$ALX

ALEXANDERS INC

CIK:0000003499|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Rental revenues	$ 54,711	$ 51,589	$ 108,123	$ 106,504
EXPENSES
Operating, including fees to Vornado of $2,114, $1,590, $3,525 and $3,182, respectively	(26,743)	(25,934)	(55,723)	(51,498)
Depreciation and amortization	(8,230)	(8,707)	(17,004)	(17,306)
General and administrative, including management fees to Vornado of $635, $610, $1,245, and $1,220, respectively	(3,266)	(1,955)	(4,979)	(3,546)
Total expenses	(38,239)	(36,596)	(77,706)	(72,350)
Interest and other income	1,684	3,928	3,130	7,873
Interest and debt expense	(10,796)	(12,801)	(21,525)	(23,595)
Net gain on sale of real estate	148,002	0	148,002	0
Net income	$ 155,362	$ 6,120	$ 160,024	$ 18,432
Net income per common share - basic (in usd per share)	$ 30.24	$ 1.19	$ 31.15	$ 3.59
Net income per common share - diluted (in usd per share)	$ 30.24	$ 1.19	$ 31.15	$ 3.59
Weighted average shares outstanding - basic (in shares)	5,137,549	5,134,599	5,136,757	5,134,069
Weighted average shares outstanding - diluted (in shares)	5,137,549	5,134,599	5,136,757	5,134,069

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 155,362	$ 6,120	$ 160,024	$ 18,432
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on sale of real estate	(148,002)	0	(148,002)	0
Depreciation and amortization, including amortization of debt issuance costs			18,292	18,888
PIK interest expense			3,832	0
Amortization of deferred lease incentives			3,541	3,654
Stock-based compensation expense			656	394
Straight-lining of rents			(566)	2,018
Interest rate cap premium amortization			3	322
Other non-cash adjustments			681	682
Change in operating assets and liabilities:
Tenant and other receivables			1,105	976
Other assets			1,233	1,179
Amounts due to Vornado			865	(25)
Accounts payable and accrued expenses			(8,752)	14,277
Lease incentive liability			(19,896)	(1,500)
Other liabilities			(11)	(10)
Net cash provided by operating activities			13,005	59,287
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of real estate			205,819	0
Construction in progress and real estate additions			(6,480)	(14,633)
Net cash provided by (used in) investing activities			199,339	(14,633)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid			(46,224)	(46,202)
Debt repayments			0	(1,983)
Net cash used in financing activities			(46,224)	(48,185)
Net increase (decrease) in cash and cash equivalents and restricted cash			166,120	(3,531)
Cash and cash equivalents and restricted cash at beginning of period			192,225	393,836	$ 393,836
Cash and cash equivalents and restricted cash at end of period	358,345	390,305	358,345	390,305	192,225
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period			128,167	338,532	338,532
Restricted cash at beginning of period			64,058	55,304	55,304
Cash and cash equivalents and restricted cash at beginning of period			192,225	393,836	393,836
Cash and cash equivalents at end of period	303,312	313,036	303,312	313,036	128,167
Restricted cash at end of period	55,033	77,269	55,033	77,269	64,058
Cash and cash equivalents and restricted cash at end of period	$ 358,345	$ 390,305	358,345	390,305	$ 192,225
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest			16,460	20,910
NON-CASH TRANSACTIONS
Liability for real estate additions, including $79 and $207 for development fees, respectively, due to Vornado			667	1,380
Write-off of fully depreciated assets			$ 81	$ 0

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate, at cost:
Land	$ 30,624	$ 32,271
Buildings and leasehold improvements	973,785	1,069,350
Development and construction in progress	0	2,150
Total	1,004,409	1,103,771
Accumulated depreciation and amortization	(435,752)	(473,141)
Real estate, net	568,657	630,630
Cash and cash equivalents	303,312	128,167
Restricted cash	55,033	64,058
Tenant and other receivables	3,004	4,109
Receivable arising from the straight-lining of rents	109,644	109,078
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $20,044 and $20,649, respectively	146,922	152,914
Other assets	16,492	21,752
Assets	1,203,064	1,110,708
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	834,572	829,451
Accounts payable and accrued expenses	28,076	36,538
Lease incentive liability	93,722	113,618
Total liabilities	979,441	1,001,552
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	35,815	35,159
Retained earnings	183,001	69,201
Accumulated other comprehensive income (loss)	2	(9)
Equity before treasury stock	223,991	109,524
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	223,623	109,156
Total liabilities and equity	1,203,064	1,110,708
Related Party
LIABILITIES AND EQUITY
Amounts due to Vornado	1,044	134
Nonrelated Party
LIABILITIES AND EQUITY
Amounts due to Vornado	$ 22,027	$ 21,811