What changed in this filing

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Item 1. Financial Statements

2026-05-04 compared with 2025-11-03 · 91 added, 123 removed, 302 unchanged (41% of the section changed)

4 unchanged sentences

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

ASSETS September 30, 2025 December 31, 2024

ASSETS March 31, 2026 December 31, 2025

Real estate, at cost:

12 unchanged sentences

147,788 152,914

Property held for sale 54,654 —

Other assets 56,291 21,752

4 unchanged sentences

Accounts payable and accrued expenses 38,030 36,538

Lease incentive liabilities 113,618 115,118

Lease incentive liability 113,618 113,618

Other liabilities 21,918 21,811

4 unchanged sentences

authorized, 3,000,000 shares;

issued and outstanding, none

issued and outstanding, no ne

Common stock:

5 unchanged sentences

Retained earnings 50,751 69,201

Accumulated other comprehensive (loss) income ( 126 ) 3,887

Accumulated other comprehensive income (loss) 9 ( 9 )

91,092 109,524

9 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,

2025 2024 2025 2024

For the Three Months Ended March 31,

Rental revenues $ 53,412 $ 54,915

2 unchanged sentences

Depreciation and amortization ( 8,774 ) ( 8,599 )

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

( 1,713 ) ( 1,591 )

10 unchanged sentences

(Amounts in thousands)

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

2025 2024 2025 2024

For the Three Months Ended March 31,

Net income $ 4,662 $ 12,312

12 unchanged sentences

Shares Amount

For the Three Months Ended September 30, 2025

Balance, June 30, 2025

For the Three Months Ended March 31, 2026

Balance, December 31, 2025

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

3 unchanged sentences

Change in fair value of interest rate derivative — — — — 18 — 18

Balance, September 30, 2025

5,173 $ 5,173 $ 35,159 $ 88,488 $ ( 126 ) $ ( 368 ) $ 128,326

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)

Balance, March 31, 2026

5,173 $ 5,173 $ 35,159 $ 50,751 $ 9 $ ( 368 ) $ 90,724

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

Capital Retained

Earnings Accumulated

Comprehensive (Loss) Income Treasury

Stock Total Equity

Shares Amount

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2025

Balance, December 31, 2024

Net income — — — 24,400 — — 24,400

Dividends paid ($ 13.50 per common share)

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

Change in fair value of interest rate derivatives — — — — ( 4,013 ) — ( 4,013 )

Deferred stock unit grants — — 394 — — — 394

Balance, September 30, 2025 5,173 $ 5,173 $ 35,159 $ 88,488 $ ( 126 ) $ ( 368 ) $ 128,326

For the Nine Months Ended September 30, 2024

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

Net income — — — 12,312 — — 12,312

2 unchanged sentences

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

Deferred stock unit grants — — 450 — — — 450

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

Balance, March 31, 2025

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

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 2026 2025

2 unchanged sentences

Depreciation and amortization, including amortization of debt issuance costs 9,418 9,389

Amortization of deferred lease incentives 1,724 1,818

Straight-lining of rents 506 1,020

Interest rate cap premium amortization — 176

Stock-based compensation expense 394 450

PIK interest expense 1,905 —

Other non-cash adjustments 340 340

4 unchanged sentences

Accounts payable and accrued expenses 2,395 6,258

Lease incentive liabilities ( 1,500 ) 113,618

Other liabilities ( 4 ) ( 4 )

2 unchanged sentences

Construction in progress and real estate additions ( 4,562 ) ( 8,021 )

Proceeds from interest rate cap — 6,563

Payments related to property held for sale ( 19,316 ) —

Net cash used in investing activities ( 23,878 ) ( 8,021 )

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid ( 69,314 ) ( 69,277 )

Debt repayments — ( 789 )

Proceeds from borrowing — 400,000

Debt issuance costs ( 109 ) ( 6,547 )

Dividends paid ( 23,112 ) ( 23,101 )

Net cash used in financing activities ( 23,112 ) ( 23,890 )

12 unchanged sentences

NON-CASH TRANSACTIONS

Liability for real estate additions, including $ 182 and $ 192 , respectively for

development fees due to Vornado

Liability for real estate additions, including $ 419 in 2025 for development fees due to Vornado

$ 1,032 $ 2,188

Write-off of fully depreciated assets 81 —

Reclassification of property held for sale 54,654 —

See notes to consolidated financial statements (unaudited).

15 unchanged sentences

Actual results could differ from those estimates.

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

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year.

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

Recently Issued Accounting Literature

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”).

ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid.

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

We have evaluated the impact of this standard and do not expect it to have a material impact 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):

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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):

7 unchanged sentences

Revenue Recognition

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

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, 2026 and 2025.

For the Three Months Ended March 31,

(Amounts in thousands) 2026 2025

3 unchanged sentences

Rental revenues $ 53,412 $ 54,915

The components of lease revenues for the three and nine months ended September 30, 2025 and 2024 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, 2026 and 2025 are as follows:

For the Three Months Ended March 31,

(Amounts in thousands) 2026 2025

3 unchanged sentences

Bloomberg L.P.

(“Bloomberg”) accounted for revenue of $ 96,655,000 and $ 93,179,000 for the nine months ended September 30, 2025 and 2024, respectively, representing approximately 60 % and 55 % of our rental revenues in each period, respectively.

(“Bloomberg”) leases approximately 947,000 square feet at our 731 Lexington Avenue property and accounted for revenue of $ 32,471,000 and $ 32,205,000 for the three months ended March 31, 2026 and 2025, respectively, representing approximately 61 % and 59 % 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 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.

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.

The lease included a right to terminate effective no earlier than March 16, 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.

On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerated its lease termination date to April 1, 2024.

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.

In May 2024, Alexander’s and Bloomberg entered into an agreement to extend Bloomberg’s leases that were scheduled to expire in February 2029 for a term of eleven years to February 2040.

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

Accordingly, there is 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,” on our consolidated balance sheets.

On March 31, 2026, Alexander’s and Bloomberg entered into a lease amendment providing Bloomberg with a rent abatement of $ 56,809,000 for the period of April 1, 2026 to December 1, 2026, which reduces the tenant fund by a corresponding amount over that period from $ 113,618,000 to $ 56,809,000 .

Property Held for Sale

On March 6, 2026, we entered into an agreement to sell our Rego Park I shopping center, located in Queens, New York, for $ 235,500,000 .

The sale, which is subject to customary closing conditions, is expected to be completed by the third quarter of 2026.

The Company expects to receive overall proceeds of approximately $ 202,000,000 , net of estimated costs.

As of March 31, 2026, $ 20,800,000 of such costs had already been paid.

Therefore, we expect to receive proceeds of approximately $ 222,800,000 at closing of the sale.

The financial statement gain is expected to be approximately $ 147,000,000 .

As of March 31, 2026, the $ 54,654,000 carrying value of the property was classified as “Property held for sale” on our consolidated balance sheet.

Components of the property held for sale consisted of the following:

(Amounts in thousands)

March 31, 2026

Building and leasehold improvements

Accumulated depreciation and amortization

Real estate, net

ALEXANDER’S, INC.

2 unchanged sentences

Related Party Transactions

As of September 30, 2025, Vornado owned 32.4 % of our outstanding common stock.

As of March 31, 2026, 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.

4 unchanged sentences

Vornado also provides us with leasing services for a fee of 3 % of rent for the first ten years of a lease term, 2 % of rent for the eleventh through the twentieth year of a lease term, and 1 % of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants.

Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees to Vornado increased by 1 % and Vornado was responsible for the fees to the third-party real estate brokers (“Third-Party Lease Commissions”).

On May 1, 2024, our Board of Directors approved amendments to the leasing agreements, subject to applicable lender consents, pursuant to which the Company is responsible for any Third-Party Lease Commissions and, in such circumstances, Vornado’s fee is one-third of the applicable Third-Party Lease Commission.

In the event third-party real estate brokers are used, the Company is responsible for any third-party lease commissions and Vornado’s fee is one-third of the applicable third-party lease commission.

Vornado is also entitled to a commission upon the sale of any of our assets equal to 3 % of gross proceeds, as defined, for asset sales less than $ 50,000,000 and 1 % of gross proceeds, as defined, for asset sales of $ 50,000,000 or more.

2 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) 2026 2025

4 unchanged sentences

$ 2,074 $ 2,591

As of September 30, 2025 , the amounts due to Vornado were $ 182,000 for development fees, $ 182,000 for leasing fees and $ 135,000 for management, property management, cleaning, engineering and security 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 March 31, 2026 , there were no amounts due to Vornado.

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

ALEXANDER’S, INC.

2 unchanged sentences

Mortgages Payable

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

The following is a summary of our outstanding mortgages payable as of March 31, 2026 and December 31, 2025.

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

Interest Rate as of September 30, 2025

Balance as of

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

Interest Rate at March 31, 2026 Balance at

(Amounts in thousands) Maturity March 31, 2026 December 31, 2025

First mortgages secured by:

1 unchanged sentence

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

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

03, 2025 5.76 % 300,000 300,000

Rego Park II shopping center (1)(2)

5, 2030 5.67 % 175,000 175,000

731 Lexington Avenue, retail condominium (3)

23, 2035 4.55 % 169,596 167,691

The Alexander apartment tower Nov.

4 unchanged sentences

$ 832,002 $ 829,451

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

(1) Interest rate listed represents the rate in effect as of March 31, 2026 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

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

The $ 300,000,000 non-recourse 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 Company did not repay the loan on the extended maturity date of October 3, 2025.

The Company is in discussions with the lenders regarding a potential loan restructuring.

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

(3) Includes PIK interest of $ 2,096 and $ 191 as of March 31, 2026 and December 31, 2025, respectively.

See below for further discussion.

The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan of $ 300,000,000 which matures in December 2035.

The loan was initially split into (i) a $ 132,500,000 senior A-Note held 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 third party lenders, which accrues PIK interest at 4.55 %.

In addition, Alexander’s funds operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which is 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 %.

As of March 31, 2026, the B-Note balance is approximately $ 748,000 .

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

Since the debt balances related to the A-Note and B-Note are eliminated in consolidation, the balances presented as mortgages payable for this loan on our consolidated balance sheets are comprised of the principal balance of the C-Note and the PIK interest due upon maturity.

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:

9 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, 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 September 30, 2025.

As of September 30, 2025

Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2026 and December 31, 2025 consisted of an interest rate cap, which is presented in the tables below based on its level in the fair value hierarchy.

There were no financial liabilities measured at fair value as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

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

Interest rate derivative (included in other assets) $ 4 $ — $ 4 $ —

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.

There were no financial liabilities measured at fair value as of December 31, 2024.

Interest rate cap (included in other assets) $ 20 $ — $ 20 $ —

As of December 31, 2025

(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 $ —

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, 2025 and December 31, 2024, respectively.

Fair Value as of As of September 30, 2025

(Amounts in thousands) September 30, 2025 December 31, 2024 Notional Amount Swapped Rate Expiration Date

Interest rate swap related to:

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

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since our interest rate derivative has been designated as a cash flow hedge, changes in the fair value are recognized in other comprehensive income.

The table below summarizes our interest rate derivative, which hedges the interest rate risk attributable to the variable rate debt noted as of March 31, 2026 and December 31, 2025, respectively.

Fair Value as of As of March 31, 2026

(Amounts in thousands) March 31, 2026 December 31, 2025 Notional Amount Capped Rate Expiration Date

Interest rate cap related to:

Rego Park II shopping center mortgage loan 4 370 $ 199,355 (1) 12/25

Included in other assets $ 4 $ 4,487

Rego Park II shopping center mortgage loan (included in other assets) $ 20 $ 3 $ 175,000 (1) 12/26

(1) SOFR cap strike rate of 4.50 %.

3 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, 2025 and December 31, 2024, respectively.

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

The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 As of December 31, 2025

(Amounts in thousands) Carrying

7 unchanged sentences

Commitments and Contingencies

We 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.

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.

1 unchanged sentence

Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC.

For NBCR acts, FNSIC is responsible for a $ 348,000 deductible and 20 % of the balance of a covered loss, and the Federal government is responsible for the remaining 80 % of a covered loss.

For NBCR acts, FNSIC is responsible for a deductible of $ 348,000 and 20 % of the balance of a covered loss, and the Federal government is responsible for the remaining 80 % of a covered loss.

We are ultimately responsible for any loss incurred by FNSIC.

11 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 and nine months ended September 30, 2025 and 2024.

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, 2026 and 2025.

For the Three Months Ended March 31,

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

2025 2024 2025 2024

Net income $ 4,662 $ 12,312

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 and nine months ended September 30, 2025 and 2024.

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

Below is a summary of financial information for the three months ended March 31, 2026 and 2025.

For the Three Months Ended March 31,

(Amounts in thousands) 2026 2025

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 and nine months ended September 30, 2025 and 2024.

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

Ended September 30,

Below is a reconciliation of NOI to net income for the three months ended March 31, 2026 and 2025.

For the Three Months Ended March 31,

(Amounts in thousands) 2026 2025

9 unchanged sentences

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

and subsidiaries (the “Company”) as of September 30, 2025, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and nine-month periods ended September 30, 2025 and 2024, and of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the “interim financial information”).

and subsidiaries (the “Company”) as of March 31, 2026, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month periods ended March 31, 2026 and 2025, and of cash flows for the three-month periods ended March 31, 2026 and 2025, 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 3, 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