Alexander's, Inc. Reports Results

Business Wire,  July 31, 2006  

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PARAMUS, N.J. -- ALEXANDER'S, INC. (NYSE: ALX) today reported:

Quarter Ended June 30, 2006 Results

Net income for the quarter ended June 30, 2006 was $36.9 million, or $7.25 per diluted share, compared to $17.5 million, or $3.44 per diluted share, for the quarter ended June 30, 2005. Funds from operations ("FFO") for the quarter ended June 30, 2006 was $42.3 million, or $8.31 per diluted share, compared to $22.4 million, or $4.41 per diluted share, for the quarter ended June 30, 2005.

Net income and FFO for the quarter ended June 30, 2006 include, $14.7 million for the reversal of a portion of the accrual of stock appreciation rights ("SARs") compensation expense and $8.2 million for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue. These items, in the aggregate, increased net income and FFO by $22.9 million, or $4.50 per diluted share. Net income and FFO for the quarter ended June 30, 2005 include, $13.2 million for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue, partially offset by, $6.2 million for an accrual of SARs compensation expense. These items, in the aggregate, increased net income and FFO by $7.0 million, or $1.38 per diluted share.

Six Months Ended June 30, 2006 Results

Net income for the six months ended June 30, 2006 was $18.0 million, or $3.54 per diluted share, compared to $48.7 million, or $9.59 per diluted share, for the six months ended June 30, 2005. FFO for the six months ended June 30, 2006 was $28.7 million, or $5.64 per diluted share, compared to $58.3 million, or $11.48 per diluted share, for the six months ended June 30, 2005.

Net income and FFO for the six months ended June 30, 2006 include, $22.9 million for an accrual of SARs compensation expense, partially offset by, $13.3 million for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue. These items, in the aggregate, decreased net income and FFO by $9.6 million, or $1.90 per diluted share. Net income and FFO for the six months ended June 30, 2005 include, $53.1 million for an after-tax net gain from the sale of residential condominium units at 731 Lexington Avenue, partially offset by, $28.7 million for an accrual of SARs compensation expense. These items, in the aggregate, increased net income and FFO by $24.4 million, or $4.82 per diluted share.

Alexander's, Inc. is a real estate investment trust which has six properties in the greater New York City metropolitan area.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.