Alexanders Inc. (ALX), a real estate investment trust, said Monday that funds from operations for the second quarter declined from the year-ago period, despite a rise in revenues.
The company said that net income attributable to common stockholders for the second quarter plunged to $13.0 million, or $2.55 per share, from $38.5 million, or $7.54 per share in the previous year.
Second-quarter funds from operations attributable to common stockholders slumped to $19.7 million, or $3.86 per share from $44.3 million, or $8.68 per share, in the previous year.
The company noted that the latest results include $22.0 million, or $4.31 per share, for the reversal of a portion of stock appreciation rights compensation expense.
Revenues for the quarter grew to $54.88 million from $51.48 million in the previous year.
For the first half of the year, net income attributable to common stockholders improved to $59.1 million, or $11.57 per share, from $53.6 million, or $10.52 per share, in the previous year. FFO increased to $71.4 million, or $13.98 per share, from $64.6 million, or $12.68 per share in the previous year.
First-half revenues advanced to $107.97 million from $103.24 million generate din the same period last year.
ALX is currently trading at $282.00, up $6.46 or 2.34%, on 1894 shares.
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