Alexander’s Announces Second Quarter Financial Results
05 Agosto 2024 - 9:56AM
ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form
10-Q for the quarter ended June 30, 2024 today and reported:
Second Quarter 2024 Financial
Results
Net income for the quarter ended June 30, 2024
was $8.4 million, or $1.63 per diluted share, compared to $64.1
million, or $12.51 per diluted share for the quarter ended June 30,
2023. Net income for the quarter ended June 30, 2023 included $54.0
million, or $10.52 per diluted share, of income as a result of a
net gain from the sale of the Rego Park III land parcel.
Funds from operations (“FFO”) (non-GAAP) for the
quarter ended June 30, 2024 was $17.0 million, or $3.31 per diluted
share, compared to $18.2 million, or $3.55 per diluted share for
the quarter ended June 30, 2023.
Six Months Ended June 30, 2024 Financial
Results
Net income for the six months ended June 30,
2024 was $24.5 million, or $4.77 per diluted share, compared to
$75.4 million, or $14.70 per diluted share for the six months ended
June 30, 2023. Net income for the six months ended June 30, 2023
included $54.0 million, or $10.52 per diluted share, of income as a
result of a net gain from the sale of the Rego Park III land
parcel.
FFO (non-GAAP) for the six months ended June 30,
2024 was $42.5 million, or $8.29 per diluted share, compared to
$36.8 million, or $7.18 per diluted share for the six months ended
June 30, 2023.
Alexander’s, Inc. is a real estate investment trust
which has five properties in New York City.
CONTACT: GARY HANSEN(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, 2023. 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 ENDEDJUNE 30, 2024 AND
2023 |
| |
Below is a table of selected financial results.
| |
QUARTER ENDED JUNE 30, |
|
(Amounts in thousands, except share and per share amounts) |
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
Revenues |
$ |
53,392 |
|
|
$ |
53,673 |
|
| |
|
|
|
|
Net income |
$ |
8,380 |
|
|
$ |
64,147 |
|
| |
|
|
|
|
Net income per common share - basic and diluted |
$ |
1.63 |
|
|
$ |
12.51 |
|
| |
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
5,131,902 |
|
|
|
5,128,823 |
|
| |
|
|
|
|
FFO (non-GAAP) |
$ |
17,009 |
|
|
$ |
18,208 |
|
| |
|
|
|
|
FFO per diluted share (non-GAAP) |
$ |
3.31 |
|
|
$ |
3.55 |
|
| |
|
|
|
|
Weighted average shares used in computing FFO per diluted
share |
|
5,131,902 |
|
|
|
5,128,823 |
|
|
|
|
|
|
|
|
|
|
The following table reconciles net income to FFO
(non-GAAP):
| |
QUARTER ENDED JUNE 30, |
|
(Amounts in thousands, except share and per share amounts) |
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
Net income |
$ |
8,380 |
|
|
$ |
64,147 |
|
|
Depreciation and amortization of real property |
|
8,629 |
|
|
|
8,013 |
|
|
Net gain on sale of real estate |
|
— |
|
|
|
(53,952 |
) |
|
FFO (non-GAAP) |
$ |
17,009 |
|
|
$ |
18,208 |
|
| |
|
|
|
|
FFO per diluted share (non-GAAP) |
$ |
3.31 |
|
|
$ |
3.55 |
|
| |
|
|
|
|
Weighted average shares used in computing FFO per diluted
share |
|
5,131,902 |
|
|
|
5,128,823 |
|
|
|
|
|
|
|
|
|
|
|
ALEXANDER'S, INC.FINANCIAL RESULTS FOR THE
SIX MONTHS ENDEDJUNE 30, 2024 AND
2023 |
| |
Below is a table of selected financial results.
| |
SIX MONTHS ENDED JUNE 30, |
|
(Amounts in thousands, except share and per share amounts) |
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
Revenues |
$ |
114,789 |
|
|
$ |
106,614 |
|
| |
|
|
|
|
Net income |
$ |
24,489 |
|
|
$ |
75,373 |
|
| |
|
|
|
|
Net income per common share - basic and diluted |
$ |
4.77 |
|
|
$ |
14.70 |
|
| |
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
5,131,290 |
|
|
|
5,127,959 |
|
| |
|
|
|
|
FFO (non-GAAP) |
$ |
42,541 |
|
|
$ |
36,841 |
|
| |
|
|
|
|
FFO per diluted share (non-GAAP) |
$ |
8.29 |
|
|
$ |
7.18 |
|
| |
|
|
|
|
Weighted average shares used in computing FFO per diluted
share |
|
5,131,290 |
|
|
|
5,127,959 |
|
|
|
|
|
|
|
|
|
|
The following table reconciles net income to FFO
(non-GAAP):
| |
SIX MONTHS ENDED JUNE 30, |
|
(Amounts in thousands, except share and per share amounts) |
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
Net income |
$ |
24,489 |
|
|
$ |
75,373 |
|
|
Depreciation and amortization of real property |
|
18,052 |
|
|
|
15,420 |
|
|
Net gain on sale of real estate |
|
— |
|
|
|
(53,952 |
) |
|
FFO (non-GAAP) |
$ |
42,541 |
|
|
$ |
36,841 |
|
| |
|
|
|
|
FFO per diluted share (non-GAAP) |
$ |
8.29 |
|
|
$ |
7.18 |
|
| |
|
|
|
|
Weighted average shares used in computing FFO per diluted
share |
|
5,131,290 |
|
|
|
5,127,959 |
|
|
|
|
|
|
|
|
|
|
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 certain 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 non-GAAP financial measures 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.
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