What changed in this filing

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Item 1. Financial Statements

2026-08-03 compared with 2026-05-04 · 110 added, 75 removed, 318 unchanged (37% of the section changed)

4 unchanged sentences

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

ASSETS March 31, 2026 December 31, 2025

ASSETS June 30, 2026 December 31, 2025

Real estate, at cost:

12 unchanged sentences

146,922 152,914

Property held for sale 54,654 —

Other assets 16,492 21,752

31 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,

2026 2025 2026 2025

Rental revenues $ 54,711 $ 51,589 $ 108,123 $ 106,504

2 unchanged sentences

Depreciation and amortization ( 8,230 ) ( 8,707 ) ( 17,004 ) ( 17,306 )

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

General and administrative, including management fees to Vornado of $ 635 , $ 610 , $ 1,245 , and $ 1,220 , respectively

( 3,266 ) ( 1,955 ) ( 4,979 ) ( 3,546 )

2 unchanged sentences

Interest and debt expense ( 10,796 ) ( 12,801 ) ( 21,525 ) ( 23,595 )

Net gain on sale of real estate 148,002 — 148,002 —

Net income $ 155,362 $ 6,120 $ 160,024 $ 18,432

6 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,

2026 2025 2026 2025

Net income $ 155,362 $ 6,120 $ 160,024 $ 18,432

Other comprehensive income (loss):

Other comprehensive (loss) income:

Change in fair value of interest rate derivatives ( 7 ) ( 1,055 ) 11 ( 4,036 )

7 unchanged sentences

Earnings Accumulated

Comprehensive Income (Loss) Treasury

Stock Total Equity

Shares Amount

For the Three Months Ended June 30, 2026

Balance, March 31, 2026

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

Net income — — — 155,362 — — 155,362

Dividends paid ($ 4.50 per common share)

— — — ( 23,112 ) — — ( 23,112 )

Change in fair value of interest rate derivative — — — — ( 7 ) — ( 7 )

Deferred stock unit grants — — 656 — — — 656

Balance, June 30, 2026

5,173 $ 5,173 $ 35,815 $ 183,001 $ 2 $ ( 368 ) $ 223,623

For the Three Months Ended June 30, 2025

Balance, March 31, 2025 5,173 $ 5,173 $ 34,765 $ 122,613 $ 906 $ ( 368 ) $ 163,089

Net income — — — 6,120 — — 6,120

Dividends paid ($ 4.50 per common share)

— — — ( 23,101 ) — — ( 23,101 )

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

Capital Retained

Earnings Accumulated

Comprehensive (Loss) Income Treasury

1 unchanged sentence

Shares Amount

For the Three Months Ended March 31, 2026

For the Six Months Ended June 30, 2026

Balance, December 31, 2025

4 unchanged sentences

Change in fair value of interest rate derivative — — — — 11 — 11

Balance, March 31, 2026

Deferred stock unit grants — — 656 — — — 656

Balance, June 30, 2026

5,173 $ 5,173 $ 35,815 $ 183,001 $ 2 $ ( 368 ) $ 223,623

For the Three Months Ended March 31, 2025

For the Six Months Ended June 30, 2025

Balance, December 31, 2024

4 unchanged sentences

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

Balance, March 31, 2025

Deferred stock unit grants — — 394 — — — 394

Balance, June 30, 2025

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

4 unchanged sentences

(Amounts in thousands)

For the Three Months Ended March 31,

For the Six Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES 2026 2025

1 unchanged sentence

Adjustments to reconcile net income to net cash provided by operating activities:

Net gain on sale of real estate ( 148,002 ) —

Depreciation and amortization, including amortization of debt issuance costs 18,292 18,888

PIK interest expense 3,832 —

Amortization of deferred lease incentives 3,541 3,654

Stock-based compensation expense 656 394

Straight-lining of rents ( 566 ) 2,018

Interest rate cap premium amortization 3 322

PIK interest expense 1,905 —

Other non-cash adjustments 681 682

4 unchanged sentences

Accounts payable and accrued expenses ( 8,752 ) 14,277

Lease incentive liability ( 19,896 ) ( 1,500 )

Other liabilities ( 11 ) ( 10 )

1 unchanged sentence

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of real estate 205,819 —

Construction in progress and real estate additions ( 6,480 ) ( 14,633 )

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

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

Net cash provided by (used in) investing activities 199,339 ( 14,633 )

CASH FLOWS FROM FINANCING ACTIVITIES

Debt repayments — ( 789 )

Dividends paid ( 46,224 ) ( 46,202 )

Debt repayments — ( 1,983 )

Net cash used in financing activities ( 46,224 ) ( 48,185 )

Net decrease in cash and cash equivalents and restricted cash ( 40,174 ) ( 16,191 )

Net increase (decrease) in cash and cash equivalents and restricted cash 166,120 ( 3,531 )

Cash and cash equivalents and restricted cash at beginning of period 192,225 393,836

10 unchanged sentences

NON-CASH TRANSACTIONS

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

Liability for real estate additions, including $ 79 and $ 207 for development fees, respectively, due to Vornado

$ 667 $ 1,380

Write-off of fully depreciated assets 81 —

Reclassification of property held for sale 54,654 —

See notes to consolidated financial statements (unaudited).

7 unchanged sentences

We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE:

We have five properties in New York City.

We have four properties in New York City.

Basis of Presentation

5 unchanged sentences

Actual results could differ from those estimates.

The results of operations for the three months ended March 31, 2026 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, 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.

10 unchanged sentences

Revenue Recognition

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,

The following is a summary of revenue sources for the three and six months ended June 30, 2026 and 2025.

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

(Amounts in thousands) 2026 2025 2026 2025

3 unchanged sentences

Rental revenues $ 54,711 $ 51,589 $ 108,123 $ 106,504

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,

The components of lease revenues for the three and six months ended June 30, 2026 and 2025 are as follows:

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

(Amounts in thousands) 2026 2025 2026 2025

3 unchanged sentences

Bloomberg L.P.

(“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.

(“Bloomberg”) leases approximately 952,000 square feet at our 731 Lexington Avenue property and accounted for revenue of $ 65,229,000 and $ 64,446,000 for the six months ended June 30, 2026 and 2025, respectively, representing approximately 60 % and 61 % of our rental revenues in each period, respectively.

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

4 unchanged sentences

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.

Accordingly, there was an initial 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

On June 26, 2026, we entered into a lease modification agreement with a 135,000 square foot tenant at our Rego Park shopping center providing options for us and the tenant to early terminate the lease in August 2026, subject to a payment of approximately $ 29,000,000 from the tenant.

Simultaneously, we entered into a 15 -year lease, plus renewal options, with Target for that space.

Real Estate Sale

On May 28, 2026, we completed the sale of our Rego Park I property, located in Queens, New York, for $ 235,500,000 , with total proceeds of $ 202,750,000 , net of costs, and a financial statement gain of $ 148,002,000 .

ALEXANDER’S, INC.

2 unchanged sentences

Related Party Transactions

As of March 31, 2026, Vornado owned 32.4 % of our outstanding common stock.

As of June 30, 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.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $ 2,800,000 , (ii) 2 % of gross revenue from the Rego Park II shopping center, (iii) $ 0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $ 399,000 , escalating at 3 % per annum, for managing the common area of 731 Lexington Avenue.

We pay Vornado an annual management fee equal to the sum of (i) $ 2,800,000 , (ii) 2 % of gross revenue from the Rego Park shopping center, (iii) $ 0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $ 399,000 , escalating at 3 % per annum, for managing the common area of 731 Lexington Avenue.

Vornado is also entitled to a development fee equal to 6 % of development costs, as defined.

2 unchanged sentences

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.

We also have agreements with Building Maintenance Services LLC, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower.

In addition, we have an agreement with a wholly owned subsidiary of Vornado to manage the parking garages at our Rego Park I and Rego Park II properties.

Pursuant to the Sales Commission Agreement, we paid a $ 2,355,000 sales commission to Vornado in the second quarter of 2026 related to the sale of our Rego Park I property.

In addition, we have an agreement with a wholly owned subsidiary of Vornado to manage the parking garage at our Rego Park shopping center.

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) 2026 2025 2026 2025

2 unchanged sentences

Leasing fees 492 229 522 242

Commission on sale of real estate 2,355 — 2,355 —

Property management, cleaning, engineering, parking and security fees 2,012 1,464 3,291 2,923

$ 5,638 $ 2,600 $ 7,712 $ 5,191

As of March 31, 2026 , there were no amounts due to Vornado.

As of June 30, 2026 , the amounts due to Vornado were $ 492,000 for leasing fees, $ 473,000 for management, property management, cleaning, engineering and security fees and $ 79,000 for development fees.

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

3 unchanged sentences

Mortgages Payable

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

The following is a summary of our outstanding mortgages payable as of June 30, 2026 and December 31, 2025.

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

Interest Rate at March 31, 2026 Balance at

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

Interest Rate at June 30, 2026 Balance at

(Amounts in thousands) Maturity June 30, 2026 December 31, 2025

First mortgages secured by:

1 unchanged sentence

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

Rego Park II shopping center (1)(2)

Rego Park shopping center (1)(2)

05, 2030 5.62 % 175,000 175,000

7 unchanged sentences

$ 834,572 $ 829,451

(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.

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

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

(3) Includes PIK interest of $ 4,022 and $ 191 as of June 30, 2026 and December 31, 2025, respectively.

See below for further discussion.

3 unchanged sentences

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 .

As of June 30, 2026, the B-Note balance is approximately $ 1,307,000 .

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

1 unchanged sentence

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.

Stock-Based Compensation

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

Our Board of Directors and stockholders approved the Alexander’s, Inc.

2026 Omnibus Stock Plan (the “2026 Plan”), effective as of May 21, 2026, which serves as the successor to our 2016 Omnibus Stock Plan (the “2016 Plan”) and provides for the issuance of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares to the directors, officers and employees of the Company and Vornado.

No additional awards will be made under the 2016 Plan, but the terms and conditions of any outstanding awards granted under the 2016 Plan will not be affected.

Shares subject to an award that expires unexercised, or that are forfeited, terminated or canceled, in whole or in part, will again be available for grant under the 2026 Plan.

In May 2026, we granted each of the members of our Board of Directors 505 DSUs with a market value of $ 125,000 per grant.

The grant date fair value of these awards was $ 93,750 per grant, or $ 656,000 in the aggregate, in accordance with ASC 718.

The DSUs entitle the holders to receive shares of the Company’s common stock without 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, 2026, there were 3,535 DSUs outstanding and 496,465 shares were available for future grant under the 2026 Plan.

ALEXANDER’S, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Fair Value Measurements

6 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, 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

Financial assets measured at fair value on our consolidated balance sheets 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 June 30, 2026 and December 31, 2025.

As of June 30, 2026

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

5 unchanged sentences

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

The table below summarizes our interest rate derivative, which hedges the interest rate risk attributable to the variable rate debt noted as of June 30, 2026 and December 31, 2025, respectively.

Fair Value as of As of June 30, 2026

(Amounts in thousands) June 30, 2026 December 31, 2025 Notional Amount Capped Rate Expiration Date

Interest rate cap related to:

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

Rego Park shopping center mortgage loan (included in other assets) $ 11 $ 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 March 31, 2026 and December 31, 2025, respectively.

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

The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2026 and December 31, 2025, respectively.

As of June 30, 2026 As of December 31, 2025

(Amounts in thousands) Carrying

7 unchanged sentences

Commitments and Contingencies

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.

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.

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.

15 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, 2026 and 2025.

For the Three Months Ended March 31,

There were no potentially dilutive securities outstanding during the three and six months ended June 30, 2026 and 2025.

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

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

2026 2025 2026 2025

Net income $ 155,362 $ 6,120 $ 160,024 $ 18,432

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, 2026 and 2025.

For the Three Months Ended March 31,

Below is a summary of financial information for the three and six months ended June 30, 2026 and 2025.

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

(Amounts in thousands) 2026 2025 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 months ended March 31, 2026 and 2025.

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, 2026 and 2025.

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

(Amounts in thousands) 2026 2025 2026 2025

4 unchanged sentences

Depreciation and amortization ( 8,230 ) ( 8,707 ) ( 17,004 ) ( 17,306 )

Net gain on sale of real estate 148,002 — 148,002 —

Net income $ 155,362 $ 6,120 $ 160,024 $ 18,432

3 unchanged sentences

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

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”).

and subsidiaries (the “Company”) as of June 30, 2026, the related consolidated statements of income, comprehensive income, and changes in equity, for the three and six-month periods ended June 30, 2026 and 2025, and statement of cash flows for the six-month periods ended June 30, 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

August 3, 2026

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