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Alexander's Inc. Reports Operating Results (10-K)

February 27, 2012 | About:
10qk

10qk

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Alexander's Inc. (ALX) filed Annual Report for the period ended 2011-12-31.

Alexanders Inc has a market cap of $2.04 billion; its shares were traded at around $400.15 with a P/E ratio of 18.62 and P/S ratio of 8.47. The dividend yield of Alexanders Inc stocks is 3.75%.

Highlight of Business Operations:

Bloomberg accounted for $84,526,000, $83,137,000 and $77,988,000, or 33%, 34% and 35% of our consolidated revenues in the years ended December 31, 2011, 2010 and 2009, respectively. No other tenant accounted for more than 10% of our consolidated revenues in any of the last three years. If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to perform its obligations under its lease, it would adversely affect our results of operations and financial condition. We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis. In addition, we access and evaluate financial information regarding Bloomberg from private sources, as well as publicly available data.

Bloomberg accounted for $84,526,000, $83,137,000 and $77,988,000, or 33%, 34% and 35% of our consolidated revenues in the years ended December 31, 2011, 2010 and 2009, respectively. No other tenant accounted for more than 10% of our consolidated revenues in any of the last three years. If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to perform its obligations under its lease, it would adversely affect our results of operations and financial condition.

Mall sales per square foot were $612 and $610 for the years ended December 31, 2011 and 2010, respectively. The following table sets forth the occupancy rate and the average annual rent per square foot for the Mall tenants for each of the past five years.

Bloomberg L.P. (“Bloomberg”) accounted for $84,526,000, $83,137,000, and $77,988,000, or 33%, 34% and 35%, of our consolidated revenues in the years ended December 31, 2011, 2010 and 2009, respectively. No other tenant accounted for more than 10% of our consolidated revenues in any of the last three years. If we were to lose Bloomberg as a tenant, or if Bloomberg were to fail or become unable to perform its obligations under its lease, it would adversely affect our results of operations and financial condition. We receive and evaluate certain confidential financial information and metrics from Bloomberg on a semi-annual basis. In addition, we access and evaluate financial information regarding Bloomberg from private sources, as well as publicly available data.

Property rental income is our primary source of cash flow and is dependent on a number of factors including the occupancy level and rental rates of our properties, as well as our tenants ability to pay their rents. Our properties provide us with a relatively consistent stream of cash flow that enables us to pay our operating expenses, interest expense, recurring capital expenditures and cash dividends to stockholders. Other sources of liquidity to fund cash requirements include our existing cash, proceeds from financings, including mortgage or construction loans secured by our properties and proceeds from asset sales. We anticipate that cash flows from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund our business operations, cash dividends to stockholders, debt amortization and maturities, and recurring capital expenditures.

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10qk
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