Alexander's Announces Fourth Quarter Financial Results

Core Insights - Alexander's, Inc. reported significant financial growth for the year ended December 31, 2023, with net income increasing to $102.4 million from $57.6 million in 2022, driven by a net gain from the sale of a land parcel [5][9] - The company's revenues for the year reached $225 million, up from $205.8 million in the previous year, indicating a strong operational performance [8] - Funds from operations (FFO) for the year decreased to $81.1 million from $87.1 million, reflecting a decline in operational cash flow despite the increase in net income [5][9] Quarterly Financial Results - For the fourth quarter of 2023, net income was reported at $16.3 million, or $3.17 per diluted share, compared to $13.2 million, or $2.57 per diluted share in the same quarter of 2022 [3][4] - FFO for the fourth quarter was $25.6 million, or $4.99 per diluted share, up from $20.6 million, or $4.03 per diluted share in the fourth quarter of 2022 [4][7] Yearly Financial Results - The total revenues for the year ended December 31, 2023, were $224.96 million, an increase of approximately 9.3% from $205.81 million in 2022 [8] - The net income per common share for the year was $19.97, compared to $11.24 in the previous year, marking a substantial increase [8] - The weighted average shares outstanding for the year were slightly higher at 5,129,330 compared to 5,126,100 in 2022 [8][9]