ALEXANDERS (ALX) Company Report

Vornado Realty Trust reported Q4 2025 comparable FFO of $0.55 per share and full-year 2025 comparable FFO of $2.32 per share, with overall company same-store GAAP NOI up 5% for the quarter.
The company maintains strong liquidity of $2.39 billion, comprising $978 million in cash balances and $1.41 billion in undrawn credit lines, and has extended maturities on nearly $3.5 billion of debt through 2031.
Vornado repurchased 2,352,000 shares for $80 million at an average price of approximately $34 in recent months, with a total of 4,376,000 shares bought back for $109 million since the 2023 board authorization.
Key new projects include the $141 million acquisition of a development site at 3 East 54th Street, a planned 475-unit residential building on 34th Street, and the 623 Fifth Avenue redevelopment, which is budgeted at $1,175 per foot and expected to add $0.11 to FFO.
Management expects 2026 comparable FFO to be in line with 2025 and anticipates significant earnings growth in 2027, with cash NOI projected to turn positive in the second half of 2026.

Feb 10, 2026, 3:00 PM

Transcript

Vornado Realty Trust Reports Q4 2025 Results and Provides Outlook

ALX

Earnings

Guidance Update

New Projects/Investments

Vornado Realty Trust reported Q4 2025 comparable FFO of $0.55 per share and full-year 2025 comparable FFO of $2.32 per share, with overall company same-store GAAP NOI increasing 5% for the quarter.
The company achieved its highest Manhattan leasing volume in over a decade in 2025, with 3.7 million sq ft leased in Manhattan, and New York office occupancy rose from 88.8% to 91.2%.
Construction on the 1.85 million sq ft 350 Park Avenue new build will commence in April, and the company acquired 623 Fifth Avenue for $218 million for redevelopment.
Vornado maintains $2.39 billion in liquidity, extended maturities on nearly $3.5 billion of debt, and bought back 2,352,000 shares for $80 million in recent months. Management expects 2026 comparable FFO to be in line with 2025 and anticipates significant earnings growth in 2027.

Feb 10, 2026, 3:00 PM

Transcript

Vornado Realty Trust Reports Q4 2025 Earnings and Provides 2026 Outlook

ALX

Earnings

Guidance Update

New Projects/Investments

Vornado Realty Trust reported comparable FFO of $2.32 per share for the full year 2025 and $0.55 per share for Q4 2025. The company anticipates 2026 comparable FFO to be in line with 2025, with significant earnings growth expected in 2027.
In 2025, the company achieved its highest Manhattan leasing volume in over a decade, leasing 3.7 million sq ft in Manhattan and a total of 4.6 million sq ft of office space. New York office occupancy increased from 88.8% to 91.2%.
Vornado maintains $2.39 billion in liquidity, including $978 million in cash and $1.41 billion in undrawn credit lines. The company refinanced nearly $3.5 billion of debt through 2031 and improved its net debt-to-EBITDA to 7.7 times.
The company bought back 2,352,000 shares for $80 million at an average price of approximately $34 in recent months, contributing to a total of 4,376,000 shares for $109 million since 2023.
Key new projects include the 1.85 million sq ft 350 Park Avenue new build, commencing construction in April 2026, and the acquisition of 623 Fifth Avenue for $218 million in September 2025, which is projected to add $0.11 incrementally to earnings.

Feb 10, 2026, 3:00 PM

Transcript

Alexander's Announces Q4 and Full-Year 2025 Financial Results

ALX

Earnings

For the fourth quarter ended December 31, 2025, Alexander's, Inc. reported net income of $3.8 million ($0.74 per diluted share) and Funds from Operations (FFO) of $12.5 million ($2.43 per diluted share), a decrease compared to $12.3 million ($2.39 per diluted share) and $20.8 million ($4.06 per diluted share) respectively for the same period in 2024.
For the full year ended December 31, 2025, the company's net income was $28.2 million ($5.50 per diluted share) and FFO was $63.0 million ($12.27 per diluted share), down from $43.4 million ($8.46 per diluted share) and $78.0 million ($15.19 per diluted share) in 2024.
Revenues for the fourth quarter 2025 were $53.3 million, a decline from $55.9 million in Q4 2024, and full-year 2025 revenues were $213.2 million, compared to $226.4 million in 2024.

Feb 9, 2026, 2:08 PM

Press Release

Alexander's Restructures Mortgage Loan for

ALX

Debt Issuance

New Projects/Investments

On December 29, 2025, Alexander's, Inc. restructured the $300 million mortgage loan on the retail condominium of 731 Lexington Avenue in Manhattan.
The existing loan was split into a $132.5 million senior A-Note accruing interest at 7.00% per annum and a $167.5 million junior C-Note accruing interest at 4.55% per annum, with a new maturity date of December 23, 2035.
An affiliate of Alexander's purchased the $132.5 million senior A-Note and also established a new B-Note with the borrower, which accrues interest at 13.5% per annum (or 7.00% for loan amounts above $65 million used to pay A-Note interest) for capital, re-leasing expenses, and to fund A-Note interest.

Dec 29, 2025, 1:44 PM

Press Release

Alexander's Restructures $300 Million Retail Loan

ALX

Debt Issuance

New Projects/Investments

Alexander's Inc. (ALX) completed the restructuring of a $300 million mortgage loan on its 731 Lexington Avenue retail condominium in Manhattan, effective December 23, 2025.
The original loan was split into a $132.5 million senior "A-Note" accruing current interest at 7.00% per annum and a $167.5 million junior "C-Note" accruing interest at 4.55% per annum.
An affiliate of Alexander's, ALX Rego Holdings LLC, purchased the $132.5 million A-Note and also established a new "B-Note" to fund capital, re-leasing expenses, and A-Note interest, accruing at 13.5% per annum (or 7.00% for certain advances).
The restructured loan has a new maturity date of December 23, 2035.

Dec 29, 2025, 1:16 PM

8-K

Alexander's Completes Rego Park II Refinancing

ALX

Debt Issuance

Alexander's, Inc. completed a $175 million refinancing of its 615,000 square foot Rego Park II shopping center in Queens, New York.
The new interest-only loan is at SOFR plus 2.00%, currently 5.82%, and matures in December 2030.
The company paid down $23.5 million of the prior $198.5 million loan, which was scheduled to mature on December 12, 2025.

Dec 9, 2025, 1:59 PM

Press Release

Alexander's Completes Rego Park II Refinancing

ALX

Debt Issuance

Alexander's, Inc. completed a $175 million refinancing for its 615,000 square foot Rego Park II shopping center in Queens, New York, on December 5, 2025.
The new loan is an interest-only loan at SOFR plus 2.00%, currently 5.82%, and matures in December 2030.
This refinancing involved paying down $23.5 million from the previous $198.5 million loan, which bore interest at SOFR plus 1.45% and was scheduled to mature on December 12, 2025.

Dec 9, 2025, 1:27 PM

8-K

Vornado Realty Trust Reports Strong Q3 2025 Leasing and Balance Sheet Improvement

ALX

Earnings

New Projects/Investments

Guidance Update

Vornado Realty Trust executed 594,000 sq ft of New York office deals in Q3 2025 at average starting rents of $103 per sq ft, with mark-to-markets of +15.7% GAAP and +10.4% cash. For the first nine months of 2025, the company leased 3.7 million sq ft overall, including 2.8 million sq ft of Manhattan office space.
The Penn District showed significant progress, with Penn 2 reaching 78% occupancy and on track to exceed its 80% year-end guidance after leasing 325,000 sq ft in Q3 at $112 per sq ft average starting rents, plus an additional 188,000 sq ft post-quarter end.
The company's balance sheet improved, with the net debt-to-EBITDA ratio decreasing to 7.3 times from 8.6 times at the start of the year, and immediate liquidity standing at $2.6 billion. This includes $1.15 billion in cash and $1.44 billion in undrawn credit lines.
Strategic investments include the $218 million acquisition of 623 Fifth Avenue for redevelopment, with a budgeted 9% yield on cost, and plans to commence demolition for the 350 Park Avenue new build in March 2026. Additionally, Vornado plans to begin construction next year on a 475-unit rental residential building on its 34th Street site.
Management noted a robust New York City office market, with Midtown core Class A better building vacancy down to 6.2% and Manhattan office leasing activity projected to exceed 40 million sq ft for the year, marking the first time since 2019.

Nov 4, 2025, 3:00 PM

Transcript

Alexander's Announces Third Quarter 2025 Financial Results

ALX

Earnings

Demand Weakening

ALEXANDER'S, INC. reported net income of $6.0 million ($1.16 per diluted share) for the third quarter ended September 30, 2025, a decrease from $6.7 million ($1.30 per diluted share) in the same period last year.
Funds from operations (FFO) for Q3 2025 increased slightly to $14.9 million ($2.91 per diluted share) from $14.6 million ($2.84 per diluted share) in Q3 2024.
For the nine months ended September 30, 2025, net income was $24.4 million ($4.75 per diluted share) and FFO was $50.5 million ($9.84 per diluted share), both lower than the prior year's nine-month period.
Revenues for the third quarter ended September 30, 2025, were $53,424 thousand, a decrease from $55,675 thousand in the prior year quarter.