PARAMUS, N.J., Oct. 28, 2019 (GLOBE NEWSWIRE) — ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-Q for the quarter ended September 30, 2019 today and reported:
Third Quarter 2019 Financial ResultsNet income for the quarter ended September 30, 2019 was $16.5 million, or $3.22 per diluted share, compared to $15.0 million, or $2.93 per diluted share for the quarter ended September 30, 2018.Funds from operations (“FFO”) (non-GAAP) for the quarter ended September 30, 2019 was $25.2 million, or $4.92 per diluted share, compared to $23.9 million, or $4.68 per diluted share for the quarter ended September 30, 2018.Nine Months Ended September 30, 2019 Financial ResultsNet income for the nine months ended September 30, 2019 was $45.6 million, or $8.92 per diluted share, compared to $22.9 million, or $4.47 per diluted share for the nine months ended September 30, 2018. Net income for the nine months ended September 30, 2018 included $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”). Adjusting net income for this item, “net income, as adjusted” (non-GAAP) for the nine months ended September 30, 2018 was $46.7 million, or $9.12 per diluted share.FFO (non-GAAP) for the nine months ended September 30, 2019 was $75.0 million, or $14.66 per diluted share, compared to $53.3 million, or $10.41 per diluted share for the nine months ended September 30, 2018. FFO (non-GAAP) for the nine months ended September 30, 2018 included $23.8 million, or $4.65 per diluted share, of expense for the Kings Plaza transfer taxes. Adjusting FFO (non-GAAP) for this item, “FFO, as adjusted” (non-GAAP) for the nine months ended September 30, 2018 was $77.1 million, or $15.06 per diluted share.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) 587-8541Certain 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.(tables to follow)ALEXANDER’S, INC.FINANCIAL RESULTS FOR THE QUARTERS ENDED
SEPTEMBER 30, 2019 AND 2018Below is a table of selected financial results.The following table reconciles net income to FFO (non-GAAP):ALEXANDER’S, INC.FINANCIAL RESULTS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2019 AND 2018Below is a table of selected financial results.The following table reconciles net income to net income, as adjusted (non-GAAP):ALEXANDER’S, INC.FINANCIAL RESULTS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2019 AND 2018The following table reconciles net income to FFO (non-GAAP):The following table reconciles FFO (non-GAAP) to FFO, as adjusted (non-GAAP):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 three and nine months ended September 30, 2018 has been adjusted to exclude $0.8 million, or $0.16 per diluted share and $5.6 million, or $1.09 per diluted share, of expense, respectively, from the change in fair value of marketable securities previously reported.
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