Real estate investment trust Alexander's, Inc. (ALX), Monday reported a surge in first-quarter Funds from operations or FFO attributable to common stockholders from last year, aided by a gain related to stock appreciation rights. Shares of Alexander's rose more than 11% on the New York Stock Exchange.
The Paramus, New Jersey-based company's funds from operations attributable to common stockholders was $51.6 million or $10.12 per share, compared to $20.4 million or $4 per share a year ago.
Net income attributable to common stockholders for the quarter was $46.1 million or $9.03 per share, compared to $15.2 million or $2.98 per share last year. Funds from operations and net income attributable to common stockholders for the quarter include $34.3 million or $6.72 per share related to reversal of compensation expense for a portion of stock appreciation rights, or SARs, compared to $0.6 million or $0.12 per share for an accrual of SARs compensation expense in the year-earlier period.
Revenues for the quarter increased to $53.1 million from $51.8 million in the corresponding quarter last year.
ALX is currently trading at $250.03, up $25.20 or 11.21% on a volume of 26K shares on the NYSE.
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