Alexander’s Announces Fourth Quarter Financial Results

World News: . []

PARAMUS, N.J., Feb. 11, 2019 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-K for the year ended December 31, 2018 today and reported:

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.

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.

Below is a table of selected financial results.

The following table reconciles net income to net income, as adjusted (non-GAAP):         

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

Below is a table of selected financial results.

The following table reconciles net income to net income, as adjusted (non-GAAP):

The 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 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)).

More news and information about Alexander's, Inc.

Published By:

Globe Newswire: 13:56 GMT Monday 11th February 2019

Published: .

Search for other references to "alexander" on SPi News


Share

Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
 
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.
 
Privacy Policy | Terms and Conditions | Contact Us