Alexander’s Announces Fourth Quarter Financial Results
14 Februar 2022 - 2:52PM
ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form
10-K for the year ended December 31, 2021 today and reported:
Fourth Quarter 2021 Financial
Results
Net income for the quarter ended December 31,
2021 was $77.7 million, or $15.17 per diluted share, compared to
$18.4 million, or $3.60 per diluted share for the quarter ended
December 31, 2020. Net income for the quarter ended December 31,
2021 included $63.2 million, or $12.33 per diluted share, of income
as a result of net gains on the sale of real estate, including $2.3
million, or $0.46 per diluted share, from discontinued
operations.
Funds from operations (“FFO”) (non-GAAP) for the
quarter ended December 31, 2021 was $21.7 million, or $4.23 per
diluted share, compared to $25.4 million, or $4.96 per diluted
share for the quarter ended December 31, 2020.
Year Ended December 31, 2021 Financial
Results
Net income for the year ended December 31, 2021
was $132.9 million, or $25.94 per diluted share, compared to $41.9
million, or $8.19 per diluted share for the year ended December 31,
2020. Net income for the year ended December 31, 2021 included
$72.3 million, or $14.11 per diluted share, of income as a result
of net gains on the sale of real estate, including $2.3 million, or
$0.46 per diluted share, from discontinued
operations.
FFO (non-GAAP) for the year ended December 31,
2021 was $89.8 million, or $17.52 per diluted share, compared to
$82.5 million, or $16.11 per diluted share for the year ended
December 31, 2020.
Alexander’s, Inc. is a real estate investment
trust which has six properties in the greater New York
City metropolitan area.
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, 2021. 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
ENDEDDECEMBER 31, 2021 AND
2020
Below is a table of selected financial
results.
| |
|
QUARTER ENDED |
| |
|
DECEMBER 31, |
| |
(Amounts in thousands, except
share and per share amounts) |
2021 |
|
2020 |
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
49,657 |
|
$ |
56,055 |
| |
|
|
|
|
|
|
| |
Income from continuing
operations |
$ |
75,401 |
|
$ |
18,432 |
| |
Income from discontinued
operations |
|
2,348 |
|
|
- |
| |
Net income |
$ |
77,749 |
|
$ |
18,432 |
| |
|
|
|
|
|
|
| |
Income per common share –
basic and diluted |
|
|
|
|
|
| |
Income from continuing
operations |
$ |
14.71 |
|
$ |
3.60 |
| |
Income from discontinued
operations |
|
0.46 |
|
|
- |
| |
Net income per common
share |
$ |
15.17 |
|
$ |
3.60 |
| |
|
|
|
|
|
|
| |
Weighted average shares
outstanding - basic and diluted |
|
5,124,478 |
|
|
5,122,206 |
| |
|
|
|
|
|
|
| |
FFO (non-GAAP) |
$ |
21,662 |
|
$ |
25,407 |
| |
|
|
|
|
|
|
| |
FFO per diluted share
(non-GAAP) |
$ |
4.23 |
|
$ |
4.96 |
| |
|
|
|
|
|
|
| |
Weighted average shares used
in computing FFO per diluted share |
|
5,124,478 |
|
|
5,112,206 |
| The following table reconciles
net income to FFO (non-GAAP): |
|
|
|
|
|
|
|
| |
QUARTER ENDEDDECEMBER 31, |
| (Amounts in thousands, except
share and per share amounts) |
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
Net income |
$ |
77,749 |
|
|
$ |
18,432 |
|
| Depreciation and amortization
of real property |
|
7,158 |
|
|
|
9,165 |
|
| Net gains on sale of real
estate (including $2,348 from discontinued operations) |
|
(63,174 |
) |
|
|
- |
|
| Change in fair value of
marketable securities |
|
(71 |
) |
|
|
(2,190 |
) |
| Net income, as adjusted
(non-GAAP) |
$ |
21,662 |
|
|
$ |
25,407 |
|
| |
|
|
|
|
|
| FFO per diluted share
(non-GAAP) |
$ |
4.23 |
|
|
$ |
4.96 |
|
| |
|
|
|
|
|
| Weighted average shares used
in computing FFO per diluted share |
|
5,124,478 |
|
|
|
5,112,206 |
|
| |
|
|
|
|
|
|
|
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE YEARS
ENDEDDECEMBER 31, 2021 AND 2020
| Below is a table
of selected financial results. |
YEAR ENDED |
| |
|
DECEMBER 31, |
| |
(Amounts in thousands, except
share and per share amounts) |
2021 |
|
2020 |
|
|
|
|
|
|
|
|
| |
Revenues |
$ |
206,148 |
|
$ |
199,142 |
| |
|
|
|
|
|
|
| |
Income from continuing
operations |
$ |
130,582 |
|
$ |
41,939 |
| |
Income from discontinued
operations |
|
2,348 |
|
|
- |
| |
Net income |
$ |
132,930 |
|
$ |
41,939 |
| |
|
|
|
|
|
|
| |
Income per common share –
basic and diluted |
|
|
|
|
|
| |
Income from continuing
operations |
$ |
25.48 |
|
$ |
8.19 |
| |
Income from discontinued
operations |
|
0.46 |
|
|
- |
| |
Net income per common
share |
$ |
25.94 |
|
$ |
8.19 |
| |
|
|
|
|
|
|
| |
Weighted average shares
outstanding - basic and diluted |
|
5,123,613 |
|
|
5,120,922 |
| |
|
|
|
|
|
|
| |
FFO (non-GAAP) |
$ |
89,757 |
|
$ |
82,509 |
| |
|
|
|
|
|
|
| |
FFO per diluted share
(non-GAAP) |
$ |
17.52 |
|
$ |
16.11 |
| |
|
|
|
|
|
|
| |
Weighted average shares used
in computing FFO per diluted share |
|
5,123,613 |
|
|
5,120,922 |
| The following
table reconciles net income to FFO (non-GAAP): |
| |
| |
YEAR ENDEDDECEMBER 31, |
| (Amounts in thousands, except
share and per share amounts) |
2021 |
|
|
2020 |
| |
|
|
|
|
|
|
Net income |
$ |
132,930 |
|
|
$ |
41,939 |
| Depreciation and amortization
of real property |
|
32,607 |
|
|
|
31,971 |
| Net gains on sale of real
estate (including $2,348 from discontinued operations) |
|
(72,298 |
) |
|
|
- |
| Change in fair value of
marketable securities |
|
(3,482 |
) |
|
|
8,599 |
| FFO (non-GAAP) |
$ |
89,757 |
|
|
$ |
82,509 |
| |
|
|
|
|
|
| FFO per diluted share
(non-GAAP) |
$ |
17.52 |
|
|
$ |
16.11 |
| |
|
|
|
|
|
| Weighted average shares used
in computing FFO per diluted share |
|
5,123,613 |
|
|
|
5,120,922 |
| |
|
|
|
|
|
|
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 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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