Alexander's Swings To Profit In Q3

11/2/2009 12:44 PM ET

(RTTNews) - Monday, Alexander's Inc.(ALX: News ),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.

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