Alexander’s Announces Fourth Quarter Results
February 12 2018 - 8:56AM
ALEXANDER’S, INC. (NYSE:ALX) filed its Form 10-K for the year ended
December 31, 2017 today and reported:
Fourth Quarter 2017 Results
Net income for the quarter ended December 31,
2017 was $17.9 million, or $3.50 per diluted share, compared to
$21.7 million, or $4.23 per diluted share for the quarter ended
December 31, 2016. Funds from operations (“FFO”) (non-GAAP)
for the quarter ended December 31, 2017 was $28.1 million, or $5.49
per diluted share, compared to $29.6 million, or $5.78 per diluted
share for the quarter ended December 31, 2016. Net income for the
quarter ended December 31, 2017 included additional depreciation
and amortization of tenant improvements and deferred leasing costs
of $2.2 million, or $0.43 per diluted share, resulting from a
tenant lease termination in 2017.
Year Ended December 31, 2017 Results
Net income for the year ended December 31, 2017
was $80.5 million, or $15.74 per diluted share, compared to $86.5
million, or $16.91 per diluted share for the year ended December
31, 2016. FFO (non-GAAP) for the year ended December 31, 2017
was $114.9 million, or $22.46 per diluted share, compared to $119.8
million, or $23.42 per diluted share for the year ended December
31, 2016. Net income for the year ended December 31, 2017
included additional depreciation and amortization of tenant
improvements and deferred leasing costs of $2.4 million, or $0.48
per diluted share, resulting from a tenant lease termination in
2017. Net income and FFO (non-GAAP) for the year ended December 31,
2016 included rental income of $2.3 million, or $0.44 per diluted
share, resulting from a tenant lease termination in 2016. Net
income for the year ended December 31, 2016 also included
additional depreciation and amortization of tenant improvements and
deferred leasing costs of $1.1 million, or $0.21 per diluted share,
related to the tenant lease termination in 2016.
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, 2017. 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 ENDEDDECEMBER 31, 2017 AND 2016
Below is a table of selected operating
results.
|
|
|
QUARTER ENDED |
|
|
|
|
DECEMBER 31, |
|
|
(Amounts in
thousands, except share and per share amounts) |
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
58,061 |
|
$ |
57,253 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
17,883 |
|
$ |
21,655 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per common share - basic and diluted |
$ |
3.50 |
|
$ |
4.23 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
5,115,982 |
|
|
5,114,701 |
|
|
|
|
|
|
|
|
|
|
FFO
(non-GAAP) |
$ |
28,062 |
|
$ |
29,582 |
|
|
|
|
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
5.49 |
|
$ |
5.78 |
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing FFO per diluted share |
|
5,115,982 |
|
|
5,114,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED |
|
|
|
|
DECEMBER 31, |
|
|
(Amounts in
thousands, except share and per share amounts) |
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
230,574 |
|
$ |
226,936 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
80,509 |
|
$ |
86,477 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per common share - basic and diluted |
$ |
15.74 |
|
$ |
16.91 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
5,115,501 |
|
|
5,114,084 |
|
|
|
|
|
|
|
|
|
|
FFO
(non-GAAP) |
$ |
114,908 |
|
$ |
119,780 |
|
|
|
|
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
22.46 |
|
$ |
23.42 |
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing FFO per diluted share |
|
5,115,501 |
|
|
5,114,084 |
|
ALEXANDER'S, INC.
OPERATING RESULTS FOR THE QUARTERS AND
YEARS ENDEDDECEMBER 31, 2017 AND 2016
The following table reconciles our net income to
FFO (non-GAAP):
|
|
QUARTER ENDED |
|
|
|
DECEMBER 31, |
|
|
(Amounts in thousands,
except share and per share amounts) |
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
17,883 |
|
$ |
21,655 |
|
|
Depreciation and
amortization of real property |
|
10,179 |
|
|
7,927 |
|
|
FFO (non-GAAP) |
$ |
28,062 |
|
$ |
29,582 |
|
|
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
5.49 |
|
$ |
5.78 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used in computing FFO per diluted share |
|
5,115,982 |
|
|
5,114,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED |
|
|
|
DECEMBER 31, |
|
|
(Amounts in thousands,
except share and per share amounts) |
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
80,509 |
|
$ |
86,477 |
|
|
Depreciation and
amortization of real property |
|
34,399 |
|
|
33,303 |
|
|
FFO (non-GAAP) |
$ |
114,908 |
|
$ |
119,780 |
|
|
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
22.46 |
|
$ |
23.42 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used in computing FFO per diluted share |
|
5,115,501 |
|
|
5,114,084 |
|
_____________________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: MATTHEW IOCCO(201) 587-8541
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