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What changed in ALEXANDERS INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of ALEXANDERS INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+141 added−132 removedSource: 10-K (2026-02-09) vs 10-K (2025-02-10)

Top changes in ALEXANDERS INC's 2025 10-K

141 paragraphs added · 132 removed · 114 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

10 edited+4 added−4 removed23 unchanged
Biggest changeRego Park I will then be vacant and we are currently exploring sale and development opportunities for the property; • Rego Park II, a 615,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens.
Biggest changeThe 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.
As of December 31, 2024, Vornado owned 32.4% of our outstanding common stock. Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2024, Mr.
As of December 31, 2025, Vornado owned 32.4% of our outstanding common stock. Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2025, Mr.
(who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado. 5 Significant Tenant Bloomberg accounted for revenue o f $125,349,000, $120,351,000 and $115,129,000 in the years ended December 31, 2024, 2023 and 2022, respectively, representing approximately 55% , 54% and 56% of our rental revenues in each year, respectively.
(who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado. 5 Significant Tenant Bloomberg accounted for revenue o f $129,317,000, $125,349,000 and $120,351,000 in the years ended December 31, 2025 , 2024 and 2023 , respectively, representing approximately 61% , 55% and 54% of our rental revenues in each year, respectively.
The Sustainability Report is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K. 6 Competition We operate in a highly competitive environment located in New York City.
There can be no assurance that Vornado’s Vision 2030 commitment will be achieved in the planned time frame. The Sustainability Report is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K. 6 Competition We operate in a highly competitive environment located in New York City.
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. The building contains 947,000 and 133,000 of rentable square feet of office and retail space, respectively.
We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have five properties in New York City consisting of: • 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.
We currently have 90 property-level employees w ho provide cleaning, engineering and security services. Our employees are managed by Vornado in accordance with its employee policies and they have access to Vornado’s benefits, training and other programs. Executive Office Our executive office is located at 210 Route 4 East, Paramus, New Jersey, 07652 and our telephone number is (201) 587-8541.
We currently have 103 property-level employees w ho provide cleaning, engineering, parking and security services. Our employees are managed by Vornado in accordance with its employee policies and they have access to Vornado’s benefits, training and other programs.
Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025; • Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63 rd Road in Queens.
The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025 ; • 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 is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subleased; • Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subleased to New World Mall LLC.
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; and • The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet.
We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer; and • The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet.
Vornado is committed to transparent reporting of sustainability performance indicators and publishes an annual Sustainability Report in accordance with the Global Reporting Initiative and aligned with the metrics codified by the Sustainability Accounting Standards Board. Vornado also submits public reports to CDP, CSA (the S&P Global Corporate Sustainability Assessment) and EP100 (global initiative led by Climate Group).
Vornado is committed to transparent reporting of sustainability performance indicators and publishes an annual Sustainability Report in accordance with the Global Reporting Initiative and aligned with the metrics codified by the Sustainability Accounting Standards Board. Further details on Vornado’s environmental sustainability initiatives and strategy, including its Vision 2030 Roadmap, can be found in Vornado’s 2024 Sustainability Report at (vno.com/sustainability).
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We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO).
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The building contains 952,000 and 128,000 of rentable square feet of office and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupies all of the office space.
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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.
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The center also includes a 60,000 square foot Burlington, a 47,000 square foot Best Buy, and a 40,000 square foot Marshalls.
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In 2024, Vornado: • became the first major U.S. real estate owner and operator to achieve 100% LEED certification across its entire portfolio of certifiable in-service buildings; • received a GRESB’s five star rating and an assessment score of 92, placing in the top 3% within Americas/Listed, and the “Green Star” distinction for the twelfth consecutive year; • received the National Association for Real Estate Investment Trusts’ (NAREIT) inaugural “The Impact at Scale Award,” for implementing operational initiatives in the PENN district that advance corporate sustainability and deliver measurable impact; and • was recognized as an EPA ENERGY STAR Partner of the Year with the distinction of having demonstrated nine years of sustained excellence.
Added
In 2025, Vornado: • received GRESB's five star rating and an assessment score of 91, placing Vornado in the top 3% within the Americas/Listed category and the “Green Star” distinction for the thirteenth consecutive year; and • achieved 100% WELL Health-Safety certification across its in-service office portfolio.
Removed
Further details on Vornado’s environmental sustainability initiatives and strategy, including its Vision 2030 Roadmap, can be found in Vornado’s 2023 Sustainability Report at (vno.com/sustainability). There can be no assurance that Vornado’s Vision 2030 commitment will be achieved in the planned time frame.
Added
Executive Office Our executive office is located at 210 Route 4 East, Paramus, New Jersey, 07652 and our telephone number is (201) 587-8541.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

53 edited+5 added−3 removed116 unchanged
Biggest changeThese costs, taxes or penalties could increase our operating costs and decrease the cash available to pay our indebtedness and make distributions to our stockholders. Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate.
Biggest changeWe actively track and assess possible impact from regulations across our buildings and evaluate cost of compliance versus impact on business operations and property valuations in our regular capital cycles. These costs, taxes or penalties could increase our operating costs and decrease the cash available to pay our obligations and make distributions to our stockholders.
As a result, the bankruptcy or insolvency of, or nonpayment by, a major tenant could cause us to suffer lower revenues and operational difficulties, including leasing the remainder of the property, which could in turn result in decreased net income and funds available to pay our indebtedness and make distributions to stockholders. 10 Some of our potential losses may not be covered by insurance.
As a result, the bankruptcy or insolvency of, or nonpayment by, a major tenant could cause us to suffer lower revenues and operational difficulties, including leasing the remainder of the property, which could in turn result in decreased net income and funds available to pay our indebtedness or make distributions to stockholders. 10 Some of our potential losses may not be covered by insurance.
Our inability or the inability of our tenants to timely refinance maturing liabilities and access the capital markets and obtain reasonable pricing to meet liquidity needs may materially affect our financial condition and results of operations and the value of our common stock.
Our inability or the inability of our tenants to timely refinance maturing liabilities, access the capital markets and obtain reasonable pricing to meet liquidity needs may materially affect our financial condition and results of operations and the value of our common stock.
The factors that affect the value of our real estate assets include, among other things: • global, national and local economic conditions and geopolitical events; • competition from other available space, including co-working space and subleases; • local conditions such as an oversupply of space or a reduction in demand for real estate in the area; • how well we manage our properties; • the development and/or redevelopment of our properties; • changes in market rental rates; • trends in office real estate, including many tenants’ preferences for space in modern amenitized buildings which may require the landlord to incur significant capital expenditures; • increased competition from online shopping and its impact on retail tenants and their demand for retail space; • potential changes in trade relationships, new tariffs and other trade protection measures or barriers that may adversely affect retailers and retail store values; • the timing and costs associated with property improvements and rentals; • whether we are able to pass all or portions of any increases in operating costs through to tenants; • changes in real estate taxes and other expenses; • fluctuations in interest rates; • the ability of state and local governments to operate within their budgets; • whether tenants and users such as customers and shoppers consider a property attractive; • changes in consumer preferences adversely affecting retailers and retail store values; • changes in tenant space utilization; • the financial condition of our tenants, including the extent of tenant bankruptcies or defaults; • consequences of any armed conflict involving, or terrorist attacks against, the United States or individual acts of violence in public spaces; • availability of financing on acceptable terms or at all; • inflation or deflation; • our ability to obtain adequate insurance; • government regulation, including changes in fiscal policies, taxation, and zoning laws; • potential liability and compliance costs associated with environmental or other laws or regulations; • natural disasters; • general competitive factors; • climate change; and • the impact of pandemics or outbreaks of other infectious diseases.
The factors that affect the value of our real estate assets include, among other things: • global, national and local economic conditions and geopolitical events; • competition from other available space, including co-working space and subleases; • local conditions such as an oversupply of space or a reduction in demand for real estate in the area; • how well we manage our properties; • the development and/or redevelopment of our properties; • changes in market rental rates; • trends in office real estate, including many tenants’ preferences for space in modern amenitized buildings which may require the landlord to incur significant capital expenditures; • increased competition from online shopping and its impact on retail tenants and their demand for retail space; • potential changes in trade relationships, tariffs and other trade protection measures or barriers that may adversely affect retailers and retail store values; • the timing and costs associated with property improvements and rentals; • whether we are able to pass all or portions of any increases in operating costs through to tenants; • changes in real estate taxes and other expenses; • fluctuations in interest rates; • the ability of state and local governments to operate within their budgets; • whether tenants and users such as customers and shoppers consider a property attractive; • changes in consumer preferences adversely affecting retailers and retail store values; • changes in tenant space utilization; • the financial condition of our tenants, including the extent of tenant bankruptcies or defaults; • consequences of any armed conflict involving, or terrorist attacks against, the United States or individual acts of violence in public spaces; • availability of financing on acceptable terms or at all; • inflation or deflation; • our ability to obtain adequate insurance; • government regulation, including changes in fiscal policies, taxation, and zoning laws; • potential liability and compliance costs associated with environmental or other laws or regulations; • natural disasters; • general competitive factors; • climate change; and • the impact of pandemics or outbreaks of other infectious diseases.
Roth and Interstate may, in the future, engage in a wide variety of activities in the real estate business which may result in conflicts of interest with respect to matters affecting us, such as, which of these entities or persons, if any, may take advantage of potential business opportunities, the business focus of these entities, the types of properties and geographic locations in which these entities make investments, potential competition between business activities conducted, or sought to be conducted, by us, competition for properties and tenants, possible corporate transactions such as acquisitions, and other strategic decisions affecting the future of these entities.
Roth and Interstate may, in the future, engage in a wide variety of activities in the real estate business which may result in conflicts of interest with respect to matters affecting us, such as, which of these entities or persons, if any, may take advantage of potential business opportunities, the business focus of these entities, the types of properties and geographic locations in which these entities make investments, potential competition between business activities conducted, or sought to be conducted, competition for properties and tenants, possible corporate transactions such as acquisitions, and other strategic decisions affecting the future of these entities.
While we believe that we could find a replacement for him and other key personnel, the loss of their services could harm our operations and adversely affect the value of our common stock. 18 RISKS RELATED TO REGULATORY COMPLIANCE We may fail to qualify or remain qualified as a REIT, and may be required to pay federal income taxes at corporate rates, which could adversely affect the value of our common stock.
While we believe that we could find a replacement for him and other key personnel, the loss of their services could harm our operations and adversely affect the value of our common stock. 18 RISKS RELATED TO REGULATORY COMPLIANCE We may fail to qualify or remain qualified as a REIT, and may be required to pay federal income taxes at corporate rates, which could adversely impact the value of our common stock.
As a result, the value of our properties and the level of our revenues and cash flows could decline materially. 11 The effects of climate change and natural disasters could have a concentrated impact on the area where we operate and could adversely affect our results. Our properties are located in New York City.
As a result, the value of our properties and the level of our revenues and cash flows could decline materially. 11 The effects of climate change and natural disasters could have a concentrated impact on the area where we operate and could adversely impact our results. Our properties are located in New York City.
This, in turn, could trigger a decrease in the demand for space in this area, which could increase vacancies in our properties and force us to lease space on less favorable terms . Furthermore, we may experience increased costs for security, equipment and personnel.
This, in turn, would trigger a decrease in the demand for space in this area, which could increase vacancies in our properties and force us to lease space on less favorable terms. Furthermore, we may experience increased costs for security, equipment and personnel.
The creditors of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or make distributions to us. Substantially all of our properties and assets are held through our subsidiaries. We depend on cash distributions and dividends from our subsidiaries for substantially all of our cash flow.
The creditors of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or distributions to us. Substantially all of our properties and assets are held through our subsidiaries. We depend on cash distributions and dividends from our subsidiaries for substantially all of our cash flow.
In addition to the factors affecting the national economic condition generally, the factors affecting economic conditions in this area include: • financial performance and productivity of the media, advertising, professional services, financial, technology, retail, insurance and real estate industries; • business layoffs or downsizing; • any oversupply of, or reduced demand for, real estate; • industry slowdowns; • the effects of inflation; • interest rate fluctuations; • relocations of businesses; • changing demographics; • work from home and use of alternative work places; • changes in the number of domestic and international tourists to our markets (including as a result of changes in the relative strengths of world currencies); • changes in diplomatic and trade relationships, as well as potential tariffs; • the fiscal health of New York State and New York City governments and local transit authorities; • quality of life conditions; • infrastructure quality; • increased government regulation and costs of complying with such regulations; and • changes in rates or limitations of the deductibility of state and local taxes.
In addition to the factors affecting national economic conditions generally, the factors affecting economic conditions in this area include: • financial performance and productivity of the media, advertising, professional services, financial, technology, retail, insurance and real estate industries; • business layoffs or downsizing; • any oversupply of, or reduced demand for, real estate; • industry slowdowns; • the effects of inflation; • interest rate fluctuations; • relocations of businesses; • changing demographics; • work from home and use of alternative work places; • changes in the number of domestic and international tourists to our markets (including as a result of changes in the relative strengths of world currencies); • changes in diplomatic and trade relationships, as well as potential tariffs; • the fiscal health and policies of New York State and New York City governments and local transit authorities; • quality of life conditions; • infrastructure quality; • increased government regulation and costs of complying with such regulations; and • changes in rates or limitations on the deductibility of state and local taxes.
These factors may cause the value of our real estate assets to decline, which may result in non-cash impairment charges and the impact could be material. Real estate is a competitive business and that competition may adversely affect us.
These factors may cause the value of our real estate assets to decline, which may result in non-cash impairment charges and the impact could be material. Real estate is a competitive business and that competition may adversely impact us.
We continue to engage in development, redevelopment and repositioning activities with respect to our properties, and, accordingly are subject to certain risks in connection with development and redevelopment activities, which could adversely affect us, including our financial condition and results of operations.
We continue to engage in development, redevelopment and repositioning activities with respect to our properties, and accordingly, we are subject to certain risks which could adversely affect us, including our financial condition and results of operations.
If a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of the property.
If a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in our loss of the property.
Consequently, we may have limited ability to dispose of assets in our portfolio promptly in response to changes in economic or other conditions which could have an adverse effect on our sources of working capital and our ability to satisfy our indebtedness. 13 RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL Significantly tighter capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our common stock.
Consequently, we may have limited ability to dispose of assets in our portfolio promptly in response to changes in economic or other conditions which could have an adverse effect on our sources of working capital and our ability to satisfy our indebtedness. 13 RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL Capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our common stock.
If we are unable to obtain additional debt financing or refinance existing indebtedness upon maturity, our financial condition and results of operations would likely be adversely affected.
If we are unable to obtain debt financing or refinance existing indebtedness upon maturity, our financial condition and results of operations would likely be adversely affected.
These risks could result in substantial unanticipated delays or expenses and could prevent the initiation or the completion of redevelopment activities or reduce the ultimate rents achieved on new developments.
These risks could result in substantial unanticipated delays or expenses, prevent the initiation or the completion of redevelopment activities or reduce the ultimate rents achieved on new developments.
If our hedges do not qualify as “highly effective,” the changes in the fair value of these instruments would be reflected in our results of operations and could adversely affect our earnings. 14 RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE Substantially all of our assets are owned by subsidiaries. We depend on dividends and distributions from these subsidiaries.
If our hedges do not qualify as “highly effective,” the changes in the fair value of these instruments would be reflected in our results of operations and could adversely impact our earnings. 14 RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE Substantially all of our assets are owned by subsidiaries. We depend on dividends and distributions from these subsidiaries.
These outcomes could have an adverse effect on our financial condition, results of operations, cash flow, the market value of our common shares and ability to pay our indebtedness and make distributions to our stockholders. It may be difficult to sell real estate on a timely basis, which may limit our flexibility. Real estate investments are relatively illiquid.
These outcomes could have an adverse effect on our financial condition, results of operations, cash flow, the market value of our common shares and ability to satisfy our indebtedness and make distributions to our stockholders. It may be difficult to sell real estate on a timely basis, which may limit our flexibility. Real estate investments are relatively illiquid.
If one of those systems is compromised in any way by an extreme weather event, such a compromise could have an adverse effect on our local economies and populations, as well as on our tenants’ ability to do business in our buildings. Our properties are subject to transitional risks related to climate-related policy change.
If one of those systems is compromised in any way by an extreme weather event, such a compromise could have an adverse impact on our local economies and populations, as well as on our tenants’ ability to do business in our buildings. Our properties are subject to transitional risks related to climate-related policy change.
Substantially all of our properties face competition from similar properties in the same market, which may adversely affect the rents we can charge at those properties and our results of operations. 9 We may be unable to renew leases, lease vacant space or relet space as leases expire on favorable terms.
Substantially all of our properties face competition from similar properties in the same market, which may adversely impact the rents we can charge at those properties and our results of operations. 9 We may be unable to renew leases, lease vacant space or relet space as leases expire on favorable terms.
The interest rate hedge instruments we may use to manage some of our exposure to interest rate volatility involve risks, including the risk that counterparties may fail to perform under these arrangements. If interest rates continue to fall, these arrangements may cause us to pay higher interest on our debt obligations than would otherwise be the case.
The interest rate hedge instruments we may use to manage some of our exposure to interest rate volatility involve risks, including the risk that counterparties may fail to perform under these arrangements. If interest rates subsequently fall, these arrangements may cause us to pay higher interest on our debt obligations than would otherwise be the case.
We could incur fines for environmental compliance and be held liable for the costs of remedial action with respect to the foregoing regulated substances or related claims arising out of environmental contamination or human exposure to contamination at or from our properties. Each of our properties has been subjected to varying degrees of environmental assessment.
We could incur fines for environmental compliance and be held liable for the costs of remedial action with respect to the foregoing regulated substances or related claims arising out of environmental contamination or human exposure to contamination at or from our properties. Each of our properties has been subject to varying degrees of environmental assessment.
As of December 31, 2024, Inter state and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and approximately 26.0% of our outstanding common stock. Steven Roth, David Mandelbaum and Russell B. Wight, Jr. are the partners of Interstate. Mr.
As of December 31, 2025, Inter state and its partners beneficially owned an aggregate of approximately 7.1% of the common shares of beneficial interest of Vornado and approximately 26.0% of our outstanding common stock. Steven Roth, David Mandelbaum and Russell B. Wight, Jr. are the partners of Interstate. Mr.
These increased tax costs could adversely affect our financial condition and results of operations and the amount of cash available to pay our indebtedness and make distributions to our stockholders. Compliance or failure to comply with the Americans with Disabilities Act (“ADA”) or other safety regulations and requirements could result in substantial costs.
These increased tax costs could adversely affect our financial condition and results of operations and the amount of cash available to make distributions to our stockholders. Compliance or failure to comply with the Americans with Disabilities Act (“ADA”) or other safety regulations and requirements could result in substantial costs.
These increased tax costs could, among other things, adversely affect the trading price for our common shares, our financial condition, our results of operations and the amount of cash available to pay our indebtedness and make distributions to our stockholders. 12 Significant inflation and increases in the inflation rate could adversely affect our business and financial results.
These increased tax costs could, among other things, adversely affect the trading price for our common shares, our financial condition, our results of operations and the amount of cash available to make distributions to our stockholders. 12 Significant inflation and increases in the inflation rate could adversely affect our business and financial results.
In addition, Vornado manages and leases the real estate assets of Interstate. As of December 31, 2024, Vornado owned 32.4% of our outstanding common stock, in addition to the 26.0% o wned by Interstate and its partners. In addition to the relationships described in the immediately preceding paragraph, Ms.
In addition, Vornado manages and leases the real estate assets of Interstate. As of December 31, 2025 , Vornado owned 32.4% of our outstanding common stock, in addition to the 26.0% o wned by Interstate and its partners. In addition to the relationships described in the immediately preceding paragraph, Ms.
The incurrence of these losses, costs or business interruptions may adversely affect our operating and financial results. Our properties are located in an urban area, which means the vitality of our properties is reliant on sound transportation and utility infrastructure systems.
The incurrence of these losses, costs or business interruptions may adversely impact our operating and financial results. Our properties are located in an urban area, which means the vitality of our properties is reliant on sound transportation and utility infrastructure systems.
In addition, our cost of labor and materials could increase, which could have an adverse effect on our business and financial results. Increased inflation could also adversely affect us by increasing costs of construction and renovation.
In addition, our cost of labor and materials could increase, which could have an adverse impact on our business and financial results. Increased inflation could also adversely affect us by increasing costs of construction and renovation.
We 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.
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.
For NBCR acts, FNSIC is responsible for a deductible of $338,000 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.
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.
The value of our real estate and the value of an investment in us fluctuates depending on conditions in the general economy and the real estate business. These conditions may also adversely affect our revenues and cash flows.
The value of our real estate and the value of an investment in us fluctuates depending on conditions in the general economy and the real estate business. These conditions may also adversely impact our revenues and cash flows.
Real estate markets are affected by economic downturns and we cannot predict how economic conditions will impact this market in either the short or long term. Declines in the economy and declines in the New York City real estate market have affected and could affect our financial performance and the value of our properties.
Real estate markets are affected by economic downturns and we cannot predict how economic conditions will impact the New York City market in either the short or long term. Declines in the economy and declines in the New York City real estate market have impacted and could impact our financial performance and the value of our properties.
There are many factors that can affect the value of our equity securities, including the state of the capital markets and the economy. Demand for office and retail space typically declines nationwide due to an economic downturn, bankruptcies, downsizing, layoffs and cost cutting. Government action or inaction may adversely affect the state of the capital markets.
There are many factors that can affect the value of our common stock, including the state of the capital markets and the economy. Demand for office and retail space typically declines nationwide due to an economic downturn, bankruptcies, downsizing, layoffs and cost cutting. Government action or inaction may adversely affect the state of the capital markets.
We depend upon anchor tenants to attract shoppers at our Rego Park retail properties and decisions made by these tenants, or adverse developments in the businesses of these tenants, could materially affect our financial condition and results of operations. Our Rego Park retail properties are anchored by well-known large format retailers and other tenants who generate shopping traffic.
We depend upon anchor tenants to attract shoppers at our Rego Park II retail property and decisions made by these tenants, or adverse developments in the businesses of these tenants, could materially affect our financial condition and results of operations. Our Rego Park II retail property is anchored by well-known large format retailers and other tenants who generate shopping traffic.
Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of energy at our properties and requiring us to expend funds as we seek to repair and protect our properties against such risks.
Extreme weather events may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of energy at our properties and requiring us to expend funds as we seek to repair and protect our properties against such risks.
The value of these properties would be adversely affected if our anchor tenants failed to meet their contractual obligations, sought concessions in order to continue operations or ceased their operations, including as a result of bankruptcy.
The value of this property would be adversely affected if our anchor tenants failed to meet their contractual obligations, sought concessions in order to continue operations or ceased their operations, including as a result of bankruptcy.
As of December 31, 2024, we had outstanding mortgage indebtedness of $996,544,000 , secu red by three of our properties. These mortgages contain covenants that limit our ability to incur additional indebtedness on these properties, provide for lender approval of tenants’ leases in certain circumstances, and in certain cases provide for yield maintenance or defeasance premiums to prepay them.
As of December 31, 2025, we had outstanding mortgage indebtedness of $836,691,000 , secu red by three of our properties. These mortgages contain covenants that limit our ability to incur additional indebtedness on these properties, provide for lender approval of tenants’ leases in certain circumstances, and in certain cases provide for yield maintenance or defeasance premiums to prepay them.
If the level of sales at stores operating in our properties were to decline significantly due to economic conditions, increased competition from online shopping, closing of anchors or for other reasons, tenants may be unable to pay their minimum rents or expense recovery charges.
If the level of sales at stores operating at this property were to decline significantly due to economic conditions, increased competition from online shopping, closing of anchors or for other reasons, tenants may be unable to pay their minimum rents or expense recovery charges.
These factors could adversely affect the financial condition of our retail tenants, or result in the bankruptcy of such tenants, and the willingness of retailers to lease space in our retail locations, which could have an adverse effect on the value of our properties, our business and profitability. 8 Our performance and the value of an investment in us are subject to risks associated with our real estate assets and with the real estate industry.
These factors could adversely affect the financial condition of our retail tenants, or result in the bankruptcy of such tenants, and the demand for physical space in our retail locations, which could have an adverse effect on the value of our properties, our business and profitability. 8 Our performance and the value of an investment in us are subject to risks associated with our real estate assets and with the real estate industry.
Loss of or damage to the building would adversely affect our financial condition and results of operations. 731 Lexington Avenue accounted for revenue of $153,298,000, $148,806,000 and $138,778,000 in the years ended December 31, 2024, 2023 and 2022, respectively, representing approximately 68%, 66% and 67% of our rental revenues in each year, respectively.
Loss of or damage to the building would adversely affect our financial condition and results of operations. 731 Lexington Avenue accounted for revenue of $143,534,000, $153,298,000 and $148,806,000 in the years ended December 31, 2025 , 2024 and 2023 , respectively, representing approximately 67%, 68% and 66% of our rental revenues in each year, respectively.
As of December 31, 2024, we had authorized but unissu ed 4,826,550 shares of common stock, par value of $1.00 per share and 3,000,000 shares of preferred stock, par value $1.00 per share; of which 26,244 shares of common stock are reserved for issuance upon redemption of the deferred stock units previously granted to our Board of Directors.
As of December 31, 2025, we had authorized but unissu ed 4,826,550 shares of common stock, par value of $1.00 per share and 3,000,000 shares of preferred stock, par value $1.00 per share; of which 28,666 shares of common stock are reserved for issuance upon redemption of the deferred stock units previously granted to our Board of Directors.
Bloomberg accounted for revenu e of $125,349,000, $120,351,000 and $115,129,000 in the years ended December 31, 2024, 2023 and 2022, respectively, representing approximately 55% , 54% and 56% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental revenues.
Bloomberg accounted for revenu e of $129,317,000, $125,349,000 and $120,351,000 in the years ended December 31, 2025 , 2024 and 2023 , respectively, representing approximately 61% , 55% and 54% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental revenues.
See “Forward-Looking Statements” contained herein on page 4. RISKS RELATED TO OUR BUSINESS AND OPERATIONS We may be adversely affected by trends in office real estate, including work from home trends. In 2024, approximate ly 55% of our rental revenues was from Bloomberg, the office tenant at our 731 Lexington Avenue office property.
See “Forward-Looking Statements” contained herein on page 4. RISKS RELATED TO OUR BUSINESS AND OPERATIONS We may be adversely affected by trends in office real estate. In 2025, approximate ly 61% of our rental revenues was from Bloomberg, the office tenant at our 731 Lexington Avenue office property.
If the cost or amount of our indebtedness continues to increase or we cannot refinance our debt in sufficient amounts or on acceptable terms, we are at risk of default on our obligations that could adversely affect our financial condition and results of operations. Our existing financing documents contain covenants and restrictions that may restrict our operational and financial flexibility.
If the cost or amount of our indebtedness increases or we cannot refinance our debt in sufficient amounts or on acceptable terms, we potentially could be at risk of default on our obligations that could adversely affect our financial condition and results of operations. Our existing financing documents contain covenants and restrictions that may restrict our operational and financial flexibility.
In addition, 479,543 s hares are available for future grant under the terms of our 2016 Omnibus Stock Plan.
In addition, 477,121 s hares are available for future grant under the terms of our 2016 Omnibus Stock Plan.
In addition, the volatility in the interest rate environment has led to an increase in interest rates on our variable rate debt, including on new hedging instruments, and an increase in the cost of refinancing our existing debt and entering into new debt, all which have reduced, and could continue to reduce our operating cash flows.
In addition, the volatility in the interest rate environment in recent years has led to fluctuations in interest rates on our variable rate debt, including new hedging instruments, and the cost of refinancing our existing debt and entering into new debt, all which could reduce our operating cash flows.
If we are unable to promptly renew the leases or relet the space at similar rates, lease vacant space, or if we are otherwise not able to maintain occupancy on economically favorable terms, our cash flow and ability to service debt obligations and pay dividends and distributions to stockholders could be adversely affected. 731 Lexington Avenue accounts for a majority of our revenues.
If we are unable to promptly renew leases or relet the space on economically favorable terms, our cash flow and ability to service debt obligations and pay dividends and distributions to stockholders could be adversely affected. 731 Lexington Avenue accounts for a majority of our revenues.
We have outstanding debt, and the amount of debt and its cost may continue to increase and refinancing may not be available on acceptable terms, which could affect our future operations. As of December 31, 2024, total mortgages payable, excluding deferred debt issuance costs, was $996,544,000, and our rate of total debt to total enterprise value was 59%.
We have outstanding debt, and the amount of debt and its cost may increase; refinancing may not be available on acceptable terms and could affect our future operations. As of December 31, 2025, total mortgages payable, excluding deferred debt issuance costs, was $836,691,000, and our rate of total debt to total enterprise value was 46%.
Work from home, flexible or hybrid work schedules, open workplaces, videoconferencing, and teleconferencing remain prevalent in certain situations, following the COVID-19 pandemic. Changes in tenant space utilization, including from the continuation of work from home and flexible work arrangement policies, may cause office tenants to reassess their long-term physical space needs, which could have an adverse effect on our business.
Work from home, flexible or hybrid work schedules, open workplaces, videoconferencing, and teleconferencing have become more common in recent years. Changes in tenant space utilization, including from the continuation of work from home and flexible work arrangement policies, may cause office tenants to reassess their long-term physical space needs, which could have an adverse effect on our business.
Physical climate change and natural disasters, including earthquakes, storms, storm surges, tornados, floods and hurricanes, could cause significant damage to our properties and the surrounding environment or area.
Physical climate change and natural disasters, including earthquakes, storms, storm surges, tornados, floods, hurricanes and rising sea levels, could cause significant damage to our properties and the surrounding environment or area. Government efforts to combat climate change may impact the cost of operating our properties.
In addition, buildings which consume fossil fuel onsite may be subject to penalties in the future. Although these laws and regulations have not had any material adverse effects on our business to date, they could result in substantial costs, including compliance costs, increased energy costs, retrofit costs and construction costs.
Although these laws and regulations have not had any material adverse effects on our business to date, they could result in substantial costs, including compliance costs, increased energy costs, retrofit costs and construction costs.
The rules dealing with U.S. federal, state and local income taxation are constantly under review by persons involved in the legislative process and by the IRS and the Treasury Department. Changes to tax laws (which changes may have retroactive application) could adversely affect the taxation of REITs and their shareholders.
Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate. The rules dealing with U.S. federal, state and local income taxation are constantly under review by persons involved in the legislative process and by the IRS and the Treasury Department.
De-carbonization of grid-supplied energy (as has been mandated by the Climate Leadership and Community Protection Act in New York State) could lead to increased energy costs and operating expenses for our buildings. Retrofitting our building systems to consume less energy could lead to increased capital costs.
Decarbonization of grid-supplied energy (as has been mandated by the Climate Leadership and Community Protection Act (“CLCPA”) in New York State) could lead to increased energy costs and operating expenses for our buildings. In October 2025, the Albany County Supreme Court ordered the New York Department of Environmental Conservation (“DEC”) to finalize regulations required under the CLCPA.
Removed
Potentially adverse consequences of climate change, including rising sea levels and increased temperature fluctuations, could similarly have an impact on our properties and the economies of the metropolitan area in which we operate. Government efforts to combat climate change may impact the cost of operating our properties.
Added
This ruling compels the DEC to implement a cap-and-invest program to enforce greenhouse gas emission limits, which had been delayed. Retrofitting our building systems to consume less energy has led to increased capital costs. In addition, buildings which consume fossil fuel onsite may be subject to penalties in the future.
Removed
While certain of our debt is fixed by an interest rate swap arrangement, the arrangement expires earlier than the mortgage loan maturity, resulting in future exposure to rising interest rates, which could further reduce our available cash.
Added
Changes to tax laws (which changes may have retroactive application) could adversely affect the taxation of REITs and their shareholders.
Removed
For additional information on our cybersecurity risk management process, see “Item 1C. Cybersecurity” in this Annual Report on Form 10-K. 17 RISKS RELATED TO OUR COMMON STOCK The trading price of our common stock has been volatile and may continue to fluctuate.
Added
For additional information on our cybersecurity risk management process, see “Item 1C. Cybersecurity.” We have begun the use of AI capabilities with the goal of creating additional efficiencies in conducting our business and operations.
Added
While we intend to use AI appropriately and to attempt to mitigate ethical and legal issues presented by its use, we may ultimately be unsuccessful in identifying or resolving issues before they arise.
Added
There can be no assurance that we or our service providers will properly implement AI, and the failure to do so could have an adverse effect on our business and results of operations. 17 RISKS RELATED TO OUR COMMON STOCK The trading price of our common stock has been volatile and may continue to fluctuate.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeSquare Feet Weighted Under Average Development or Escalated Land Total In Not Available Occupancy Annual Expiration Property Acreage Property Service for Lease Rate Rent PSF (1) Tenants Date (2) Operating Properties: 731 Lexington Avenue New York, NY Office 947,000 947,000 — 100.0 % $ 143.95 Bloomberg L.P. 2040 Retail 83,000 83,000 — The Home Depot 2025 (3) 38,000 38,000 — Various Various 12,000 12,000 — Vacant N/A 133,000 133,000 — 90.3 % 269.65 1.9 1,080,000 1,080,000 — 98.9 % 157.02 Rego Park I Queens, NY 50,000 50,000 — Burlington (4) 36,000 36,000 — Marshalls (4) 252,000 — 252,000 Vacant N/A 4.8 338,000 86,000 252,000 100.0 % 73.43 Rego Park II Queens, NY 145,000 145,000 — Costco 2034 133,000 133,000 — Kohl’s (5) 2031 47,000 47,000 — Best Buy 2034 167,000 145,000 22,000 Various Various 60,000 — 60,000 Burlington (4) 2035 40,000 — 40,000 Marshalls (4) 2035 23,000 9,000 14,000 Vacant N/A 6.6 615,000 479,000 136,000 99.0 % 74.60 Flushing Queens, NY (6) 1.0 167,000 167,000 — 100.0 % 33.50 New World Mall LLC 2037 2,200,000 1,812,000 388,000 99.1 % 119.53 The Alexander apartment tower, 312 units Queens, NY — 255,000 255,000 — 94.2 % 50.37 (7) Residential (8) 2,455,000 2,067,000 388,000 (1) Represents the weighted average escalated annual rent per square foot, which includes tenant reimbursements and excludes the impact of tenant concessions (such as free rent), as of December 31, 2024.
Biggest changeSquare Feet Weighted Under Average Development or Escalated Land Total In Not Available Occupancy Annual Expiration Property Acreage Property Service for Lease Rate Rent PSF (1) Tenants Date (2) 731 Lexington Avenue New York, NY Office 952,000 952,000 — 100.0 % $ 145.98 Bloomberg L.P. 2040 Retail 40,000 40,000 — Various Various 88,000 88,000 — Vacant — 128,000 128,000 — 27.2 % 373.14 1.9 1,080,000 1,080,000 — 91.7 % 153.63 Rego Park II Queens, NY 145,000 145,000 — Costco 2034 133,000 133,000 — Kohl’s (3) 2031 60,000 60,000 — Burlington 2035 47,000 47,000 — Best Buy 2034 40,000 40,000 — Marshalls 2035 165,000 165,000 — Various Various 16,000 16,000 — Vacant — 6.6 606,000 606,000 — 98.3 % 74.64 Flushing Queens, NY (4) 1.0 167,000 167,000 — 100.0 % 33.55 New World Mall LLC 2037 Rego Park I Queens, NY (5) 4.8 338,000 — 338,000 — — Vacant — 2,191,000 1,853,000 338,000 94.6 % 115.14 The Alexander apartment tower, 312 units Queens, NY — 255,000 255,000 — 97.7 % 52.85 (6) Residential (7) 2,446,000 2,108,000 338,000 (1) Represents the weighted average escalated annual rent per square foot, which includes tenant reimbursements and excludes the impact of tenant concessions (such as free rent), as of December 31, 2025.
The Alexander Apartment Tower The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet. The property is encumbered by a mortgage loan in the amount of $94,000,000 which matures in November 2027. The interest-only loan has a fixed rate of 2.63%. 23
The Alexander Apartment Tower The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet. The property is encumbered by a mortgage loan of $94,000,000 which matures in November 2027. The interest-only loan has a fixed rate of 2.63%. 23
ITEM 2. PROPERTIES The following table shows the location, approximate size (excluding parking garages) and occupancy of each of our properties as of December 31, 2024.
ITEM 2. PROPERTIES The following table shows the location, approximate size (excluding parking garages) and occupancy of each of our properties as of December 31, 2025.
(8) Residential tenants generally have one or two year leases. 22 Operating Properties 731 Lexington Avenue 731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 947,000 and 133,000 of rentable square feet of office and retail space, respectively.
(7) Residential tenants generally have one or two year leases. 22 Operating Properties 731 Lexington Avenue 731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 952,000 and 128,000 of rentable square feet of office and retail space, respectively.
Flushing Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens. Roosevelt Avenue and Main Street are active shopping districts and there are many national retailers located in the area. A subway entrance is located directly in front of the property with bus service across the street.
Roosevelt Avenue and Main Street are active shopping districts and there are many national retailers located in the area. A subway entrance is located directly in front of the property with bus service across the street.
Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025. The office portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $400,000,000 which matures in October 2028.
Bloomberg occupies all of the office space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025. The office portion of 731 Lexington Avenue is encumbered by a mortgage loan of $400,000,000 which matures in October 2028. The interest-only loan has a fixed rate of 5.04%.
The interest-only loan has a fixed rate of 5.04%. The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026. The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $300,000,000 which matures in August 2025.
The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026. The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan of $300,000,000 which matures in December 2035.
The property comprises a four-floor building containing 167,000 square feet and a parking garage, which is subleased to New World Mall LLC through January 2037. The property is ground leased through January 2027 with one ten-year extension option.
The property comprises a four-floor building containing 167,000 square feet and a parking garage, which is subleased to New World Mall LLC through January 2037. The property is ground leased through January 2037. Rego Park I Rego Park I, a 338,000 square foot shopping center, is located adjacent to our Rego Park II shopping center.
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 I will then be vacant and we are currently exploring sale and development opportunities for the property. The center contains a parking deck (1,241 spaces) that provides for paid parking.
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 center contains a paid parking deck (1,241 spaces).
Lease expiration dates are based on non-cancelable lease terms and do not extend beyond any early termination rights that the tenant may have under its lease. (3) Lease expired on January 31, 2025. (4) 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.
Lease expiration dates are based on non-cancelable lease terms and do not extend beyond any early termination rights that the tenant may have under its lease. (3) Kohl’s’ store is currently closed but the tenant remains obligated under its lease through expiration. (4) Ground leased through January 2037.
The interest-only loan is at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025. Rego Park I Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens. The center was anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls.
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%. Rego Park II Rego Park II, a 606,000 square foot shopping center, is located on Junction Boulevard in Queens.
This center is encumbered by a mortgage loan in the amount of $202,544,000 which matures in December 2025. The interest-only loan is at SOFR plus 1.45% (5.79% as of December 31, 2024). In connection therewith, we purchased an interest rate cap with a notional amount of $202,544,000 that caps SOFR at a rate of 4.15% through December 2025.
The center contains a paid parking deck (1,326 spaces). This center is encumbered by a mortgage loan of $175,000,000 which matures in December 2030. The interest-only loan is at SOFR plus 2.00% (5.72% as of December 31, 2025). Flushing Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing, Queens.
Removed
(5) Subleased through remaining original lease term. (6) Ground leased through January 2027 with one ten-year extension option. (7) Average monthly rent per unit is $3,442.
Added
(5) We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer. (6) Average monthly rent per unit is $3,589.
Removed
Rego Park II 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. The center contains a parking deck (1,326 spaces) that provides for paid parking.
Added
The loan is 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%.
Added
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.
Added
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.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThere can be no assurance that the performance of our stock will continue in line with the same or similar trends depicted in the graph below. 2019 2020 2021 2022 2023 2024 Alexander’s, Inc. $ 100 $ 90 $ 90 $ 82 $ 87 $ 89 S&P 400 MidCap Index (1) 100 114 142 123 144 164 S&P 500 Index (1) 100 118 152 125 158 197 The NAREIT All Equity Index 100 95 134 101 112 118 (1) The Company has elected to replace the S&P 500 Index with the S&P 400 MidCap Index, as we believe this index represents a group of companies more aligned with a comparable peer group.
Biggest changeThere can be no assurance that the performance of our stock will continue in line with the same or similar trends depicted in the graph below. 2020 2021 2022 2023 2024 2025 Alexander’s, Inc. $ 100 $ 100 $ 91 $ 97 $ 99 $ 107 S&P 400 MidCap Index 100 125 108 126 144 155 The NAREIT All Equity Index 100 141 106 118 124 127
Recent Purchases of Equity Securities None. 24 Performance Graph The following graph is a comparison of the five-year cumulative return of our common stock, the Standard & Poor’s 400 MidCap Index (the “S&P 400 MidCap Index”), Standard & Poor’s 500 Index (the “S&P 500 Index”), and the National Association of Real Estate Investment Trusts’ (“NAREIT”) All Equity Index, a peer group index.
Recent Purchases of Equity Securities None. 24 Performance Graph The following graph is a comparison of the five-year cumulative return of our common stock, the Standard & Poor’s 400 MidCap Index (the “S&P 400 MidCap Index”) and the National Association of Real Estate Investment Trusts’ (“NAREIT”) All Equity Index, a peer group index.
The graph assumes that $100 was invested on December 31, 2019 in our common stock, the S&P 400 MidCap Index, the S&P 500 Index, and the NAREIT All Equity Index, and that all dividends were reinvested without the payment of any commissions.
The graph assumes that $100 was invested on December 31, 2020 in our common stock, the S&P 400 MidCap Index and the NAREIT All Equity Index and that all dividends were reinvested without the payment of any commissions.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the New York Stock Exchange under the symbol “ALX.” As of January 31, 2025, there were 166 holders of record of our common stock. Recent Sales of Unregistered Securities None.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the New York Stock Exchange under the symbol “ALX.” As of January 31, 2026, there were 164 holders of record of our common stock. Recent Sales of Unregistered Securities None.
Removed
To facilitate comparison to the performance graph presented in our Annual Report for the prior year, the S&P 500 Index is presented above.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThis was primarily due to (i) $4,583,000 of higher rental revenue from Bloomberg’s lease extension, and (ii) $2,322,000 of higher real estate tax reimbursements due to higher real estate tax expense, partially offset by (iii) $3,785,000 of lower rental revenue from IKEA’s lease expiration at Rego Park I, (iv) $875,000 of lower rental revenue from Bed Bath & Beyond’s lease rejection at Rego Park I, and (v) $781,000 of lower rental revenue from Old Navy’s lease termination at Rego Park I.
Biggest changeThis was primarily due to (i) $13,831,000 of lower rental revenue from Home Depot’s lease expiration at 731 Lexington Avenue and (ii) $9,001,000 of lower rental revenue from IKEA’s lease expiration at Rego Park I, partially offset by (iii) $4,399,000 of higher rental revenue from new leases at Rego Park II, (iv) $3,403,000 of higher recoveries of operating expenses and capital expenditures and (v) $2,325,000 of higher rental revenue from Bloomberg’s lease extension at 731 Lexington Avenue.
Our MD&A for the year ended December 31, 2022 , including year-to-year comparisons between 2023 and 2022 , can be found in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . Overview Alexander’s, Inc.
Our MD&A for the year ended December 31, 2023 , including year-to-year comparisons between 2024 and 2023, can be found in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Overview Alexander’s, Inc.
We are managed by, and our properties are leased and developed by, Vornado, pursuant to various agreements, which expire in March of each year and are automatically renewable. These agreements are described in Note 5 – Related Party Transactions , to our consolidated financial statements in this Annual Report on Form 10-K.
We are managed by, and our properties are leased and developed by, Vornado, pursuant to various agreements, which expire in March of each year and are automatically renewable. These agreements are described in Note 4 – Related Party Transactions , to our consolidated financial statements in this Annual Report on Form 10-K.
Commitments and Contingencies Insurance 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.
Commitments and Contingencies Insurance 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.
For NBCR acts, FNSIC is responsible for a deductible of $338,000 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.
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.
Recent increases in interest rates and inflation could adversely affect our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund our business operations, cash dividends to stockholders, debt service and capital expenditures.
The ongoing fluctuations in interest rates and the effects of inflation could adversely affect our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund our business operations, cash dividends to stockholders, debt service and capital expenditures.
Significant Tenant Bloomberg accounted for reve nue of $125,349,000, $120,351,000, and $115,129,000 in the years ended December 31, 2024, 2023 and 2022, respectively, representing approximately 55%, 54% and 56% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental revenues.
Significant Tenant Bloomberg accounted for reve nue of $129,317,000 , $125,349,000 and $120,351,000 in the years ended December 31, 2025 , 2024 and 2023, respectively, representing approximately 61% , 55% and 54% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental revenues.
During 2025, we expect to spend approximately $125,000,000 of capital expenditures at our properties. We plan to fund these capital expenditures from operating cash flow, existing liquidity, and/or borrowings.
During 2026, we expect to spend approximately $55,000,000 of capital expenditures at our properties. We plan to fund these capital expenditures from operating cash flow, existing liquidity and/or borrowings.
Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) within this section is focused on the years ended December 31, 2024 and 2023 , including year-to-year comparisons between these years.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is focused on the years ended December 31, 2025 and 2024, including year-to-year comparisons between these years.
These factors could have a material impact on our business, financial condition, results of operations and cash flows. 26 Overview - continued Year Ended December 31, 2024 Financial Results Summary Net income for the year ended December 31, 2024 wa s $43,444,000 or $8.46 per diluted share, compared to $102,413,000 or $19.97 per diluted share for the year ended December 31, 2023.
These factors could have a material impact on our business, financial condition, results of operations and cash flows. 26 Overview - continued Year Ended December 31, 2025 Financial Results Summary Net income for the year ended December 31, 2025 wa s $28,224,000 or $5.50 per diluted share, compared to $43,444,000 or $8.46 per diluted share for the year ended December 31, 2024 .
Funds from operations (“FFO”) (non-GAAP) for the year ended December 31, 2024 wa s $77,968,000, or $15.19 p er diluted share, compared to $81,067,000, or $15.80 per diluted share for the year ended December 31, 2023. Square Footage, Occupancy and Leasing Activity As of December 31, 2024, our portfolio was comprised of five properties aggregating 2,455,000 sq uare feet.
Funds from operations (“FFO”) (non-GAAP) for the year ended December 31, 2025 wa s $62,995,000, or $12.27 p er diluted share, compared to $77,968,000, or $15.19 per diluted share for the year ended December 31, 2024. Square Footage, Occupancy and Leasing Activity As of December 31, 2025 , our portfolio was comprised of five properties aggregating 2,446,000 sq uare feet.
A reconciliation of our net income to FFO is provided below. FFO (non-GAAP) for the years ended December 31, 2024 and 2023 FFO (non-GAAP) for the year ended December 31, 2024 was $77,968,000, or $15.19 per diluted share, compared to $81,067,000, or $15.80 per diluted share for the year ended December 31, 2023.
A reconciliation of our net income to FFO is provided below. FFO (non-GAAP) for the years ended December 31, 2025 and 2024 FFO (non-GAAP) for the year ended December 31, 2025 was $62,995,000, or $12.27 per diluted share, compared to $77,968,000, or $15.19 per diluted share for the year ended December 31, 2024.
Recent Accounting Pronouncements See Note 2 – Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning recent accounting pronouncements. 28 Results of Operations – Year Ended December 31, 2024 compared to December 31, 2023 Rental Revenues Rental revenues were $226,374,000 in the year ended December 31, 2024, compared to $224,962,000 in the prior year, an increase of $1,412,000.
Recent Accounting Pronouncements See Note 2 – Summary of Significant Accounting Policies to our consolidated financial statements in this Annual Report on Form 10-K for a discussion concerning recent accounting pronouncements. 28 Results of Operations – Year Ended December 31, 2025 compared to December 31, 2024 Rental Revenues Rental revenues were $213,183,000 in the year ended December 31, 2025 , compared to $226,374,000 in the prior year, a decrease of $13,191,000.
Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2024, Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B.
Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2025 , Mr.
Less than One to Three to More than (Amounts in thousands) Total One Year Three Years Five Years Five Years Long-term debt obligations $ 1,098,128 $ 542,746 $ 139,519 $ 415,863 $ — Total principal and interest repayments (1) $ 1,098,128 $ 542,746 $ 139,519 $ 415,863 $ — (1) Interest on variable rate debt is computed using rates in effect as of December 31, 2024 adjusted for hedging instruments as applicable. 31 Liquidity and Capital Resources - continued Capital Expenditures Capital expenditures consist of expenditures to maintain and improve assets, tenant improvement allowances, lease incentives and leasing commissions.
Less than One to Three to More than (Amounts in thousands) Total One Year Three Years Five Years Five Years Long-term debt obligations $ 1,043,493 $ 33,117 $ 552,747 $ 194,580 $ 263,049 Total principal and interest repayments (1) $ 1,043,493 $ 33,117 $ 552,747 $ 194,580 $ 263,049 (1) Interest on variable rate debt is computed using rates in effect as of December 31, 2025, adjusted for hedging instruments as applicable. 31 Liquidity and Capital Resources - continued Capital Expenditures Capital expenditures consist of expenditures to maintain and improve assets, tenant improvement allowances, lease incentives and leasing commissions.
(Amounts in thousands) Balance Interest Rate Maturity 731 Lexington Avenue, office condominium $ 400,000 5.04 % Oct. 09, 2028 731 Lexington Avenue, retail condominium (1)(2) 300,000 1.76 % Aug. 05, 2025 Rego Park II shopping center (1)(3) 202,544 5.60 % Dec. 12, 2025 The Alexander apartment tower 94,000 2.63 % Nov. 01, 2027 Total 996,544 Deferred debt issuance costs, net of accumulated amortization of $7,381 (8,525) Total, net $ 988,019 (1) Interest rate listed represents the rate in effect as of December 31, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(Amounts in thousands) Balance Interest Rate Maturity 731 Lexington Avenue, office condominium $ 400,000 5.04 % Oct. 09, 2028 Rego Park II shopping center (1)(2) 175,000 5.72 % Dec. 05, 2030 731 Lexington Avenue, retail condominium (3) 167,691 4.55 % Dec. 23, 2035 The Alexander apartment tower 94,000 2.63 % Nov. 01, 2027 Total 836,691 Deferred debt issuance costs, net of accumulated amortization of $5,263 (7,240) Total, net $ 829,451 (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.
Cash Flows for the Year Ended December 31, 2024 Cash and cash equivalents and restricted cash were $393,836,000 at December 31, 2024, compared to $552,977,000 at December 31, 2023, a decrease of $159,141,000.
Cash Flows for the Year Ended December 31, 2025 Cash and cash equivalents and restricted cash were $192,225,000 at December 31, 2025 , compared to $393,836,000 at December 31, 2024 , a decrease of $201,611,000.
As of December 31, 2024, we had $393,836,000 of liquidity comprised of cash and cash equivalents and restricted cash.
As of December 31, 2025 , we had $192,225,000 of liquidity comprised of cash and cash equivalents and restricted cash.
The following table reconciles our net income to FFO (non-GAAP): For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2024 2023 Net income $ 43,444 $ 102,413 Depreciation and amortization of real property 34,524 32,606 Net gain on sale of real estate — (53,952) FFO (non-GAAP) $ 77,968 $ 81,067 FFO per diluted share (non-GAAP) $ 15.19 $ 15.80 Weighted average shares used in computing FFO per diluted share 5,132,418 5,129,330 33
The following table reconciles our net income to FFO (non-GAAP): For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2025 2024 Net income $ 28,224 $ 43,444 Depreciation and amortization of real property 34,771 34,524 FFO (non-GAAP) $ 62,995 $ 77,968 FFO per diluted share (non-GAAP) $ 12.27 $ 15.19 Weighted average shares used in computing FFO per diluted share 5,135,020 5,132,418 33
Net cash provided by operating activities of $109,111,000 was comprised of (i) net income of $102,413,000 and (ii) the net change in operating assets and liabilities of $16,753,000, partially offset by (iii) adjustments for non-cash items of $10,055,000.
Net cash provided by operating activities of $73,444,000 was comprised of (i) net income of $28,224,000 and (ii) adjustments for non-cash items of $50,727,000, partially offset by (iii) the net change in operating assets and liabilities of $5,507,000.
The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $37,897,000, (ii) straight-lining of rents of $13,116,000, (iii) interest rate cap premium amortization of $6,483,000, (iv) other non-cash adjustments of $494,000 and (v) stock-based compensation expense of $450,000. 30 Liquidity and Capital Resources - continued Cash Flows for the Year Ended December 31, 2023 Cash and cash equivalents and restricted cash were $552,977,000 at December 31, 2023, compared to $214,478,000 at December 31, 2022, an increase of $338,499,000.
The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $38,145,000, (ii) amortization of deferred lease incentives of $7,364,000, (iii) straight-lining of rents of $2,672,000, (iv) other non-cash adjustments of $1,552,000, (v) interest rate cap premium amortization of $600,000 and (vi) stock-based compensation expense of $394,000. 30 Liquidity and Capital Resources - continued Cash Flows for the Year Ended December 31, 2024 Cash and cash equivalents and restricted cash were $393,836,000 at December 31, 2024 , compared to $552,977,000 at December 31, 2023 , a decrease of $159,141,000.
The adjustments for non-cash items were comprised of (i) net gain on sale of real estate of $53,952,000 and (ii) other non-cash adjustments of $1,559,000, partially offset by (iii) depreciation and amortization (including amortization of debt issuance costs) of $34,605,000, (iv) interest rate cap premium amortization of $7,770,000, (v) straight-lining of rents of $2,631,000 and (vi) stock-based compensation expense of $450,000.
The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $37,897,000, (ii) straight-lining of rents of $13,116,000, (iii) interest rate cap premium amortization of $6,483,000, (iv) amortization of deferred lease incentives of $4,897,000 and (v) stock-based compensation expense of $450,000, partially offset by (vi) $4,403,000 other non-cash adjustments.
This resulted from (i) $321,812,000 of net cash provided by investing activities and (ii) $109,111,000 of net cash provided by operating activities, partially offset by (iii) $92,424,000 of net cash used in financing activities. Net cash provided by investing activities of $321,812,000 was comprised of (i) proceeds from maturities of U.S.
This resulted from (i) $254,268,000 of net cash used in financing activities and (ii) $20,787,000 of net cash used in investing activities, partially offset by (iii) $73,444,000 of net cash provided by operating activities.
The dividend, if declared by the Board of Directors at the same rate for all of 2025, would require us to pay out approximately $92,400,000 in 2025. Debt Below is a summary of our outstanding debt and maturities as of December 31, 2024. We may refinance our maturing debt as it comes due or choose to repay it.
Debt Below is a summary of our outstanding debt and maturities as of December 31, 2025. We may refinance our maturing debt as it comes due or choose to repay it.
Depreciation and Amortization Depreciation and amortization was $34,782,000 in the year ended December 31, 2024, compared to $32,898,000 in the prior year, an increase of $1,884,000. This was primarily due to higher depreciation expense on capital projects placed into service.
Depreciation and Amortization Depreciation and amortization was $35,061,000 in the year ended December 31, 2025 , compared to $34,782,000 in the prior year, an increase of $279,000.
General and Administrative Expenses General and administrative expenses were $6,519,000 in the year ended December 31, 2024, compared to $6,341,000 in the prior year, an increase of $178,000. This was primarily due to higher professional fees.
General and Administrative Expenses General and administrative expenses were $6,555,000 in the year ended December 31, 2025 , compared to $6,519,000 in the prior year, an increase of $36,000. Interest and Other Income Interest and other income was $14,657,000 in the year ended December 31, 2025 , compared to $24,429,000 in the prior year, a decrease of $9,772,000.
Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado. Liquidity and Capital Resources Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing commissions, dividends to stockholders as well as development costs.
Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado.
Interest and Debt Expense Interest and debt expense was $62,818,000 in the year ended December 31, 2024, compared to $58,297,000 in the prior year, an increase of $4,521,000.
This was primarily due to a decrease in average interest rates and investment balances. Interest and Debt Expense Interest and debt expense was $51,624,000 in the year ended December 31, 2025 , compared to $62,818,000 in the prior year, a decrease of $11,194,000.
In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. Financing 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.
In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. Financings On December 5, 2025, we completed a $175,000,000 refinancing of the mortgage loan on our Rego Park II shopping center.
Net cash used in financing activities of $92,424,000 was comprised of dividends paid of $92,320,000 and debt issuance costs of $104,000. Dividends On February 5, 2025, our Board of Directors declared a regular quarterly dividend of $4.50 per share (an indicated annual rate of $18.00 per share).
Dividends On February 4, 2026, our Board of Directors declared a regular quarterly dividend of $4.50 per share (an indicated annual rate of $18.00 per share). The dividend, if declared by the Board of Directors at the same rate for all of 2026, would require us to pay out approximately $92,450,000 in 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. 27 Critical Accounting Estimate In preparing the consolidated financial statements we have made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
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. 27 Critical Accounting Estimate In preparing the consolidated financial statements we have made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
(2) Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025. (3) Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through December 2025). Below is a summary of our principal and interest repayments scheduled as of December 31, 2024.
Below is a summary of our principal and interest repayments scheduled as of December 31, 2025.
Operating Expenses Operating expenses were $103,240,000 in the year ended December 31, 2024, compared to $101,210,000 in the prior year, an increase of $2,030,000. This was primarily due to higher real estate tax expense and non reimbursable operating expenses, partially offset by higher capitalized expenses during the current year.
Operating Expenses Operating expenses were $ 106,376,000 in the year ended December 31, 2025 , compared to $103,240,000 in the prior year, an increase of $3,136,000.
Removed
Net income for the year ended December 31, 2023 included $53,952,000 , or $10.52 per diluted share, of income as a result of a net gain on the sale of real estate.
Added
The commercial occupancy rate was 94.6% and the residential occupancy rate was 97.7% . 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.
Removed
The commercial occupancy rate was 99.1% and the residential occupancy rate was 94.2%. 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.
Added
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 from our Rego Park I property which is now vacant. We are currently exploring sale opportunities for our Rego Park I property and are in advanced negotiations with a potential buyer.
Removed
The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026.
Added
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.
Removed
Interest and Other Income Interest and other income was $24,429,000 in the year ended December 31, 2024, compared to $22,245,000 in the prior year, an increase of $2,184,000. This was primarily due to an increase in average interest rates.
Added
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%.
Removed
This was primarily due to higher interest rates, additional costs associated with the refinancing of our office condominium at 731 Lexington Avenue, and higher deferred debt issuance cost amortization, partially offset by lower interest rate cap premium amortization.
Added
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%.
Removed
Net Gain on Sale of Real Estate Net gain on the sale of real estate was $53,952,000 in the year ended December 31, 2023, resulting from the sale of the Rego Park III land parcel in Queens, New York in May 2023. 29 Related Party Transactions Vornado As of December 31, 2024, Vornado owne d 32.4% of our outstanding common stock.
Added
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.
Removed
Treasury bills of $264,881,000, (ii) proceeds from sale of real estate of $67,821,000 and (iii) proceeds from an interest rate cap of $5,049,000, partially offset by (iv) the purchase of an interest rate cap of $11,258,000 and (v) construction in progress and real estate additions of $4,681,000.
Added
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.
Added
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.
Added
This was primarily due to (i) $2,388,000 of higher operating expenses subject to recovery, including real estate taxes and common area maintenance and (ii) $1,179,000 of higher operating expenses not subject to recovery, partially offset by (iii) higher capitalized expenses of $431,000.
Added
This was primarily due to higher depreciation and amortization expense on capital costs for new leases at Rego Park II, partially offset by the accelerated depreciation and amortization related to IKEA’s lease expiration at Rego Park I in the prior year.
Added
This was primarily due to (i) $8,439,000 from lower rates, (ii) $6,833,000 from the refinancing and downsize of the 731 Lexington Office loan in September 2024 and (iii) $5,883,000 of lower interest rate cap premium amortization, partially offset by (iv) $9,665,000 from the expiration of the 731 Lexington Retail swap in May 2025. 29 Related Party Transactions Vornado As of December 31, 2025, Vornado owne d 32.4% of our outstanding common stock.
Added
Liquidity and Capital Resources Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing commissions, dividends to stockholders and development costs.
Added
Net cash used in financing activities of $254,268,000 was comprised of (i) debt repayments of $335,044,000, (ii) dividends paid of $92,425,000 and (iii) debt issuance costs of $1,799,000, partially offset by (iv) proceeds from borrowings of $175,000,000. Net cash used in investing activities of $20,787,000 was comprised of construction in progress and real estate additions.
Added
(2) Interest at SOFR plus 2.00% (SOFR is capped at a rate of 4.50% through December 2026). (3) Represents the $167,500 principal balance of the C-Note plus PIK interest of $191. The debt balances related to the A-Note and the B-Note are eliminated in consolidation. Refer to page 27 herein for further discussion.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

2 edited+0 added−1 removed2 unchanged
Biggest changeOur exposure to a change in interest rates is summarized in the table below. 2024 2023 December 31, Balance Weighted Average Interest Rate Effect of 1% Change in Base Rates December 31, Balance Weighted Average Interest Rate (Amounts in thousands, except per share amounts) Variable rate $ 202,544 5.60% $ 2,025 $ 702,544 5.88% Fixed rate 794,000 3.52% — 394,000 1.97% $ 996,544 3.94% $ 2,025 $ 1,096,544 4.48% Total effect on diluted earnings per share $ 0.39 We have an interest rate cap relating to the mortgage loan on Rego Park II shopping center with a notional amount of $202,544,000 that caps SOFR at 4.15% through December 2025.
Biggest changeOur exposure to a change in interest rates is summarized in the table below. 2025 2024 December 31, Balance Weighted Average Interest Rate Effect of 1% Change in Base Rates December 31, Balance Weighted Average Interest Rate (Amounts in thousands, except per share amounts) Variable rate $ 175,000 5.72% $ 1,750 $ 202,544 5.60% Fixed rate 661,691 4.58% — 794,000 3.52% $ 836,691 4.82% $ 1,750 $ 996,544 3.94% Total effect on diluted earnings per share $ 0.34 We have an interest rate cap relating to the mortgage loan on Rego Park II shopping center with a notional amount of $175,000,000 that caps SOFR at 4.50% through December 2026.
As of December 31, 2024 and 2023, the estimated fair value of our consolidated debt was $967,941,000 a nd $1,071,887,000, respectively. Our fair value estimates, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments. 34
As of December 31, 2025 and 2024, the estimated fair value of our consolidated debt was $783,004,000 a nd $967,941,000, respectively. Our fair value estimates, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments. 34
Removed
We have an interest rate swap relating to the mortgage loan on the retail condominium of our 731 Lexington Avenue property with a notional amount of $300,000,000 that swaps SOFR plus 1.51% for a fixed rate of 1.76% through May 2025.

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