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.
| (tables to follow) |
| ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE QUARTERS ENDED DECEMBER 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 ENDED DECEMBER 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 | |||||
