Monday, real estate investment trust Alexander's, Inc. (ALX), reported higher funds from operations, or FFO, for its fourth quarter, aided by the a higher gain reversal of a portion of stock appreciation rights compensation expense.
Paramus, New Jersey-based Alexander's fourth-quarter FFO surged to $61.20 million or $11.98 per share from $39.41 million or $7.74 per share in the same quarter last year.
Net income applicable to the common shareholders for the quarter increased to $54.13 million or $10.60 per share from $33.93 million or $6.66 per share in the corresponding quarter last year.
Results for the quarter included $43.6 million or $8.54 per share for the reversal of a portion of stock appreciation rights compensation expense, compared with $16.1 million or $3.17 per share in the prior-year quarter.
Revenues for the quarter increased to $54.90 million from $52.30 million in the year-ago quarter.
For fiscal year 2008, FFO declined to $99.92 million or $19.60 per share from $136.28 million or $26.75 per share last year. Net income for 2008 decreased to $76.29 million or $14.96 per share from $114.34 million or $22.44 per share in the prior year. Revenues for the period increased to $211.10 million from $207.98 million last year.
ALX is currently trading at $147.10, up $0.61 or 0.42%, on a volume of 1,400 shares on the NYSE.
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