ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form
10-K for the year ended December 31, 2018 today and reported:
Fourth Quarter 2018 Financial
Results
Net income for the quarter ended December 31, 2018
was $10.0 million, or $1.95 per diluted share, compared to $17.9
million, or $3.50 per diluted share for the quarter ended December
31, 2017. Net income for the quarter ended December 31, 2018
included $6.4 million, or $1.26 per diluted share, 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
this item, “net income, as adjusted” (non-GAAP) for the quarter
ended December 31, 2018 was $16.4 million, or $3.20 per diluted
share, compared to $17.9 million, or $3.50 per diluted share for
the quarter ended December 31, 2017.
Funds from operations (“FFO”) (non-GAAP) for the
quarter ended December 31, 2018 was $24.2 million, or $4.72 per
diluted share, compared to $28.1 million, or $5.49 per diluted
share for the quarter ended December 31, 2017.
Year Ended December 31, 2018 Financial
Results
Net income for the year ended December 31, 2018 was
$32.8 million or $6.42 per diluted share, compared to $80.5
million, or $15.74 per diluted share for the year ended December
31, 2017. Net income for the year ended December 31, 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) $12.0 million, or $2.34
per diluted share, from the decrease in the fair value of
marketable securities. Adjusting net income for these items, “net
income, as adjusted” (non-GAAP) for the year ended December 31,
2018 was $68.6 million, or $13.41 per diluted share, compared to
$80.5 million, or $15.74 per diluted share for the year ended
December 31, 2017.
FFO (non-GAAP) for the year ended December 31, 2018
was $77.4 million, or $15.13 per diluted share, compared to $114.9
million, or $22.46 per diluted share for the year ended December
31, 2017. FFO (non-GAAP) for the year ended December 31, 2018
included $23.8 million, or $4.65 per diluted share, of expense for
the contested Kings Plaza transfer taxes. Adjusting FFO (non-GAAP)
for this item, “FFO, as adjusted” (non-GAAP) for the year ended
December 31, 2018 was $101.2 million, or $19.78 per diluted share,
compared to $114.9 million, or $22.46 per diluted share for the
year ended December 31, 2017.
Alexander’s, Inc. is a real estate investment trust
which has seven properties in the greater New York City
metropolitan area.
CONTACT:
MATTHEW IOCCO(201) 587-8541
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, 2018. 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.
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE QUARTERS
ENDEDDECEMBER 31, 2018 AND 2017
Below is a table of selected financial
results.
|
|
QUARTER ENDED |
|
|
|
DECEMBER 31, |
|
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Revenues |
$ |
57,567 |
|
$ |
58,061 |
|
|
|
|
|
|
|
|
|
Net
income |
$ |
9,971 |
|
$ |
17,883 |
|
|
|
|
|
|
|
|
Net income
per common share – basic and diluted |
$ |
1.95 |
|
$ |
3.50 |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
5,117,347 |
|
|
5,115,982 |
|
|
|
|
|
|
|
|
FFO
(non-GAAP) |
$ |
24,158 |
|
$ |
28,062 |
|
|
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
4.72 |
|
$ |
5.49 |
|
|
|
|
|
|
|
|
Weighted
average shares used in computing FFO per diluted share |
|
5,117,347 |
|
|
5,115,982 |
|
|
|
|
|
|
|
|
The following table reconciles net income to net income, as
adjusted (non-GAAP):
|
|
|
QUARTER ENDEDDECEMBER
31, |
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
Net income |
$ |
9,971 |
|
$ |
17,883 |
Change in fair value of
marketable securities |
|
6,429 |
|
|
- |
Net income, as adjusted
(non-GAAP) |
$ |
16,400 |
|
$ |
17,883 |
|
|
|
|
|
|
Net income, as adjusted
per diluted share (non-GAAP) |
$ |
3.20 |
|
$ |
3.50 |
|
|
|
|
|
|
Weighted average shares
used in computing net income, as adjusted per diluted share |
|
5,117,347 |
|
|
5,115,982 |
|
|
|
|
|
|
The following table reconciles net income to FFO
(non-GAAP):
|
|
|
|
QUARTER ENDED |
|
|
DECEMBER 31, |
|
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Net income |
$ |
9,971 |
|
$ |
17,883 |
|
Depreciation and
amortization of real property |
|
7,758 |
|
|
10,179 |
|
Change in fair value of
marketable securities |
|
6,429 |
|
|
- |
|
FFO (non-GAAP) |
$ |
24,158 |
|
$ |
28,062 |
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
4.72 |
|
$ |
5.49 |
|
|
|
|
|
|
|
|
Weighted average shares
used in computing FFO per diluted share |
|
5,117,347 |
|
|
5,115,982 |
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE YEARS
ENDEDDECEMBER 31, 2018 AND 2017
Below is a table of selected financial
results.
|
|
YEAR ENDED |
|
|
|
DECEMBER 31, |
|
(Amounts in
thousands, except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Revenues |
$ |
232,825 |
|
$ |
230,574 |
|
|
|
|
|
|
|
|
|
Income from
continuing operations |
$ |
56,641 |
|
$ |
80,509 |
|
Loss from
discontinued operations (Kings Plaza transfer taxes) |
|
(23,797) |
|
|
- |
|
Net
income |
$ |
32,844 |
|
$ |
80,509 |
|
|
|
|
|
|
|
|
|
Income per
common share – basic and diluted |
|
|
|
|
|
|
Income from
continuing operations |
$ |
11.07 |
|
$ |
15.74 |
|
Loss from
discontinued operations (Kings Plaza transfer taxes) |
|
(4.65) |
|
|
- |
|
Net income
per common share |
$ |
6.42 |
|
$ |
15.74 |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted |
|
5,116,838 |
|
|
5,115,501 |
|
|
|
|
|
|
|
|
FFO
(non-GAAP) |
$ |
77,429 |
|
$ |
114,908 |
|
|
|
|
|
|
|
|
FFO per
diluted share (non-GAAP) |
$ |
15.13 |
|
$ |
22.46 |
|
|
|
|
|
|
|
|
FFO, as
adjusted (non-GAAP) |
$ |
101,226 |
|
$ |
114,908 |
|
|
|
|
|
|
|
|
FFO, as
adjusted per diluted share (non-GAAP) |
$ |
19.78 |
|
$ |
22.46 |
|
|
|
|
|
|
|
|
Weighted
average shares used in computing FFO per diluted share and FFO, as
adjusted per diluted share |
|
5,116,838 |
|
|
5,115,501 |
|
|
|
|
|
|
|
|
The following table reconciles net income to net
income, as adjusted (non-GAAP):
|
|
|
|
YEAR ENDED |
|
|
DECEMBER 31, |
|
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Net income |
$ |
32,844 |
|
$ |
80,509 |
|
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
23,797 |
|
|
- |
|
Change in fair value of
marketable securities |
|
11,990 |
|
|
- |
|
Net income, as adjusted
(non-GAAP) |
$ |
68,631 |
|
$ |
80,509 |
|
|
|
|
|
|
|
|
Net income, as adjusted
per diluted share (non-GAAP) |
$ |
13.41 |
|
$ |
15.74 |
|
|
|
|
|
|
|
|
Weighted average shares
used in computing net income, as adjusted per diluted share |
|
5,116,838 |
|
|
5,115,501 |
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE YEARS
ENDEDDECEMBER 31, 2018 AND 2017
The following table reconciles net income to FFO
(non-GAAP):
|
YEAR ENDED |
|
|
DECEMBER 31, |
|
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Net income |
$ |
32,844 |
|
$ |
80,509 |
|
Depreciation and
amortization of real property |
|
32,595 |
|
|
34,399 |
|
Change in fair value of
marketable securities |
|
11,990 |
|
|
- |
|
FFO (non-GAAP) |
$ |
77,429 |
|
$ |
114,908 |
|
|
|
|
|
|
|
|
FFO per diluted share
(non-GAAP) |
$ |
15.13 |
|
$ |
22.46 |
|
|
|
|
|
|
|
|
Weighted average shares
used in computing FFO per diluted share |
|
5,116,838 |
|
|
5,115,501 |
|
|
|
|
|
|
|
|
The following table reconciles FFO (non-GAAP) to
FFO, as adjusted (non-GAAP):
|
|
|
|
YEAR ENDED |
|
|
DECEMBER 31, |
|
(Amounts in thousands,
except share and per share amounts) |
2018 |
|
2017 |
|
|
|
|
|
|
|
|
FFO (non-GAAP) |
$ |
77,429 |
|
$ |
114,908 |
|
Loss from discontinued
operations (Kings Plaza transfer taxes) |
|
23,797 |
|
|
- |
|
FFO, as adjusted
(non-GAAP) |
$ |
101,226 |
|
$ |
114,908 |
|
|
|
|
|
|
|
|
FFO, as adjusted per
diluted share (non-GAAP) |
$ |
19.78 |
|
$ |
22.46 |
|
|
|
|
|
|
|
|
Weighted average shares
used in computing FFO, as adjusted per diluted share |
|
5,116,838 |
|
|
5,115,501 |
|
_________________FFO is computed in accordance with
the December 2018 restated 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 depreciable real estate
assets, real estate impairment losses, depreciation and
amortization expense from real estate assets and other specified
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.
In accordance with the NAREIT December 2018
restated definition of FFO, Alexander’s has elected to exclude the
mark-to-market adjustments of marketable securities from the
calculation of FFO. Alexander’s FFO for the nine months ended
September 30, 2018 has been adjusted to exclude the $5.6 million,
or $1.08 per diluted share, from the decrease in fair value of
marketable securities previously reported. Net income for the
quarter and year ended December 31, 2018 included $6.4 million, or
$1.26 per diluted share, and $12.0 million, or $2.34 per diluted
share, respectively, from the decrease in fair value of marketable
securities (not included in “net income, as adjusted”
(non-GAAP)).
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