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Alexander's 1Q results lose 46 percent

By Associated Press
May 5, 2008 | Comments (0)

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Real estate investment trust Alexander's Inc. said Monday its first-quarter results plunged 46 percent due to stock appreciation rights.

Funds from operations, or FFO, dropped to $20.4 million, or $4 per share, in the first quarter, from $37.7 million, or $7.39 per share, in the year-ago period.

In the first quarter of 2007, FFO included $14.3 million, or $2.81 per share, for the reversal of previously recognized stock appreciation rights expense.

FFO, which adds such items as amortization and depreciation back to net income, is considered a key gauge of REIT strength because it gives a more accurate picture of cash performance.

Quarterly net income fell to $15.2 million, or $2.98 per share, from $32.2 million, or $6.32 per share, in the prior year.

Revenue slipped less than 1 percent to $51.8 million from $52.2 million.

Shares of the REIT fell $1.95 to $353.05 in morning trading.

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DocumentId: 637166, ~/articles/articlehandler.aspx, 12/2/2008 6:57:08 AM,

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