UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark one)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~September~~For 30the quarterly period ended: March 31, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from:						to


Commission File Number:			001-06064

ALEXANDERS INC

(Exact name of registrant as specified in its charter)

Delaware

51-0100517

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

210 Route 4 East,

Paramus,

New Jersey

07652

(Address of principal executive offices)

(Zip Code)


(201)			587-8541

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

ALX

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☐	Large Accelerated Filer	☑	Accelerated Filer
☐	Non-Accelerated Filer	☐	Smaller Reporting Company
		☐	Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

As of ~~September 30~~March 31, ~~2024~~2025, there were 5,107,290 shares of common stock, par value $1 per share, outstanding.

INDEX

		Page Number
PART I.	Financial Information:
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) as of September 30, 2024 and December 31, 2023	4
	Consolidated Balance Sheets (Unaudited) as of March 31, 2025 and December 31, 2024	4
	Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	5
	Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2025 and 2024	5
	Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	6
	Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2025 and 2024	6
	Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	7
	Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2025 and 2024	7
	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023	8
	Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2025 and 2024	8
	Notes to Consolidated Financial Statements (Unaudited)	9
	Report of Independent Registered Public Accounting Firm	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures ~~about~~About Market Risk	2523
Item 4.	Controls and Procedures	2523
PART II.	Other Information:
Item 1.	Legal Proceedings	2624
Item 1A.	Risk Factors	2624
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2624
Item 3.	Defaults Upon Senior Securities	2624
Item 4.	Mine Safety Disclosures	2624
Item 5.	Other Information	2624
Item 6.	Exhibits	2624
Exhibit Index		2725
Signatures		2926

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(Amounts in thousands, except share and per share amounts)

As of

ASSETS

~~September~~March 3031, ~~2024~~2025

December 31, ~~2023~~2024

Real estate, at cost:

Land

32,271

Buildings and leasehold improvements

1,~~038~~046,~~569~~322

1,~~034~~046,~~068~~132

Development and construction in progress

813,~~030~~810

~~281~~6,794

Total

1,~~078~~092,~~870~~403

1,~~066~~085,~~620~~197

Accumulated depreciation and amortization

(~~436~~451,~~619~~130)

(~~415~~443,~~903~~627)

Real estate, net

~~642~~641,~~251~~273

~~650~~641,~~717~~570

Cash and cash equivalents

~~354~~319,~~817~~897

~~531~~338,~~855~~532

Restricted cash

4257,~~359~~748

2155,~~122~~304

Tenant and other receivables

45,~~748~~361

65,~~076~~112

Receivable arising from the straight-lining of rents

~~112~~110,~~986~~730

~~124~~111,~~866~~750

Deferred leasing costs, net, including unamortized leasing fees to Vornado of $22,497 and $19,540, respectively

163,860

24,888

Deferred leasing costs, net, including unamortized leasing fees to Vornado of $21,793 and $22,380, respectively

160,777

163,677

Other assets

4337,~~948~~117

4425,~~156~~350

1,~~364~~332,~~969~~903

1,~~403~~341,~~680~~295

LIABILITIES AND EQUITY

Mortgages payable, net of deferred debt issuance costs

~~987~~988,~~978~~021

1988,~~092,551~~019

Amounts due to Vornado

~~943~~1,063

~~715~~1,159

Accounts payable and accrued expenses

5044,~~443~~113

5138,~~750~~743

Lease incentive liability

113,618

—

Lease incentive liabilities

115,118

Other liabilities

21,~~298~~499

21,~~007~~397

Total liabilities

1,~~174~~169,~~280~~814

1,~~166~~164,~~023~~436

Commitments and contingencies

Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none

—

Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares

5,173

Additional capital

34,765

34,~~315~~765

Retained earnings

~~144~~122,~~226~~613

~~182~~133,~~336~~402

Accumulated other comprehensive income

~~6,893~~906

163,~~201~~887

191,057

238,025

163,457

177,227

Treasury stock: 66,160 shares, at cost

(368)

Total equity

~~190~~163,~~689~~089

~~237~~176,~~657~~859

1,~~364~~332,~~969~~903

1,~~403~~341,~~680~~295

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(Amounts in thousands, except share and per share amounts)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	For the Three Months Ended March 31,
	2024		2023		2024		2023
	2025		2024
REVENUES
Rental revenues	$	5554,~~675~~915	$	5561,~~413~~397	$	~~170,464~~	$	~~162,027~~
EXPENSES
Operating, including fees to Vornado of $1,828, $1,557, $4,932 and $4,780, respectively	(26,446)		(25,593)		(76,700)		(75,355)
Operating, including fees to Vornado of $1,592 and $1,759, respectively	(25,564)		(25,263)
Depreciation and amortization	(78,~~972~~599)		(79,~~933~~477)		~~(26,146)~~		~~(23,492)~~
General and administrative, including management fees to Vornado of $610, $610, $1,830 and $1,830, respectively	(1,423)		(1,580)		(5,058)		(4,845)
General and administrative, including management fees to Vornado of $610 in each period	(1,591)		(1,476)
Total expenses	(35,~~841~~754)		(3536,~~106~~216)		~~(107,904)~~		~~(103,692)~~
Interest and other income	63,~~105~~945		67,~~622~~162		~~20,321~~		~~15,464~~
Interest and debt expense	(1910,~~261~~794)		(16,~~175~~234)		~~(51,714)~~		~~(41,624)~~
Net gain on sale of real estate	—		—		—		53,952
Net income	$	12,312	$	16,109
Net income	$	6,678	$	10,754	$	31,167	$	86,127
Net income per common share - basic and diluted	$	2.40	$	3.14
Net income per common share - basic and diluted	$	1.30	$	2.10	$	6.07	$	16.79
Weighted average shares outstanding - basic and diluted	5,133,534		5,130,678
Weighted average shares outstanding - basic and diluted	5,133,534		5,130,678		5,132,043		5,128,875

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in thousands)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	For the Three Months Ended March 31,
	2024		2023		2024		2023
	2025		2024
Net income	$	612,~~678~~312	$	1016,~~754~~109	$	~~31,167~~	$	~~86,127~~
Other comprehensive loss:
Change in fair value of interest rate derivatives and other	(5,408)		(1,486)		(9,308)		(2,020)
Change in fair value of interest rate derivatives	(2,981)		(540)
Comprehensive income	$	19,~~270~~331	$	915,~~268~~569	$	~~21,859~~	$	~~84,107~~

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in thousands, except per share amounts)

				AdditionalCapital		RetainedEarnings		Accumulated OtherComprehensive Income		TreasuryStock		Total Equity
	Common Stock
	Shares	Amount
For the Three Months Ended September 30, 2024
For the Three Months Ended March 31, 2025
Balance, June 30, 2024	5,173	$	5,173	$	34,765	$	160,649	$	12,301	$	(368)	$	212,520
Balance, December 31, 2024	5,173	$	5,173	$	34,765	$	133,402	$	3,887	$	(368)	$	176,859
Net income	—	—		—		612,~~678~~312		—		—		612,~~678~~312
Dividends paid ($4.50 per common share)	—	—		—		(23,101)		—		—		(23,101)
Change in fair value of interest rate derivatives	—	—		—		—		(52,~~408~~981)		—		(52,~~408~~981)
Balance, September 30, 2024	5,173	$	5,173	$	34,765	$	144,226	$	6,893	$	(368)	$	190,689
Balance, March 31, 2025	5,173	$	5,173	$	34,765	$	122,613	$	906	$	(368)	$	163,089
For the Three Months Ended September 30, 2023
For the Three Months Ended March 31, 2024
Balance, June 30, 2023	5,173	$	5,173	$	34,315	$	201,472	$	25,052	$	(368)	$	265,644
Balance, December 31, 2023	5,173	$	5,173	$	34,315	$	182,336	$	16,201	$	(368)	$	237,657
Net income	—	—		—		1016,~~754~~109		—		—		1016,~~754~~109
Dividends paid ($4.50 per common share)	—	—		—		(23,088)		—		—		(23,088)
Change in fair value of interest rate derivatives	—	—		—		—		(~~1,486~~540)		—		(~~1,486~~540)
Balance, September 30, 2023	5,173	$	5,173	$	34,315	$	189,138	$	23,566	$	(368)	$	251,824
Balance, March 31, 2024	5,173	$	5,173	$	34,315	$	175,357	$	15,661	$	(368)	$	230,138

				AdditionalCapital		RetainedEarnings		Accumulated OtherComprehensive Income		TreasuryStock		Total Equity
	Common Stock
	Shares	Amount
For the Nine Months Ended September 30, 2024
Balance, December 31, 2023	5,173	$	5,173	$	34,315	$	182,336	$	16,201	$	(368)	$	237,657
Net income	—	—		—		31,167		—		—		31,167
Dividends paid ($13.50 per common share)	—	—		—		(69,277)		—		—		(69,277)
Change in fair value of interest rate derivatives	—	—		—		—		(9,308)		—		(9,308)
Deferred stock unit grants	—	—		450		—		—		—		450
Balance, September 30, 2024	5,173	$	5,173	$	34,765	$	144,226	$	6,893	$	(368)	$	190,689
For the Nine Months Ended September 30, 2023
Balance, December 31, 2022	5,173	$	5,173	$	33,865	$	172,243	$	25,586	$	(368)	$	236,499
Net income	—	—		—		86,127		—		—		86,127
Dividends paid ($13.50 per common share)	—	—		—		(69,232)		—		—		(69,232)
Change in fair value of interest rate derivatives and other	—	—		—		—		(2,020)		—		(2,020)
Deferred stock unit grants	—	—		450		—		—		—		450
Balance, September 30, 2023	5,173	$	5,173	$	34,315	$	189,138	$	23,566	$	(368)	$	251,824

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Amounts in thousands)

	For the Nine Months Ended September 30,
	For the Three Months Ended March 31,
CASH FLOWS FROM OPERATING ACTIVITIES	~~2024~~2025		~~2023~~2024
Net income	$	3112,~~167~~312	$	8616,~~127~~109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	289,~~470~~389		249,~~771~~917
Net gain on sale of real estate	—		(53,952)
Straight-lining of rents	1,020		9,355
Straight-lining of rents	11,880		5,949
Interest rate cap premium amortization	176		3,401
Interest rate cap premium amortization	6,213		4,049
Other non-cash adjustments	2,158		(2,820)
Stock-based compensation expense	450		450
Other non-cash adjustments	(1,664)		1,295
Change in operating assets and liabilities:
Tenant and other receivables	~~529~~(249)		~~(951)~~347
Other assets	(~~161~~15,~~750~~171)		(113,~~377~~357)
Amounts due to Vornado	36(169)		~~725~~(236)
Accounts payable and accrued expenses	(56,~~639)~~258		(25,~~705~~886)
Lease incentive liability	113,618		—
Other liabilities	(4)		(5)
Other liabilities	(14)		(14)
Net cash provided by operating activities	15,720		16,825
Net cash provided by operating activities	23,296		64,367
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(98,~~836~~021)		(32,~~796~~475)
Proceeds from maturities of U.S. Treasury bills	—		264,881
Proceeds from interest rate cap	—		3,160
Proceeds from sale of real estate	—		67,821
Net cash (used in) provided by investing activities	(8,021)		685
Proceeds from interest rate cap	6,563		1,889
Purchase of interest rate cap	—		(11,258)
Net cash (used in) provided by investing activities	(3,273)		319,537
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(500,000)		—
Dividends paid	(23,101)		(23,088)
Proceeds from borrowing	400,000		—
Debt repayments	(789)		—
Dividends paid	(69,277)		(69,232)
Net cash used in financing activities	(23,890)		(23,088)
Debt issuance costs	(6,547)		(69)
Net decrease in cash and cash equivalents and restricted cash	(16,191)		(5,578)
Net cash used in financing activities	(175,824)		(69,301)
Cash and cash equivalents and restricted cash at beginning of period	393,836		552,977
Net (decrease) increase in cash and cash equivalents and restricted cash	(155,801)		314,603
Cash and cash equivalents and restricted cash at end of period	$	377,645	$	547,399
Cash and cash equivalents and restricted cash at beginning of period	552,977		214,478
Cash and cash equivalents and restricted cash at end of period	$	397,176	$	529,081
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	$	~~531~~338,~~855~~532	$	~~194~~531,~~933~~855
Restricted cash at beginning of period	2155,~~122~~304		1921,~~545~~122
Cash and cash equivalents and restricted cash at beginning of period	$	~~552~~393,~~977~~836	$	~~214~~552,~~478~~977
Cash and cash equivalents at end of period	$	~~354~~319,~~817~~897	$	~~507~~526,~~918~~340
Restricted cash at end of period	4257,~~359~~748		21,~~163~~059
Cash and cash equivalents and restricted cash at end of period	$	~~397~~377,~~176~~645	$	~~529~~547,~~081~~399
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	$	9,876	$	15,356
NON-CASH TRANSACTIONS
Liability for real estate additions, including $419 and $14, respectively for development fees due to Vornado	$	2,188	$	2,708
Write-off of fully depreciated assets	—		15

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	$	51,426	$	38,399
NON-CASH TRANSACTIONS
Liability for real estate additions, including $192 for development fees due to Vornado in 2024	$	6,143	$	652
Write-off of fully depreciated assets	1,760		5,964

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.Organization

Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have five properties in New York City.

2.Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (~~the~~ “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024, as filed with the SEC.

We have made estimates and assumptions that affect the reported amounts of assets and liabilities, ~~and~~ disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the operating results for the full year.

We operate in one reportable segment.

3.Recently Issued Accounting Literature

In ~~November~~December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures (“ASU 2023-0709”). ASU 2023-0709 ~~aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07~~ requires ~~disclosure~~entities ofto ~~significant~~disclose ~~segment~~additional ~~expenses~~information ~~that~~with ~~are~~respect ~~regularly provided~~ to the ~~chief~~effective ~~operating~~tax ~~decision~~rate ~~maker~~reconciliation and ~~included~~to ~~within~~disclose ~~each~~the ~~reported~~disaggregation ~~measure~~by jurisdiction of ~~segment~~income ~~profit~~tax orexpense ~~loss. The update also requires disclosure regarding the chief operating decision maker~~ and ~~expands~~income ~~the~~taxes ~~interim segment disclosure requirements~~paid. ASU 2023-0709 is effective for fiscal years beginning after December 15, ~~2023, and interim periods within fiscal years beginning after December 15,~~ 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-0709 on our consolidated financial statements.

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903, Income ~~Taxes~~Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40): ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU ~~2023~~2025-0901”). ASU ~~2023~~2024-0903 requires ~~entities~~additional todisclosure ~~disclose~~of ~~additional~~the ~~information~~nature ~~with~~of ~~respect~~expenses toincluded in the ~~effective~~income ~~tax~~statement ~~rate~~as ~~reconciliation~~well ~~and~~as todisclosures ~~disclose~~about ~~the~~specific ~~disaggregation~~types byof ~~jurisdiction~~expenses ofincluded ~~income~~in ~~tax~~the expense ~~and~~captions ~~income~~presented ~~taxes~~in ~~paid~~the income statement. ASU ~~2023~~2024-0903, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, ~~2024~~2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of ~~ASU~~these ~~2023-09~~standards on our consolidated financial statements.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

4.Revenue Recognition

The following is a summary of revenue sources for the three ~~and nine~~ months ended ~~September 30~~March 31, ~~2024~~2025 and ~~2023~~2024.

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

(Amounts in thousands)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Lease revenues

5352,~~244~~726

5259,~~954~~346

~~163,878~~

~~155,502~~

Parking revenue

1,~~168~~196

1,~~090~~130

~~3,483~~

~~3,300~~

Tenant services

~~1,263~~993

~~1,369~~921

~~3,103~~

~~3,225~~

Rental revenues

5554,~~675~~915

5561,~~413~~397

~~170,464~~

~~162,027~~

The components of lease revenues for the three ~~and nine~~ months ended ~~September 30~~March 31, ~~2024~~2025 and ~~2023~~2024 are as follows:

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

(Amounts in thousands)

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

Fixed lease revenues

35,~~608~~354

3442,~~926~~534

~~112,542~~

~~104,489~~

Variable lease revenues

17,~~636~~372

1816,~~028~~812

~~51,336~~

~~51,013~~

Lease revenues

5352,~~244~~726

5259,~~954~~346

~~163,878~~

~~155,502~~

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $9332,~~179~~205,000 and $8929,~~863~~963,000 for the ~~nine~~three months ended ~~September 30~~March 31, ~~2024~~2025 and ~~2023~~2024, respectively, representing approximately 5559% and 49% of our rental revenues in each period, respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

On ~~May~~January 331, ~~2024~~2025, ~~Alexander~~Home Depot’s ~~and~~83,000 ~~Bloomberg~~square ~~entered~~foot ~~into~~lease anat ~~agreement to extend~~ the ~~leases~~retail ~~covering~~portion ~~approximately~~of ~~947,000 square feet at~~ our 731 Lexington Avenue property ~~that were scheduled to expire in February 2029 for a term of eleven years to February 2040~~expired. ~~Upon~~Annual ~~execution~~rental ofrevenues ~~this~~from ~~lease~~Home ~~extension,~~Depot wewere ~~paid~~approximately a $3215,000,000 ~~leasing commission, of which $26,500,000 was to a third-party broker and $5,500,000 was to Vornado~~.

In ~~connection~~May ~~with~~2024, ~~the~~Alexander’s ~~lease~~and ~~extension,~~ Bloomberg isreached ~~entitled~~an agreement to aextend ~~$113,618,000~~the ~~tenant~~leases ~~fund~~covering ~~which~~approximately is947,000 ~~accounted~~square ~~for~~feet asat aour ~~lease~~731 ~~incentive~~Lexington ~~under~~Avenue ~~GAAP.~~property ~~Accordingly,~~that ~~during~~were ~~the~~scheduled ~~second~~to ~~quarter~~expire ofin ~~2024,~~February we2029 ~~recorded~~for a ~~deferred~~term ~~lease incentive asset~~ of ~~$113,618,000,~~eleven ~~which~~years ~~is amortized as a reduction~~ to ~~rental~~February ~~revenues~~2040. ~~over~~Upon ~~the~~execution ~~remaining term~~ of ~~the~~this lease extension, ~~and~~we paid a ~~corresponding~~$32,000,000 ~~liability. These amounts are included in “Deferred~~ leasing ~~costs~~commission, ~~net”~~of ~~and~~which ~~“Lease incentive liability~~$26,~~” respectively~~500,000 onwas ~~our~~to ~~consolidated~~a ~~balance~~third-party ~~sheet~~broker asand of$5,500,000 ~~September~~was ~~30,~~to ~~2024~~Vornado.

On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030. The lease included a right to terminate effective no earlier than March 16, 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term. On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerated its lease termination date to April 1, 2024. During the fourth quarter of 2023 and the first quarter of 2024, IKEA paid its remaining rent obligation through March 16, 2026 and the $10,000,000 termination payment.

5.Real Estate Sale

On May 19, 2023, we sold the Rego Park III land parcel in Queens, New York, for $71,060,000 inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. Net proceeds from the sale were $67,821,000 after closing costs and the financial statement gain was $53,952,000.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

65.Related Party Transactions

Vornado

As of ~~September 30~~March 31, ~~2024~~2025, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $~~376~~387,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined.

Leasing and Other Agreements

Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees to Vornado increased by 1% and Vornado was responsible for the fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Directors approved amendments to the leasing agreements, subject to applicable lender consents, pursuant to which the Company is responsible for any Third-Party Lease Commissions and, in such circumstances, Vornado’s fee is one-third of the applicable Third-Party Lease Commission.

Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.

We also have agreements with Building Maintenance Services LLC, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. In addition, we have an agreement with a wholly owned subsidiary of Vornado to manage the parking garages at our Rego Park I and Rego Park II properties.

The following is a summary of fees earned by Vornado under the various agreements discussed above.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	For the Three Months Ended March 31,
(Amounts in thousands)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Company management fees	$	700	$	700	$	~~2,100~~	$	~~2,100~~
Development fees	~~192~~419		—15		~~318~~		—
Leasing fees	—13		~~974~~38		~~5,555~~		~~1,144~~
Commission on sale of real estate	—		—		—		711
Property management, cleaning, engineering, parking and security fees	1,459		1,636
Property management, cleaning, engineering, parking and security fees	1,688		1,442		4,537		4,401
	$	2,591	$	2,389
	$	2,580	$	3,116	$	12,510	$	8,356

As of ~~September 30~~March 31, ~~2024~~2025, the amounts due to Vornado were $~~734~~631,000 for management, property management, cleaning, engineering and security fees, $~~192~~419,000 for development fees and $1713,000 for leasing fees. As of December 31, ~~2023~~2024, the amounts due to Vornado were $~~646~~642,000 for management, property management, cleaning, engineering and security fees, $346,000 for development fees and $69171,000 for leasing fees.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

76.Mortgages Payable

OnThe ~~June~~following 9,is ~~2023,~~a wesummary ~~exercised~~of our ~~remaining~~outstanding ~~one-year~~mortgages ~~extension~~payable ~~option~~as ~~on the $500,000,000 interest-only mortgage loan on the office condominium~~ of ~~our 731 Lexington Avenue property. The interest rate on the loan remained at LIBOR plus 0.90% through July 15~~March 31, ~~2023~~2025 and ~~then~~December ~~at the Prime Rate through loan maturity on June 11~~31, 2024. In ~~addition,~~We inmay ~~June~~refinance ~~2023,~~our wematuring ~~purchased~~debt anas ~~interest~~it ~~rate~~comes ~~cap~~due ~~for~~or ~~$11,258,000,~~choose ~~which~~to ~~capped~~pay ~~LIBOR~~it ~~at 6.00% through July 15, 2023 and then the Prime Rate at 6.00% through loan maturity. On June 11, 2024, we entered into a four-month extension of the loan and simultaneously paid~~ down ~~the principal balance by $10,000,000 to $490,000,000~~.

On September 30, 2024, we entered into a new $400,000,000 mortgage loan on the office condominium portion of 731 Lexington Avenue. The interest-only loan has a fixed rate of 5.04% and matures in October 2028. The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026. The new loan replaces the previous $490,000,000 loan that bore interest at the Prime Rate and was scheduled to mature in October 2024.


		Interest Rate at March 31, 2025	Balance at
(Amounts in thousands)	Maturity		March 31, 2025		December 31, 2024
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 09, 2028	5.04%	$	400,000	$	400,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	201,754		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			995,754		996,544
Deferred debt issuance costs, net of accumulated amortization of $8,173 and $7,381, respectively			(7,733)		(8,525)
			$	988,021	$	988,019

~~The~~(1)Interest ~~following~~rate islisted arepresents ~~summary~~the ofrate ~~our~~in ~~outstanding~~effect ~~mortgages payable~~ as of ~~September~~March ~~30, 2024 and December~~ 31, ~~2023.~~2025 Webased ~~may~~on ~~refinance~~SOFR ~~our~~as ~~maturing~~of ~~debt~~contractual asreset itdate ~~comes~~plus ~~due~~contractual orspread, ~~choose~~adjusted tofor ~~pay~~hedging itinstruments ~~down~~as applicable.

		Interest Rate at September 30, 2024	Balance at
(Amounts in thousands)	Maturity		September 30, 2024		December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 9, 2028	5.04%	$	400,000	$	500,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			996,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $6,589 and $17,639, respectively			(8,566)		(3,993)
			$	987,978	$	1,092,551

(1)Interest rate listed represents the rate in effect as of September 30, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.

(3)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through ~~November~~December ~~2024~~2025).

87.~~Stock-Based~~Fair ~~Compensation~~Value Measurements

WeAccounting ~~account~~Standards ~~for~~Codification ~~stock-based compensation in accordance with~~ (“ASC”) Topic ~~718~~820, ~~Compensation~~Fair –Value ~~Stock~~Measurement ~~Compensation~~ (“ASC ~~718~~820”) defines fair value and establishes a framework for measuring fair value. ~~Our~~ASC ~~2016~~820 ~~Omnibus~~establishes ~~Stock~~a ~~Plan~~fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the ~~“Plan”)~~measurement ~~provides~~date for ~~grants~~assets ofor ~~incentive~~liabilities that are highly liquid and ~~non-qualified~~are ~~stock~~actively ~~options,~~traded ~~restricted~~in ~~stock,~~secondary ~~stock~~markets; ~~appreciation~~Level ~~rights~~2 – observable prices that are based on inputs not quoted in active markets, ~~deferred~~but ~~stock~~corroborated ~~units~~by ~~(“DSUs”)~~market data; and ~~performance~~Level ~~shares,~~3 as– ~~defined,~~unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the ~~directors~~lowest priority to Level 3 inputs. In determining fair value, ~~officers~~we utilize valuation techniques that maximize the use of observable inputs and ~~employees~~minimize the use of unobservable inputs to the ~~Company~~extent ~~and~~possible ~~Vornado~~as well as consider counterparty credit risk in our assessment of fair value.

InFinancial ~~May~~Assets 2024, we granted each of the members of our Board of Directors 357 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $450,000 in the aggregate, in accordance with ASC 718. The DSUs entitle the holders to receive shares of the Company’s common stock without the payment of any consideration. The DSUs vested immediately and ~~accordingly,~~Liabilities ~~were~~Measured ~~expensed~~at onFair the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors. As of September 30, 2024, there were 26,244 DSUs outstanding and 479,543 shares were available for future grant under the Plan.Value

Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2025 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2025.


	As of March 31, 2025
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	1,330	$	—	$	1,330	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024.


	As of December 31, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	4,487	$	—	$	4,487	$	—

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

97.Fair Value Measurements - continued

ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of September 30, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of September 30, 2024.

	As of September 30, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	7,087	$	—	$	7,087	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2023 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2023.

	As of December 31, 2023
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	22,608	$	—	$	22,608	$	—

Interest Rate Derivatives

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

		Fair Value as of				As of ~~September~~March 3031, ~~2024~~2025
(Amounts in thousands)		~~September~~March 3031, ~~2024~~2025		December 31, ~~2023~~2024		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	61,~~890~~149	$	164,~~315~~117	$	300,000	1.76%	05/25
Interest rate caps related to:
Interest rate cap related to:
	Rego Park II shopping center mortgage loan	~~197~~181		1,370		$201,754	~~202,544~~	(1)	1112/2425
	731 Lexington Avenue mortgage loan, office condominium	—		4,923		N/A		N/A	N/A
Included in other assets		$	1,330	$	4,487
Included in other assets		$	7,087	$	22,608

(1)SOFR cap strike rate of 4.15%.

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2025 and December 31, 2024, respectively.


	As of March 31, 2025				As of December 31, 2024
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	64,146	$	64,146	$	61,889	$	61,889
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	995,754	$	972,192	$	996,544	$	967,941

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

98.~~Fair~~Commitments ~~Value~~and ~~Measurements - continued~~Contingencies

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of September 30, 2024 and December 31, 2023, respectively.

	As of September 30, 2024				As of December 31, 2023
(Amounts in thousands)	CarryingAmount		FairValue		CarryingAmount		FairValue
Assets:
Cash equivalents	$	41,901	$	41,901	$	363,535	$	363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	996,544	$	1,010,684	$	1,096,544	$	1,071,887

10.Commitments and Contingencies

Insurance

We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which the first $30,000,000 includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $~~316~~338,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material.

Our loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties.

Letters of Credit

Approximately $900,000 of standby letters of credit were issued and outstanding as of September 30, 2024.

Other

There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

9.Earnings Per Share

The following table sets forth the computation of basic and diluted income per share, including the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2025 and 2024.


	For the Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025		2024
Net income	$	12,312	$	16,109

Weighted average shares outstanding – basic and diluted	5,133,534		5,130,678

Net income per common share – basic and diluted	$	2.40	$	3.14

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

1110.~~Earnings~~Segment ~~Per Share~~Information

~~The~~We ~~following~~have ~~table~~determined ~~sets~~that ~~forth~~our ~~the~~properties, ~~computation~~which ofare ~~basic~~considered our operating segments, have similar economic characteristics and ~~diluted~~meet ~~income~~the ~~per~~criteria ~~share,~~that ~~including~~permit athese ~~reconciliation~~operating ofsegments ~~net~~to ~~income~~be ~~and~~aggregated ~~the~~into ~~number~~one ofreportable ~~shares~~segment ~~used~~(the inleasing, ~~computing~~management, ~~basic~~development and ~~diluted~~redevelopment ~~income~~of ~~per~~properties ~~share~~in New York City). ~~Basic~~Net operating income ~~per~~(“NOI”) ~~share~~represents istotal ~~determined~~revenues ~~using~~less ~~the~~operating ~~weighted~~expenses. ~~average~~The ~~shares~~Company’s ofchief ~~common~~operating ~~stock~~decision ~~(including~~maker ~~deferred stock units~~("CODM") ~~outstanding~~is ~~during~~its ~~the~~Chief ~~period. Diluted~~Executive ~~income~~Officer, ~~per~~who ~~share~~considers isNOI ~~determined~~to ~~using~~be the ~~weighted~~financial ~~average~~measure ~~shares~~ of ~~common~~segment ~~stock~~profit ~~(including~~and ~~deferred~~loss ~~stock~~for ~~units)~~making ~~outstanding~~decisions ~~during~~on ~~the~~how ~~period,~~to ~~and~~allocate ~~assumes~~resources ~~all~~and ~~potentially~~assessing ~~dilutive~~the ~~securities~~performance ~~were~~of ~~converted~~the ~~into~~reportable ~~common~~segment. ~~shares~~Asset atinformation ~~the~~by ~~earliest~~segment ~~date~~is ~~possible.~~not ~~There~~reported ~~were~~as nothe ~~potentially~~CODM ~~dilutive~~does ~~securities~~not ~~outstanding~~use ~~during~~this ~~the~~measure ~~three~~to ~~and~~assess ~~nine~~segment ~~months~~performance ~~ended~~or ~~September~~to ~~30,~~make ~~2024~~resource ~~and~~allocation ~~2023~~decisions.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	6,678	$	10,754	$	31,167	$	86,127
Weighted average shares outstanding - basic and diluted	5,133,534		5,130,678		5,132,043		5,128,875
Net income per common share - basic and diluted	$	1.30	$	2.10	$	6.07	$	16.79

Below is a summary of financial information for the three months ended March 31, 2025 and 2024.


		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	Rental revenues	$	54,915	$	61,397
	Real estate tax expense	(14,926)		(14,460)
	Other segment expenses (1)	(10,638)		(10,803)
	Total operating expenses	(25,564)		(25,263)
	NOI	$	29,351	$	36,134

(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the three months ended March 31, 2025 and 2024.


		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	NOI	$	29,351	$	36,134
	Interest and debt expense	(10,794)		(16,234)
	Interest and other income	3,945		7,162
	General and administrative	(1,591)		(1,476)
	Depreciation and amortization	(8,599)		(9,477)
	Net income	$	12,312	$	16,109

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Alexander’s, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Alexander’s, Inc. and subsidiaries (the “Company”) as of ~~September~~March 3031, ~~2024~~2025, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month ~~and nine-month~~ periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, and of cash flows for the ~~nine~~three-month periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, ~~2023~~2024, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 1210, ~~2024~~2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, ~~2023~~2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

~~November~~May 45, ~~2024~~2025

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For a further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly, any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Management’s Discussion and Analysis of Financial Condition and Results of Operations include a discussion of our consolidated financial statements for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024 and 2023~~2025. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the operating results for the full year.

Critical Accounting Estimates and Significant Accounting Policies

A summary of the critical accounting policies and estimates used in the preparation of our consolidated financial statements is included in ~~our Annual Report on Form 10-K for the year ended December 31, 2023 in~~ “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” ~~and~~in ~~a summary of~~ our ~~significant~~Annual ~~accounting~~Report ~~policies~~on isForm ~~included~~10-K infor ~~“Note 2 – Summary of Significant Accounting Policies” to~~ the ~~consolidated~~year ~~financial~~ended ~~statements~~December ~~included~~31, ~~therein~~2024. For the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, there were no material changes to these estimates or policies.

Overview

We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to accept lower returns on their investments. Principal factors of competition are rents charged, tenant concessions offered, attractiveness of location, the quality of the property and the breadth and the quality of services provided. Our success depends upon, among other factors, trends of the global, national and local economies, the financial condition and operating results of current and prospective tenants and customers, the availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population and employment trends, zoning laws, and our ability to lease, sublease or sell our properties, at profitable levels. Our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due.

~~Additionally,~~Our ~~our~~ business has been, and may continue to be, affected by ~~the~~interest ~~increase~~rate influctuations, ~~inflation~~the ~~and~~effects ~~interest~~of ~~rates~~inflation and other uncertainties including the potential for an economic downturn. These factors could have a material impact on our business, financial condition, results of operations and cash flows. See “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 for additional information regarding these and other factors that may materially affect our results.

~~Three~~Quarter ~~Months~~ Ended ~~September 30~~March 31, ~~2024~~2025 Financial Results Summary

Net income for the ~~three~~quarter ~~months~~ ended ~~September 30~~March 31, ~~2024~~2025 was $612,~~678~~312,000, or $12.3040 per diluted share, compared to $1016,~~754~~109,000 or $23.1014 per diluted share in the prior year’s ~~three months~~quarter.

Funds from operations (“FFO”) (non-GAAP) for the ~~three~~quarter ~~months~~ ended ~~September 30~~March 31, ~~2024~~2025 was $1420,~~582~~842,000, or $24.8406 per diluted share, compared to $1825,~~623~~532,000 or $34.6398 per diluted share in the prior year’s ~~three months~~quarter.

Nine Months Ended September 30, 2024 Financial Results Summary

Net income for the nine months ended September 30, 2024 was $31,167,000, or $6.07 per diluted share, compared to $86,127,000 or $16.79 per diluted share in the prior year’s nine months. Net income for the nine months ended September 30, 2023 included $53,952,000, or $10.52 per diluted share, of income as a result of a net gain from the sale of the Rego Park III land parcel.

FFO (non-GAAP) for the nine months ended September 30, 2024 was $57,123,000, or $11.13 per diluted share, compared to $55,464,000 or $10.81 per diluted share in the prior year’s nine months.

Financing Activity

On June 11, 2024, we entered into a four-month extension of the $500,000,000 interest-only mortgage loan on the office condominium of our 731 Lexington Avenue property and simultaneously paid down the principal balance by $10,000,000 to $490,000,000.

Real Estate Sale

Overview - continued

Square Footage, Occupancy and Leasing Activity

Our portfolio is comprised of five properties aggregating 2,~~456~~455,000 square feet. As of ~~September 30~~March 31, ~~2024~~2025, the commercial occupancy rate was 9294.17% and the residential occupancy rate was 9693.59%.

On ~~December~~January 331, ~~2022~~2025, ~~IKEA~~Home ~~closed~~Depot’s ~~its 112~~83,000 square foot ~~store~~lease at ~~our Rego Park I property under a lease that was set to expire in December 2030. The lease included a right to terminate effective no earlier than March 16, 2026, subject to payment of rent through~~ the ~~termination~~retail ~~date~~portion ~~and an additional termination payment equal to the lesser~~ of ~~$10,000,000~~our or731 ~~the~~Lexington ~~amount~~Avenue ofproperty ~~rent due under the remaining term~~expired. OnAnnual ~~September~~rental ~~27,~~revenues ~~2023,~~from weHome ~~entered~~Depot ~~into~~were aapproximately lease modification agreement with IKEA which accelerated its lease termination date to April 1, 2024. During the fourth quarter of 2023 and the first quarter of 2024, IKEA paid its remaining rent obligation through March 16, 2026 and the $1015,000,000 ~~termination payment~~.

In the fourth quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025 from their current location at our Rego Park I property. Rego Park I will then be vacant and we are currently exploring sale and development opportunities for the property.

Significant Tenant

On May 3, 2024, Alexander’s and Bloomberg entered into an agreement to extend the leases covering approximately 947,000 square feet at our 731 Lexington Avenue property that were scheduled to expire in February 2029 for a term of eleven years to February 2040. 18

19Results of Operations – Three Months Ended March 31, 2025, compared to March 31, 2024

Results of Operations – Three Months Ended September 30, 2024, compared to September 30, 2023

Rental Revenues

Rental revenues were $5554,~~675~~915,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, compared to $5561,~~413~~397,000 for the prior year’s three months, ana ~~increase~~decrease of $~~262~~6,482,000. This was primarily due to (i) $18,~~740~~902,000 of ~~higher~~lower straight-line rental revenue from ~~Bloomberg~~IKEA’s lease ~~extension~~expiration at ~~731~~Rego ~~Lexington~~Park ~~Avenue~~I and (ii) $~~775~~1,337,000 of ~~higher~~lower straight-line rental revenue from Home Depot’s lease ~~termination~~expiration ~~fee~~at ~~income~~731 Lexington Avenue, partially offset by (iii) $1,~~523~~755,000 of ~~lower~~payments ~~rental~~received ~~revenue~~for ~~from~~tenant ~~IKEA’s~~receivables ~~lease~~that ~~expiration~~were atpreviously ~~Rego~~written ~~Park~~off I and (iv) $~~416~~1,740,000 of ~~lower~~higher ~~operating~~straight-line ~~expense~~rental ~~reimbursements~~revenue from Bloomberg’s lease extension at 731 Lexington Avenue.

Operating Expenses

Operating expenses were $2625,~~446~~564,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, compared to $25,~~593~~263,000 for the prior year’s three months, an increase of $~~853~~301,000. This was primarily due to $840,000 of higher real estate ~~tax~~taxes ~~expense~~partially offset by higher capitalized expenses of $633,000.

Depreciation and Amortization

Depreciation and amortization was $78,~~972~~599,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, compared to $79,~~933~~477,000 for the prior year’s three months, ana ~~increase~~decrease of $39878,000. This was due to a decrease of $1,110,000 associated with the accelerated depreciation and amortization related to IKEA’s lease expiration at Rego Park I in the prior year’s three months, partially offset by $232,000 of higher depreciation expense on capital projects placed into service.

General and Administrative Expenses

General and administrative expenses were $1,~~423~~591,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, compared to $1,~~580~~476,000 for the prior year’s three months, aan ~~decrease~~increase of $~~157~~115,000. This was primarily due to ~~lower~~higher ~~professional~~consulting fees.

Interest and Other Income

Interest and other income was $63,~~105~~945,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, compared to $67,~~622~~162,000 for the prior year’s three months, a decrease of $~~517~~3,217,000. This was primarily due to a decrease in average ~~cash~~interest rates and investment balances.

Interest and Debt Expense

Interest and debt expense was $1910,~~261~~794,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, compared to $16,~~175~~234,000 for the prior year’s three months, ana ~~increase~~decrease of $35,~~086~~440,000. This was primarily due to ~~higher~~(i) $3,225,000 of lower interest ~~rates,~~rate ~~additional~~cap ~~costs~~premium ~~associated~~amortization, ~~with~~(ii) $1,500,000 from the ~~refinancing~~downsize of ~~our~~the ~~office~~731 ~~condominium~~Lexington atOffice ~~731~~loan ~~Lexington~~in ~~Avenue~~September 2024 and ~~higher~~(iii) ~~deferred~~$1,105,000 ~~debt~~from ~~issuance~~lower ~~cost amortization~~rates, partially offset by ~~lower~~(iv) ~~interest~~$390,000 ~~rate~~of ~~cap~~higher ~~premium~~deferred debt issuance cost amortization.

2019

Results of Operations – Nine Months Ended September 30, 2024, compared to September 30, 2023

Rental Revenues

Rental revenues were $170,464,000 for the nine months ended September 30, 2024, compared to $162,027,000 for the prior year’s nine months, an increase of $8,437,000. This was primarily due to (i) $5,117,000 of higher rental revenue from IKEA’s lease modification at Rego Park I, (ii) $2,903,000 of higher straight-line rental revenue from Bloomberg’s lease extension at 731 Lexington Avenue and (iii) $1,204,000 of higher reimbursable operating expenses and capital expenditures, partially offset by (iv) $875,000 of lower rental revenue from Bed Bath & Beyond’s lease rejection at Rego Park I.

Operating Expenses

Operating expenses were $76,700,000 for the nine months ended September 30, 2024, compared to $75,355,000 for the prior year’s nine months, an increase of $1,345,000. This was primarily due to higher real estate tax expense.

Depreciation and Amortization

Depreciation and amortization was $26,146,000 for the nine months ended September 30, 2024, compared to $23,492,000 for the prior year’s nine months, an increase of $2,654,000. This was primarily due to (i) $1,748,000 of higher depreciation expense on capital projects placed into service and (ii) $840,000 of accelerated depreciation and amortization related to IKEA’s lease modification at Rego Park I.

General and Administrative Expenses

General and administrative expenses were $5,058,000 for the nine months ended September 30, 2024, compared to $4,845,000 for the prior year’s nine months, an increase of $213,000. This was primarily due to higher professional fees.

Interest and Other Income

Interest and other income was $20,321,000 for the nine months ended September 30, 2024, compared to $15,464,000 for the prior year’s nine months, an increase of $4,857,000. This was primarily due to an increase in average interest rates.

Interest and Debt Expense

Interest and debt expense was $51,714,000 for the nine months ended September 30, 2024, compared to $41,624,000 for the prior year’s nine months, an increase of $10,090,000. This was primarily due to higher interest rates, additional costs associated with the refinancing of our office condominium at 731 Lexington Avenue, higher interest rate cap premium amortization and higher deferred debt issuance cost amortization.

Net Gain on Sale of Real Estate

Net gain on sale of real estate was $53,952,000 for the prior year’s nine months, resulting from the sale of the Rego Park III land parcel in Queens, New York.

Liquidity and Capital Resources

Cash Flows

Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing commissions, dividends to stockholders as well as development costs. The sources of liquidity to fund these cash requirements include rental revenue, which is our primary source of cash flow and is dependent upon the occupancy and rental rates of our properties, as well as our existing cash, proceeds from financings, including mortgage or construction loans secured by our properties and proceeds from asset sales.

As of ~~September 30~~March 31, ~~2024~~2025, we had $~~397~~377,~~176~~645,000 of liquidity comprised of cash and cash equivalents and restricted cash. ~~Recent~~The ~~increases~~ongoing challenges posed by fluctuations in interest rates and the effects of inflation could adversely affect our cash flow from continuing operations but we anticipate that cash flow 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 service and capital expenditures. We may refinance our maturing debt as it comes due or choose to pay it down. However, there can be no assurance that additional financing or capital will be available to refinance our debt, or that the terms will be acceptable or advantageous to us.

For the ~~Nine~~Three Months Ended ~~September 30~~March 31, ~~2024~~2025

Cash and cash equivalents and restricted cash were $~~397~~377,~~176~~645,000 as of ~~September 30~~March 31, ~~2024~~2025, compared to $~~552~~393,~~977~~836,000 as of December 31, ~~2023~~2024, a decrease of $~~155~~16,~~801~~191,000. This decrease resulted from (i) $~~175~~23,~~824~~890,000 of net cash used in financing activities and (ii) $38,~~273~~021,000 of net cash used in investing activities, partially offset by (iii) $2315,~~296~~720,000 of net cash provided by operating activities.

Net cash used in financing activities of $~~175~~23,~~824~~890,000 was comprised of ~~(i)~~ $~~500~~23,~~000~~101,000 of ~~debt repayments, (ii) $69,277,000 of~~ dividends paid and ~~(iii)~~ $6789,~~547,~~000 of debt ~~issuance costs, partially offset by (iv) proceeds from borrowing of $400,000,000~~repayments.

Net cash used in investing activities of $38,~~273~~021,000 was comprised of ~~$9,836,000 of~~ construction in progress and real estate additions~~, partially offset by proceeds from an interest rate cap of $6,563,000~~.

Net cash provided by operating activities of $2315,~~296~~720,000 was comprised of (i) net income of $3112,~~167~~312,000 and (ii) adjustments for non-cash items of $4512,~~349~~743,000, partially offset by (iii) the net change in operating assets and liabilities of $539,~~220~~335,000. The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $289,~~470~~389,000, (ii) ~~straight~~other non-~~lining~~cash ofadjustments ~~rents~~ of $112,~~880~~158,000, (iii) ~~interest~~straight-lining ~~rate~~of ~~cap~~rents ~~premium amortization~~ of $61,~~213~~020,000 and (iv) ~~stock-based~~interest ~~compensation~~rate ~~expense~~cap ofpremium ~~$450,000,~~amortization ~~partially offset by (v) other non-cash adjustments~~ of $1176,~~664,~~000.

For the ~~Nine~~Three Months Ended ~~September~~March 3031, ~~2023~~2024

Cash and cash equivalents and restricted cash were $~~529~~547,~~081~~399,000 as of ~~September~~March 3031, ~~2023~~2024, compared to $~~214~~552,~~478~~977,000 as of December 31, ~~2022~~2023, ana ~~increase~~decrease of $~~314~~5,~~603~~578,000. This ~~increase~~decrease resulted from (i) $~~319~~23,~~537~~088,000 of net cash ~~provided~~used byin ~~investing~~financing activities, ~~and~~partially offset by (ii) $6416,~~367~~825,000 of net cash provided by operating activities, ~~partially~~and ~~offset by~~ (iii) $69685,~~301,~~000 of net cash ~~used~~provided inby ~~financing~~investing activities.

Net cash ~~provided~~used byin ~~investing~~financing activities of $~~319~~23,~~537~~088,000 was comprised of ~~(i)~~dividends ~~$264,881,000 of proceeds from maturities of U~~paid.S. Treasury bills, (ii) $67,821,000 of proceeds from sale of real estate and (iii) $1,889,000 of proceeds from an interest rate cap, partially offset by (iv) the purchase of an interest rate cap of $11,258,000 and (v) construction in progress and real estate additions of $3,796,000.

Net cash provided by operating activities of $6416,~~367~~825,000 was comprised of (i) net income of $8616,~~127~~109,000 and (ii) adjustments for non-cash items of $19,853,000, partially offset by (iiiii) the net change in operating assets and liabilities of $419,~~322~~137,000 ~~and (iii) adjustments for non-cash items of $17,438,000~~. The adjustments for non-cash items were comprised of (i) ~~net gain on sale of real estate of $53,952,000, partially offset by (ii)~~ depreciation and amortization (including amortization of debt issuance costs) of $249,~~771~~917,000, (~~iii~~ii) straight-lining of rents of $59,~~949~~355,000, and (iviii) interest rate cap premium amortization of $43,~~049~~401,000, partially offset by (viv) other non-cash adjustments of $12,~~295~~820,000 ~~and (vi) stock-based compensation expense of $450,000~~.

Net cash ~~used~~provided inby ~~financing~~investing activities of $69685,~~301,~~000 was comprised of ~~dividends paid of~~ $693,~~232~~160,000 of proceeds from an interest rate cap, partially offset by construction in progress and ~~debt~~real ~~issuance~~estate ~~costs~~additions of $692,475,000.

2220

Liquidity and Capital Resources - continued

Commitments and Contingencies

Insurance

Letters of Credit

Approximately $900,000 of standby letters of credit were issued and outstanding as of September 30, 2024.

Other

2321

Funds from Operations (“FFO”) (non-GAAP)

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of our net income to FFO is provided below.

FFO (non-GAAP) for the ~~three~~quarters ~~and nine months~~ ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024

FFO (non-GAAP) for the ~~three~~quarter ~~months~~ ended ~~September 30~~March 31, ~~2024~~2025 was $1420,~~582~~842,000, or $24.8406 per diluted share, compared to $1825,~~623~~532,000, or $34.6398 per diluted share in the prior year’s ~~three months~~quarter.

FFO (non-GAAP) for the nine months ended September 30, 2024 was $57,123,000, or $11.13 per diluted share, compared to $55,464,000, or $10.81 per diluted share in the prior year’s nine months.

The following table reconciles our net income to FFO (non-GAAP):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	For the Quarter Ended March 31,
(Amounts in thousands, except share and per share amounts)	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Net income	$	612,~~678~~312	$	1016,~~754~~109	$	~~31,167~~	$	~~86,127~~
Depreciation and amortization of real property	78,~~904~~530		79,~~869~~423		~~25,956~~		~~23,289~~
Net gain on sale of real estate	—		—		—		(53,952)
FFO (non-GAAP)	$	20,842	$	25,532
FFO (non-GAAP)	$	14,582	$	18,623	$	57,123	$	55,464
FFO per diluted share (non-GAAP)	$	4.06	$	4.98
FFO per diluted share (non-GAAP)	$	2.84	$	3.63	$	11.13	$	10.81
Weighted average shares used in computing FFO per diluted share	5,133,534		5,130,678
Weighted average shares used in computing FFO per diluted share	5,133,534		5,130,678		5,132,043		5,128,875

2422

Item 3.Quantitative and Qualitative Disclosures About Market Risk

We have exposure to fluctuations in interest rates, which are sensitive to many factors that are beyond our control. Our exposure to a change in interest rates is summarized in the table below.

	2024					2023
	2025					2024
(Amounts in thousands, except per share amounts)	~~September~~March 3031, Balance		WeightedAverageInterest Rate	Effect of 1%Change in Base Rates		December 31,Balance		WeightedAverageInterest Rate
Variable Rate	$	~~202~~201,~~544~~754	5.60%	$	2,~~025~~018	$	~~702~~202,544	5.8860%
Fixed Rate	794,000		3.52%	—		~~394~~794,000		13.9752%
	$	~~996~~995,~~544~~754	3.94%	$	2,~~025~~018	$	1996,~~096,~~544	43.4894%
Total effect on diluted earnings per share				$	0.39

We have an interest rate cap relating to the mortgage loan on Rego Park II shopping center with a notional amount of $~~202~~201,~~544~~754,000 that caps SOFR at ~~a rate of~~ 4.15% through ~~November~~December ~~2024~~2025.

We have an interest rate swap relating to the mortgage loan on the retail condominium of our 731 Lexington Avenue property with a notional amount of $300,000,000 that swaps SOFR plus 1.51% for a fixed rate of 1.76% through May 2025.

Fair Value of Debt

The fair value of our consolidated debt is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the estimated fair value of our consolidated debt was $1972,~~010~~192,~~684,~~000 and $1967,~~071~~941,~~887,~~000, respectively. Our fair value estimates, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments.

Item 4.Controls and Procedures

(a) Disclosure Controls and Procedures: Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.

(b) Internal Control Over Financial Reporting: There have not been any changes in our internal control over financial reporting during the fiscal quarter to which this Quarterly Report on Form 10-Q relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

2523

PART II.OTHER INFORMATION

Item 1.Legal Proceedings

We are from time-to-time involved in legal actions arising in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.

Item 1A.Risk Factors

There have been no material changes in our “Risk Factors” as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not applicable.

Item 5.Other Information

None.

Item 6.Exhibits

Exhibits required by Item 601 of Regulation S-K are filed herewith and are listed in the attached Exhibit Index.

2624

EXHIBIT INDEX

ExhibitNo.
10.1		-	Third Amendment of Lease, dated as of the 20th of April 2016 between 731 Office One LLC and Bloomberg L.P.	**
15.1		-	Letter regarding unaudited interim financial information	***
10.2		-	Fourth Amendment of Lease, dated as of the 28th of June 2019 between 731 Office One LLC and Bloomberg L.P.	**
31.1		-	Rule 13a-14 (a) Certification of the Chief Executive Officer	***
10.3		-	Fifth Amendment of Lease, dated as of the 17th of December 2021 between 731 Office One LLC and Bloomberg L.P.	**
31.2		-	Rule 13a-14 (a) Certification of the Chief Financial Officer	***
10.4		-	Sixth Amendment of Lease, dated as of the 29th of March 2022 between 731 Office One LLC and Bloomberg L.P.	**
32.1		-	Section 1350 Certification of the Chief Executive Officer	***
10.5		-	Seventh Amendment of Lease, dated as of the 19th of July 2022 between 731 Office One LLC and Bloomberg L.P.	**
32.2		-	Section 1350 Certification of the Chief Financial Officer	***
10.6		-	Eighth Amendment of Lease, dated as of the 21st of July 2023 between 731 Office One LLC and Bloomberg L.P.	**
101		-	The following financial information from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows and (vi) the notes to the consolidated financial statements
10.7	+	-	Ninth Amendment of Lease, dated as of the 3rd of May 2024 between 731 Office One LLC and Bloomberg L.P.	**
104		-	The cover page from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 formatted as iXBRL and contained in Exhibit 101
10.8		-	Loan Extension and Modification Agreement, dated June 11, 2024, between 731 Office One LLC, as Borrower, and among Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of DBCG 2017-BBG Mortgage Trust Commercial Mortgage Pass-Through Certificates (together with its successors and assigns), as Lender	***
10.9		-	Second Amendment to Rego II Real Estate Sub-Retention Agreement, dated as of the 18th of June 2024 between Alexander’s, Inc. and Vornado Realty L.P.	****
10.10	+	-	Loan Agreement, dated as of September 30, 2024, between 731 Office One LLC, as Borrower, and German American Capital Corporation, JPMorgan Chase Bank, National Association and Wells Fargo Bank, National Association collectively, as Lender	*****
10.11		-	Recourse Obligations Guaranty, dated as of September 30, 2024, made by Alexander’s. Inc. as Guarantor to German American Capital Corporation, JPMorgan Chase Bank, National Association and Wells Fargo Bank, National Association collectively, as Lender	*****
10.12		-	Bloomberg Obligations Guaranty, dated as of September 30, 2024, made by Alexander’s. Inc. as Guarantor to German American Capital Corporation, JPMorgan Chase Bank, National Association and Wells Fargo Bank, National Association collectively, as Lender	*****
10.13		-	Second Amendment to Real-Estate Sub-Retention Agreement, dated September 30, 2024 by and between Alexander's Management LLC and Vornado Realty, L.P.	*****
			__________________
	**		Incorporated by reference from Form 10-Q filed on May 6, 2024.
	***		Filed herewith.
	***		Incorporated by reference from Form 8-K filed on June 12, 2024.
	****		Incorporated by reference from Form 10-Q filed on August 5, 2024.
	*****		Filed herewith.
	+		Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).

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15.1	-	Letter regarding unaudited interim financial information
31.1	-	Rule 13a-14 (a) Certification of the Chief Executive Officer
31.2	-	Rule 13a-14 (a) Certification of the Chief Financial Officer
32.1	-	Section 1350 Certification of the Chief Executive Officer
32.2	-	Section 1350 Certification of the Chief Financial Officer
101	-	The following financial information from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows and (vi) the notes to the consolidated financial statements
104	-	The cover page from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted as iXBRL and contained in Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		ALEXANDER’S, INC.
		(Registrant)
Date: November 4, 2024	By:	/s/ Gary Hansen
Date: May 5, 2025	By:	/s/ Gary Hansen
		Gary Hansen
		Chief Financial Officer (duly authorized officer and principal financial and accounting officer)

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