Tweet me!Funds from operations attributable to common stockholders for the quarter was $51.6 million, or $10.12 per share, compared to $20.4 million or $4.00 per share in the same quarter of last year.
Net income attributable to common stockholders and FFO for the quarter ended March 31, 2009 include $34.3 million, or $6.72 diluted share, for the reversal of a portion of stock appreciation rights compensation expense, compared to $0.6 million, or $0.12 per diluted share, for an accrual of SARs compensation expense in the quarter ended March 31, 2008.
Hmmm... So they decide to reverse a derivative compensation structure during the same quarter that they manage to receive some operating pressure and Voila! Instant tripling of net income. If we back out of the difference between last year's SAR and this year's (BTW, notice the difference between the same quarter last year and this quarter) and you will find that ALX's portfolio has generated about $3 million less than this time last quarter. It is safe to assume that there may be some additional financial shenanigans in their earnings as well. After all, vacancies and bankruptcies are what they are, and real estate companies don't make more money when their tenants go out of business or fail to pay rent.
