0000003499 2025-01-01 2025-12-31 0000003499 2025-06-30 0000003499 2026-01-31 0000003499 2025-12-31 0000003499 2024-12-31 0000003499 us-gaap:RelatedPartyMember 2025-12-31 0000003499 us-gaap:RelatedPartyMember 2024-12-31 0000003499 us-gaap:NonrelatedPartyMember 2025-12-31 0000003499 us-gaap:NonrelatedPartyMember 2024-12-31 0000003499 alx:ReportableSegmentMember 2025-01-01 2025-12-31 0000003499 2024-01-01 2024-12-31 0000003499 2023-01-01 2023-12-31 0000003499 us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0000003499 us-gaap:RelatedPartyMember 2024-01-01 2024-12-31 0000003499 us-gaap:RelatedPartyMember 2023-01-01 2023-12-31 0000003499 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0000003499 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0000003499 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0000003499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-12-31 0000003499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0000003499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0000003499 us-gaap:CommonStockMember 2022-12-31 0000003499 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000003499 us-gaap:RetainedEarningsMember 2022-12-31 0000003499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000003499 us-gaap:TreasuryStockCommonMember 2022-12-31 0000003499 2022-12-31 0000003499 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0000003499 us-gaap:CommonStockMember 2023-12-31 0000003499 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000003499 us-gaap:RetainedEarningsMember 2023-12-31 0000003499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000003499 us-gaap:TreasuryStockCommonMember 2023-12-31 0000003499 2023-12-31 0000003499 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0000003499 us-gaap:CommonStockMember 2024-12-31 0000003499 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000003499 us-gaap:RetainedEarningsMember 2024-12-31 0000003499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000003499 us-gaap:TreasuryStockCommonMember 2024-12-31 0000003499 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0000003499 us-gaap:CommonStockMember 2025-12-31 0000003499 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0000003499 us-gaap:RetainedEarningsMember 2025-12-31 0000003499 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0000003499 us-gaap:TreasuryStockCommonMember 2025-12-31 0000003499 alx:LexingtonAvenuePropertyMember 2025-12-31 0000003499 srt:OfficeBuildingMember alx:LexingtonAvenuePropertyMember 2025-12-31 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember 2025-12-31 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember alx:TenantOccupantMember alx:HomeDepotMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember alx:TenantOccupantMember alx:CostcoMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember alx:TenantOccupantMember alx:KohlsMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember alx:TenantOccupantMember alx:BurlingtonMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember alx:TenantOccupantMember alx:BestBuyMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember alx:TenantOccupantMember alx:MarshallsMember 2025-12-31 0000003499 alx:FlushingPropertyMember 2025-12-31 0000003499 alx:RegoPark1PropertyMember 2025-12-31 0000003499 alx:AlexanderApartmentTowerMember 2025-12-31 0000003499 alx:OrdinaryIncomeMember 2025-01-01 2025-12-31 0000003499 alx:LongTermCapitalGainMember 2025-01-01 2025-12-31 0000003499 alx:OrdinaryIncomeMember 2024-01-01 2024-12-31 0000003499 alx:OrdinaryIncomeMember 2023-01-01 2023-12-31 0000003499 alx:LongTermCapitalGainMember 2023-01-01 2023-12-31 0000003499 us-gaap:ParkingMember 2025-01-01 2025-12-31 0000003499 us-gaap:ParkingMember 2024-01-01 2024-12-31 0000003499 us-gaap:ParkingMember 2023-01-01 2023-12-31 0000003499 alx:DirectServicesMember 2025-01-01 2025-12-31 0000003499 alx:DirectServicesMember 2024-01-01 2024-12-31 0000003499 alx:DirectServicesMember 2023-01-01 2023-12-31 0000003499 alx:AlexandersInc.Member us-gaap:RelatedPartyMember alx:VornadoMember 2025-12-31 0000003499 alx:MrRothInterstateDavidMandelbaumAndRussellBWightJrMember alx:AlexandersInc.Member srt:DirectorMember 2025-12-31 0000003499 alx:MrRothInterstateDavidMandelbaumAndRussellBWightJrMember alx:AlexandersInc.Member srt:DirectorMember alx:VornadoMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember alx:PropertyManagementFeesMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0000003499 alx:OfficeAndRetailSpaceMember alx:LexingtonAvenuePropertyMember alx:PropertyManagementFeesMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0000003499 alx:CommonAreaMember alx:LexingtonAvenuePropertyMember alx:ManagementAndDevelopmentAgreementBaseManagementFeeMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0000003499 alx:CommonAreaMember alx:LexingtonAvenuePropertyMember alx:PropertyManagementFeesMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0000003499 alx:DevelopmentFeesMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0000003499 alx:LeasingFeesMember us-gaap:RelatedPartyMember 2025-01-01 2025-12-31 0000003499 alx:LeasingFeesMember us-gaap:RelatedPartyMember 2024-04-30 2024-04-30 0000003499 alx:CompanyManagementFeesMember 2025-01-01 2025-12-31 0000003499 alx:CompanyManagementFeesMember 2024-01-01 2024-12-31 0000003499 alx:CompanyManagementFeesMember 2023-01-01 2023-12-31 0000003499 alx:DevelopmentFeesMember 2025-01-01 2025-12-31 0000003499 alx:DevelopmentFeesMember 2024-01-01 2024-12-31 0000003499 alx:DevelopmentFeesMember 2023-01-01 2023-12-31 0000003499 alx:LeasingFeesMember 2025-01-01 2025-12-31 0000003499 alx:LeasingFeesMember 2024-01-01 2024-12-31 0000003499 alx:LeasingFeesMember 2023-01-01 2023-12-31 0000003499 alx:CommissionOnSaleOfRealEstateMember 2025-01-01 2025-12-31 0000003499 alx:CommissionOnSaleOfRealEstateMember 2024-01-01 2024-12-31 0000003499 alx:CommissionOnSaleOfRealEstateMember 2023-01-01 2023-12-31 0000003499 alx:PropertyManagementCleaningEngineeringParkingAndSecurityFeesMember 2025-01-01 2025-12-31 0000003499 alx:PropertyManagementCleaningEngineeringParkingAndSecurityFeesMember 2024-01-01 2024-12-31 0000003499 alx:PropertyManagementCleaningEngineeringParkingAndSecurityFeesMember 2023-01-01 2023-12-31 0000003499 alx:LeasingFeesMember us-gaap:RelatedPartyMember 2025-12-31 0000003499 alx:DevelopmentFeesMember us-gaap:RelatedPartyMember 2025-12-31 0000003499 alx:ManagementPropertyManagementCleaningEngineeringAndSecurityFeesMember us-gaap:RelatedPartyMember 2024-12-31 0000003499 alx:DevelopmentFeesMember us-gaap:RelatedPartyMember 2024-12-31 0000003499 alx:LeasingFeesMember us-gaap:RelatedPartyMember 2024-12-31 0000003499 alx:LeasingFeesMember us-gaap:RelatedPartyMember 2024-05-01 2024-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember us-gaap:MortgagesMember 2025-12-05 0000003499 alx:RegoParkIIShoppingCenterMortgageLoanMember us-gaap:MortgagesMember 2025-12-05 2025-12-05 0000003499 alx:RegoParkIIShoppingCenterMortgageLoanMember us-gaap:MortgagesMember 2025-12-31 0000003499 alx:RegoParkIIShoppingCenterMortgageLoanMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2025-12-04 0000003499 alx:RegoParkIIShoppingCenterMortgageLoanMember us-gaap:MortgagesMember 2025-12-04 2025-12-04 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2025-12-23 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2025-12-23 2025-12-23 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember alx:SeniorANoteLoanMember 2025-12-23 0000003499 srt:RetailSiteMember alx:SeniorANoteLoanMember 2025-12-23 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember alx:JuniorCNoteLoanMember 2025-12-23 0000003499 srt:RetailSiteMember alx:JuniorCNoteLoanMember 2025-12-23 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember alx:SeniorBNoteLoanMember alx:BNoteInterestRateForBalancesBelow65MillionMember 2025-12-23 0000003499 srt:RetailSiteMember srt:MinimumMember alx:LexingtonAvenuePropertyMember alx:SeniorBNoteLoanMember 2025-12-23 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember alx:SeniorANoteLoanMember alx:BNoteInterestRateForBalancesAbove65MillionMember 2025-12-23 0000003499 srt:OfficeBuildingMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2025-12-31 0000003499 srt:OfficeBuildingMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2024-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember us-gaap:MortgagesMember 2025-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember us-gaap:MortgagesMember 2024-12-31 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2025-12-31 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2024-12-31 0000003499 srt:RetailSiteMember alx:AlexanderApartmentTowerMember us-gaap:MortgagesMember 2025-12-31 0000003499 srt:RetailSiteMember alx:AlexanderApartmentTowerMember us-gaap:MortgagesMember 2024-12-31 0000003499 us-gaap:MortgagesMember 2025-12-31 0000003499 us-gaap:MortgagesMember 2024-12-31 0000003499 srt:RetailSiteMember alx:RegoPark2PropertyMember us-gaap:MortgagesMember 2025-01-01 2025-12-31 0000003499 srt:RetailSiteMember srt:MaximumMember alx:RegoPark2PropertyMember us-gaap:MortgagesMember 2025-01-01 2025-12-31 0000003499 srt:RetailSiteMember alx:LexingtonAvenuePropertyMember us-gaap:MortgagesMember 2025-01-01 2025-12-31 0000003499 us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0000003499 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0000003499 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0000003499 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0000003499 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000003499 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000003499 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000003499 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000003499 alx:A731LexingtonAvenueMortgageLoanRetailCondominiumMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0000003499 alx:A731LexingtonAvenueMortgageLoanRetailCondominiumMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0000003499 alx:RegoParkIIShoppingCenterMortgageLoanMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-31 0000003499 alx:RegoParkIIShoppingCenterMortgageLoanMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0000003499 us-gaap:FairValueInputsLevel1Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-31 0000003499 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-12-31 0000003499 us-gaap:FairValueInputsLevel1Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0000003499 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0000003499 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-31 0000003499 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-12-31 0000003499 us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0000003499 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0000003499 srt:MinimumMember 2025-12-31 0000003499 srt:MaximumMember 2025-12-31 0000003499 srt:MinimumMember alx:AlexanderApartmentTowerMember 2025-12-31 0000003499 srt:MaximumMember alx:AlexanderApartmentTowerMember 2025-12-31 0000003499 alx:BloombergMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0000003499 alx:BloombergMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0000003499 alx:BloombergMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-12-31 0000003499 alx:BloombergL.P.Member alx:A731LexingtonAvenuePropertyMember 2024-05-03 0000003499 alx:BloombergL.P.Member alx:A731LexingtonAvenuePropertyMember 2024-05-03 2024-05-03 0000003499 alx:ThirdPartyBrokerMember alx:BloombergL.P.Member alx:A731LexingtonAvenuePropertyMember 2024-05-03 2024-05-03 0000003499 alx:VornadoMember alx:BloombergL.P.Member alx:A731LexingtonAvenuePropertyMember 2024-05-03 2024-05-03 0000003499 alx:BloombergL.P.Member alx:A731LexingtonAvenuePropertyMember 2024-06-30 0000003499 alx:RegoPark1PropertyMember alx:IkeaMember 2022-12-03 0000003499 alx:RegoPark1PropertyMember alx:IkeaMember 2022-12-03 2022-12-03 0000003499 alx:RegoPark1PropertyMember alx:IkeaMember 2023-10-01 2024-03-31 0000003499 alx:FlushingPropertyMember 2022-01-31 0000003499 srt:DirectorMember alx:DeferredStockUnitsMember alx:A2016OmnibusStockPlanMember 2025-05-01 2025-05-31 0000003499 srt:DirectorMember alx:DeferredStockUnitsMember alx:A2016OmnibusStockPlanMember 2025-05-31 0000003499 srt:DirectorMember alx:DeferredStockUnitsMember alx:A2016OmnibusStockPlanMember 2025-12-31 0000003499 us-gaap:GeneralLiabilityMember 2025-01-01 2025-12-31 0000003499 alx:AllRiskPropertyAndRentalValueMember 2025-01-01 2025-12-31 0000003499 alx:TerrorismCoverageIncludingNbcrMember 2025-01-01 2025-12-31 0000003499 alx:NbcrMember alx:FiftyNinthStreetInsuranceCompanyLlcMember 2025-01-01 2025-12-31 0000003499 alx:NbcrMember alx:FiftyNinthStreetInsuranceCompanyLlcMember 2025-12-31 0000003499 alx:NbcrMember 2025-12-31 0000003499 us-gaap:PensionPlansDefinedBenefitMember 2025-01-01 2025-12-31 0000003499 us-gaap:PensionPlansDefinedBenefitMember 2024-01-01 2024-12-31 0000003499 us-gaap:PensionPlansDefinedBenefitMember 2023-01-01 2023-12-31 0000003499 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2025-01-01 2025-12-31 0000003499 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2024-01-01 2024-12-31 0000003499 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2023-01-01 2023-12-31 0000003499 alx:ReportableSegmentMember 2024-01-01 2024-12-31 0000003499 alx:ReportableSegmentMember 2023-01-01 2023-12-31 0000003499 2025-10-01 2025-12-31 0000003499 alx:RegoPark1PropertyMember 2025-01-01 2025-12-31 0000003499 srt:MinimumMember alx:RegoPark1PropertyMember 2025-12-31 0000003499 srt:MaximumMember alx:RegoPark1PropertyMember 2025-12-31 0000003499 alx:RegoPark2PropertyMember 2025-12-31 0000003499 alx:RegoPark2PropertyMember 2025-01-01 2025-12-31 0000003499 srt:MinimumMember alx:RegoPark2PropertyMember 2025-12-31 0000003499 srt:MaximumMember alx:RegoPark2PropertyMember 2025-12-31 0000003499 alx:AlexanderApartmentTowerMember 2025-01-01 2025-12-31 0000003499 alx:FlushingPropertyMember 2025-01-01 2025-12-31 0000003499 alx:LexingtonAvenuePropertyMember 2025-01-01 2025-12-31 0000003499 srt:MinimumMember alx:LexingtonAvenuePropertyMember 2025-12-31 0000003499 srt:MaximumMember alx:LexingtonAvenuePropertyMember 2025-12-31 0000003499 us-gaap:LandMember 2025-01-01 2025-12-31 0000003499 us-gaap:LandMember 2024-01-01 2024-12-31 0000003499 us-gaap:LandMember 2023-01-01 2023-12-31 0000003499 us-gaap:BuildingImprovementsMember 2025-01-01 2025-12-31 0000003499 us-gaap:BuildingImprovementsMember 2024-01-01 2024-12-31 0000003499 us-gaap:BuildingImprovementsMember 2023-01-01 2023-12-31 0000003499 us-gaap:ConstructionInProgressMember 2025-01-01 2025-12-31 0000003499 us-gaap:ConstructionInProgressMember 2024-01-01 2024-12-31 0000003499 us-gaap:ConstructionInProgressMember 2023-01-01 2023-12-31 iso4217:USD shares iso4217:USD shares alx:property utr:sqft alx:unit pure iso4217:USD utr:sqft alx:option alx:segment 2025-12-31 --12-31 0000003499 2025 FY false 0.3333

http://fasb.org/us-gaap/2025#OtherAssets

http://fasb.org/us-gaap/2025#OtherLiabilities

10-K true false 001-06064 ALEXANDERS INC DE 51-0100517 210 Route 4 East, Paramus, NJ 07652 (201) 587-8541 Common Stock, $1 par value per share ALX NYSE No No Yes Yes Accelerated Filer false false true false false 478956000 5107290 <div style="margin-bottom:9pt;text-align:justify">Part III: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 21, 2026.</div><div style="margin-bottom:9pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:18.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.780%"></td><td style="width:0.1%"></td></tr><tr style="height:5pt"><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div> <div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Our comprehensive risk management strategy for the assessment, identification and management of material risks stemming from cybersecurity threats is aligned with Vornado’s strategy as the Company’s manager, which involves a systematic evaluation of potential threats, vulnerabilities and their potential impacts on our organization’s operations, data and systems.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Our manager’s cybersecurity risk management program, which is subject to our oversight, is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational and financial risk areas. </div><div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">The cybersecurity risk management program includes:</div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt">•Risk assessments designed to help identify material cybersecurity risks to our critical systems, information and broader enterprise IT environment;</div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt">•A team principally responsible for managing our (i) cybersecurity risk assessment processes, (ii) security controls and (iii) response to cybersecurity incidents;</div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt">•The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of security controls;</div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt">•Cybersecurity awareness training for users and senior management, including through the use of third-party providers for regular mandatory trainings;</div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt">•A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and</div><div style="margin-bottom:6pt;padding-left:54pt;text-align:justify;text-indent:-18pt">•A risk management process for third-party service providers, suppliers and vendors, which includes a rigorous vetting process and ongoing monitoring mechanisms designed to ensure their compliance with cybersecurity standards.</div>As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business, results of operations or financial condition. Our manager’s cybersecurity risk management program, which is subject to our oversight, is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program, including legal, compliance, strategic, operational and financial risk areas. true true true false <div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees the implementation of the cybersecurity risk management program.</div>The Committee receives periodic reports from management on potential cybersecurity risks and threats and receives presentations on cybersecurity topics from Vornado and its Chief Information Officer. The Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on the cybersecurity risk management program as needed. <div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees the implementation of the cybersecurity risk management program.</div> <div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees the implementation of the cybersecurity risk management program.</div> The Committee receives periodic reports from management on potential cybersecurity risks and threats and receives presentations on cybersecurity topics from Vornado and its Chief Information Officer. The Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on the cybersecurity risk management program as needed. true <div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Management, along with Vornado, is responsible for assessing and managing our material risks from cybersecurity threats. Management and Vornado have primary responsibility for our overall cybersecurity risk management program and supervise both the internal cybersecurity personnel and external cybersecurity consultants. Vornado’s Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming. </div>The management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by Vornado; and alerts and reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our assessment and response upon the occurrence of a material cybersecurity incident, including the process for informing senior management and our Board of Directors. Vornado’s Chief Information Officer has many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information technology, including security, auditing, compliance, systems and programming. The management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by Vornado; and alerts and reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our assessment and response upon the occurrence of a material cybersecurity incident, including the process for informing senior management and our Board of Directors. true 34 DELOITTE & TOUCHE LLP New York, New York

32271000

1069350000

1046132000

2150000

6794000

1103771000

1085197000

473141000

443627000

630630000

641570000

128167000

338532000

64058000

55304000

4109000

5112000

109078000

111750000

20649000 22380000

152914000

163677000

21752000

25350000

1110708000

1341295000

829451000

988019000

134000

1159000

36538000

38743000

113618000

115118000

21811000

21397000

1001552000

1164436000

1.00

3000000

1.00

10000000

5173450

5107290

5173000

35159000

34765000

69201000

133402000

-9000

3887000

109524000

177227000

66160

368000

109156000

176859000

1110708000

1341295000

213183000

226374000

224962000

5965000

6581000

6480000

106376000

103240000

101210000

35061000

34782000

32898000

2440000

6555000

6519000

6341000

147992000

144541000

140449000

14657000

24429000

22245000

51624000

62818000

58297000

53952000

28224000

43444000

102413000

5.50

8.46

19.97

5135020

5132418

5129330

28224000

43444000

102413000

-3896000

-12314000

-9385000

24328000

31130000

93028000

5173000

33865000

172243000

25586000

-368000

236499000

102413000

18.00

92320000

-9385000

450000

5173000

34315000

182336000

16201000

-368000

237657000

43444000

18.00

92378000

-12314000

450000

5173000

34765000

133402000

3887000

-368000

176859000

28224000

18.00

92425000

-3896000

394000

5173000

35159000

69201000

-9000

-368000

109156000

28224000

43444000

102413000

38145000

37897000

34467000

7364000 4897000 138000

53952000

-2672000

-13116000

-2631000

394000

450000

600000 6483000 7770000

-1552000

4403000

1559000

-1003000

-165000

572000

2860000

149445000

-14141000

-713000

98000

-60000

-1417000

-13695000

3263000

-1500000 115118000 0

-20000

-19000

73444000

54106000

109111000

20787000 19785000 4681000

6563000

5049000

264881000

67821000

11258000

-20787000

-13222000

321812000

92425000

92378000

92320000

1799000

7647000

104000

335044000

500000000

175000000

400000000

-254268000

-200025000

-92424000

-201611000

-159141000

338499000

393836000

552977000

214478000

192225000

393836000

552977000

338532000

531855000

194933000

55304000

21122000

19545000

393836000

552977000

214478000

128167000

338532000

531855000

64058000

55304000

21122000

192225000

393836000

552977000

48192000

59685000

53975000

1113000 2242000 8097000 34000 346000 1903000 3003000 1969000

ORGANIZATION<div style="text-align:justify;text-indent:13.5pt">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).</div><div style="text-align:justify;text-indent:13.5pt"> </div><div style="text-align:justify;text-indent:13.5pt">We have five properties in New York City consisting of:</div><div style="text-align:justify"> </div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 952,000 and 128,000 of rentable square feet of office and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025;</div><div style="text-align:justify"> </div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Rego Park II, a 606,000 square foot shopping center, is located on Junction Boulevard in Queens. The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s. The center also includes a 60,000 square foot Burlington, a 47,000 square foot Best Buy, and a 40,000 square foot Marshalls. Kohl’s’ store is currently closed but the tenant remains obligated under its lease which expires in January 2031; </div><div style="text-align:justify"> </div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subleased to New World Mall LLC. The property is ground leased through January 2037; </div><div style="text-align:justify"> </div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•Rego Park I, a 338,000 square foot shopping center, is located adjacent to our Rego Park II shopping center. The property is now vacant since the relocation of Burlington and Marshalls to Rego Park II in 2025. We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer; and</div><div style="text-align:justify"> </div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt">•The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet.</div>

1080000

952000

128000

83000

606000

145000

133000

60000

47000

40000

167000

338000

312

255000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<div style="text-align:justify;text-indent:18pt">Basis of Presentation – The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to the current period presentation.</div><div style="text-align:justify;text-indent:13.5pt"> </div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt">Recently Issued Accounting Literature </div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify;text-indent:18pt">In December 2023, the Financial Accounting Standards Board (the “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 adopted this update effective December 15, 2025. The adoption of ASU 2023-09 did not have a material impact on our disclosures.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt">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. </div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify;text-indent:18pt">Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2025 and 2024, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $630,630,000 and $641,570,000, respectively. Maintenance and repairs are generally expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred.</div><div style="margin-bottom:6pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset, including an estimated terminal value calculated using an appropriate capitalization rate. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. </div><div style="margin-bottom:6pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">Revenue Recognition – Rental revenues include revenues from the leasing of space at our properties to tenants, tenant services and parking garage revenues. We have the following revenue recognition policies: </div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:31.5pt;padding-right:2.25pt;text-align:justify;text-indent:-13.5pt">•Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”).</div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:67.5pt;text-align:justify;text-indent:-13.5pt">◦Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. </div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:67.5pt;text-align:justify;text-indent:-13.5pt">◦Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred.</div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:31.5pt;text-align:justify;text-indent:-13.5pt">•Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606").</div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:31.5pt;text-align:justify;text-indent:-13.5pt">•Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) money market funds, which invest in U.S. Treasury bills. To date we have not experienced any losses on our invested cash. </div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Restricted Cash – Restricted cash primarily consists of cash escrowed under loan and interest rate derivative agreements, including for debt service, real estate taxes, property insurance, leasing costs and capital improvements, and security deposits. </div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Deferred Charges – Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest and debt expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the terms of the related leases.</div><div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2025 were characterized, for federal income tax purposes, as 48.3% ordinary income and 51.7% of long-term capital gain income. Dividends distributed for the year ended December 31, 2024 were characterized, for federal income tax purposes, as 100.0% ordinary income. Dividends distributed for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 41.5% ordinary income and 58.5% of long-term capital gain income. </div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">The estimated taxable income attributable to our common stockholders (unaudited) for the years ended December 31, 2025, 2024 and 2023 was approximately $88,726,000, $65,493,000, and $98,555,000 respectively. The book to tax differences between net income and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gains or losses from the sale of real estate and other capital transactions, straight-line rent adjustments, the change in fair value of marketable securities and income from discontinued operations.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">As of December 31, 2025, the net basis of our assets and liabilities for tax reporting purposes was approximately $125,793,000 lower than the amount reported for financial statement purposes.</div>

The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

<div style="margin-bottom:6pt;margin-top:3pt;text-align:justify;text-indent:18pt">In December 2023, the Financial Accounting Standards Board (the “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 adopted this update effective December 15, 2025. The adoption of ASU 2023-09 did not have a material impact on our disclosures.</div>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.

Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2025 and 2024, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $630,630,000 and $641,570,000, respectively. Maintenance and repairs are generally expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred.Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset, including an estimated terminal value calculated using an appropriate capitalization rate. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.

630630000

641570000

Rental revenues include revenues from the leasing of space at our properties to tenants, tenant services and parking garage revenues. We have the following revenue recognition policies: <div style="margin-bottom:6pt;margin-top:9pt;padding-left:31.5pt;padding-right:2.25pt;text-align:justify;text-indent:-13.5pt">•Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”).</div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:67.5pt;text-align:justify;text-indent:-13.5pt">◦Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. </div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:67.5pt;text-align:justify;text-indent:-13.5pt">◦Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred.</div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:31.5pt;text-align:justify;text-indent:-13.5pt">•Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606").</div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:31.5pt;text-align:justify;text-indent:-13.5pt">•Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received.</div>

Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit and (ii) money market funds, which invest in U.S. Treasury bills. To date we have not experienced any losses on our invested cash.

Restricted cash primarily consists of cash escrowed under loan and interest rate derivative agreements, including for debt service, real estate taxes, property insurance, leasing costs and capital improvements, and security deposits.

Direct financing costs are deferred and amortized on a straight-line basis, which approximates the effective interest rate method, over the terms of the related agreements as a component of interest and debt expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the terms of the related leases.

We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2025 were characterized, for federal income tax purposes, as 48.3% ordinary income and 51.7% of long-term capital gain income. Dividends distributed for the year ended December 31, 2024 were characterized, for federal income tax purposes, as 100.0% ordinary income. Dividends distributed for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 41.5% ordinary income and 58.5% of long-term capital gain income.

1 0.483 0.517 1.000 0.415 0.585 88726000 65493000 98555000 125793000

REVENUE RECOGNITION<div style="margin-top:9pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">The following is a summary of revenue sources for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:12pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:59.750%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.216%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.216%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.219%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Lease revenues</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">204,181 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">217,656 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">216,468 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Parking revenue</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,941 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,751 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,456 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Tenant services</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,061 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,967 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,038 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Rental revenues</td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">213,183 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">226,374 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">224,962 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">The components of lease revenues for the years ended December 31, 2025, 2024 and 2023 are as follows:</div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.807%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.201%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Fixed lease revenues</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">136,521 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">147,903 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">147,569 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Variable lease revenues</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">67,660 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">69,753 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">68,899 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom">Lease revenues</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">204,181 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">217,656 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">216,468 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-top:9pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">The following is a summary of revenue sources for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:12pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:59.750%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.216%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.216%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.219%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Lease revenues</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">204,181 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">217,656 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">216,468 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Parking revenue</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,941 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,751 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,456 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Tenant services</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,061 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,967 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">4,038 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Rental revenues</td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">213,183 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">226,374 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">224,962 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

204181000

217656000

216468000

4941000

4751000

4456000

4061000

3967000

4038000

213183000

226374000

224962000

<div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">The components of lease revenues for the years ended December 31, 2025, 2024 and 2023 are as follows:</div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.807%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.201%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Fixed lease revenues</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">136,521 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">147,903 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">147,569 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">Variable lease revenues</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">67,660 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">69,753 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">68,899 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom">Lease revenues</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">204,181 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">217,656 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">216,468 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

136521000

147903000

147569000

67660000

69753000

68899000

204181000

217656000

216468000

<div style="margin-bottom:6pt;text-align:justify">4. RELATED PARTY TRANSACTIONS </div><div style="margin-bottom:6pt;text-align:justify">Vornado</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">As of December 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.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2025, Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Management and Development Agreements</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">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.</div><div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify">Leasing and Other Agreements </div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">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.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">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. </div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">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.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">The following is a summary of fees earned by Vornado under the various agreements discussed above.</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.222%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.640%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Company management fees</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">2,800 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">2,800 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">2,800 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Development fees</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">842 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">472 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Leasing fees</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">697 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,084 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,213 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Commission on sale of real estate</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">711 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Property management, cleaning, engineering, parking and security fees</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,438 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,053 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,005 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">9,777 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">15,409 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">10,729 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">As of December 31, 2025, the amounts due to Vornado were $100,000 for leasing fees and $34,000 for development 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.</div>

0.324

0.260

0.023

2800000

0.02

0.50

387000

0.03 0.06 0.03 0.02 0.01 0.01 0.03 50000000 0.01 50000000

<div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">The following is a summary of fees earned by Vornado under the various agreements discussed above.</div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.222%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.640%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Company management fees</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">2,800 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">2,800 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">2,800 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Development fees</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">842 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">472 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Leasing fees</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">697 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,084 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,213 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Commission on sale of real estate</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">711 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Property management, cleaning, engineering, parking and security fees</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,438 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,053 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">6,005 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">9,777 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">15,409 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">10,729 </td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

2800000

842000

472000

697000

6084000

1213000

711000

5438000

6053000

6005000

9777000

15409000

10729000

100000

34000

642000

346000

171000

MORTGAGES PAYABLE<div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">On December 5, 2025, we completed a $175,000,000 refinancing of the mortgage loan on our Rego Park II shopping center. The interest-only loan is at SOFR plus 2.00% (5.72% as of December 31, 2025) and matures on December 5, 2030. We paid down by $23,544,000 the previous $198,544,000 loan that bore interest at SOFR plus 1.45% and was scheduled to mature on December 12, 2025.</div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">On December 23, 2025, we entered into an agreement to restructure the $300,000,000 mortgage loan on the retail condominium portion of 731 Lexington Avenue, which previously bore interest at SOFR plus 1.51%. The restructured loan was split into (i) a $132,500,000 senior A-Note that was purchased by a wholly owned subsidiary of Alexander’s, which bears interest at a fixed rate of 7.00% and (ii) a $167,500,000 junior C-Note held by the lenders of the original loan, which accrues PIK interest at 4.55%. In addition, Alexander’s has the right to fund operating shortfalls, interest on the A-Note and capital for re-leasing at the property through a B-Note, which will be junior to the A-Note and senior to the C-Note. The B-Note bears interest at a fixed rate of 13.50%, except for loan amounts above $65,000,000 used to pay interest on the A-Note, which will bear interest at a fixed rate of 7.00%. The restructured loan matures in December 2035.</div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">All future net sales or refinancing proceeds will be distributed through the payment waterfall per the terms of the restructured loan agreement. If such proceeds (or appraised value in such refinancing) are insufficient to cover the C-Note loan balance, any outstanding C-Note indebtedness that remains unpaid shall be forgiven. </div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">The loan restructuring qualifies as a troubled debt restructuring under GAAP. As such, we expensed $607,000 of direct costs incurred in connection with the loan restructuring which is included in “Interest and debt expense” on the consolidated statements of income for the year ended December 31, 2025. Since the debt balances related to the A-Note and B-Note are eliminated in consolidation, the balance presented as mortgages payable for this loan on our consolidated balance sheet as of December 31, 2025 is $167,691,000, which is comprised of the principal balance of the C-Note and the PIK interest due upon maturity. </div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:2.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.135%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.694%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.123%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.929%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.829%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.105%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.123%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.257%"></td><td style="width:0.1%"></td></tr><tr style="height:17pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Interest Rate at December 31, 2025</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Balance as of December 31,</td></tr><tr style="height:12pt"><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Maturity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr><tr><td colspan="9" style="background-color:#cbfffd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">731 Lexington Avenue, office condominium</td><td colspan="3" style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Oct. 09, 2028</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">5.04%</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt">Rego Park II shopping center(1)(2)</div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Dec. 05, 2030</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">5.72%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">175,000 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">202,544 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt">731 Lexington Avenue, retail condominium(3)</div></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom">Dec. 23, 2035</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom">4.55%</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">167,691 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">300,000 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">The Alexander apartment tower</td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Nov. 01, 2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2.63%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">94,000 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">94,000 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#cbfffd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">836,691 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">996,544 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="9" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:4.5pt;text-indent:-4.5pt">Deferred debt issuance costs, net of accumulated amortization of $5,263 and $7,381, respectively</div></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" rowspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(7,240)</td><td rowspan="2" style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" rowspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,525)</td><td rowspan="2" style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:8pt"><td colspan="30" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">829,451 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">988,019 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="24" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">(1)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify">Interest rate listed represents the rate in effect as of December 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.</div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">(2)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify">Interest at SOFR plus 2.00% (SOFR is capped at a rate of 4.50% through December 2026). </div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">(3)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="24" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:6pt;text-align:justify">Includes PIK interest of $191 as of December 31, 2025.</div></td></tr></table></div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">The net carrying value of real estate collateralizing the debt amounted to $578,973,000 as of December 31, 2025. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. As of December 31, 2025, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:</div><div style="margin-top:6pt;text-align:center;text-indent:13.5pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.526%"><tr><td style="width:1.0%"></td><td style="width:84.882%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.654%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.064%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Amount</td></tr><tr><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">94,000 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">175,000 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">167,691 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

175000000

0.0200

0.0572

23544000

198544000

0.0145

300000000

0.0151

132500000

0.0700

167500000

0.0455

0.1350

65000000

0.0700

607000

167691000

<div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.</div><div> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:2.870%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.135%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.694%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.123%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.929%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.829%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.105%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.123%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.257%"></td><td style="width:0.1%"></td></tr><tr style="height:17pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Interest Rate at December 31, 2025</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Balance as of December 31,</td></tr><tr style="height:12pt"><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Maturity</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td></tr><tr><td colspan="9" style="background-color:#cbfffd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">731 Lexington Avenue, office condominium</td><td colspan="3" style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Oct. 09, 2028</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">5.04%</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt">Rego Park II shopping center(1)(2)</div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Dec. 05, 2030</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">5.72%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">175,000 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">202,544 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt">731 Lexington Avenue, retail condominium(3)</div></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom">Dec. 23, 2035</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom">4.55%</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">167,691 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">300,000 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">The Alexander apartment tower</td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">Nov. 01, 2027</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2.63%</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">94,000 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">94,000 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="9" style="background-color:#cbfffd;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Total</td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">836,691 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">996,544 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="9" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:4.5pt;text-indent:-4.5pt">Deferred debt issuance costs, net of accumulated amortization of $5,263 and $7,381, respectively</div></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" rowspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(7,240)</td><td rowspan="2" style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" rowspan="2" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" rowspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,525)</td><td rowspan="2" style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:8pt"><td colspan="30" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:center;vertical-align:bottom"> </td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">829,451 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">988,019 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="24" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">(1)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify">Interest rate listed represents the rate in effect as of December 31, 2025 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.</div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">(2)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify">Interest at SOFR plus 2.00% (SOFR is capped at a rate of 4.50% through December 2026). </div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">(3)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="24" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:6pt;text-align:justify">Includes PIK interest of $191 as of December 31, 2025.</div></td></tr></table></div>

0.0504

400000000 400000000

0.0572

175000000 202544000

0.0455

167691000 300000000

0.0263

94000000 94000000 836691000 996544000

5263000

7381000

7240000

8525000

829451000

988019000

0.0200

0.0450

191000

578973000

As of December 31, 2025, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:<div style="margin-top:6pt;text-align:center;text-indent:13.5pt"> <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.526%"><tr><td style="width:1.0%"></td><td style="width:84.882%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.654%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.064%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Year Ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Amount</td></tr><tr><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">94,000 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">400,000 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">175,000 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">167,691 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

94000000

400000000

175000000

167691000

FAIR VALUE MEASUREMENTS<div style="text-align:justify;text-indent:13.5pt">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. </div><div> </div><div style="margin-bottom:6pt;text-align:justify">Financial Assets and Liabilities Measured at Fair Value</div><div style="text-align:justify;text-indent:13.5pt"> Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2025. </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.684%"><tr><td style="width:0.1%"></td><td style="width:2.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:41.714%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.677%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.610%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Total</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 3</td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Interest rate cap (included in other assets)</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:8pt;text-align:justify;text-indent:13.5pt">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.</div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.976%"><tr><td style="width:0.1%"></td><td style="width:2.606%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:43.951%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.149%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.538%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.538%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.538%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2024</div></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Total</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 3</td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Interest rate derivatives (included in other assets)</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,487 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">4,487 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:11pt;text-align:justify">Interest Rate Derivatives</div><div style="text-align:justify;text-indent:13.5pt">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 December 31, 2025 and 2024, respectively.</div><div style="margin-bottom:6pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:0.1%"></td><td style="width:2.285%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.613%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.119%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="9" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Fair Value as of December 31,</td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="15" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Notional Amount</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Swapped Rate</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Expiration Date</td></tr><tr><td colspan="9" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Interest rate swap related to:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">731 Lexington Avenue mortgage loan, retail condominium</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">4,117 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">N/A</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">N/A</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">N/A</td></tr><tr><td colspan="9" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Interest rate caps related to:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Rego Park II shopping center mortgage loan</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">370 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">175,000 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">(1)</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">12/26</td></tr><tr><td colspan="9" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Included in other assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,487 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">(1)</td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify">SOFR cap strike rate of 4.50%.</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:5pt;text-align:justify">6. FAIR VALUE MEASUREMENTS - continued</div><div style="margin-bottom:6pt;margin-top:5pt;text-align:justify">Financial Assets and Liabilities not Measured at Fair Value</div><div style="text-align:justify;text-indent:13.5pt">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 December 31, 2025 and 2024.</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.999%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2024</div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Carrying Amount</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Fair Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Carrying Amount</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Fair Value</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Assets:</td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Cash equivalents</td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">94,978 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">94,978 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">61,889 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">61,889 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Liabilities:</td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Mortgages payable (excluding deferred debt issuance costs, net)</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">836,691 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">783,004 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">996,544 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">967,941 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

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 measured at fair value on our consolidated balance sheet as of December 31, 2025 consist of an interest rate cap, which is presented in the table below based on its level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2025. <div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.684%"><tr><td style="width:0.1%"></td><td style="width:2.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:41.714%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.677%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.603%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.540%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.610%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Total</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 3</td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Interest rate cap (included in other assets)</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:8pt;text-align:justify;text-indent:13.5pt">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.</div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.976%"><tr><td style="width:0.1%"></td><td style="width:2.606%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:43.951%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.149%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.538%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.538%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.569%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.538%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.573%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2024</div></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Total</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 1</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 2</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Level 3</td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Interest rate derivatives (included in other assets)</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,487 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">4,487 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>

3000

4487000

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 December 31, 2025 and 2024, respectively.<div style="margin-bottom:6pt;margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:0.1%"></td><td style="width:2.285%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.613%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.119%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="9" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Fair Value as of December 31,</td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="15" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Notional Amount</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Swapped Rate</td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Expiration Date</td></tr><tr><td colspan="9" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Interest rate swap related to:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">731 Lexington Avenue mortgage loan, retail condominium</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">4,117 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">N/A</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">N/A</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">N/A</td></tr><tr><td colspan="9" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Interest rate caps related to:</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Rego Park II shopping center mortgage loan</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">370 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">175,000 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">(1)</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">12/26</td></tr><tr><td colspan="9" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Included in other assets</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">3 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">4,487 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">(1)</td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify">SOFR cap strike rate of 4.50%.</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="33" style="padding:0 1pt"></td></tr></table></div>

4117000

3000

370000

175000000

3000

4487000

0.0450

The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2025 and 2024.<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.999%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2024</div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Carrying Amount</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">Fair Value</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Carrying Amount</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Fair Value</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Assets:</td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Cash equivalents</td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">94,978 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">94,978 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">61,889 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">61,889 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Liabilities:</td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom">Mortgages payable (excluding deferred debt issuance costs, net)</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">836,691 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">783,004 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">996,544 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 0;text-align:right;vertical-align:bottom">967,941 </td><td style="background-color:#ccffff;border-bottom:3pt double #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

94978000

61889000

836691000

783004000

996544000

967941000

LEASES<div style="margin-bottom:6pt;margin-top:6pt">As Lessor</div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt">We lease space to tenants under operating leases in an office building and in retail centers. The rental terms range from approximately 5 to 25 years. The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. We also lease residential space at The Alexander apartment tower which generally have a 1 or 2 year lease terms.</div><div style="text-align:justify;text-indent:13.5pt"> </div><div style="text-align:justify;text-indent:13.5pt">Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:</div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.309%"><tr><td style="width:1.0%"></td><td style="width:68.349%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.563%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">For the year ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;padding:2px 0;text-align:right;vertical-align:bottom">136,291 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">129,760 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">137,236 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">52,793 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">126,724 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,065,582 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table> </div><div style="margin-top:6pt;text-indent:13.5pt">These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales.</div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:13.5pt">Bloomberg accounted for revenue of $129,317,000, $125,349,000 and $120,351,000 in the years ended December 31, 2025, 2024 and 2023, respectively, representing approximately 61%, 55% and 54% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental revenues. 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.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">In May 2024, Alexander’s and Bloomberg entered into an agreement to extend the leases covering approximately 947,000 square feet at our 731 Lexington Avenue property that were scheduled to expire in February 2029 for a term of eleven years to February 2040. 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. </div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">In connection with the lease extension, Bloomberg is entitled to a $113,618,000 tenant fund which is accounted for as a lease incentive under GAAP. Accordingly, during the second quarter of 2024, we recorded a deferred lease incentive asset of $113,618,000, which is amortized as a reduction to rental revenues over the remaining term of the lease, and a corresponding liability. These amounts are included in “Deferred leasing costs, net” and “Lease incentive liabilities,” on our consolidated balance sheet as of December 31, 2025.</div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify">7. LEASES - continued</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">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. In 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.</div><div style="margin-bottom:6pt;text-align:justify">As Lessee</div><div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2037. In January 2022, New World Mall LLC, the subtenant at the property, exercised its one remaining ten-year extension option through January 2037. As a result of the subtenant exercising its extension option, we were required by GAAP to remeasure our ground lease liability based upon an estimate of lease payments to be made during the ten-year extension period of our ground lease resulting in an incremental right-of-use asset and lease liability of approximately $16,000,000. The discount rate applied in the remeasurement of the lease liability was based on the incremental borrowing rate (“IBR”) of 5.86% at the time of the remeasurement. We considered the general economic environment and factored in various Company specific adjustments to arrive at the IBR. As of December 31, 2025, the remaining right-of-use asset of $15,644,000 and lease liability of $21,295,000, are included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet. </div><div style="text-align:justify;text-indent:13.5pt">Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:</div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.771%"><tr><td style="width:1.0%"></td><td style="width:68.882%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.672%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.046%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">As of December 31, 2025</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">For the year ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;padding:2px 0;text-align:right;vertical-align:bottom">800 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,707 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,880 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,880 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,880 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">17,520 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom">Total undiscounted cash flows</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">29,667 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Present value discount</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,372)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Lease liability as of December 31, 2025</div></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">21,295 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>We recognize rent expense as a component of “operating” expenses on our consolidated statements of income on a straight-line basis. Rent expense was $2,161,000 in each of the years ended December 31, 2025, 2024 and 2023, respectively. Cash paid for rent expense was $800,000 in each of the years ended December 31, 2025, 2024 and 2023, respectively.

P5Y

P25Y

P1Y

P2Y

<div style="text-align:justify;text-indent:13.5pt">Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:</div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:82.309%"><tr><td style="width:1.0%"></td><td style="width:68.349%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.563%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">As of December 31, 2025</div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">For the year ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;padding:2px 0;text-align:right;vertical-align:bottom">136,291 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">129,760 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">137,236 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">52,793 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">126,724 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,065,582 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table>

136291000

129760000

137236000

52793000

126724000

1065582000

129317000

125349000

120351000

0.61

0.55

0.54

947000

P11Y

32000000

26500000

5500000

113618000

112000

10000000 10000000 1

P10Y

16000000

0.0586

15644000

21295000

<div style="text-align:justify;text-indent:13.5pt">Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:</div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.771%"><tr><td style="width:1.0%"></td><td style="width:68.882%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.672%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.046%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">As of December 31, 2025</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">For the year ending December 31,</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2026</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;padding:2px 0;text-align:right;vertical-align:bottom">800 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2027</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,707 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2028</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,880 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2029</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,880 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom">2030</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,880 </td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Thereafter</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">17,520 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom">Total undiscounted cash flows</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">29,667 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Present value discount</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,372)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Lease liability as of December 31, 2025</div></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">21,295 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

800000

2707000

2880000

17520000

29667000

8372000

21295000

2161000

800000

STOCK-BASED COMPENSATION<div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado.</div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:13.5pt">In May 2025, we granted each of the members of our Board of Directors 346 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $394,000 in the aggregate, in accordance with ASC 718. The DSUs entitle the holders to receive shares of the Company’s common stock without the payment of any consideration. The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors or until a later date selected by the grantee. As of December 31, 2025, there were 28,666 DSUs outstanding and 477,121 shares were available for future grant under the Plan.</div>

<div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado.</div>

346 75000 56250 394000

28666

477121

COMMITMENTS AND CONTINGENCIES<div style="margin-bottom:6pt">Insurance</div><div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, which includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.</div><div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a deductible of $348,000 and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.</div><div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">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.</div><div style="margin-bottom:3pt;text-align:justify;text-indent:13.5pt">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.</div><div style="margin-bottom:6pt;text-align:justify;text-indent:4.5pt">Other</div>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.

300000000 300000000 1700000000 1700000000 1700000000 348000 0.20 0.80

MULTIEMPLOYER BENEFIT PLANS<div style="margin-bottom:6pt;text-align:justify;text-indent:13.5pt">Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements.</div><div style="margin-bottom:6pt;text-align:justify">Multiemployer Pension Plans</div><div style="text-align:justify;text-indent:13.5pt">Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our subsidiaries may be required to bear their pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2025, our subsidiaries’ participation in these plans were not significant to our consolidated financial statements.</div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"> In the years ended December 31, 2025, 2024 and 2023 our subsidiaries contributed $276,000, $267,000 and $215,000, respectively, towards Multiemployer Pension Plans. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-top:6pt;text-align:justify">Multiemployer Health Plans</div><div style="margin-top:6pt;text-align:justify;text-indent:13.5pt"> Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2025, 2024 and 2023 our subsidiaries contributed $1,213,000, $1,085,000 and $1,005,000, respectively, towards these plans.</div>

276000

267000

215000

1213000

1085000

1005000

EARNINGS PER SHARE<div style="text-align:justify;text-indent:13.5pt">The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and 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 DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) 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 years ended December 31, 2025, 2024 and 2023.</div><div> </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.222%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.640%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands, except share and per share amounts)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Net income</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">28,224 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">43,444 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">102,413 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Weighted average shares outstanding – basic and diluted</td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,135,020 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,132,418 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,129,330 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Net income per common share – basic and diluted</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">5.50 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">8.46 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">19.97 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="text-align:justify;text-indent:13.5pt">The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and 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 DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) 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 years ended December 31, 2025, 2024 and 2023.</div><div> </div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.222%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.640%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands, except share and per share amounts)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Net income</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">28,224 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">43,444 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">102,413 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Weighted average shares outstanding – basic and diluted</td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,135,020 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,132,418 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">5,129,330 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Net income per common share – basic and diluted</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">5.50 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">8.46 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 0;text-align:right;vertical-align:bottom">19.97 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

28224000

43444000

102413000

5135020

5132418

5129330

5.50

8.46

19.97

SEGMENT INFORMATION<div style="text-align:justify;text-indent:13.5pt">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 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.</div><div style="margin-bottom:9pt;margin-top:6pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">Below is a summary of financial information for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:9pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:1.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top">Rental revenues</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">213,183 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">226,374 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">224,962 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Real estate tax expense</td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(61,665)</td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(59,256)</td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(57,722)</td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt">Other segment expenses (1)</div></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(44,711)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(43,984)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(43,488)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Total operating expenses</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(106,376)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(103,240)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(101,210)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">NOI</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">106,807 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">123,134 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">123,752 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top">(1) </td><td colspan="21" style="padding:2px 1pt;text-align:justify;vertical-align:bottom">Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.</td></tr></table></div><div style="margin-bottom:9pt;margin-top:6pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">Below is a reconciliation of NOI to net income for the years ended December 31, 2025, 2024 and 2023.</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:1.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">NOI</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">106,807 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">123,134 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">123,752 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Net gain on sale of real estate</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">53,952 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Interest and debt expense</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(51,624)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(62,818)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(58,297)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Interest and other income</td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">14,657 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">24,429 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">22,245 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">General and administrative</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(6,555)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(6,519)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(6,341)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Depreciation and amortization</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(35,061)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(34,782)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(32,898)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Net income</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">28,224 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">43,444 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">102,413 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

<div style="margin-bottom:9pt;margin-top:6pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">Below is a summary of financial information for the years ended December 31, 2025, 2024 and 2023.</div><div style="margin-bottom:9pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:1.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top">Rental revenues</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">213,183 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">226,374 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">224,962 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Real estate tax expense</td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(61,665)</td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(59,256)</td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(57,722)</td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt">Other segment expenses (1)</div></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(44,711)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(43,984)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(43,488)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="6" style="background-color:#ffffff;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Total operating expenses</td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(106,376)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(103,240)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(101,210)</td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="3" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">NOI</td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">106,807 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">123,134 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">123,752 </td><td style="background-color:#cbfffd;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:top">(1) </td><td colspan="21" style="padding:2px 1pt;text-align:justify;vertical-align:bottom">Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities.</td></tr></table></div><div style="margin-bottom:9pt;margin-top:6pt;padding-left:2.25pt;text-align:justify;text-indent:13.5pt">Below is a reconciliation of NOI to net income for the years ended December 31, 2025, 2024 and 2023.</div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:1.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year Ended December 31,</td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(Amounts in thousands)</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">NOI</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">106,807 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">123,134 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">123,752 </td><td style="background-color:#cbfffd;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Net gain on sale of real estate</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">53,952 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Interest and debt expense</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(51,624)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(62,818)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(58,297)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Interest and other income</td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">14,657 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">24,429 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">22,245 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">General and administrative</td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(6,555)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(6,519)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="2" style="background-color:#cbfffd;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(6,341)</td><td style="background-color:#cbfffd;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Depreciation and amortization</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(35,061)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(34,782)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(32,898)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td colspan="6" style="background-color:#cbfffd;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom">Net income</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">28,224 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">43,444 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cbfffd;padding:0 1pt"></td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">102,413 </td><td style="background-color:#cbfffd;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>

213183000

226374000

224962000

61665000

59256000

57722000

44711000

43984000

43488000

106376000

103240000

101210000

106807000

123134000

123752000

106807000

123134000

123752000

0 0 53952000

51624000

62818000

58297000

14657000

24429000

22245000

6555000

6519000

6341000

35061000

34782000

32898000

28224000

43444000

102413000

false false false false true <div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.887%"><tr><td style="width:1.0%"></td><td style="width:15.491%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.236%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.590%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.204%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.784%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.784%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.753%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.784%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.784%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.881%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.784%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.881%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.107%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.797%"></td><td style="width:0.1%"></td></tr><tr><td colspan="72" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">ALEXANDER’S, INC. AND SUBSIDIARIES</td></tr><tr><td colspan="72" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">SCHEDULE III</td></tr><tr><td colspan="72" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">REAL ESTATE AND ACCUMULATED DEPRECIATION</td></tr><tr style="height:9pt"><td colspan="72" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="72" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31, 2025</td></tr><tr><td colspan="72" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">(Amounts in thousands)</td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN A</td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN B</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN C</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN D</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN E</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN F</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN G</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN H</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">COLUMN I</td></tr><tr style="height:11pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Gross Amount at Which</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="5" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Life on which Depreciation in Latest Income Statement is Computed</td></tr><tr style="height:11pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Initial Cost to Company(1)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="4" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Costs Capitalized Subsequent to Acquisition</td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Carried at Close of Period</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="4" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Accumulated Depreciation and Amortization</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Buildings and Leasehold Improvements</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Buildings and Leasehold Improvements</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">Development and Construction In Progress</td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Date of Construction</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Date</div><div style="text-align:center">Acquired(1)</div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">Description</td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Encumbrances(2)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Land</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Land</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Total(3)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Rego Park I</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">1,647 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">8,953 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">92,735 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">1,647 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">99,538 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">2,150 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">103,335 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">51,777 </td><td style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">1959</td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">1992</td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">3-39 years</div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Rego Park II</td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">175,000 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,127 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,467 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">420,795 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,127 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">422,262 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">425,389 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">159,224 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2009</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">1992</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">3-40 years</div></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">The Alexander apartment tower</td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">94,000 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">115,501 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">115,501 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">115,501 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">33,557 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2016</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">1992</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">3-39 years</div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Flushing</td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,660 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(107)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,553 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,553 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,454 </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">1975(4)</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">1992</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">N/A</td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Lexington Avenue</td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">567,691 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">14,432 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">12,355 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">431,206 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">27,497 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">430,496 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">457,993 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">227,129 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">2003</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:center;vertical-align:bottom">1992</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">9-39 years</div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">TOTAL</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">836,691 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">19,206 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">24,435 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">1,060,130 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">32,271 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">1,069,350 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">2,150 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">1,103,771 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">473,141 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"> </td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="69" style="padding:0 1pt"></td></tr><tr><td colspan="72" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(1) Initial cost is as of May 15, 1992 (the date on which the Company commenced its real estate operations).</td></tr><tr><td colspan="72" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>(2) Excludes deferred debt issuance costs, net of $7,240.</div></td></tr><tr><td colspan="72" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>(3) The net basis of the Company’s assets and liabilities for tax purposes is approximately $125,793 lower than the amount reported for financial statement purposes.</div></td></tr><tr><td colspan="72" style="padding:2px 1pt;text-align:left;vertical-align:bottom">(4) Represents the date the lease was acquired.</td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:61.014%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.794%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.794%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.796%"></td><td style="width:0.1%"></td></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom">ALEXANDER’S, INC. AND SUBSIDIARIES</td></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom">SCHEDULE III</td></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom">REAL ESTATE AND ACCUMULATED DEPRECIATION</td></tr><tr><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom">(Amounts in thousands)</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom">December 31,</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">REAL ESTATE:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">1,085,197 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">1,066,620 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">1,084,598 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Additions during the period:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom">Land</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom">Buildings and leasehold improvements</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,629 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">8,242 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">2,959 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom">Development and construction in progress</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">17,058 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">12,577 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,346 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,104,884 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,087,439 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,088,903 </td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Less:</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom">Assets sold</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(14,186)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom">Assets written-off</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(1,113)</td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(2,242)</td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,097)</td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">1,103,771 </td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">1,085,197 </td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">1,066,620 </td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom">ACCUMULATED DEPRECIATION:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom">Balance at beginning of period</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">443,627 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">415,903 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;padding:2px 0;text-align:right;vertical-align:bottom">396,268 </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Depreciation expense</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">30,627 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">29,966 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">28,137 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt;text-align:left;vertical-align:bottom"> </td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">474,254 </td><td style="background-color:#ccffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">445,869 </td><td style="background-color:#ccffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">424,405 </td><td style="background-color:#ccffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Less:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom">Accumulated depreciation on assets sold</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">— </td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ccffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(405)</td><td style="background-color:#ccffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom">Accumulated depreciation on assets written-off</td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(1,113)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(2,242)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(8,097)</td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ccffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom">Balance at end of period</td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">473,141 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">443,627 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ccffff;padding:0 1pt"></td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">415,903 </td><td style="background-color:#ccffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 0

1647000

8953000

92735000

1647000

99538000

2150000

103335000

51777000

1959 1992

P3Y

P39Y

175000000

3127000

1467000

420795000

3127000

422262000

425389000

159224000

2009 1992

P3Y

P40Y

94000000

115501000

33557000

2016 1992

P3Y

P39Y

1660000

-107000

1553000

1454000

1975 1992 567691000

14432000

12355000

431206000

27497000

430496000

457993000

227129000

2003 1992

P9Y

P39Y

836691000

19206000

24435000

1060130000

32271000

1069350000

2150000

1103771000

473141000

7240000

125793000

1085197000

1066620000

1084598000

2629000

8242000

2959000

17058000

12577000

1346000

1104884000

1087439000

1088903000

14186000

1113000

2242000

8097000

1103771000

1085197000

1066620000

443627000

415903000

396268000

30627000

29966000

28137000

474254000 445869000 424405000

405000

1113000 2242000 8097000

473141000

443627000

415903000