What changed in this filing

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Item 1. Financial Statements

2022-10-31 compared with 2022-08-01 · 58 added, 47 removed, 344 unchanged (23% of the section changed)

4 unchanged sentences

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

ASSETS June 30, 2022 December 31, 2021

ASSETS September 30, 2022 December 31, 2021

Real estate, at cost:

46 unchanged sentences

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

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2022 2021 2022 2021

3 unchanged sentences

Depreciation and amortization ( 7,508 ) ( 9,008 ) ( 22,272 ) ( 25,682 )

General and administrative, including management fees to Vornado of $ 610 , $ 595 , $ 1,220 and $ 1,190 , respectively

General and administrative, including management fees to Vornado of $ 610 , $ 595 , $ 1,830 and $ 1,785 in each three and nine month period, respectively

( 1,370 ) ( 1,272 ) ( 4,755 ) ( 4,638 )

12 unchanged sentences

(Amounts in thousands)

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2022 2021 2022 2021

Net income $ 15,109 $ 11,401 $ 44,455 $ 55,181

Other comprehensive income (loss):

Other comprehensive income:

Change in fair value of interest rate derivatives and other 6,393 165 20,044 4,612

10 unchanged sentences

Shares Amount

For the Three Months Ended June 30, 2022

Balance, March 31, 2022 5,173 $ 5,173 $ 33,415 $ 198,347 $ 19,221 $ ( 368 ) $ 255,788

For the Three Months Ended September 30, 2022

Balance, June 30, 2022 5,173 $ 5,173 $ 33,865 $ 190,101 $ 21,145 $ ( 368 ) $ 249,916

Net income — — — 15,109 — — 15,109

2 unchanged sentences

Change in fair value of interest rate derivatives and other — — — — 6,393 — 6,393

Deferred stock unit grants — — 450 — — — 450

Balance, September 30, 2022 5,173 $ 5,173 $ 33,865 $ 182,138 $ 27,538 $ ( 368 ) $ 248,346

For the Three Months Ended September 30, 2021

Balance, June 30, 2021 5,173 $ 5,173 $ 33,415 $ 163,845 $ 3,740 $ ( 368 ) $ 205,805

For the Three Months Ended June 30, 2021

Balance, March 31, 2021 5,173 $ 5,173 $ 32,965 $ 160,997 $ 4,491 $ ( 368 ) $ 203,258

Net income — — — 11,401 — — 11,401

2 unchanged sentences

Change in fair value of interest rate derivatives — — — — 165 — 165

Deferred stock unit grants — — 450 — — — 450

Balance, June 30, 2021 5,173 $ 5,173 $ 33,415 $ 163,845 $ 3,740 $ ( 368 ) $ 205,805

Balance, September 30, 2021 5,173 $ 5,173 $ 33,415 $ 152,186 $ 3,905 $ ( 368 ) $ 194,311

Capital Retained

3 unchanged sentences

Shares Amount

For the Six Months Ended June 30, 2022

For the Nine Months Ended September 30, 2022

Balance, December 31, 2021 5,173 $ 5,173 $ 33,415 $ 206,875 $ 7,494 $ ( 368 ) $ 252,589

4 unchanged sentences

Deferred stock unit grants — — 450 — — — 450

Balance, June 30, 2022 5,173 $ 5,173 $ 33,865 $ 190,101 $ 21,145 $ ( 368 ) $ 249,916

For the Six Months Ended June 30, 2021

Balance, September 30, 2022 5,173 $ 5,173 $ 33,865 $ 182,138 $ 27,538 $ ( 368 ) $ 248,346

For the Nine Months Ended September 30, 2021

Balance, December 31, 2020 5,173 $ 5,173 $ 32,965 $ 166,165 $ ( 707 ) $ ( 368 ) $ 203,228

4 unchanged sentences

Deferred stock unit grants — — 450 — — — 450

Balance, June 30, 2021 5,173 $ 5,173 $ 33,415 $ 163,845 $ 3,740 $ ( 368 ) $ 205,805

Balance, September 30, 2021 5,173 $ 5,173 $ 33,415 $ 152,186 $ 3,905 $ ( 368 ) $ 194,311

See notes to consolidated financial statements (unaudited).

3 unchanged sentences

(Amounts in thousands)

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES 2022 2021

20 unchanged sentences

Treasury bills ( 197,407 ) —

Net cash (used in) provided by investing activities ( 201,207 ) 2,805

Net cash used in investing activities ( 206,117 ) ( 1,820 )

CASH FLOWS FROM FINANCING ACTIVITIES

35 unchanged sentences

Actual results could differ from those estimates.

The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results for the full year.

The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year.

Our investments in U.S.

Treasury bills are accounted for as available-for-sale debt instruments and are recorded at fair value in “investments in U.S.

Treasury bills” on our consolidated balance sheet as of June 30, 2022.

Treasury bills” on our consolidated balance sheet as of September 30, 2022.

See Note 8 - Fair Value Measurements for information on our investments in U.S.

2 unchanged sentences

Recently Issued Accounting Literature

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04 establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848):

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848):

Scope (collectively, “ASC 848”).

5 unchanged sentences

Revenue Recognition

The following is a summary of revenue sources for the three and six months ended June 30, 2022 and 2021.

For the Three Months Ended June 30, For the Six Months Ended June 30,

The following is a summary of revenue sources for the three and nine months ended September 30, 2022 and 2021.

For the Three Months Ended September 30, For the Nine Months Ended September 30,

(Amounts in thousands) 2022 2021 2022 2021

7 unchanged sentences

Revenue Recognition - continued

The components of lease revenues for the three and six months ended June 30, 2022 and 2021 are as follows:

For the Three Months Ended June 30, For the Six Months Ended June 30,

The components of lease revenues for the three and nine months ended September 30, 2022 and 2021 are as follows:

For the Three Months Ended September 30, For the Nine Months Ended September 30,

(Amounts in thousands) 2022 2021 2022 2021

3 unchanged sentences

Bloomberg L.P.

(“Bloomberg”) accounted for revenue of $ 55,909,000 and $ 57,513,000 for the six months ended June 30, 2022 and 2021, respectively, representing approximately 56 % and 53 % of our total revenues in each period, respectively.

(“Bloomberg”) accounted for revenue of $ 81,536,000 and $ 85,057,000 for the nine months ended September 30, 2022 and 2021, respectively, representing approximately 53 % and 54 % of our total revenues in each period, respectively.

No other tenant accounted for more than 10% of our total revenues.

3 unchanged sentences

Related Party Transactions

As of June 30, 2022, Vornado owned 32.4 % of our outstanding common stock.

As of September 30, 2022, 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.

12 unchanged sentences

The following is a summary of fees incurred to Vornado under the various agreements discussed above.

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

(Amounts in thousands) 2022 2021 2022 2021

6 unchanged sentences

$ 2,116 $ 3,489 $ 7,653 $ 8,518

As of June 30, 2022, the amounts due to Vornado were $ 837,000 for management, property management, cleaning, engineering and security fees;

and $ 144,000 for development fees.

As of September 30, 2022, the amounts due to Vornado were $ 513,000 for management, property management, cleaning, engineering and security fees;

$ 144,000 for development fees;

and $ 58,000 for leasing fees.

As of December 31, 2021, the amounts due to Vornado were $ 669,000 for management, property management, cleaning, engineering and security fees;

2 unchanged sentences

Mortgages Payable

The following is a summary of our outstanding mortgages payable as of June 30, 2022 and December 31, 2021.

The following is a summary of our outstanding mortgages payable as of September 30, 2022 and December 31, 2021.

We may refinance our maturing debt as it comes due or choose to pay it down.

Interest Rate at June 30, 2022 Balance as of

(Amounts in thousands) Maturity June 30, 2022 December 31, 2021

Interest Rate at September 30, 2022 Balance as of

(Amounts in thousands) Maturity September 30, 2022 December 31, 2021

First mortgages secured by:

11 unchanged sentences

$ 1,090,740 $ 1,089,613

(1) Interest rate listed represents the rate in effect as of September 30, 2022 based on LIBOR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2) Interest at LIBOR plus 0.90 %.

9 unchanged sentences

The DSUs vested immediately and accordingly, were expensed on 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 June 30, 2022, there were 19,796 DSUs outstanding and 485,991 shares were available for future grant under the Plan.

As of September 30, 2022, there were 19,796 DSUs outstanding and 485,991 shares were available for future grant under the Plan.

ALEXANDER’S, INC.

11 unchanged sentences

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of June 30, 2022 consist of U.S.

Financial assets measured at fair value on our consolidated balance sheet as of September 30, 2022 consist of U.S.

Treasury bills (classified as available-for-sale) and 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 June 30, 2022.

As of June 30, 2022

There were no financial liabilities measured at fair value as of September 30, 2022.

As of September 30, 2022

Total Level 1 Level 2 Level 3

5 unchanged sentences

$ 226,539 $ 197,904 $ 28,635 $ —

(1) During the three months ended June 30, 2022, we purchased $ 197,407 of U.S.

(1) During the nine months ended September 30, 2022, we purchased $ 197,407 of U.S.

Treasury bills with an aggregate face value of $ 200,000 .

As of June 30, 2022, our investments in U.S.

As of September 30, 2022, our investments in U.S.

Treasury bills have an aggregate amortized cost of $ 198,827 and have remaining maturities of less than one year.

8 unchanged sentences

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 amounts and fair values of these financial instruments as of June 30, 2022 and December 31, 2021.

As of June 30, 2022 As of December 31, 2021

The table below summarizes the carrying amounts and fair values of these financial instruments as of September 30, 2022 and December 31, 2021.

As of September 30, 2022 As of December 31, 2021

(Amounts in thousands) Carrying

20 unchanged sentences

Letters of Credit

Approximately $ 900,000 of standby letters of credit were issued and outstanding as of June 30, 2022.

Approximately $ 900,000 of standby letters of credit were issued and outstanding as of September 30, 2022.

In January 2022, New World Mall LLC, the sub-tenant at our Flushing property, exercised its one remaining 10 -year extension option through January 2037.

As a result, we remeasured our related ground lease liability to include our 10 -year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $ 17,000,000 which is included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet as of June 30, 2022.

There are various legal actions pending against us 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 position, results of operations or cash flows.

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Earnings Per Share

2 unchanged sentences

Diluted income per share is determined using the weighted average shares of common stock 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 and six months ended June 30, 2022 and 2021.

For the Three Months Ended June 30, For the Six Months Ended June 30,

There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2022 and 2021.

For the Three Months Ended September 30, For the Nine Months Ended September 30,

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

4 unchanged sentences

Net income per common share – basic and diluted $ 2.95 $ 2.22 $ 8.67 $ 10.77

Subsequent Events

On October 3, 2022, we invested an additional $ 166,832,000 in U.S.

Treasury bills.

These investments in U.S.

Treasury bills have an aggregate face value of $ 170,000,000 , have maturities of less than one year and are accounted for as available-for-sale debt instruments.

On October 26, 2022, IKEA, which leases 112,000 square feet of retail space at our Rego Park I shopping center, announced that it plans to close its store at the property.

IKEA remains obligated under its lease which expires in December 2030.

The lease includes a right to terminate effective no earlier than March 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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

2 unchanged sentences

We have reviewed the accompanying consolidated balance sheet of Alexander’s, Inc.

and subsidiaries (the “Company”) as of June 30, 2022, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and six-month periods ended June 30, 2022 and 2021, and of cash flows for the six-month periods ended June 30, 2022 and 2021, and the related notes (collectively referred to as the “interim financial information”).

and subsidiaries (the “Company”) as of September 30, 2022, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and nine-month periods ended September 30, 2022 and 2021, and of cash flows for the nine-month periods ended September 30, 2022 and 2021, 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.

12 unchanged sentences

New York, New York

August 1, 2022

October 31, 2022

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements