Alexander's Q2 net income surges on property sale gain
Alexander's Q2 net income surges on property sale gain
Overview
U.S. REIT's Q2 revenue rose yr/yr
Net income surged on $148 mln gain from Rego Park I property sale
Q2 funds from operations per share rose to $3.02 from $2.88
Outlook
Company did not provide specific guidance for future quarters or the full year in its press release
Result Drivers
PROPERTY SALE - Net income jumped due to $148 mln gain from sale of Rego Park I property
MODEST FFO GROWTH - Funds from operations per share rose to $3.02 from $2.88 yr/yr
Company press release: ID:nGNXJxnJs
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $54.71 mln | $54 mln (1 Analyst) |
Q2 Net Income | Beat | $155.36 mln | $5.70 mln (1 Analyst) |
Q2 Adjusted FFO |
| $15.54 mln |
|
Q2 Adjusted FFO Per Share |
| $3.02 |
|
Analyst Coverage
The one available analyst rating on the shares is "sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Alexander's Inc is $212.00, about 16.9% below its July 31 closing price of $255.00
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)