Form 10-Q ALEXANDERS INC For: Sep 30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark one)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from:						to


Commission File Number:			001-06064

ALEXANDERS INC

(Exact name of registrant as specified in its charter)

Delaware

51-0100517

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

210 Route 4 East,

Paramus,

New Jersey

07652

(Address of principal executive offices)

(Zip Code)


(201)			587-8541

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

ALX

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☐	Large Accelerated Filer	☑	Accelerated Filer
☐	Non-Accelerated Filer	☐	Smaller Reporting Company
		☐	Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

As of October 31, 2026, there were 5,107,290 shares of common stock, par value $1 per share, outstanding.

INDEX


		Page Number
PART I.	Financial Information:

Item 1.	Financial Statements:

	Consolidated Balance Sheets (Unaudited) as of September 30, 2026 and December 31, 2025	4

	Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025	5

	Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025	6

	Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025	7

	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2026 and 2025	8

	Notes to Consolidated Financial Statements (Unaudited)	9

	Report of Independent Registered Public Accounting Firm	16

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4.	Controls and Procedures	25

PART II.	Other Information:

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3.	Defaults Upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits	26

Exhibit Index		27

Signatures		28

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

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


	As of
ASSETS	September 30, 2026		December 31, 2025
Real estate, at cost:
Land	$	30,624	$	32,271
Buildings and leasehold improvements	975,172		1,069,350
Development and construction in progress	1,074		2,150
Total	1,006,870		1,103,771
Accumulated depreciation and amortization	(442,919)		(473,141)
Real estate, net	563,951		630,630
Cash and cash equivalents	299,789		128,167
Restricted cash	49,344		64,058
Tenant and other receivables	3,537		4,109
Receivable arising from the straight-lining of rents	103,458		109,078
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $19,371 and $20,649, respectively	143,941		152,914

Other assets	34,298		21,752
	$	1,198,318	$	1,110,708


LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	$	837,164	$	829,451
Amounts due to Vornado	1,359		134
Accounts payable and accrued expenses	35,939		36,538
Lease incentive liability	73,825		113,618
Other liabilities	22,138		21,811
Total liabilities	970,425		1,001,552

Commitments and contingencies

Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	—		—
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares	5,173		5,173
Additional capital	35,815		35,159
Retained earnings	187,277		69,201
Accumulated other comprehensive loss	(4)		(9)
	228,261		109,524
Treasury stock: 66,160 shares, at cost	(368)		(368)
Total equity	227,893		109,156
	$	1,198,318	$	1,110,708

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
REVENUES
Rental revenues	$	72,056	$	53,424	$	180,179	$	159,928
EXPENSES
Operating, including fees to Vornado of $1,422, $1,253, $4,947 and $4,435, respectively	(25,885)		(26,693)		(81,608)		(78,191)
Depreciation and amortization	(8,975)		(9,018)		(25,979)		(26,324)
General and administrative, including management fees to Vornado of $685, $610, $1,930 and $1,830, respectively	(1,988)		(1,349)		(6,967)		(4,895)
Total expenses	(36,848)		(37,060)		(114,554)		(109,410)

Interest and other income	3,129		3,682		6,259		11,555
Interest and debt expense	(10,933)		(14,078)		(32,458)		(37,673)
Net gain on sale of real estate	—		—		148,002		—
Net income	$	27,404	$	5,968	$	187,428	$	24,400

Net income per common share - basic and diluted	$	5.33	$	1.16	$	36.48	$	4.75

Weighted average shares outstanding - basic and diluted	5,139,491		5,135,956		5,137,678		5,134,705

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in thousands)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$	27,404	$	5,968	$	187,428	$	24,400
Other comprehensive (loss) income:
Change in fair value of interest rate derivatives	(6)		23		5		(4,013)
Comprehensive income	$	27,398	$	5,991	$	187,433	$	20,387

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in thousands, except per share amounts)


				Additional Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Equity
	Common Stock
	Shares	Amount

For the Three Months Ended September 30, 2026
Balance, June 30, 2026	5,173	$	5,173	$	35,815	$	183,001	$	2	$	(368)	$	223,623
Net income	—	—		—		27,404		—		—		27,404
Dividends paid ($4.50 per common share)	—	—		—		(23,128)		—		—		(23,128)
Change in fair value of interest rate derivative	—	—		—		—		(6)		—		(6)

Balance, September 30, 2026	5,173	$	5,173	$	35,815	$	187,277	$	(4)	$	(368)	$	227,893

For the Three Months Ended September 30, 2025
Balance, June 30, 2025	5,173	$	5,173	$	35,159	$	105,632	$	(149)	$	(368)	$	145,447
Net income	—	—		—		5,968		—		—		5,968
Dividends paid ($4.50 per common share)	—	—		—		(23,112)		—		—		(23,112)
Change in fair value of interest rate derivatives	—	—		—		—		23		—		23

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


				Additional Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Treasury Stock		Total Equity
	Common Stock
	Shares	Amount

For the Nine Months Ended September 30, 2026
Balance, December 31, 2025	5,173	$	5,173	$	35,159	$	69,201	$	(9)	$	(368)	$	109,156
Net income	—	—		—		187,428		—		—		187,428
Dividends paid ($13.50 per common share)	—	—		—		(69,352)		—		—		(69,352)
Change in fair value of interest rate derivative	—	—		—		—		5		—		5
Deferred stock unit grants	—	—		656		—		—		—		656
Balance, September 30, 2026	5,173	$	5,173	$	35,815	$	187,277	$	(4)	$	(368)	$	227,893

For the Nine Months Ended September 30, 2025
Balance, December 31, 2024	5,173	$	5,173	$	34,765	$	133,402	$	3,887	$	(368)	$	176,859
Net income	—	—		—		24,400		—		—		24,400
Dividends paid ($13.50 per common share)	—	—		—		(69,314)		—		—		(69,314)
Change in fair value of interest rate derivatives	—	—		—		—		(4,013)		—		(4,013)
Deferred stock unit grants	—	—		394		—		—		—		394
Balance, September 30, 2025	5,173	$	5,173	$	35,159	$	88,488	$	(126)	$	(368)	$	128,326

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Amounts in thousands)


	For the Nine Months Ended September 30,
CASH FLOWS FROM OPERATING ACTIVITIES	2026		2025
Net income	$	187,428	$	24,400
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on sale of real estate	(148,002)		—
Depreciation and amortization, including amortization of debt issuance costs	27,912		28,709
PIK interest expense	5,779		—
Amortization of deferred lease incentives	5,359		5,509
Stock-based compensation expense	656		394
Straight-lining of rents	5,620		2,105
Interest rate cap premium amortization	6		470
Other non-cash adjustments	1,020		1,020
Change in operating assets and liabilities:
Tenant and other receivables	572		771
Other assets	(17,451)		(19,271)
Amounts due to Vornado	1,259		(497)
Accounts payable and accrued expenses	(437)		7,925
Lease incentive liability	(39,793)		(1,500)
Other liabilities	(15)		(15)
Net cash provided by operating activities	29,913		50,020

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of real estate	205,819		—
Construction in progress and real estate additions	(9,472)		(18,986)



Net cash provided by (used in) investing activities	196,347		(18,986)

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(69,352)		(69,314)
Debt repayments	—		(3,189)

Debt issuance costs	—		(109)
Net cash used in financing activities	(69,352)		(72,612)


Net increase (decrease) in cash and cash equivalents and restricted cash	156,908		(41,578)
Cash and cash equivalents and restricted cash at beginning of period	192,225		393,836
Cash and cash equivalents and restricted cash at end of period	$	349,133	$	352,258


RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	$	128,167	$	338,532
Restricted cash at beginning of period	64,058		55,304
Cash and cash equivalents and restricted cash at beginning of period	$	192,225	$	393,836


Cash and cash equivalents at end of period	$	299,789	$	286,142
Restricted cash at end of period	49,344		66,116
Cash and cash equivalents and restricted cash at end of period	$	349,133	$	352,258


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	$	24,796	$	34,052


NON-CASH TRANSACTIONS
Liability for real estate additions, including $182 in 2025 for development fees due to Vornado	$	135	$	1,157
Write-off of fully depreciated assets	81		—

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.Organization

Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have four properties in New York City.

2.Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

We have made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the operating results for the full year. Certain prior year balances have been reclassified in order to conform to the current period presentation.

3.Recently Issued Accounting Literature

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

4.Revenue Recognition

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Lease revenues	$	69,316	$	50,944	$	172,518	$	153,172
Parking revenue	1,043		1,214		3,470		3,628
Tenant services	1,697		1,266		4,191		3,128
Rental revenues	$	72,056	$	53,424	$	180,179	$	159,928

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Fixed lease revenues	$	52,106	$	33,922	$	120,967	$	102,285
Variable lease revenues	17,210		17,022		51,551		50,887
Lease revenues	$	69,316	$	50,944	$	172,518	$	153,172

Bloomberg L.P. (“Bloomberg”) leases approximately 952,000 square feet at our 731 Lexington Avenue property and accounted for revenue of $99,004,000 and $96,655,000 for the nine months ended September 30, 2026 and 2025, respectively, representing approximately 55% and 60% of our rental revenues in each period, respectively. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

In May 2024, Alexander’s and Bloomberg entered into an agreement to extend Bloomberg’s leases that were scheduled to expire in February 2029 for a term of eleven years to February 2040. In connection with the lease extension, Bloomberg was entitled to a $113,618,000 tenant fund which is accounted for as a lease incentive under GAAP. Accordingly, there was an initial deferred lease incentive asset of $113,618,000, which is amortized as a reduction to rental revenues over the remaining term of the lease, and a corresponding liability. These amounts are included in “Deferred leasing costs, net” and “Lease incentive liability,” on our consolidated balance sheets. On March 31, 2026, Alexander’s and Bloomberg entered into a lease amendment providing Bloomberg with a rent abatement of $56,809,000 for the period of April 1, 2026 to December 1, 2026, which reduces the tenant fund by a corresponding amount over that period from $113,618,000 to $56,809,000.

On June 26, 2026, we entered into a lease modification agreement with Kohl’s for its 135,000 square foot store at our Rego Park shopping center providing options for us and Kohl’s to early terminate the lease in August 2026, subject to a termination payment of approximately $29,000,000 from Kohl’s. Simultaneously, we entered into a 15-year lease, plus renewal options, with Target for that space. On August 2, 2026, Kohl’s terminated its lease and paid the remaining $25,100,000 of the $29,000,000 termination payment.

Other than Bloomberg and Kohl’s (due to the recognition of the termination payment), no other tenant accounted for more than 10% of our rental revenues for the three and nine months ended September 30, 2026.

5.Real Estate Sale

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

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

6.Related Party Transactions

Vornado

As of September 30, 2026, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $399,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined.

Leasing and Other Agreements

Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the Company is responsible for any third-party lease commissions and Vornado’s fee is one-third of the applicable third-party lease commission.

Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more (the “Sales Commission Agreement”). Pursuant to the Sales Commission Agreement, we paid a $2,355,000 sales commission to Vornado in the second quarter of 2026 related to the sale of our Rego Park I property.

We also have agreements with Building Maintenance Services LLC, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park shopping center and The Alexander apartment tower. In addition, we have an agreement with a wholly owned subsidiary of Vornado to manage the parking garage at our Rego Park shopping center.

The following is a summary of fees earned by Vornado under the various agreements discussed above.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Company management fees	$	700	$	700	$	2,100	$	2,100
Development fees	—		182		144		808
Leasing fees	633		303		1,155		545
Commission on sale of real estate	—		—		2,355		—
Property management, cleaning, engineering, parking and security fees	1,387		1,117		4,678		4,040
	$	2,720	$	2,302	$	10,432	$	7,493

As of September 30, 2026, the amounts due to Vornado were $633,000 for leasing fees and $726,000 for management, property management, cleaning, engineering and security fees. As of December 31, 2025, the amounts due to Vornado were $100,000 for leasing fees and $34,000 for development fees.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

7.Mortgages Payable

The following is a summary of our outstanding mortgages payable as of September 30, 2026 and December 31, 2025. We may refinance our maturing debt as it comes due or choose to pay it down.


		Interest Rate as of September 30, 2026	Balance as of
(Amounts in thousands)	Maturity		September 30, 2026		December 31, 2025
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 09, 2028	5.04%	$	400,000	$	400,000
Rego Park shopping center (1)(2)	Dec. 05, 2030	5.69%	175,000		175,000
731 Lexington Avenue, retail condominium (3)	Dec. 23, 2035	4.55%	173,470		167,691
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			842,470		836,691
Deferred debt issuance costs, net of accumulated amortization of $7,195 and $5,263, respectively			(5,306)		(7,240)
			$	837,164	$	829,451

(1)Interest rate listed represents the rate in effect as of September 30, 2026 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

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

(3)Includes PIK interest of $5,970 and $191 as of September 30, 2026 and December 31, 2025, respectively. See below for further discussion.

The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan of $300,000,000 which matures in December 2035. The loan was initially split into (i) a $132,500,000 senior A-Note held by a wholly owned subsidiary of Alexander’s, which bears interest at a fixed rate of 7.00% and (ii) a $167,500,000 junior C-Note held by third party lenders, which accrues PIK interest at 4.55%. In addition, Alexander’s funds operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which is junior to the A-Note and senior to the C-Note. The B-Note bears interest at a fixed rate of 13.50%, except for loan amounts above $65,000,000 used to pay interest on the A-Note, which will bear interest at a fixed rate of 7.00%. As of September 30, 2026, the B-Note balance is approximately $6,666,000.

All future net sales or refinancing proceeds will be distributed through the payment waterfall per the terms of the loan agreement. If such proceeds (or appraised value in such refinancing) are insufficient to cover the C-Note loan balance, any outstanding C-Note indebtedness that remains unpaid shall be forgiven. Since the debt balances related to the A-Note and B-Note are eliminated in consolidation, the balances presented as mortgages payable for this loan on our consolidated balance sheets are comprised of the principal balance of the C-Note and the PIK interest due upon maturity.

8.Stock-Based Compensation

We account for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation (“ASC 718”). Our Board of Directors and stockholders approved the Alexander’s, Inc. 2026 Omnibus Stock Plan (the “2026 Plan”), effective as of May 21, 2026, which serves as the successor to our 2016 Omnibus Stock Plan (the “2016 Plan”) and provides for the issuance of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares to the directors, officers and employees of the Company and Vornado. No additional awards will be made under the 2016 Plan, but the terms and conditions of any outstanding awards granted under the 2016 Plan will not be affected. Shares subject to an award that expires unexercised, or that are forfeited, terminated or canceled, in whole or in part, will again be available for grant under the 2026 Plan.

In May 2026, we granted each of the members of our Board of Directors 505 DSUs with a market value of $125,000 per grant. The grant date fair value of these awards was $93,750 per grant, or $656,000 in the aggregate, in accordance with ASC 718. The DSUs entitle the holders to receive shares of the Company’s common stock without payment of any consideration. The DSUs vested immediately and, accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors or until a later date selected by the grantee. As of September 30, 2026, there were 3,535 DSUs outstanding and 496,465 shares were available for future grant under the 2026 Plan.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

9.Fair Value Measurements

ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheets consisted of an interest rate cap, which is presented in the tables below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of September 30, 2026 and December 31, 2025.


	As of September 30, 2026
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate cap (included in other assets)	$	1	$	—	$	1	$	—


	As of December 31, 2025
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate cap (included in other assets)	$	3	$	—	$	3	$	—

Interest Rate Derivatives

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since our interest rate derivative has been designated as a cash flow hedge, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivative, which hedges the interest rate risk attributable to the variable rate debt noted as of September 30, 2026 and December 31, 2025, respectively.

Fair Value as of

As of September 30, 2026

(Amounts in thousands)

September 30, 2026

December 31, 2025

Notional Amount

Capped Rate

Expiration Date

Interest rate cap related to:

Rego Park shopping center mortgage loan (included in other assets)

175,000

(1)

12/26

(1)SOFR cap strike rate of 4.50%.

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of September 30, 2026 and December 31, 2025, respectively.


	As of September 30, 2026				As of December 31, 2025
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	126,489	$	126,489	$	94,978	$	94,978
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	842,470	$	778,049	$	836,691	$	783,004

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

10.Commitments and Contingencies

Insurance

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

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a deductible of $326,000 and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material.

Our loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties.

Other

We are the lessee under a ground lease at our Flushing property that expires in January 2037. Our subtenant, New World Mall LLC (“New World Mall”), subleases the property from us for a term that is coterminous with our ground lease. Based on an August 2026 arbitration panel determination of the fair market rental value of the ground lease, effective February 2027, our annual ground rent will increase from $800,000 to $5,400,000, and New World Mall’s annual rent will increase from $3,700,000 to $6,600,000. Refer to Note 7 - Leases in the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information.

There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows.

11.Earnings Per Share

The following table sets forth the computation of basic and diluted income per share, including the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2026 and 2025.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands, except share and per share amounts)	2026		2025		2026		2025
Net income	$	27,404	$	5,968	$	187,428	$	24,400

Weighted average shares outstanding – basic and diluted	5,139,491		5,135,956		5,137,678		5,134,705

Net income per common share – basic and diluted	$	5.33	$	1.16	$	36.48	$	4.75

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

12.Segment Information

We have determined that our properties, which are considered our operating segments, have similar economic characteristics and meet the criteria that permit these operating segments to be aggregated into one reportable segment (the leasing, management, development and redevelopment of properties in New York City). Net operating income (“NOI”) represents total revenues less operating expenses. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who considers NOI to be the financial measure of segment profit and loss for making decisions on how to allocate resources and assessing the performance of the reportable segment. Asset information by segment is not reported as the CODM does not use this measure to assess segment performance or to make resource allocation decisions.

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


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)		2026		2025		2026		2025
	Rental revenues	$	72,056	$	53,424	$	180,179	$	159,928
	Real estate tax expense	(14,507)		(15,755)		(46,180)		(45,439)
	Other segment expenses (1)	(11,378)		(10,938)		(35,428)		(32,752)
	Total operating expenses	(25,885)		(26,693)		(81,608)		(78,191)
	NOI	$	46,171	$	26,731	$	98,571	$	81,737

(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the three and nine months ended September 30, 2026 and 2025.


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)		2026		2025		2026		2025
	NOI	$	46,171	$	26,731	$	98,571	$	81,737
	Interest and debt expense	(10,933)		(14,078)		(32,458)		(37,673)
	Interest and other income	3,129		3,682		6,259		11,555
	General and administrative	(1,988)		(1,349)		(6,967)		(4,895)
	Depreciation and amortization	(8,975)		(9,018)		(25,979)		(26,324)
	Net gain on sale of real estate	—		—		148,002		—
	Net income	$	27,404	$	5,968	$	187,428	$	24,400

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Alexander’s, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Alexander’s, Inc. and subsidiaries (the “Company”) as of September 30, 2026, the related consolidated statements of income, comprehensive income, and changes in equity, for the three and nine-month periods ended September 30, 2026 and 2025, and statement of cash flows for the nine-month periods ended September 30, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 9, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

November 2, 2026

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. We also note the following forward-looking statements: estimates of future rents, estimates of future capital expenditures and estimates of dividends on shares of our common stock. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For a further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly, any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Management’s Discussion and Analysis of Financial Condition and Results of Operations include a discussion of our consolidated financial statements for the three and nine months ended September 30, 2026. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the operating results for the full year.

Critical Accounting Estimates and Significant Accounting Policies

A summary of the critical accounting policies and estimates used in the preparation of our consolidated financial statements is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025. For the nine months ended September 30, 2026, there were no material changes to these estimates or policies.

Overview

We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to accept lower returns on their investments. Principal factors of competition are rents charged, tenant concessions offered, attractiveness of location, the quality of the property and the breadth and the quality of services provided. Our success depends upon, among other factors, trends of the global, national and local economies, the financial condition and operating results of current and prospective tenants and customers, the availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population and employment trends, zoning laws, and our ability to lease, sublease or sell our properties, at profitable levels. Our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due.

Our business has been, and may continue to be, affected by interest rate fluctuations, the effects of inflation and other uncertainties including the potential for an economic downturn. These factors could have a material impact on our business, financial condition, results of operations and cash flows. See “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding these and other factors that may materially affect our results.

Three Months Ended September 30, 2026 Financial Results Summary

Net income for the three months ended September 30, 2026 was $27,404,000, or $5.33 per diluted share, compared to $5,968,000 or $1.16 per diluted share in the prior year’s three months.

Funds from operations (“FFO”) (non-GAAP) for the three months ended September 30, 2026 was $36,349,000, or $7.07 per diluted share, compared to $14,920,000 or $2.91 per diluted share in the prior year’s three months.

Nine Months Ended September 30, 2026 Financial Results Summary

Net income for the nine months ended September 30, 2026 was $187,428,000, or $36.48 per diluted share, compared to $24,400,000 or $4.75 per diluted share in the prior year’s nine months. Net income for the nine months ended September 30, 2026 included $148,002,000, or $28.81 per diluted share, of income as a result of a net gain from the sale of the Rego Park I property.

FFO (non-GAAP) for the nine months ended September 30, 2026 was $65,251,000, or $12.70 per diluted share, compared to $50,524,000 or $9.84 per diluted share in the prior year’s nine months.

Overview - continued

Square Footage, Occupancy and Leasing Activity

Our portfolio is comprised of four properties aggregating 2,106,000 square feet. As of September 30, 2026, the commercial occupancy rate was 94.6% and the residential occupancy rate was 98.1%.

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.

Real Estate Sale

Results of Operations – Three Months Ended September 30, 2026, compared to September 30, 2025

Rental Revenues

Rental revenues were $72,056,000 for the three months ended September 30, 2026, compared to $53,424,000 for the prior year’s three months, an increase of $18,632,000. This was primarily due to (i) $18,800,000 of higher straight-line revenue resulting from Kohl’s lease modification at the Rego Park shopping center and (ii) $1,142,000 of higher operating expense recoveries from higher operating expenses, partially offset by (iii) $1,039,000 of lower rental revenue from retail tenant expirations at 731 Lexington Avenue.

Operating Expenses

Operating expenses were $25,885,000 for the three months ended September 30, 2026, compared to $26,693,000 for the prior year’s three months, a decrease of $808,000. This was primarily due to (i) $2,621,000 of lower operating expenses from the sale of Rego Park I and (ii) $626,000 of higher capitalized expenses, partially offset by (iii) $1,263,000 of higher operating expenses subject to recovery, including common area maintenance and real estate taxes and (iv) $1,174,000 of higher operating expenses not subject to recovery.

Depreciation and Amortization

Depreciation and amortization was $8,975,000 for the three months ended September 30, 2026, compared to $9,018,000 for the prior year’s three months, a decrease of $43,000. This was primarily due to the cessation of depreciation at Rego Park I that began in the first quarter of 2026 upon classification of the property as held for sale, partially offset by higher depreciation expense on capital costs for new leases at the Rego Park shopping center.

General and Administrative Expenses

General and administrative expenses were $1,988,000 for the three months ended September 30, 2026, compared to $1,349,000 for the prior year’s three months, an increase of $639,000. This was primarily due to higher professional fees.

Interest and Other Income

Interest and other income was $3,129,000 for the three months ended September 30, 2026, compared to $3,682,000 for the prior year’s three months, a decrease of $553,000. This was primarily due to a decrease in average interest rates on investment balances.

Interest and Debt Expense

Interest and debt expense was $10,933,000 for the three months ended September 30, 2026, compared to $14,078,000 for the prior year’s three months, a decrease of $3,145,000. This was primarily due to (i) $2,520,000 of lower interest expense from the 731 Lexington Avenue retail loan restructuring in December 2025 and (ii) $403,000 of lower interest expense from the Rego Park shopping center loan refinancing in December 2025.

Results of Operations – Nine Months Ended September 30, 2026, compared to September 30, 2025

Rental Revenues

Rental revenues were $180,179,000 for the nine months ended September 30, 2026, compared to $159,928,000 for the prior year’s nine months, an increase of $20,251,000. This was primarily due to (i) $20,500,000 of higher straight-line revenue resulting from Kohl’s lease modification and $3,473,000 of higher straight-line rental revenue from new leases at the Rego Park shopping center, (ii) $4,290,000 of higher operating expense recoveries from higher operating expenses and (iii) $399,000 of higher lease termination fee income, partially offset by (iv) $4,072,000 of lower rental revenue from Home Depot’s lease expiration and other retail tenant expirations at 731 Lexington Avenue, (v) $3,367,000 of lower rental revenue from the sale of Rego Park I and (vi) $1,551,000 of payments received in the prior year for tenant receivables that were previously written off.

Operating Expenses

Operating expenses were $81,608,000 for the nine months ended September 30, 2026, compared to $78,191,000 for the prior year’s nine months, an increase of $3,417,000. This was primarily due to (i) $3,846,000 of higher operating expenses subject to recovery, including common area maintenance and real estate taxes, (ii) $2,138,000 of higher operating expenses not subject to recovery and (iii) $969,000 of lower capitalized expenses, partially offset by (iv) $3,539,000 of lower operating expenses from the sale of Rego Park I.

Depreciation and Amortization

Depreciation and amortization was $25,979,000 for the nine months ended September 30, 2026, compared to $26,324,000 for the prior year’s nine months, a decrease of $345,000. This was primarily due to the cessation of depreciation at Rego Park I in 2026 upon classification of the property as held for sale, partially offset by higher depreciation expense on capital costs for new leases at the Rego Park shopping center.

General and Administrative Expenses

General and administrative expenses were $6,967,000 for the nine months ended September 30, 2026, compared to $4,895,000 for the prior year’s nine months, an increase of $2,072,000. This was primarily due to (i) $1,688,000 of higher professional fees and (ii) $262,000 of higher stock-based compensation expense from an increase in the value of deferred stock units granted to our Board of Directors in the current year.

Interest and Other Income

Interest and other income was $6,259,000 for the nine months ended September 30, 2026, compared to $11,555,000 for the prior year’s nine months, a decrease of $5,296,000. This was primarily due to a decrease in average interest rates on investment balances.

Interest and Debt Expense

Interest and debt expense was $32,458,000 for the nine months ended September 30, 2026, compared to $37,673,000 for the prior year’s nine months, a decrease of $5,215,000. This was primarily due to (i) $7,499,000 of lower interest expense from the 731 Lexington Avenue retail loan restructuring in December 2025 and (ii) $978,000 of lower interest expense from the Rego Park shopping center loan refinancing in December 2025, partially offset by (iii) $4,220,000 from the expiration of the 731 Lexington Avenue retail interest rate swap in May 2025.

Net Gain on Sale of Real Estate

Net gain on sale of real estate was $148,002,000 for the nine months ended September 30, 2026, resulting from the sale of the Rego Park I property in May 2026.

Liquidity and Capital Resources

Cash Flows

Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing commissions, dividends to stockholders as well as development costs. The sources of liquidity to fund these cash requirements include rental revenue, which is our primary source of cash flow and is dependent upon the occupancy and rental rates of our properties, as well as our existing cash, proceeds from financings, including mortgage or construction loans secured by our properties and proceeds from asset sales.

As of September 30, 2026, we had $349,133,000 of liquidity comprised of cash and cash equivalents and restricted cash. The ongoing challenges posed by 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. We may refinance our maturing debt as it comes due or choose to pay it down. However, there can be no assurance that additional financing or capital will be available to refinance our debt, or that the terms will be acceptable or advantageous to us.

For the Nine Months Ended September 30, 2026

Cash and cash equivalents and restricted cash were $349,133,000 as of September 30, 2026, compared to $192,225,000 as of December 31, 2025, an increase of $156,908,000. This increase resulted from (i) $196,347,000 of net cash provided by investing activities and (ii) $29,913,000 of net cash provided by operating activities, partially offset by (iii) $69,352,000 of net cash used in financing activities.

Net cash provided by investing activities of $196,347,000 was comprised of (i) $205,819,000 of proceeds from the sale of real estate, partially offset by (ii) $9,472,000 of construction in progress and real estate additions.

Net cash provided by operating activities of $29,913,000 was comprised of (i) net income of $187,428,000, partially offset by (ii) adjustments for non-cash items of $101,650,000 and (iii) the net change in operating assets and liabilities of $55,865,000. The adjustments for non-cash items were comprised of (i) the net gain on sale of real estate of $148,002,000, partially offset by (ii) depreciation and amortization (including amortization of debt issuance costs) of $27,912,000, (iii) PIK interest expense of $5,779,000, (iv) straight-lining of rents of $5,620,000, (v) amortization of deferred lease incentives of $5,359,000, (vi) other non-cash adjustments of $1,020,000, (vii) stock-based compensation of $656,000 and (viii) interest rate cap premium amortization of $6,000.

Net cash used in financing activities of $69,352,000 was comprised of dividends paid.

For the Nine Months Ended September 30, 2025

Cash and cash equivalents and restricted cash were $352,258,000 as of September 30, 2025, compared to $393,836,000 as of December 31, 2024, a decrease of $41,578,000. This decrease resulted from (i) $72,612,000 of net cash used in financing activities and (ii) $18,986,000 of net cash used in investing activities, partially offset by (iii) $50,020,000 of net cash provided by operating activities.

Net cash used in financing activities of $72,612,000 was comprised of (i) $69,314,000 of dividends paid, (ii) $3,189,000 of debt repayments and (iii) $109,000 of debt issuance costs.

Net cash used in investing activities of $18,986,000 was comprised of construction in progress and real estate additions.

Net cash provided by operating activities of $50,020,000 was comprised of (i) net income of $24,400,000 and (ii) adjustments for non-cash items of $38,207,000, partially offset by (iii) the net change in operating assets and liabilities of $12,587,000. The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $28,709,000, (ii) amortization of deferred lease incentives of $5,509,000, (iii) straight-lining of rents of $2,105,000, (iv) other non-cash adjustments of $1,020,000, (v) interest rate cap premium amortization of $470,000 and (vi) stock-based compensation expense of $394,000.

Liquidity and Capital Resources - continued

Commitments and Contingencies

Insurance

Other

Funds from Operations (“FFO”) (non-GAAP)

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of our net income to FFO is provided below.

FFO (non-GAAP) for the three and nine months ended September 30, 2026 and 2025

FFO (non-GAAP) for the three months ended September 30, 2026 was $36,349,000, or $7.07 per diluted share, compared to $14,920,000 or $2.91 per diluted share in the prior year’s three months.

FFO (non-GAAP) for the nine months ended September 30, 2026 was $65,251,000, or $12.70 per diluted share, compared to $50,524,000 or $9.84 per diluted share in the prior year’s nine months.

The following table reconciles our net income to FFO (non-GAAP):


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

(Amounts in thousands, except share and per share amounts)	2026		2025		2026		2025
Net income	$	27,404	$	5,968	$	187,428	$	24,400
Net gain on sale of real estate	—		—		(148,002)		—
Depreciation and amortization of real property	8,945		8,952		25,825		26,124
FFO (non-GAAP)	$	36,349	$	14,920	$	65,251	$	50,524

FFO per diluted share (non-GAAP)	$	7.07	$	2.91	$	12.70	$	9.84

Weighted average shares used in computing FFO per diluted share	5,139,491		5,135,956		5,137,678		5,134,705

Item 3.Quantitative and Qualitative Disclosures About Market Risk

We have exposure to fluctuations in interest rates, which are sensitive to many factors that are beyond our control. Our exposure to a change in interest rates is summarized in the table below.


	2026					2025
(Amounts in thousands, except per share amounts)	September 30, Balance		Weighted Average Interest Rate	Effect of 1% Change in Base Rates		December 31, Balance		Weighted Average Interest Rate
Variable Rate	$	175,000	5.69%	$	1,750	$	175,000	5.72%
Fixed Rate(1)	667,470		4.58%	—		661,691		4.58%
	$	842,470	4.81%	$	1,750	$	836,691	4.82%

Total effect on diluted earnings per share				$	0.34

(1)Includes the 731 Lexington Avenue retail condominium C-Note loan balance of $173,470 and $167,691 as of September 30, 2026 and December 31, 2025, respectively, including PIK interest of $5,970 and $191, respectively.

We have an interest rate cap relating to the mortgage loan on the Rego Park shopping center with a notional amount of $175,000,000 that caps SOFR at 4.50% through December 2026.

Fair Value of Debt

The fair value of our consolidated debt is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. As of September 30, 2026 and December 31, 2025, the estimated fair value of our consolidated debt was $778,049,000 and $783,004,000, 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.

Item 4.Controls and Procedures

(a) Disclosure Controls and Procedures: Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.

(b) Internal Control Over Financial Reporting: There have not been any changes in our internal control over financial reporting during the fiscal quarter to which this Quarterly Report on Form 10-Q relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.OTHER INFORMATION

Item 1.Legal Proceedings

Item 1A.Risk Factors

There have been no material changes in our “Risk Factors” as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not applicable.

Item 5.Other Information

During the three months ended September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in item 408 of Regulation S-K).

Item 6.Exhibits

Exhibits required by Item 601 of Regulation S-K are filed herewith and are listed in the attached Exhibit Index.

EXHIBIT INDEX


Exhibit No.
15.1		-	Letter regarding unaudited interim financial information	*

31.1		-	Rule 13a-14 (a) Certification of the Chief Executive Officer	*

31.2		-	Rule 13a-14 (a) Certification of the Chief Financial Officer	*

32.1		-	Section 1350 Certification of the Chief Executive Officer	*

32.2		-	Section 1350 Certification of the Chief Financial Officer	*

101		-	The following financial information from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows and (vi) the notes to the consolidated financial statements

104		-	The cover page from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 formatted as iXBRL and contained in Exhibit 101
			__________________

	*		Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		ALEXANDER’S, INC.
		(Registrant)

Date: November 2, 2026	By:	/s/ Gary Hansen
		Gary Hansen
		Chief Financial Officer (duly authorized officer and principal financial and accounting officer)