Alexander's Inc. reported second-quarter net income of $155.4 million, more than 25 times its year-earlier profit, but the gain was driven almost entirely by the $148.0 million sale of the Rego Park I property. That single-asset gain, equal to $28.81 per diluted share, accounts for the overwhelming majority of both the quarterly net income and the $160.0 million in six-month net income. Funds from operations, the metric REIT investors track, rose to $15.5 million, or $3.02 per diluted share, from $14.8 million, or $2.88 per share, a year earlier, while revenue climbed to $54.7 million from $51.6 million. The six-month picture was weaker: FFO fell to $28.9 million, or $5.63 per diluted share, from $35.6 million, or $6.93 per share, even as revenue edged up to $108.1 million from $106.5 million. Hedge funds holding the stock rose to 14 from 12 quarter over quarter, while short interest stood at 13.73% of the float.
Alexanders IncQ2 net income jumped over 25x, driven by the $148.0 million sale of the Rego Park I property, equal to $28.81 per diluted share.
