Other Information
+Added: On May 3, 2024, Alexander’s, Inc.
+Added: (the “Company”) and Bloomberg L.P.
+Added: (“Tenant”) reached an agreement to extend the leases covering 946,815 square feet at the Company’s 731 Lexington Avenue property (the “Property”) in Manhattan, New York, as follows:
+Added: 731 Office One LLC (“Office Condo Landlord”), a 100% owned subsidiary of the Company, entered into the Ninth Amendment of Lease (the “Ninth Amendment”) with Tenant, which amends the Agreement of Lease, dated as of April 30, 2001, between Seven Thirty One Limited Partnership, Office Condo Landlord’s predecessor-in-interest, and Tenant, as amended (the “Office Condo Lease”).
+Added: The Ninth Amendment covers 898,208 rentable square feet of office space within the office condominium unit of the Property.
+Added: The Ninth Amendment extends the Office Condo Lease expiration date from February 8, 2029 to February 8, 2040 (the “Office Condo Renewal Period”).
+Added: Tenant’s triple net annual rent for the Office Condo Renewal Period will be equal to the fair market rental value as of February 9, 2029, subject to a minimum triple net rent of $88.72 per rentable square foot and a maximum triple net rent of $108.44 per rentable square foot.
+Added: The annual rent determined in accordance with the foregoing sentence will be increased by $10.00 per rentable square foot beginning February 9, 2035.
+Added: Tenant will receive one year of free rent from February 2029 to February 2030.
+Added: The lease term may be further extended at Tenant’s option for an additional 10-year term, at fair market rent, upon 25 months’ advance notice.
+Added: Pursuant to the Ninth Amendment, Tenant is entitled to a capital allowance not to exceed $123,617,800 for tenant improvements and base building work.
+Added: Tenant is required during the Office Condo Renewal Period to maintain a $100,000,000 letter of credit for the benefit of Office Condo Landlord.
+Added: Office Condo Landlord may draw on the letter of credit, subject to certain terms of the Office Condo Lease, upon an event of default by Tenant.
+Added: This disclosure summarizes the material provisions of the Ninth Amendment.
+Added: This summary is qualified in its entirety by reference to the full text of the Ninth Amendment, which is filed as an exhibit to this Quarterly Report on Form 10-Q, and the full text of the Office Condo Lease, which has been previously filed.
+Added: In addition, 731 Retail One LLC (“Retail Condo Landlord”), a 100% owned subsidiary of the Company, entered into the Fifth Amendment of Lease (the “Fifth Amendment”) with Tenant, which amends the Agreement of Lease, dated as of June 28, 2019, between Retail Condo Landlord and Tenant, as amended (the “Retail Condo Lease”).
+Added: The Retail Condo Lease covers 48,607 rentable square feet of office space within the retail condominium unit of the Property, of which 47,064 square feet is located on the second floor and 1,543 square feet is located on the ground floor.
+Added: The Fifth Amendment extends the Retail Condo Lease expiration date from February 8, 2029 to February 8, 2040 (the “Retail Condo Renewal Period”).
+Added: Tenant’s gross annual rent for the Retail Condo Renewal Period will be equal to the fair market rental value as of February 9, 2029, subject to (i) a minimum gross rent of $117.52 per rentable square foot and a maximum gross rent of $132.48 per rentable square foot for Tenant’s second floor space and (ii) a minimum gross rent of $289.48 per rentable square foot and a maximum gross rent of $343.36 per rentable square foot for Tenant’s ground floor space.
+Added: The annual rent determined in accordance with the foregoing sentence will be increased by $10.00 per rentable square foot beginning February 9, 2035.
+Added: Tenant will receive one year of free rent from February 2029 to February 2030.
+Added: The lease term may be further extended at Tenant’s option for an additional 10-year term, at fair market rent, upon 25 months’ advance notice.
+Added: The Company will pay a leasing commission to the third-party real estate broker and will pay Vornado a $5,500,000 leasing commission override in connection with the lease amendments above.
Exhibits required by Item 601 of Regulation S-K are filed herewith and are listed in the attached Exhibit Index.
EXHIBIT INDEX
+Added: - Third Amendment of Lease, dated as of the 20th of April 2016 between 731 Office One LLC and Bloomberg L.P.
+Added: - Fourth Amendment of Lease, dated as of the 28th of June 2019 between 731 Office One LLC and Bloomberg L.P.
+Added: - Fifth Amendment of Lease, dated as of the 17th of December 2021 between 731 Office One LLC and Bloomberg L.P.
+Added: - Sixth Amendment of Lease, dated as of the 29th of March 2022 between 731 Office One LLC and Bloomberg L.P.
+Added: - Seventh Amendment of Lease, dated as of the 19th of July 2022 between 731 Office One LLC and Bloomberg L.P.
+Added: - Eighth Amendment of Lease, dated as of the 21st of July 2023 between 731 Office One LLC and Bloomberg L.P.
+Added: + - Ninth Amendment of Lease, dated as of the 3rd of May 2024 between 731 Office One LLC and Bloomberg L.P.
- Letter regarding unaudited interim financial information
4 unchanged sentences
101 - The following financial information from the Alexander’s, Inc.
−Removed: Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 formatted in Inline Extensible Business Reporting Language (iXBRL) includes:
+Added: Quarterly Report on Form 10-Q for the quarter ended March 31, 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.
−Removed: Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 formatted as iXBRL and contained in Exhibit 101
+Added: Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 formatted as iXBRL and contained in Exhibit 101
+Added: __________________
+Added: *** Filed herewith.
+Added: + Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).
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.
−Removed: October 30, 2023 By:
+Added: May 6, 2024 By:
/s/ Gary Hansen
1 unchanged sentence
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.