Alexander’s Announces Third Quarter 2013 FFO of $4.12 per share

  Alexander’s Announces Third Quarter 2013 FFO of $4.12 per share

Business Wire

PARAMUS, N.J. -- November 4, 2013

Alexander’s, Inc. (NYSE:ALX) today reported:

Third Quarter 2013 Results

Net income attributable to common stockholders for the quarter ended September
30, 2013 was $13.8 million, or $2.71 per diluted share, compared to $18.9
million, or $3.69 per diluted share for the quarter ended September 30, 2012.
The prior year’s quarter includes income from discontinued operations of $6.5
million, or $1.26 per diluted share. Excluding income from discontinued
operations, net income attributable to common stockholders for the prior
year’s quarter was $12.4 million, or $2.43 per diluted share.

Funds from operations attributable to common stockholders (“FFO”) for the
quarter ended September 30, 2013 was $21.0 million, or $4.12 per diluted
share, compared to $27.5 million, or $5.38 per diluted share for prior year’s
quarter. The prior year’s quarter includes FFO from discontinued operations of
$7.9 million, or $1.54 per diluted share. Excluding FFO from discontinued
operations, FFO for the prior year’s quarter was $19.6 million, or $3.84 per
diluted share.

Nine Months Ended September 30, 2013 Results

Net income attributable to common stockholders for the nine months ended
September 30, 2013 was $41.1 million, or $8.05 per diluted share, compared to
$57.2 million, or $11.20 per diluted share for the nine months ended September
30, 2012. The prior year’s nine months includes income from discontinued
operations of $19.2 million, or $3.76 per diluted share. Excluding income from
discontinued operations, net income attributable to common stockholders for
the prior year’s nine months was $38.0 million, or $7.44 per diluted share.

FFO for the nine months ended September 30, 2013 was $62.7 million, or $12.27
per diluted share, compared to $82.9 million, or $16.23 per diluted share for
the prior year’s nine months. The prior year’s nine months includes FFO from
discontinued operations of $23.4 million, or $4.59 per diluted share.
Excluding FFO from discontinued operations, FFO for the prior year’s nine
months was $59.5 million, or $11.64 per diluted share.

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, 2012. 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, 2013 AND 2012

Below is a table of selected operating results.

                                                   
                                                     QUARTER ENDED
                                                     SEPTEMBER 30,
(Amounts in thousands, except share and per share    2013         2012
amounts)
                                                                     
Revenues                                             $ 49,886      $ 48,642
                                                                     
Income from continuing operations                    $ 13,824      $ 12,410
Income from discontinued operations                    -             6,938
Net income                                             13,824        19,348
Net income attributable to the noncontrolling          -             (492)
interest
Net income attributable to common stockholders -     $ 13,824      $ 18,856
basic and diluted
                                                                     
Income per common share - basic and diluted
Income from continuing operations                    $ 2.71        $ 2.43
Income from discontinued operations, net               -             1.26
Net income per common share                          $ 2.71        $ 3.69
                                                                     
Weighted average shares outstanding:
Basic and diluted                                      5,109,717     5,108,016
                                                                     
                                                                     
                                                     NINE MONTHS ENDED
                                                     SEPTEMBER 30,
(Amounts in thousands, except share and per share    2013          2012
amounts)
                                                                     
Revenues                                             $ 145,963     $ 142,821
                                                                     
Income from continuing operations                    $ 41,125      $ 38,008
Income from discontinued operations                    -             20,002
Net income                                             41,125        58,010
Net income attributable to the noncontrolling          -             (780)
interest
Net income attributable to common stockholders -     $ 41,125      $ 57,230
basic and diluted
                                                                     
Income per common share - basic and diluted
Income from continuing operations                    $ 8.05        $ 7.44
Income from discontinued operations, net               -             3.76
Net income per common share                          $ 8.05        $ 11.20
                                                                     
Weighted average shares outstanding:
Basic and diluted                                      5,108,832     5,107,474

ALEXANDER'S, INC.

OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
SEPTEMBER 30, 2013 AND 2012

The following table reconciles our net income to FFO:
                                                   
                                                     QUARTER ENDED
                                                     SEPTEMBER 30,
(Amounts in thousands, except share and per share    2013         2012
amounts)
                                                                     
Net income attributable to Alexander's               $ 13,824      $ 18,856
Depreciation and amortization of real property         7,224         8,605
FFO attributable to common stockholders              $ 21,048      $ 27,461
                                                                     
FFO attributable to common stockholders per          $ 4.12        $ 5.38
diluted share
                                                                     
Weighted average shares used in computing FFO per      5,109,717     5,108,016
diluted share
                                                                     
                                                                     
                                                     NINE MONTHS ENDED
                                                     SEPTEMBER 30,
(Amounts in thousands, except share and per share    2013          2012
amounts)
                                                                     
Net income attributable to Alexander's               $ 41,125      $ 57,230
Depreciation and amortization of real property         21,577        25,663
FFO attributable to common stockholders              $ 62,702      $ 82,893
                                                                     
FFO attributable to common stockholders per          $ 12.27       $ 16.23
diluted share
                                                                     
Weighted average shares used in computing FFO per      5,108,832     5,107,474
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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