Alexander's Q2 Net Income Surges to $155M on Property Sale Gain
ALX sits 26% above its 52-week low of $201.28.
Summary
Alexander's Q2 net income exploded to $155.4M, driven by a $148M gain from the previously announced Rego Park I sale. Revenue of $54.7M edged past the lone analyst estimate, while adjusted FFO per share rose to $3.02 from $2.88 a year ago. The sale closed in late May, and this quarter captures the full financial impact—cash doubled to $303M. Despite the blowout quarter, the sole analyst rating remains 'sell' with a $212 price target, well below the recent $255 close. The new Target lease helps offset a tenant exit, but a $56.8M Bloomberg rent abatement looms as a future drag.
At the time of this announcement, ALX was trading at $254.59 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $201.28 to $289.43. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.