Alexander’s Announces Second Quarter Financial Results
ALEXANDER’S, INC. (ALX) reported second quarter 2020 financial results showing a net income of $12.3 million, or $2.41 per diluted share, up from $11.3 million, or $2.20 per diluted share in Q2 2019. However, Funds from Operations (FFO) declined to $18.0 million, or $3.51 per diluted share, down from $24.3 million, or $4.75 per diluted share in the same quarter last year. For the first half, net income was $16.9 million, or $3.30 per diluted share, significantly lower than $29.1 million, or $5.70 in H1 2019. Approximately 89% of rent was collected during the quarter.
- Net income for Q2 2020 increased to $12.3 million from $11.3 million in Q2 2019.
- Net income for the first half of 2020 was $16.9 million compared to $29.1 million in H1 2019.
- FFO decreased to $18.0 million in Q2 2020 from $24.3 million in Q2 2019.
- First half FFO dropped to $41.7 million from $49.8 million in the same period last year.
PARAMUS, N.J., Aug. 03, 2020 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-Q for the quarter ended June 30, 2020 today and reported:
Second Quarter 2020 Financial Results
Net income for the quarter ended June 30, 2020 was
Funds from operations (“FFO”) (non-GAAP) for the quarter ended June 30, 2020 was
Overall, we have collected approximately
First Half 2020 Financial Results
Net income for the six months ended June 30, 2020 was
FFO (non-GAAP) for the six months ended June 30, 2020 was
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) 587-8541
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, 2019 and in Part II, Item 1A, of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. 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, general competitive factors and the impact of the COVID-19 pandemic.
(tables to follow)
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE QUARTERS ENDED
JUNE 30, 2020 AND 2019
Below is a table of selected financial results.
| QUARTER ENDED | ||||||
| JUNE 30, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | ||||
| Revenues | $ | 45,478 | $ | 55,932 | ||
| Net income | $ | 12,331 | $ | 11,283 | ||
| Net income per common share – basic and diluted | $ | 2.41 | $ | 2.20 | ||
| Weighted average shares outstanding - basic and diluted | 5,120,548 | 5,118,030 | ||||
| FFO (non-GAAP) | $ | 17,995 | $ | 24,305 | ||
| FFO per diluted share (non-GAAP) | $ | 3.51 | $ | 4.75 | ||
| Weighted average shares used in computing FFO per diluted share | 5,120,548 | 5,118,030 | ||||
The following table reconciles net income to FFO (non-GAAP):
| QUARTER ENDED | ||||||
| JUNE 30, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | ||||
| Net income | $ | 12,331 | $ | 11,283 | ||
| Depreciation and amortization of real property | 7,501 | 7,744 | ||||
| Change in fair value of marketable securities | (1,837 | ) | 5,278 | |||
| FFO (non-GAAP) | $ | 17,995 | $ | 24,305 | ||
| FFO per diluted share (non-GAAP) | $ | 3.51 | $ | 4.75 | ||
| Weighted average shares used in computing FFO per diluted share | 5,120,548 | 5,118,030 | ||||
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE SIX MONTHS ENDED
JUNE 30, 2020 AND 2019
Below is a table of selected financial results.
| SIX MONTHS ENDED | ||||||
| JUNE 30, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | ||||
| Revenues | $ | 99,588 | $ | 112,710 | ||
| Net income | $ | 16,903 | $ | 29,148 | ||
| Net income per common share – basic and diluted | $ | 3.30 | $ | 5.70 | ||
| Weighted average shares outstanding - basic and diluted | 5,119,623 | 5,117,690 | ||||
| FFO (non-GAAP) | $ | 41,739 | $ | 49,836 | ||
| FFO per diluted share (non-GAAP) | $ | 8.15 | $ | 9.74 | ||
| Weighted average shares used in computing FFO per diluted share | 5,119,623 | 5,117,690 | ||||
The following table reconciles net income to FFO (non-GAAP):
| SIX MONTHS ENDED | ||||||
| JUNE 30, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | ||||
| Net income | $ | 16,903 | $ | 29,148 | ||
| Depreciation and amortization of real property | 15,278 | 15,448 | ||||
| Change in fair value of marketable securities | 9,558 | 5,240 | ||||
| FFO (non-GAAP) | $ | 41,739 | $ | 49,836 | ||
| FFO per diluted share (non-GAAP) | $ | 8.15 | $ | 9.74 | ||
| Weighted average shares used in computing FFO per diluted share | 5,119,623 | 5,117,690 | ||||
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 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.
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