What changed in this filing

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Item 1. Business

2023-02-13 compared with 2022-02-14 · 32 added, 14 removed, 50 unchanged (48% of the section changed)

4 unchanged sentences

We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE:

We have six properties in the New York City metropolitan area consisting of:

We have six properties in New York City consisting of:

Operating properties

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The Home Depot (83,000 square feet) is the principal retail tenant;

• Rego Park I, a 338,000 square foot shopping center, located on Queens Boulevard and 63 rd Road in Queens.

• Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63 rd Road in Queens.

The center is anchored by a 112,000 square foot IKEA, a 50,000 square foot Burlington, a 46,000 square foot Bed Bath & Beyond and a 36,000 square foot Marshalls.

• Rego Park II, a 615,000 square foot shopping center, adjacent to the Rego Park I shopping center in Queens.

On December 3, 2022, IKEA closed 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;

• Rego Park II, a 615,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens.

The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subleased;

• The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet;

• Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is sub-leased to New World Mall LLC through January 2037.

• Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is sub-leased to New World Mall LLC.

The property is ground leased through January 2027 with one 10-year extension option.

Property to be developed

Property t o be developed

• Rego Park III, a 140,000 square foot land parcel adjacent to the Rego Park II shopping center in Queens, at the intersection of Junction Boulevard and the Horace Harding Service Road.

Real estate sales

• On June 4, 2021, we sold a parcel of land in the Bronx, New York (“Bronx Land Parcel”) for $10,000,000.

Net proceeds from the sale were $9,291,000 after closing costs and the financial statement gain was $9,124,000.

• On October 4, 2021, we sold 30.3 acres of land located in Paramus, New Jersey (“Paramus Property”) to IKEA Property, Inc.

(“IKEA”), the tenant at the property, for $75,000,000, pursuant to IKEA’s purchase option contained in the lease.

Net proceeds from the sale were $4,580,000 after closing costs and the repayment of the $68,000,000 mortgage loan.

Relationship with Vornado

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In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

Environmental Sustainability Initiatives

We have long believed a focus on environmental sustainability is responsible management of our business and important to our tenants, investors, employees and communities that we serve.

Since we are externally managed by Vornado, Vornado’s Corporate Governance and Nominating Committee of Vornado's Board of Trustees is assigned with oversight of Environmental, Social and Governance (“ESG”) matters at Alexander’s, which includes climate change risk.

Environmental sustainability initiatives are carried out by a dedicated team of professionals that work directly with Vornado’s business units.

In the discussion below, when we refer to Vornado’s buildings, it includes our buildings.

Vornado is an industry leader in sustainability, owning and operating more than 27 million square feet of LEED (Leadership in Energy and Environmental Design) certified buildings, representing 95% of its office portfolio, with over 23 million square feet at LEED Gold or Platinum.

In 2022, Vornado (i) was selected as a global “Sector Leader” for Diversified Office/Retail REITs in the Global Real Estate Sustainability Benchmark ("GRESB"), ranking first in the United States amongst peers and ranking third among 112 responding listed companies within the Americas, and received the “Green Star” distinction for the tenth consecutive year and GRESB's five star rating, (ii) received the Leader in the Light Award by the National Association for Real Estate Investment Trusts (NAREIT) for diversified REITs for the twelfth time, and (iii) was recognized as an EPA ENERGY STAR Partner of the Year with the distinction of having demonstrated seven years of sustained excellence.

Vornado prioritizes addressing climate change and in 2019 adopted a 10-year plan to make its buildings, including ours, carbon neutral by 2030 (“Vision 2030”).

Vision 2030 is a multi-faceted approach that prioritizes energy efficiency, demand management, and renewable power.

Vornado relies on technology, as well as meaningful stakeholder collaboration with its tenants, its employees, and its communities, to achieve this plan.

Vornado’s commitment to carbon neutrality and associated emissions reduction targets have been approved by the Science Based Targets Initiative as consistent with a 1.5°C climate scenario, the most ambitious goal of the Paris Agreement.

Vornado considers sustainability in all aspects of its business, including the design, construction, retrofitting and ongoing maintenance and operations of its portfolio of buildings.

Vornado operates its buildings sustainably and efficiently by seeking to establish best practices in energy and water consumption, carbon reduction, resource and waste management and ecologically sensitive procurement.

Vornado’s policies, from 100% green cleaning to energy efficiency, are implemented across its entire portfolio.

Vornado undertakes significant outreach with its tenants, employees and investors regarding its sustainability programs and strategies.

Vornado is committed to transparent reporting of sustainability performance indicators and publishes an annual ESG Report in accordance with the Global Reporting Initiative and aligned with the metrics codified by the Sustainability Accounting Standards Board and recommendations set forth by the Task Force on Climate-related Financial Disclosures.

Vornado also submits public reports to CDP (formerly the Carbon Disclosure Project), CSA (the S&P Global Corporate Sustainability Assessment) and EP 100 (global initiative led by Climate Group).

Further details on Vornado’s environmental sustainability initiatives and strategy, including Vornado’s Vision 2030 Roadmap, can be found in Vornado’s 2021 ESG Report at (esg.vno.com).

There can be no assurance that Vornado’s Vision 2030 commitment will be achieved in the planned time frame.

The ESG Report is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K.

We operate in a highly competitive environment.

All of our properties are located in the New York City metropolitan area.

We compete with a large number of property owners and developers.

All of our properties are located in New York City.

We compete with a large number of real estate investors, property owners and developers.

Principal factors of competition are rents charged, attractiveness of location, the quality of the property and the breadth and the quality of services provided.

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Copies of these documents are also available directly from us, free of charge.

The SEC also maintains a website (www.sec.gov) that contains reports, proxy and information statements and other information that is filed electronically with the SEC.

The contents of our website provided above are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.

In May 2009, Vornado and Interstate each filed with the SEC an amendment to their respective Schedule 13D indicating that they, as a group, own 47.2% of our common stock.

In May 2009, Vornado and Interstate each filed with the SEC an amendment to their respective Schedule 13D indicating that they, as a group, own 47.2% of o ur common stock.

This ownership level, together with the shares owned by Messrs.

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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-K

Item 1. Business