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Alexander’s Announces Second Quarter 2013 FFO of $3.98 per share



  Alexander’s Announces Second Quarter 2013 FFO of $3.98 per share

Business Wire

PARAMUS, N.J. -- August 5, 2013

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

Second Quarter 2013 Results

Net income attributable to common stockholders for the quarter ended June 30,
2013 was $13.1 million, or $2.57 per diluted share, compared to $18.9 million,
or $3.70 per diluted share for the quarter ended June 30, 2012. Net income
from continuing operations was $13.1 million, or $2.57 per diluted share for
the quarter ended June 30, 2013, compared to $12.6 million, or $2.46 per
diluted share for the quarter ended June 30, 2012.

Funds from operations attributable to common stockholders (“FFO”) for the
quarter ended June 30, 2013 was $20.3 million, or $3.98 per diluted share,
compared to $27.4 million, or $5.37 per diluted share for the prior year’s
quarter. The prior year’s quarter includes FFO from discontinued operations of
$7.7 million, or $1.51 per diluted share. Excluding FFO from discontinued
operations, FFO for the prior year’s quarter was $19.7 million, or $3.86 per
diluted share.

First Half 2013 Results

Net income attributable to common stockholders for the six months ended June
30, 2013 was $27.3 million, or $5.34 per diluted share, compared to $38.4
million, or $7.51 per diluted share for the six months ended June 30, 2012.
Net income from continuing operations was $27.3 million, or $5.34 per diluted
share for the six months ended June 30, 2013, compared to $25.6 million, or
$5.01 per diluted share for the six months ended June 30, 2012.

FFO for the six months ended June 30, 2013 was $41.7 million, or $8.15 per
diluted share, compared to $55.4 million, or $10.85 per diluted share for the
prior year’s six months. The prior year’s six months includes FFO from
discontinued operations of $15.6 million, or $3.05 per diluted share.
Excluding FFO from discontinued operations, FFO for the prior year’s six
months was $39.8 million, or $7.80 per diluted share.

Alexander’s, Inc. is a real estate investment trust which has six properties
in the greater New York 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, 2012. Such factors
include, among others, risks associated with the timing of and costs
associated with property improvements, financing commitments and general
competitive factors.

                                                  
ALEXANDER'S, INC.

OPERATING RESULTS FOR THE QUARTER AND SIX MONTHS ENDED

JUNE 30, 2013 AND 2012
                                                    
Below is a table of selected operating results.
                                                    
                                                   QUARTER ENDED
                                                   JUNE 30,
(Amounts in thousands, except share and per        2013            2012
share amounts)
                                                                      
Revenues                                           $ 47,302        $ 46,878
                                                                      
Income from continuing operations                  $ 13,139        $ 12,566
Income from discontinued operations                  -               6,672
Net income                                           13,139          19,238
Net income attributable to the noncontrolling        -               (346)
interest
Net income attributable to common stockholders     $ 13,139        $ 18,892
- basic and diluted
                                                                      
Income per common share - basic and diluted
Income from continuing operations                  $ 2.57          $ 2.46
Income from discontinued operations, net             -               1.24
Net income per common share                        $ 2.57          $ 3.70
                                                                      
Weighted average shares outstanding:
Basic and diluted                                    5,108,745       5,107,415
                                                                      
                                                                      
                                                   SIX MONTHS ENDED
                                                   JUNE 30,
(Amounts in thousands, except share and per        2013            2012
share amounts)
                                                                      
Revenues                                           $ 96,077        $ 94,179
                                                                      
Income from continuing operations                  $ 27,301        $ 25,598
Income from discontinued operations                  -               13,064
Net income                                           27,301          38,662
Net income attributable to the noncontrolling        -               (288)
interest
Net income attributable to common stockholders     $ 27,301        $ 38,374
- basic and diluted
                                                                      
Income per common share - basic and diluted
Income from continuing operations                  $ 5.34          $ 5.01
Income from discontinued operations, net             -               2.50
Net income per common share                        $ 5.34          $ 7.51
                                                                      
Weighted average shares outstanding:
Basic and diluted                                    5,108,383       5,107,199
                                                                      

                                                
ALEXANDER'S, INC.

OPERATING RESULTS FOR THE QUARTER AND SIX MONTHS ENDED

JUNE 30, 2013 AND 2012
                                                  
The following table reconciles our net
income to FFO:
                                                  
                                                 QUARTER ENDED
                                                 JUNE 30,
(Amounts in thousands, except share and per      2013              2012
share amounts)
                                                                      
Net income attributable to Alexander's           $ 13,139          $ 18,892
Depreciation and amortization of real              7,176             8,510
property
FFO attributable to common stockholders          $ 20,315          $ 27,402
                                                                      
FFO attributable to common stockholders per      $ 3.98            $ 5.37
diluted share
                                                                      
Weighted average shares used in computing          5,108,745         5,107,415
FFO per diluted share
                                                                      
                                                                      
                                                 SIX MONTHS ENDED
                                                 JUNE 30,
(Amounts in thousands, except share and per      2013              2012
share amounts)
                                                                      
Net income attributable to Alexander's           $ 27,301          $ 38,374
Depreciation and amortization of real              14,353            17,058
property
FFO attributable to common stockholders          $ 41,654          $ 55,432
                                                                      
FFO attributable to common stockholders per      $ 8.15            $ 10.85
diluted share
                                                                      
Weighted average shares used in computing          5,108,383         5,107,199
FFO 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
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