SOURCE: Alexander's Inc.

Alexander's Inc.

February 13, 2017 09:11 ET

Alexander's Announces Fourth Quarter Results

PARAMUS, NJ--(Marketwired - February 13, 2017) - ALEXANDER'S, INC. (NYSE: ALX) filed its Form 10-K for the year ended December 31, 2016 today and reported:

Fourth Quarter 2016 Results

Net income for the quarter ended December 31, 2016 was $21.7 million, or $4.23 per diluted share, compared to $23.6 million, or $4.61 per diluted share for the quarter ended December 31, 2015.

Funds from operations ("FFO") for the quarter ended December 31, 2016 was $29.6 million, or $5.78 per diluted share, compared to $31.7 million, or $6.21 per diluted share for the quarter ended December 31, 2015.

Net income and FFO for the quarter ended December 31, 2015 included $3.9 million, or $0.77 per diluted share from a special dividend from an investment in marketable securities and higher income from bankruptcy recoveries.

Year Ended December 31, 2016 Results

Net income for the year ended December 31, 2016 was $86.5 million, or $16.91 per diluted share, compared to $76.9 million, or $15.04 per diluted share for the year ended December 31, 2015.

FFO for the year ended December 31, 2016 was $119.8 million, or $23.42 per diluted share, compared to $107.6 million, or $21.06 per diluted share for the year ended December 31, 2015.

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, 2016. 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, 2016 AND 2015

Below is a table of selected operating results.

    
   QUARTER ENDED
   DECEMBER 31,
(Amounts in thousands, except share and per share amounts)  2016  2015
       
Revenues  $57,253  $52,819
         
Net income  $21,655  $23,572
         
Net income per common share - basic and diluted  $4.23  $4.61
         
Weighted average shares outstanding - basic and diluted   5,114,701   5,113,077
         
         
    YEAR ENDED
    DECEMBER 31,
(Amounts in thousands, except share and per share amounts)   2016   2015
         
Revenues  $226,936  $207,915
         
Net income  $86,477  $76,907
         
Net income per common share - basic and diluted  $16.91  $15.04
         
Weighted average shares outstanding - basic and diluted   5,114,084   5,112,352
       

ALEXANDER'S, INC.

OPERATING RESULTS FOR THE QUARTERS AND YEARS ENDED

DECEMBER 31, 2016 AND 2015

The following table reconciles our net income to FFO:

    
   QUARTER ENDED
   DECEMBER 31,
(Amounts in thousands, except share and per share amounts)  2016  2015
         
Net income  $21,655  $23,572
Depreciation and amortization of real property   7,927   8,158
FFO  $29,582  $31,730
         
FFO per diluted share  $5.78  $6.21
         
Weighted average shares used in computing FFO per diluted share   5,114,701   5,113,077
         
         
    YEAR ENDED
    DECEMBER 31,
(Amounts in thousands, except share and per share amounts)   2016   2015
         
Net income  $86,477  $76,907
Depreciation and amortization of real property   33,303   30,741
FFO  $119,780  $107,648
         
FFO per diluted share  $23.42  $21.06
         
Weighted average shares used in computing FFO per diluted share   5,114,084   5,112,352
       

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