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Last Trade - 05/03/21

Sector
Financials
Size
Mid Cap
Market Cap £1.06bn
Enterprise Value £1.59bn
Revenue £143.9m
Position in Universe 2445th / 6651

Alexander’s Announces Third Quarter Financial Results

Mon 2nd November, 2020 1:40pm
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PARAMUS, N.J., Nov. 02, 2020 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York
Stock Exchange: ALX) filed its Form 10-Q for the quarter ended September 30,
2020 today and reported:

Third Quarter 2020 Financial Results

Net income for the quarter ended September 30, 2020 was $6.6 million, or $1.29
per diluted share, compared to $16.5 million, or $3.22 per diluted share for
the quarter ended September 30, 2019.

Funds from operations (“FFO”) (non-GAAP) for the quarter ended September
30, 2020 was $15.4 million, or $3.00 per diluted share, compared to $25.2
million, or $4.92 per diluted share for the quarter ended September 30, 2019.

We have collected approximately 95% of rent billed for the quarter ended
September 30, 2020 (96% including rent deferrals).

Nine Months Ended September 30, 2020 Financial Results

Net income for the nine months ended September 30, 2020 was $23.5 million, or
$4.59 per diluted share, compared to $45.6 million, or $8.92 per diluted share
for the nine months ended September 30, 2019. 
                                                                                                                               

FFO (non-GAAP) for the nine months ended September 30, 2020 was $57.1 million,
or $11.15 per diluted share, compared to $75.0 million, or $14.66 per diluted
share for the nine months ended September 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, June 30, 2020 and September 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.



ALEXANDER'S, INC.

FINANCIAL RESULTS FOR THE QUARTERS ENDED
SEPTEMBER 30, 2020 AND 2019

                Below is a table of selected financial results.

                                                                  QUARTER ENDED                          
                                                                  SEPTEMBER 30,                          
 (Amounts in thousands, except share and per share amounts)       2020                 2019              
                                                                                                         
 Revenues                                                         $    43,499          $    57,760       
                                                                                                         
 Net income                                                       $    6,604           $    16,493       
                                                                                                         
 Net income per common share – basic and diluted                  $    1.29            $    3.22         
                                                                                                         
 Weighted average shares outstanding - basic and diluted               5,122,206            5,118,698    
                                                                                                         
 FFO (non-GAAP)                                                   $    15,363          $    25,208       
                                                                                                         
 FFO per diluted share (non-GAAP)                                 $    3.00            $    4.92         
                                                                                                         
 Weighted average shares used in computing FFO per diluted share       5,122,206            5,118,698    

           
            The following table reconciles net income to FFO
(non-GAAP):

                                                                  QUARTER ENDED                             
                                                                  SEPTEMBER 30,                             
 (Amounts in thousands, except share and per share amounts)       2020                    2019              
                                                                                                            
 Net income                                                       $    6,604              $    16,493       
 Depreciation and amortization of real property                        7,528                   7,698        
 Change in fair value of marketable securities                         1,231                   1,017        
 FFO (non-GAAP)                                                   $    15,363             $    25,208       
                                                                                                            
 FFO per diluted share (non-GAAP)                                 $    3.00               $    4.92         
                                                                                                            
 Weighted average shares used in computing FFO per diluted share       5,122,206               5,118,698    

ALEXANDER'S, INC.

FINANCIAL RESULTS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2020 AND 2019

Below is a table of selected financial results.

                                                                  NINE MONTHS ENDED                         
                                                                  SEPTEMBER 30,                             
 (Amounts in thousands, except share and per share amounts)       2020                   2019               
                                                                                                            
 Revenues                                                         $     143,087          $     170,470      
                                                                                                            
 Net income                                                       $     23,507           $     45,641       
                                                                                                            
 Net income per common share – basic and diluted                  $     4.59             $     8.92         
                                                                                                            
 Weighted average shares outstanding - basic and diluted                5,120,490              5,118,030    
                                                                                                            
 FFO (non-GAAP)                                                   $     57,102           $     75,044       
                                                                                                            
 FFO per diluted share (non-GAAP)                                 $     11.15            $     14.66        
                                                                                                            
 Weighted average shares used in computing FFO per diluted share        5,120,490              5,118,030    

           
            The following table reconciles net income to FFO
(non-GAAP):

                                                                  NINE MONTHS ENDED                         
                                                                  SEPTEMBER 30,                             
 (Amounts in thousands, except share and per share amounts)       2020                    2019              
                                                                                                            
 Net income                                                       $    23,507             $    45,641       
 Depreciation and amortization of real property                        22,806                  23,146       
 Change in fair value of marketable securities                         10,789                  6,257        
 FFO (non-GAAP)                                                   $    57,102             $    75,044       
                                                                                                            
 FFO per diluted share (non-GAAP)                                 $    11.15              $    14.66        
                                                                                                            
 Weighted average shares used in computing FFO per diluted share       5,120,490               5,118,030    
                                                                                                            

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.

(https://www.globenewswire.com/NewsRoom/AttachmentNg/79e655cc-f318-4e86-bcbd-333142776155)



GlobeNewswire, Inc. 2020
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