$ALX
ALEXANDERS INC

2018 Q3 Form 10-Q Financial Statement

#000000349918000018 Filed on July 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $59.13M $58.25M $57.19M
YoY Change 1.77% 1.86% 0.32%
Cost Of Revenue $27.00M $22.10M $21.30M
YoY Change 20.54% 3.76% 7.04%
Gross Profit $32.10M $36.10M $35.90M
YoY Change -10.08% 0.56% -3.23%
Gross Profit Margin 54.29% 61.97% 62.77%
Selling, General & Admin $500.0K $1.100M $1.100M
YoY Change 400.0% 0.0% -8.33%
% of Gross Profit 1.56% 3.05% 3.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.600M $10.10M $8.700M
YoY Change -1.03% 16.09% -13.0%
% of Gross Profit 29.91% 27.98% 24.23%
Operating Expenses $35.77M $31.90M $30.58M
YoY Change 15.65% 4.33% 0.17%
Operating Profit $23.36M $26.35M $26.61M
YoY Change -14.02% -0.97% 0.5%
Interest Expense -$8.400M -$8.800M -$6.000M
YoY Change 21.74% 46.67% 27.66%
% of Operating Profit -35.97% -33.39% -22.55%
Other Income/Expense, Net
YoY Change
Pretax Income $15.00M $17.57M $20.65M
YoY Change -26.11% -14.93% -5.25%
Income Tax $1.000K $1.000K -$6.000K
% Of Pretax Income 0.01% 0.01% -0.03%
Net Earnings $15.00M $17.57M $20.66M
YoY Change -26.09% -14.96% -5.09%
Net Earnings / Revenue 25.38% 30.16% 36.13%
Basic Earnings Per Share $2.93 $3.43 $4.04
Diluted Earnings Per Share $2.93 $3.43 $4.04
COMMON SHARES
Basic Shares Outstanding 5.107M shares 5.107M shares 5.107M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $333.3M $324.3M $497.5M
YoY Change 7.71% -34.83% 111.0%
Cash & Equivalents $303.7M $293.8M $466.5M
Short-Term Investments $29.60M $30.42M $31.08M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.600M $3.000M $2.800M
Other Receivables $169.2M $172.7M $176.8M
Total Short-Term Assets $476.5M $469.5M $646.1M
YoY Change 3.63% -27.33% 54.27%
LONG-TERM ASSETS
Property, Plant & Equipment $735.0M $741.1M $768.9M
YoY Change -3.62% -3.62% -2.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $225.8M $227.4M $31.10M
YoY Change -1.27% 631.19% -31.95%
Other Assets $47.30M $49.50M $130.7M
YoY Change -63.47% -62.13% -5.56%
Total Long-Term Assets $1.024B $1.055B $984.2M
YoY Change -11.86% 7.17% -4.17%
TOTAL ASSETS
Total Short-Term Assets $476.5M $469.5M $646.1M
Total Long-Term Assets $1.024B $1.055B $984.2M
Total Assets $1.501B $1.524B $1.630B
YoY Change -7.47% -6.5% 12.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.30M $41.90M $41.90M
YoY Change -0.55% 0.0% 39.2%
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 $36.70M $42.30M $42.50M
YoY Change -0.81% -0.47% 35.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.163B $1.163B $1.240B
YoY Change -6.23% -6.22% 17.75%
Other Long-Term Liabilities $3.000M $13.10M $2.900M
YoY Change 3.45% 351.72% 0.0%
Total Long-Term Liabilities $1.166B $1.176B $1.243B
YoY Change -6.2% -5.38% 17.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.70M $42.30M $42.50M
Total Long-Term Liabilities $1.166B $1.176B $1.243B
Total Liabilities $1.203B $1.218B $1.285B
YoY Change -6.03% -5.21% 18.21%
SHAREHOLDERS EQUITY
Retained Earnings $261.5M $269.5M $307.8M
YoY Change -14.65% -12.45%
Common Stock $5.173M $5.173M $5.173M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $368.0K $368.0K $368.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 66.16K shares 66.16K shares 66.16K shares
Shareholders Equity $298.1M $306.2M $345.2M
YoY Change
Total Liabilities & Shareholders Equity $1.501B $1.524B $1.630B
YoY Change -7.47% -6.5% 12.76%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $15.00M $17.57M $20.66M
YoY Change -26.09% -14.96% -5.09%
Depreciation, Depletion And Amortization $9.600M $10.10M $8.700M
YoY Change -1.03% 16.09% -13.0%
Cash From Operating Activities $33.20M -$3.300M -$5.800M
YoY Change -8.79% -43.1% -54.33%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$1.200M -$600.0K
YoY Change -30.0% 100.0% -72.73%
Acquisitions
YoY Change
Other Investing Activities $800.0K $700.0K
YoY Change -100.4%
Cash From Investing Activities $100.0K -$400.0K -$600.0K
YoY Change -100.05% -33.33% -84.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.10M -102.4M 165.3M
YoY Change 6.64% -161.95% -876.06%
NET CHANGE
Cash From Operating Activities 33.20M -3.300M -5.800M
Cash From Investing Activities 100.0K -400.0K -600.0K
Cash From Financing Activities -24.10M -102.4M 165.3M
Net Change In Cash 9.200M -106.1M 158.9M
YoY Change -104.94% -166.77% -519.26%
FREE CASH FLOW
Cash From Operating Activities $33.20M -$3.300M -$5.800M
Capital Expenditures -$700.0K -$1.200M -$600.0K
Free Cash Flow $33.90M -$2.100M -$5.200M
YoY Change -9.36% -59.62% -50.48%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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43788000 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
30578000 USD
us-gaap Operating Expenses
OperatingExpenses
60700000 USD
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
31900000 USD
us-gaap Operating Expenses
OperatingExpenses
63721000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26612000 USD
us-gaap Operating Income Loss
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53719000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26353000 USD
us-gaap Operating Income Loss
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52412000 USD
CY2017Q2 us-gaap Operating Leases Income Statement Lease Revenue
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38264000 USD
us-gaap Operating Leases Income Statement Lease Revenue
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76537000 USD
CY2018Q2 us-gaap Operating Leases Income Statement Lease Revenue
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38618000 USD
us-gaap Operating Leases Income Statement Lease Revenue
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76859000 USD
CY2017Q4 us-gaap Other Assets
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27903000 USD
CY2018Q2 us-gaap Other Assets
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36683000 USD
CY2017Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-3394000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-6841000 USD
CY2018Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2017Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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-112000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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-56000 USD
CY2018Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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-52000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-4000 USD
CY2017Q4 us-gaap Other Liabilities
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2901000 USD
CY2018Q2 us-gaap Other Liabilities
OtherLiabilities
13147000 USD
us-gaap Payments Of Debt Issuance Costs
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11962000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
141000 USD
us-gaap Payments Of Dividends Common Stock
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43474000 USD
us-gaap Payments Of Dividends Common Stock
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46044000 USD
us-gaap Payments To Acquire Loans Held For Investment
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0 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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1.00
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1.00
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PreferredStockSharesAuthorized
3000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
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0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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500000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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78246000 USD
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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0 USD
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
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1519000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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1190000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
301819000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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283044000 USD
CY2018Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2018Q2 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
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197018000 USD
CY2017Q2 us-gaap Real Estate Revenue Net
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57190000 USD
us-gaap Real Estate Revenue Net
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us-gaap Real Estate Tax Expense
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CY2017Q2 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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595000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
1190000 USD
CY2018Q2 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
595000 USD
us-gaap Repayments Of Long Term Debt
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158452000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
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85752000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
85743000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6243000 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
394000 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
394000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
302543000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
269525000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10057 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
495730 shares
CY2016Q4 us-gaap Stockholders Equity
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352845000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
345195000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
343955000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
306171000 USD
CY2017Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
344323000 USD
CY2018Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
306539000 USD
us-gaap Straight Line Rent
StraightLineRent
-2149000 USD
us-gaap Straight Line Rent
StraightLineRent
-2038000 USD
CY2017Q2 us-gaap Tenant Reimbursements
TenantReimbursements
18926000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
37882000 USD
CY2018Q2 us-gaap Tenant Reimbursements
TenantReimbursements
19635000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
39274000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
66160 shares
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
66160 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
368000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
368000 USD
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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5115320 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5115012 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5116657 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5116321 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements are unaudited and include the accounts of Alexander&#8217;s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United&#160;States of America (&#8220;GAAP&#8221;) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the &#8220;SEC&#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December&#160;31, 2017, as filed with the SEC.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the operating results for the full year.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;">We operate in </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> reportable segment.</font></div></div>
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued an update (&#8220;ASU 2017-12&#8221;) </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Targeted Improvements to Accounting for Hedging Activities </font><font style="font-family:inherit;font-size:10pt;">to ASC Topic 815,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Derivatives and Hedging</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 815&#8221;). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies&#8217; risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. The update ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We elected to early adopt ASU 2017-12 effective January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Alexander&#8217;s, Inc. (NYSE: ALX) is a real estate investment trust (&#8220;REIT&#8221;), incorporated in Delaware, 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&#8217;s&#8221; refer to Alexander&#8217;s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (&#8220;Vornado&#8221;) (NYSE: VNO). We have </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> properties in the greater New York City metropolitan area.</font></div></div>

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