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Alexander's Announces Fourth Quarter Financial Results

1. ALX reported Q4 2024 net income decreased to $12.3 million. 2. Yearly net income for 2024 dropped to $43.4 million, down significantly from $102.4 million in 2023. 3. Funds from operations (FFO) for Q4 2024 was $20.8 million, down from $25.6 million. 4. Overall revenues for 2024 increased slightly to $226.4 million compared to 2023. 5. Significant prior year gain from property sale inflated 2023 net income figures.

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FAQ

Why Bearish?

Declining net income and FFO reflect weak performance. Historical examples show declines typically lead to lower stock prices.

How important is it?

This profile gives quantitative data crucial for future forecasting. Other analysts utilize similar measures to assess real estate investments.

Why Short Term?

Market reactions likely immediate due to disappointing earnings. Past earnings surprises have influenced short-term price movements significantly.

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REIT
February 10, 2025 09:15 ET  | Source: Alexander's, Inc. PARAMUS, N.J., Feb. 10, 2025 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-K for the year ended December 31, 2024 today and reported: Fourth Quarter 2024 Financial Results Net income for the quarter ended December 31, 2024 was $12.3 million, or $2.39 per diluted share, compared to $16.3 million, or $3.17 per diluted share for the quarter ended December 31, 2023. Funds from operations (“FFO”) (non-GAAP) for the quarter ended December 31, 2024 was $20.8 million, or $4.06 per diluted share, compared to $25.6 million, or $4.99 per diluted share for the quarter ended December 31, 2023. Year Ended December 31, 2024 Financial Results Net income for the year ended December 31, 2024 was $43.4 million, or $8.46 per diluted share, compared to $102.4 million, or $19.97 per diluted share for the year ended December 31, 2023. Net income for the year ended December 31, 2023 included $54.0 million, or $10.52 per diluted share, of income as a result of a net gain from the sale of the Rego Park III land parcel. FFO (non-GAAP) for the year ended December 31, 2024 was $78.0 million, or $15.19 per diluted share, compared to $81.1 million, or $15.80 per diluted share for the year ended December 31, 2023. Alexander’s, Inc. is a real estate investment trust which has five properties in New York City. 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, 2024. 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, and general competitive factors.  ALEXANDER'S, INC.FINANCIAL RESULTS FOR THE QUARTERS ENDEDDECEMBER 31, 2024 AND 2023 Below is a table of selected financial results.   QUARTER ENDED DECEMBER 31,(Amounts in thousands, except share and per share amounts)2024 2023    Revenues$55,910  $62,935     Net Income$12,277  $16,286     Net income per common share - basic and diluted$2.39  $3.17     Weighted average shares outstanding - basic and diluted 5,133,534   5,130,678     FFO (non-GAAP)$20,845  $25,603     FFO per diluted share (non-GAAP)$4.06  $4.99     Weighted average shares used in computing FFO per diluted share 5,133,534   5,130,678           The following table reconciles net income to FFO (non-GAAP):   QUARTER ENDED DECEMBER 31,(Amount in thousands, except share and per share amounts)2024 2023    Net Income$12,277  $16,286 Depreciation and amortization of real property 8,568   9,317 FFO (non-GAAP)$20,845  $25,603     FFO per diluted share (non-GAAP)$4.06  $4.99     Weighted average shares used in computing FFO per diluted share 5,133,534   5,130,678           ALEXANDER'S, INC.FINANCIAL RESULTS FOR THE YEARS ENDEDDECEMBER 31, 2024 AND 2023 Below is a table of selected financial results.   YEAR ENDED DECEMBER 31,(Amounts in thousands, except share and per share amounts)2024 2023    Revenues$226,374  $224,962     Net Income$43,444  $102,413     Net income per common share - basic and diluted$8.46  $19.97     Weighted average shares outstanding - basic and diluted 5,132,418   5,129,330     FFO (non-GAAP)$77,968  $81,067     FFO per diluted share (non-GAAP)$15.19  $15.80     Weighted average shares used in computing FFO per diluted share 5,132,418   5,129,330           The following table reconciles net income to FFO (non-GAAP):   YEAR ENDED DECEMBER 31,(Amount in thousands, except share and per share amounts)2024 2023    Net Income$43,444  $102,413 Depreciation and amortization of real property 34,524   32,606 Net gain on sale of real estate —   (53,952)FFO (non-GAAP)$77,968  $81,067     FFO per diluted share (non-GAAP)$15.19  $15.80     Weighted average shares used in computing FFO per diluted share 5,132,418   5,129,330          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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