$ALX
ALEXANDERS INC

2014 Q4 Form 10-K Financial Statement

#000000349915000003 Filed on February 17, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4 2013 Q3
Revenue $51.29M $50.50M $49.89M
YoY Change 1.56% 4.13% 2.56%
Cost Of Revenue $19.60M $18.40M $17.60M
YoY Change 6.52% 10.84% 7.32%
Gross Profit $31.70M $32.10M $32.30M
YoY Change -1.25% 0.63% 0.31%
Gross Profit Margin 61.81% 63.57% 64.75%
Selling, General & Admin $600.0K $600.0K $600.0K
YoY Change 0.0% -53.85% -50.0%
% of Gross Profit 1.89% 1.87% 1.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.100M $7.900M $7.800M
YoY Change 2.53% 0.0% -17.89%
% of Gross Profit 25.55% 24.61% 24.15%
Operating Expenses $7.900M $7.800M $7.900M
YoY Change 1.28% -8.24% -68.21%
Operating Profit $23.80M $24.30M $24.40M
YoY Change -2.06% 3.85% 2.54%
Interest Expense -$6.100M -$10.70M -$10.80M
YoY Change -42.99% -6.14% -5.26%
% of Operating Profit -25.63% -44.03% -44.26%
Other Income/Expense, Net
YoY Change
Pretax Income $17.60M $13.50M $13.65M
YoY Change 30.37% 12.5% 9.96%
Income Tax $0.00 $0.00 -$173.0K
% Of Pretax Income 0.0% 0.0% -1.27%
Net Earnings $18.16M $15.79M $13.82M
YoY Change 15.02% -97.44% -26.69%
Net Earnings / Revenue 35.41% 31.27% 27.71%
Basic Earnings Per Share $3.55 $3.09 $2.71
Diluted Earnings Per Share $3.55 $3.09 $2.71
COMMON SHARES
Basic Shares Outstanding 5.106M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $272.5M $347.7M $347.6M
YoY Change -21.64% -9.59% -31.63%
Cash & Equivalents $227.8M $347.7M $347.6M
Short-Term Investments $44.65M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.200M $2.900M $2.300M
Other Receivables $180.0M $177.4M $176.7M
Total Short-Term Assets $410.0M $528.0M $526.6M
YoY Change -22.35% -0.19% -23.09%
LONG-TERM ASSETS
Property, Plant & Equipment $783.9M $734.2M $739.0M
YoY Change 6.77% -2.24% -2.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $69.60M $31.50M $30.20M
YoY Change 120.95% 0.96%
Other Assets $136.0M $143.6M $145.7M
YoY Change -5.29% -4.52% -48.77%
Total Long-Term Assets $1.013B $929.7M $944.8M
YoY Change 8.98% -2.42% -12.58%
TOTAL ASSETS
Total Short-Term Assets $410.0M $528.0M $526.6M
Total Long-Term Assets $1.013B $929.7M $944.8M
Total Assets $1.423B $1.458B $1.471B
YoY Change -2.37% -1.63% -16.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.10M $27.50M $39.40M
YoY Change 27.64% -18.15% -2.96%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.00M $70.80M $83.40M
YoY Change -44.92% -11.5% 3.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.033B $1.050B $1.054B
YoY Change -1.64% -1.49% -1.48%
Other Long-Term Liabilities $3.000M $3.400M $3.400M
YoY Change -11.76% -8.11% -98.65%
Total Long-Term Liabilities $1.036B $1.053B $1.057B
YoY Change -1.67% -1.51% -19.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.00M $70.80M $83.40M
Total Long-Term Liabilities $1.036B $1.053B $1.057B
Total Liabilities $1.075B $1.124B $1.141B
YoY Change -4.39% -2.22% -18.59%
SHAREHOLDERS EQUITY
Retained Earnings $299.0M $297.5M
YoY Change 0.5% 0.24%
Common Stock $5.173M $5.173M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 67.25K shares 67.25K shares
Shareholders Equity $348.4M $333.6M $330.5M
YoY Change
Total Liabilities & Shareholders Equity $1.423B $1.458B $1.471B
YoY Change -2.37% -1.63% -16.66%

Cashflow Statement

Concept 2014 Q4 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $18.16M $15.79M $13.82M
YoY Change 15.02% -97.44% -26.69%
Depreciation, Depletion And Amortization $8.100M $7.900M $7.800M
YoY Change 2.53% 0.0% -17.89%
Cash From Operating Activities -$16.90M $19.60M $38.00M
YoY Change -186.22% -47.03% -12.64%
INVESTING ACTIVITIES
Capital Expenditures -$22.00M -$1.800M -$2.700M
YoY Change 1122.22% 100.0% 92.86%
Acquisitions
YoY Change
Other Investing Activities -$24.90M $500.0K -$1.500M
YoY Change -5080.0% -99.93% -400.0%
Cash From Investing Activities -$46.80M -$1.300M -$4.200M
YoY Change 3500.0% -100.18% 366.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.40M -18.10M -18.00M
YoY Change -3.87% -98.0% -21.4%
NET CHANGE
Cash From Operating Activities -16.90M 19.60M 38.00M
Cash From Investing Activities -46.80M -1.300M -4.200M
Cash From Financing Activities -17.40M -18.10M -18.00M
Net Change In Cash -81.10M 200.0K 15.80M
YoY Change -40650.0% -100.13% -19.8%
FREE CASH FLOW
Cash From Operating Activities -$16.90M $19.60M $38.00M
Capital Expenditures -$22.00M -$1.800M -$2.700M
Free Cash Flow $5.100M $21.40M $40.70M
YoY Change -76.17% -43.54% -9.35%

Facts In Submission

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<p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">.</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;ORGANIZATION</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;">Alexander's, Inc. (NYSE: ALX) is a real estate investment trust (&#8220;REIT&#8221;), incorporated in </font><font style="font-family:Times New Roman;font-size:10pt;">Delaware</font><font style="font-family:Times New Roman;font-size:10pt;">, engaged in leasing, managing, developing and redeveloping its properties. All references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company&#8221; and &#8220;Alexander's&#8221; refer to Alexander's, Inc. and its consolidated subsidiaries. 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Our chief operating decision-maker assesses and measures segment operating results based on a performance measure referred to as net operating income at the individual operating segment. Net operating income for each property represents net rental revenues less operating expenses.</font></p><p style='margin-top:0pt; margin-bottom:10pt'>&#160;</p>
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910000
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Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers.
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We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $280,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined. The payment of development fees for the Rego Park II Apartment Tower is due on substantial completion of the construction, as defined.
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416000
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108000
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3.55
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EarningsPerShareBasic
3.29
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
16828000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.29
CY2014Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
49983000
CY2014Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
49468000
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.98
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.98
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
13824000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.71
CY2013Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
49886000
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.71
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.57
CY2013Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
47302000
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.57
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.77
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.77
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
14162000
CY2013Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
48775000
CY2013Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
50496000
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.09
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
15790000
CY2013Q4 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
599628000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
1032780000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
21593000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
26239000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
946095000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
44971000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
873667000
CY2014Q4 alx Real Estate And Accumulated Depreciation Carrying Amount Of Development And Construction In Progress
RealEstateAndAccumulatedDepreciationCarryingAmountOfDevelopmentAndConstructionInProgress
75289000
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
993927000
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
210025000
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
919576000
CY2013 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
0
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
24707000
CY2013 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
24549000
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
185375000
CY2012 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
24366000
CY2011Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
136460000
CY2014 alx Real Estate Accumulated Depreciation Before Accumulated Depreciation On Asset Sold And Written Off
RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff
993984000
CY2013Q4 alx Real Estate Before Real Estate Sold And Written Off
RealEstateBeforeRealEstateSoldAndWrittenOff
185375000
CY2014Q4 alx Real Estate Before Real Estate Sold And Written Off
RealEstateBeforeRealEstateSoldAndWrittenOff
210082000
CY2012 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
0
CY2013 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
0
CY2014 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
57000
CY2012 alx Real Estate Accumulated Depreciation Before Accumulated Depreciation On Asset Sold And Written Off
RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff
911792000
CY2012Q4 alx Real Estate Before Real Estate Sold And Written Off
RealEstateBeforeRealEstateSoldAndWrittenOff
160826000
CY2013 alx Real Estate Accumulated Depreciation Before Accumulated Depreciation On Asset Sold And Written Off
RealEstateAccumulatedDepreciationBeforeAccumulatedDepreciationOnAssetSoldAndWrittenOff
919576000

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