Monday, Alexander's, Inc. (ALX), a real-estate investment trust, announced a net loss for the third quarter compared to a profit last year. The results were impacted by an accrual of stock appreciation rights compensation expense.
The Paramus, New Jersey-based Company reported a net loss of $31.443 million, or $6.20 per share, compared to a net income of $28.626 million or $5.62 per share a year ago.
The company reported quarterly negative Funds from operations or FFO of $25.9 million or $5.10 per share, compared to FFO of $33.9 million or $6.66 per share last year.
Third quarter net loss and negative FFO included $44.7 million, or $8.81 per share for an accrual of stock appreciation rights or SARs compensation expense compared to a reversal of previously recognized SARs compensation expense of $9.4 million or $1.84 per share last year.
Quarterly revenue increased to $52.953 million from $52.424 million last year.
For the nine-month period, net income were $22.163 million or $4.35 per share that plunged from $80.411 million, or $15.78 per share in the previous year. FFO for the nine months was $38.8 million, or $7.61 per share, compared to $96.9 million, or $19.01 per share last year.
The nine-month net income and FFO included $23.3 million, or $4.58 per share for an accrual of SARs compensation expense, compared to a reversal of previously recognized SARs compensation expense of $27.4 million, or $5.38 per share a year ago.
Revenues for the quarter increased to $156.197 million from $155.689 million in the prior year.
ALX is currently trading at $355.44, up $5.44 or 1.55% on a volume of 3,614 shares.
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