ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form
10-Q for the quarter ended September 30, 2018 today and reported:
Third Quarter 2018 Financial
Results
Net income for the quarter ended September 30,
2018 was $15.0 million, or $2.93 per diluted share, compared to
$20.3 million, or $3.97 per diluted share for the quarter ended
September 30, 2017. Funds from operations (“FFO”) (non-GAAP)
for the quarter ended September 30, 2018 was $23.1 million, or
$4.52 per diluted share, compared to $28.6 million, or $5.59 per
diluted share for the quarter ended September 30, 2017. Net income
and FFO (non-GAAP) for the three months ended September 30, 2018
included $3.0 million, or $0.58 per diluted share, of expense from
the write-off of straight-line rent receivable from Sears at Rego
Park I shopping center as a result of its Chapter 11 bankruptcy
filing and intention to reject its lease.
Nine Months Ended September 30, 2018
Financial Results
Net income for the nine months ended September
30, 2018 was $22.9 million, or $4.47 per diluted share, compared to
$62.6 million, or $12.24 per diluted share for the nine months
ended September 30, 2017. FFO (non-GAAP) for the nine months
ended September 30, 2018 was $47.7 million, or $9.32 per diluted
share, compared to $86.9 million, or $16.98 per diluted share for
the nine months ended September 30, 2017. Net income and FFO
(non-GAAP) for the nine months ended September 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 (“Kings
Plaza”), which is being contested and (ii) $5.5 million, or $1.09
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 nine months ended September
30, 2018 was $52.2 million, or $10.21 per diluted share, compared
to $62.6 million, or $12.24 per diluted share for the nine months
ended September 30, 2017. Adjusting FFO (non-GAAP) for these items,
“FFO, as adjusted” (non-GAAP) for the nine months ended September
30, 2018 was $77.0 million, or $15.06 per diluted share, compared
to $86.9 million, or $16.98 per diluted share for the nine months
ended September 30, 2017. Net income and FFO (non-GAAP) for the
nine months ended September 30, 2018 also included $3.0 million, or
$0.58 per diluted share, of expense from the write-off of
straight-line rent receivable from Sears at Rego Park I shopping
center as a result of its Chapter 11 bankruptcy filing and
intention to reject its lease.
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, the financial condition of our
tenants and general competitive factors.
(tables to follow)
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE QUARTERS
ENDEDSEPTEMBER 30, 2018 AND 2017
Below is a table of selected financial
results.
|
|
QUARTER ENDED |
|
|
SEPTEMBER 30, |
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
Revenues |
$ |
59,125 |
|
$ |
58,094 |
|
|
|
|
|
|
|
Net
income |
$ |
15,003 |
|
$ |
20,299 |
|
|
|
|
|
|
Net income
per common share – basic and diluted |
$ |
2.93 |
|
$ |
3.97 |
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
5,117,347 |
|
|
5,115,982 |
|
|
|
|
|
|
FFO
(non-GAAP) |
$ |
23,121 |
|
$ |
28,598 |
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
4.52 |
|
$ |
5.59 |
|
|
|
|
|
|
Weighted
average shares used in computing FFO per diluted share |
|
5,117,347 |
|
|
5,115,982 |
|
|
|
|
|
|
The following table reconciles net income to FFO
(non-GAAP):
|
QUARTER ENDED |
|
SEPTEMBER 30, |
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
Net income |
$ |
15,003 |
|
$ |
20,299 |
Depreciation and
amortization of real property |
|
8,118 |
|
|
8,299 |
FFO (non-GAAP) |
$ |
23,121 |
|
$ |
28,598 |
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
4.52 |
|
$ |
5.59 |
|
|
|
|
|
|
Weighted average shares
used in computing FFO per diluted share |
|
5,117,347 |
|
|
5,115,982 |
|
|
|
|
|
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS
ENDEDSEPTEMBER 30, 2018 AND 2017
Below is a table of selected financial
results.
|
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
Revenues |
$ |
175,258 |
|
$ |
172,513 |
|
|
|
|
|
|
|
Income from
continuing operations |
$ |
46,670 |
|
$ |
62,626 |
Loss from
discontinued operations (Kings Plaza transfer taxes) |
|
(23,797 |
) |
|
- |
Net
income |
$ |
22,873 |
|
$ |
62,626 |
|
|
|
|
|
|
|
Income per
common share – basic and diluted |
|
|
|
|
|
Income from
continuing operations |
$ |
9.12 |
|
$ |
12.24 |
Loss from
discontinued operations (Kings Plaza transfer taxes) |
|
(4.65 |
) |
|
- |
Net income
per common share |
$ |
4.47 |
|
$ |
12.24 |
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
5,116,667 |
|
|
5,115,339 |
|
|
|
|
|
|
FFO
(non-GAAP) |
$ |
47,710 |
|
$ |
86,846 |
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
9.32 |
|
$ |
16.98 |
|
|
|
|
|
|
FFO, as
adjusted (non-GAAP) |
$ |
77,068 |
|
$ |
86,846 |
|
|
|
|
|
|
FFO, as
adjusted per diluted share (non-GAAP) |
$ |
15.06 |
|
$ |
16.98 |
|
|
|
|
|
|
Weighted
average shares used in computing FFO and FFO, as adjusted per
diluted share |
|
5,116,667 |
|
|
5,115,339 |
|
|
|
|
|
|
The following table reconciles net income to net
income, as adjusted (non-GAAP):
|
NINE MONTHS ENDED |
|
SEPTEMBER 30, |
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
Net income |
$ |
22,873 |
|
$ |
62,626 |
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
23,797 |
|
|
- |
Change in fair value of
marketable securities |
|
5,561 |
|
|
- |
Net income, as adjusted
(non-GAAP) |
$ |
52,231 |
|
$ |
62,626 |
|
|
|
|
|
|
Net income, as adjusted
per diluted share (non-GAAP) |
$ |
10.21 |
|
$ |
12.24 |
|
|
|
|
|
|
Weighted average shares
used in computing net income, as adjusted per diluted share |
|
5,116,667 |
|
|
5,115,339 |
|
|
|
|
|
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS
ENDEDSEPTEMBER 30, 2018 AND 2017
The following table reconciles net income to FFO
(non-GAAP):
|
NINE MONTHS ENDED |
|
SEPTEMBER 30, |
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
Net income |
$ |
22,873 |
|
$ |
62,626 |
Depreciation and
amortization of real property |
|
24,837 |
|
|
24,220 |
FFO (non-GAAP) |
$ |
47,710 |
|
$ |
86,846 |
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
9.32 |
|
$ |
16.98 |
|
|
|
|
|
|
Weighted average shares
used in computing FFO per diluted share |
|
5,116,667 |
|
|
5,115,339 |
|
|
|
|
|
|
The following table reconciles FFO (non-GAAP) to
FFO, as adjusted (non-GAAP):
|
NINE MONTHS ENDED |
|
SEPTEMBER 30, |
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
FFO (non-GAAP) |
$ |
47,710 |
|
$ |
86,846 |
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
23,797 |
|
|
- |
Change in fair value of
marketable securities |
|
5,561 |
|
|
- |
FFO, as adjusted
(non-GAAP) |
$ |
77,068 |
|
$ |
86,846 |
|
|
|
|
|
|
FFO, as adjusted per
diluted share (non-GAAP) |
$ |
15.06 |
|
$ |
16.98 |
|
|
|
|
|
|
Weighted average shares
used in computing FFO, as adjusted per diluted share |
|
5,116,667 |
|
|
5,115,339 |
|
|
|
|
|
|
_________________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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