Alexander’s Announces Third Quarter Financial Results

PARAMUS, N.J., Oct. 30, 2023 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-Q for the quarter ended September 30, 2023 today and reported:

Third Quarter 2023 Financial Results

Net income for the quarter ended September 30, 2023 was $10.8 million, or $2.10 per diluted share, compared to $15.1 million, or $2.95 per diluted share for the quarter ended September 30, 2022.  

Funds from operations (“FFO”) (non-GAAP) for the quarter ended September 30, 2023 was $18.6 million, or $3.63 per diluted share, compared to $22.5 million, or $4.40 per diluted share for the quarter ended September 30, 2022.

Nine Months Ended September 30, 2023 Financial Results

Net income for the nine months ended September 30, 2023 was $86.1 million, or $16.79 per diluted share, compared to $44.5 million, or $8.67 per diluted share for the nine months ended September 30, 2022. Net income for the nine months ended September 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 nine months ended September 30, 2023 was $55.5 million, or $10.81 per diluted share, compared to $66.5 million, or $12.96 per diluted share for the nine months ended September 30, 2022.

Alexander’s, Inc. is a real estate investment trust which has five properties in New York City.

CONTACT:
GARY HANSEN
[phone]

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, 2022. 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, 2023 AND 2022

Below is a table of selected financial results.

	QUARTER ENDED
	SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)	2023				2022
Revenues	$	55,413			$	53,729
Net income	$	10,754			$	15,109
Net income per common share – basic and diluted	$	2.10			$	2.95
Weighted average shares outstanding – basic and diluted		5,130,678				5,127,086
FFO (non-GAAP)	$	18,623			$	22,544
FFO per diluted share (non-GAAP)	$	3.63			$	4.40
Weighted average shares used in computing FFO per diluted share		5,130,678				5,127,086

The following table reconciles net income to FFO (non-GAAP):

	QUARTER ENDED
	SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)	2023				2022
Net income	$	10,754			$	15,109
Depreciation and amortization of real property		7,869				7,435
FFO (non-GAAP)	$	18,623			$	22,544
FFO per diluted share (non-GAAP)	$	3.63			$	4.40
Weighted average shares used in computing FFO per diluted share		5,130,678				5,127,086

ALEXANDER'S, INC.

FINANCIAL RESULTS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2023 AND 2022

Below is a table of selected financial results.

	NINE MONTHS ENDED
	SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)	2023				2022
Revenues	$	162,027			$	152,768
Net income	$	86,127			$	44,455
Net income per common share – basic and diluted	$	16.79			$	8.67
Weighted average shares outstanding – basic and diluted		5,128,875				5,125,768
FFO (non-GAAP)	$	55,464			$	66,451
FFO per diluted share (non-GAAP)	$	10.81			$	12.96
Weighted average shares used in computing FFO per diluted share		5,128,875				5,125,768

The following table reconciles net income to FFO (non-GAAP):

	NINE MONTHS ENDED
	SEPTEMBER 30,
(Amounts in thousands, except share and per share amounts)	2023				2022
Net income	$	86,127			$	44,455
Depreciation and amortization of real property		23,289				21,996
Net gain on sale of real estate		(53,952	)			-
FFO (non-GAAP)	$	55,464			$	66,451
FFO per diluted share (non-GAAP)	$	10.81			$	12.96
Weighted average shares used in computing FFO per diluted share		5,128,875				5,125,768

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 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.