Alexander : Announces First Quarter 2015 FFO of $4.92 per share
May 04, 2015 at 08:52 am EDT
Share
ALEXANDER’S, INC. (NYSE: ALX) filed its Form 10-Q for the quarter ended
March 31, 2015 today and reported:
Net income for the quarter ended March 31, 2015 was $17.8 million, or
$3.49 per diluted share, compared to $15.2 million, or $2.98 per diluted
share for the quarter ended March 31, 2014. Funds from operations
(“FFO”) for the quarter ended March 31, 2015 was $25.1 million, or $4.92
per diluted share, compared to $22.5 million, or $4.40 per diluted share
for the quarter ended March 31, 2014.
Alexander’s, Inc. is a real estate investment trust which has
six properties in the greater New York City metropolitan area.
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, 2014. Such factors include,
among others, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
ALEXANDER'S, INC.
OPERATING RESULTS FOR THE QUARTERS ENDED MARCH
31, 2015 AND 2014
Below is a table of selected operating results.
QUARTER ENDED
MARCH 31,
(Amounts in thousands, except share and per share amounts)
2015
2014
Revenues
$
52,036
$
49,468
Net income - basic and diluted
$
17,822
$
15,244
Net income per common share - basic and diluted
$
3.49
$
2.98
Weighted average shares outstanding - basic and diluted
5,111,201
5,109,717
The following table reconciles our net income to FFO:
QUARTER ENDED
MARCH 31,
(Amounts in thousands, except share and per share amounts)
2015
2014
Net income
$
17,822
$
15,244
Depreciation and amortization of real property
7,314
7,230
FFO
$
25,136
$
22,474
FFO per diluted share
$
4.92
$
4.40
Weighted average shares used in computing FFO per diluted share
5,111,201
5,109,717
_____________________
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 depreciated real estate
assets, real estate impairment losses, depreciation and amortization
expense from real estate assets, extraordinary items and other specified
non-cash 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 our net income to FFO is provided above.
Alexander's, Inc. is a real estate investment trust (REIT). The Company is engaged in leasing, managing, developing and redeveloping its properties. It is managed by, and its properties are leased and developed by, Vornado Realty Trust (Vornado). It has five properties in New York City consisting of 731 Lexington Avenue, a 1,079,000 square foot multi-use building comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan; Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens; Rego Park II, a 616,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens; Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, and The Alexander apartment tower, located above its Rego Park II shopping center, contains 312 units aggregating 255,000 square feet.