What changed in this filing

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Item 1. Financial Statements

2025-05-05 compared with 2024-11-04 · 94 added, 126 removed, 286 unchanged (43% of the section changed)

4 unchanged sentences

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

ASSETS September 30, 2024 December 31, 2023

ASSETS March 31, 2025 December 31, 2024

Real estate, at cost:

18 unchanged sentences

Accounts payable and accrued expenses 44,113 38,743

Lease incentive liability 113,618 —

Lease incentive liabilities 115,118 115,118

Other liabilities 21,499 21,397

24 unchanged sentences

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

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

2024 2023 2024 2023

For the Three Months Ended March 31,

Rental revenues $ 54,915 $ 61,397

2 unchanged sentences

Depreciation and amortization ( 8,599 ) ( 9,477 )

General and administrative, including management fees to Vornado of $ 610 , $ 610 , $ 1,830 and $ 1,830 , respectively

General and administrative, including management fees to Vornado of $ 610 in each period

( 1,591 ) ( 1,476 )

2 unchanged sentences

Interest and debt expense ( 10,794 ) ( 16,234 )

Net gain on sale of real estate — — — 53,952

Net income $ 12,312 $ 16,109

6 unchanged sentences

(Amounts in thousands)

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

2024 2023 2024 2023

For the Three Months Ended March 31,

Net income $ 12,312 $ 16,109

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 $ 9,331 $ 15,569

9 unchanged sentences

Shares Amount

For the Three Months Ended September 30, 2024

Balance, June 30, 2024 5,173 $ 5,173 $ 34,765 $ 160,649 $ 12,301 $ ( 368 ) $ 212,520

Net income — — — 6,678 — — 6,678

Dividends paid ($ 4.50 per common share)

For the Three Months Ended March 31, 2025

Balance, December 31, 2024

5,173 $ 5,173 $ 34,765 $ 133,402 $ 3,887 $ ( 368 ) $ 176,859

Change in fair value of interest rate derivatives — — — — ( 5,408 ) — ( 5,408 )

Balance, September 30, 2024 5,173 $ 5,173 $ 34,765 $ 144,226 $ 6,893 $ ( 368 ) $ 190,689

For the Three Months Ended September 30, 2023

Balance, June 30, 2023 5,173 $ 5,173 $ 34,315 $ 201,472 $ 25,052 $ ( 368 ) $ 265,644

Net income — — — 12,312 — — 12,312

2 unchanged sentences

Change in fair value of interest rate derivatives — — — — ( 2,981 ) — ( 2,981 )

Balance, September 30, 2023 5,173 $ 5,173 $ 34,315 $ 189,138 $ 23,566 $ ( 368 ) $ 251,824

Capital Retained

Earnings Accumulated

Comprehensive Income Treasury

Stock Total Equity

Shares Amount

For the Nine Months Ended September 30, 2024

Balance, March 31, 2025

5,173 $ 5,173 $ 34,765 $ 122,613 $ 906 $ ( 368 ) $ 163,089

For the Three Months Ended March 31, 2024

Balance, December 31, 2023

5,173 $ 5,173 $ 34,315 $ 182,336 $ 16,201 $ ( 368 ) $ 237,657

Net income — — — 16,109 — — 16,109

2 unchanged sentences

Change in fair value of interest rate derivatives — — — — ( 540 ) — ( 540 )

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)

Balance, March 31, 2024

5,173 $ 5,173 $ 34,315 $ 175,357 $ 15,661 $ ( 368 ) $ 230,138

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).

3 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES 2025 2024

2 unchanged sentences

Depreciation and amortization, including amortization of debt issuance costs 9,389 9,917

Net gain on sale of real estate — ( 53,952 )

Straight-lining of rents 1,020 9,355

Interest rate cap premium amortization 176 3,401

Stock-based compensation expense 450 450

Other non-cash adjustments 2,158 ( 2,820 )

4 unchanged sentences

Accounts payable and accrued expenses 6,258 ( 5,886 )

Lease incentive liability 113,618 —

Other liabilities ( 4 ) ( 5 )

2 unchanged sentences

Construction in progress and real estate additions ( 8,021 ) ( 2,475 )

Proceeds from maturities of U.S.

Treasury bills — 264,881

Proceeds from sale of real estate — 67,821

Proceeds from interest rate cap — 3,160

Purchase of interest rate cap — ( 11,258 )

Net cash (used in) provided by investing activities ( 8,021 ) 685

CASH FLOWS FROM FINANCING ACTIVITIES

Debt repayments ( 500,000 ) —

Proceeds from borrowing 400,000 —

Dividends paid ( 23,101 ) ( 23,088 )

Debt issuance costs ( 6,547 ) ( 69 )

Debt repayments ( 789 ) —

Net cash used in financing activities ( 23,890 ) ( 23,088 )

Net (decrease) increase in cash and cash equivalents and restricted cash ( 155,801 ) 314,603

Net decrease in cash and cash equivalents and restricted cash ( 16,191 ) ( 5,578 )

Cash and cash equivalents and restricted cash at beginning of period 393,836 552,977

10 unchanged sentences

NON-CASH TRANSACTIONS

Liability for real estate additions, including $ 192 for development fees due

to Vornado in 2024

Liability for real estate additions, including $ 419 and $ 14 , respectively

for development fees due to Vornado

$ 2,188 $ 2,708

14 unchanged sentences

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, 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.

These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“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, 2024, as filed with the SEC.

We have made estimates and assumptions that affect the reported amounts of assets and liabilities, 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 30, 2024 are not necessarily indicative of the operating results for the full year.

We operate in one reportable segment.

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the operating results for the full year.

Recently Issued Accounting Literature

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss.

The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements.

ASU 2023-07 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 2023-07 on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”).

2 unchanged sentences

We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income 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 2025-01”).

ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement.

ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.

We are currently evaluating the impact of these standards on our consolidated financial statements.

ALEXANDER’S, INC.

2 unchanged sentences

Revenue Recognition

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

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

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

For the Three Months Ended March 31,

(Amounts in thousands) 2025 2024

3 unchanged sentences

Rental revenues $ 54,915 $ 61,397

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

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

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

For the Three Months Ended March 31,

(Amounts in thousands) 2025 2024

3 unchanged sentences

Bloomberg L.P.

(“Bloomberg”) accounted for revenue of $ 93,179,000 and $ 89,863,000 for the nine months ended September 30, 2024 and 2023, respectively, representing approximately 55 % of our rental revenues in each period.

(“Bloomberg”) accounted for revenue of $ 32,205,000 and $ 29,963,000 for the three months ended March 31, 2025 and 2024, respectively, representing approximately 59 % and 49 % of our rental revenues in each period, respectively.

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

2 unchanged sentences

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

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.

On January 31, 2025, Home Depot’s 83,000 square foot lease at the retail portion of our 731 Lexington Avenue property expired.

Annual rental revenues from Home Depot were approximately $ 15,000,000 .

In May 2024, Alexander’s and Bloomberg reached 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.

Upon execution of this lease extension, we paid a $ 32,000,000 leasing commission, of which $ 26,500,000 was to a third-party broker and $ 5,500,000 was to Vornado.

In connection with the lease extension, Bloomberg is entitled to a $ 113,618,000 tenant fund which is accounted for as a lease incentive under GAAP.

Accordingly, during the second quarter of 2024, we recorded a deferred lease incentive asset of $ 113,618,000 , which is amortized as a reduction to rental revenues over the remaining term of the lease, and a corresponding liability.

These amounts are included in “Deferred leasing costs, net” and “Lease incentive liability,” respectively, on our consolidated balance sheet as of September 30, 2024.

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.

2 unchanged sentences

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 .

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.

2 unchanged sentences

Related Party Transactions

As of September 30, 2024, Vornado owned 32.4 % of our outstanding common stock.

As of March 31, 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.

10 unchanged sentences

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) 2025 2024

2 unchanged sentences

Leasing fees 13 38

Commission on sale of real estate — — — 711

Property management, cleaning, engineering, parking and security fees 1,459 1,636

$ 2,591 $ 2,389

As of September 30, 2024, the amounts due to Vornado were $ 734,000 for management, property management, cleaning, engineering and security fees, $ 192,000 for development fees and $ 17,000 for leasing fees.

As of December 31, 2023, the amounts due to Vornado were $ 646,000 for management, property management, cleaning, engineering and security fees and $ 69,000 for leasing fees.

As of March 31, 2025 , the amounts due to Vornado were $ 631,000 for management, property management, cleaning, engineering and security fees, $ 419,000 for development fees and $ 13,000 for leasing fees.

As of December 31, 2024, the amounts due to Vornado were $ 642,000 for management, property management, cleaning, engineering and security fees, $ 346,000 for development fees and $ 171,000 for leasing fees.

ALEXANDER’S, INC.

2 unchanged sentences

Mortgages Payable

On June 9, 2023, we exercised our remaining one-year extension option 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, 2023 and then at the Prime Rate through loan maturity on June 11, 2024.

In addition, in June 2023, we purchased an interest rate cap for $ 11,258,000 , which capped LIBOR 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.

The following is a summary of our outstanding mortgages payable as of September 30, 2024 and December 31, 2023.

The following is a summary of our outstanding mortgages payable as of March 31, 2025 and December 31, 2024.

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

Interest Rate at September 30, 2024

(Amounts in thousands) Maturity September 30, 2024 December 31, 2023

Interest Rate at March 31, 2025 Balance at

(Amounts in thousands) Maturity March 31, 2025 December 31, 2024

First mortgages secured by:

11 unchanged sentences

$ 988,021 $ 988,019

(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.

(1) Interest rate listed represents the rate in effect as of March 31, 2025 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 % thr ough November 2024).

Stock-Based Compensation

We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”).

Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado.

In May 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, 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 September 30, 2024, there were 26,244 DSUs outstanding and 479,543 shares were available for future grant under the Plan.

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(3) Interest at SOFR plus 1.45 % (SOFR is capped at a rate of 4.15 % thr ough December 2025).

Fair Value Measurements

ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value.

Accounting Standards Codification (“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:

5 unchanged sentences

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

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

5 unchanged sentences

Interest rate derivatives (included in other assets) $ 4,487 $ — $ 4,487 $ —

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Fair Value Measurements - continued

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, 2024 and December 31, 2023, respectively.

Fair Value as of As of September 30, 2024

(Amounts in thousands) September 30, 2024 December 31, 2023 Notional Amount Swapped Rate Expiration Date

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 March 31, 2025 and December 31, 2024, respectively.

Fair Value as of As of March 31, 2025

(Amounts in thousands) March 31, 2025 December 31, 2024 Notional Amount Swapped Rate Expiration Date

Interest rate swap related to:

731 Lexington Avenue mortgage loan, retail condominium $ 1,149 $ 4,117 $ 300,000 1.76 % 05/25

Interest rate caps related to:

Interest rate cap related to:

Rego Park II shopping center mortgage loan 181 370 201,754 (1) 12/25

731 Lexington Avenue mortgage loan, office condominium — 4,923 N/A N/A N/A

Included in other assets $ 1,330 $ 4,487

(1) SOFR cap strike rate of 4.15 %.

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Fair Value Measurements - continued

Financial Assets and Liabilities not Measured at Fair Value

2 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 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

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

3 unchanged sentences

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)

Commitments and Contingencies

11 unchanged sentences

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.

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.

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Earnings Per Share

The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income 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 and nine months ended September 30, 2024 and 2023.

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

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)

2024 2023 2024 2023

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)

Segment Information

We have determined that our properties, which are considered our operating segments, have similar economic characteristics and meet the criteria that permit these operating segments to be aggregated into one reportable segment (the leasing, management, development and redevelopment of properties in New York City).

Net operating income (“NOI”) represents total revenues less operating expenses.

The Company’s chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI to be the financial measure of segment profit and loss for making decisions on how to allocate resources and assessing the performance of the reportable segment.

Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions.

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

2 unchanged sentences

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

and subsidiaries (the “Company”) as of September 30, 2024, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and nine-month periods ended September 30, 2024 and 2023, and of cash flows for the nine-month periods ended September 30, 2024 and 2023, and the related notes (collectively referred to as the “interim financial information”).

and subsidiaries (the “Company”) as of March 31, 2025, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month periods ended March 31, 2025 and 2024, and of cash flows for the three-month periods ended March 31, 2025 and 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.

12 unchanged sentences

New York, New York

November 4, 2024

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