Alexander's Announces First Quarter Financial Results

Core Insights - Alexander's, Inc. reported a decline in net income for Q1 2025, with net income at $12.3 million ($2.40 per diluted share), down from $16.1 million ($3.14 per diluted share) in Q1 2024 [1][6] - Funds from operations (FFO) also decreased to $20.8 million ($4.06 per diluted share) in Q1 2025, compared to $25.5 million ($4.98 per diluted share) in Q1 2024 [2][6] Financial Performance - Revenues for the quarter ended March 31, 2025, were $54.9 million, a decrease from$61.4 million in the same quarter of 2024 [6] - The weighted average shares outstanding for basic and diluted calculations were 5,133,534 for Q1 2025, slightly up from 5,130,678 in Q1 2024 [6] - Depreciation and amortization of real property for Q1 2025 was $8.5 million, compared to$9.4 million in Q1 2024 [7] FFO Reconciliation - The reconciliation of net income to FFO shows that net income was $12.3 million, with depreciation and amortization of real property adding$8.5 million, resulting in FFO of $20.8 million [7] - FFO is defined by NAREIT as GAAP net income adjusted for specific items, providing a measure for comparing operating performance across periods and peers [7]