Alexander’s Announces Third Quarter Financial Results
ALEXANDER’S, INC. (ALX) reported its Q3 2020 results, showing a net income of $6.6 million or $1.29 per diluted share, down from $16.5 million or $3.22 a year ago. Funds from operations (FFO) for Q3 2020 were $15.4 million or $3.00 per diluted share, compared to $25.2 million or $4.92 in Q3 2019. For the nine months ended September 30, 2020, net income was $23.5 million (or $4.59 per diluted share), down from $45.6 million (or $8.92) the previous year. Approximately 95% of rent was collected for Q3 2020.
- Collected approximately 95% of rent billed for Q3 2020
- FFO of $15.4 million indicates operational resilience despite challenges
- Net income declined 60% year-over-year in Q3 2020
- FFO decreased 39% year-over-year in Q3 2020
PARAMUS, N.J., Nov. 02, 2020 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-Q for the quarter ended September 30, 2020 today and reported:
Third Quarter 2020 Financial Results
Net income for the quarter ended September 30, 2020 was
Funds from operations (“FFO”) (non-GAAP) for the quarter ended September 30, 2020 was
We have collected approximately
Nine Months Ended September 30, 2020 Financial Results
Net income for the nine months ended September 30, 2020 was
FFO (non-GAAP) for the nine months ended September 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, June 30, 2020 and September 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.
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE QUARTERS ENDED
SEPTEMBER 30, 2020 AND 2019
Below is a table of selected financial results.
| QUARTER ENDED | ||||||
| SEPTEMBER 30, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | ||||
| Revenues | $ | 43,499 | $ | 57,760 | ||
| Net income | $ | 6,604 | $ | 16,493 | ||
| Net income per common share – basic and diluted | $ | 1.29 | $ | 3.22 | ||
| Weighted average shares outstanding - basic and diluted | 5,122,206 | 5,118,698 | ||||
| FFO (non-GAAP) | $ | 15,363 | $ | 25,208 | ||
| FFO per diluted share (non-GAAP) | $ | 3.00 | $ | 4.92 | ||
| Weighted average shares used in computing FFO per diluted share | 5,122,206 | 5,118,698 | ||||
The following table reconciles net income to FFO (non-GAAP):
| QUARTER ENDED | |||||||
| SEPTEMBER 30, | |||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | |||||
| Net income | $ | 6,604 | $ | 16,493 | |||
| Depreciation and amortization of real property | 7,528 | 7,698 | |||||
| Change in fair value of marketable securities | 1,231 | 1,017 | |||||
| FFO (non-GAAP) | $ | 15,363 | $ | 25,208 | |||
| FFO per diluted share (non-GAAP) | $ | 3.00 | $ | 4.92 | |||
| Weighted average shares used in computing FFO per diluted share | 5,122,206 | 5,118,698 | |||||
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2020 AND 2019
Below is a table of selected financial results.
| NINE MONTHS ENDED | ||||||
| SEPTEMBER 30, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | ||||
| Revenues | $ | 143,087 | $ | 170,470 | ||
| Net income | $ | 23,507 | $ | 45,641 | ||
| Net income per common share – basic and diluted | $ | 4.59 | $ | 8.92 | ||
| Weighted average shares outstanding - basic and diluted | 5,120,490 | 5,118,030 | ||||
| FFO (non-GAAP) | $ | 57,102 | $ | 75,044 | ||
| FFO per diluted share (non-GAAP) | $ | 11.15 | $ | 14.66 | ||
| Weighted average shares used in computing FFO per diluted share | 5,120,490 | 5,118,030 | ||||
The following table reconciles net income to FFO (non-GAAP):
| NINE MONTHS ENDED | |||||||
| SEPTEMBER 30, | |||||||
| (Amounts in thousands, except share and per share amounts) | 2020 | 2019 | |||||
| Net income | $ | 23,507 | $ | 45,641 | |||
| Depreciation and amortization of real property | 22,806 | 23,146 | |||||
| Change in fair value of marketable securities | 10,789 | 6,257 | |||||
| FFO (non-GAAP) | $ | 57,102 | $ | 75,044 | |||
| FFO per diluted share (non-GAAP) | $ | 11.15 | $ | 14.66 | |||
| Weighted average shares used in computing FFO per diluted share | 5,120,490 | 5,118,030 | |||||
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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