Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark one)


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

For the quarterly period ended: June 30, 2024


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


For the transition period from:						to


Commission File Number:			001-06064

ALEXANDERS INC

(Exact name of registrant as specified in its charter)

Delaware

51-0100517

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

210 Route 4 East,

Paramus,

New Jersey

07652

(Address of principal executive offices)

(Zip Code)


(201)			587-8541

(Registrant’s telephone number, including area code)

N/A

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

ALX

New York Stock Exchange

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

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

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


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

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

Exchange Act. ☐

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

As of June 30, 2024, there were 5,107,290 shares of common stock, par value $1 per share, outstanding.

INDEX


		Page Number
PART I.	Financial Information

Item 1.	Financial Statements:

	Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023	4

	Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023	5

	Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023	6

	Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023	7

	Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023	8

	Notes to Consolidated Financial Statements (Unaudited)	9

	Report of Independent Registered Public Accounting Firm	16

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

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25

Item 4.	Controls and Procedures	25

PART II.	Other Information

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

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

Item 3.	Defaults Upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits	26

Exhibit Index		27

Signatures		29

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

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


	As of
ASSETS	June 30, 2024		December 31, 2023
Real estate, at cost:
Land	$	32,271	$	32,271
Buildings and leasehold improvements	1,033,488		1,034,068
Development and construction in progress	4,279		281
Total	1,070,038		1,066,620
Accumulated depreciation and amortization	(429,426)		(415,903)
Real estate, net	640,612		650,717
Cash and cash equivalents	410,948		531,855
Restricted cash	113,429		21,122
Tenant and other receivables	4,603		6,076
Receivable arising from the straight-lining of rents	113,790		124,866
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $22,877 and $19,540, respectively	166,439		24,888
Other assets	30,929		44,156
	$	1,480,750	$	1,403,680


LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	$	1,082,012	$	1,092,551
Amounts due to Vornado	623		715
Accounts payable and accrued expenses	50,778		51,750
Lease incentive liability	113,618		—
Other liabilities	21,199		21,007
Total liabilities	1,268,230		1,166,023

Commitments and contingencies

Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	—		—
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares	5,173		5,173
Additional capital	34,765		34,315
Retained earnings	160,649		182,336
Accumulated other comprehensive income	12,301		16,201
	212,888		238,025
Treasury stock: 66,160 shares, at cost	(368)		(368)
Total equity	212,520		237,657
	$	1,480,750	$	1,403,680

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
REVENUES
Rental revenues	$	53,392	$	53,673	$	114,789	$	106,614
EXPENSES
Operating, including fees to Vornado of $1,345, $1,684, $3,104 and $3,223, respectively	(24,991)		(24,818)		(50,254)		(49,762)
Depreciation and amortization	(8,697)		(8,081)		(18,174)		(15,559)
General and administrative, including management fees to Vornado of $610, $610, $1,220 and $1,220, respectively	(2,159)		(1,906)		(3,635)		(3,265)
Total expenses	(35,847)		(34,805)		(72,063)		(68,586)

Interest and other income	7,054		4,523		14,216		8,842
Interest and debt expense	(16,219)		(13,196)		(32,453)		(25,449)
Net gain on sale of real estate	—		53,952		—		53,952
Net income	$	8,380	$	64,147	$	24,489	$	75,373

Net income per common share - basic and diluted	$	1.63	$	12.51	$	4.77	$	14.70

Weighted average shares outstanding - basic and diluted	5,131,902		5,128,823		5,131,290		5,127,959

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in thousands)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	8,380	$	64,147	$	24,489	$	75,373
Other comprehensive (loss) income:

Change in fair value of interest rate derivatives and other	(3,360)		3,110		(3,900)		(534)
Comprehensive income	$	5,020	$	67,257	$	20,589	$	74,839

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in thousands, except per share amounts)


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

For the Three Months Ended June 30, 2024
Balance, March 31, 2024	5,173	$	5,173	$	34,315	$	175,357	$	15,661	$	(368)	$	230,138
Net income	—	—		—		8,380		—		—		8,380
Dividends paid ($4.50 per common share)	—	—		—		(23,088)		—		—		(23,088)
Change in fair value of interest rate derivatives	—	—		—		—		(3,360)		—		(3,360)
Deferred stock unit grants	—	—		450		—		—		—		450
Balance, June 30, 2024	5,173	$	5,173	$	34,765	$	160,649	$	12,301	$	(368)	$	212,520

For the Three Months Ended June 30, 2023
Balance, March 31, 2023	5,173	$	5,173	$	33,865	$	160,397	$	21,942	$	(368)	$	221,009
Net income	—	—		—		64,147		—		—		64,147
Dividends paid ($4.50 per common share)	—	—		—		(23,072)		—		—		(23,072)
Change in fair value of interest rate derivatives and other	—	—		—		—		3,110		—		3,110
Deferred stock unit grants	—	—		450		—		—		—		450
Balance, June 30, 2023	5,173	$	5,173	$	34,315	$	201,472	$	25,052	$	(368)	$	265,644


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

For the Six Months Ended June 30, 2024
Balance, December 31, 2023	5,173	$	5,173	$	34,315	$	182,336	$	16,201	$	(368)	$	237,657
Net income	—	—		—		24,489		—		—		24,489
Dividends paid ($9.00 per common share)	—	—		—		(46,176)		—		—		(46,176)
Change in fair value of interest rate derivatives	—	—		—		—		(3,900)		—		(3,900)
Deferred stock unit grants	—	—		450		—		—		—		450
Balance, June 30, 2024	5,173	$	5,173	$	34,765	$	160,649	$	12,301	$	(368)	$	212,520

For the Six Months Ended June 30, 2023
Balance, December 31, 2022	5,173	$	5,173	$	33,865	$	172,243	$	25,586	$	(368)	$	236,499
Net income	—	—		—		75,373		—		—		75,373
Dividends paid ($9.00 per common share)	—	—		—		(46,144)		—		—		(46,144)
Change in fair value of interest rate derivatives and other	—	—		—		—		(534)		—		(534)
Deferred stock unit grants	—	—		450		—		—		—		450
Balance, June 30, 2023	5,173	$	5,173	$	34,315	$	201,472	$	25,052	$	(368)	$	265,644

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Amounts in thousands)


	For the Six Months Ended June 30,
CASH FLOWS FROM OPERATING ACTIVITIES	2024		2023
Net income	$	24,489	$	75,373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	19,118		16,399
Net gain on sale of real estate	—		(53,952)
Straight-lining of rents	11,076		4,169
Interest rate cap premium amortization	5,908		—
Stock-based compensation expense	450		450
Other non-cash adjustments	(3,804)		4,431
Change in operating assets and liabilities:
Tenant and other receivables	674		(666)
Other assets	(142,782)		17,666
Amounts due to Vornado	(218)		151
Accounts payable and accrued expenses	(192)		1,900
Lease incentive liability	113,618		—
Other liabilities	(10)		(12)
Net cash provided by operating activities	28,327		65,909

CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(6,182)		(2,894)
Proceeds from maturities of U.S. Treasury bills	—		264,881
Proceeds from sale of real estate	—		67,821
Proceeds from interest rate cap	6,563		—
Purchase of interest rate cap	—		(11,258)
Net cash provided by investing activities	381		318,550

CASH FLOWS FROM FINANCING ACTIVITIES


Dividends paid	(46,176)		(46,144)
Debt repayment	(10,000)		—
Debt issuance costs	(1,132)		(38)
Net cash used in financing activities	(57,308)		(46,182)


Net (decrease) increase in cash and cash equivalents and restricted cash	(28,600)		338,277
Cash and cash equivalents and restricted cash at beginning of period	552,977		214,478
Cash and cash equivalents and restricted cash at end of period	$	524,377	$	552,755


RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	$	531,855	$	194,933
Restricted cash at beginning of period	21,122		19,545
Cash and cash equivalents and restricted cash at beginning of period	$	552,977	$	214,478


Cash and cash equivalents at end of period	$	410,948	$	531,331
Restricted cash at end of period	113,429		21,424
Cash and cash equivalents and restricted cash at end of period	$	524,377	$	552,755


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	$	32,108	$	23,761


NON-CASH TRANSACTIONS
Liability for real estate additions, including $126 for development fees due to Vornado in 2024	$	964	$	798
Write-off of fully depreciated assets	1,759		5,808

See notes to consolidated financial statements (unaudited).

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.Organization

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

2.Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC.

We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year.

We operate in one reportable segment.

3.Recently Issued Accounting Literature

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements.

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

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

4.Revenue Recognition

The following is a summary of revenue sources for the three and six months ended June 30, 2024 and 2023.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Lease revenues	$	51,288	$	51,512	$	110,634	$	102,548
Parking revenue	1,185		1,114		2,315		2,210
Tenant services	919		1,047		1,840		1,856
Rental revenues	$	53,392	$	53,673	$	114,789	$	106,614

The components of lease revenues for the three and six months ended June 30, 2024 and 2023 are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Fixed lease revenues	$	34,400	$	34,839	$	76,934	$	69,563
Variable lease revenues	16,888		16,673		33,700		32,985
Lease revenues	$	51,288	$	51,512	$	110,634	$	102,548

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $60,946,000 and $59,177,000 for the six months ended June 30, 2024 and 2023, respectively, representing approximately 53% and 56% of our rental revenues in each period, respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

On May 3, 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.

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, 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 liability,” respectively, on our consolidated balance sheet as of June 30, 2024.

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

5.Real Estate Sale

On May 19, 2023, we sold the Rego Park III land parcel in Queens, New York, for $71,060,000 inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. Net proceeds from the sale were $67,821,000 after closing costs and the financial statement gain was $53,952,000.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

6.Related Party Transactions

Vornado

As of June 30, 2024, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $376,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined.

Leasing and Other Agreements

Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees to Vornado increased by 1% and Vornado was responsible for the fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Directors approved amendments to the leasing agreements, subject to applicable lender consents, pursuant to which the Company is responsible for any Third-Party Lease Commissions and, in such circumstances, Vornado’s fee is 33% of the applicable Third-Party Lease Commission.

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

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

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Company management fees	$	700	$	700	$	1,400	$	1,400
Development fees	111		—		126		—
Leasing fees	5,517		129		5,555		170
Commission on sale of real estate	—		711		—		711
Property management, cleaning, engineering, parking and security fees	1,213		1,550		2,849		2,959
	$	7,541	$	3,090	$	9,930	$	5,240

As of June 30, 2024, the amounts due to Vornado were $480,000 for management, property management, cleaning, engineering and security fees, $126,000 for development fees and $17,000 for leasing fees. As of December 31, 2023, the amounts due to Vornado were $646,000 for management, property management, cleaning, engineering and security fees and $69,000 for leasing fees.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

7.Mortgages Payable

On June 9, 2023, we exercised our remaining one-year extension option on the $500,000,000 interest-only mortgage loan on the office condominium of our 731 Lexington Avenue property. The interest rate on the loan remained at LIBOR plus 0.90% through July 15, 2023 and then at the Prime Rate through loan maturity on June 11, 2024. In addition, in June 2023, we purchased an interest rate cap for $11,258,000, which capped LIBOR at 6.00% through July 15, 2023 and then the Prime Rate at 6.00% through loan maturity. On June 11, 2024, we entered into a four-month extension of the loan and simultaneously paid down the principal balance by $10,000,000 to $490,000,000. The interest-only mortgage loan remains at the Prime rate (8.50% as of June 30, 2024) through the extended loan maturity of October 11, 2024. We also escrowed $66,808,000 with the lender in connection with the tenant fund in the Bloomberg lease extension which is included in “Restricted cash” on our consolidated balance sheet as of June 30, 2024.

The following is a summary of our outstanding mortgages payable as of June 30, 2024 and December 31, 2023. We may refinance our maturing debt as it comes due or choose to pay it down.


		Interest Rate at June 30, 2024	Balance at
(Amounts in thousands)	Maturity		June 30, 2024		December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominium (1)	Oct. 11, 2024	8.50%	$	490,000	$	500,000
731 Lexington Avenue, retail condominium (2)(3)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (2)(4)	Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			1,086,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $18,583 and $17,639, respectively			(4,532)		(3,993)
			$	1,082,012	$	1,092,551

(1)Interest at the Prime Rate.

(2)Interest rate listed represents the rate in effect as of June 30, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(3)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.

(4)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

8.Stock-Based Compensation

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.

In May 2024, we granted each of the members of our Board of Directors 357 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $450,000 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. As of June 30, 2024, there were 26,244 DSUs outstanding and 479,543 shares were available for future grant under the Plan.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

9.Fair Value Measurements

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

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of June 30, 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 June 30, 2024.


	As of June 30, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	12,800	$	—	$	12,800	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2023 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, 2023.


	As of As of December 31, 2023
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	22,608	$	—	$	22,608	$	—

Interest Rate Derivatives

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of June 30, 2024 and December 31, 2023, respectively.


		Fair Value as of				As of June 30, 2024
(Amounts in thousands)		June 30, 2024		December 31, 2023		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	11,880	$	16,315	$	300,000	1.76%	05/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	920		1,370		202,544		(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	—		4,923		N/A		N/A	N/A
Included in other assets		$	12,800	$	22,608

(1)SOFR cap strike rate of 4.15%.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

9.Fair Value Measurements - continued

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2024 and December 31, 2023, respectively.


	As of June 30, 2024				As of December 31, 2023
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	129,129	$	129,129	$	363,535	$	363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,086,544	$	1,066,388	$	1,096,544	$	1,071,887

10.Commitments and Contingencies

Insurance

We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which the first $30,000,000 includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $316,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

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

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

Letters of Credit

Approximately $900,000 of standby letters of credit were issued and outstanding as of June 30, 2024.

Other

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

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

11.Earnings Per Share

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 deferred stock units) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and six months ended June 30, 2024 and 2023.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	8,380	$	64,147	$	24,489	$	75,373

Weighted average shares outstanding – basic and diluted	5,131,902		5,128,823		5,131,290		5,127,959

Net income per common share – basic and diluted	$	1.63	$	12.51	$	4.77	$	14.70

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Alexander’s, Inc. and subsidiaries (the “Company”) as of June 30, 2024, the related consolidated statements of income, comprehensive income, and changes in equity, for the three-month and six-month periods ended June 30, 2024 and 2023, and of cash flows for the six-month periods ended June 30, 2024 and 2023, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2023, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 12, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

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

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

/s/ DELOITTE & TOUCHE LLP

New York, New York

August 5, 2024

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

Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For a further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.

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

Management’s Discussion and Analysis of Financial Condition and Results of Operations include a discussion of our consolidated financial statements for the three and six months ended June 30, 2024 and 2023. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year.

Critical Accounting Estimates and Significant Accounting Policies

A summary of the critical accounting estimates used in the preparation of our consolidated financial statements is included in our Annual Report on Form 10-K for the year ended December 31, 2023 in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and a summary of our significant accounting policies is included in “Note 2 – Summary of Significant Accounting Policies” to the consolidated financial statements included therein. For the six months ended June 30, 2024, there were no material changes to these estimates or policies.

Overview

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

Additionally, our business has been, and may continue to be, affected by the increase in inflation and interest rates and other uncertainties including the potential for an economic downturn. These factors could have a material impact on our business, financial condition, results of operations and cash flows. See “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding these and other factors that may materially affect our results.

Three Months Ended June 30, 2024 Financial Results Summary

Net income for the three months ended June 30, 2024 was $8,380,000, or $1.63 per diluted share, compared to $64,147,000 or $12.51 per diluted share in the prior year’s three months. Net income for the three months ended June 30, 2023 included $53,952,000, or $10.52 per diluted share, of income as a result of a net gain from the sale of the Rego Park III land parcel.

Funds from operations (“FFO”) (non-GAAP) for the three months ended June 30, 2024 was $17,009,000, or $3.31 per diluted share, compared to $18,208,000 or $3.55 per diluted share in the prior year’s three months.

Six Months Ended June 30, 2024 Financial Results Summary

Net income for the six months ended June 30, 2024 was $24,489,000, or $4.77 per diluted share, compared to $75,373,000 or $14.70 per diluted share in the prior year’s six months. Net income for the six months ended June 30, 2023 included $53,952,000, or $10.52 per diluted share, of income as a result of a net gain from the sale of the Rego Park III land parcel.

FFO (non-GAAP) for the six months ended June 30, 2024 was $42,541,000, or $8.29 per diluted share, compared to $36,841,000 or $7.18 per diluted share in the prior year’s six months.

Financing

On June 11, 2024, we entered into a four-month extension of the $500,000,000 interest-only mortgage loan on the office condominium of our 731 Lexington Avenue property and simultaneously paid down the principal balance by $10,000,000 to $490,000,000. The interest-only mortgage loan remains at the Prime rate (8.50% as of June 30, 2024) through the extended loan maturity of October 11, 2024.

Real Estate Sale

Overview - continued

Square Footage, Occupancy and Leasing Activity

Our portfolio is comprised of five properties aggregating 2,456,000 square feet. As of June 30, 2024, the commercial occupancy rate was 92.1% and the residential occupancy rate was 98.7%.

Significant Tenant

Results of Operations – Three Months Ended June 30, 2024, compared to June 30, 2023

Rental Revenues

Rental revenues were $53,392,000 for the three months ended June 30, 2024, compared to $53,673,000 for the prior year’s three months, a decrease of $281,000. This was primarily due to (i) $1,081,000 of lower rental revenue from IKEA’s lease expiration at Rego Park I and (ii) $1,001,000 of lower lease termination fee income, partially offset by (iii) $1,163,000 of higher straight-line rental revenue from Bloomberg’s lease extension at 731 Lexington Avenue and (iv) $857,000 of higher reimbursable operating expenses and capital expenditures.

Operating Expenses

Operating expenses were $24,991,000 for the three months ended June 30, 2024, compared to $24,818,000 for the prior year’s three months, an increase of $173,000. This was primarily due to higher non-reimbursable operating expenses.

Depreciation and Amortization

Depreciation and amortization was $8,697,000 for the three months ended June 30, 2024, compared to $8,081,000 for the prior year’s three months, an increase of $616,000. This was primarily due to $347,000 of higher amortization expense associated with leasing commissions paid in connection with Bloomberg’s lease extension at 731 Lexington Avenue and $336,000 of higher depreciation expense on capital projects placed into service.

General and Administrative Expenses

General and administrative expenses were $2,159,000 for the three months ended June 30, 2024, compared to $1,906,000 for the prior year’s three months, an increase of $253,000. This was primarily due to higher professional fees.

Interest and Other Income

Interest and other income was $7,054,000 for the three months ended June 30, 2024, compared to $4,523,000 for the prior year’s three months, an increase of $2,531,000. This was primarily due to an increase in average interest rates.

Interest and Debt Expense

Interest and debt expense was $16,219,000 for the three months ended June 30, 2024, compared to $13,196,000 for the prior year’s three months, an increase of $3,023,000. This was primarily due to $1,990,000 of higher interest rate cap premium amortization and $876,000 of higher interest expense resulting from increases in rates.

Net Gain on Sale of Real Estate

Net gain on sale of real estate was $53,952,000 for the prior year’s three months, resulting from the sale of the Rego Park III land parcel in Queens, New York.

Results of Operations – Six Months Ended June 30, 2024, compared to June 30, 2023

Rental Revenues

Rental revenues were $114,789,000 for the six months ended June 30, 2024, compared to $106,614,000 for the prior year’s six months, an increase of $8,175,000. This was primarily due to (i) $6,641,000 of higher rental revenue from IKEA’s lease modification at Rego Park I, (ii) $1,163,000 of higher straight-line rental revenue from Bloomberg’s lease extension at 731 Lexington Avenue and (iii) $1,620,000 of higher reimbursable operating expenses and capital expenditures, partially offset by (iv) $651,000 of lower lease termination fee income.

Operating Expenses

Operating expenses were $50,254,000 for the six months ended June 30, 2024, compared to $49,762,000 for the prior year’s six months, an increase of $492,000. This was primarily due to higher non-reimbursable operating expenses.

Depreciation and Amortization

Depreciation and amortization was $18,174,000 for the six months ended June 30, 2024, compared to $15,559,000 for the prior year’s six months, an increase of $2,615,000. This was due to (i) $1,304,000 of higher depreciation expense on capital projects placed into service, (ii) $964,000 of accelerated depreciation and amortization related to IKEA’s lease modification at Rego Park I and (iii) $347,000 of higher amortization expense associated with leasing commissions paid in connection with Bloomberg’s lease extension at 731 Lexington Avenue.

General and Administrative Expenses

General and administrative expenses were $3,635,000 for the six months ended June 30, 2024, compared to $3,265,000 for the prior year’s six months, an increase of $370,000. This was primarily due to higher professional fees.

Interest and Other Income

Interest and other income was $14,216,000 for the six months ended June 30, 2024, compared to $8,842,000 for the prior year’s six months, an increase of $5,374,000. This was primarily due to an increase in average interest rates.

Interest and Debt Expense

Interest and debt expense was $32,453,000 for the six months ended June 30, 2024, compared to $25,449,000 for the prior year’s six months, an increase of $7,004,000. This was primarily due to $5,086,000 of higher interest rate cap premium amortization and $1,746,000 of higher interest expense resulting from increases in rates.

Net Gain on Sale of Real Estate

Net gain on sale of real estate was $53,952,000 for the prior year’s six months, resulting from the sale of the Rego Park III land parcel in Queens, New York.

Liquidity and Capital Resources

Cash Flows

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

As of June 30, 2024, we had $524,377,000 of liquidity comprised of cash and cash equivalents and restricted cash. Recent increases in interest rates and inflation could adversely affect our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund our business operations, cash dividends to stockholders, debt service and capital expenditures. We may refinance our maturing debt as it comes due or choose to pay it down. However, there can be no assurance that additional financing or capital will be available to refinance our debt, or that the terms will be acceptable or advantageous to us.

For the Six Months Ended June 30, 2024

Cash and cash equivalents and restricted cash were $524,377,000 as of June 30, 2024, compared to $552,977,000 as of December 31, 2023, a decrease of $28,600,000. This decrease resulted from (i) $57,308,000 of net cash used in financing activities, partially offset by (ii) $28,327,000 of net cash provided by operating activities and (iii) $381,000 of net cash provided by investing activities.

Net cash used in financing activities of $57,308,000 was comprised of (i) $46,176,000 of dividends paid, (ii) $10,000,000 of debt repayments and (iii) $1,132,000 of debt issuance costs.

Net cash provided by operating activities of $28,327,000 was comprised of (i) net income of $24,489,000 and (ii) adjustments for non-cash items of $32,748,000, partially offset by (iii) the net change in operating assets and liabilities of $28,910,000. The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $19,118,000, (ii) straight-lining of rents of $11,076,000, (iii) interest rate cap premium amortization of $5,908,000 and (iv) stock-based compensation expense of $450,000, partially offset by (v) other non-cash adjustments of $3,804,000.

Net cash provided by investing activities of $381,000 was comprised of $6,563,000 of proceeds from an interest rate cap, partially offset by construction in progress and real estate additions of $6,182,000.

For the Six Months Ended June 30, 2023

Cash and cash equivalents and restricted cash were $552,755,000 as of June 30, 2023, compared to $214,478,000 as of December 31, 2022, an increase of $338,277,000. This increase resulted from (i) $318,550,000 of net cash provided by investing activities and (ii) $65,909,000 of net cash provided by operating activities, partially offset by (iii) $46,182,000 of net cash used in financing activities.

Net cash provided by investing activities of $318,550,000 was comprised of (i) $264,881,000 of proceeds from maturities of U.S. Treasury bills and (ii) $67,821,000 of proceeds from sale of real estate, partially offset by (iii) the purchase of an interest rate cap of $11,258,000 and (iv) construction in progress and real estate additions of $2,894,000.

Net cash provided by operating activities of $65,909,000 was comprised of (i) net income of $75,373,000, (ii) the net change in operating assets and liabilities of $19,039,000, partially offset by (iii) adjustments for non-cash items of $28,503,000. The adjustments for non-cash items were comprised of (i) net gain on sale of real estate of $53,952,000, partially offset by (ii) depreciation and amortization (including amortization of debt issuance costs) of $16,399,000, (iii) other non-cash adjustments of $4,431,000, (iv) straight-lining of rents of $4,169,000 and (v) stock-based compensation expense of $450,000.

Net cash used in financing activities of $46,182,000 was comprised of dividends paid of $46,144,000 and debt issuance costs of $38,000.

Liquidity and Capital Resources - continued

Commitments and Contingencies

Insurance

Letters of Credit

Approximately $900,000 of standby letters of credit were issued and outstanding as of June 30, 2024.

Other

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

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

FFO (non-GAAP) for the three and six months ended June 30, 2024 and 2023

FFO (non-GAAP) for the three months ended June 30, 2024 was $17,009,000, or $3.31 per diluted share, compared to $18,208,000, or $3.55 per diluted share in the prior year’s three months.

FFO (non-GAAP) for the six months ended June 30, 2024 was $42,541,000, or $8.29 per diluted share, compared to $36,841,000, or $7.18 per diluted share in the prior year’s six months.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,

(Amounts in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	8,380	$	64,147	$	24,489	$	75,373
Depreciation and amortization of real property	8,629		8,013		18,052		15,420
Net gain on sale of real estate	—		(53,952)		—		(53,952)
FFO (non-GAAP)	$	17,009	$	18,208	$	42,541	$	36,841

FFO per diluted share (non-GAAP)	$	3.31	$	3.55	$	8.29	$	7.18

Weighted average shares used in computing FFO per diluted share	5,131,902		5,128,823		5,131,290		5,127,959

Item 3.Quantitative and Qualitative Disclosures About Market Risk

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


	2024					2023
(Amounts in thousands, except per share amounts)	June 30, Balance		Weighted Average Interest Rate	Effect of 1% Change in Base Rates		December 31, Balance		Weighted Average Interest Rate
Variable Rate	$	692,544	7.65%	$	6,925	$	702,544	5.88%
Fixed Rate	394,000		1.97%	—		394,000		1.97%
	$	1,086,544	5.59%	$	6,925	$	1,096,544	4.48%

Total effect on diluted earnings per share				$	1.35

We have an interest rate cap relating to the mortgage loan on Rego Park II shopping center with a notional amount of $202,544,000 that caps SOFR at a rate of 4.15% through November 2024.

We have an interest rate swap relating to the mortgage loan on the retail condominium of our 731 Lexington Avenue property with a notional amount of $300,000,000 that swaps SOFR plus 1.51% for a fixed rate of 1.76% through May 2025.

Fair Value of Debt

The fair value of our consolidated debt is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. As of June 30, 2024 and December 31, 2023, the estimated fair value of our consolidated debt was $1,066,388,000 and $1,071,887,000, respectively. Our fair value estimates, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments.

Item 4.Controls and Procedures

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

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

PART II.OTHER INFORMATION

Item 1.Legal Proceedings

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

Item 1A.Risk Factors

There have been no material changes in our “Risk Factors” as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

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

None.

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not applicable.

Item 5.Other Information

None.

Item 6.Exhibits

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

EXHIBIT INDEX

Exhibit
No.

10.1

Third Amendment of Lease, dated as of the 20th of April 2016 between 731 Office One LLC and Bloomberg L.P.

10.2

Fourth Amendment of Lease, dated as of the 28th of June 2019 between 731 Office One LLC and Bloomberg L.P.

10.3

Fifth Amendment of Lease, dated as of the 17th of December 2021 between 731 Office One LLC and Bloomberg L.P.

10.4

Sixth Amendment of Lease, dated as of the 29th of March 2022 between 731 Office One LLC and Bloomberg L.P.

10.5

Seventh Amendment of Lease, dated as of the 19th of July 2022 between 731 Office One LLC and Bloomberg L.P.

10.6

Eighth Amendment of Lease, dated as of the 21st of July 2023 between 731 Office One LLC and Bloomberg L.P.

10.7

Ninth Amendment of Lease, dated as of the 3rd of May 2024 between 731 Office One LLC and Bloomberg L.P.

10.8

Loan Extension and Modification Agreement, dated June 11, 2024, between 731 Office One LLC, as Borrower, and among Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of DBCG 2017-BBG Mortgage Trust Commercial Mortgage Pass-Through Certificates (together with its successors and assigns), as Lender.

***

10.9

Second Amendment to Rego II Real Estate Sub-Retention Agreement, dated as of the 18th of June 2024 between Alexander’s, Inc. and Vornado Realty L.P.

****

__________________

Incorporated by reference from Form 10-Q filed on May 6, 2024.

***

Incorporated by reference from Form 8-K filed on June 12, 2024.

****

Filed herewith.

Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).


15.1	-	Letter regarding unaudited interim financial information

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

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

32.1	-	Section 1350 Certification of the Chief Executive Officer

32.2	-	Section 1350 Certification of the Chief Financial Officer

101	-	The following financial information from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows and (vi) the notes to the consolidated financial statements

104	-	The cover page from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 formatted as iXBRL and contained in Exhibit 101

SIGNATURES

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


		ALEXANDER’S, INC.
		(Registrant)

Date: August 5, 2024	By:	/s/ Gary Hansen
		Gary Hansen
		Chief Financial Officer (duly authorized officer and principal financial and accounting officer)

Exhibit 10.9

EXECUTED VERSION

SECOND AMENDMENT TO REGO II REAL ESTATE SUB-RETENTION AGREEMENT

THIS SECOND AMENDMENT TO REGO II REAL ESTATE SUB-RETENTION AGREEMENT, dated as of the 18th day of June, 2024, effective as of the 1st day of May, 2024 (this “Amendment”), between ALEXANDER’S, INC., a Delaware corporation having an address at 210 Route 4 East, Paramus, New Jersey 07652 (“Agent”), and VORNADO REALTY L.P., a Delaware limited partnership having an office at c/o Vornado Realty Trust, 888 Seventh Avenue, New York, New York 10019 (“Sub-Agent”).

RECITALS

WHEREAS, Rego II Borrower, LLC (“Owner”) and Agent are parties to that certain Rego II Real Estate Retention Agreement, dated as of November 30, 2011, as amended by the First Amendment to Rego II Real Estate Retention Agreement, dated as of the date hereof (such agreement, as so amended, the “Retention Agreement”; all capitalized terms used, but not defined, herein shall have the meanings set forth in the Retention Agreement), pursuant to which Agent was appointed to act as special real estate consultant to Owner in connection with the premises now known as the “Lower Unit” in the Declaration establishing a Plan for Condominium ownership of the Rego II Condominium, located at 61-01 Junction Boulevard, Rego Park, New York, dated as of March 8, 2013 and recorded in the Office of the City Register as CRFN 2013000458265;

WHEREAS, Agent and Sub-Agent are parties to that certain Real Estate Rego II Sub-Retention Agreement, dated as of November 30, 2011, as amended by the First Amendment to Rego II Real Estate Sub-Retention Agreement, dated as of December 22, 2014 (such agreement, as so amended, the “Original Sub-Retention Agreement”), between Agent and Sub-Agent, pursuant to which Agent appointed Sub-Agent to perform the acts and duties of Agent under the Retention Agreement; and

WHEREAS, Agent and Sub-Agent now wish to amend the Original Sub-Retention Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of TEN DOLLARS ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent and Sub-Agent hereby agree to amend the Original Sub-Retention Agreement as follows:

1.Paragraph II.C.1(g) is hereby amended and restated in its entirety as follows:

• (g) In the event that a party other than Sub-Agent is a procuring broker who is entitled to a fee, in the event of a lease or sublease, the three percent/two percent/one percent (3%-2%-1%) schedule set forth in paragraphs II.C.1(a)(i), (ii) and (iii) above shall not be applicable and instead Sub-Agent shall be entitled to 33.33% of the fee payable to such procuring broker, and Agent (rather than Sub-Agent) shall pay the fee payable to such procuring broker. With respect to any sale, assignment or In Lieu Asset Transaction, the fees payable by Agent shall not be increased, and Sub-Agent shall pay any third party procuring broker's fee out of Sub-Agent's fee payable pursuant to this Agreement. For any given transaction described in the immediately preceding sentence, Agent shall be responsible for the payment of only one fee in the amounts set forth herein.

2.This Amendment may be executed in several counterparts, each of which shall be deemed to be an original and all of such counterparts shall constitute one and the same instrument.

3.All terms capitalized but not defined herein shall have the same meaning ascribed to such terms in the Original Sub-Retention Agreement or the Retention Agreement, as the case may be. This Amendment is incorporated into and made a part of the Sub-Retention Agreement, and the Sub-Retention Agreement and terms, conditions and provisions of the Sub-Retention Agreement are ratified and confirmed in all respects and is and shall continue to be in full force and effect and effect as modified and amended hereby.

4.This Amendment constitutes the entire understanding and agreement of the parties in connection with the subject matter hereof and may not be amended except in a writing executed by the parties hereto.

5.This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

6.This Amendment shall be binding upon and inure to the benefit of the parties hereto, and their successors and permitted assigns.

[Remainder of page intentionally left blank; signature page follows.]

IN WITNESS WHEREOF, the parties hereto have hereunto executed this Amendment as of the date first above written.

AGENT:

ALEXANDER’S, INC., a Delaware corporation


By:			/s/ Steven J. Borenstein
Name: Steven J. Borenstein
Title: Secretary

SUB-AGENT:

VORNADO REALTY L.P., a Delaware limited partnership

By: Vornado Realty Trust, a Maryland real estate investment trust


By:			/s/ Thomas J. Sanelli
Name: Thomas J. Sanelli
Title: EVP-Finance

EXHIBIT 15.1

August 5, 2024

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

210 Route 4 East

Paramus, New Jersey 07652

We are aware that our report dated August 5, 2024, on our review of the interim financial information of Alexander’s, Inc. appearing in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, is incorporated by reference in Registration Statement No. 333-212838 on Form S-8.

/s/ DELOITTE & TOUCHE LLP

New York, New York

EXHIBIT 31.1

CERTIFICATION

I, Steven Roth, certify that:

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

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

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

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

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

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

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

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

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

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

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


			August 5, 2024

			/s/ Steven Roth
			Steven Roth
			Chairman of the Board and Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION

I, Gary Hansen, certify that:

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

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


			August 5, 2024

			/s/ Gary Hansen
			Gary Hansen
			Chief Financial Officer

EXHIBIT 32.1

CERTIFICATION

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

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

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

The Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


August 5, 2024		/s/ Steven Roth
	Name:	Steven Roth
	Title:	Chairman of the Board and Chief Executive Officer

EXHIBIT 32.2

CERTIFICATION

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

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


August 5, 2024		/s/ Gary Hansen
	Name:	Gary Hansen
	Title:	Chief Financial Officer

Cover	6 Months Ended
Cover	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-06064
Entity Registrant Name	ALEXANDERS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0100517
Entity Address, Address Line One	210 Route 4 East,
Entity Address, City or Town	Paramus,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07652
City Area Code	(201)
Local Phone Number	587-8541
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	ALX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	5,107,290
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000003499
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 32,271	$ 32,271
Buildings and leasehold improvements	1,033,488	1,034,068
Development and construction in progress	4,279	281
Total	1,070,038	1,066,620
Accumulated depreciation and amortization	(429,426)	(415,903)
Real estate, net	640,612	650,717
Cash and cash equivalents	410,948	531,855
Restricted cash	113,429	21,122
Tenant and other receivables	4,603	6,076
Receivable arising from the straight-lining of rents	113,790	124,866
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $22,877 and $19,540, respectively	166,439	24,888
Other assets	30,929	44,156
Total assets	1,480,750	1,403,680
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,082,012	1,092,551
Accounts payable and accrued expenses	50,778	51,750
Lease incentive liability	113,618	0
Total liabilities	1,268,230	1,166,023
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	0	0
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares	5,173	5,173
Additional capital	34,765	34,315
Retained earnings	160,649	182,336
Accumulated other comprehensive income	12,301	16,201
Equity before treasury stock	212,888	238,025
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	212,520	237,657
Total liabilities and equity	1,480,750	1,403,680
Related Party
LIABILITIES AND EQUITY
Amounts due to Vornado	623	715
Other liabilities	623	715
Nonrelated Party
LIABILITIES AND EQUITY
Amounts due to Vornado	21,199	21,007
Other liabilities	$ 21,199	$ 21,007

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 22,877	$ 19,540
Preferred stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Preferred stock: authorized shares (in shares)	3,000,000	3,000,000
Preferred stock: issued shares (in shares)	0	0
Preferred stock: outstanding shares (in shares)	0	0
Common stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Common stock: authorized shares (in shares)	10,000,000	10,000,000
Common stock: issued shares (in shares)	5,173,450	5,173,450
Common stock: outstanding shares (in shares)	5,107,290	5,107,290
Treasury stock: shares (in shares)	66,160	66,160

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Rental revenues	$ 53,392	$ 53,673	$ 114,789	$ 106,614
EXPENSES
Operating, including fees to Vornado of $1,345, $1,684, $3,104 and $3,223, respectively	(24,991)	(24,818)	(50,254)	(49,762)
Depreciation and amortization	(8,697)	(8,081)	(18,174)	(15,559)
General and administrative, including management fees to Vornado of $610, $610, $1,220 and $1,220, respectively	(2,159)	(1,906)	(3,635)	(3,265)
Total expenses	(35,847)	(34,805)	(72,063)	(68,586)
Interest and other income	7,054	4,523	14,216	8,842
Interest and debt expense	(16,219)	(13,196)	(32,453)	(25,449)
Net gain on sale of real estate	0	53,952	0	53,952
Net income	$ 8,380	$ 64,147	$ 24,489	$ 75,373
Net income per common share - basic (in usd per share)	$ 1.63	$ 12.51	$ 4.77	$ 14.70
Net income per common share - diluted (in usd per share)	$ 1.63	$ 12.51	$ 4.77	$ 14.70
Weighted average shares outstanding - basic (in shares)	5,131,902	5,128,823	5,131,290	5,127,959
Weighted average shares outstanding - diluted (in shares)	5,131,902	5,128,823	5,131,290	5,127,959

CCONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating fees to Vornado	$ 24,991	$ 24,818	$ 50,254	$ 49,762
Management fees	2,159	1,906	3,635	3,265
Related Party
Operating fees to Vornado	1,345	1,684	3,104	3,223
Management fees	$ 610	$ 610	$ 1,220	$ 1,220

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 8,380	$ 64,147	$ 24,489	$ 75,373
Other comprehensive (loss) income:
Change in fair value of interest rate derivatives and other	(3,360)	3,110	(3,900)	(534)
Comprehensive income	$ 5,020	$ 67,257	$ 20,589	$ 74,839

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning balance, (in shares) at Dec. 31, 2022		5,173,000
Beginning balance, value at Dec. 31, 2022	$ 236,499	$ 5,173	$ 33,865	$ 172,243	$ 25,586	$ (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	75,373			75,373
Dividends paid	(46,144)			(46,144)
Change in fair value of interest rate derivatives and other	(534)				(534)
Deferred stock unit grants	450		450
Ending balance, (in shares) at Jun. 30, 2023		5,173,000
Ending balance, value at Jun. 30, 2023	265,644	$ 5,173	34,315	201,472	25,052	(368)
Beginning balance, (in shares) at Mar. 31, 2023		5,173,000
Beginning balance, value at Mar. 31, 2023	221,009	$ 5,173	33,865	160,397	21,942	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	64,147			64,147
Dividends paid	(23,072)			(23,072)
Change in fair value of interest rate derivatives and other	3,110				3,110
Deferred stock unit grants	450		450
Ending balance, (in shares) at Jun. 30, 2023		5,173,000
Ending balance, value at Jun. 30, 2023	$ 265,644	$ 5,173	34,315	201,472	25,052	(368)
Beginning balance, (in shares) at Dec. 31, 2023	5,173,450	5,173,000
Beginning balance, value at Dec. 31, 2023	$ 237,657	$ 5,173	34,315	182,336	16,201	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,489			24,489
Dividends paid	(46,176)			(46,176)
Change in fair value of interest rate derivatives and other	(3,900)				(3,900)
Deferred stock unit grants	$ 450		450
Ending balance, (in shares) at Jun. 30, 2024	5,173,450	5,173,000
Ending balance, value at Jun. 30, 2024	$ 212,520	$ 5,173	34,765	160,649	12,301	(368)
Beginning balance, (in shares) at Mar. 31, 2024		5,173,000
Beginning balance, value at Mar. 31, 2024	230,138	$ 5,173	34,315	175,357	15,661	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,380			8,380
Dividends paid	(23,088)			(23,088)
Change in fair value of interest rate derivatives and other	(3,360)				(3,360)
Deferred stock unit grants	$ 450		450
Ending balance, (in shares) at Jun. 30, 2024	5,173,450	5,173,000
Ending balance, value at Jun. 30, 2024	$ 212,520	$ 5,173	$ 34,765	$ 160,649	$ 12,301	$ (368)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 4.50	$ 4.50	$ 9.00	$ 9.00

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 24,489	$ 75,373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	19,118	16,399
Net gain on sale of real estate	0	(53,952)
Straight-lining of rents	11,076	4,169
Interest rate cap premium amortization	5,908	0
Stock-based compensation expense	450	450
Other non-cash adjustments	(3,804)	4,431
Change in operating assets and liabilities:
Tenant and other receivables	674	(666)
Other assets	(142,782)	17,666
Amounts due to Vornado	(218)	151
Accounts payable and accrued expenses	(192)	1,900
Lease incentive liability	113,618	0
Other liabilities	(10)	(12)
Net cash provided by operating activities	28,327	65,909
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(6,182)	(2,894)
Proceeds from maturities of U.S. Treasury bills	0	264,881
Proceeds from sale of real estate	0	67,821
Proceeds from interest rate cap	6,563	0
Purchase of interest rate cap	0	(11,258)
Net cash provided by investing activities	381	318,550
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(46,176)	(46,144)
Debt repayment	(10,000)	0
Debt issuance costs	(1,132)	(38)
Net cash used in financing activities	(57,308)	(46,182)
Net (decrease) increase in cash and cash equivalents and restricted cash	(28,600)	338,277
Cash and cash equivalents and restricted cash at beginning of period	552,977	214,478
Cash and cash equivalents and restricted cash at end of period	524,377	552,755
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	531,855	194,933
Restricted cash at beginning of period	21,122	19,545
Cash and cash equivalents and restricted cash at beginning of period	552,977	214,478
Cash and cash equivalents at end of period	410,948	531,331
Restricted cash at end of period	113,429	21,424
Cash and cash equivalents and restricted cash at end of period	524,377	552,755
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	32,108	23,761
NON-CASH TRANSACTIONS
Liability for real estate additions, including $126 for development fees due to Vornado in 2024	964	798
Write-off of fully depreciated assets	$ 1,759	$ 5,808

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Development fees	$ 964
Vornado
Development fees	$ 126

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have five properties in New York City.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.

Recently Issued Accounting Literature	6 Months Ended
Recently Issued Accounting Literature	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following is a summary of revenue sources for the three and six months ended June 30, 2024 and 2023.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Lease revenues	$	51,288	$	51,512	$	110,634	$	102,548
Parking revenue	1,185		1,114		2,315		2,210
Tenant services	919		1,047		1,840		1,856
Rental revenues	$	53,392	$	53,673	$	114,789	$	106,614

The components of lease revenues for the three and six months ended June 30, 2024 and 2023 are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Fixed lease revenues	$	34,400	$	34,839	$	76,934	$	69,563
Variable lease revenues	16,888		16,673		33,700		32,985
Lease revenues	$	51,288	$	51,512	$	110,634	$	102,548

Real Estate Sale	6 Months Ended
Real Estate Sale	Jun. 30, 2024
Real Estate [Abstract]
Real Estate Sale	Real Estate Sale On May 19, 2023, we sold the Rego Park III land parcel in Queens, New York, for $71,060,000 inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. Net proceeds from the sale were $67,821,000 after closing costs and the financial statement gain was $53,952,000.

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Vornado

Management and Development Agreements

Leasing and Other Agreements

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Company management fees	$	700	$	700	$	1,400	$	1,400
Development fees	111		—		126		—
Leasing fees	5,517		129		5,555		170
Commission on sale of real estate	—		711		—		711
Property management, cleaning, engineering, parking and security fees	1,213		1,550		2,849		2,959
	$	7,541	$	3,090	$	9,930	$	5,240

Mortgages Payable

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Mortgages Payable

The following is a summary of our outstanding mortgages payable as of June 30, 2024 and December 31, 2023. We may refinance our maturing debt as it comes due or choose to pay it down.


		Interest Rate at June 30, 2024	Balance at
(Amounts in thousands)	Maturity		June 30, 2024		December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominium (1)	Oct. 11, 2024	8.50%	$	490,000	$	500,000
731 Lexington Avenue, retail condominium (2)(3)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (2)(4)	Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			1,086,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $18,583 and $17,639, respectively			(4,532)		(3,993)
			$	1,082,012	$	1,092,551

(1)Interest at the Prime Rate.

(2)Interest rate listed represents the rate in effect as of June 30, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(3)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.

(4)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 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. In May 2024, we granted each of the members of our Board of Directors 357 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $450,000 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. As of June 30, 2024, there were 26,244 DSUs outstanding and 479,543 shares were available for future grant under the Plan.

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets and Liabilities Measured at Fair Value


	As of June 30, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	12,800	$	—	$	12,800	$	—


	As of As of December 31, 2023
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	22,608	$	—	$	22,608	$	—

Interest Rate Derivatives


		Fair Value as of				As of June 30, 2024
(Amounts in thousands)		June 30, 2024		December 31, 2023		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	11,880	$	16,315	$	300,000	1.76%	05/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	920		1,370		202,544		(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	—		4,923		N/A		N/A	N/A
Included in other assets		$	12,800	$	22,608

(1)SOFR cap strike rate of 4.15%.

9.Fair Value Measurements - continued

Financial Assets and Liabilities not Measured at Fair Value


	As of June 30, 2024				As of December 31, 2023
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	129,129	$	129,129	$	363,535	$	363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,086,544	$	1,066,388	$	1,096,544	$	1,071,887

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which the first $30,000,000 includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage. Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $316,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Letters of Credit Approximately $900,000 of standby letters of credit were issued and outstanding as of June 30, 2024. Other There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	8,380	$	64,147	$	24,489	$	75,373

Weighted average shares outstanding – basic and diluted	5,131,902		5,128,823		5,131,290		5,127,959

Net income per common share – basic and diluted	$	1.63	$	12.51	$	4.77	$	14.70

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.
Recently Issued Accounting Literature	In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.
Fair Value Measurements	ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following is a summary of revenue sources for the three and six months ended June 30, 2024 and 2023.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Lease revenues	$	51,288	$	51,512	$	110,634	$	102,548
Parking revenue	1,185		1,114		2,315		2,210
Tenant services	919		1,047		1,840		1,856
Rental revenues	$	53,392	$	53,673	$	114,789	$	106,614

Schedule of Components of Lease Revenue

The components of lease revenues for the three and six months ended June 30, 2024 and 2023 are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Fixed lease revenues	$	34,400	$	34,839	$	76,934	$	69,563
Variable lease revenues	16,888		16,673		33,700		32,985
Lease revenues	$	51,288	$	51,512	$	110,634	$	102,548

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Fees to Vornado

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands)	2024		2023		2024		2023
Company management fees	$	700	$	700	$	1,400	$	1,400
Development fees	111		—		126		—
Leasing fees	5,517		129		5,555		170
Commission on sale of real estate	—		711		—		711
Property management, cleaning, engineering, parking and security fees	1,213		1,550		2,849		2,959
	$	7,541	$	3,090	$	9,930	$	5,240

Mortgages Payable (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following is a summary of our outstanding mortgages payable as of June 30, 2024 and December 31, 2023. We may refinance our maturing debt as it comes due or choose to pay it down.


		Interest Rate at June 30, 2024	Balance at
(Amounts in thousands)	Maturity		June 30, 2024		December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominium (1)	Oct. 11, 2024	8.50%	$	490,000	$	500,000
731 Lexington Avenue, retail condominium (2)(3)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (2)(4)	Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			1,086,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $18,583 and $17,639, respectively			(4,532)		(3,993)
			$	1,082,012	$	1,092,551

(1)Interest at the Prime Rate.

(2)Interest rate listed represents the rate in effect as of June 30, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(3)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.

(4)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	As of June 30, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	12,800	$	—	$	12,800	$	—


	As of As of December 31, 2023
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	22,608	$	—	$	22,608	$	—

Schedule of Interest Rate Derivatives

The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of June 30, 2024 and December 31, 2023, respectively.


		Fair Value as of				As of June 30, 2024
(Amounts in thousands)		June 30, 2024		December 31, 2023		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	11,880	$	16,315	$	300,000	1.76%	05/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	920		1,370		202,544		(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	—		4,923		N/A		N/A	N/A
Included in other assets		$	12,800	$	22,608

(1)SOFR cap strike rate of 4.15%.

Schedule of Carrying Amount and Fair Value of Financial Instruments

The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2024 and December 31, 2023, respectively.


	As of June 30, 2024				As of December 31, 2023
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	129,129	$	129,129	$	363,535	$	363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,086,544	$	1,066,388	$	1,096,544	$	1,071,887

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Amounts in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	8,380	$	64,147	$	24,489	$	75,373

Weighted average shares outstanding – basic and diluted	5,131,902		5,128,823		5,131,290		5,127,959

Net income per common share – basic and diluted	$	1.63	$	12.51	$	4.77	$	14.70

Organization (Details)	Jun. 30, 2024 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties	5

Basis of Presentation (Details)	6 Months Ended
Basis of Presentation (Details)	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Revenue Recognition - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Lease revenues	$ 51,288	$ 51,512	$ 110,634	$ 102,548
Rental revenues	53,392	53,673	114,789	106,614
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,185	1,114	2,315	2,210
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 919	$ 1,047	$ 1,840	$ 1,856

Revenue Recognition - Schedule of Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 34,400	$ 34,839	$ 76,934	$ 69,563
Variable lease revenues	16,888	16,673	33,700	32,985
Lease revenues	$ 51,288	$ 51,512	$ 110,634	$ 102,548

Revenue Recognition - Additional Information (Details) ft² in Thousands			3 Months Ended		6 Months Ended
	May 03, 2024 USD ($) ft²	Dec. 03, 2022 USD ($) ft²	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Rental revenues			$ 53,392,000	$ 53,673,000	$ 114,789,000		$ 106,614,000
Incentive from lessor			113,618,000		113,618,000			$ 0
Bloomberg \| 731 Lexington Avenue Property
Disaggregation of Revenue [Line Items]
Area of property (in sqft.) \| ft²	947
Term	11 years
Payments for lease commissions	$ 32,000,000
Incentive from lessor	113,618,000
Deferred lease incentive asset			$ 113,618,000		113,618,000
Bloomberg \| 731 Lexington Avenue Property \| Third Party Broker
Disaggregation of Revenue [Line Items]
Payments for lease commissions	26,500,000
Bloomberg \| 731 Lexington Avenue Property \| Vornado
Disaggregation of Revenue [Line Items]
Payments for lease commissions	$ 5,500,000
IKEA \| Rego Park 1 Property
Disaggregation of Revenue [Line Items]
Area of property (in sqft.) \| ft²		112
Payment for termination of lease		$ 10,000,000				$ 10,000,000
Customer Concentration Risk \| Revenue \| Bloomberg
Disaggregation of Revenue [Line Items]
Rental revenues					$ 60,946,000		$ 59,177,000
Percentage rent contributed by tenant					53.00%		56.00%

Real Estate Sale (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Real Estate Sale (Details) - USD ($) $ in Thousands	May 19, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Line Items]
Proceeds from sale of real estate				$ 0	$ 67,821
Net gain on sale of real estate		$ 0	$ 53,952	$ 0	$ 53,952
Rego Park III Land Parcel
Real Estate [Line Items]
Proceeds from sale of real estate	$ 71,060
Net proceeds from sale of land	67,821
Net gain on sale of real estate	$ 53,952

Related Party Transactions - Additional Information (Details)		3 Months Ended		6 Months Ended
	May 01, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / ft²	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Fees to related party		$ 7,541,000	$ 3,090,000	$ 9,930,000	$ 5,240,000
Property Management Fees
Related Party Transaction [Line Items]
Fees to related party		1,213,000	1,550,000	2,849,000	2,959,000
Development fees
Related Party Transaction [Line Items]
Fees to related party		111,000	0	126,000	0
Leasing fees
Related Party Transaction [Line Items]
Fees to related party		5,517,000	$ 129,000	5,555,000	$ 170,000
Vornado
Related Party Transaction [Line Items]
Management fee agreement value				$ 2,800,000
Vornado \| Property Management Fees \| Rego Park II \| Retail Space
Related Party Transaction [Line Items]
Property management fee, percent fee				2.00%
Vornado \| Property Management Fees \| 731 Lexington Avenue \| Office and Retail Space
Related Party Transaction [Line Items]
Property management fee agreement, price per square foot \| $ / ft²				0.50
Vornado \| Property Management Fees \| 731 Lexington Avenue \| Common Area
Related Party Transaction [Line Items]
Property management fee escalation percentage per annum				3.00%
Vornado \| Development fees
Related Party Transaction [Line Items]
Development fee as percentage of development costs				6.00%
Vornado \| Leasing fees
Related Party Transaction [Line Items]
Lease fee percentage of rent one to ten years				3.00%
Lease fee percentage of rent eleven to twenty years				2.00%
Lease fee percentage of rent twenty first to thirty years				1.00%
Percentage increase lease fee if broker used				1.00%
Percentage of third-party lease commission	33.00%
Percentage commissions on sale of assets under fifty million				3.00%
Asset sale commission threshold				$ 50,000,000
Percentage commissions on sale of assets over fifty million				1.00%
Related Party
Related Party Transaction [Line Items]
Other liabilities		623,000		$ 623,000		$ 715,000
Related Party \| Management And Development Agreement, Base Management Fee \| 731 Lexington Avenue \| Common Area
Related Party Transaction [Line Items]
Fees to related party				376,000
Related Party \| Development fees
Related Party Transaction [Line Items]
Other liabilities		126,000		126,000
Related Party \| Leasing fees
Related Party Transaction [Line Items]
Other liabilities		17,000		17,000		69,000
Related Party \| Management, property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Other liabilities		$ 480,000		$ 480,000		$ 646,000
Alexander's Inc. \| Vornado \| Vornado
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners		32.40%		32.40%

Related Party Transactions - Schedule of Fees to Vornado (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Fees to related party	$ 7,541	$ 3,090	$ 9,930	$ 5,240
Company management fees
Related Party Transaction [Line Items]
Fees to related party	700	700	1,400	1,400
Development fees
Related Party Transaction [Line Items]
Fees to related party	111	0	126	0
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	5,517	129	5,555	170
Commission On Sale Of Real Estate Member
Related Party Transaction [Line Items]
Fees to related party	0	711	0	711
Property management, cleaning, engineering, parking and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 1,213	$ 1,550	$ 2,849	$ 2,959

Mortgages Payable - Additional Information (Detail) - 731 Lexington Avenue - USD ($)			1 Months Ended
	Jun. 30, 2024	Jun. 11, 2024	Jul. 15, 2023	Jun. 30, 2023	Jun. 09, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Payments for derivative instrument				$ 11,258,000
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, extension option		4 months			1 year
Mortgage loans		$ 490,000,000			$ 500,000,000
Paydown		$ 10,000,000
Escrow amount	$ 66,808,000
Mortgages \| London Interbank Offered Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Rate			0.90%
Interest cap rate			6.00%
Mortgages \| Prime Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Rate	8.50%
Interest cap rate		6.00%

Mortgages Payable - Schedule of Long -term Debt Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes payable	$ 1,082,012	$ 1,092,551
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes payable, gross	1,086,544	1,096,544
Deferred debt issuance costs, net of accumulated amortization of $18,583 and $17,639, respectively	(4,532)	(3,993)
Notes payable	1,082,012	1,092,551
Deferred debt issuance costs, accumulated amortization	$ 18,583	17,639
Mortgages \| 731 Lexington Avenue \| Office Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	8.50%
Notes payable, gross	$ 490,000	500,000
Mortgages \| 731 Lexington Avenue \| Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	1.76%
Notes payable, gross	$ 300,000	300,000
Rate	1.51%
Swapped fixed rate	1.76%
Mortgages \| Rego Park II \| Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	5.60%
Notes payable, gross	$ 202,544	202,544
Mortgages \| Rego Park II \| Retail Space \| SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Rate	1.45%
Mortgages \| Rego Park II \| Retail Space \| SOFR capped rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Rate	4.15%
Mortgages \| The Alexander apartment tower \| Apartment tower
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.63%
Notes payable, gross	$ 94,000	$ 94,000

Stock-Based Compensation (Details) - Director - 2016 Omnibus Stock Plan - Deferred Stock Units - USD ($)	1 Months Ended
	May 31, 2024	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity instruments granted per director (in shares)	357
Non option equity instruments market value	$ 75,000
Non option equity instruments grant date fair value per grant	56,250
Non option equity instruments grant date fair value total	$ 450,000
Non option equity instruments, outstanding, number (in shares)		26,244
Shares available for future grant under the plan (in shares)		479,543

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	$ 12,800	$ 22,608
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	12,800	22,608
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	$ 0	$ 0

Fair Value Measurements - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 12,800	$ 22,608
Interest rate swap \| Designated as Hedging Instrument \| 731 Lexington Avenue mortgage loan, retail condominium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	11,880	16,315
Notional Amount	$ 300,000
Swapped Rate	1.76%
Interest rate swap \| Designated as Hedging Instrument \| Rego Park II shopping center mortgage loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 920	1,370
Notional Amount	$ 202,544
Interest cap rate	4.15%
Interest rate swap \| Designated as Hedging Instrument \| 731 Lexington Avenue mortgage loan, office condominium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 0	$ 4,923

Fair Value Measurements - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Assets:
Cash equivalents	$ 129,129	$ 363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	1,086,544	1,096,544
Level 1 \| Fair Value
Assets:
Cash equivalents	129,129	363,535
Level 2 \| Fair Value
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 1,066,388	$ 1,071,887

Commitments and Contingencies (Details)	6 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Standby letters of credit, outstanding	$ 900,000
All Risk Property and Rental Value
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	1,700,000,000
Terrorism Coverage Including NBCR
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	1,700,000,000
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Loss Contingencies [Line Items]
Federal government responsibility (in percentage)	80.00%
NBCR \| FNSIC
Loss Contingencies [Line Items]
Insurance deductible	$ 316,000
Self insured responsibility (in percentage)	20.00%
General Liability
Loss Contingencies [Line Items]
Insurance maximum coverage per property	$ 300,000,000
Insurance maximum coverage per incident	300,000,000
Disease Coverage
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	$ 30,000,000

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Potentially dilutive securities outstanding (in shares)	0	0	0	0

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 8,380	$ 64,147	$ 24,489	$ 75,373
Weighted average shares outstanding - basic (in shares)	5,131,902	5,128,823	5,131,290	5,127,959
Weighted average shares outstanding - diluted (in shares)	5,131,902	5,128,823	5,131,290	5,127,959
Net income per common share - basic (in usd per share)	$ 1.63	$ 12.51	$ 4.77	$ 14.70
Net income per common share - diluted (in usd per share)	$ 1.63	$ 12.51	$ 4.77	$ 14.70

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