What changed in this filing

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Item 1. Financial Statements

2025-08-04 compared with 2025-05-05 · 94 added, 51 removed, 329 unchanged (31% of the section changed)

4 unchanged sentences

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

ASSETS March 31, 2025 December 31, 2024

ASSETS June 30, 2025 December 31, 2024

Real estate, at cost:

25 unchanged sentences

authorized, 3,000,000 shares;

issued and outstanding, no ne

issued and outstanding, none

Common stock:

5 unchanged sentences

Retained earnings 105,632 133,402

Accumulated other comprehensive income 906 3,887

Accumulated other comprehensive (loss) income ( 149 ) 3,887

145,815 177,227

9 unchanged sentences

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

For the Three Months Ended March 31,

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2025 2024 2025 2024

Rental revenues $ 51,589 $ 53,392 $ 106,504 $ 114,789

2 unchanged sentences

Depreciation and amortization ( 8,707 ) ( 8,697 ) ( 17,306 ) ( 18,174 )

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

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

( 1,955 ) ( 2,159 ) ( 3,546 ) ( 3,635 )

10 unchanged sentences

(Amounts in thousands)

For the Three Months Ended March 31,

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

2025 2024 2025 2024

Net income $ 6,120 $ 8,380 $ 18,432 $ 24,489

9 unchanged sentences

Earnings Accumulated

Comprehensive Income Treasury

Comprehensive (Loss) Income Treasury

Stock Total Equity

Shares Amount

For the Three Months Ended March 31, 2025

Balance, December 31, 2024

For the Three Months Ended June 30, 2025

Balance, March 31, 2025

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

3 unchanged sentences

Change in fair value of interest rate derivatives — — — — ( 1,055 ) — ( 1,055 )

Deferred stock unit grants — — 394 — — — 394

Balance, June 30, 2025

5,173 $ 5,173 $ 35,159 $ 105,632 $ ( 149 ) $ ( 368 ) $ 145,447

For the Three Months Ended June 30, 2024

Balance, March 31, 2024 5,173 $ 5,173 $ 34,315 $ 175,357 $ 15,661 $ ( 368 ) $ 230,138

Net income — — — 8,380 — — 8,380

Dividends paid ($ 4.50 per common share)

— — — ( 23,088 ) — — ( 23,088 )

For the Three Months Ended March 31, 2024

Change in fair value of interest rate derivatives — — — — ( 3,360 ) — ( 3,360 )

Deferred stock unit grants — — 450 — — — 450

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

Capital Retained

Earnings Accumulated

Comprehensive (Loss) Income Treasury

Stock Total Equity

Shares Amount

For the Six Months Ended June 30, 2025

Balance, December 31, 2024 5,173 $ 5,173 $ 34,765 $ 133,402 $ 3,887 $ ( 368 ) $ 176,859

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

Net income — — — 18,432 — — 18,432

2 unchanged sentences

Change in fair value of interest rate derivatives — — — — ( 4,036 ) — ( 4,036 )

Balance, March 31, 2024

Deferred stock unit grants — — 394 — — — 394

Balance, June 30, 2025 5,173 $ 5,173 $ 35,159 $ 105,632 $ ( 149 ) $ ( 368 ) $ 145,447

For the Six Months Ended June 30, 2024

Balance, December 31, 2023 5,173 $ 5,173 $ 34,315 $ 182,336 $ 16,201 $ ( 368 ) $ 237,657

Net income — — — 24,489 — — 24,489

Dividends paid ($ 9.00 per common share)

— — — ( 46,176 ) — — ( 46,176 )

Change in fair value of interest rate derivatives — — — — ( 3,900 ) — ( 3,900 )

Deferred stock unit grants — — 450 — — — 450

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

See notes to consolidated financial statements (unaudited).

3 unchanged sentences

(Amounts in thousands)

For the Three Months Ended March 31,

For the Six Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES 2025 2024

4 unchanged sentences

Interest rate cap premium amortization 322 5,908

Stock-based compensation expense 394 450

Other non-cash adjustments 4,336 ( 3,804 )

4 unchanged sentences

Accounts payable and accrued expenses 14,277 ( 192 )

Lease incentive liabilities ( 1,500 ) 113,618

Other liabilities ( 10 ) ( 10 )

6 unchanged sentences

Dividends paid ( 46,202 ) ( 46,176 )

Debt repayments ( 789 ) —

Debt repayment ( 1,983 ) ( 10,000 )

Debt issuance costs — ( 1,132 )

Net cash used in financing activities ( 48,185 ) ( 57,308 )

12 unchanged sentences

NON-CASH TRANSACTIONS

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

for development fees due to Vornado

Liability for real estate additions, including $ 207 and $ 126 , respectively for

development fees due to Vornado

$ 1,380 $ 964

17 unchanged sentences

Actual results could differ from those estimates.

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

The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results for the full year.

Recently Issued Accounting Literature

14 unchanged sentences

Revenue Recognition

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,

The following is a summary of revenue sources for the three and six months ended June 30, 2025 and 2024.

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

(Amounts in thousands) 2025 2024 2025 2024

3 unchanged sentences

Rental revenues $ 51,589 $ 53,392 $ 106,504 $ 114,789

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,

The components of lease revenues for the three and six months ended June 30, 2025 and 2024 are as follows:

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

(Amounts in thousands) 2025 2024 2025 2024

3 unchanged sentences

Bloomberg L.P.

(“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.

(“Bloomberg”) accounted for revenue of $ 64,446,000 and $ 60,946,000 for the six months ended June 30, 2025 and 2024, respectively, representing approximately 61 % and 53 % of our rental revenues in each period, respectively.

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

14 unchanged sentences

Related Party Transactions

As of March 31, 2025, Vornado owned 32.4 % of our outstanding common stock.

As of June 30, 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 March 31,

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

(Amounts in thousands) 2025 2024 2025 2024

4 unchanged sentences

$ 2,600 $ 7,541 $ 5,191 $ 9,930

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 June 30, 2025 , the amounts due to Vornado were $ 547,000 for management, property management, cleaning, engineering and security fees, $ 242,000 for leasing fees and $ 207,000 for development 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.

3 unchanged sentences

Mortgages Payable

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

The following is a summary of our outstanding mortgages payable as of June 30, 2025 and December 31, 2024.

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

Interest Rate at March 31, 2025 Balance at

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

Interest Rate at June 30, 2025

(Amounts in thousands) Maturity June 30, 2025 December 31, 2024

First mortgages secured by:

11 unchanged sentences

$ 987,619 $ 988,019

(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.

(1) Interest rate listed represents the rate in effect as of June 30, 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 December 2025).

The $ 300,000,000 mortgage loan on the retail condominium of our 731 Lexington Avenue property was scheduled to mature on August 5, 2025.

On August 1, 2025, we entered into a 60-day extension with the lenders.

The interest-only, non-recourse loan continues to bear interest at SOFR plus 1.51 % ( 5.83 % as of June 30, 2025) through the extended maturity date of October 3, 2025.

Stock-Based Compensation

We account for stock-based compensation in accordance with Accounting Standards Codification (“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 2025, we granted each of the members of our Board of Directors 346 DSUs with a market value of $ 75,000 per grant.

The grant date fair value of these awards was $ 56,250 per grant, or $ 394,000 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 or until a later date selected by the grantee.

As of June 30, 2025, there were 28,666 DSUs outstanding and 477,121 shares were available for future grant under the Plan.

Fair Value Measurements

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

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:

4 unchanged sentences

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.

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Fair Value Measurements - continued

Financial Assets and Liabilities Measured at Fair 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

Financial assets measured at fair value on our consolidated balance sheet as of June 30, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy.

There were no financial liabilities measured at fair value as of June 30, 2025.

As of June 30, 2025

(Amounts in thousands) Total Level 1 Level 2 Level 3

Interest rate derivatives (included in other assets) $ 1,330 $ — $ 1,330 $ —

Interest rate derivative (included in other assets) $ 129 $ — $ 129 $ —

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.

3 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 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

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 June 30, 2025 and December 31, 2024, respectively.

Fair Value as of As of June 30, 2025

(Amounts in thousands) June 30, 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

731 Lexington Avenue mortgage loan, retail condominium $ — $ 4,117 N/A N/A N/A

Interest rate cap related to:

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

As of March 31, 2025 As of December 31, 2024

The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 As of December 31, 2024

(Amounts in thousands) Carrying

25 unchanged sentences

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,

There were no potentially dilutive securities outstanding during the three and six months ended June 30, 2025 and 2024.

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

Ended June 30,

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

2025 2024 2025 2024

Net income $ 6,120 $ 8,380 $ 18,432 $ 24,489

10 unchanged sentences

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,

Below is a summary of financial information for the three and six months ended June 30, 2025 and 2024.

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

Ended June 30,

(Amounts in thousands) 2025 2024 2025 2024

6 unchanged sentences

(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,

Below is a reconciliation of NOI to net income for the three and six months ended June 30, 2025 and 2024.

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

Ended June 30,

(Amounts in thousands) 2025 2024 2025 2024

9 unchanged sentences

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

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”).

and subsidiaries (the “Company”) as of June 30, 2025, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and six-month periods ended June 30, 2025 and 2024, and of cash flows for the six-month periods ended June 30, 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

August 4, 2025

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