Alexander’s Announces Second Quarter Financial Results
July 30 2018 - 8:58AM
ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form
10-Q for the quarter ended June 30, 2018 today and reported:
Second Quarter 2018 Financial
Results
Net income for the quarter ended June 30, 2018
was $17.6 million, or $3.43 per diluted share, compared to $20.7
million, or $4.04 per diluted share for the quarter ended June 30,
2017. Funds from operations (“FFO”) (non-GAAP) for the
quarter ended June 30, 2018 was $26.1 million, or $5.11 per diluted
share, compared to $28.7 million, or $5.60 per diluted share for
the quarter ended June 30, 2017.
First Half 2018 Financial
Results
Net income for the six months ended June 30,
2018 was $7.9 million, or $1.54 per diluted share, compared to
$42.3 million, or $8.28 per diluted share for the six months ended
June 30, 2017. FFO (non-GAAP) for the six months ended June
30, 2018 was $24.6 million, or $4.81 per diluted share, compared to
$58.2 million, or $11.39 per diluted share for the six months ended
June 30, 2017. Net income and FFO (non-GAAP) for the six months
ended June 30, 2018 included (i) $23.8 million, or $4.65 per
diluted share, of expense for potential additional New York City
real property transfer taxes on the 2012 sale of Kings Plaza
Regional Shopping Center, which is being contested and (ii) $4.7
million, or $0.92 per diluted share, of expense from the decrease
in the fair value of marketable securities resulting from a new
GAAP accounting standard effective January 1, 2018.
Previously, changes in the fair value of marketable securities were
recognized through “accumulated other comprehensive income” on
Alexander’s, Inc.’s consolidated balance sheets and did not impact
its consolidated statements of income. Adjusting net income for
these items, “net income, as adjusted” (non-GAAP) for the six
months ended June 30, 2018 was $36.4 million, or $7.11 per diluted
share. Adjusting FFO (non-GAAP) for these items, “FFO, as adjusted”
(non-GAAP) for the six months ended June 30, 2018 was $53.1
million, or $10.38 per diluted share.
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, 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.
FINANCIAL RESULTS FOR THE QUARTERS
ENDEDJUNE 30, 2018 AND 2017
Below is a table of selected financial
results.
|
|
QUARTER ENDED |
|
|
JUNE 30, |
(Amounts in thousands, except share and per share
amounts) |
2018 |
|
|
2017 |
|
|
|
|
|
|
|
Revenues |
$ |
58,253 |
|
$ |
57,190 |
|
|
|
|
|
|
|
Net income |
$ |
17,570 |
|
$ |
20,660 |
|
|
|
|
|
|
Net income per common share – basic and diluted |
$ |
3.43 |
|
$ |
4.04 |
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
5,116,657 |
|
|
5,115,320 |
|
|
|
|
|
|
FFO (non-GAAP) |
$ |
26,138 |
|
$ |
28,667 |
|
|
|
|
|
|
FFO per diluted share (non-GAAP) |
$ |
5.11 |
|
$ |
5.60 |
|
|
|
|
|
|
Weighted average shares used in computing FFO per diluted
share |
|
5,116,657 |
|
|
5,115,320 |
|
|
|
|
|
|
The following table reconciles net income to FFO
(non-GAAP):
|
QUARTER ENDED |
|
JUNE 30, |
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
Net
income |
$ |
17,570 |
|
$ |
20,660 |
Depreciation and amortization of real property |
|
8,568 |
|
|
8,007 |
FFO
(non-GAAP) |
$ |
26,138 |
|
$ |
28,667 |
|
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
|
5.11 |
|
$ |
5.60 |
|
|
|
|
|
|
Weighted
average shares used in computing FFO per diluted share |
|
5,116,657 |
|
|
5,115,320 |
|
|
|
|
|
|
|
|
|
|
|
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE SIX MONTHS
ENDEDJUNE 30, 2018 AND 2017
Below is a table of selected financial
results.
|
|
SIX MONTHS ENDED |
|
|
JUNE 30, |
(Amounts in thousands, except share and per share
amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
Revenues |
$ |
116,133 |
|
$ |
114,419 |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
31,667 |
|
$ |
42,327 |
Loss from discontinued operations (Kings Plaza transfer
taxes) |
|
(23,797 |
) |
|
- |
Net income |
$ |
7,870 |
|
$ |
42,327 |
|
|
|
|
|
|
|
Income per common share – basic and diluted |
|
|
|
|
|
Income from continuing operations |
$ |
6.19 |
|
$ |
8.28 |
Loss from discontinued operations (Kings Plaza transfer
taxes) |
|
(4.65 |
) |
|
- |
Net income per common share |
$ |
1.54 |
|
$ |
8.28 |
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
5,116,321 |
|
|
5,115,012 |
|
|
|
|
|
|
FFO (non-GAAP) |
$ |
24,589 |
|
$ |
58,248 |
|
|
|
|
|
|
FFO per diluted share (non-GAAP) |
$ |
4.81 |
|
$ |
11.39 |
|
|
|
|
|
|
FFO, as adjusted (non-GAAP) |
$ |
53,123 |
|
$ |
58,248 |
|
|
|
|
|
|
FFO, as adjusted per diluted share (non-GAAP) |
$ |
10.38 |
|
$ |
11.39 |
|
|
|
|
|
|
Weighted average shares used in computing FFO and FFO, as
adjusted per diluted share |
|
5,116,321 |
|
|
5,115,012 |
|
|
|
|
|
|
The following table reconciles net income to net
income, as adjusted (non-GAAP):
|
SIX MONTHS ENDED |
|
JUNE 30, |
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
Net
income |
$ |
7,870 |
|
$ |
42,327 |
Loss from
discontinued operations (Kings Plaza transfer taxes) |
|
23,797 |
|
|
- |
Change in
fair value of marketable securities |
|
4,737 |
|
|
- |
Net income,
as adjusted (non-GAAP) |
$ |
36,404 |
|
$ |
42,327 |
|
|
|
|
|
|
Net income,
as adjusted per diluted share (non-GAAP) |
$ |
7.11 |
|
$ |
8.28 |
|
|
|
|
|
|
Weighted
average shares used in computing net income, as adjusted per
diluted share |
|
5,116,321 |
|
|
5,115,012 |
|
|
|
|
|
|
|
|
|
|
|
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE SIX MONTHS
ENDEDJUNE 30, 2018 AND 2017
The following table reconciles net income to FFO
(non-GAAP):
|
SIX MONTHS ENDED |
|
JUNE 30, |
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
Net
income |
$ |
7,870 |
|
$ |
42,327 |
Depreciation and amortization of real property |
|
16,719 |
|
|
15,921 |
FFO
(non-GAAP) |
$ |
24,589 |
|
$ |
58,248 |
|
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
|
4.81 |
|
$ |
11.39 |
|
|
|
|
|
|
Weighted
average shares used in computing FFO per diluted share |
|
5,116,321 |
|
|
5,115,012 |
|
|
|
|
|
|
The following table reconciles FFO (non-GAAP) to
FFO, as adjusted (non-GAAP):
|
SIX MONTHS ENDED |
|
JUNE 30, |
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
FFO
(non-GAAP) |
$ |
24,589 |
|
$ |
58,248 |
Loss from
discontinued operations (Kings Plaza transfer taxes) |
|
23,797 |
|
|
- |
Change in
fair value of marketable securities |
|
4,737 |
|
|
- |
FFO, as
adjusted (non-GAAP) |
$ |
53,123 |
|
$ |
58,248 |
|
|
|
|
|
|
FFO, as
adjusted per diluted share (non-GAAP) |
$ |
10.38 |
|
$ |
11.39 |
|
|
|
|
|
|
Weighted
average shares used in computing FFO, as adjusted per diluted
share |
|
5,116,321 |
|
|
5,115,012 |
_________________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 net income to FFO is provided
above.
CONTACT: MATTHEW IOCCO(201)
587-8541
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