What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-09 compared with 2025-02-10 · 65 added, 71 removed, 513 unchanged (21% of the section changed)

90 unchanged sentences

Retained earnings 69,201 133,402

Accumulated other comprehensive income 3,887 16,201

Accumulated other comprehensive (loss) income ( 9 ) 3,887

109,524 177,227

32 unchanged sentences

Net income $ 28,224 $ 43,444 $ 102,413

Other comprehensive (loss) income:

Other comprehensive loss:

Change in fair value of interest rate derivatives and other ( 3,896 ) ( 12,314 ) ( 9,385 )

6 unchanged sentences

Comprehensive

Income (Loss)

Common Stock Additional

3 unchanged sentences

Balance, December 31, 2022

5,173 $ 5,173 $ 33,865 $ 172,243 $ 25,586 $ ( 368 ) $ 236,499

Net income — — — 102,413 — — 102,413

5 unchanged sentences

Balance, December 31, 2023

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

Net income — — — 43,444 — — 43,444

2 unchanged sentences

Change in fair value of interest rate derivatives — — — — ( 12,314 ) — ( 12,314 )

and other — — — — ( 9,385 ) — ( 9,385 )

Deferred stock unit grants — — 450 — — — 450

Balance, December 31, 2024

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

Net income — — — 28,224 — — 28,224

4 unchanged sentences

Balance, December 31, 2025

5,173 $ 5,173 $ 35,159 $ 69,201 $ ( 9 ) $ ( 368 ) ` $ 109,156

See notes to consolidated financial statements.

9 unchanged sentences

Depreciation and amortization, including amortization of debt issuance costs 38,145 37,897 34,467

Amortization of deferred lease incentives 7,364 4,897 138

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

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Construction in progress and real estate additions ( 20,787 ) ( 19,785 ) ( 4,681 )

Purchase of U.S.

Treasury bills — — ( 364,238 )

Proceeds from interest rate cap — 6,563 5,049

Proceeds from maturities of U.S.

2 unchanged sentences

Purchase of interest rate cap — — ( 11,258 )

Proceeds from interest rate cap 6,563 5,049 —

Net cash (used in) provided by investing activities ( 20,787 ) ( 13,222 ) 321,812

23 unchanged sentences

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash payments for interest (net of amounts capitalized) $ 59,685 $ 53,975 $ 25,934

Cash payments for interest $ 48,192 $ 59,685 $ 53,975

NON-CASH TRANSACTIONS

Write-off of fully depreciated assets $ 1,113 $ 2,242 $ 8,097

Liability for real estate additions, including $ 346 for development fees due to Vornado in 2024

Liability for real estate additions, including $ 34 and $ 346 in 2025 and 2024, respectively, for development fees due to Vornado

1,903 3,003 1,969

Additional estimated lease liability arising from the recognition of right-of-use asset — — 16,099

See notes to consolidated financial statements.

8 unchanged sentences

We have five properties in New York City consisting of:

Operating properties

• 731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan.

3 unchanged sentences

The Home Depot ( 83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025 ;

Annual rental revenues from the Home Depot at expiration was approximately $ 15,150,000 ;

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

The center was anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls.

In the fourth quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025;

• 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;

• Rego Park II, a 606,000 square foot shopping center, is located on Junction Boulevard in Queens.

The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s.

The center also includes a 60,000 square foot Burlington, a 47,000 square foot Best Buy, and a 40,000 square foot Marshalls.

Kohl’s’ store is currently closed but the tenant remains obligated under its lease which expires in January 2031;

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

The property is ground leased through January 2027 with one ten-year extension option;

The property is ground leased through January 2037;

• Rego Park I, a 338,000 square foot shopping center, is located adjacent to our Rego Park II shopping center.

The property is now vacant since the relocation of Burlington and Marshalls to Rego Park II in 2025.

We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer;

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

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 unchanged sentences

Actual results could differ from those estimates.

Certain prior year balances have been reclassified in order to conform to the current period presentation.

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.

These consolidated financial statements incorporate the adoption of ASU 2023-07 as required.

Refer to Note 13 - Segment Information .

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

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

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

1 unchanged sentence

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

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

We adopted this update effective December 15, 2025.

The adoption of ASU 2023-09 did not have a material impact on our disclosures.

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

4 unchanged sentences

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

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization.

5 unchanged sentences

General and administrative costs are expensed as incurred.

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

1 unchanged sentence

Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared.

For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset.

For development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset.

An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value.

15 unchanged sentences

Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased and are carried at cost, which approximates fair value, due to their short-term maturities.

The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) money market funds, which invest in U.S.

Treasury bills and (iii) certificates of deposit placed through an account registry service (“CDARS”).

The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) money market funds, which invest in U.S.

Treasury bills.

To date we have not experienced any losses on our invested cash.

Restricted Cash – Restricted cash primarily consists of cash escrowed under loan and interest rate derivative agreements, including for debt service, real estate taxes, property insurance, leasing costs and capital improvements, and security deposits.

ALEXANDER’S, INC.

2 unchanged sentences

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Deferred Charges – Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest and debt expense.

Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases.

Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the terms of the related leases.

Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”).

1 unchanged sentence

We distribute to our stockholders 100 % of our taxable income and therefore, no provision for Federal income taxes is required.

Dividends distributed for the year ended December 31, 2024 were characterized, for federal income tax purposes, as 100 % ordinary income.

Dividends distributed for the year ended December 31, 2025 were characterized, for federal income tax purposes, as 48.3 % ordinary income and 51.7 % of long-term capital gain income.

Dividends distributed for the year ended December 31, 2024 were characterized, for federal income tax purposes, as 100.0 % ordinary income.

Dividends distributed for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 41.5 % ordinary income and 58.5 % of long-term capital gain income.

The estimated taxable income attributable to our common stockholders (unaudited) for the years ended December 31, 2025, 2024 and 2023 was approximately $ 88,726,000 , $ 65,493,000 , and $ 98,555,000 respectively.

The book to tax differences between net income and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gains or losses from the sale of real estate and other capital transactions, straight-line rent adjustments, the change in fair value of marketable securities and income from discontinued operations.

As of Dec ember 31, 2024, the net basis of our assets and liabilities for tax reporting purposes was approximately $ 133,704,000 low er than the amount reported for financial statement purposes.

As of December 31, 2025 , the net basis of our assets and liabilities for tax reporting purposes was approximately $ 125,793,000 low er than the amount reported for financial statement purposes.

REVENUE RECOGNITION

12 unchanged sentences

Lease revenues $ 204,181 $ 217,656 $ 216,468

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.

27 unchanged sentences

$ 9,777 $ 15,409 $ 10,729

As of December 31, 2025 , the amounts due to Vornado were $ 100,000 for leasing fees and $ 34,000 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.

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

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.

On December 5, 2025, we completed a $ 175,000,000 refinancing of the mortgage loan on our Rego Park II shopping center.

The interest-only loan is at SOFR plus 2.00 % ( 5.72 % as of December 31, 2025) and matures on December 5, 2030.

We paid down by $ 23,544,000 the previous $ 198,544,000 loan that bore interest at SOFR plus 1.45 % and was scheduled to mature on December 12, 2025.

On December 23, 2025, we entered into an agreement to restructure the $ 300,000,000 mortgage loan on the retail condominium portion of 731 Lexington Avenue, which previously bore interest at SOFR plus 1.51 %.

The restructured loan was split into (i) a $ 132,500,000 senior A-Note that was purchased by a wholly owned subsidiary of Alexander’s, which bears interest at a fixed rate of 7.00 % and (ii) a $ 167,500,000 junior C-Note held by the lenders of the original loan, which accrues PIK interest at 4.55 %.

In addition, Alexander’s has the right to fund operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which will be junior to the A-Note and senior to the C-Note.

The B-Note bears interest at a fixed rate of 13.50 %, except for loan amounts above $ 65,000,000 used to pay interest on the A-Note, which will bear interest at a fixed rate of 7.00 %.

The restructured loan matures in December 2035.

All future net sales or refinancing proceeds will be distributed through the payment waterfall per the terms of the restructured loan agreement.

If such proceeds (or appraised value in such refinancing) are insufficient to cover the C-Note loan balance, any outstanding C-Note indebtedness that remains unpaid shall be forgiven.

The loan restructuring qualifies as a troubled debt restructuring under GAAP.

As such, we expensed $ 607,000 of direct costs incurred in connection with the loan restructuring which is included in “Interest and debt expense” on the consolidated statements of income for the year ended December 31, 2025.

Since the debt balances related to the A-Note and B-Note are eliminated in consolidation, the balance presented as mortgages payable for this loan on our consolidated balance sheet as of December 31, 2025 is $ 167,691,000 , which is comprised of the principal balance of the C-Note and the PIK interest due upon maturity.

The following is a summary of our outstanding mortgages payable.

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

Interest Rate at December 31, 2024 Balance at December 31,

Interest Rate at December 31, 2025

Balance as of December 31,

(Amounts in thousands) Maturity 2025 2024

First mortgages secured by:

731 Lexington Avenue, office condominium Oct.

09, 2028 5.04 % $ 400,000 $ 400,000

731 Lexington Avenue, retail condominium (1)(2)

05, 2025 1.76 % 300,000 300,000

Rego Park II shopping center (1)(2)

05, 2030 5.72 % 175,000 202,544

731 Lexington Avenue, retail condominium (3)

23, 2035 4.55 % 167,691 300,000

The Alexander apartment tower Nov.

5 unchanged sentences

(1) Interest rate listed represents the rate in effect as of December 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.

(2) Interest at SOFR plus 2.00 % (SOFR is capped at a rate of 4.50 % through December 2026).

The net carrying value of real estate collateralizing the debt amou nted to $ 587,548,000 as of December 31, 2024.

(3) Includes PIK interest of $ 191 as of December 31, 2025.

The net carrying value of real estate collateralizing the debt amounted to $ 578,973,000 as of December 31, 2025.

Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them.

2 unchanged sentences

Year Ending December 31, Amount

2025 $ 502,544

Thereafter 167,691

ALEXANDER’S, INC.

10 unchanged sentences

Financial Assets and Liabilities Measured at Fair Value

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.

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 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 December 31, 2025.

1 unchanged sentence

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

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

Interest rate cap (included in other assets) $ 3 $ — $ 3 $ —

6 unchanged sentences

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 December 31, 2025 and 2024, respectively.

Fair Value Asset as of December 31, As of December 31, 2024

Fair Value as of December 31, As of December 31, 2025

(Amounts in thousands) 2025 2024 Notional Amount Swapped Rate Expiration Date

Interest rate swap related to:

731 Lexington Avenue mortgage loan, retail condominium $ 4,117 $ 16,315 $ 300,000 1.76 % 5/25

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

Interest rate caps related to:

Rego Park II shopping center mortgage loan 3 370 175,000 (1) 12/26

731 Lexington Avenue mortgage loan, office condominium — 4,923

Included in other assets $ 3 $ 4,487

9 unchanged sentences

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

As of December 31, 2024 As of December 31, 2023

As of December 31, 2025

As of December 31, 2024

(Amounts in thousands) Carrying Amount Fair

18 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.

In May 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.

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.

6 unchanged sentences

LEASES - continued

As Lessor - continued

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

In 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.

We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2027 and has one ten-year extension option.

We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2037.

In January 2022, New World Mall LLC, the subtenant at the property, exercised its one remaining ten-year extension option through January 2037.

19 unchanged sentences

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 December 31, 2025, there were 28,666 DSUs outstanding and 477,121 shares were available for future grant under the Plan.

3 unchanged sentences

COMMITMENTS AND CONTINGENCIES

W e maintain general liability insurance with limits of $ 300,000,000 per occurrence and per property, of which the first $ 30,000,000 includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $ 1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

W e maintain general liability insurance with limits of $ 300,000,000 per occurrence and per property, which includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $ 1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027.

62 unchanged sentences

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 8. Financial Statements and Supplementary Data