PARAMUS, N.J., April 30, 2018 (GLOBE NEWSWIRE) -- ALEXANDER'S, INC. ALX filed its Form 10-Q for the quarter ended March 31, 2018 today and reported:
Net loss for the quarter ended March 31, 2018 was $9.7 million, or $1.90 per diluted share, compared to net income of $21.7 million, or $4.24 per diluted share for the quarter ended March 31, 2017. Net loss for the quarter ended March 31, 2018 included (i) $23.8 million, or $4.65 per diluted share, of accrued expense for potential additional New York City real property transfer taxes on the 2012 sale of Kings Plaza Regional Shopping Center (previously disclosed on Current Report on Form 8-K dated March 2, 2018) and (ii) $5.1 million, or $1.01 per diluted share, of expense from the decrease in the fair value of marketable securities resulting from a new GAAP accounting standard effective January 1, 2018. Previously, changes in the fair value of marketable securities were recognized through "accumulated other comprehensive income" on Alexander's, Inc.'s consolidated balance sheets and did not impact its consolidated statements of income. Adjusting net loss for these items, "net income, as adjusted" (non-GAAP) for the quarter ended March 31, 2018 was $19.2 million, or $3.77 per diluted share.
Negative funds from operations ("FFO") (non-GAAP) for the quarter ended March 31, 2018 was $1.5 million, or $0.30 per diluted share, compared to positive FFO (non-GAAP) of $29.6 million, or $5.78 per diluted share for the quarter ended March 31, 2017. Adjusting negative FFO for the accrued expense for potential additional New York City real property transfer taxes and the decrease in the fair value of marketable securities, positive "FFO, as adjusted" (non-GAAP) for the quarter ended March 31, 2018 was $27.4 million, or $5.36 per diluted share.
Alexander's, Inc. is a real estate investment trust which has seven 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, 2017. 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 QUARTERS ENDED | ||||||
| MARCH 31, 2018 AND 2017 | ||||||
| Below is a table of selected operating results. | ||||||
| QUARTER ENDED | ||||||
| MARCH 31, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2018 | 2017 | ||||
| Revenues | $ | 57,880 | $ | 57,229 | ||
| Income from continuing operations | $ | 14,097 | $ | 21,667 | ||
| Loss from discontinued operations (Kings Plaza transfer taxes) | (23,797 | ) | - | |||
| Net (loss) income | $ | (9,700 | ) | $ | 21,667 | |
| (Loss) income per common share – basic and diluted | ||||||
| Income from continuing operations | $ | 2.75 | $ | 4.24 | ||
| Loss from discontinued operations (Kings Plaza transfer taxes) | (4.65 | ) | - | |||
| Net (loss) income per common share | $ | (1.90 | ) | $ | 4.24 | |
| Weighted average shares outstanding - basic and diluted | 5,115,982 | 5,114,701 | ||||
| (Negative FFO) FFO (non-GAAP) | $ | (1,549 | ) | $ | 29,581 | |
| (Negative FFO) FFO per diluted share (non-GAAP) | $ | (0.30 | ) | $ | 5.78 | |
| FFO, as adjusted (non-GAAP) | $ | 27,418 | $ | 29,581 | ||
| FFO, as adjusted per diluted share (non-GAAP) | $ | 5.36 | $ | 5.78 | ||
| Weighted average shares used in computing (negative FFO) FFO and FFO, as adjusted per diluted share | 5,115,982 | 5,114,701 | ||||
The following table reconciles net (loss) income to net income, as adjusted (non-GAAP):
| QUARTER ENDED | ||||||
| MARCH 31, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2018 | 2017 | ||||
| Net (loss) income | $ | (9,700 | ) | $ | 21,667 | |
| Loss from discontinued operations (Kings Plaza transfer taxes) | 23,797 | - | ||||
| Change in fair value of marketable securities | 5,170 | - | ||||
| Net income, as adjusted (non-GAAP) | $ | 19,267 | $ | 21,667 | ||
| Net income, as adjusted per diluted share (non-GAAP) | $ | 3.77 | $ | 4.24 | ||
| Weighted average shares used in computing net income, as adjusted per diluted share | 5,115,982 | 5,114,701 | ||||
| ALEXANDER'S, INC. | |||||||
| OPERATING RESULTS FOR THE QUARTERS ENDED | |||||||
| MARCH 31, 2018 AND 2017 | |||||||
| The following table reconciles net (loss) income to (negative FFO) FFO (non-GAAP): | |||||||
| QUARTER ENDED | |||||||
| MARCH 31, | |||||||
| (Amounts in thousands, except share and per share amounts) | 2018 | 2017 | |||||
| Net (loss) income | $ | (9,700 | ) | $ | 21,667 | ||
| Depreciation and amortization of real property | 8,151 | 7,914 | |||||
| (Negative FFO) FFO (non-GAAP) | $ | (1,549 | ) | $ | 29,581 | ||
| (Negative FFO) FFO per diluted share (non-GAAP) | $ | (0.30 | ) | $ | 5.78 | ||
| Weighted average shares used in computing (negative FFO) FFO per diluted share | 5,115,982 | 5,114,701 | |||||
The following table reconciles (negative FFO) FFO (non-GAAP) to FFO, as adjusted (non-GAAP):
| QUARTER ENDED | ||||||
| MARCH 31, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2018 | 2017 | ||||
| (Negative FFO) FFO (non-GAAP) | $ | (1,549 | ) | $ | 29,581 | |
| Loss from discontinued operations (Kings Plaza transfer taxes) | 23,797 | - | ||||
| Change in fair value of marketable securities | 5,170 | - | ||||
| FFO, as adjusted (non-GAAP) | $ | 27,418 | $ | 29,581 | ||
| FFO, as adjusted per diluted share (non-GAAP) | $ | 5.36 | $ | 5.78 | ||
| Weighted average shares used in computing FFO, as adjusted per diluted share | 5,115,982 | 5,114,701 | ||||
_________________
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 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 net (loss) income to (negative FFO) FFO is provided above.
CONTACT:
MATTHEW IOCCO
(201) 587-8541
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