Alexander’s Announces Second Quarter Financial Results

Company Release - 8/3/2020 9:04 AM ET

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 $12.3 million, or $2.41 per diluted share, compared to $11.3 million, or $2.20 per diluted share for the quarter ended June 30, 2019.

Funds from operations (“FFO”) (non-GAAP) for the quarter ended June 30, 2020 was $18.0 million, or $3.51 per diluted share, compared to $24.3 million, or $4.75 per diluted share for the quarter ended June 30, 2019.

Overall, we have collected approximately 89% of rent billed for the quarter ended June 30, 2020 (92% including rent deferrals).

First Half 2020 Financial Results

Net income for the six months ended June 30, 2020 was $16.9 million, or $3.30 per diluted share, compared to $29.1 million, or $5.70 per diluted share for the six months ended June 30, 2019.

FFO (non-GAAP) for the six months ended June 30, 2020 was $41.7 million, or $8.15 per diluted share, compared to $49.8 million, or $9.74 per diluted share for the six months ended June 30, 2019.

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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Source: Alexander's, Inc.