ALEXANDERS INC 10-Q

Item 1. Financial Statements ALEXANDER’S, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands, except share and per share amounts) As of ASSETS June 30, 2026 December 31, 2025 Real estate, at cost: Land $ 30,624 $ 32,271 Buildings and leasehold improvements 973,785 1,069,350 Development and construction in progress — 2,150 Total 1,004,409 1,103,771 Accumulated depreciation and amortization ( 435,752 ) ( 473,141 ) Real estate, net 568,657 630,630 Cash and cash equivalents 303,312 128,167 Restricted cash 55,033 64,058 Tenant and other receivables 3,004 4,109 Receivable arising from the straight-lining of rents 109,644 109,078 Deferred leasing costs, net, including unamortized leasing fees to Vornado of $ 20,044 and $ 20,649 , respectively 146,922 152,914 Other assets 16,492 21,752 $ 1,203,064 $ 1,110,708 LIABILITIES AND EQUITY Mortgages payable, net of deferred debt issuance costs $ 834,572 $ 829,451 Amounts due to Vornado 1,044 134 Accounts payable and accrued expenses 28,076 36,538 Lease incentive liability 93,722 113,618 Other liabilities 22,027 21,811 Total liabilities 979,441 1,001,552 Commitments and contingencies Preferred stock: $ 1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, no ne — — Common stock: $ 1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares 5,173 5,173 Additional capital 35,815 35,159 Retained earnings 183,001 69,201 Accumulated other comprehensive income (loss) 2 ( 9 ) 223,991 109,524 Treasury stock: 66,160 shares, at cost ( 368 ) ( 368 ) Total equity 223,623 109,156 $ 1,203,064 $ 1,110,708 See notes to consolidated financial statements (unaudited). 4 ALEXANDER’S, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Amounts in thousands, except share and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 REVENUES Rental revenues $ 54,711 $ 51,589 $ 108,123 $ 106,504 EXPENSES Operating, including fees to Vornado of $ 2,114 , $ 1,590 , $ 3,525 and $ 3,182 , respectively ( 26,743 ) ( 25,934 ) ( 55,723 ) ( 51,498 ) Depreciation and amortization ( 8,230 ) ( 8,707 ) ( 17,004 ) ( 17,306 ) 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 ) Total expenses ( 38,239 ) ( 36,596 ) ( 77,706 ) ( 72,350 ) Interest and other income 1,684 3,928 3,130 7,873 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 Net income per common share - basic and diluted $ 30.24 $ 1.19 $ 31.15 $ 3.59 Weighted average shares outstanding - basic and diluted 5,137,549 5,134,599 5,136,757 5,134,069 See notes to consolidated financial statements (unaudited). 5 ALEXANDER’S, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Amounts in thousands) 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 (loss) income: Change in fair value of interest rate derivatives ( 7 ) ( 1,055 ) 11 ( 4,036 ) Comprehensive income $ 155,355 $ 5,065 $ 160,035 $ 14,396 See notes to consolidated financial statements (unaudited). 6 ALEXANDER’S, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Amounts in thousands, except per share amounts) Additional Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Total Equity Common Stock 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 Additional Capital Retained Earnings Accumulated Other Comprehensive (Loss) Income Treasury Stock Total Equity Common Stock Shares Amount For the Six Months Ended June 30, 2026 Balance, December 31, 2025 5,173 $ 5,173 $ 35,159 $ 69,201 $ ( 9 ) $ ( 368 ) $ 109,156 Net income — — — 160,024 — — 160,024 Dividends paid ($ 9.00 per common share) — — — ( 46,224 ) — — ( 46,224 ) Change in fair value of interest rate derivative — — — — 11 — 11 Deferred stock unit grants — — 656 — — — 656 Balance, June 30, 2026 5,173 $ 5,173 $ 35,815 $ 183,001 $ 2 $ ( 368 ) $ 223,623 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 Net income — — — 18,432 — — 18,432 Dividends paid ($ 9.00 per common share) — — — ( 46,202 ) — — ( 46,202 ) Change in fair value of interest rate derivatives — — — — ( 4,036 ) — ( 4,036 ) Deferred stock unit grants — — 394 — — — 394 Balance, June 30, 2025 5,173 $ 5,173 $ 35,159 $ 105,632 $ ( 149 ) $ ( 368 ) $ 145,447 See notes to consolidated financial statements (unaudited). 7 ALEXANDER’S, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Amounts in thousands) For the Six Months Ended June 30, CASH FLOWS FROM OPERATING ACTIVITIES 2026 2025 Net income $ 160,024 $ 18,432 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 Other non-cash adjustments 681 682 Change in operating assets and liabilities: Tenant and other receivables 1,105 976 Other assets 1,233 1,179 Amounts due to Vornado 865 ( 25 ) Accounts payable and accrued expenses ( 8,752 ) 14,277 Lease incentive liability ( 19,896 ) ( 1,500 ) Other liabilities ( 11 ) ( 10 ) Net cash provided by operating activities 13,005 59,287 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of real estate 205,819 — Construction in progress and real estate additions ( 6,480 ) ( 14,633 ) Net cash provided by (used in) investing activities 199,339 ( 14,633 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid ( 46,224 ) ( 46,202 ) Debt repayments — ( 1,983 ) Net cash used in financing activities ( 46,224 ) ( 48,185 ) 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 Cash and cash equivalents and restricted cash at end of period $ 358,345 $ 390,305 RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents at beginning of period $ 128,167 $ 338,532 Restricted cash at beginning of period 64,058 55,304 Cash and cash equivalents and restricted cash at beginning of period $ 192,225 $ 393,836 Cash and cash equivalents at end of period $ 303,312 $ 313,036 Restricted cash at end of period 55,033 77,269 Cash and cash equivalents and restricted cash at end of period $ 358,345 $ 390,305 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash payments for interest $ 16,460 $ 20,910 NON-CASH TRANSACTIONS 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 — See notes to consolidated financial statements (unaudited). 8 ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Organization Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have four properties in New York City. 2. Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and 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. 3. Recently Issued Accounting Literature 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): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements. 9 ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 4. Revenue Recognition 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 Lease revenues $ 52,178 $ 49,502 $ 103,202 $ 102,228 Parking revenue 1,157 1,218 2,427 2,414 Tenant services 1,376 869 2,494 1,862 Rental revenues $ 54,711 $ 51,589 $ 108,123 $ 106,504 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 Fixed lease revenues $ 35,049 $ 33,009 $ 68,861 $ 68,363 Variable lease revenues 17,129 16,493 34,341 33,865 Lease revenues $ 52,178 $ 49,502 $ 103,202 $ 102,228 Bloomberg L.P. (“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. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. 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 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 . 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. 5. 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 . 10 ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 6. Related Party Transactions Vornado 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 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. Leasing and Other Agreements 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. 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 (the “Sales Commission Agreement”). 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. 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 shopping center and The Alexander apartment tower. 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 June 30, For the Six Months Ended June 30, (Amounts in thousands) 2026 2025 2026 2025 Company management fees $ 700 $ 700 $ 1,400 $ 1,400 Development fees 79 207 144 626 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 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. 11 ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 7. Mortgages Payable 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 June 30, 2026 Balance at (Amounts in thousands) Maturity June 30, 2026 December 31, 2025 First mortgages secured by: 731 Lexington Avenue, office condominium Oct. 09, 2028 5.04 % $ 400,000 $ 400,000 Rego Park shopping center (1)(2) Dec. 05, 2030 5.62 % 175,000 175,000 731 Lexington Avenue, retail condominium (3) Dec. 23, 2035 4.55 % 171,522 167,691 The Alexander apartment tower Nov. 01, 2027 2.63 % 94,000 94,000 Total 840,522 836,691 Deferred debt issuance costs, net of accumulated amortization of $ 6,551 and $ 5,263 , respectively ( 5,950 ) ( 7,240 ) $ 834,572 $ 829,451 (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 $ 4,022 and $ 191 as of June 30, 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 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. 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. 8. 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. 12 ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 9. 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 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. 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. Financial Assets and Liabilities Measured at Fair Value 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 Interest rate cap (included in other assets) $ 11 $ — $ 11 $ — As of December 31, 2025 (Amounts in thousands) Total Level 1 Level 2 Level 3 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 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 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 shopping center mortgage loan (included in other assets) $ 11 $ 3 $ 175,000 (1) 12/26 (1) SOFR cap strike rate of 4.50 %. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. 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 June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 As of December 31, 2025 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash equivalents $ 131,834 $ 131,834 $ 94,978 $ 94,978 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 840,522 $ 788,814 $ 836,691 $ 783,004 13 ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 10. Commitments and Contingencies Insurance 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. Coverage for acts of terrorism (including NBCR acts) is up to $ 1.7 billion per occurrence and in the aggregate. 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 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. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Other There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows. 11. Earnings Per Share The following table sets forth the computation of basic and diluted income per share, including the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and 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 Weighted average shares outstanding – basic and diluted 5,137,549 5,134,599 5,136,757 5,134,069 Net income per common share – basic and diluted $ 30.24 $ 1.19 $ 31.15 $ 3.59 14 ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 12. Segment Information We have determined that our properties, which are considered our operating segments, have similar economic characteristics and meet the criteria that permit these operating segments to be aggregated into one reportable segment (the leasing, management, development and redevelopment of properties in New York City). Net operating income (“NOI”) represents total revenues less operating expenses. The Company’s chief operating decision maker ("CODM") is its Chief Executive Officer, who considers NOI to be the financial measure of segment profit and loss for making decisions on how to allocate resources and assessing the performance of the reportable segment. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions. Below is a summary of financial information for the three 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 Rental revenues $ 54,711 $ 51,589 $ 108,123 $ 106,504 Real estate tax expense ( 15,568 ) ( 14,758 ) ( 31,673 ) ( 29,684 ) Other segment expenses (1) ( 11,175 ) ( 11,176 ) ( 24,050 ) ( 21,814 ) Total operating expenses ( 26,743 ) ( 25,934 ) ( 55,723 ) ( 51,498 ) NOI $ 27,968 $ 25,655 $ 52,400 $ 55,006 (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 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 NOI $ 27,968 $ 25,655 $ 52,400 $ 55,006 Interest and debt expense ( 10,796 ) ( 12,801 ) ( 21,525 ) ( 23,595 ) Interest and other income 1,684 3,928 3,130 7,873 General and administrative ( 3,266 ) ( 1,955 ) ( 4,979 ) ( 3,546 ) 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 15 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Alexander’s, Inc. Results of Review of Interim Financial Information We have reviewed the accompanying consolidated balance sheet of Alexander’s, Inc. 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. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 9, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Basis for Review Results This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. /s/ DELOITTE & TOUCHE LLP New York, New York August 3, 2026 16