Alexander's Reports Third Quarter Results.PARAMUS Paramus (pərăm`əs), borough (1990 pop. 25,067), Bergen co., NE N.J.; settled 1668, inc. 1922. It is a large retail-trade center known for its expansive shopping malls. An early Dutch church is there. , N.J. -- ALEXANDER'S Alexander's was a former department store in the New York metropolitan area. History Founded in 1928 by George Farkas, and catering to low- and middle-income consumers, Alexander's offered discounted designer fashions and high-quality private label goods. , INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. : ALX ALX Alexandria (Egyptian automobile license plate) ALX America's Learning Exchange ALX Alienware Luxury Experience (Alienware Corp. ) today reported that net loss for the quarter ended September September: see month. 30, 2005 was $6,754,000, or $1.34 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $11,693,000, or $2.33 per diluted share, for the quarter ended September 30, 2004. Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. ("FFO FFO See: Funds from operations ") for the quarter ended September 30, 2005 was a negative $1,779,000, or $0.35 per diluted share, compared to a negative $7,908,000, or $1.58 per diluted share, for the quarter ended September 30, 2004. Net income for the nine months ended September 30, 2005 was $41,928,000, or $8.25 per diluted share, compared to a net loss of $32,162,000, or $6.42 per diluted share, for the nine months ended September 30, 2004. FFO for the nine months ended September 30, 2005 was $56,486,000, or $11.12 per diluted share, compared to a negative $20,969,000, or $4.19 per diluted share, for the nine months ended September 30, 2004. Net loss and negative FFO for the quarter ended September 30, 2005 include (i) an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for stock appreciation rights ("SARs SARS or severe acute respiratory syndrome, communicable viral disease that can progress to a potentially fatal pneumonia. The first symptoms of SARS are usually a high fever, headache and body aches, sore throat, and mild respiratory symptoms; ") compensation expense of $18,062,000, or $3.60 per diluted share, (ii) an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of $1,372,000, or $0.27 per diluted share, from the sale of residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units at its 731 Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Avenue property, and (iii) a $736,000, or $0.15 per diluted share, write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of unamortized deferred debt expense in connection with the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of the remaining principal amount of the construction loan. Net loss and negative FFO for the quarter ended September 30, 2004 include (i) an accrual for SARs compensation expense of $26,656,000, or $5.32 per diluted share and (ii) a net gain on sale of other non-depreciable real estate of $3,862,000, or $0.77 per diluted share. Net income and FFO for the nine months ended September 30, 2005 include (i) an after-tax gain of $54,517,000, or $10.73 per diluted share, from the sale of residential condominium units at the 731 Lexington Avenue property, (ii) an accrual for SARs compensation expense of $46,750,000, or $9.20 per diluted share, and (iii) a $736,000, or $0.15 per diluted share, write-off of unamortized deferred debt expense in connection with the repayment of the remaining principal amount of the construction loan. Net loss and negative FFO for the nine months ended September 30, 2004 include (i) an accrual for SARs compensation expense of $63,274,000, or $12.64 per diluted share, (ii) a $3,050,000, or $0.61 per diluted share, write off for the proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. share of unamortized deferred debt expense in connection with the reduction of the principal amount of the construction loan for the Company's 731 Lexington Avenue project and (iii) a net gain on sale of other non-depreciable real estate of $3,862,000, or $0.77 per diluted share. Alexander's, Inc. is a real estate investment trust which has six properties in the greater New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. metropolitan area. Certain statements contained herein may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Below is a table of selected operating results.
FOR THE THREE MONTHS ENDED
------------------------------
(Amounts in thousands, except share September 30, September 30,
and per share amounts) 2005 2004
---------------- -------------
Revenues $47,388 $ 38,835
================ =============
Loss from continuing operations $(8,126) $(15,555)
Gain on sale of condominiums in 2005 and
other real estate in 2004,
net of taxes 1,372 3,862
---------------- -------------
Net loss $(6,754) $(11,693)
================ =============
Negative FFO $(1,779) $ (7,908)
================ =============
Net loss per common share - basic:
Loss from continuing operations $ (1.61) $ (3.10)
Gain on sale of condominiums in 2005
and other real estate in 2004,
net of taxes 0.27 0.77
---------------- -------------
Net loss per common share - basic $ (1.34) $ (2.33)
================ =============
Net loss per common share - diluted:
Loss from continuing operations $ (1.61) $ (3.10)
Gain on sale of condominiums in 2005
and other real estate in 2004,
net of taxes 0.27 0.77
---------------- -------------
Net loss per common share - diluted $ (1.34) $ (2.33)
================ =============
Negative FFO per common share - diluted $ (0.35) $ (1.58)
================ =============
Weighted average share and share
equivalents outstanding:
Basic 5,023,477 5,010,627
================ =============
Diluted 5,023,477 5,010,627
================ =============
FOR THE NINE MONTHS ENDED
-------------------------------
(Amounts in thousands, except share September 30, September 30,
and per share amounts) 2005 2004
----------------- -------------
Revenues $136,799 $107,399
================= =============
Loss from continuing operations $(12,589) $(36,024)
Gain on sale of condominiums in 2005
and other real estate in 2004,
net of taxes 54,517 3,862
----------------- -------------
Net income (loss) $ 41,928 $(32,162)
================= =============
FFO (Negative FFO) $ 56,486 $(20,969)
================= =============
Net income (loss) per common share -
basic:
Loss from continuing operations $ (2.51) $ (7.19)
Gain on sale of condominiums in 2005
and other real estate in 2004,
net of taxes 10.86 0.77
----------------- -------------
Net income (loss) per common share -
basic $ 8.35 $ (6.42)
================= =============
Net income (loss) per common share -
diluted:
Loss from continuing operations $ (2.48) $ (7.19)
Gain on sale of condominiums in 2005
and other real estate in 2004,
net of taxes 10.73 0.77
----------------- -------------
Net income (loss) per common share -
diluted $ 8.25 $ (6.42)
================= =============
FFO (Negative FFO) per common share -
diluted $ 11.12 $ (4.19)
================= =============
Weighted average share and share
equivalents outstanding:
Basic 5,020,457 5,006,660
================= =============
Diluted 5,079,262 5,006,660
================= =============
The following table reconciles net (loss) income to FFO:
(Amounts in thousands) FOR THE THREE MONTHS ENDED
-------------------------------
September 30, September 30,
2005 2004
--------------- ---------------
Net loss $(6,754) (1) $(11,693) (2)
Depreciation and amortization of real
property 4,975 3,785
--------------- ---------------
Negative FFO $(1,779) (1) $ (7,908) (2)
=============== ===============
(Amounts in thousands) FOR THE NINE MONTHS ENDED
-------------------------------
September 30, September 30,
2005 2004
--------------- ---------------
Net income (loss) $41,928 (3) $(32,162) (4)
Depreciation and amortization of real
property 14,558 11,193
--------------- ---------------
FFO (Negative FFO) $56,486 (3) $(20,969) (4)
=============== ===============
(1) Net loss and negative FFO for the quarter ended September 30, 2005
include (i) an accrual for SARs compensation expense of
$18,062,000, or $3.60 per diluted share, (ii) an after-tax gain of
$1,372,000, or $0.27 per diluted share, from the sale of
residential condominium units at the 731 Lexington Avenue
property, and (iii) a $736,000, or $0.15 per diluted share,
write-off of unamortized deferred debt expense in connection with
the repayment of the remaining principal amount of the
construction loan.
(2) Net loss and negative FFO for the quarter ended September 30, 2004
include (i) an accrual for SARs compensation expense of
$26,656,000, or $5.32 per diluted share, and (ii) a $3,862,000, or
$0.77 per diluted share, net gain on sale of other non-depreciable
real estate.
(3) Net income and FFO for the nine months ended September 30, 2005
include (i) an after-tax gain of $54,517,000, or $10.73 per
diluted share, from the sale of residential condominium units at
the 731 Lexington Avenue property, (ii) an accrual for SARs
compensation expense $46,750,000, or $9.20 per diluted share and
(iii) a $736,000, or $0.15 per diluted share, write-off of
unamortized deferred debt expense in connection with the repayment
of the remaining principal amount of the construction loan.
(4) Net loss and negative FFO for the nine months ended September 30,
2004 include (i) an accrual for SARs compensation expense of
$63,274,000, or $12.64 per diluted share, (ii) a $3,050,000, or
$0.61 per diluted share, write off for the proportionate share of
unamortized deferred debt expense in connection with the reduction
of the principal amount of the construction loan for the Company's
731 Lexington Avenue project, and (iii) a $3,862,000, or $0.77 per
diluted share, net gain on sale of other non-depreciable real
estate.
FFO is computed in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT NAREIT National Association of Real Estate Investment Trusts "). NAREIT defines FFO as net income or loss determined in accordance with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated Depreciated may refer to:
Management, investors and industry analysts use FFO as a supplemental measure of operating performance of equity REITs Equity REIT A Real Estate Investment Trust that assumes ownership status in the property it invests in enabling investors of the REIT to earn dividends on rental income from the property and appreciation in property resale. Antithesis of a Mortgage REIT. . FFO should be evaluated along with GAAP net earnings and net earnings per diluted share (the most directly comparable GAAP measures), as well as cash flow from operating activities, investing activities and financing activities, in evaluating the operating performance of equity REITs. Management believes that FFO is helpful to investors as a supplemental performance measure because this measure excludes the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs, which implicitly im·plic·it adj. 1. Implied or understood though not directly expressed: an implicit agreement not to raise the touchy subject. 2. assumes that the value of real estate diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, these non-GAAP measures can facilitate comparisons of operating performance between periods and among other equity REITs. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative indicative: see mood. of cash available to fund cash needs as disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in the Company's Statements of Cash Flows. FFO should not be considered as an alternative to net income (loss) as an indicator of the Company's operating performance or as an alternative to cash flows as a measure of liquidity. |
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