Monday, Alexander's Inc.(ALX),a real-estate investment trust,reported positive funds from operations for third quarter, compared with negative FFO last year, helped by higher revenues and lower expenses.
Alexander's third-quarter FFO attributable to common stockholders was $65.2 million or $12.77 per share, compared to a negative FFO of $25.9 million or $5.10 per share in the year-ago period.
Third quarter net income attributable to common stockholders was $58.0 million or $11.37 per share, compared to a net loss of $31.4 million, or $6.20 per share in the year-ago period.
FFO and net income for the quarter included $42.5 million, or $8.32 per share, of income from the reversal of a portion of the liability for income taxes. The prior year quarter net loss and negative FFO included $44.7 million or $8.81 per share, for an accrual of stock appreciation rights. Total revenue for the quarter was $58.41 million, up from $52.95 million in the year-ago period.
Property rentals increased to $40.76 million from $35.15 million, primarily due to tendering possession to anchor tenants at the Rego Park II property, whose space was placed into service during the second quarter.
The Paramus, New Jersey-based company's income tax benefit for the quarter was $37.06 million , compared to an expense of $276 million in the prior year quarter.
Total expenses for the quarter declined sharply to $26.82 million from $71.09 million in the same quarter last year,due to lower operating costs at Kings Plaza energy plant, that was partially offset by higher real estate taxes.
Operating income was $31.59 million from a loss of $18.13 million in the comparable quarter last year.
For nine months, FFO surged to $136.6 million or $26.76 per share from $38.8 million or $7.61 per share in the year-ago period.Year- to-date net income attributable to common shareholders was $117.1 million or $22.94 per share, from $22.2 million or $4.35 per share last year.
ALX is currently trading at $274.75, up $9.83 or 3.71%, on a volume of 0.07 million shares on the NYSE
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.