Real estate investment trust Alexander's, Inc. (ALX), Monday, reported a sharp decline in fourth-quarter funds from operations or FFO attributable to common stock holders, despite an increase in revenue.
The Paramus, New Jersey-based company's FFO attributable to common stockholders for the quarter fell to $22.37 million or $4.38 per share from $61.16 million or $11.98 per share in the year-ago quarter.
Net income attributable to common stockholders for the quarter dropped to $15.15 million or $2.96 per share from $54.13 million or $10.60 per share in the same quarter last year.
Revenues for the quarter were $ 57.15 million compared with $ 54.90 million in the same quarter the previous year.
For the full year, FFO attributable to common share holders rose to $158.96 million or $31.14 per share from $99.92 million or $19.60 per share in the previous year.
Net income attributable for the 12 month period increased to $132.19 million or $25.89 per share from $76.29 million or $14.96 per share last year.
Full year net income and FFO include an income of $42.5 million or $8.32 per share from the reversal of a portion of liability for income taxes and an expense of $34.3 million or $6.71 per share for the reversal of a portion of previously recognized stock appreciation rights.
The company recorded revenues of $ 223.53 million for the period, compared with $ 211.10 million in the year-ago quarter.
ALX shares are currently trading at $297.64, up $0.64 on a volume of 704 shares on the NYSE.
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