PARAMUS, N.J., Oct. 31, 2022 (GLOBE NEWSWIRE) — ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-Q for the quarter ended September 30, 2022 in the present day and reported:
Third Quarter 2022 Financial Results
Net earnings for the quarter ended September 30, 2022 was $15.1 million, or $2.95 per diluted share, in comparison with $11.4 million, or $2.22 per diluted share for the quarter ended September 30, 2021.
Funds from operations (“FFO”) (non-GAAP) for the quarter ended September 30, 2022 was $22.5 million, or $4.40 per diluted share, in comparison with $21.2 million, or $4.13 per diluted share for the quarter ended September 30, 2021.
Nine Months Ended September 30, 2022 Financial Results
Net earnings for the 9 months ended September 30, 2022 was $44.5 million, or $8.67 per diluted share, in comparison with $55.2 million, or $10.77 per diluted share for the 9 months ended September 30, 2021.
FFO (non-GAAP) for the 9 months ended September 30, 2022 was $66.5 million, or $12.96 per diluted share, in comparison with $68.1 million, or $13.29 per diluted share for the 9 months ended September 30, 2021.
Alexander’s, Inc. is an actual property funding belief which has six properties within the better New York City metropolitan space.
CONTACT:
GARY HANSEN
(201) 587-8541
Certain statements contained herein could represent “forward-looking statements” inside the which means of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually not ensures of future efficiency. They contain dangers, uncertainties and assumptions. Our future outcomes, monetary situation, outcomes of operations and business could differ materially from these expressed in these forward-looking statements. You can discover many of those statements by in search of phrases resembling “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or different comparable expressions on this press launch. For a dialogue of things that might materially have an effect on the end result of our forward-looking statements and our future outcomes and monetary situation, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-Okay for the 12 months ended December 31, 2021. Currently, a number of the elements are the continued hostile impact of the COVID-19 pandemic, the rise in rates of interest and inflation on our business, monetary situation, outcomes of operations, money flows, working efficiency and the impact that these elements have had and should proceed to have on our tenants, the worldwide, nationwide, regional and native economies and monetary markets and the actual property market typically. The extent of the affect of the COVID-19 pandemic will proceed to rely on future developments, together with vaccination charges among the many inhabitants, the efficacy and sturdiness of vaccines towards rising variants, and governmental and tenant responses thereto, which proceed to be unsure however the affect may very well be materials. Moreover, you’re cautioned that the COVID-19 pandemic will heighten lots of the dangers recognized in “Item 1A. – Risk Factors” in Part I of our Annual Report on Form 10-Okay for the 12 months ended December 31, 2021.
(tables to comply with)
ALEXANDER’S, INC.
FINANCIAL RESULTS FOR THE QUARTERS ENDED
SEPTEMBER 30, 2022 AND 2021
Below is a desk of chosen monetary outcomes.
| QUARTER ENDED | ||||||
| SEPTEMBER 30, | ||||||
| (Amounts in hundreds, besides share and per share quantities) | 2022 | 2021 | ||||
| Revenues | $ | 53,729 | $ | 48,950 | ||
| Net earnings | $ | 15,109 | $ | 11,401 | ||
| Net earnings per widespread share – primary and diluted | $ | 2.95 | $ | 2.22 | ||
| Weighted common shares excellent – primary and diluted | 5,127,086 | 5,124,478 | ||||
| FFO (non-GAAP) | $ | 22,544 | $ | 21,181 | ||
| FFO per diluted share (non-GAAP) | $ | 4.40 | $ | 4.13 | ||
| Weighted common shares utilized in computing FFO per diluted share | 5,127,086 | 5,124,478 | ||||
The following desk reconciles web earnings to FFO (non-GAAP):
| QUARTER ENDED | |||||||
| SEPTEMBER 30, | |||||||
| (Amounts in hundreds, besides share and per share quantities) | 2022 | 2021 | |||||
| Net earnings | $ | 15,109 | $ | 11,401 | |||
| Depreciation and amortization of actual property | 7,435 | 8,911 | |||||
| Change in truthful worth of marketable securities | – | 869 | |||||
| FFO (non-GAAP) | $ | 22,544 | $ | 21,181 | |||
| FFO per diluted share (non-GAAP) | $ | 4.40 | $ | 4.13 | |||
| Weighted common shares utilized in computing FFO per diluted share | 5,127,086 | 5,124,478 | |||||
ALEXANDER’S, INC.
FINANCIAL RESULTS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2022 AND 2021
Below is a desk of chosen monetary outcomes.
| NINE MONTHS ENDED | ||||||
| SEPTEMBER 30, | ||||||
| (Amounts in hundreds, besides share and per share quantities) | 2022 | 2021 | ||||
| Revenues | $ | 152,768 | $ | 156,491 | ||
| Net earnings | $ | 44,455 | $ | 55,181 | ||
| Net earnings per widespread share – primary and diluted | $ | 8.67 | $ | 10.77 | ||
| Weighted common shares excellent – primary and diluted | 5,125,768 | 5,123,321 | ||||
| FFO (non-GAAP) | $ | 66,451 | $ | 68,095 | ||
| FFO per diluted share (non-GAAP) | $ | 12.96 | $ | 13.29 | ||
| Weighted common shares utilized in computing FFO per diluted share | 5,125,768 | 5,123,321 | ||||
The following desk reconciles web earnings to FFO (non-GAAP):
| NINE MONTHS ENDED | |||||||
| SEPTEMBER 30, | |||||||
| (Amounts in hundreds, besides share and per share quantities) | 2022 | 2021 | |||||
| Net earnings | $ | 44,455 | $ | 55,181 | |||
| Depreciation and amortization of actual property | 21,996 | 25,449 | |||||
| Net acquire on sale of actual property | – | (9,124 | ) | ||||
| Change in truthful worth of marketable securities | – | (3,411 | ) | ||||
| FFO (non-GAAP) | $ | 66,451 | $ | 68,095 | |||
| FFO per diluted share (non-GAAP) | $ | 12.96 | $ | 13.29 | |||
| Weighted common shares utilized in computing FFO per diluted share | 5,125,768 | 5,123,321 | |||||
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 web earnings or loss adjusted to exclude web positive aspects from gross sales of sure actual property belongings, actual property impairment losses, depreciation and amortization expense from actual property belongings and different specified objects, together with the professional rata share of such changes of unconsolidated subsidiaries. FFO and FFO per diluted share are utilized by administration, traders and analysts to facilitate significant comparisons of working efficiency between intervals and amongst our friends as a result of it excludes the impact of actual property depreciation and amortization and web positive aspects on gross sales, that are based mostly on historic prices and implicitly assume that the worth of actual property diminishes predictably over time, somewhat than fluctuating based mostly on current market circumstances. FFO doesn’t characterize money generated from working actions and isn’t essentially indicative of money accessible to fund money necessities and shouldn’t be thought of as a substitute for web earnings as a efficiency measure or money circulation as a liquidity measure. FFO will not be akin to equally titled measures employed by different firms. A reconciliation of web earnings to FFO is offered above.
