
           
Weighted average shares outstanding:          
  Basic and diluted   5,112,352     5,110,628
           

ALEXANDER'S, INC.

OPERATING RESULTS FOR THE QUARTERS AND YEARS ENDED

DECEMBER 31, 2015 AND 2014

 The following table reconciles our net income to FFO:

    QUARTER ENDED
    DECEMBER 31,
(Amounts in thousands, except share and per share amounts)   2015   2014
         
Net income   $ 23,572   $ 18,161
Depreciation and amortization of real property     8,158     7,347
FFO   $ 31,730   $ 25,508
             
FFO per diluted share   $ 6.21   $ 4.99
             
Weighted average shares used in computing FFO per diluted share     5,113,077     5,111,201
             
             
      YEAR ENDED
      DECEMBER 31,
(Amounts in thousands, except share and per share amounts)     2015     2014
             
Net income   $ 76,907   $ 67,925
Depreciation and amortization of real property     30,741     29,055
FFO   $ 107,648   $ 96,980
             
FFO per diluted share   $ 21.06   $ 18.98
             
Weighted average shares used in computing FFO per diluted share     5,112,352     5,110,628

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 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.

Contact Information

  • CONTACT: 
    STEPHEN THERIOT
    (201) 587-8541