10-Q

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:    March 31, 2025                                               

Or

☐ 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 March 31, 2025, 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    March 31, 2025 and December 31, 2024	4
	Consolidated Statements of Income (Unaudited) for the    Three Months Ended March 31, 2025 and 2024	5
	Consolidated Statements of Comprehensive Income (Unaudited) for the    Three Months Ended March 31, 2025 and 2024	6
	Consolidated Statements of Changes in Equity (Unaudited) for the    Three Months Ended March 31, 2025 and 2024	7
	Consolidated Statements of Cash Flows (Unaudited) for the    Three Months Ended March 31, 2025 and 2024	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	23
Item 4.	Controls and Procedures	23
PART II.	Other Information:
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	24
Exhibit Index		25
Signatures		26

3

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	March 31, 2025		December 31, 2024
Real estate, at cost:
Land	$	32,271	$	32,271
Buildings and leasehold improvements	1,046,322		1,046,132
Development and construction in progress	13,810		6,794
Total	1,092,403		1,085,197
Accumulated depreciation and amortization	(451,130)		(443,627)
Real estate, net	641,273		641,570
Cash and cash equivalents	319,897		338,532
Restricted cash	57,748		55,304
Tenant and other receivables	5,361		5,112
Receivable arising from the straight-lining of rents	110,730		111,750
Deferred leasing costs, net, including unamortized leasing fees to Vornado      of $21,793 and $22,380, respectively	160,777		163,677
Other assets	37,117		25,350
	$	1,332,903	$	1,341,295

LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	$	988,021	$	988,019
Amounts due to Vornado	1,063		1,159
Accounts payable and accrued expenses	44,113		38,743
Lease incentive liabilities	115,118		115,118
Other liabilities	21,499		21,397
Total liabilities	1,169,814		1,164,436
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	34,765		34,765
Retained earnings	122,613		133,402
Accumulated other comprehensive income	906		3,887
	163,457		177,227
Treasury stock: 66,160 shares, at cost	(368)		(368)
Total equity	163,089		176,859
	$	1,332,903	$	1,341,295

See notes to consolidated financial statements (unaudited).

4

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

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

	For the Three Months Ended March 31,
	2025		2024
REVENUES
Rental revenues	$	54,915	$	61,397
EXPENSES
Operating, including fees to Vornado of $1,592 and $1,759, respectively	(25,564)		(25,263)
Depreciation and amortization	(8,599)		(9,477)
General and administrative, including management fees to Vornado of $610 in each period	(1,591)		(1,476)
Total expenses	(35,754)		(36,216)
Interest and other income	3,945		7,162
Interest and debt expense	(10,794)		(16,234)
Net income	$	12,312	$	16,109
Net income per common share - basic and diluted	$	2.40	$	3.14
Weighted average shares outstanding - basic and diluted	5,133,534		5,130,678

See notes to consolidated financial statements (unaudited).

5

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in thousands)

	For the Three Months Ended March 31,
	2025		2024
Net income	$	12,312	$	16,109
Other comprehensive loss:
Change in fair value of interest rate derivatives	(2,981)		(540)
Comprehensive income	$	9,331	$	15,569

See notes to consolidated financial statements (unaudited).

6

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in thousands, except per share amounts)

				Additional Capital		Retained Earnings		Accumulated  Other Comprehensive Income		Treasury Stock		Total Equity
	Common Stock
	Shares	Amount
For the Three Months Ended March 31, 2025
Balance, December 31, 2024	5,173	$	5,173	$	34,765	$	133,402	$	3,887	$	(368)	$	176,859
Net income	—	—		—		12,312		—		—		12,312
Dividends paid ($4.50 per common share)	—	—		—		(23,101)		—		—		(23,101)
Change in fair value of interest rate derivatives	—	—		—		—		(2,981)		—		(2,981)
Balance, March 31, 2025	5,173	$	5,173	$	34,765	$	122,613	$	906	$	(368)	$	163,089
For the Three Months Ended March 31, 2024
Balance, December 31, 2023	5,173	$	5,173	$	34,315	$	182,336	$	16,201	$	(368)	$	237,657
Net income	—	—		—		16,109		—		—		16,109
Dividends paid ($4.50 per common share)	—	—		—		(23,088)		—		—		(23,088)
Change in fair value of interest rate derivatives	—	—		—		—		(540)		—		(540)
Balance, March 31, 2024	5,173	$	5,173	$	34,315	$	175,357	$	15,661	$	(368)	$	230,138

See notes to consolidated financial statements (unaudited).

7

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Amounts in thousands)

	For the Three Months Ended March 31,
CASH FLOWS FROM OPERATING ACTIVITIES	2025		2024
Net income	$	12,312	$	16,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	9,389		9,917
Straight-lining of rents	1,020		9,355
Interest rate cap premium amortization	176		3,401
Other non-cash adjustments	2,158		(2,820)
Change in operating assets and liabilities:
Tenant and other receivables	(249)		347
Other assets	(15,171)		(13,357)
Amounts due to Vornado	(169)		(236)
Accounts payable and accrued expenses	6,258		(5,886)
Other liabilities	(4)		(5)
Net cash provided by operating activities	15,720		16,825
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(8,021)		(2,475)
Proceeds from interest rate cap	—		3,160
Net cash (used in) provided by investing activities	(8,021)		685
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(23,101)		(23,088)
Debt repayments	(789)		—
Net cash used in financing activities	(23,890)		(23,088)
Net decrease in cash and cash equivalents and restricted cash	(16,191)		(5,578)
Cash and cash equivalents and restricted cash at beginning of period	393,836		552,977
Cash and cash equivalents and restricted cash at end of period	$	377,645	$	547,399
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	$	338,532	$	531,855
Restricted cash at beginning of period	55,304		21,122
Cash and cash equivalents and restricted cash at beginning of period	$	393,836	$	552,977
Cash and cash equivalents at end of period	$	319,897	$	526,340
Restricted cash at end of period	57,748		21,059
Cash and cash equivalents and restricted cash at end of period	$	377,645	$	547,399
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	$	9,876	$	15,356
NON-CASH TRANSACTIONS
Liability for real estate additions, including $419 and $14, respectively    for development fees due to Vornado	$	2,188	$	2,708
Write-off of fully depreciated assets	—		15

See notes to consolidated financial statements (unaudited).

8

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.Organization

Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have five 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, 2024, 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 months ended March 31, 2025 are not necessarily indicative of the operating results for the full year.

3.Recently Issued Accounting Literature

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

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

9

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

4.Revenue Recognition

The following is a summary of revenue sources for the three months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Lease revenues	$	52,726	$	59,346
Parking revenue	1,196		1,130
Tenant services	993		921
Rental revenues	$	54,915	$	61,397

The components of lease revenues for the three months ended March 31, 2025 and 2024 are as follows:

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Fixed lease revenues	$	35,354	$	42,534
Variable lease revenues	17,372		16,812
Lease revenues	$	52,726	$	59,346

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $32,205,000 and $29,963,000 for the three months ended March 31, 2025 and 2024, respectively, representing approximately 59% and 49% of our rental revenues in each period, respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

On January 31, 2025, Home Depot’s 83,000 square foot lease at the retail portion of our 731 Lexington Avenue property expired. Annual rental revenues from Home Depot were approximately $15,000,000.

In May 2024, Alexander’s and Bloomberg reached an agreement to extend the leases covering approximately 947,000 square feet at our 731 Lexington Avenue property that were scheduled to expire in February 2029 for a term of eleven years to February 2040. Upon execution of this lease extension, we paid a $32,000,000 leasing commission, of which $26,500,000 was to a third-party broker and $5,500,000 was to Vornado.

On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030. The lease included a right to terminate effective no earlier than March 16, 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term. On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerated its lease termination date to April 1, 2024. During the fourth quarter of 2023 and the first quarter of 2024, IKEA paid its remaining rent obligation through March 16, 2026 and the $10,000,000 termination payment.

10

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

5.Related Party Transactions

Vornado

As of March 31, 2025, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $387,000, 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. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees to Vornado increased by 1% and Vornado was responsible for the fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Directors approved amendments to the leasing agreements, subject to applicable lender consents, pursuant to which the Company is responsible for any Third-Party Lease Commissions and, in such circumstances, Vornado’s fee is one-third of the applicable Third-Party Lease Commission.

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

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

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

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Company management fees	$	700	$	700
Development fees	419		15
Leasing fees	13		38
Property management, cleaning, engineering, parking and security fees	1,459		1,636
	$	2,591	$	2,389

As of March 31, 2025, the amounts due to Vornado were $631,000 for management, property management, cleaning, engineering and security fees, $419,000 for development fees and $13,000 for leasing fees. As of December 31, 2024, the amounts due to Vornado were $642,000 for management, property management, cleaning, engineering and security fees, $346,000 for development fees and $171,000 for leasing fees.

11

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

6.Mortgages Payable

The following is a summary of our outstanding mortgages payable as of March 31, 2025 and December 31, 2024. We may refinance our maturing debt as it comes due or choose to pay it down.

		Interest Rate at March 31, 2025	Balance at
(Amounts in thousands)	Maturity		March 31, 2025		December 31, 2024
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 09, 2028	5.04%	$	400,000	$	400,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	201,754		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			995,754		996,544
Deferred debt issuance costs, net of accumulated amortization of $8,173 and $7,381, respectively			(7,733)		(8,525)
			$	988,021	$	988,019

(1)Interest rate listed represents the rate in effect as of March 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2)Interest at SOFR plus 1.51% 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).

7.Fair Value Measurements

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

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2025 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2025.

	As of March 31, 2025
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	1,330	$	—	$	1,330	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024. 

	As of December 31, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	4,487	$	—	$	4,487	$	—

12

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

7.Fair Value Measurements - continued

Interest Rate Derivatives

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2025 and December 31, 2024, respectively.

		Fair Value as of				As of March 31, 2025
(Amounts in thousands)		March 31, 2025		December 31, 2024		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	1,149	$	4,117	$	300,000	1.76%	05/25
Interest rate cap related to:
	Rego Park II shopping center mortgage loan	181		370		201,754		(1)	12/25
Included in other assets		$	1,330	$	4,487

(1)SOFR cap strike rate of 4.15%.

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 March 31, 2025 and December 31, 2024, respectively.

	As of March 31, 2025				As of December 31, 2024
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash equivalents	$	64,146	$	64,146	$	61,889	$	61,889
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	995,754	$	972,192	$	996,544	$	967,941

13

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

8.Commitments and Contingencies

Insurance

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.

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 $338,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

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

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

Other

There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.  

9.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 months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025		2024
Net income	$	12,312	$	16,109
Weighted average shares outstanding – basic and diluted	5,133,534		5,130,678
Net income per common share – basic and diluted	$	2.40	$	3.14

14

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

10.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 months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	Rental revenues	$	54,915	$	61,397
	Real estate tax expense	(14,926)		(14,460)
	Other segment expenses (1)	(10,638)		(10,803)
	Total operating expenses	(25,564)		(25,263)
	NOI	$	29,351	$	36,134
(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the three months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	NOI	$	29,351	$	36,134
	Interest and debt expense	(10,794)		(16,234)
	Interest and other income	3,945		7,162
	General and administrative	(1,591)		(1,476)
	Depreciation and amortization	(8,599)		(9,477)
	Net income	$	12,312	$	16,109

15

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Alexander’s, Inc. and subsidiaries (the “Company”) as of March 31, 2025, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month periods ended March 31, 2025 and 2024, and of cash flows for the three-month periods ended March 31, 2025 and 2024, 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, 2024, 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 10, 2025, 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, 2024, 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

May 5, 2025

16

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. 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, 2024.

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 months ended March 31, 2025. 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 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 months ended March 31, 2025 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, 2024. For the three months ended March 31, 2025, there were no material changes to these estimates or policies.

17

Overview

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 five properties in New York City.

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, 2024 for additional information regarding these and other factors that may materially affect our results.

Quarter Ended March 31, 2025 Financial Results Summary

Net income for the quarter ended March 31, 2025 was $12,312,000, or $2.40 per diluted share, compared to $16,109,000 or $3.14 per diluted share in the prior year’s quarter.

Funds from operations (“FFO”) (non-GAAP) for the quarter ended March 31, 2025 was $20,842,000, or $4.06 per diluted share, compared to $25,532,000 or $4.98 per diluted share in the prior year’s quarter.

Square Footage, Occupancy and Leasing Activity

Our portfolio is comprised of five properties aggregating 2,455,000 square feet. As of March 31, 2025, the commercial occupancy rate was 94.7% and the residential occupancy rate was 93.9%.

On January 31, 2025, Home Depot’s 83,000 square foot lease at the retail portion of our 731 Lexington Avenue property expired. Annual rental revenues from Home Depot were approximately $15,000,000.

In 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 their current location at our Rego Park I property. Rego Park I will then be vacant and we are currently exploring sale and development opportunities for the property.

Significant Tenant

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $32,205,000 and $29,963,000 for the three months ended March 31, 2025 and 2024, respectively, representing approximately 59% and 49% of our rental revenues in each period, respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

18

Results of Operations – Three Months Ended March 31, 2025, compared to March 31, 2024

Rental Revenues

Rental revenues were $54,915,000 for the three months ended March 31, 2025, compared to $61,397,000 for the prior year’s three months, a decrease of $6,482,000. This was primarily due to (i) $8,902,000 of lower straight-line rental revenue from IKEA’s lease expiration at Rego Park I and (ii) $1,337,000 of lower straight-line rental revenue from Home Depot’s lease expiration at 731 Lexington Avenue, partially offset by (iii) $1,755,000 of payments received for tenant receivables that were previously written off and (iv) $1,740,000 of higher straight-line rental revenue from Bloomberg’s lease extension at 731 Lexington Avenue.

Operating Expenses

Operating expenses were $25,564,000 for the three months ended March 31, 2025, compared to $25,263,000 for the prior year’s three months, an increase of $301,000. This was primarily due to $840,000 of higher real estate taxes partially offset by higher capitalized expenses of $633,000.

Depreciation and Amortization

Depreciation and amortization was $8,599,000 for the three months ended March 31, 2025, compared to $9,477,000 for the prior year’s three months, a decrease of $878,000. This was due to a decrease of $1,110,000 associated with the accelerated depreciation and amortization related to IKEA’s lease expiration at Rego Park I in the prior year’s three months, partially offset by $232,000 of higher depreciation expense on capital projects placed into service.

General and Administrative Expenses

General and administrative expenses were $1,591,000 for the three months ended March 31, 2025, compared to $1,476,000 for the prior year’s three months, an increase of $115,000. This was primarily due to higher consulting fees.

Interest and Other Income

Interest and other income was $3,945,000 for the three months ended March 31, 2025, compared to $7,162,000 for the prior year’s three months, a decrease of $3,217,000. This was primarily due to a decrease in average interest rates and investment balances.

Interest and Debt Expense

Interest and debt expense was $10,794,000 for the three months ended March 31, 2025, compared to $16,234,000 for the prior year’s three months, a decrease of $5,440,000. This was primarily due to (i) $3,225,000 of lower interest rate cap premium amortization, (ii) $1,500,000 from the downsize of the 731 Lexington Office loan in September 2024 and (iii) $1,105,000 from lower rates, partially offset by (iv) $390,000 of higher deferred debt issuance cost amortization.

19

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 March 31, 2025, we had $377,645,000 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 Three Months Ended March 31, 2025

Cash and cash equivalents and restricted cash were $377,645,000 as of March 31, 2025, compared to $393,836,000 as of December 31, 2024, a decrease of $16,191,000. This decrease resulted from (i) $23,890,000 of net cash used in financing activities and (ii) $8,021,000 of net cash used in investing activities, partially offset by (iii) $15,720,000 of net cash provided by operating activities.

Net cash used in financing activities of $23,890,000 was comprised of $23,101,000 of dividends paid and $789,000 of debt repayments.

Net cash used in investing activities of $8,021,000 was comprised of construction in progress and real estate additions.

Net cash provided by operating activities of $15,720,000 was comprised of (i) net income of $12,312,000 and (ii) adjustments for non-cash items of $12,743,000, partially offset by (iii) the net change in operating assets and liabilities of $9,335,000. The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $9,389,000, (ii) other non-cash adjustments of $2,158,000, (iii) straight-lining of rents of $1,020,000 and (iv) interest rate cap premium amortization of $176,000.

For the Three Months Ended March 31, 2024

Cash and cash equivalents and restricted cash were $547,399,000 as of March 31, 2024, compared to $552,977,000 as of December 31, 2023, a decrease of $5,578,000. This decrease resulted from (i) $23,088,000 of net cash used in financing activities, partially offset by (ii) $16,825,000 of net cash provided by operating activities and (iii) $685,000 of net cash provided by investing activities.

Net cash used in financing activities of $23,088,000 was comprised of dividends paid.

Net cash provided by operating activities of $16,825,000 was comprised of (i) net income of $16,109,000 and (ii) adjustments for non-cash items of $19,853,000, partially offset by (iii) the net change in operating assets and liabilities of $19,137,000. The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $9,917,000, (ii) straight-lining of rents of $9,355,000 and (iii) interest rate cap premium amortization of $3,401,000, partially offset by (iv) other non-cash adjustments of $2,820,000.

Net cash provided by investing activities of $685,000 was comprised of $3,160,000 of proceeds from an interest rate cap, partially offset by construction in progress and real estate additions of $2,475,000.

20

Liquidity and Capital Resources - continued

Commitments and Contingencies

Insurance

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.

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 $338,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

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

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

Other

There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.  

21

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 quarters ended March 31, 2025 and 2024

FFO (non-GAAP) for the quarter ended March 31, 2025 was $20,842,000, or $4.06 per diluted share, compared to $25,532,000 or $4.98 per diluted share in the prior year’s quarter.

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

	For the Quarter Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025		2024
Net income	$	12,312	$	16,109
Depreciation and amortization of real property	8,530		9,423
FFO (non-GAAP)	$	20,842	$	25,532
FFO per diluted share (non-GAAP)	$	4.06	$	4.98
Weighted average shares used in computing FFO per diluted share	5,133,534		5,130,678

22

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. 

	2025					2024
(Amounts in thousands, except per share amounts)	March 31, Balance		Weighted Average Interest Rate	Effect of 1% Change in   Base Rates		December 31, Balance		Weighted Average Interest Rate
Variable Rate	$	201,754	5.60%	$	2,018	$	202,544	5.60%
Fixed Rate	794,000		3.52%	—		794,000		3.52%
	$	995,754	3.94%	$	2,018	$	996,544	3.94%
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 $201,754,000 that caps SOFR at 4.15% through December 2025.

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.

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 March 31, 2025 and December 31, 2024, the estimated fair value of our consolidated debt was $972,192,000 and $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. 

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.

23

PART II.OTHER INFORMATION

Item 1.Legal Proceedings

We are from time-to-time involved in legal actions arising in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.

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, 2024.

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

None.

Item 6.Exhibits

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

24

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 March 31, 2025 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 March 31, 2025 formatted as iXBRL and contained in Exhibit 101
			__________________
	***		Filed herewith.

25

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: May 5, 2025	By:	/s/ Gary Hansen
		Gary Hansen
		Chief Financial Officer (duly authorized officer and principal financial and accounting officer)

26

EX-15

EXHIBIT 15.1

May 5, 2025

The Board of Directors and Stockholders of Alexander’s, Inc.

210 Route 4 East

Paramus, New Jersey 07652

We are aware that our report dated May 5, 2025, on our review of the interim financial information of Alexander’s, Inc. appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, is incorporated by reference in Registration Statement No. 333-212838 on Form S-8.

/s/ DELOITTE & TOUCHE LLP

New York, New York

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Steven Roth, certify that:

1.    I have reviewed this Quarterly Report on Form 10‑Q of Alexander’s, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 5, 2025

/s/ Steven Roth

Steven Roth

Chairman of the Board and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Gary Hansen, certify that:

1.    I have reviewed this Quarterly Report on Form 10‑Q of Alexander’s, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 5, 2025

/s/ Gary Hansen

Gary Hansen

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Alexander’s, Inc. (the “Company”), hereby certifies, to such officer’s knowledge, that:

The Quarterly Report on Form 10-Q for the quarter ended March 31, 2025(the “Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 5, 2025		/s/ Steven Roth
	Name:	Steven Roth
	Title:	Chairman of the Board and Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code), the undersigned officer of Alexander’s, Inc. (the “Company”), hereby certifies, to such officer’s knowledge, that:

The Quarterly Report on Form 10-Q for the quarter ended March 31, 2025(the “Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 5, 2025		/s/ Gary Hansen
	Name:	Gary Hansen
	Title:	Chief Financial Officer

XML

Cover	3 Months Ended
	Mar. 31, 2025 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-06064
Entity Registrant Name	ALEXANDERS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0100517
Entity Address, Address Line One	210 Route 4 East,
Entity Address, City or Town	Paramus,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07652
City Area Code	(201)
Local Phone Number	587-8541
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	ALX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	5,107,290
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000003499
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Real estate, at cost:
Land	$ 32,271	$ 32,271
Buildings and leasehold improvements	1,046,322	1,046,132
Development and construction in progress	13,810	6,794
Total	1,092,403	1,085,197
Accumulated depreciation and amortization	(451,130)	(443,627)
Real estate, net	641,273	641,570
Cash and cash equivalents	319,897	338,532
Restricted cash	57,748	55,304
Tenant and other receivables	5,361	5,112
Receivable arising from the straight-lining of rents	110,730	111,750
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $21,793 and $22,380, respectively	160,777	163,677
Other assets	37,117	25,350
Assets	1,332,903	1,341,295
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	988,021	988,019
Accounts payable and accrued expenses	44,113	38,743
Lease incentive liabilities	115,118	115,118
Total liabilities	1,169,814	1,164,436
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	0	0
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	34,765	34,765
Retained earnings	122,613	133,402
Accumulated other comprehensive income	906	3,887
Equity before treasury stock	163,457	177,227
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	163,089	176,859
Total liabilities and equity	1,332,903	1,341,295
Related Party
LIABILITIES AND EQUITY
Amounts due to Vornado	1,063	1,159
Nonrelated Party
LIABILITIES AND EQUITY
Amounts due to Vornado	$ 21,499	$ 21,397

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 21,793	$ 22,380
Preferred stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Preferred stock: authorized shares (in shares)	3,000,000	3,000,000
Preferred stock: issued shares (in shares)	0	0
Preferred stock: outstanding shares (in shares)	0	0
Common stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Common stock: authorized shares (in shares)	10,000,000	10,000,000
Common stock: issued shares (in shares)	5,173,450	5,173,450
Common stock: outstanding shares (in shares)	5,107,290	5,107,290
Treasury stock: shares (in shares)	66,160	66,160

XML

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
REVENUES
Rental revenues	$ 54,915	$ 61,397
EXPENSES
Operating, including fees to Vornado of $1,592 and $1,759, respectively	(25,564)	(25,263)
Depreciation and amortization	(8,599)	(9,477)
General and administrative, including management fees to Vornado of $610 in each period	(1,591)	(1,476)
Total expenses	(35,754)	(36,216)
Interest and other income	3,945	7,162
Interest and debt expense	(10,794)	(16,234)
Net income	$ 12,312	$ 16,109
Net income per common share - basic (in usd per share)	$ 2.40	$ 3.14
Net income per common share - diluted (in usd per share)	$ 2.40	$ 3.14
Weighted average shares outstanding - basic (in shares)	5,133,534	5,130,678
Weighted average shares outstanding - diluted (in shares)	5,133,534	5,130,678

XML

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating, including fees to Vornado	$ 25,564	$ 25,263
General and administrative, including management fees	1,591	1,476
Related Party
Operating, including fees to Vornado	1,592	1,759
General and administrative, including management fees	$ 610	$ 610

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 12,312	$ 16,109
Other comprehensive loss:
Change in fair value of interest rate derivatives	(2,981)	(540)
Comprehensive income	$ 9,331	$ 15,569

XML

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated  Other Comprehensive Income	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2023		5,173,000
Beginning balance at Dec. 31, 2023	$ 237,657	$ 5,173	$ 34,315	$ 182,336	$ 16,201	$ (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,109			16,109
Dividends paid ($4.50 per common share)	(23,088)			(23,088)
Change in fair value of interest rate derivatives	(540)				(540)
Ending balance (in shares) at Mar. 31, 2024		5,173,000
Ending balance at Mar. 31, 2024	$ 230,138	$ 5,173	34,315	175,357	15,661	(368)
Beginning balance (in shares) at Dec. 31, 2024	5,173,450	5,173,000
Beginning balance at Dec. 31, 2024	$ 176,859	$ 5,173	34,765	133,402	3,887	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,312			12,312
Dividends paid ($4.50 per common share)	(23,101)			(23,101)
Change in fair value of interest rate derivatives	$ (2,981)				(2,981)
Ending balance (in shares) at Mar. 31, 2025	5,173,450	5,173,000
Ending balance at Mar. 31, 2025	$ 163,089	$ 5,173	$ 34,765	$ 122,613	$ 906	$ (368)

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Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 4.50	$ 4.50

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 12,312	$ 16,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	9,389	9,917
Straight-lining of rents	1,020	9,355
Interest rate cap premium amortization	176	3,401
Other non-cash adjustments	2,158	(2,820)
Change in operating assets and liabilities:
Tenant and other receivables	(249)	347
Other assets	(15,171)	(13,357)
Amounts due to Vornado	(169)	(236)
Accounts payable and accrued expenses	6,258	(5,886)
Other liabilities	(4)	(5)
Net cash provided by operating activities	15,720	16,825
Net Cash Provided by (Used in) Investing Activities [Abstract]
Construction in progress and real estate additions	(8,021)	(2,475)
Proceeds from interest rate cap	0	3,160
Net cash (used in) provided by investing activities	(8,021)	685
Net Cash Provided by (Used in) Financing Activities [Abstract]
Dividends paid	(23,101)	(23,088)
Debt repayments	(789)	0
Net cash used in financing activities	(23,890)	(23,088)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(16,191)	(5,578)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	393,836	552,977
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	377,645	547,399
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	338,532	531,855
Restricted cash at beginning of period	55,304	21,122
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	393,836	552,977
Cash and cash equivalents at end of period	319,897	526,340
Restricted cash at end of period	57,748	21,059
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	377,645	547,399
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	9,876	15,356
NON-CASH TRANSACTIONS
Liability for real estate additions, including $419 and $14, respectively for development fees due to Vornado	2,188	2,708
Write-off of fully depreciated assets	$ 0	$ 15

XML

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Development fees	$ 2,188	$ 2,708
Affiliated Entity
Development fees	$ 419	$ 14

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Organization

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

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 five properties in New York City.

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Basis of Presentation

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

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, 2024, 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 months ended March 31, 2025 are not necessarily indicative of the operating results for the full year.

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Recently Issued Accounting Literature

3 Months Ended

Mar. 31, 2025

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recently Issued Accounting Literature

Recently Issued Accounting Literature

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): 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.

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Revenue Recognition

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following is a summary of revenue sources for the three months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Lease revenues	$	52,726	$	59,346
Parking revenue	1,196		1,130
Tenant services	993		921
Rental revenues	$	54,915	$	61,397

The components of lease revenues for the three months ended March 31, 2025 and 2024 are as follows:

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Fixed lease revenues	$	35,354	$	42,534
Variable lease revenues	17,372		16,812
Lease revenues	$	52,726	$	59,346

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $32,205,000 and $29,963,000 for the three months ended March 31, 2025 and 2024, respectively, representing approximately 59% and 49% of our rental revenues in each period, respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

On January 31, 2025, Home Depot’s 83,000 square foot lease at the retail portion of our 731 Lexington Avenue property expired. Annual rental revenues from Home Depot were approximately $15,000,000.

In May 2024, Alexander’s and Bloomberg reached an agreement to extend the leases covering approximately 947,000 square feet at our 731 Lexington Avenue property that were scheduled to expire in February 2029 for a term of eleven years to February 2040. Upon execution of this lease extension, we paid a $32,000,000 leasing commission, of which $26,500,000 was to a third-party broker and $5,500,000 was to Vornado.

On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030. The lease included a right to terminate effective no earlier than March 16, 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term. On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerated its lease termination date to April 1, 2024. During the fourth quarter of 2023 and the first quarter of 2024, IKEA paid its remaining rent obligation through March 16, 2026 and the $10,000,000 termination payment

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Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Vornado

As of March 31, 2025, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $387,000, 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. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees to Vornado increased by 1% and Vornado was responsible for the fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Directors approved amendments to the leasing agreements, subject to applicable lender consents, pursuant to which the Company is responsible for any Third-Party Lease Commissions and, in such circumstances, Vornado’s fee is one-third of the applicable Third-Party Lease Commission.

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

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

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

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Company management fees	$	700	$	700
Development fees	419		15
Leasing fees	13		38
Property management, cleaning, engineering, parking and security fees	1,459		1,636
	$	2,591	$	2,389

As of March 31, 2025, the amounts due to Vornado were $631,000 for management, property management, cleaning, engineering and security fees, $419,000 for development fees and $13,000 for leasing fees. As of December 31, 2024, the amounts due to Vornado were $642,000 for management, property management, cleaning, engineering and security fees, $346,000 for development fees and $171,000 for leasing fees.

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Mortgages Payable

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Mortgages Payable

Mortgages Payable

The following is a summary of our outstanding mortgages payable as of March 31, 2025 and December 31, 2024. We may refinance our maturing debt as it comes due or choose to pay it down.

		Interest Rate at March 31, 2025	Balance at
(Amounts in thousands)	Maturity		March 31, 2025		December 31, 2024
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 09, 2028	5.04%	$	400,000	$	400,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	201,754		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			995,754		996,544
Deferred debt issuance costs, net of accumulated amortization of $8,173 and $7,381, respectively			(7,733)		(8,525)
			$	988,021	$	988,019

(1)Interest rate listed represents the rate in effect as of March 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2)Interest at SOFR plus 1.51% 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).

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Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

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

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2025 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2025.

	As of March 31, 2025
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	1,330	$	—	$	1,330	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024. 

	As of December 31, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	4,487	$	—	$	4,487	$	—

7.Fair Value Measurements - continued

Interest Rate Derivatives

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2025 and December 31, 2024, respectively.

		Fair Value as of				As of March 31, 2025
(Amounts in thousands)		March 31, 2025		December 31, 2024		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	1,149	$	4,117	$	300,000	1.76%	05/25
Interest rate cap related to:
	Rego Park II shopping center mortgage loan	181		370		201,754		(1)	12/25
Included in other assets		$	1,330	$	4,487

(1)SOFR cap strike rate of 4.15%.

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 March 31, 2025 and December 31, 2024, respectively.

	As of March 31, 2025				As of December 31, 2024
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash equivalents	$	64,146	$	64,146	$	61,889	$	61,889
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	995,754	$	972,192	$	996,544	$	967,941

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Insurance

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.

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 $338,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

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

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

Other

There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

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Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

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 months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025		2024
Net income	$	12,312	$	16,109
Weighted average shares outstanding – basic and diluted	5,133,534		5,130,678
Net income per common share – basic and diluted	$	2.40	$	3.14

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Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

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 months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	Rental revenues	$	54,915	$	61,397
	Real estate tax expense	(14,926)		(14,460)
	Other segment expenses (1)	(10,638)		(10,803)
	Total operating expenses	(25,564)		(25,263)
	NOI	$	29,351	$	36,134
(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the three months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	NOI	$	29,351	$	36,134
	Interest and debt expense	(10,794)		(16,234)
	Interest and other income	3,945		7,162
	General and administrative	(1,591)		(1,476)
	Depreciation and amortization	(8,599)		(9,477)
	Net income	$	12,312	$	16,109

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Decrease in income	$ 12,312	$ 16,109

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, 2024, 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 months ended March 31, 2025 are not necessarily indicative of the operating results for the full year.

Recently Issued Accounting Literature

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): 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.

Fair Value Measurements

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

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following is a summary of revenue sources for the three months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Lease revenues	$	52,726	$	59,346
Parking revenue	1,196		1,130
Tenant services	993		921
Rental revenues	$	54,915	$	61,397

Schedule of Components of Lease Revenue

The components of lease revenues for the three months ended March 31, 2025 and 2024 are as follows:

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Fixed lease revenues	$	35,354	$	42,534
Variable lease revenues	17,372		16,812
Lease revenues	$	52,726	$	59,346

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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Schedule of Fees to Vornado

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

	For the Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Company management fees	$	700	$	700
Development fees	419		15
Leasing fees	13		38
Property management, cleaning, engineering, parking and security fees	1,459		1,636
	$	2,591	$	2,389

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Mortgages Payable (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Mortgages Payable

The following is a summary of our outstanding mortgages payable as of March 31, 2025 and December 31, 2024. We may refinance our maturing debt as it comes due or choose to pay it down.

		Interest Rate at March 31, 2025	Balance at
(Amounts in thousands)	Maturity		March 31, 2025		December 31, 2024
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 09, 2028	5.04%	$	400,000	$	400,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	201,754		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			995,754		996,544
Deferred debt issuance costs, net of accumulated amortization of $8,173 and $7,381, respectively			(7,733)		(8,525)
			$	988,021	$	988,019

(1)Interest rate listed represents the rate in effect as of March 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2)Interest at SOFR plus 1.51% 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).

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2025 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2025.

	As of March 31, 2025
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	1,330	$	—	$	1,330	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2024 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2024. 

	As of December 31, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	4,487	$	—	$	4,487	$	—

Schedule of Interest Rate Derivatives

The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2025 and December 31, 2024, respectively.

		Fair Value as of				As of March 31, 2025
(Amounts in thousands)		March 31, 2025		December 31, 2024		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	1,149	$	4,117	$	300,000	1.76%	05/25
Interest rate cap related to:
	Rego Park II shopping center mortgage loan	181		370		201,754		(1)	12/25
Included in other assets		$	1,330	$	4,487

(1)SOFR cap strike rate of 4.15%.

Schedule of Carrying Amount and Fair Value of Financial Instruments

The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2025 and December 31, 2024, respectively.

	As of March 31, 2025				As of December 31, 2024
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash equivalents	$	64,146	$	64,146	$	61,889	$	61,889
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	995,754	$	972,192	$	996,544	$	967,941

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of 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 months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025		2024
Net income	$	12,312	$	16,109
Weighted average shares outstanding – basic and diluted	5,133,534		5,130,678
Net income per common share – basic and diluted	$	2.40	$	3.14

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summary of Financial Information

Below is a summary of financial information for the three months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	Rental revenues	$	54,915	$	61,397
	Real estate tax expense	(14,926)		(14,460)
	Other segment expenses (1)	(10,638)		(10,803)
	Total operating expenses	(25,564)		(25,263)
	NOI	$	29,351	$	36,134
(1)	Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.

Below is a reconciliation of NOI to net income for the three months ended March 31, 2025 and 2024.

		For the Three Months Ended March 31,
(Amounts in thousands)		2025		2024
	NOI	$	29,351	$	36,134
	Interest and debt expense	(10,794)		(16,234)
	Interest and other income	3,945		7,162
	General and administrative	(1,591)		(1,476)
	Depreciation and amortization	(8,599)		(9,477)
	Net income	$	12,312	$	16,109

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Organization (Details)	Mar. 31, 2025 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties	5

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Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

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Revenue Recognition - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Lease revenues	$ 52,726	$ 59,346
Rental revenues	54,915	61,397
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,196	1,130
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 993	$ 921

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Revenue Recognition - Schedule of Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 35,354	$ 42,534
Variable lease revenues	17,372	16,812
Lease revenues	$ 52,726	$ 59,346

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Revenue Recognition - Narrative (Details) ft² in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2025 USD ($) ft²	Dec. 03, 2022 USD ($) ft²	May 31, 2024 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	May 30, 2024 ft²
Disaggregation of Revenue [Line Items]
Rental revenues				$ 54,915,000	$ 61,397,000
Lease revenues				52,726,000	59,346,000
731 Lexington Avenue Property | Home Depot | Tenant Occupant
Disaggregation of Revenue [Line Items]
Lease revenues	$ 15,000,000
Bloomberg | 731 Lexington Avenue Property
Disaggregation of Revenue [Line Items]
Area of property (in sqft.) | ft²	83						947
Term							11 years
Payments for lease commissions			$ 32,000,000
Bloomberg | 731 Lexington Avenue Property | Third Party Broker
Disaggregation of Revenue [Line Items]
Payments for lease commissions			26,500,000
Bloomberg | 731 Lexington Avenue Property | Vornado
Disaggregation of Revenue [Line Items]
Payments for lease commissions			$ 5,500,000
IKEA | Rego Park 1 Property
Disaggregation of Revenue [Line Items]
Area of property (in sqft.) | ft²		112
Payment for termination of lease						$ 10,000,000
IKEA | Rego Park 1 Property | Minimum
Disaggregation of Revenue [Line Items]
Payment for termination of lease		$ 10,000,000
Customer Concentration Risk | Revenue | Bloomberg
Disaggregation of Revenue [Line Items]
Rental revenues				$ 32,205,000	$ 29,963,000
Percentage rent contributed by tenant				59.00%	49.00%

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Related Party Transactions - Narrative (Details)		3 Months Ended
	Apr. 30, 2024	Mar. 31, 2025 USD ($) $ / ft²	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Fees to related party		$ 2,591,000	$ 2,389,000
Property Management Fees
Related Party Transaction [Line Items]
Fees to related party		1,459,000	1,636,000
Development fees
Related Party Transaction [Line Items]
Fees to related party		419,000	15,000
Leasing fees
Related Party Transaction [Line Items]
Fees to related party		13,000	$ 38,000
Vornado
Related Party Transaction [Line Items]
Management fee agreement value		$ 2,800,000
Vornado | Property Management Fees | Rego Park II | Retail Space
Related Party Transaction [Line Items]
Property management fee, percent fee		2.00%
Vornado | Property Management Fees | 731 Lexington Avenue | Office and Retail Space
Related Party Transaction [Line Items]
Property management fee agreement, price per square foot | $ / ft²		0.50
Vornado | Property Management Fees | 731 Lexington Avenue | Common Area
Related Party Transaction [Line Items]
Property management fee escalation percentage per annum		3.00%
Vornado | Development fees
Related Party Transaction [Line Items]
Development fee as percentage of development costs		6.00%
Vornado | Leasing fees
Related Party Transaction [Line Items]
Lease fee percentage of rent one to ten years		3.00%
Lease fee percentage of rent eleven to twenty years		2.00%
Lease fee percentage of rent twenty first to thirty years		1.00%
Percentage increase lease fee if broker used	1.00%
Percentage commissions on sale of assets under fifty million		3.00%
Asset sale commission threshold		$ 50,000,000
Percentage commissions on sale of assets over fifty million		1.00%
Related Party
Related Party Transaction [Line Items]
Amounts due to Vornado		$ 1,063,000		$ 1,159,000
Related Party | Management And Development Agreement, Base Management Fee | 731 Lexington Avenue | Common Area
Related Party Transaction [Line Items]
Fees to related party		387,000
Related Party | Development fees
Related Party Transaction [Line Items]
Amounts due to Vornado		$ 419,000		346,000
Related Party | Leasing fees
Related Party Transaction [Line Items]
Percentage of third-party lease commission		33.333%
Amounts due to Vornado		$ 13,000		171,000
Related Party | Management, property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Amounts due to Vornado		$ 631,000		$ 642,000
Alexander's Inc. | Vornado | Vornado
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners		32.40%

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Related Party Transactions - Schedule of Fees to Vornado (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Related Party Transaction [Line Items]
Fees to related party	$ 2,591	$ 2,389
Company management fees
Related Party Transaction [Line Items]
Fees to related party	700	700
Development fees
Related Party Transaction [Line Items]
Fees to related party	419	15
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	13	38
Property management, cleaning, engineering, parking and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 1,459	$ 1,636

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Mortgages Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dollars)	$ 988,021	$ 988,019
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes payable, gross	995,754	996,544
Deferred debt issuance costs, net of accumulated amortization of $8,173 and $7,381, respectively	(7,733)	(8,525)
Deferred debt issuance costs, accumulated amortization	$ 8,173	7,381
Mortgages | 731 Lexington Avenue | Office Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	5.04%
Notes payable, gross	$ 400,000	400,000
Mortgages | 731 Lexington Avenue | Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	1.76%
Notes payable, gross	$ 300,000	300,000
Mortgages | 731 Lexington Avenue | Retail Space | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR or SOFR	1.51%
Swapped fixed rate	1.76%
Mortgages | Rego Park II | Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	5.60%
Notes payable, gross	$ 201,754	202,544
Mortgages | Rego Park II | Retail Space | Secured Overnight Financing Rate (SOFR) Capped Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest cap rate	4.15%
Mortgages | Rego Park II | Retail Space | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR or SOFR	1.45%
Mortgages | The Alexander apartment tower | Apartment tower
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.63%
Notes payable, gross	$ 94,000	$ 94,000

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Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	$ 1,330	$ 4,487
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	1,330	4,487
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	$ 0	$ 0

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Fair Value Measurements - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 1,330	$ 4,487
Interest rate swap | Designated as Hedging Instrument | 731 Lexington Avenue mortgage loan, retail condominium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	1,149	4,117
Notional Amount	$ 300,000
Swapped Rate	1.76%
Interest rate swap | Designated as Hedging Instrument | Rego Park II shopping center mortgage loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 181	$ 370
Notional Amount	$ 201,754
Interest cap rate	4.15%

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Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Carrying Amount
Assets:
Cash equivalents	$ 64,146	$ 61,889
Level 1 | Fair Value
Assets:
Cash equivalents	64,146	61,889
Level 2 | Carrying Amount
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	995,754	996,544
Level 2 | Fair Value
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 972,192	$ 967,941

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Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2025 USD ($)
All Risk Property and Rental Value
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	$ 1,700,000,000
Terrorism Coverage Including NBCR
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	1,700,000,000
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Loss Contingencies [Line Items]
Federal government responsibility (in percentage)	80.00%
NBCR | FNSIC
Loss Contingencies [Line Items]
Insurance deductible	$ 338,000
Self insured responsibility (in percentage)	20.00%
General Liability
Loss Contingencies [Line Items]
Insurance maximum coverage per property	$ 300,000,000
Insurance maximum coverage per incident	300,000,000
Disease Coverage
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	$ 30,000,000

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Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Potentially dilutive securities outstanding	0	0

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Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net income	$ 12,312	$ 16,109
Weighted average shares outstanding - basic (in shares)	5,133,534	5,130,678
Weighted average shares outstanding - diluted (in shares)	5,133,534	5,130,678
Net income per common share - basic (in usd per share)	$ 2.40	$ 3.14
Net income per common share - diluted (in usd per share)	$ 2.40	$ 3.14

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Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

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Segment Information - Schedule of Summary of NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Rental revenues	$ 54,915	$ 61,397
Total operating expenses	(25,564)	(25,263)
Reportable Segment
Segment Reporting Information [Line Items]
Rental revenues	54,915	61,397
Real estate tax expense	(14,926)	(14,460)
Other segment expenses	(10,638)	(10,803)
Total operating expenses	(25,564)	(25,263)
NOI	$ 29,351	$ 36,134

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Segment Information - Schedule NOI to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Interest and debt expense	$ (10,794)	$ (16,234)
Interest and other income	3,945	7,162
General and administrative	(1,591)	(1,476)
Depreciation and amortization	(8,599)	(9,477)
Net income	12,312	16,109
Reportable Segment
Segment Reporting Information [Line Items]
NOI	29,351	36,134
Interest and debt expense	(10,794)	(16,234)
Interest and other income	3,945	7,162
General and administrative	(1,591)	(1,476)
Depreciation and amortization	(8,599)	(9,477)
Net income	$ 12,312	$ 16,109