Alexander’s Announces Fourth Quarter Financial Results
Alexander's Inc (ALX) has reported its fourth quarter and full-year 2024 financial results. For Q4 2024, the company recorded net income of $12.3 million ($2.39 per diluted share), down from $16.3 million ($3.17 per diluted share) in Q4 2023. Q4 revenues decreased to $55.9 million from $62.9 million year-over-year.
For the full year 2024, net income was $43.4 million ($8.46 per diluted share), compared to $102.4 million ($19.97 per diluted share) in 2023. The significant difference is mainly due to a $54.0 million gain from the sale of Rego Park III land parcel in 2023. Annual revenues slightly increased to $226.4 million from $225.0 million.
The company's Funds from Operations (FFO) for Q4 2024 was $20.8 million ($4.06 per share), down from $25.6 million ($4.99 per share) in Q4 2023. Full-year 2024 FFO decreased to $78.0 million ($15.19 per share) from $81.1 million ($15.80 per share) in 2023.
Alexander's Inc (ALX) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Per il Q4 2024, l'azienda ha registrato un utile netto di 12,3 milioni di dollari (2,39 dollari per azione diluita), in calo rispetto ai 16,3 milioni di dollari (3,17 dollari per azione diluita) del Q4 2023. I ricavi del Q4 sono diminuiti a 55,9 milioni di dollari rispetto ai 62,9 milioni di dollari dell'anno precedente.
Per l'intero anno 2024, l'utile netto è stato di 43,4 milioni di dollari (8,46 dollari per azione diluita), rispetto ai 102,4 milioni di dollari (19,97 dollari per azione diluita) del 2023. La differenza significativa è principalmente dovuta a un guadagno di 54,0 milioni di dollari dalla vendita del terreno di Rego Park III nel 2023. I ricavi annuali sono aumentati leggermente a 226,4 milioni di dollari rispetto ai 225,0 milioni di dollari.
I Fondi dalle Operazioni (FFO) dell’azienda per il Q4 2024 sono stati di 20,8 milioni di dollari (4,06 dollari per azione), in calo rispetto ai 25,6 milioni di dollari (4,99 dollari per azione) del Q4 2023. L'FFO dell'intero anno 2024 è diminuito a 78,0 milioni di dollari (15,19 dollari per azione) rispetto agli 81,1 milioni di dollari (15,80 dollari per azione) del 2023.
Alexander's Inc (ALX) ha informado sobre los resultados financieros del cuarto trimestre y del año completo 2024. Para el Q4 2024, la empresa registró un ingreso neto de 12,3 millones de dólares (2,39 dólares por acción diluida), una disminución con respecto a los 16,3 millones de dólares (3,17 dólares por acción diluida) en el Q4 2023. Los ingresos del Q4 disminuyeron a 55,9 millones de dólares desde 62,9 millones de dólares comparado con el año anterior.
Para el año completo 2024, el ingreso neto fue de 43,4 millones de dólares (8,46 dólares por acción diluida), en comparación con 102,4 millones de dólares (19,97 dólares por acción diluida) en 2023. La diferencia significativa se debe principalmente a una ganancia de 54,0 millones de dólares por la venta de una parcela de terreno en Rego Park III en 2023. Los ingresos anuales aumentaron ligeramente a 226,4 millones de dólares desde 225,0 millones de dólares.
Los Fondos de Operaciones (FFO) de la compañía para el Q4 2024 fueron de 20,8 millones de dólares (4,06 dólares por acción), una disminución frente a los 25,6 millones de dólares (4,99 dólares por acción) en el Q4 2023. El FFO del año completo 2024 disminuyó a 78,0 millones de dólares (15,19 dólares por acción) desde 81,1 millones de dólares (15,80 dólares por acción) en 2023.
Alexander's Inc (ALX)는 2024년 4분기 및 연간 재무 결과를 보고했습니다. 2024년 4분기 동안 회사는 1,230만 달러의 순이익 (희석 주당 2.39 달러)를 기록했으며, 이는 2023년 4분기의 1,630만 달러 (희석 주당 3.17 달러)에서 감소한 수치입니다. 4분기 수익은 작년 대비 6290만 달러에서 5590만 달러로 감소했습니다.
2024년 전체를 기준으로 한 순이익은 4,340만 달러(희석 주당 8.46 달러)로, 2023년의 10,240만 달러(희석 주당 19.97 달러)와 비교됩니다. 주요 차이는 2023년 Rego Park III 토지Parcel 매각으로 인한 5,400만 달러의 이익 때문입니다. 연간 수익은 2억 2640만 달러에서 2억 2500만 달러로 소폭 증가했습니다.
회사의 운영 자금(FFO)는 2024년 4분기에 2,080만 달러(주당 4.06 달러)로, 2023년 4분기의 2,560만 달러(주당 4.99 달러)에서 감소했습니다. 전체 연도 2024년 FFO는 81.1백만 달러 (15.80달러)에서 78.0백만 달러 (15.19달러)로 감소했습니다.
Alexander's Inc (ALX) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Pour le Q4 2024, la société a enregistré un revenu net de 12,3 millions de dollars (2,39 dollars par action diluée), en baisse par rapport à 16,3 millions de dollars (3,17 dollars par action diluée) au Q4 2023. Les revenus du Q4 ont diminué à 55,9 millions de dollars contre 62,9 millions de dollars d'une année sur l'autre.
Pour l'année complète 2024, le revenu net était de 43,4 millions de dollars (8,46 dollars par action diluée), comparé à 102,4 millions de dollars (19,97 dollars par action diluée) en 2023. La différence significative est principalement due à un gain de 54,0 millions de dollars provenant de la vente d'un terrain à Rego Park III en 2023. Les revenus annuels ont légèrement augmenté à 226,4 millions de dollars contre 225,0 millions de dollars.
Les Fonds d'Opérations (FFO) de la société pour le Q4 2024 étaient de 20,8 millions de dollars (4,06 dollars par action), en baisse par rapport à 25,6 millions de dollars (4,99 dollars par action) au Q4 2023. Le FFO pour l'année complète 2024 a diminué à 78,0 millions de dollars (15,19 dollars par action) par rapport à 81,1 millions de dollars (15,80 dollars par action) en 2023.
Alexander's Inc (ALX) hat seine Finanz Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben. Im Q4 2024 verzeichnete das Unternehmen einen Netto Gewinn von 12,3 Millionen Dollar (2,39 Dollar pro verwässerter Aktie), ein Rückgang im Vergleich zu 16,3 Millionen Dollar (3,17 Dollar pro verwässerter Aktie) im Q4 2023. Die Einnahmen im Q4 sanken auf 55,9 Millionen Dollar von 62,9 Millionen Dollar im Vergleich zum Vorjahr.
Im gesamten Jahr 2024 betrug der Netto Gewinn 43,4 Millionen Dollar (8,46 Dollar pro verwässerter Aktie), verglichen mit 102,4 Millionen Dollar (19,97 Dollar pro verwässerter Aktie) im Jahr 2023. Der wesentliche Unterschied stammt hauptsächlich von einem Gewinn von 54,0 Millionen Dollar aus dem Verkauf eines Grundstücks in Rego Park III im Jahr 2023. Die jährlichen Einnahmen stiegen leicht auf 226,4 Millionen Dollar von 225,0 Millionen Dollar.
Die Fonds aus dem Betrieb (FFO) des Unternehmens lagen im Q4 2024 bei 20,8 Millionen Dollar (4,06 Dollar pro Aktie), ein Rückgang von 25,6 Millionen Dollar (4,99 Dollar pro Aktie) im Q4 2023. Der FFO für das gesamte Jahr 2024 verringerte sich auf 78,0 Millionen Dollar (15,19 Dollar pro Aktie) von 81,1 Millionen Dollar (15,80 Dollar pro Aktie) im Jahr 2023.
- Slight increase in annual revenues to $226.4M from $225.0M
- Q4 2024 net income decreased 24.6% to $12.3M from $16.3M YoY
- Q4 2024 revenues declined 11.2% to $55.9M from $62.9M YoY
- Q4 2024 FFO decreased 18.6% to $20.8M from $25.6M YoY
- Full-year FFO declined to $78.0M from $81.1M YoY
Insights
The Q4 2024 results from Alexander's reveal concerning operational trends that warrant careful analysis. The quarterly FFO decline of
The company's concentrated portfolio of just five New York City properties makes it particularly vulnerable to local market dynamics. The minimal revenue growth of
A deeper examination of the financials reveals concerning trends:
- The core FFO per share dropped from
$15.80 to$15.19 , suggesting reduced operational efficiency - Depreciation and amortization costs increased by
5.9% , indicating potential need for increased property maintenance - The absence of property sales in 2024 highlights portfolio optimization opportunities given the small asset base
For investors, these results raise questions about Alexander's ability to maintain competitive returns in a challenging NYC real estate environment. The concentrated portfolio offers diversification benefits and the declining FFO trend could impact dividend sustainability if it continues. The company's focus on prime NYC locations provides some downside protection, but the lack of geographic diversification and growth catalysts may constrain future performance potential.
PARAMUS, N.J., Feb. 10, 2025 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-K for the year ended December 31, 2024 today and reported:
Fourth Quarter 2024 Financial Results
Net income for the quarter ended December 31, 2024 was
Funds from operations (“FFO”) (non-GAAP) for the quarter ended December 31, 2024 was
Year Ended December 31, 2024 Financial Results
Net income for the year ended December 31, 2024 was
FFO (non-GAAP) for the year ended December 31, 2024 was
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, 2024. 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 DECEMBER 31, 2024 AND 2023 | |||||||
| Below is a table of selected financial results. | |||||||
| QUARTER ENDED DECEMBER 31, | |||||||
| (Amounts in thousands, except share and per share amounts) | 2024 | 2023 | |||||
| Revenues | $ | 55,910 | $ | 62,935 | |||
| Net Income | $ | 12,277 | $ | 16,286 | |||
| Net income per common share - basic and diluted | $ | 2.39 | $ | 3.17 | |||
| Weighted average shares outstanding - basic and diluted | 5,133,534 | 5,130,678 | |||||
| FFO (non-GAAP) | $ | 20,845 | $ | 25,603 | |||
| FFO per diluted share (non-GAAP) | $ | 4.06 | $ | 4.99 | |||
| Weighted average shares used in computing FFO per diluted share | 5,133,534 | 5,130,678 | |||||
| The following table reconciles net income to FFO (non-GAAP): | |||||||
| QUARTER ENDED DECEMBER 31, | |||||||
| (Amount in thousands, except share and per share amounts) | 2024 | 2023 | |||||
| Net Income | $ | 12,277 | $ | 16,286 | |||
| Depreciation and amortization of real property | 8,568 | 9,317 | |||||
| FFO (non-GAAP) | $ | 20,845 | $ | 25,603 | |||
| FFO per diluted share (non-GAAP) | $ | 4.06 | $ | 4.99 | |||
| Weighted average shares used in computing FFO per diluted share | 5,133,534 | 5,130,678 | |||||
| ALEXANDER'S, INC. FINANCIAL RESULTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 | |||||||
| Below is a table of selected financial results. | |||||||
| YEAR ENDED DECEMBER 31, | |||||||
| (Amounts in thousands, except share and per share amounts) | 2024 | 2023 | |||||
| Revenues | $ | 226,374 | $ | 224,962 | |||
| Net Income | $ | 43,444 | $ | 102,413 | |||
| Net income per common share - basic and diluted | $ | 8.46 | $ | 19.97 | |||
| Weighted average shares outstanding - basic and diluted | 5,132,418 | 5,129,330 | |||||
| FFO (non-GAAP) | $ | 77,968 | $ | 81,067 | |||
| FFO per diluted share (non-GAAP) | $ | 15.19 | $ | 15.80 | |||
| Weighted average shares used in computing FFO per diluted share | 5,132,418 | 5,129,330 | |||||
| The following table reconciles net income to FFO (non-GAAP): | |||||||
| YEAR ENDED DECEMBER 31, | |||||||
| (Amount in thousands, except share and per share amounts) | 2024 | 2023 | |||||
| Net Income | $ | 43,444 | $ | 102,413 | |||
| Depreciation and amortization of real property | 34,524 | 32,606 | |||||
| Net gain on sale of real estate | — | (53,952 | ) | ||||
| FFO (non-GAAP) | $ | 77,968 | $ | 81,067 | |||
| FFO per diluted share (non-GAAP) | $ | 15.19 | $ | 15.80 | |||
| Weighted average shares used in computing FFO per diluted share | 5,132,418 | 5,129,330 | |||||
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.
FAQ
What was Alexander's (ALX) Q4 2024 net income compared to Q4 2023?
How did ALX's full-year 2024 revenue compare to 2023?
What was the impact of the Rego Park III land parcel sale on ALX's 2023 results?
How did ALX's Q4 2024 FFO perform compared to Q4 2023?
What was Alexander's (ALX) full-year 2024 FFO compared to 2023?
