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Alexander’s Announces Third Quarter FFO of $5.38 per share

  Alexander’s Announces Third Quarter FFO of $5.38 per share

Business Wire

PARAMUS, N.J. -- November 01, 2012

ALEXANDER’S, INC. (New York Stock Exchange: ALX) today reported:

Third Quarter 2012 Results

Net income attributable to common stockholders for the quarter ended September
30, 2012 was $18.9 million, or $3.69 per diluted share, compared to $20.4
million, or $4.00 per diluted share for the quarter ended September 30, 2011.
The quarter ended September 30, 2012 includes income from continuing
operations of $12.4 million, or $2.43 per diluted share, compared to $14.9
million, or $2.93 per diluted share for the quarter ended September 30, 2011.

Funds from operations attributable to common stockholders (“FFO”) for the
quarter ended September 30, 2012 was $27.5 million, or $5.38 per diluted
share, compared to $28.8 million, or $5.65 per diluted share for the prior
year’s quarter. The quarter ended September 30, 2012 includes FFO from
continuing operations of $19.6 million, or $3.84 per diluted share, compared
to $22.0 million, or $4.30 per diluted share for the prior year’s quarter.

Nine Months Ended September 30, 2012 Results

Net income attributable to common stockholders for the nine months ended
September 30, 2012 was $57.2 million, or $11.20 per diluted share, compared to
$58.8 million, or $11.51 per diluted share for the nine months ended September
30, 2011. The nine months ended September 30, 2012 includes income from
continuing operations of $38.0 million, or $7.44 per diluted share, compared
to $41.5 million, or $8.13 per diluted share for the nine months ended
September 30, 2011.

FFO for the nine months ended September 30, 2012 was $82.9 million, or $16.23
per diluted share, compared to $83.7 million, or $16.40 per diluted share for
the prior year’s nine months. The nine months ended September 30, 2012
includes FFO from continuing operations of $59.5 million, or $11.64 per
diluted share, compared to $62.3 million, or $12.20 per diluted share for the
prior year’s nine months.

Alexander’s, Inc. is a real estate investment trust which has sixproperties
in the greater NewYork City metropolitan area.

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, 2011. Such factors
include, among others, risks associated with the timing of and costs
associated with property improvements, financing commitments and general
competitive factors.

                              (tables to follow)

ALEXANDER'S, INC.
OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
SEPTEMBER 30, 2012 AND 2011

Below is a table of selected operating results.

                                              QUARTER ENDED
                                                 SEPTEMBER 30,
  (Amounts in thousands, except share and per    2012          2011        
  share amounts)
                                                                   
  Revenues                                       $ 48,642       $ 46,949    
                                                                   
  Income from continuing operations              $ 12,410        $ 14,941
  Income from discontinued operations              6,938          7,327     
  Net income                                       19,348          22,268
  Net income attributable to the                   (492      )     (1,843    )
  noncontrolling interest
  Net income attributable to common              $ 18,856       $ 20,425    
  stockholders - basic and diluted
                                                                   
  Income per common share - basic and diluted
  Income from continuing operations              $ 2.43          $ 2.93
  Income from discontinued operations, net         1.26           1.07      
  Net income per common share                    $ 3.69         $ 4.00      
                                                                   
  Weighted average shares outstanding:
                 Basic and diluted                 5,108,016      5,106,984 
                                                                   
                                                                   
                                                 NINE MONTHS ENDED
                                                 SEPTEMBER 30,
  (Amounts in thousands, except share and per    2012           2011        
  share amounts)
                                                                   
  Revenues                                       $ 142,821      $ 138,688   
                                                                   
  Income from continuing operations              $ 38,008        $ 41,513
  Income from discontinued operations              20,002         18,762    
  Net income                                       58,010          60,275
  Net income attributable to the                   (780      )     (1,486    )
  noncontrolling interest
  Net income attributable to common              $ 57,230       $ 58,789    
  stockholders - basic and diluted
                                                                   
  Income per common share - basic and diluted
  Income from continuing operations              $ 7.44          $ 8.13
  Income from discontinued operations, net         3.76           3.38      
  Net income per common share                    $ 11.20        $ 11.51     
                                                                   
  Weighted average shares outstanding:
                 Basic and diluted                 5,107,474      5,106,427 

ALEXANDER'S, INC.
OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
SEPTEMBER 30, 2012 AND 2011

The following table reconciles our net income to FFO:

                                                   QUARTER ENDED
                                                     SEPTEMBER 30,
  (Amounts in thousands, except share and per        2012         2011
  share amounts)
                                                                     
  Net income attributable to Alexander's             $ 18,856      $ 20,425
  Depreciation and amortization of real property       8,605         8,424
  FFO attributable to common stockholders            $ 27,461      $ 28,849
                                                                     
  FFO attributable to common stockholders per        $ 5.38        $ 5.65
  diluted share
                                                                     
  Weighted average shares used in computing FFO        5,108,016     5,106,984
  per diluted share
                                                                     
                                                                     
                                                     NINE MONTHS ENDED
                                                     SEPTEMBER 30,
  (Amounts in thousands, except share and per        2012          2011
  share amounts)
                                                                     
  Net income attributable to Alexander's             $ 57,230      $ 58,789
  Depreciation and amortization of real property       25,663        24,960
  FFO attributable to common stockholders            $ 82,893      $ 83,749
                                                                     
  FFO attributable to common stockholders per        $ 16.23       $ 16.40
  diluted share
                                                                     
  Weighted average shares used in computing FFO        5,107,474     5,106,427
  per diluted share

_____________________

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 depreciated real estate assets, real estate impairment
losses, depreciation and amortization expense from real estate assets,
extraordinary items and other specified non-cash 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 our net income to
FFO is provided above.

Contact:

ALEXANDER’S, INC.
JOSEPH MACNOW, (201) 587-8541