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Alexander's estimates $24M expense in Q1'18

Alexander's Inc. expects to book a roughly $23.8 million, or $4.65 per share, expense in the first quarter due to additional real property transfer taxes, including interest, assessed by the New York City Department of Finance.

The retail real estate investment trust said it plans to continue to "vigorously contest" the department's assessment, which is in connection with the company's 2012 sale of the Kings Plaza Shopping Center in Brooklyn, N.Y., to regional mall REIT Macerich Co.

The expense is expected to include $15.9 million of real property transfer tax and $7.9 million in interest.