Alexander’s Announces Third Quarter Financial Results
Alexander's Inc (NYSE: ALX) reported its Q3 2024 financial results. Net income decreased to $6.7 million ($1.30 per diluted share) from $10.8 million ($2.10 per diluted share) in Q3 2023. FFO declined to $14.6 million ($2.84 per diluted share) compared to $18.6 million ($3.63 per diluted share) year-over-year. For the nine months ended September 30, 2024, net income was $31.2 million ($6.07 per diluted share), down from $86.1 million ($16.79 per diluted share) in 2023, which included a $54.0 million gain from the Rego Park III land sale.
Alexander's Inc (NYSE: ALX) ha riportato i risultati finanziari per il terzo trimestre del 2024. L'utile netto è diminuito a 6,7 milioni di dollari (1,30 dollari per azione diluita), rispetto ai 10,8 milioni di dollari (2,10 dollari per azione diluita) del terzo trimestre del 2023. L'FFO è sceso a 14,6 milioni di dollari (2,84 dollari per azione diluita), rispetto ai 18,6 milioni di dollari (3,63 dollari per azione diluita) dell'anno precedente. Per i nove mesi conclusisi il 30 settembre 2024, l'utile netto è stato di 31,2 milioni di dollari (6,07 dollari per azione diluita), in calo rispetto agli 86,1 milioni di dollari (16,79 dollari per azione diluita) del 2023, che includeva un guadagno di 54,0 milioni di dollari dalla vendita del terreno di Rego Park III.
Alexander's Inc (NYSE: ALX) informó sobre sus resultados financieros del tercer trimestre de 2024. El ingreso neto disminuyó a 6,7 millones de dólares (1,30 dólares por acción diluida), desde 10,8 millones de dólares (2,10 dólares por acción diluida) en el tercer trimestre de 2023. El FFO cayó a 14,6 millones de dólares (2,84 dólares por acción diluida) en comparación con 18,6 millones de dólares (3,63 dólares por acción diluida) en el mismo período del año anterior. Para los nueve meses que finalizaron el 30 de septiembre de 2024, el ingreso neto fue de 31,2 millones de dólares (6,07 dólares por acción diluida), en comparación con 86,1 millones de dólares (16,79 dólares por acción diluida) en 2023, que incluía una ganancia de 54,0 millones de dólares por la venta del terreno de Rego Park III.
알렉산더스 Inc (NYSE: ALX)는 2024년 3분기 재무 결과를 발표했습니다. 순이익은 670만 달러 (희석주당 1.30달러)로 2023년 3분기의 1,080만 달러 (희석주당 2.10달러)에서 감소했습니다. FFO는 1,460만 달러 (희석주당 2.84달러)로 작년 동기 대비 1,860만 달러 (희석주당 3.63달러)에서 감소했습니다. 2024년 9월 30일 종료된 9개월 동안의 순이익은 3,120만 달러 (희석주당 6.07달러)로, 2023년의 8,610만 달러 (희석주당 16.79달러)에서 감소했으며, 여기에는 Rego Park III 토지 판매로 인한 5,400만 달러의 이익이 포함되었습니다.
Alexander's Inc (NYSE: ALX) a publié ses résultats financiers pour le troisième trimestre de 2024. Le bénéfice net a diminué à 6,7 millions de dollars (1,30 dollar par action diluée) contre 10,8 millions de dollars (2,10 dollars par action diluée) au troisième trimestre de 2023. Le FFO a chuté à 14,6 millions de dollars (2,84 dollars par action diluée) par rapport à 18,6 millions de dollars (3,63 dollars par action diluée) d'une année sur l'autre. Pour les neuf mois se terminant le 30 septembre 2024, le bénéfice net s'élevait à 31,2 millions de dollars (6,07 dollars par action diluée), en baisse par rapport à 86,1 millions de dollars (16,79 dollars par action diluée) en 2023, qui comprenait un gain de 54,0 millions de dollars provenant de la vente de terrain de Rego Park III.
Alexander's Inc (NYSE: ALX) hat die Finanz Ergebnisse für das 3. Quartal 2024 veröffentlicht. Der Nettogewinn ist auf 6,7 Millionen Dollar (1,30 Dollar pro verwässerter Aktie) gesunken, von 10,8 Millionen Dollar (2,10 Dollar pro verwässerter Aktie) im 3. Quartal 2023. FFO fiel auf 14,6 Millionen Dollar (2,84 Dollar pro verwässerter Aktie) im Vergleich zu 18,6 Millionen Dollar (3,63 Dollar pro verwässerter Aktie) im Vorjahr. Für die neun Monate bis zum 30. September 2024 betrug der Nettogewinn 31,2 Millionen Dollar (6,07 Dollar pro verwässerter Aktie), ein Rückgang von 86,1 Millionen Dollar (16,79 Dollar pro verwässerter Aktie) im Jahr 2023, das einen Gewinn von 54,0 Millionen Dollar aus dem Verkauf des Rego Park III Grundstücks enthielt.
- Nine-month FFO increased to $57.1 million ($11.13 per share) from $55.5 million ($10.81 per share) year-over-year
- Q3 net income declined 38% to $6.7 million from $10.8 million year-over-year
- Q3 FFO decreased 21.5% to $14.6 million from $18.6 million year-over-year
- Nine-month net income dropped 63.8% to $31.2 million from $86.1 million year-over-year
Insights
The Q3 2024 results show concerning trends with significant declines in both net income and FFO metrics. Net income dropped
The nine-month performance appears more complex. While net income fell substantially from
With only five properties in New York City, the REIT's concentrated portfolio makes it particularly vulnerable to local market conditions. The quarterly decline in core metrics warrants attention from investors, though the slight improvement in year-to-date FFO provides some stability context.
PARAMUS, N.J., Nov. 04, 2024 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-Q for the quarter ended September 30, 2024 today and reported:
Third Quarter 2024 Financial Results
Net income for the quarter ended September 30, 2024 was
Funds from operations (“FFO”) (non-GAAP) for the quarter ended September 30, 2024 was
Nine Months Ended September 30, 2024 Financial Results
Net income for the nine months ended September 30, 2024 was
FFO (non-GAAP) for the nine months ended September 30, 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, 2023. 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, 2024 AND 2023 | ||||||||
| Below is a table of selected financial results. | ||||||||
| QUARTER ENDED SEPTEMBER 30, | ||||||||
| (Amounts in thousands, except share and per share amounts) | 2024 | 2023 | ||||||
| Revenues | $ | 55,675 | $ | 55,413 | ||||
| Net income | $ | 6,678 | $ | 10,754 | ||||
| Net income per common share - basic and diluted | $ | 1.30 | $ | 2.10 | ||||
| Weighted average shares outstanding - basic and diluted | 5,133,534 | 5,130,678 | ||||||
| FFO (non-GAAP) | $ | 14,582 | $ | 18,623 | ||||
| FFO per diluted share (non-GAAP) | $ | 2.84 | $ | 3.63 | ||||
| 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 SEPTEMBER 30, | ||||||||
| (Amounts in thousands, except share and per share amounts) | 2024 | 2023 | ||||||
| Net income | $ | 6,678 | $ | 10,754 | ||||
| Depreciation and amortization of real property | 7,904 | 7,869 | ||||||
| FFO (non-GAAP) | $ | 14,582 | $ | 18,623 | ||||
| FFO per diluted share (non-GAAP) | $ | 2.84 | $ | 3.63 | ||||
| Weighted average shares used in computing FFO per diluted share | 5,133,534 | 5,130,678 | ||||||
| ALEXANDER'S, INC. FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 | ||||||||
| Below is a table of selected financial results. | ||||||||
| NINE MONTHS ENDED SEPTEMBER 30, | ||||||||
| (Amounts in thousands, except share and per share amounts) | 2024 | 2023 | ||||||
| Revenues | $ | 170,464 | $ | 162,027 | ||||
| Net income | $ | 31,167 | $ | 86,127 | ||||
| Net income per common share - basic and diluted | $ | 6.07 | $ | 16.79 | ||||
| Weighted average shares outstanding - basic and diluted | 5,132,043 | 5,128,875 | ||||||
| FFO (non-GAAP) | $ | 57,123 | $ | 55,464 | ||||
| FFO per diluted share (non-GAAP) | $ | 11.13 | $ | 10.81 | ||||
| Weighted average shares used in computing FFO per diluted share | 5,132,043 | 5,128,875 | ||||||
| The following table reconciles net income to FFO (non-GAAP): | |||||||||
| NINE MONTHS ENDED SEPTEMBER 30, | |||||||||
| (Amounts in thousands, except share and per share amounts) | 2024 | 2023 | |||||||
| Net income | $ | 31,167 | $ | 86,127 | |||||
| Depreciation and amortization of real property | 25,956 | 23,289 | |||||||
| Net gain on sale of real estate | — | (53,952 | ) | ||||||
| FFO (non-GAAP) | $ | 57,123 | $ | 55,464 | |||||
| FFO per diluted share (non-GAAP) | $ | 11.13 | $ | 10.81 | |||||
| Weighted average shares used in computing FFO per diluted share | 5,132,043 | 5,128,875 | |||||||
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 non-GAAP financial measures 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) net income for Q3 2024?
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What was the impact of the Rego Park III land sale on Alexander's (ALX) 2023 nine-month results?
