Alexander’s net income reaches $155.4 million

• Alexander’s reported Q2 net income of $155.4 million, including a $148.0 million gain from the Rego Park I sale.
• Alexander’s shares were up 5.61% at $269.30 following the earnings announcement.
• The REIT now owns four New York City properties and recently leased 135,000 square feet to Target.

Alexander’s (NYSE:ALX) reported Q2 net income of $155.4 million, or $30.24 per diluted share, following a major property-sale gain.

Revenue increased to $54.7 million from $51.6 million, while FFO rose to $15.5 million from $14.8 million.

Quarterly net income included a $148 million gain from selling Rego Park I to Northwell Health for $235.5 million.

Six-month net income reached $160 million, although FFO declined to $28.9 million from $35.6 million a year earlier.

Following the announcement, Alexander’s share price was up 5.61% at $269.30.

Alexander’s now owns four New York City properties after receiving $203 million in net proceeds from the Rego Park I sale.

The REIT also signed Target to a 135,000-square-foot Rego Park lease, bringing that shopping centre to 99% occupancy.