Alexander's, Inc.

ALEXANDER’S, INC.
ANNUAL REPORT TO
STOCKHOLDERS
2024


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended: December 31, 2024
OR
☐
TRANS
R
ITION 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 incorpor
r
ation or organization)
(IRS Employer Identific
f ation No.)
210 Route 4 East, Paramus, New Jersey
07652
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code
(201) 587-8541
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
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defin
f ed in Rule 405 of the Securities Act.
Yes ☐No ☑
Indicate by check mark if the registrant is not required to file
f
reports pursuant to Section 13 or Section 15 (d) of the Act.
Yes ☐No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be file
f
d by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for
f
such shorter period that the registrant was required to
file such reports), and (2) has been subj
u ect to such filing requirements for
f
the past 90 days.
Yes ☑No ☐

Indicate by check mark whether the registrant has submitted electronically every I
r
nteractive Data File required to be submitted
pursuant to Rul
R e 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for
f
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 fil
f er, 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 fin
f ancial accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ¨
Indicate by check mark whether the registrant has fil
f ed a report on and attestation to its management’s assessment of the
effe
f ctiveness of its internal control over fin
f ancial reporting under Section 404(b) of the Sarbane
r
s-Oxley Act (15 U.S.C.
7262(b)) by the registered public accounting fir
f m that prepared or issued its audit report.
Yes ☑No ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing refle
f ct the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-
based compensation received by any of the registrant’s executive offi
f cers dur
d
ing the relevant recovery period pursuant to
§240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rul
R e 12b-2 of the Act). Yes ☐No ☑
The aggregate market value of the voting and non-voting shares of common stock held by non-affi
f liates of the registrant, (i.e.,
by persons other than officers and directors of Alexander’s, Inc.) was $477,911,000 at June 30, 2024.
As of January 31, 2025, there were 5,107,290 shares of the registrant’s common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Part III: Portions of the Proxy Statement for
f
the Annual Meeting of Stockholders to be held on M y
ay 22, 2025.

INDEX
Item
Page Number
PART I.
1.
Business
5
1A.
Risk Factor
8
s
1B.
Unresolved Staff Comments
20
1C.
Cybersecurity
21
2.
Properties
22
3.
Legal Proceedings
24
4.
Mine Safety Disclosures
24
PART II.
5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
24
6.
Reserved
25
7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
26
7A.
Quantitative and Qualitative Disclosures About Market Risk
34
8.
Financial Statements and Suppl
u
ementary Data
35
9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
55
9A.
Controls and Procedur
d
es
55
9B.
Other Information
58
9C.
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
58
PART III.
10.
Directors, Executive Offic
f ers and Corporate Governance(1)
58
11.
Executive Compensation(1)
59
12.
Security Ownership of Certain Beneficia
f
l Owners and Management and Related
Stockholder Matters(1)
59
13.
Certain Relationships and Related Transactions, and Director Independence(1)
59
14.
Principal Accountant Fees and Services(1)
59
PART IV.
15.
Exhibits and Financial Statement Schedul
d es
60
16.
Form 10-K Summary
69
Signatures
70
__________________________
(1)
These items are omitted in whole or in part because the registrant will file
f
a definitiv
f
e Proxy Statement pursuant to Regulation 14A
under the Securities Exchange Act of 1934 with the Securities and Exchange Commission no later than 120 days afte
f r December
31, 2024, portions of which are incorporated by reference herein.
3

FORWARD-LOOKING STATEMENTS
Certain statements contained herein 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
subj
u ect to numerous assumptions, risks and uncertainties. Our futur
f
e results, fin
f ancial 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 Annual Report on Form 10-K. We also note the following forward-looking statements: estimates of
future rents, estimates of futur
f
e capital expenditures and estimates of dividends on shares of our common stock. Many of the
factors that will determine the outcome of these and our other for
f
ward-looking statements are beyond our ability to control or
predict. For fur
f
ther discussion of factors that could materially affe
f ct the outcome of our forward-looking statements, see “Item
1A. Risk Factors” in this Annual Report on Form 10-K.
For these statements, we claim the protection of the safe harbor for for
f
ward-looking statements contained in the Private
Securities Litigation Refor
f
m 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 Annual Report on Form 10-K or the date of any document incorporated by reference.
All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any
obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after
the date of this Annual Report on Form 10-K.
4

PART I
ITEM 1.
BUSINESS
General
Alexander’s, Inc. (NYSE: ALX) is a real estate investment trus
r
t (“REIT”), incorporated in Delaware, engaged in leasing,
managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer
f
to Alexander’s, Inc. and its consolidated subs
u
idiaries. We are managed by, and our properties are leased and developed by,
Vornado Realty Trus
r
t (“Vornado”) (NYSE: VNO).
We have five properties in New York City consisting of:
Operating properties
p
g p
p
•
731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington
Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 947,000 and 133,000
of rentable square feet of offi
f ce and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupi
u es all of the offi
f ce
space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on
January 31, 2025;
•
Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens. The
center was anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls. In the four
f
th quarter of
2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in
2025. Rego Park I will then be vacant and we are currently exploring sale and development opportunities for
f
the
property;
R
•
ego Park II, a 615,000 square foot shopping center, is located adja
d cent to the Rego Park I shopping center in
Queens. The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been
subl
u eased;
•
Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subl
u eased to
New World Mall LLC. The property is ground leased through January 2027 with one ten-year extension option; and
•
The Alexander apa
a
rtment tower, located above our Rego Park II shopping center, contains 312 units aggregating
255,000 square feet.
Relationship with Vornado
We are managed by, and our properties are leased and developed by, Vornado, pursuant to various agreements which expire
in March of each year and are automatically renewabl
a e. Vornado is a fully-integrated REIT with significant experience in
managing, leasing, developing, and operating office and retail properties.
As of December 31, 2024, Vornado owned 32.4% of our outstanding common stock. Steven Roth is the Chairman of our
Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New
Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of
December 31, 2024, Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who
are also directors of the Company and trus
r
tees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock,
in addition to the 2.3% they indirectly own through Vornado.
5

Significant Tenant
Bloomberg accounted for revenue of $125,349,000, $120,351,000
d
and $115,129,000 i
h
in th y
e years end d
ded December 31, 2024,
2023
d
and 2022, respectiv lely, represen iti g
ng appr
i
oximately
mately
,
55% 54% and 56% of our
56%
rental revenues in each year, respectively.
No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg
were to be unable to ful
f fill its obligations under its lease, it would adversely affect our results of operations and fin
f ancial
condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confid
f ential
financial infor
f
mation and metrics fro
f
m Bloomberg. In addition, we access and evaluate financial information regarding
Bloomberg from other private sources, as well as publicly availabl
a e data.
Environmental Sustainability Initiatives
We have long believed a focus on
f
environmental sustainability is responsible management of our business and important to
our tenants, investors, employees and communities that we serve. Since we are externally managed by Vornado, Vornado’s
Corporate Governance and Nominating Committee of its Board of Trustees is assigned with oversight of sustainability matters
at Alexander’s, which includes climate change risk. Environmental sustainability initiatives are carried out by a dedicated team
of profes
f
sionals that work directly with Vornado’s business units. In the discussion below, when we refer to Vornado’s
buildings, it includes our buildings.
Vornado is an industry l
r
eader in sustainability, owning and operating more than 26 million square feet of LEED (Leadership
in Energy and Environmental Design) certified buildings, representing 100% of its certifiabl
a e office portfol
f io, with over 24
million square feet a
f
t LEED Gold or Platinum. In 2024, Vornado:
•
became the first major U.S. real estate owner and operator to achieve 100% LEED certification across its entire
portfol
f io of certifia
f bl
a e in-service buildings;
•
received a GRESB’s fiv
f e star rating and an assessment score of 92, placing in the top 3% within Americas/Listed,
and the “Green Star” distinction for
f
the twelfth
f
consecutive year;
•
received the National Association for
f
Real Estate Investment Trus
r
ts’ (NAREIT) inaugural “The Impact at Scale
Award,” for implementing operational initiatives in the PENN district that advance corporate sustainability and
deliver measurable impact; and
•
was recognized as an EPA ENERGY STAR Partner of the Year with the distinction of having demonstrated nine
years of sustained excellence.
Vornado prioritizes addressing climate change and in 2019 adopted a 10-year plan to make its buildings carbon neut
r
ral by
2030 (“Vision 2030”). Vision 2030 is a multi-faceted approa
a
ch that prioritizes energy reduction, recovery, and renewable
a
power. Vornado relies on technology, as well as meaningful stakeholder collabor
a
ation with its tenants, its employees, and its
communities, to achieve this plan. Vornado’s commitment to carbon neut
r
rality and associated emissions reduction targets have
been approved by the Science Based Targets Initiative as consistent with a 1.5°C climate scenario limit, the most ambitious
goal of the Paris Agreement.
Vornado considers sustainability in all aspects of its business, including the design, construc
r
tion, retrofittin
f
g and ongoing
maintenance and operations of its portfol
f io of buildings. Vornado operates its buildings sustainably and effi
f ciently by seeking
to establ
a ish best practices in energy and water consumption, carbon
r
reduction, resource and waste management and ecologically
sensitive procurement. Vornado’s policies, from 100% green cleaning to procuring 100% renewabl
a e electricity certificates to
energy effi
f ciency, are implemented across its entire portfol
f io. Vornado undertakes significant outreach with its tenants,
employees and investors regarding Vornado’s sustainability programs and strategies.
Vornado gathers data to measure progress against its goals, aligns its goals with its tenants, plans for
f
its longer-term proje
o cts
and engages with its stakeholders in meaningful
f
ways. Vornado uses carbon
r
accounting softw
f
are, energy audits and models and
building automation softw
f
are to measure and track its portfol
f io-wide waste, water and energy reduc
d
tion strategies, create
roadmaps
a
for each building to understand how to achieve carbon neut
r
rality and provide accurate and actionable data for
f
its
measurement, verification and reporting requirements.
Vornado is committed to transparent reporting of sustainability performance indicators and publishes an annual
Sustainability Report in accordance with the Global Reporting Initiative and aligned with the metrics codified by the
Sustainability Accounting Standards Board. Vornado also submits public reports to CDP, CSA (the S&P Global Corpo
r
rate
Sustainability Assessment) and EP100 (global initiative led by Climate Group). Further details on Vornado’s environmental
sustainability initiatives and strategy, including its Vision 2030 Roadmap,
a
can be found in Vornado’s 2023 Sustainability
Report at (vno.com/sustainability). There can be no assurance that Vornado’s Vision 2030 commitment will be achieved in the
planned time frame. The Sustainability Report is not incorporated by reference and should not be considered part of this Annual
Report on Form 10-K.
6

Competition
We operate in a highly competitive environment located in New York City. We compete with a large number of real estate
investors,
property
owners
and
developers,
some
of
whom
may
be
willing
to
accept
lower
returns
on
their
investments. Principal fac
f
tors of competition are rents charged, tenant concessions offere
f
d, attractiveness of location, the
quality of the property and the breadth and the quality of services provided. Our success depends upon, among other fact
f
ors,
trends of the global, national and local economies, the fin
f ancial condition and operating results of current and prospective
tenants and customers, the availabi
a lity and cost of capital, construc
r
tion and renovation costs, taxes, governmental regulations,
legislation, population and employment trends, zoning laws, and our ability to lease, subl
u ease or sell our properties, at profita
f
ble
a
levels. Our success is also subject to our ability to refinance existing debt on acceptabl
a e terms as it comes due
d
. See “Item 1A.
Risk Factors” in this Annual Report on Form 10-K for
f
additional information regarding these fact
f
ors.
Human Capital Resources
Since we are externally managed by Vornado, we do not have separate employees that provide management, leasing and
development services. We currently have 90 property-level employees wh
w o provide cleaning, engineering and security services.
Our employees are managed by Vornado in accordance with its employee policies and they have access to Vornado’s benefit
f s,
training and other programs.
Executive Offi
f ce
Our executive office is located at 210 Route 4 East, Paramus, New Jersey, 07652 and our telephone number is (201)
587-8541.
Available Infor
f
mation
Copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
amendments to those reports, as well as Reports on Forms 3, 4 and 5 regarding offi
f cers, directors, and 10% beneficial owners,
file
f
d or fur
f
nished pursuant to Section 13(a), 15(d) or 16(a) of the Securities Exchange Act of 1934, are availabl
a e fre
f e of charge
on our website (www.alx-inc.com) as soon as reasonably practicable afte
f r they are electronically filed with, or furni
f
shed to, the
Securities and Exchange Commission (“SEC”). Also availabl
a e on our website are copies of our Audit Committee Charter,
Compensation Committee Charter, Code of Business Conduct and Ethics and Corporate Governance Guidelines. In the event
of any changes to these items, revised copies will be made availabl
a e on our website.
Copies of these documents are also
availabl
a e directly from us fre
f e of charge. The SEC also maintains a website (www.sec.gov) that contains reports, proxy and
information statements and other infor
f
mation that is file
f
d electronically with the SEC. The contents of our website provided
above are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or
document we fil
f e with the SEC.
In May 2009, Vornado and Interstate each filed with the SEC an amendment to their respective Schedul
d e 13D indicating
that they, as a group, own
ur
47.2% of o
common stock. This ownership level, together with the shares owned by Messrs. Roth,
Mandelbaum and Wight, makes us a “controlled” company for
f
the purposes of the New York Stock Exchange, Inc.’s Corporate
Governance Standards (the “NYSE Rul
R es”). This means that we are not required to, among other things, have a majority of the
members of our Board of Directors be independent under the NYSE Rul
R es, have all of the members of our Compensation
Committee be independent under the NYSE Rul
R es or to have a Nominating Committee. While we have voluntarily complied
with a majority of the independence requirements of the NYSE Rul
R es, we are under no obligation to do so and this situation
may change at any time.
7

ITEM 1A. RISK FACTORS
Material factors that may adversely affect our business, operations and fin
f ancial condition are summarized below. The risks
and uncertainties described herein may not be the only ones we face.
f
Additional risks and uncertainties not presently known to
us or that we currently believe to be immaterial may also adversely affect our business, operations and fin
f ancial condition. See
“Forward-Looking Statements” contained herein on page 4.
RISKS RELATED TO OUR BUSINESS AND OPERAT
R
IONS
We may b
a
e adverse
r
ly affe
f cted
t
by trends in offi
f ce real estate, i
e nc
i
luding
i
work from home trends.
In 2024, approximatelyly
our
55% of
rental revenues was from Bloomberg, the offi
f ce tenant at our 731 Lexington Avenue
offi
f ce property. Work from home, flexible or hybrid work schedules, open workplaces, videoconfer
f encing, and
teleconferenci
f
ng remain prevalent in certain situations, fol
f lowing the COVID-19 pandemic. Changes in tenant space utilization,
including from the continuation of work from home and flexible work arrangement policies, may cause offi
f ce tenants to
reassess their long-term physical space needs, which could have an adverse effect on our business. Additionally, the increased
use of artificial intelligence (“AI”) could result in changes in tenant space utilization, including the need to reduc
d
e or
reconfig
f ure space.
All o
l
f o
o
ur propertie
t s are in New Yor
Y
k C
r
ity
C
and are affe
f cted by the economic cycles and risks inherent to this area.
All of our revenues come fro
f
m properties located in New York City. Real estate markets are affe
f cted by economic
downturns and we cannot predict how economic conditions will impact this market in either the short or long term. Declines in
the economy and declines in the New York City real estate market have affe
f cted and could affect our financial performance and
the value of our properties. In addition to the factors affecting the national economic condition generally, the factors affec
f
ting
economic conditions in this area include:
•
fin
f ancial performance and productivity of the media, advertising, profes
f
sional services, fin
f ancial, technology,
retail, insurance and real estate industries;
•
business layoffs
f
or downsizing;
•
any oversupply of, or reduced demand for, real estate;
•
industry s
r
lowdowns;
•
the effe
f cts of inflatio
f
n;
•
interest rate flu
f ctua
t
tions;
•
relocations of businesses;
•
changing demographics;
•
work fro
f
m home and use of alternative work places;
•
changes in the number of domestic and international tourists to our markets (including as a result of changes in the
relative strengths of world currencies);
•
changes in diplomatic and trade relationships, as well as potential tariffs;
•
the fiscal health of New York State and New York City governments and local transit authorities;
•
quality of life conditions;
•
infra
f structur
t
e quality;
•
increased government regulation and costs of complying with such regulations; and
•
changes in rates or limitations of the deduc
d
tibility of state and local taxes.
It is impossible for us
f
to predict the future effe
f cts of trends in the economic and investment climates of the New York City
metropolitan region, and more generally of the United States, or the real estate market in this area. Local, national or global
economic downturns could negatively affect the value of our properties, our business and profita
f
bi
a lity.
We are subje
b ct to risks t
k
ha
t
t affe
a
ct the general and New
N
York City
i
retail enviro
i
nments.
Certain of our properties are New York City retail properties and thus are affected by the general and New York City retail
environments, including the level of consumer spending and consumer confid
f ence, New York City tourism, offi
f ce and
residential occupanc
u
y rates, employer remote-working policies, the threat of terrorism or other criminal acts, increasing
competition from online retailers and other retail centers, and the impact of technological change upon the retail environment
generally. These factors could adversely affect the fin
f ancial condition of our retail tenants, or result in the bankruptcy of such
tenants, and the willingness of retailers to lease space in our retail locations, which could have an adverse effect on the value of
our properties, our business and profita
f
bi
a lity.
8

Our perfo
r
rmance and the
t
value of a
o
n inv
i
estment in u
i
s are subject to risks a
k
ssociated
t
with
i
our real estat
t e a
t
ssets and with
the real estat
t e i
t
ndus
i
try.
r
The value of our real estate and the value of an investment in us fluctuates depending on conditions in the general economy
and the real estate business. These conditions may also adversely affect our revenues and cash flo
f ws.
The fact
f
ors that affect the value of our real estate assets include, among other things:
•
global, national and local economic conditions and geopolitical events;
•
competition fro
f
m other availabl
a e space, including co-working space and subl
u eases;
•
local conditions such as an oversupply of space or a reduc
d
tion in demand for
f
real estate in the area;
•
how well we manage our properties;
•
the development and/or redevelopment of our properties;
•
changes in market rental rates;
•
trends in offi
f ce real estate, including many tenants’ preferences for space in modern amenitized buildings which
may require the landlord to incur significant capital expenditures;
•
increased competition from online shopping and its impact on retail tenants and their demand for
f
retail space;
•
potential changes in trade relationships, new tariffs and other trade protection measures or barriers that may
adversely affect retailers and retail store values;
•
the timing and costs associated with property improvements and rentals;
•
whether we are abl
a e to pass all or portions of any increases in operating costs through to tenants;
•
changes in real estate taxes and other expenses;
•
flu
f ctua
t
tions in interest rates;
•
the ability of state and local governments to operate within their budgets;
•
whether tenants and users such as customers and shoppers consider a property attractive;
•
changes in consumer preferen
f
ces adversely affecting retailers and retail store values;
•
changes in tenant space utilization;
•
the financial condition of our tenants, including the extent of tenant bankruptcies or defaults;
•
consequences of any armed conflic
f
t involving, or terrorist attacks against, the United States or individual acts of
violence in public spaces;
•
availability of financing on acceptable terms or at all;
•
inflati
f
on or deflation;
•
our ability to obtain adequate insurance;
•
government regulation, including changes in fis
f cal policies, taxation, and zoning laws;
•
potential liabi
a lity and compliance costs associated with environmental or other laws or regulations;
•
natur
t
al disasters;
•
general competitive fac
f
tors;
•
climate change; and
•
the impact of pandemics or outbreaks of other infectious diseases.
The rents or sales proceeds we receive and the occupanc
u
y levels at our properties may decline as a result of adverse changes
in any of these factors. If rental revenues, sales proceeds and/or occupanc
u
y levels decline, we generally would expect to have
less cash availabl
a e for ope
f
rating costs, to pay indebtedness and for di
f
stribution to our stockholders. In addition, some of our
major expenses, including mortgage interest payments, real estate taxes and maintenance costs generally do not decline when
the related rents decline, and maintenance costs can increase substantially in an inflationary environment. These fac
f
tors may
cause the value of our real estate assets to decline, which may result in non-cash impairment charges and the impact could be
material.
Real estate is a competitiv
t e business and that competit
t io
t n may adverse
r
ly affe
f ct us.
We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to
accept lower returns on their investments. Principal fac
f
tors of competition are rents charged, tenant concessions offere
f
d,
attractiveness of location, the quality of the property and the breadth and the quality of services provided. Subs
u
tantially all of
our properties fac
f
e competition fro
f
m similar properties in the same market, which may adversely affect the rents we can charge
at those properties and our results of operations.
9

We may b
a
e unable t
l
o r
t
enew leases, l
s ea
l
se vacant space or relet
l
space as lea
l
ses expi
e
re
i
on favorable t
l
er
t
ms.
r
When our tenants decide not to renew their leases upon their expiration, we may not be able to relet the space. Even if
tenants do renew or we can relet the space, the terms of renewal or reletting, considering among other things, rent and
concessions, the cost of improvements to the property and leasing commissions, may be on less economically favorable terms.
In addition, changes in space utilization by our tenants may impact our ability to renew or relet space without the need to incur
subs
u
tantial costs in renovating or redesigning the internal config
f uration of the relevant property and/or space. If we are unable
to promptly renew the leases or relet the space at similar rates, lease vacant space, or if we are otherwise not able to maintain
occupanc
u
y on economically favorable terms, our cash flo
f w and ability to service debt obligations and pay dividends and
distributions to stockholders could be adversely affected.
731 Lexi
e ng
i
ton Avenue accounts f
t
or
f
a majority o
t
f o
o
ur revenues. Loss of or damage to the buildin
i
g would adverse
r
ly affe
f ct
our fin
f
ancial condit
d io
t n and results o
t
f o
o
pe
o
rations.
731 Lexington Avenue accounted for revenue of $153,298,000, $148,806,000
d
and $138,778,000 i
h
in th
y
e years e d d
nded
December 31, 2024, 2023
d
and 2022, respectiv lely, represen iting appr
a
i
oximately
mately 68% 6
,
6% and 67% of our rental revenues in
each year, respectively. Loss of or damage to the building in excess of our insurance coverage, including as a result of a
terrorist attack, would adversely affect our results of operations and fin
f ancial condition.
Bloombe
l
rg repr
e
esents a majority of our revenues. Loss of Bloombe
l
rg as a ten
t
ant or deter
d
ioration in Bloomberg’s credit
d
quality
l
could a
l
dverse
r
ly affe
f ct our fin
f
ancial condit
d io
t n and results o
t
f o
o
pe
o
rations.
Bloomberg accounted for revenue of $125,349,000, $120,351,000
d
and $115,129,000 i
h
in th y
e years end d
ded December 31, 2024,
2023
d
and 2022, respectiv lely, represen iting a
i
pproxi
a
mately
mately
,
55%
54% and
of our
56%
rental revenues in each year,
respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or
if Bloomberg were to be unable to ful
f fill its obligations under its lease, it would adversely affect our results of operations and
financial condition.
We depend upon anchor tenants t
t
o a
t
ttract shoppe
o
rs at our Rego Par
P
k r
r
etai
t l p
i
rope
o
rtie
t s and decisi
i ons made by these
tenants,
t
or adverse
r
developm
l
ents in the businesses of t
o
he
t
se tenants,
t
could m
l
ater
t
ially affe
f ct our fin
f
ancial conditio
d
n and
results of operations.
Our Rego Park retail properties are anchored by well-known large format retailers and other tenants who generate shopping
traffi
f c. The value of these properties would be adversely affected
f
if our anchor tenants fai
f led to meet their contractual
t
obligations, sought concessions in order to continue operations or ceased their operations, including as a result of bankruptcy.
If the level of sales at stores operating in our properties were to decline significantly due to economic conditions, increased
competition from online shopping, closing of anchors or for othe
f
r reasons, tenants may be unable to pay their minimum rents or
expense recovery charges. In the event of a defau
f
lt by a tenant or anchor, we may experience delays and costs in enforcing our
rights as landlord. Additionally, closure of an anchor or major tenant could result in lease terminations by, or reductions of rent
from other tenants if the other tenants’ leases have co-tenancy clauses.
Bankrupt
u cy
t
or insolvency of tenants m
t
ay decrease our revenues, net inc
i
ome and availa
i ble c
l
ash.
From time-to-time, some of our tenants have declared bankruptcy, and other tenants may declare bankruptcy, become
insolvent or experience a material business downturn adversely affecting their ability to make timely rental payments in the
future. If a tenant does not pay its rent, we may face delays enforcing our rights as landlord and may incur subs
u
tantial legal and
other costs. Even if we are able to enforce our rights, a tenant may not have recoverabl
a e assets. The bankruptcy or insolvency of
a major tenant may delay our effort
f
s to collect past-due ba
d
lances under the relevant leases and could ultimately preclude
collection of these amounts altogether. As a result, the bankruptcy or insolvency of, o
f
r nonpayment by, a major tenant could
cause us to suffer lower revenues and operational diffi
f culties, including leasing the remainder of the property, which could in
turn result in decreased net income and funds
f
availabl
a e to pay our indebtedness and make distributions to stockholders.
10

Some of our poten
t
tial los
l
ses may not be covered by insurance.
We maintain general liabi
a lity 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-
u
limits for certain perils such as floods and
earthquakes on each of our properties and excluding communicabl
a e disease coverage.
Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subs
u
idiary, 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 ful
f ly reinsured by third party insurance companies and the Federal government with no exposure to
FNSIC. For NBCR acts, FNSIC is responsible for a deductible of $338,000 and 20% of the balance of a covered loss, and the
Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred
by FNSIC.
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 availabl
a e on commercially reasonable terms in the futur
f
e. We are
responsible for uninsured losses and for deduc
d
tibles and losses in excess of our insurance coverage, which could be material
and adversely affect our business, results of operations and fin
f ancial condition.
Our loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate
insurance coverage for purpos
r
es of these agreements, we may not be able to obtain an equivalent amount of coverage at
reasonable costs in the futur
f
e. If lenders insist on greater coverage than we are abl
a e to obtain, it could adversely affect our
ability to fin
f ance or refin
f ance our properties.
Actual or threatened
t
terrorist atta
t cks or o
k
ther criminal acts may a
a
dverse
r
ly affe
f ct the value of our prope
o
rtie
t s and our
ability to
i
generate cash flow.
l
All of our properties are located in New York City, and our most significant property, 731 Lexington Avenue, is located on
Lexington Avenue and 59th Street in Manhattan. In response to a terrorist attack, the perceived threat of terrorism or other
criminal acts, tenants in this area may choose to relocate their businesses to less populated, lower-profile areas of the United
States that may be perceived to be less likely targets of future terrorist activity or have lower rates of crime and few
f
er customers
may choose to patronize businesses in this area. This, in tur
t
n, could trigger a decrease in the demand for space in this area,
which could increase vacancies in our properties and force us to lease space on less favorable terms. Furthermore, we may
experience increased costs for
f
security, equipment and personnel. As a result, the value of our properties and the level of our
revenues and cash flo
f ws could decline materially.
11

The effe
e
cts o
t
f c
o
limate c
t
hange and natural dis
d asters could h
l
ave a concentrated
t
impact on the
t
area where we ope
o
rate and
could a
l
dverse
r
ly affe
f ct our results.
l
Our properties are located in New York City. Physical climate change and natur
t
al disasters, including earthquakes, storms,
storm surges, tornados, flo
f ods and hurricanes, could cause significant damage to our properties and the surrounding
environment or area. Potentially adverse consequences of climate change, including rising sea levels and increased temperature
fluctuations, could similarly have an impact on our properties and the economies of the metropolitan area in which we operate.
Government effort
f
s to combat climate change may impact the cost of operating our properties. Over time, these conditions
could result in declining demand for
f
space in our buildings or the inability of us to operate the buildings at all. Climate change
may also have indirect effects on our business by increasing the cost of (or making unavailabl
a e) property insurance on terms we
find acceptabl
a e, increasing the cost of energy at our properties and requiring us to expend funds as we seek to repair and protect
our properties against such risks. The incurrence of these losses, costs or business interrupt
u ions may adversely affec
f
t our
operating and financial results.
Our properties are located in an urban area, which means the vitality of our properties is reliant on sound transportation and
utility infra
f structur
t
e systems. If one of those systems is compromised in any way by an extreme weather event, such a
compromise could have an adverse effect on our local economies and populations, as well as on our tenants’ ability to do
business in our buildings.
Our prope
o
rtie
t s are subject to transitio
i
nal risks related to climate-
t related polic
l y c
c
hange.
De-carboni
r
zation of grid-supplied energy (as has been mandated by the Climate Leadership and Community Protection Act
in New York State) could lead to increased energy costs and operating expenses for our buildings. Retrofitting our building
systems to consume less energy could lead to increased capi
a tal costs. In addition, buildings which consume fos
f
sil fue
f
l onsite
may be subject to penalties in the futur
f
e. Although these laws and regulations have not had any material adverse effect
f
s on our
business to date, they could result in substantial costs, including compliance costs, increased energy costs, retrofit
f
costs and
construc
r
tion costs. We cannot predict how future laws and regulations, or futur
f
e interpr
r
etations of current laws and regulations,
related to climate change will affe
f ct our business, results of operations and fin
f ancial condition.
We may become subj
u ect to costs, taxes or penalties, or increases therein, associated with natural resource or energy usage,
such as a “carbon
r
tax” and by local legislation such as New York City’s Local Law 97, which sets limits on carbon
r
emissions in
our buildings and imposes penalties if we exceed those limits, and New York City’s Intro 2317, or the “gas ban” bill, which
limits any onsite fossil fue
f
l combustion in new construc
r
tion and major renovations. These costs, taxes or penalties could
increase our operating costs and decrease the cash available to pay our indebtedness and make distributions to our stockholders.
Changes to t
t
ax
t
laws could a
l
ffe
a
ct REITs generally, t
y he
t
trading
i
of our shares and our results
l
of operations, b
s
oth p
t
ositively
and negativ
t ely, in ways
a
that are dif
d fi
f cult to anticipate.
t
The rul
r es dealing with U.S. fed
f
eral, state and local income taxation are constantly under review by persons involved in the
legislative process and by the IRS and the Treasury D
r
epartment. Changes to tax laws (which changes may have retroactive
application) could adversely affect the taxation of REITs and their shareholders. We cannot predict whether, when, in what
form, or with what effe
f ctive dates, tax laws, regulations and rul
r ings may be enacted, promulgated or decided, or technical
corrections made, which could result in an increase in our, or our stockholders’, tax liabi
a lity or require changes in the manner in
which we operate in order to minimize increases in our tax liabi
a lity. If such changes occur, we may be required to pay
additional taxes on our assets or income and/or be subj
u ect to additional restrictions. These increased tax costs could, among
other things, adversely affect the trading price for our
f
common shares, our financial condition, our results of operations and the
amount of cash available to pay our indebtedness and make distributions to our stockholders.
12

Sign
i
ificant inf
i
la
f tion and inc
i
reases in the inf
i
la
f tion rate c
t
ould adverse
r
ly affe
f ct our business and financ
i
ial results.
l
Elevated rates of infla
f tion, both real and anticipated, may impact our business and results of operations. In a highly
inflationary environment, we may be unable to raise rental rates at or above
a
the rate of inflatio
f
n, which could reduc
d
e our profit
margins. In addition, our cost of labor
a
and materials could increase, which could have an adverse effect on our business and
financial results. Increased inflation could also adversely affec
f
t us by increasing costs of construc
r
tion and renovation. While
increases in most operating expenses at our properties can be passed on to our offi
f ce and retail tenants, some tenants have fixed
reimbursement charges, and expenses at our residential property may not be able to be passed on to residential tenants. An
increase in unreimbursed operating expenses may reduc
d
e cash flo
f w availabl
a e to pay our indebtedness and make distributions to
our stockholders.
We may a
a
cquire
i
, d
e
eve
d
lop, or
o
redevelop prope
l
rtie
t s and this may c
a
reate r
t
isks.
Although our current business strategy is not to engage in acquisitions, we may acquire, develop or redevelop properties
when we believe that an acquisition, development or redevelopment proje
o ct is otherwise consistent with our business strategy.
We may not succeed in (i) acquiring, developing, or redeveloping properties; (ii) completing these activities on time or within
budget; and (iii) leasing or selling acquired, developed, or redeveloped properties at amounts suffi
f cient to cover our costs.
Competition in these activities could also significantly increase our costs. Difficulties in integrating acquisitions may prove
costly or time-consuming and could divert management’s attention. Acquisitions, developments or redevelopments in new
markets or types of properties where we do not have the same level of market knowledge may result in weaker than anticipated
performance. We may also abandon
a
acquisition, development or redevelopment opportunities that we have begun pursuing and
consequently fail to recover expenses already incurred. Furthermore, we may be exposed to the liabi
a lities of properties
acquired, some of which we may not be aware of at the time of acquisition.
We are expos
e
ed to risks a
k
ssociated
t
with
i
property developm
o
ent, redevelopm
l
ent and repos
e
itioning that could a
l
dverse
r
ly
affe
f ct us, i
s nc
i
luding
i
our fin
f
ancial conditio
d
n and results o
t
f o
o
pe
o
rations.
We continue to engage in development, redevelopment and repositioning activities with respect to our properties, and,
accordingly are subj
u ect to certain risks in connection with development and redevelopment activities, which could adversely
affe
f ct us, including our financial condition and results of operations. These risks include, without limitation, (i) the availabi
a lity
and pricing of financing on fav
f
orable terms or at all; (ii) the availabi
a lity and timely receipt of zoning and other regulatory
approvals; (iii) cost overruns, especially in an inflationary environment, and untimely completion of construc
r
tion (including
risks beyond our control, such as weather or labor conditions, material shortages or supply chain delays); (iv) the potential for
f
the flu
f ctua
t
tion of occupancy rates and rents at redeveloped properties, which may result in our investment not being profitabl
a e;
(v) start up, repositioning and redevelopment costs may be higher than anticipated; (vi) the potential that we may fail to recover
expenses already incurred if we abandon deve
a
lopment or redevelopment opportunities after we begin to explore them; (vii) the
potential that we may expend funds on and devote management’s time to projects which we do not complete; (viii) the inability
to complete leasing of a property on schedul
d e or at all, resulting in an increase in carrying or redevelopment costs and (ix) the
possibility that properties will be leased at below expected rental rates. These risks could result in substantial unanticipated
delays or expenses and could prevent the initiation or the completion of redevelopment activities or reduc
d
e the ultimate rents
achieved on new developments. These outcomes could have an adverse effect on our financial condition, results of operations,
cash flo
f w, the market value of our common shares and ability to pay our indebtedness and make distributions to our
stockholders.
It may be d
a
if
d fi
f cult to sell real estate on a time
t
ly basis, w
s
hich may l
a
imit
l
our fle
f xibi
e
lity.
i
Real estate investments are relatively illiquid. Consequently, we may have limited abi
a lity to dispose of assets in our portfol
f io
promptly in response to changes in economic or other conditions which could have an adverse effect on our sources of working
capital and our ability to satisfy our indebtedness.
13

RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL
Sign
i
ificantly tigh
i
ter capita
i l marke
r
ts and economic conditi
i ons can materially
l
affe
f ct our liq
l uidity
i , f
y
in
f
ancial condit
d io
t n and
results of operations as well as the value of an investment in o
i
ur common stock.
There are many factors that can affect the value of our equity securities, including the state of the capital markets and the
economy. Demand for office and retail space typically declines nationwide due
d
to an economic downturn, bankruptcies,
downsizing, layoffs
f
and cost cutting. Government action or inaction may adversely affect the state of the capital markets. The
cost and availabi
a lity of credit may be adversely affected by illiquid credit markets and wider credit spreads, which may
adversely affect our liquidity and fin
f ancial condition, including our results of operations, and the liquidity and fin
f ancial
condition of our tenants. Our inability or the inability of our tenants to timely refinance matur
t
ing liabi
a lities and access the
capital markets and obtain reasonabl
a e pricing to meet liquidity needs may materially affe
f ct our financial condition and results of
operations and the value of our common stock.
We have outstandin
d
g deb
d
t, and the
t
amount of debt and its
i
cost may c
a
ontinue to increase and refin
f
ancing
i
may n
a
ot be
availa
i ble o
l
n acceptable t
l
er
t
ms
r
, w
s
hich could a
l
ffe
a
ct our fut
f
ure ope
o
rations.
As of December 31, 2024, total mortgages payable, excluding deferred debt issuance costs, was $996,544,000, and our rate
of total debt to total enterprise value was 59%. “Enterprise value” means the market equity value of our common stock, plus
debt, less cash and cash equivalents at such date. We are subje
b ct to the risks normally associated with debt financing, including
the risk that our cash flow from operations will be insufficient to meet our required debt service. Our debt service costs
generally will not be reduced if conditions in the market or at our properties, such as the entry of new competitors or the loss of
major tenants, cause a reduc
d
tion in the income from our properties. Should such events occur, our operations may be adversely
affe
f cted.
If a property is mortgaged to secure payment of indebtedness and income fro
f
m such property is insuffi
f cient to pay that
indebtedness, the property could be for
f
eclosed upon by the mortgagee resulting in a loss of the property.
If we are unable to obtain additional debt fin
f ancing or refinance existing indebtedness upon maturity, our financial condition
and results of operations would likely be adversely affec
f
ted. In addition, the volatility in the interest rate environment has led to
an increase in interest rates on our variable rate debt, including on new hedging instruments, and an increase in the cost of
refinancing our existing debt and entering into new debt, all which have reduc
d
ed, and could continue to reduce our operating
cash flo
f ws. While certain of our debt is fixed by an interest rate swap a
a
rrangement, the arrangement expires earlier than the
mortgage loan maturity, resulting in futur
f
e exposure to rising interest rates, which could fur
f
ther reduce our availabl
a e cash. If the
cost or amount of our indebtedness continues to increase or we cannot refinance our debt in sufficient amounts or on acceptable
a
terms, we are at risk of defau
f
lt on our obligations that could adversely affect our financial condition and results of operations.
Our exi
e st
i in
t
g fin
f
ancing
i
documents contai
t n c
i
ovenants and restrictions that may r
a
estrict our operational and financ
i
ial
flex
l
ibility.
As of December 31, 2024, we had outstanding mortgage indebtedness of $996,544,000, secured by three of our
properties. These mortgages contain covenants that limit our ability to incur additional indebtedness on these properties,
provide for lender appr
a
oval of tenants’ leases in certain circumstances, and in certain cases provide for yield maintenance or
defeasance premiums to prepay them. These mortgages may significantly restrict our operational and financial fle
f xibility. In
addition, if we were to fail to perform our obligations under existing indebtedness or become insolvent or were liquidated,
secured creditors would be entitled to payment in full from the proceeds of the sale of the pledged assets prior to any proceeds
being paid to other creditors or to any holders of our securities. In such an event, it is possible that we would have insuffi
f cient
assets remaining to make payments to other creditors or to any holders of our securities.
The hedge
d
instruments w
t
e may use to m
t
anage our expos
e
ure to i
t
nt
i
eres
t
t rate v
t
olatility in
t
volve risks.
The interest rate hedge instruments we may use to manage some of our exposure to interest rate volatility involve risks,
including the risk that counterpa
r
rties may fail to perform under these arrangements. If interest rates continue to fall, these
arrangements may cause us to pay higher interest on our debt obligations than would otherwise be the case. In addition, the use
of such instruments may generate income that may not be treated as qualifying
f
REIT income for purposes of the 75% gross
income test or 95% gross income test. Furthermore, there can be no assurance that our hedging arrangements will qualify as
f
“highly effective” cash flo
f w hedges under appl
a
icable accounting standards. If our hedges do not qualify a
f
s “highly effec
f
tive,”
the changes in the fair value of these instruments would be refle
f cted in our results of operations and could adversely affect our
earnings.
14

RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE
Substan
t
tially all o
l
f o
o
ur assets are owned by subsidia
d ries. We d
W
epen
d
d on divid
d
en
d
ds and distrib
d
utio
t ns from these
subsidiaries. The
T
credito
d
rs of these subsidiaries are entitle
t d to amounts p
t
ayable t
l
o t
t
he
t
m by t
b
he
t
subsidia
d ries befor
e
e the
t
subsidiaries may p
a
ay any d
n
iv
d iden
d
ds or make distri
i
butions to us.
Subs
u
tantially all of our properties and assets are held through our subs
u
idiaries. We depend on cash distributions and
dividends from our subs
u
idiaries for substantially all of our cash flow. The creditors of each of our subs
u
idiaries are entitled to
payment of that subsidiary’s obligations to them, when due
d
and payable, befor
f
e that subsidiary may pay dividends or make
distributions to us. Thus, our ability to pay dividends, if any, to our security holders depends on our subs
u
idiaries’ abi
a lity to fir
f st
satisfy their obligations to their creditors and our ability to satisfy our obligations, if any, to our creditors.
In addition, our participation in any distribution of the assets of any of our subs
u
idiaries upon the liquidation, reorganization
or insolvency of the subsidiary, is only after the claims of the creditors, including trade creditors and preferred security holders,
if any, of the appl
a
icable subs
u
idiary, are satisfied.
Alex
l
ander’s c
’
harter
t
documents and appl
a
ic
l able l
l
aw
l
s may hinder
d
any a
n
ttempt to a
t
cquire
i
us.
Provisions in Alexander’s certific
f ate of incorporation and by laws, as well as provisions of the Code and Delaware corporate
law, may delay or prevent a change in control of the Company or a tender offer, even if such action might be beneficial to
stockholders, and limit the stockholders’ opportunity to receive a potential premium for
f
their shares of common stock over then
prevailing market prices.
In order to qualify as a REIT, five or fewer individuals, as defin
f ed in the Code, may not own, actua
t
lly or construc
r
tively,
more than 50% in value of the issued and outstanding shares of our stock at any time during the last half of each taxable year.
Additionally, at least 100 persons must beneficially own shares of our stock dur
d
ing at least 335 days of a taxable year for each
taxable year. To help ensure that we meet these tests, among other purposes, our charter restricts the acquisition and ownership
of shares of our sto k
ck. P irima irily to
ly to fa icililitate m iaintenance of its qualif
lific
f ation as a REIT, Alel xander’s certificate of incorporation
generally prohibits ownership, directly, indirectly or beneficially, by any single stockholder of more than 9.9% of the
outstanding shares of preferred stock of any class or 4.9% of outstanding common stock of any class. The Board of Directors
may waive or modify these ownership limits with respect to one or more persons if it is satisfied that ownership in excess of
these limits will not jeopardize Alexander’s status
t
as a REIT for
f
federal income tax purposes. In addition, the Board of
Directors has, subject to certain conditions and limitations, exempted Vornado and certain of its affi
f liates fro
f
m these ownership
limitations. Stock owned in violation of these ownership limits will be subj
u ect to the loss of rights and other restrictions. These
ownership limits may have the effe
f ct of inhibiting or impeding a change in control.
Alexander’s Board of Directors is divided into three classes of directors. Directors of each class are chosen for three-year
staggered terms. Staggered terms of directors may have the effect of delaying or preventing changes in control or management,
even though changes in management or a change in control might be in the best interest of our stockholders.
In addition, Alexander’s charter documents authorize the Board of Directors to:
•
cause Alexander’s to issue additional authorized but unissued common stock or preferred stock;
•
classify or reclassify, in one or more series, any unissued preferred stock; and
•
set the preferences, rights and other terms of any classified or reclassified stock that Alexander’s issues.
The Board of Directors could establish a series of preferred stock with terms that could delay, deter or prevent a change in
control of Alexander’s or other transaction that might involve a premium price or otherwise be in the best interest of our
stockholders, although the Board of Directors does not, at present, intend to establish a series of preferred stock of this kind.
Alexander’s charter documents contain other provisions that may delay, deter or prevent a change in control of the Company or
other transaction that might involve a premium price or otherwise be in the best interest of our stockholders.
In addition, Vornado, Interstate and its three general partners (each of whom are both trustees of Vornado and Directors of
Alexander’s) together beneficially own appr
a
oximately 58.4% of our outstanding shares of common stock.
This degree of
ownership is likely to reduc
d
e the possibility of a tender offer
f
or an attempt to change control of the Company by a third party.
We may c
a
hange our polic
l ies without
t
obtaining
i
the approval of ou
a
r stockho
k
lder
d
s.
r
Our operating and financial policies, including our policies with respect to acquisitions of real estate or other assets, growth,
operations, indebtedness, capi
a talization and dividends, are exclusively determined by our Board of Directors. Accordingly, our
stockholders do not control these policies.
15

Steven
t
Roth, Vor
V
nado and Int
I
er
t
st
r at
t e m
t
ay exercise
i
substantia
t l inf
i
lu
f
ence over us. The
T
y a
e
nd some of our other dire
i
ctors
t
and offi
o
cers h
r
ave int
i
er
t
ests or positions in othe
t
r entiti
t
es that may c
a
ompete with
i
us.
As of December 31, 2024, Interstate a d
nd its partner b
s ben fefic
f ialllly own d
ed
g
an aggr g
egate of a
i
pproxi
a
mately
mately 7.1% f
of hthe common
h
shares
f b
of benefifi ici lal interest of Vorn d
ado a d
nd ap
i
proximately
mately 26.0% of our outstanding
ding common sto k
ck. Steven R h
oth, Da id
vid
Ma d
ndelblbaum a d
nd Russellll B.
i
Wight
ght, Jr. are the partners of Interstate. Mr. Ro h i
h
th is the Chairman of our Board
f
d of Directors
d
and
our
h
Chief Execu itive Offifi
f cer, the
h
Ch iairman of hthe Boa d
rd of Trus
r
tees and Chihief Execu itive Offi
fficer of Vorn d
ado a d
nd hthe Man g
aging
ing
General Partner of Interstate. Messrs.
i
Wight
ght and Mandelblbaum are both trustees of Vorn d
ado a d
nd
b
members of our Board
f
d of
i
Directors. In d
addidi ition, Vorn d
ado m
g
anages and l
d leases hthe r
l
eal estate assets of Interstate.
As of December 31, 2024, Vor
d
d
nado owned 32.4% of our outstanding
ding common sto k
ck i
, in addi
ddi ition to the 26.0%
w
o ned by
Interstate and its partners. In addition to the relationships described in the immediately preceding paragraph,
a
Ms. Mandakini
Puri is a trustee of Vornado and a member of our Board of Directors.
d
Addidi itionally
lly, personnel a d
nd services hthat we re
i
quire are pro ivided to us u d
nder contracts wi h
ith Vorn d
ado. We d
d
depend on
Vorn d
ado to man g
age our opera itions and to acq iuire and man g
age our portf lol
f io of re lal estate assets. V
d
ornado makes allll de ici isions
rega d
rding the day-
he day-to d
-d y
ay ma
g
nagement of our company, subjbj
u ect to the supe
u
rvi i
ision of, and any guide
ny guidelilines establbl
a ished b
d by, our
Board of Directors.
Because of their overlapping interests, Vornado, Mr. Roth, Interstate and the other individuals noted in the preceding
paragraphs may have substantial influ
f ence over Alexander’s, and on the outcome of any matters subm
u
itted to Alexander’s
stockholders for appr
a
oval. In addition, certain decisions concerning our operations or financial struc
r
ture may present conflicts
f
of interest among Vornado, Messrs. Roth, Mandelbaum and Wight and Interstate and other security holders. Vornado, Mr. Roth
and Interstate may, in the future, engage in a wide variety of activities in the real estate business which may result in conflicts
f
of
interest with respect to matters affe
f cting us, such as, which of these entities or persons, if any, may take advantage of potential
business opportunities, the business focus of
f
these entities, the types of properties and geographic locations in which these
entities make investments, potential competition between business activities conducted, or sought to be conducted, by us,
competition for properties and tenants, possible corpo
r
rate transactions such as acquisitions, and other strategic decisions
affe
f cting the future of these entities.
There may be confli
f cts o
t
f i
o
nt
i
er
t
est betwe
t
en Vornado, its affi
f lia
i
tes and us.
Vornado manages, develops and leases our properties under agreements that have one-year terms expiring in March of each
year, which are automatically renewabl
a e. Because we share common senior management with Vornado and because fo
f
ur of the
trus
r
tees of Vornado are on our Board of Directors, the terms of the for
f
egoing agreements and any future agreements may not be
comparable to those we could have negotiated with an unaffiliated third party.
For a description of Interstate’s ownership of Vornado and Alexander’s see “Steven Roth, Vornado and Interstate may
exercise subs
u
tantial influ
f ence over us. They and some of our other directors and offi
f cers have interests or positions in other
entities that may compete with us.” above. For a description of our related party transactions with Vornado, see “Management’s
Discussion and Analysis of Financial Condition and Results of Operations—Related Party Transactions.”
16

RISKS RELATED TO TECHNOLOGY, CYBERSECURITY AND DATA PROTECTION
,
The occurrence of c
o
yb
c
er incidents,
t
or a def
d icie
f
ncy i
c
n o
i
ur cyberse
r
curity
i , a
y
s well a
l
s other disru
i
pt
u io
t ns to our IT netwo
t
rks
and relat
l ed
t
system
t
s, could a
l
dverse
r
ly affe
f ct our business by c
b
ausing
i
a dis
d rupt
u io
t n to o
t
ur operations, a c
s
ompromise or
corrupt
u io
t n of o
o
ur confid
f en
d
tial inf
i
or
f
matio
r
n, and/or damage to our business relat
l io
t nships or
i
repu
e
tation, all o
l
f w
o
hich could
adverse
r
ly affe
f ct our fin
f
ancial results.
Our IT networks and related systems are essential to the operation of our business and our ability to perform day-to-day
operations (including managing our building systems) and, in some cases, may be critical to the operations of certain of our
tenants. We face risks associated with security breaches, whether through cyber attacks, malware, ransomware, computer
viruses, phishing, attachments to e-mails, persons who access our systems fro
f
m inside or outside our organization, and other
significant disrupt
u ions of our IT networks and related systems. Our suppliers and subcontractors face
f
similar threats and an
incident at one of these entities could adversely affec
f
t our business. These entities are typically outside our control and may
have access to certain of our information with varying levels of security and cybersecurity resources. The risk of a security
breach or disrupt
r
ion, particularly through a cyber attack, including by computer hackers, foreign governments and cyber
terrorists, has generally increased as the number, intensity and sophistication of attempted attacks fro
f
m around the world have
increased, including through the use of artificia
f
l intelligence. Although we have not experienced cyber incidents that are
individually, or in the aggregate, material, the incidents we have experienced thus far have been mitigated by preventative,
detective, and responsive measures that we have put in place. Although we make effort
f
s to maintain the security and integrity of
these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security
breach or disrupt
r
ion, there can be no assurance that our security effort
f
s and measures will be effe
f ctive or that attempted security
breaches or disrupt
r
ions would not be successful or da
f
maging. Unauthorized parties, whether within or outside our company,
may disrupt or ga
u
in access to our systems, or those of third parties with whom we do business, through human error,
misfeasance, fraud, trickery, or other forms of deceit, including break-ins, use of stolen credentials, social engineering,
phishing, computer viruses or other malicious codes, and similar means of unauthorized and destruc
r
tive tampering. Even the
most well protected information, networks, systems and fac
f
ilities remain potentially vulnerabl
a e because the techniques used in
such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are
designed to not be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or
to implement adequate security barriers or other preventative measures, and thus it is impossible for us
f
to entirely mitigate this
risk.
A security breach or other significant disrupt
u ion involving our IT networks and related systems could disrupt
u
the proper
functioning of our networks and systems and therefore our operations and/or those of certain of our tenants; result in the
unauthorized access to, and destruction, loss, theft,
f
misappr
a
opriation or release of, proprietary, confid
f ential, sensitive or
otherwise valuable infor
f
mation of ours or others, which others could use to compete against us or which could expose us to
damage claims by third-parties for di
f
srupt
r
ive, destructive or otherwise harmful purposes and outcomes; result in our inability to
maintain the building systems relied upon by our
u
tenants for
f
the efficient use of their leased space; require significant
management attention and resources to remedy any damages that result; may require payments to the attackers; subj
u ect us to
litigation claims for breach of contract, damages, credits, fin
f es, penalties, governmental investigations and enforcement actions
or termination of leases or other agreements; or damage our reputation among our tenants and investors generally. Any or all of
the for
f
egoing could have a material adverse effect on our results of operations, fin
f ancial condition and cash flo
f ws.
A cyber attack or systems fai
f lure could interfere with our ability to comply with financial reporting requirements, which
could adversely affect us. A cyber attack could also compromise the confid
f ential information of our employees, tenants,
customers and vendors. A successful
f
attack could disrupt
u
and materially affe
f ct our business operations, including damaging
relationships with tenants, customers and vendors. Any compromise of our information security systems could also result in a
violation of appl
a
icable privacy and other laws, significant legal and fin
f ancial exposure, damage to our reputation, loss or misuse
of the infor
f
mation (which may be confid
f ential, proprietary a
r
nd/or commercially sensitive in natur
t
e) and a loss of confid
f ence in
our security measures, which could harm our business.
For additional infor
f
mation on our cybersecurity risk management process, see “Item 1C. Cybersecurity” in this Annual
Report on Form 10-K.
17

RISKS RELATED TO OUR COMMON STOCK
The tra
t
ding
i
price of o
o
ur common stoc
t
k has been volatile a
l
nd may c
a
ontinue to fluctuate.
t
The trading price of our common stock has been volatile and may continue to fluctuate widely as a result of several fac
f
tors,
many of which are outside of our control. These fact
f
ors include:
•
our financial condition and performance;
•
the financial condition of our tenants, including the extent of tenant bankruptcies or defaults;
•
actua
t
l or anticipated quarterly fluctuations in our operating results and fin
f ancial condition;
•
our dividend policy;
•
the reputation of REITs and real estate investments generally and the attractiveness of REIT equity securities in
comparison to other equity securities, including securities issued by other real estate companies, and fix
f ed income
securities;
•
uncertainty and volatility in the equity and credit markets;
•
flu
f ctua
t
tions in interest rates;
•
changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts
or actions taken by rating agencies with respect to our securities or those of other REITs;
•
fai
f lure to meet analysts’ revenue or earnings estimates;
•
speculation in the press or investment community;
•
strategic actions by us or our competitors, such as acquisitions or restructur
t
ings;
•
the extent of institut
t ional investor interest in us;
•
the extent of short-selling of our common stock and the shares of our competitors;
•
flu
f ctua
t
tions in the stock price and operating results of our competitors;
•
general financial and economic market conditions and, in particular, developments related to market conditions for
offi
f ce REITs and other real estate related companies and the New York City real estate market;
•
inflatio
f
n;
•
local, domestic and international economic factors unrelated to our performance (including the macro-economic
impact of geopolitical confli
f ct);
•
fis
f cal policies or inaction at the U.S. federal government level that may lead to federal government shutdowns or
negative impacts on the U.S. economy;
•
changes in tax laws and rul
r es; and
•
all other risk fact
f
ors addressed elsewhere in this Annual Report on Form 10-K.
In addition, the stock market is subj
u ect to fluctuations in the share prices and trading volumes that affe
f ct the market prices of
the shares of many companies. These broad market flu
f ctua
t
tions have in the past and may in the future adversely affec
f
t the
market price of our common stock. A significant decline in our stock price could result in substantial losses for
f
stockholders.
Alex
l
ander’s h
’
as additi
i onal shares of its common stoc
t
k availabl
l
e f
l
or
f
future issuance, which could decrease the market
price of t
o
he
t
common stoc
t
k currently
t
outstandin
d
g.
The interest of our current stockholders could be diluted if we issue additional equity securities. As of December 31, 2024,
we had authorized but unissu d
ed 4,826,550
h
shares of common sto k
ck, par value of $
f $1.00 per share and 3,000,000
h
shares of
preferred sto k
ck, par valu $
e $1.00 per share; of whihi h
ch 26,244 h
shares of common stock are reserv d
ed fo i
r issuance upon redemp ition
of hth
d
e deferred sto k
ck
i
units previouslyly granted to our Board of Directors. In
d
addidi itio
479,543
n,
sh
s ares are available for future
f
grant under the terms of our 2016 Omnibus Stock Plan. These awards may be granted in the form of options, restricted stock,
stock appr
a
eciation rights, deferred stock units, or other equity-based interests, and if granted, would reduc
d
e that number of
shares availabl
a e for
f
future grants, provided however that an award that may be settled only in cash, would not reduce the
number of shares available under the plan. We cannot predict the impact that future issuances of common or preferred stock or
any exercise of outstanding options or grants of additional equity-based interests would have on the market price of our
common stock.
Loss of our key personnel could harm our ope
o
rations and adverse
r
ly affe
f ct the value of our common stock.
We are dependent on the efforts of Steven Roth, the Chairman of our Board of Directors and our Chief Executive
Offi
f cer. While we believe that we could fin
f d a replacement for him and other key personnel, the loss of their services could
harm our operations and adversely affect the value of our common stock.
18

RISKS RELATED TO REGULATORY C
R
OMPLIANCE
We may f
a
ai
f l t
i
o q
t
ualify o
f
r remain q
i
ualified as a REIT, and may be required to pay federal inc
i
ome taxe
t
s at corporate
rates, which could adverse
r
ly affe
f ct the value of our common stock.
Although we believe that we will remain organized and will continue to operate so as to qualify a
f
s a REIT for federal
income tax purposes, we may fail to remain so qualified. Qualifications are governed by highly technical and complex
provisions of the Internal Revenue Code for which there are only limited judicial or administrative interpr
r
etations and depend
on various facts and circumstances that are not entirely within our control. In addition, legislation, new regulations,
administrative interpr
r
etations or court decisions may significantly change the relevant tax laws and/or the feder
f
al income tax
consequences of qualifying as a REIT. If, with respect to any taxable year, we fai
f l to maintain our qualification as a REIT and
do not qualify u
f
nder statutory relief provisions, we could not deduct distributions to stockholders in computing our taxable
income and would have to pay federal income tax on our taxable income at regular corporate rates. The federal income tax
payable would include any appl
a
icable alternative minimum tax. If we had to pay federal
f
income tax, the amount of money
availabl
a e to distribute to stockholders and pay our indebtedness would be reduc
d
ed for the year or years involved, and we would
not be required to make distributions to stockholders in that taxable year and in futur
f
e years until we were able to qualify a
f
s a
REIT and did so. In addition, we would also be disqualified from treatment as a REIT for
f
the four
f
taxable years fol
f lowing the
year during which qualification was lost, unless we were entitled to relief under the relevant statutor
t
y p
r
rovisions. Our failure to
qualify a
f
s a REIT could adversely affect our business and the value of our common stock.
We may f
a
ac
f
e possible a
l
dverse
r
federal tax au
t
dits
i
and changes in federal tax
t
laws, w
s
hich may r
a
esult i
l
n a
i
n inc
i
rease in o
i
ur
tax l
a
ia
l bility.
i
In the normal course of business, certain entities through which we own real estate have either undergone or may undergo
tax audits. Although we believe that we have substantial arguments in favor of our positions, in some instances there is no
controlling precedent or interpr
r
etive guidance. There can be no assurance that audits will not occur with increased frequency or
that the ultimate result of such audits will not have a material adverse effect on our results of operations.
At any time, the U.S. fed
f
eral income tax laws governing REITs or the administrative interpr
r
etations of those laws may be
amended. We cannot predict if or when any new U.S. fed
f
eral income tax law, regulation, or administrative interpr
r
etation, or any
amendment to any existing U.S. federal income tax law, Treasury r
r
egulation or administrative interpr
r
etation, will be adopted,
promulgated or become effective and any such law, regulation, or interpretation may take effe
f ct retroactively. Alexander’s, its
taxable REIT subsidiaries, and our security holders could be adversely affected by any such change in, or any new, U.S. federal
income tax law, Treasury r
r
egulation or administrative interpr
r
etation.
We may f
a
ac
f
e possible a
l
dverse st
r
at
t e a
t
nd local tax au
t
dits
i
and changes in stat
t e a
t
nd local tax
t
law.
Because we are organized and qualify a
f
s a REIT, we are generally not subj
u ect to federal income taxes, but we are subject to
certain state and local taxes. In the normal course of business, certain entities through which we own real estate have
undergone, tax audits. There can be no assurance that audits will not occur with increased frequency or that the ultimate result
of such audits will not have a material adverse effec
f
t on our results of operations.
From time-to-time changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax
liabi
a lity. A shortfal
f l in tax revenues for
f
states and municipalities in which we operate may lead to an increase in the frequency
and size of such changes in laws, regulations and administration of property and transfer
f
taxes. If such changes occur, we may
be required to pay additional taxes on our assets or income. These increased tax costs could adversely affect our financial
condition and results of operations and the amount of cash availabl
a e to pay our indebtedness and make distributions to our
stockholders.
Compliance or fai
f lu
i
re to comply with th
i
e Americans with
i
Disa
i
bilitie
i
s Act (“ADA”
“
) o
”
r other safe
a ty regu
e
lations and
requirements could r
l
esult i
l
n s
i
ubstan
t
tial costs.
The ADA generally requires that public buildings, including our properties, meet certain Federal requirements related to
access and use by disabled persons. Noncompliance could result in the imposition of fin
f es by the Federal government or the
award of damages to private litigants and/or legal fees
f
to their counsel. If, under the ADA, we are required to make substantial
alterations and capital expenditures in one or more of our properties, including the removal of access barriers, it could adversely
affe
f ct our financial condition and results of operations, as well as the amount of cash availabl
a e for di
f
stribution to stockholders.
Our properties are subj
u ect to various federal, state and local regulatory r
r
equirements, such as state and local fire and life
safety requirements. If we fail to comply with these requirements, we could incur fines or private damage awards. We do not
know whether existing requirements will change or whether compliance with future requirements will require significant
unanticipated expenditures that will affe
f ct our cash flo
f w and results of operations.
19

We may i
a
ncur
i
sign
i
ific
f ant costs to comply with
i
enviro
i
nmental law
l
s and enviro
i
nmental contaminatio
t n may impair o
i
ur
ability to le
i
ase and/o
d r sell r
l
eal estat
t e.
t
Our operations and properties are subj
u ect to various federal, state and local laws and regulations concerning the protection of
the environment, including air and water quality, hazardous or toxic substances and health and safety. Under some
environmental laws, a current or previous owner or operator of real estate may be required to investigate and clean up
hazardous or toxic substances released at a property. The owner or operator may also be held liabl
a e to a governmental entity or
to third parties for prope
f
rty damage or personal injuries and for investigation and clean-up c
u
osts incurred by those parties
because of the contamination. These laws often impose liabi
a lity without regard to whether the owner or operator knew of the
release of the subs
u
tances or caused the release. The presence of contamination or the failure to remediate contamination may
also impair our ability to sell or lease real estate or to borrow using the real estate as collateral. Other laws and regulations
govern indoor and outdoor air quality including those that can require the aba
a
tement or removal of asbestos-containing
materials in the event of damage, demolition, renovation or remodeling and govern emissions of and exposure to asbestos fib
f ers
in the air. The maintenance and removal of lead paint and certain electrical equipment containing polychlorinated biphenyls
(PCBs) are also regulated by federal and state laws. We are also subject to risks associated with human exposure to chemical or
biological contaminants such as molds, pollens, virus
r
es and bacteria which, above
a
certain levels, can be alleged to be connected
to allergic or other health effects and symptoms in susceptible individuals. We could incur fines for
f
environmental compliance
and be held liabl
a e for
f
the costs of remedial action with respect to the for
f
egoing regulated subs
u
tances or related claims arising
out of environmental contamination or human exposure to contamination at or fro
f
m our properties.
Each of our properties has been subj
u ected to varying degrees of environmental assessment. To date, these environmental
assessments have not revealed any environmental condition material to our business. However, identific
f ation of new
compliance concerns or undiscovered areas of contamination, changes in the extent or known scope of contamination, human
exposure to contamination or changes in clean-up o
u
r compliance requirements could result in significant costs to us.
ITEM 1B.
UNRESOLVED STAFF COMMENTS
There are no unresolved comments fro
f
m the staff o
f
f the Securities and Exchange Commission as of the date of this Annual
Report on Form 10-K.
20

ITEM 1C.
CYBERSECURITY
Risk Ma
i
nage
a
ment and Str
S ategy
t
Our comprehensive risk management strategy for the assessment, identification and management of material risks stemming
from cybersecurity threats is aligned with Vornado’s strategy as the Company’s manager, which involves a systematic
evaluation of potential threats, vulnerabi
a lities, and their potential impacts on our organization’s operations, data, and systems.
Our manager’s cybersecurity risk management program, which is subj
u ect to our oversight, is integrated into our overall
enterprise risk management program, and shares common methodologies, reporting channels and governance processes that
apply across the enterprise risk management program, including legal, compliance, strategic, operational, and fin
f ancial risk
areas.
The cybersecurity risk management program includes:
•
Risk assessments designed to help identify m
f
aterial cybersecurity risks to our critical systems, information, and
broader enterpr
r
ise IT environment;
•
A team principally responsible for managing our (i) cybersecurity risk assessment processes, (ii) security controls
and (iii) response to cybersecurity incidents;
•
The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of
security controls;
•
Cybersecurity awareness training for us
f
ers and senior management, including through the use of third-party
providers for regular mandatory trainings;
•
A cybersecurity incident response plan that includes procedur
d
es for responding to cybersecurity incidents; and
•
A risk management process for
f
third-party service providers, suppliers and vendors, which includes a rigorous
vetting process and ongoing monitoring mechanisms designed to ensure their compliance with cybersecurity
standards.
As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity threats, including as a result of
any previous cybersecurity incidents, that have materially affe
f cted or are reasonably likely to materially affe
f ct us, including our
operations, business, results of operations, or fin
f ancial condition.
Governance
Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit
Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees the
implementation of the cybersecurity risk management program.
The Committee receives periodic reports from management on potential cybersecurity risks and threats and receives
presentations on cybersecurity topics from Vornado and its Chief Information Offi
f cer. The Committee reports to the ful
f l Board
of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefin
f gs
from management on the cybersecurity risk management program as needed.
Management, along with Vornado, is responsible for assessing and managing our material risks fro
f
m cybersecurity threats.
Management and Vornado have primary responsibility for our overall cybersecurity risk management program and supervise
both the internal cybersecurity personnel and external cybersecurity consultants.
Vornado’s Chief Information Officer has
many years of experience leading cybersecurity oversight and overall has broad, extensive experience with information
technology, including security, auditing, compliance, systems and programming.
The management team supe
u
rvises effort
f
s to prevent, detect, mitigate, and remediate cybersecurity risks and incidents
through various means, which may include briefings from internal security personnel; threat intelligence and other information
obtained fro
f
m governmental, public or private sources, including external consultants engaged by Vornado; and alerts and
reports produced by security tools deployed in the IT environment. Our cybersecurity incident response plan governs our
assessment and response upon
u
the occurrence of a material cybersecurity incident, including the process for
f
informing senior
management and our Board of Directors.
21

ITEM 2.
PROPERTIES
The fol
f lowing tabl
a e shows the location, approximate size (excluding parking garages) and occupanc
u
y of each of our properties as of
December 31, 2024.
re Feet
Weighted
Under
Average
Development or
Escalated
Land
Total
In
Not Available
Occupancy
Annual
Expiration
Property
Acreage
Property
Service
for
f
Lease
Rate
Rent PSF (1)
Tenants
Date (2)
Operating Properties:
731 Lexington Avenue
New York, NY
Offi
f ce
947,000
947,000
—
100.0 % $
143.95
Bloomberg L.P.
2040
Retail
83,000
83,000
—
The Home Depot
2025 (3)
38
38,000
,000
—
Various
Various
12,000
12,000
—
Vacant
N/A
133,000
133,000
9
—
0.3
2
%
69.65
1.9
1,080,000
1,080,000
—
98.9 %
157.02
Rego Park I
Queens, NY
50,000
50,000
—
Burlington
(4)
36
36,000
,000
—
Marshalls
(4)
252,000
—
252,000
Vacant
N/A
338,000
86,000
4.8
252,000
100.0
7
%
3.43
Rego Park II
Queens, NY
145,000
145,000
—
Costco
2034
13
133,000
3,000
—
Kohl’s (5)
2031
47,000
47,000
—
Best Buy
2034
167,000
145,000
22,000
Various
Various
60,000
—
60,000
Burlington (4)
2035
40,000
—
40,000
Marshalls (4)
2035
23,000
9,000
14,000
Vacant
N/A
99.0
136,000
479,000
615,000
6.6
7
%
4.60
Flushing
Queens, NY (6
1
)
167,000
167,000
.0
1
—
00.0 %
33.50
New World Mall LLC
2037
2,200,000
1,812,000
388,000
99.1
1
%
19.53
The Alexander apa
a
rtment
tower, 312 units
Queens, NY
—
255,000
255,000
9
—
4.2
5
%
0.37 (7
R
)
esidentia
(
l
8)
2,455,000
2,067,000
388,000
(1) Represents the weighted average escalated annual rent per square foot, which includes tenant reimbursements and excludes the impact of tenant concessions (such as fre
f e rent),
as of December 31, 2024. For a discussion of our leasing activity, see Item 7 - Overview - Square Footage, Occupanc
u
y and Leasing Activity.
(2) Represents the year in which the tenant’s lease expires, without consideration of any renewal or extension options. Lease expiration dates are based on non-cancelable lease
terms and do not extend beyond any early termination rights that the tenant may have under its lease.
(3) Lease expired on January 31, 2025.
(4) In the four
f
th quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025.
(5) Subl
u eased through remaining original lease term.
(6) Ground leased through January 2027 with one ten-year extension option.
(7) Average monthly rent per unit is $3,442.
(8) Residential tenants generally have one or two year leases.
22

Operating Properties
731 Lexi
e ngton Avenue
g
731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington
Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 947,000 and 133,000 of
rentable square feet of offi
f ce and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupi
u es all of the offi
f ce space. The
Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025.
The office portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $400,000,000 which
matures in October 2028. The interest-only loan has a fix
f ed rate of 5.04%. The loan is prepayable, at the Company’s option, with
no penalty, beginning in October 2026.
The retail portion of 731 Lexington Avenue is encumbered by a mortgage loan with a balance of $300,000,000 which
matures in August 2025. The interest-only loan is at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May
2025.
Rego
e
Park I
g
Rego Park I, a 338,000 square foot
f
shopping center, is located on Queens Boulevard and 63rd Road in Queens. The center
was anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls. In the fourth quarter of 2024, we entered
into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025. Rego Park I will then
be vacant and we are currently exploring sale and development opportunities for
f
the property. The center contains a parking deck
(1,241 spaces) that provides for pa
f
id parking.
Rego
e
Park II
g
Rego Park II, a 615,000 square foot shopping center, is located adja
d cent to the Rego Park I shopping center in Queens. The
center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subl
u eased. The center
contains a parking deck (1,326 spaces) that provides for
f
paid parking.
This center is encumbered by a mortgage loan in the amount of $202,544,000 which matur
t
es in December 2025. The interest-
only loan is at SOFR plus 1.45% (5.79% as of December 31, 2024). In connection therewith, we purchased an interest rate cap
with a notional amount of $202,544,000 that caps SOFR at a rate of 4.15% through December 2025.
Flushing
Our Flushing property is located on Roosevelt Avenue and Main Street in the downtown, commercial section of Flushing,
Queens. Roosevelt Avenue and Main Street are active shopping districts and there are many national retailers located in the
area. A subway entrance is located directly in front of the property with bus service across the street. The property comprises a
four-floor building containing 167,000 square feet and a parking garage, which is subleased to New World Mall LLC through
January 2037. The property is ground leased through January 2027 with one ten-year extension option.
The Alexa
e
nder Apar
A
tment Tow
T
er
p
The Alexander apa
a
rtment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000
square feet.
The property is encumbered by a mortgage loan in the amount of $94,000,000 which matur
t
es in November 2027. The
interest-only loan has a fix
f ed rate of 2.63%.
23

ITEM 3.
LEGAL PROCEEDINGS
We are fro
f
m time-to-time involved in legal actions arising in the ordinary course of business.
In our opinion, after
f
consultation with our legal counsel, the outcome of such pending matters will not have a material adverse effect on our financial
condition, results of operations or cash flo
f ws.
ITEM 4.
MINE SAFETY DISCLOSURES
Not appl
a
icable.
PART II
ITEM 5.
MARKET FOR REGISTRANT
R
’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange under the symbol “ALX.”
As of Janua y
ry 31, 2025, hthere were 1
h ld
66 holders of reco d
rd of our common sto k
ck.
Recent Sal
S es of Unregi
e st
i ered Securities
f
g
None.
Information relating to compensation plans under which our equity securities are authorized for issuance is set for
f
th under
Part III, Item 12 of this Annual Report on Form 10-K and such information is incorporated by reference herein.
Recent Purchases of Equity Securities
f
q
y
None.
24

Perfor
f
mance
f
Graph
p
The fol
f lowing graph is a comparison of the fiv
f e-year cumulative return of our common stock, the Standard & Poor’s
400 MidCap Index (the “S&P 400 MidCap Index”), Standard & Poor’s 500 Index (the “S&P 500 Index”), and the National
Association of Real Estate Investment Trus
r
ts’ (“NAREIT”) All Equity Index, a peer group index. The graph
a
assumes that $100
was invested on December 31, 2019 in our common stock, the S&P 400 MidCap Index, the S&P 500 Index, and the NAREIT
All Equity Index, and that all dividends were reinvested without the payment of any commissions. There can be no assurance
that the performance of our stock will continue in line with the same or similar trends depicted in the graph be
a
low.
Comparison of Five-Year Cumulative Return
Alexander's, Inc.
S&P 400 MidCap Index
S&P 500 Index
The NAREIT All Equity Index
2019
2020
2021
2022
2023
2024
$50
$100
$150
$200
$250
2019
2020
2021
2022
2023
2024
Alexander’s, Inc.
$
100
$
90
$
90
$
82
$
87
$
89
S&P 400 MidCap Index(1)
100
114
142
123
144
164
S&P 500 Index (1)
125
152
118
100
158
197
The NAREIT All Equity Index
100
95
134
101
112
118
(1)
The Company has elected to replace the S&P 500 Index with the S&P 400 MidCap Index, as we believe this index represents a group of companies more
aligned with a comparabl
a e peer group. To facilitate comparison to the performance graph presented in our Annual Report for
f
the prior year, the S&P 500
Index is presented above.
ITEM 6.
RESERVED
25

ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERAT
R
IONS
Introduction
The fol
f lowing discussion should be read in conjunction with the consolidated financial statements and related notes included
under Part II, Item 8 of this Annual Report on Form 10-K.
Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) within this
section is focus
f
ed on the years ended December 31, 2024 and
,
2023 including year-to-year comparisons between these years.
Our MD&A for
f
the year ended Dece b
mber 31, 2022, including year-to-year comparisons between 2023 and
,
2022 can be found
in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s
Annual Report on Form 10-K for
f
the year ended Dece b
mber
.
31, 2023
Overview
Alexander’s, Inc. (NYSE: ALX) is a real estate investment trus
r
t (“REIT”), incorporated in Delaware, engaged in leasing,
managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer
f
to Alexander’s, Inc. and its consolidated subs
u
idiaries. We are managed by, and our properties are leased and developed by,
Vornado Realty Trus
r
t (“Vornado”) (NYSE: VNO). We have fiv
f e properties in New York City.
We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to
accept lower returns on their investments. Our success depends upon, among other fact
f
ors, trends of the global, national and
local economies, the fin
f ancial condition and operating results of current and prospective tenants and customers, the availabi
a lity
and cost of capital, construc
r
tion and renovation costs, taxes, governmental regulations, legislation, population and employment
trends, zoning laws, and our ability to lease, subl
u ease or sell our properties, at profita
f
bl
a e levels. Our success is also subject to
our ability to refinance existing debt on acceptabl
a e terms as it comes due
d
. See “Item 1A. Risk Factors” in this Annual Report
on Form 10-K for
f
additional infor
f
mation regarding these fac
f
tors.
Our business has been, and may continue to be, affec
f
ted by interest rate flu
f ctua
t
tions, the effe
f cts of infla
f tion and other
uncertainties including the potential for
f
an economic downturn. These fact
f
ors could have a material impact on our business,
financial condition, results of operations and cash flo
f ws.
26

Overview - continued
Year Ended December 31, 2024 Financial Results Summary
,
y
Net income for
f
the year ended December 31, 2024 was $
s
43,444,000 or $8.46
or
pe d
r dililuted share, compared to $
o
102,413,000
or $19.97
or
pe d
r dililuted share for the ye
he year end d
ded Dece b
mber 31, 2023. Net income for the ye
he year end d
ded Dece b
mber 31, 2023 in lcl d d
uded
$53,952,000, o $
r $10.52 pe d
r dililut d
ed h
share, of income as a res lult of a ne g
t g iain on the sale of re lal estate.
Funds from operations (“FFO”) (non-GAAP) for
f
the year ended December 31, 2024 was $77,968,000, or $15.19 e
p r diluted
share, compared to $81,067,000, or $15.80 per diluted share for the year ended December 31, 2023.
Square Footage
F
, Occupanc
u
y a
c
nd Leasing Activity
q
g ,
p
y
g
y
As of December 31, 2024, our portf lol
f io was compris d
ed of fifive properties agg
ggr g
egating 2,455,000 square feet.
h
The
commercial occupancy rate was 99.1% and the residential occupancy rate was 94.2%.
In May 2024,
l
Alexander’s and Blo
b
ombe g
rg entered i
d into an agreement to exte d
nd hth l
e leases cove iri g
ng ap
i
proximately
tely 947,000
square feet at our 731 Lexington
xington Avenue property that were s h d
ched lul
d
d
ed to ex ipire in Februa y
ry 2029 for a term of leleven years to
Februa
r
y
ry 2040.
Signific
i
ant Tenant
g f
Bloomberg accounted for revenue of $125,349,000, $120,351,000, a d
nd $115,129,000 in hth
y
e years ended December 31,
2024, 2023 and 2022, respec itiv lely, represen iti g
ng ap
i
proximately
mately 55%, 54%
d
and 56% of our rent lal revenue
i
s in each y
h year,
respectiv lely. No
h
other tenant account d
ed for more than 10% of our rent lal revenues. If we were
l
to lose
l
Bl
b
oombe g
rg as a tenant, or
ifif
l
Bl
b
oombe g
rg were to b
bl
be unable to f lul
f fifill i
ll its
bl
obligigatio
d
ns unde i
r i
l
ts lease, it wo luld advers lely affect our results of opera itions
d
and
fifinancial c
di
ondi ition. In order to a i
ssist us in our continuing
uing assessment of Blo
b
ombe g
rg’s
d
creditwor hi
thiness, we re
i
ceive cert iain
confidid
f en itial f
l fin
f an ici lal information a d
nd
i
metrics fro
f
m Blo
b
ombe g
rg. In addi
ddi ition, we access a d
nd
l
evaluate fifinancial i
l infor
i
mation
rega d
rding Blo
b
ombe g
rg from o hther private sources, as w lell as p bl
ublicly
icly
i
availablbl
a
d
e data.
Financing
On September 30, 2024, we entered into a new $400,000,000 mortgage loan on the offic
f e condominium portion of 731
Lexington Avenue. The interest-only loan has a fix
f ed rate of 5.04% and matur
t
es in October 2028. The loan is prepayable, at the
Company’s option, with no penalty, beginning in October 2026. The new loan replaces the previous $490,000,000 loan that
bore interest at the Prime Rate and was schedul
d ed to mature in October 2024.
27

Critical Accounting Estimate
In preparing the consolidated financial statements we have made estimates and assumptions that affe
f ct the reported amounts
of assets and liabi
a lities at the date of the fin
f ancial statements and the reported amounts of revenues and expenses during the
reporting periods. Accounting estimates are deemed critical if they involve a significant level of estimation uncertainty and
have had or are reasonably likely to have a material impact on our financial condition or results of operations. Below is the
critical accounting estimate used in the preparation of our consolidated financial statements. A discussion of our accounting
policies is included in Note 2 - Summary of Signific
i
ant Accounting Policies to our consolidated financial statements in this
Annual Report on Form 10-K.
Impai
m
rment Analys
l
es for Real Est
E ate
Our properties are individually reviewed for
f
impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverabl
a e. Impairment analyses are based on current plans, intended holding periods, abi
a lity to
hold, and availabl
a e infor
f
mation at the time the analyses are prepared. Assessing impairment can be complex and involves a high
degree of subj
u ectivity in determining if impairment indicators are present and in estimating the future undiscounted cash flows
or the fai
f r value of an asset. In particular, these estimates are sensitive to significant assumptions, including the estimation of
future rental revenues, operating expenses, capital expenditures, discount and capitalization rates and our intent and abi
a lity to
hold the related asset, all of which could be affected by our expectations about future market or economic conditions. These
estimates can have a significant impact on the undiscounted cash flows or estimated fai
f r value of an asset and could thereby
affe
f ct the value of our real estate on our consolidated balance sheets as well as any potential impairment losses recognized on
our consolidated statements of income.
Recent Accounting Pronouncements
See Note 2 – Summary of Signifi
i cant Accounting Policies to our consolidated financial statements in this Annual Report on
Form 10-K for
f
a discussion concerning recent accounting pronouncements.
28

Results of Operations – Year Ended December 31, 2024 compared to December 31, 2023
Rent lal Revenues
Rent lal revenues were $
e 226,374,000 i
h
in th y
e year e d d
nded Dece b
mber 31, 2024, compared to $
d to 224,962,000 in hthe p iri
y
or year, an
increase of $
f $1,412,000.
h
This was p irima irilyly due to (i(i) $
) $4,583,000 of highe
4,583,000 of higher rental revenue from Blo
b
ombe g
rg’s lease exten ision,
and (
d (ii)
ii) $2,322,000 of highe
$2,322,000 of higher r
l
eal estate tax r iei b
mbursement
d
s due
d
to highe
higher r
l
eal estate tax expense, partially
ially offs
f et by
by (i(iii)
ii)
$
f
$3,785,000 of lower rental revenue from IKEA’ l
s lease e
i
xpira ition at R g
ego Park
(
k I, (iv) $
) $875,000 of lower rental revenue from
Bed Bath & Beyond’
yond’
l
s lease reject
ejection at R g
ego Park I, a d
nd (v) $
) $781,000 of lower rental revenue from Oldld Na y
vy’
l
s lease
termination at R g
ego Park I.
Operating Expenses
p
g
p
Operating expenses were $103,240,000 in hth y
e year end d
ded Dece b
mber 31, 2024, compared to $
o 101,210,000 in hthe p iri
y
or year,
an increase of $
f $2,030,000.
h
This was p irima irilyly due to highe
higher real estate tax expense a d
nd non rei b
imbursablbl
a e opera iting expenses,
partially
ially offs
f et by highe
by higher capit laliz d
ed expenses during the curren y
t year.
Depr
i
eciation a d
nd Amor itiza ition
p
Depr
i
eciation a d
nd amor itization was $34,782,000 in hth
y
e year end d
ded Dece b
mber 31, 2024, compared to $
o
32,898,000 i
h
in the
prio y
r year
i
, an increase of $
f $1,884,000.
h
This was p irima irilyly due to highe
highe d
r depre iciation expense on capital projeje
o cts pla
d
ced into
service.
General a d
nd
d
Ad i
mi inistra itive Expenses
p
General a d
nd d
ad i
mi inistra itive expenses were $6,519,000 in hth y
e year e d d
nded Dece b
mber 31, 2024, compared to $
o
6,341,000 in
hthe p iri
y
or year
i
, an increase of $
f $178,000.
h
This was p irima irilyly due to highe
higher profe i
ssional f
l fees.
f
Interest and O hther Income
Interest and o hther income was $
s
24,429,000 i
h
in th y
e year end d
ded Dece b
mber 31, 2024, compared to $
o
22,245,000 in hthe p irior
year
i
, an increase of $
f $2,184,000.
h
This was p irima irilyly due to an increas i
e in average interest rates.
Interest and D b
ebt Expense
p
Interest and d
d d b
ebt expense was $62,818,000 in hth y
e year end d
ded Dece b
mber 31, 2024, compared to $
d to
58,297,000 in hthe p irior
year
i
, an increase of $
f $4,521,000.
h
This was p irima irilyly due to highe
highe i
r interest rates, addi
ddi itional costs asso i
d
ciated
i
wi hth hthe refin
f
i
anci g
ng
of our offifi
f ce co d
ndominium at 731 Lexington
xington Avenue, and highe
nd highe d
r deferred d
d d b
eb i
t issuance cost amor itization, partialllly offse
f
t by
t by
lowe i
r interest rate cap premium amortization.
Net G iain on S lale of R
l
eal Estate
Ne g
t g iain on the sale of re lal estate was $
s
53,952,000 i
h
in th y
e year e d
nded December 31, 2023, resul i
lti g
ng from the sale of hthe
Rego Pa k
rk III la d
nd parc lel in Queens, New Yo k
rk in May 2023.
29

Related Party Transactions
Vornado
As of December 31, 2024, Vornado owned 32.4% of our outstanding
ding common st
k
ock. We are managed
anaged by,
by, and our
properties are leas d
ed a d d
nd developed b
d by, Vorn d
ado, pursuant to various g
agreements, whihi h
ch ex ipire in March of e
h
ach year and are
au
i
tomatic lallyly renewablbl
a e.
h
These agreements ar d
e describib d
ed in Note 5 – Related Par yty Transactions, to our co
l
nsolidid
d
ated ifinanci l
ial
statemen
i
h
ts in this Annual Report on Form 10-K.
Steven Ro h i
h
th is the Chairman of our Board of Directors a d
nd
h
Chief Execu itive Offi
fficer, the Managing
naging General Partner of
Interstate Propertie (
s (“Interstat
)
e”), a New Jersey g
y gener lal partnershihip, and the
h
Ch iairman of hthe Boa d
rd of Trus
r
tees and Chihief
Execu itive Offi
fficer of Vorn d
ado.
As of Dece b
mber 31, 2024, Mr. Ro hth, Interstate a d
nd its o hther tw
g
o gener lal partners, Davidid
Ma d
ndelblbaum a d
nd Russellll B.
i
Wight
ght, J
(
r. (who are als
d
o directors of the Company a d
nd trus
r
tees of Vorn d
ad )
d
o) owned, in hthe
g
aggr g
egate, 26.0% of our outstanding
ding common sto k
ck i, in addi
ddi ition to the 2.3% hth y
ey indirectly own through Vornado.
i
Li
i i
quidi y
ty an
C
d Capital Resources
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 s
r
ource of cash flo
f w and is dependent upon the occupanc
u
y and rental
rates of our properties, as well as our existing cash, proceeds from fin
f ancings, including mortgage or construc
r
tion loans secured
by our properties and proceeds fro
f
m asset sales.
As of December 31, 2024, we had $
d $393,836,000 of lili
idi
quidi yty comp irised of cash a d
nd cash e
i
quivalents a d
nd rest irict d
ed ca h
sh.
Recent increases i
i
in interest rates a d
nd inflflation c
l
ould advers lely affect our cash f
h flo
f w fro
f
m continuing ope
uing opera iti
b
ons but we
an i i
ticipate that cash f
h flo
f w fro
f
m continuing ope
uing opera itions over the next tw lelve mo h
nths, t g
oge hther
i
wi hth exi i
isting cash b
h b lalances, will
ill be
d
adequate to fu d
b
nd our business opera itions, cash d
h di id
ividends to st
kh ld
ockholders d
, d b
ebt ser ivice and capital e
di
xpenditures. We
y
may
fi
refinance our matu iring debt
ng debt as it come d
s due
d
or
h
choose to p y
ay it down. However, hthere can be no assurance that addi
ddi iti
l
onal
fifinancing or capit lal
i
willll be av iailablbl
a e to refin
f ance
d b
our debt, or that the terms will
ill be acceptablbl
a e or advant g
ageous to us.
Cash Flows f
w
or
f
the Yea
Y
r Ended
E
f
December 31, 2024
,
Ca h
sh and cash e
i
quivalents a d
nd rest iri
d
cted ca h
sh were $393,836,000 at Dece b
mber 31, 2024, compared
$
d to $552,977,000 at
December 31, 2023, a decrease
f $
of $159,141,000.
h
This result d
ed fro
(
m (i)i) $
f
$200,025,000 of net cash used i
f
d in fin
f
i
anci g
ng activi i
ities
and (
d (ii)
ii) $
f
$13,222,000 of net cash used i
i
d in investing acti i
ivities, partially
ially offs
f et by
by (i(iii)
ii) $
f
$54,106,000 of net cash pro id
vided by
d by
opera iting acti i i
ivities.
Net cash used i
d in fin
f an ici g
ng ac iti ivi ities of $
f $200,025,000 was compris d
ed of (i(i) d
) d b
ebt r
y
epayments of $
f $500,000,000, (i(ii)i) di id
d
dividends
paidid
f $
of $92,378,000 and (
d (iii)
iii) d b
debt issuance costs of $
f $7,647,000, partially
ially offs
f et by
by (i(i )
v) proc
d
eeds fro
f
b
m borrowings of
$400,000,000.
Net cash used i
d i i
n investing acti i i
ivities of $
f $13,222,000 was compris d
ed of construc
r
itio i
n in progress a d
nd re lal estate d
addidi itions of
$19,785,000, partialllly offset by pr
by proc
d
eeds fro
f
m a i
n interest rate cap f $
of $6,563,000.
Net cash pro id
vided b
d by opera iting acti i i
ivities of $
f $54,106,000 was compris d
ed of (i(i) net income
f $
of $43,444,000 and (
d (ii)
ii)
d
adjuju
d stments for non-
f
ca h
sh items of $
f $58,440,000, parti ll
ially offse
f
b
t by (
y (iii) h
iii) the n
h
et change in opera iting assets and l
d liabibi
a lili ities of
$47,778,000.
h
The adjus
djustments for non-cash i
h items were comp irised of (
f (i)i) depr
i
eciation a d
nd amor itizatio
(
n (in lcluding
uding amor itization
f d b
of debt issuance co
)
sts)
f $
of $37,897,000, (i(ii)i) straigight l-lining of rents
f $
of $13,116,000, (i(iii) i
ii) interest rate cap premium amortization
f $
of $6,483,000, (i(i )
h
v) other non-cash adjus
djustments of $
f $494,000 and (
d ( )
v) st
k b
ock-based compensation expense of $
f $450,000.
30

Liquidity and Capital Resources - continued
Cash Flows f
w
or
f
the Yea
Y
r Ended
E
f
December 31, 2023
,
Ca h
sh and cash e
i
quivalents a d
nd rest iri
d
cted ca h
sh were $552,977,000 at December 31, 2023, comp
d
ared to $214,478,000 at
December 31, 2022, an increase
f $
of $338,499,000.
h
This result d
ed fro
(
m (i)i) $
f
$321,812,000 of net cash pro ivided b
d by i
y investing
ing
acti i i
ivities a d
nd (i(ii)i) $
f
$109,111,000 of net cash pro id
vided by o
d by opera iti g
ng acti i i
ivities, partially
ially offs
f et by
by (i(iii)
ii) $
f
$92,424,000 of net cash u
d
sed
in fifinancing activi i
ities.
Net cash pro id
vided by i
d by investing acti i i
ivities of $
f $321,812,000 was compris d
ed of (i(i) pro
d
ceeds fro
f
m matur
t
i i
ities of U.S. Treas
y
ury
bibilllls
f $
of $264,881,000, (i(ii)i) proc
d
eeds fro
f
m s lale of real estate of $
f $67,821,000 and (
d (iii)
iii) proc
d
eeds fro
f
m a
i
n interest rate cap of
$5,049,000, partially
lly offs
f et by
by (i(i )
v) hthe pur h
chase of a i
n interest rate cap f $
of $11,258,000 and (
d ( )
v) construc
r
itio i
n in progress a d
nd re lal
estate d
addidi itio
f $
ns of $4,681,000.
Net cash pro id
vided by o
d by opera iting acti i i
ivities of $
f $109,111,000 was compris d
ed of (i(i) net income f $
of $102,413,000 and (
d (ii)
ii) hthe net
h
change in opera iti g
ng assets and l
d liabibi
a li i
lities of $
f $16,753,000, parti ll
ially offset by
by (i(iii)
ii) d
adjuju
d stments for non-
f
cash i
h items f $
of $10,055,000.
h
The adjus
djustments for non-
f
ca h
sh items were comp irised of (
f (i)i) ne g
t g iain on s lale of r
l
eal estate f $
of $53,952,000 and (
d (ii)
ii)
h
other non-
h
cash
d
adjuju
d stments of $
f $1,559,000, partially
ially offs
f et by
by (i(iii)
ii) depreci i
iation and amortizatio (
n (in lcluding
uding amor itization of d
f d b
eb i
t issuance co
)
sts)
f $
of $34,605,000, (i(i )
v) interest rate cap premium amortization of $
f $7,770,000, (v) str iaight
ght l-li i
ining of rents
f $
of $2,631,000 and (
d ( i)
vi)
st
k b
ock-based compensation expense of $
f $450,000.
Net cash used i
f
d in fin
f an ici g
ng ac iti ivi ities of $
f $92,424,000 was compris d
ed
f di id
d
of dividends paidid
f $
of $92,320,000 and d
d d b
eb i
t issuance
costs of $
f $104,000.
Dividends
On Februa
r
y
ry 5, 2025, our Board of Director d
s d
l
d
eclared a r g
eg lular quarterlyly di id
d
f $
dividend of $4.50 per sha
(
re (a
i
n i di
ndicat d
ed an
l
nual
rate f $
of $18.00 per sha )
re).
h
Th d
e di id
ividend, ifif de lclar d
ed by
by hthe Boa d
rd of
i
Directors at the same rate for allll of 2025, wo luld req iuire us
to pay out appr
i
oximatelyly $92,400,000 in 2025.
Debt
Below is a summary of our outstanding debt and matur
t
ities as of December 31, 2024. We may refin
f ance our maturing debt
as it comes due or
d
choose to repay it.
(Amounts in thousands)
Balance
Interest
Rate
Maturity
731 Lexington Avenue, office condominium
$
400,000
5.04 %
Oct. 09, 2028
731 Lexington Avenue, retail condominium(1)(2)
300,000
1.76
A
%
ug. 05, 2025
Rego Park II shopping center(1)(3)
202,544
5.60
D
%
ec. 12, 2025
The Alexander apartment tower
94,000
2.63 %
Nov. 01, 2027
Total
996,544
Deferred debt issuance costs, net of accumulated amortization of $7,381
(8,525)
Total, net
$
988,019
(1) Interest rate listed represents the rate in effe
f ct as of December 31, 2024 based on SOFR as of contractua
t
l reset date plus contractual
t
spread, adjusted for hedging
f
instruments as appl
a
icable.
(2) Interest at SOFR lplus 1.51%
h
which was swapped to a fifixed rate of 1.76% hthrough
ugh May 2025.
(3) Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through December 2025).
Below is a summary of our principal and interest repayments scheduled as of December 31, 2024.
Less than
One to
Three to
More than
(Amounts in thousands)
Total
One Year
Three Years
Five Years
Five Years
Long-term debt obligations
$
1,098,128
$
542,746
$
139,519
$
415,863
$
—
Total principal and interest repayments (1)
$
1,098,128
$
542,746
$
139,519
$
415,863
$
—
(1) Interest on va iri b
able rate debt is comput d
ed using rates in effe
f ct as of December 31, 2024 d
adjuju
d st d
ed fo h
r h d
edging
ging instruments as a
l
ppl
a
ic b
able.
31

Liquidity and Capital Resources - continued
Capi
a tal Exp
E
enditures
p
p
Capi
a tal expenditures consist of expenditures to maintain and improve assets, tenant improvement allowances, lease
incentives and leasing commissions. During 2025, we expect to spend approxi
a
mately $125,000,000 of capi
a tal expenditures at
our properties. We plan to fund these capital expenditures fro
f
m operating cash flo
f w, existing liquidity, and/or borrowings.
Commitments and Contingencies
Insurance
We m iaint iai
g
n gener lal liliabibi
a lility i
y insurance
i
wi hth li i
limits of $300,000,000 per occurrence a d
nd per property, of
h
which the fifirst
$30,000,000 in lcl d
udes commu ini
b
cable didisease coverage, a d
nd lall- iri k
sk proper yty and rental v lalue insurance coverage
i
wi h li
th li i
mits of
$
bi
$1.7 billi
llion per occurrence, in lcluding
uding coverage for acts of ter
i
rorism, with s b
ub-lili i
mits for certain pe irils su h
ch as flfl
d
oods
d
and
ear hth
k
quakes on each of our properties a d
nd
l
excl di
udi g
ng commu inicablbl
a
d
e disease coverage.
i
Fifty Ni h
inth Street Insurance C
y
ompany, LLC (“FNSIC”), our
h
wh lollyly owned c
l
onsolidid
d
ated subs
u
idi
idia y
ry, acts as a didirect insurer
for coverage for acts of ter
i
rorism i
, including nuc
ding nuclear b
, biologigical, h
chemic lal and r d
adi l
iologigi
l
cal (“NBCR”) acts, as defifined b
d by the
Te
i
rrorism
i
Ri k
sk Insurance Act of 2002, as amended t d
o date a d
nd
h
which h
h has been exte d
nded through
hrough December 2027. Coverage for
acts of ter
i
rorism (i(including
ding NBCR act )s) is up to $
bi
$1.7 billllion per occurrence a d
nd i
h
in the agg
ggr g
egate. Coverage for acts of terro irism
(excluding
ding NBCR acts) i
) is f lul
f lyly reinsured by t
d by thihi d
rd party i
y insurance companies a d
nd hthe F d
l
ederal government
i
wi hth no exposure to
FNSIC. For NBCR acts, FNSI
i
C is responsibl
ible for a d d
deduc itiblble of $338,000
d
and 20% of hth b
e b lalance of a covered l
d loss, and the
Federal g
l government is responsibl
ible for the remaining
ining 80% of a covered l
d loss. We are ul i
ltim
l
ately responsibible for a y
ny loss incu
d
rred
by
by FNSIC.
We continue to mo initor the state of the insurance market a d
nd hthe scope and costs of coverage for acts of ter
i
rorism
h
or other
events. However, we cannot an i i
ticipate what coverage
i
willll be
i
availablbl
a e on commercially
ially reas
bl
onable ter
i
h
ms in the futur
f
e. We are
responsibl
ible for u ininsur d
ed losses a d
nd fo d
r d d
educ
d
ib
tibles a d
nd losse i
s in excess of our insurance coverage, whihi h
ch co luld b
d be material.
Ou l
r loans cont iain customa y
ry covenants req iui iri g
ng us
i
to maintai
i
in insurance.
l
Al hthough
ough we belilieve hthat we have
d
adequate
insurance coverage for purpos
r
es of hthese agreements, we m y
ay
b
not be
b
able to
b
obt iain an e
i
quivalent amount of coverage at
reas
bl
onable cos
i
h
ts in the futur
f
e. If le d
nders in isist
g
on greater coverage hthan we are ablbl
a e to obt iain, it co luld advers lely affect our
b
abili
ility to fin
f ance or refin
f ance our properties.
Other
t
There are various legal actions brought against us fro
f
m time-to-time in the ordinary c
r
ourse 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 flo
f ws.
32

Funds from Operations (“FFO”) (non-GAAP)
FFO is computed in accordance with the definit
f
ion adopted by the Board of Governors of the National Association of Real
Estate Investment Trus
r
ts (“NAREIT”). NAREIT defin
f es 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 fro
f
m real estate assets
and other specified items, including the pro rata share of such adjustments of unconsolidated subs
u
idiaries. FFO and FFO per
diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance
between periods and among our peers because it excludes the effe
f ct 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 availabl
a e to fund
f
cash requirements and should not be considered as an alternative to net
income as a performance measure or cash flo
f w 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) f
P
or
f
the years ended December 31, 2024 and 2023
(
) f
y
,
FFO (non-GAAP) for
f
the year ended December 31, 2024 was $77,968,000, or $15.19 per diluted share, compared to
$81,067,000, or $15.80 per diluted share for
f
the year ended December 31, 2023.
The fol
f lowing tabl
a e reconciles our net income to FFO (non-GAAP):
For the Year Ended
December 31,
(Amounts in thousands, except share and per share amounts)
2024
2023
Net income
$
43,444
$
102,413
Depreciation and amortization of real property
34,524
32,606
Net gain on sale of real estate
—
(53,952)
FFO (non-GAAP)
$
77,968
$
81,067
FFO per diluted share (non-GAAP)
$
15.19
$
15.80
Weighted average shares used in computing FFO per diluted share
5,132,418
5,129,330
33

ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have exposure to flu
f ctua
t
tions in interest rates, which are sensitive to many fact
f
ors that are beyond our control. Our
exposure to a change in interest rates is summarized in the tabl
a e below.
2024
2023
December 31,
Balance
Weighted
Average
Interest Rate
Effe
f ct of 1%
Change in
Base Rates
December 31,
Balance
Weighted
Average
Interest Rate
(Amounts in thousands, except per share amounts)
Variable rate
$
202,544
5.60%
$
2,025
$
7
5.88%
02,544
Fixed rate
794,000
3.52%
—
394,000
1.97%
$
996,544
3.94%
$
2,025
$
1
4.48%
,096,544
Total effect on diluted earnings per share
$
0.39
We have an interest rate cap r
a
elating to the mortgage loan on Rego Park II shopping center with a notional amount of
$202,544,000 that caps
a
SOFR at 4.15% through December 2025.
We have an interest rate swap relating to the mortgage loan on the retail condominium of our 731 Lexington Avenue
property with a notional amount of $300,000,000 that swaps SOFR plus 1.51% for a fixed rate of 1.76% through May 2025.
Fair Value of D
o
ebt
f
The fai
f r value of our consolidated debt is calculated by discounting the future contractua
t
l cash flo
f ws of these instrum
r
ents
using current risk-adjusted rates availabl
a e to borrowers with similar credit ratings, which are provided by a third-party
specialist. As of December 31, 2024 and 2023, the estimated fair value of our consolidated debt was $
s
967,941,000 and
a
$1,071,887,000, respectively. Our fair value estimates, which are made at the end of the reporting period, may be differe
f
nt from
the amounts that may ultimately be realized upon the disposition of our financial instrum
r
ents.
34

ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Consolidated Financial Statements
Page
Number
Report of Independent Registered Publ
u ic Accounting Firm (PCAOB ID No. 34)
36
Consolidated Balance Sheets as of December 31, 2024 and 2023
38
Consolidated Statements of Income for the
Years Ended December 31, 2024, 2023 and 2022
39
Consolidated Statements of Comprehensive Income for
f
the
Years Ended December 31, 2024, 2023 and 2022
40
Consolidated Statements of Changes in Equity for the
Years Ended December 31, 2024, 2023 and 2022
41
Consolidated Statements of Cash Flows for
f
the
Years Ended December 31, 2024, 2023 and 2022
42
Notes to Consolidated Financial Statements
44
35

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To hthe Sto k
ckholdlders a d
nd hthe Boa d
rd of
i
Directors of Ale
d
xander’s, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Alexander’s, Inc. and subs
u
idiaries (the "Company") as of
December 31, 2024, and 2023, the related consolidated statements of income, comprehensive income, changes in equity, and
cash flo
f ws for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in
the Index at Item 15 (collectively referred to as the "fin
f ancial statements"). In our opinion, the fin
f ancial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its
operations and its cash flo
f ws for each of the three years in the period ended December 31, 2024, in conformity with accounting
principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Publ
u ic Company Accounting Oversight Board (United States)
(PCAOB), the Company's internal control over fin
f ancial reporting as of December 31, 2024, based on criteria established in
Internal Contro
t
l — Integrat
e
ed Framework (
r
2013)
(
issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated Februa
r
ry 10, 2025, expressed an unqualified opinion on the Company's internal control over
financial reporting.
Basis for
f
Opinion
These fin
f ancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
the Company’s financial statements based on our audits. We are a public accounting fir
f m registered with the PCAOB and are
required to be independent with respect to the Company in accordance with the U.S. federal
f
securities laws and the appl
a
icable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about
a
whether the financial statements are free of material misstatement, whether due
d
to
error or fra
f ud. Our audits included performing procedur
d
es to assess the risks of material misstatement of the financial
statements, whether due to error or fra
f ud, and performing procedures that respond to those risks. Such procedur
d
es included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the fin
f ancial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising fro
f
m the current-period audit of the financial statements that
was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that
are material to the financial statements and (2) involved our especially challenging, subj
u ective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the fin
f ancial statements, taken as a whole, and
we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the
accounts or disclosures to which it relates.
Real Estate Impairment – R fefer
f
to Note 2 to the fifinancial statements
Critic lal Audit Mat
M ter Description
The Company’s real estate assets are individually evaluated for
f
impairment when events or changes in circumstances indicate
the carrying amount may not be recoverabl
a e. The Company’s evaluation of the recoverabi
a lity of real estate assets consists of the
comparison of undiscounted future cash flo
f ws expected to be generated by each real estate asset over the Company’s estimated
holding period to the respective carrying amount. The Company’s undiscounted future cash flo
f w analyses require management
to make significant estimates, including estimated terminal values determined using appropr
a
iate capitalization rates.
Given the Company’s estimated capitalization rates used in the evaluation of impairment of real estate assets is a significant
assumption made by management, performing audit procedur
d
es to evaluate the reasonableness of management’s undiscounted
future cash flo
f w analyses required a high degree of auditor judgment and an increased extent of effort
f
, including the need to
involve our fair value specialists.
36

How the
t
Critic lal Audit Mat
M ter Was
W
d
Addr
d
essed in the
t
Audit
dit
Our audit procedur
d
es related to the Company’s estimated capitalization rates used in the evaluation of impairment of real estate
assets included the following, among others:
•
We tested the effectiveness of controls over management’s evaluation of the recoverabi
a lity of real estate, including
controls over management’s determination of the reasonableness of the applicable capitalization rates.
•
Inquired with management regarding their determination of the capitalization rates, and evaluated the consistency of
the capitalization rates used with evidence obtained in other areas of the audit.
•
With the assistance of our fair value specialists, we evaluated the reasonableness of the Company’s estimated
capitalization rates by:
•
Testing the source information underlying the determination of the capitalization rates by evaluating
the reasonableness of the capi
a talization rates used by management with independent market data,
focusing on key fac
f
tors, including geographical location, tenant composition, and property type.
•
Developing a range of independent estimates of capitalization rates and comparing those to the
capi
a talization rates utilized by management.
/s/ DELOITTE & TOUCHE LLP
New York, New York
Februa
r
y
ry 10, 2025
We have served as the Company’s auditor since 1969.
37

ALEXANDER’S, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
December 31,
ASSETS
2024
2023
Real estate, at cost:
Land
$
32,271
$
32,271
Buildings and leasehold improvement
1
s
1,034,068
,046,132
Development and construc
r
tion in progress
6,794
281
Total
1
1,066,620
,085,197
Accumulated depreciation and amortization
(443,627)
(415,903)
Real estate, net
641,570
650,717
Cash and cash equivalents
338,532
531,855
Restricted cas
5
h
21,122
5,304
Tenant and other receivables
5,112
6,076
Receivable arising from the straight-lining of rents
111,750
124,866
Deferred leasing costs, net, including unamortized leasing fees
f
to Vornado of
$22,380 and $19,540, respectively
163,677
24,888
Other assets
44,156
25,350
$
1,341,295
$
1,403,680
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs
$
988,019
$
1,092,551
Amounts due
d
to Vornado
1,159
715
Accounts payable and accrue
r
d expenses
51,750
38,743
Lease incentive liabi
a lities
115,118
—
Other liabi
a lities
21,397
21,007
Total liabi
a lities
1,164,436
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
133,402
182,336
Accumulated other comprehensive incom
3
e
16,201
,887
177,227
238,025
Treasury s
r
tock: 66,160 shares, at cos
(
t
368)
(368)
Total equity
176,859
237,657
$
1,341,295
$
1,403,680
See notes to consolidated financial statements.
38

EXANDER’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share and per share amounts)
Year Ended December 31,
2024
2023
2022
REVENUES
Rental revenues
$
226,374
$
224,962
$
205,814
EXPENSES
Operating, including fees to Vornado of $6,581, $6,480 and $6,037, respectivel
(
y
103,240)
(101,210)
(90,446)
Depreciation and amortization
(34,782)
(32,898)
(29,797)
General and administrative, including management fees to Vornado of $2,440 in
each year
(6,519)
(6,341)
(6,106)
Total expenses
(144,541)
(140,449)
(126,349)
Interest and other income
22,245
24,429
6,769
Interest and debt expense
(62,818)
(58,297)
(28,602)
Net gain on sale of real estate
—
53,952
—
Net income
$
43,444
$
102,413
$
57,632
Net income per common share - basic and dilute
$
d
8.46
$
19.97
$
11.24
Weighted average shares outstanding - basic and diluted
5
5,126,100
5,129,330
,132,418
See notes to consolidated financial statements.
39

ALEXANDER’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
Year Ended December 31,
2024
2023
2022
Net income
$
43,444
$
102,413
$
57,632
Other comprehensive (loss) income:
Change in fair value of interest rate derivatives and other
(12,314)
(9,385)
18,092
Comprehensive income
$
31,130
$
93,028
$
75,724
See notes to consolidated financial statements.
40

ALEXANDER’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in thousands)
Accumulated
Other
Comprehensive
Income
Common Stock
Additional
Capital
Retained
Earnings
Treasury
Stock
Total
Equity
Shares
Amount
Balance, December 31, 2021
5,173
$
5,173
$
33,415
$
206,875
$
7,494
$
(368)
$
252,589
Net income
—
—
—
57,632
—
—
57,632
Dividends paid ($18.00 per common share
—
)
—
—
(92,264)
—
—
(92,264)
Change in fair value of interest rate derivatives
and other
—
—
—
—
18,092
—
18,092
Deferred stock unit grant
—
s
4
—
50
—
—
—
450
Balance, December 31, 2022
5,173
5,173
33,865
172,243
25,586
(368)
236,499
Net income
—
—
—
102,413
—
—
102,413
Dividends paid ($18.00 per common share)
—
—
—
(92,320)
—
—
(92,320)
Change in fair value of interest rate derivatives
and other
—
—
—
—
(9,385)
(
—
9,385)
Deferred stock unit grants
—
—
450
—
—
—
450
Balance, December 31, 2023
5,173
5,173
34,315
182,336
16,201
(368)
237,657
Net income
—
—
—
43,444
—
—
43,444
Dividends paid ($18.00 per common share)
—
—
—
(92,378)
—
—
(92,378)
Change in fair value of interest rate derivatives
—
—
—
—
(12,314)
—
(12,314)
Deferred stock unit grant
—
s
4
—
50
—
—
4
—
50
Balance, December 31, 2024
5,173
$
5,173
$
34,765
$
133,402
$
3,887
$
(368)
$
176,859
See notes to consolidated financial statements.
41

ALEXANDER’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Year Ended December 31,
2024
2023
2022
CASH FLOWS FROM OPERAT
R
ING ACTIVITIES
Net income
$
43,444
$ 102,413
$
57,632
Adju
d stments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance cost
3
s
31,454
34,605
7,897
Net gain on sale of real estate
(
—
—
53,952)
Straight-lining of rents
7,960
2,631
13,116
Stock-based compensation expense
4
450
50
450
Interest rate cap premium amortization
6
—
7,770
,483
Other non-cash adjustments
494
(1,559)
(2,928)
Change in operating assets and liabi
a lities:
Tenant and other receivables
165
(572)
1,680
Other assets
(149,445)
14,141
2,782
Amounts due
d
to Vornado
98
(60)
40
Accounts payable and accrue
r
d expenses
(1
3,141
3,263
3,695)
Lease incentive liabi
a lities
115,118
—
—
Other liabi
a lities
(19)
(1
338
9)
Net cash provided by operating activities
54,106
109,111
102,549
CASH FLOWS FROM INVESTING ACTIVITIES
Construc
r
tion in progress and real estate additions
(19,785)
(4,681)
(14,386)
Purchase of U.S. Treasury b
r
ills
—
—
(364,238)
Proceeds fro
f
m matur
t
ities of U.S. Treasury b
r
ills
—
264,881
99,358
Proceeds fro
f
m sale of real estate
—
67,821
—
Purchase of interest rate cap
—
(11,258)
—
Proceeds fro
f
m interest rate cap
6,563
5,049
—
Net cash (used in) provided by investing activitie
(
s
321,812
13,222)
(279,266)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends pai
(
d
92,378)
(92,320)
(92,264)
Debt issuance costs
(7,647)
(104)
(46)
Debt repayments
(500,000)
—
—
Proceeds fro
f
m borrowings
400,000
—
—
Net cash used in fin
f ancing activitie
(
s
200,025)
(92,424)
(92,310)
Net (decrease) increase in cash and cash equivalents and restricted cas
(
h
159,141)
338,499
(269,027)
Cash and cash equivalents and restricted cash at beginning of year
552,977
214,478
483,505
Cash and cash equivalents and restricted cash at end of year
$ 393,836
$ 552,977
$ 214,478
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year
$ 531,855
$ 194,933
$ 463,539
Restricted cash at beginning of year
21,122
19,545
19,966
Cash and cash equivalents and restricted cash at beginning of year
$ 552,977
$ 214,478
$ 483,505
Cash and cash equivalents at end of year
$ 338,532
$ 531,855
$ 194,933
Restricted cash at end of year
55,304
21,122
19,545
Cash and cash equivalents and restricted cash at end of year
$ 393,836
$ 552,977
$ 214,478
See notes to consolidated financial statements.
42

ALEXANDER’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(Amounts in thousands)
Year Ended December 31,
2024
2023
2022
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (net of amounts capitalized)
$
59,685
$
53,975
$
25,934
NON-CASH TRAN
R
SACTIONS
Write-off of fully depreciated assets
$
2,242
$
8,097
$
23
Liability for real estate additions, including $346 for development fees due to Vornado in 2024
3,003
1,969
2,254
Additional estimated lease liabi
a lity arising fro
f
m the recognition of right-of-use asset
—
—
16,099
See notes to consolidated financial statements.
43

1.
ORGANIZATION
Alexander’s, Inc. (NYSE: ALX) is a real estate investment trus
r
t (“REIT”), incorporated in Delaware, engaged in leasing,
managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer
f
to Alexander’s, Inc. and its consolidated subs
u
idiaries. We are managed by, and our properties are leased and developed by,
Vornado Realty Trus
r
t (“Vornado”) (NYSE: VNO).
We have five properties in New York City consisting of:
Operating properties
p
g p
p
•
731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington
Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 947,000 and 133,000
of rentable square feet of offi
f ce and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupi
u es all of the offi
f ce
space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on
January 31, 2025. Annual rental revenues fro
f
m the Home Depot at expiration was approximately $15,150,000;
•
Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens. The
center was anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls. In the four
f
th quarter of
2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in
2025;
•
Rego Park II, a 615,000 square foot shopping center, is located adja
d cent to the Rego Park I shopping center in
Queens. The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been
subl
u eased;
•
Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subl
u eased to
New World Mall LLC. The property is ground leased through January 2027 with one ten-year extension option; and
•
The Alexander apa
a
rtment tower, located above our Rego Park II shopping center, contains 312 units aggregating
255,000 square feet.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
44

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis o
i
f P
o
re
P
sentat
t ion
t
– The accompanying consolidated financial statements include our accounts and those of our
consolidated subs
u
idiaries. All intercompany amounts have been eliminated. Our consolidated financial statements are prepared
in confor
f
mity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to
make estimates and assumptions that affe
f ct the reported amounts of assets and liabi
a lities and disclosure of contingent assets and
liabi
a lities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the
reporting periods. Actua
t
l results could diffe
f r fro
f
m those estimates.
Recently
t
Issued Accountin
t
g Liter
t
ature
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2023-07, Segment Reporting (To
(
pi
o c 280): Imp
I
rovements t
t
o Reportable Seg
S
me
g
nt Disc
i
losures (“ASU 2023-07”). ASU 2023-07
aims to improve reportabl
a e segment disclosure requirements, primarily through enhanced disclosures about
a
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
f
or loss. The upda
u
te also requires disclosure
regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is
effe
f ctive for
f
fiscal years beginning afte
f r December 15, 2023, and interim periods within fiscal years beginning afte
f r December
15, 2024, with early adoption permitted. These consolidated financial statements incorporate the adoption of ASU 2023-07 as
required. Refer to Note 13 - Segment Infor
I
mation.
In December 2023, the FASB issued ASU 2023-09, Income Taxes
a
(Topi
T
c 740): Imp
I
rovements t
t
o Inc
I
ome Tax
T
Disc
i
losures
(“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
effe
f ctive for
f
fiscal years beginning afte
f r December 15, 2024, with early adoption permitted. We are currently evaluating the
impact of ASU 2023-09 on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Repor
e
ting Comprehensive Incom
I
e - Expense
x
Disa
i
ggregation Disclosures (Subtopi
S
c 220-40): Disaggr
g
egation of I
o
ncom
I
e State
S
ment Expens
x
es (“ASU 2024-03”), and in
January 2025, the FASB issued ASU 2025-01, Income Statement - Repor
e
ting Comprehensive Inc
I
ome - Expens
x
e Disaggregation
Disc
i
losures (Subtopi
(
c 220-40): Clarifyin
i
g the
t
Effe
f ctive Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of
the natur
t
e of expenses included in the income statement as well as disclosures about specific types of expenses included in the
expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effe
f ctive for
f
fiscal years
beginning afte
f r December 15, 2026, and interim periods within fiscal years beginning afte
f r December 15, 2027, with early
adoption permitted. We are currently evaluating the impact of these standards on our consolidated financial statements.
Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2024
and 2023, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $641,570,000 and
a
$650,717,000, respectively. Maintenance and repairs are generally expensed as incurred. Depreciation requires an estimate by
management of the useful life o
f
f each property and improvement as well as an allocation of the costs associated with a property
to its various components. We capi
a talize all property operating expenses directly associated with and attributable to, the
development and construc
r
tion of a proje
o ct, including interest expense. The capitalization period begins when development
activities are underway and ends when it is determined that the asset is substantially complete and ready for
f
its intended use,
which is typically evidenced by the receipt of a temporary c
r
ertificate of occupancy.
u
General and administrative costs are
expensed as incurred.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
45

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
Our properties are individually reviewed for
f
impairment whenever events or changes in circumstances indicate that the
carrying amount of the assets may not be recoverabl
a e. An impairment exists when the carrying amount of an asset exceeds the
sum of the undiscounted cash flo
f ws expected to result from the use and eventual disposition of the asset, including an estimated
terminal value calculated using an appropriate capi
a talization rate. Estimates of futur
f
e cash flo
f ws are based on our current plans,
intended holding periods and availabl
a e market information at the time the analyses are prepared. For our development
properties, estimates of future cash flows also include all fut
f ur
t
e expenditures necessary to develop the asset, including interest
payments that will be capi
a talized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount
of the asset is not recoverabl
a e and is measured based on the excess of the property’s carrying amount over its estimated fair
f
value. If our estimates of futur
f
e cash flo
f ws, anticipated holding periods, or fai
f r values change, based on market conditions or
otherwise, our evaluation of impairment charges may be differe
f
nt and such differe
f
nces could be material to our consolidated
financial statements. Estimates of futur
f
e cash flo
f ws are subjective and are based, in part, on assumptions regarding fut
f ure
t
occupancy,
u
rental rates and capi
a tal requirements that could diffe
f r materially from actua
t
l results. Plans to hold properties over
longer periods decrease the likelihood of recording impairment losses.
Revenue Recogn
o
ition
t
– Rental revenues include revenues fro
f
m the leasing of space at our properties to tenants, tenant
services and parking garage revenues. We have the fol
f lowing revenue recognition policies:
•
Revenues fro
f
m the leasing of space at our properties to tenants include (i) lease components, including fixed and
variable lease payments, and nonlease components which include reimbursement of common area maintenance
expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the
lease and nonlease components of our operating lease agreements and account for the components as a single lease
component in accordance with ASC Topic 842, Leases (“ASC 842”).
◦
Revenues fro
f
m fix
f ed lease payments for ope
f
rating leases are recognized on a straight-line basis over the non-
cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We
commence revenue recognition when the tenant takes possession of the leased space and the leased space is
subs
u
tantially ready for
f
its intended use.
◦
Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area
maintenance expenses are generally recognized in the same period as the related expenses are incurred.
•
Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their
request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contra
t
cts w
t
ith
Customers ("ASC 606").
•
Revenues derived from the operations of our parking faci
f
lities, which charge hourly or monthly fees
f
to provide parking
services to customers, are recognized as the services are transfer
f red in accordance with ASC 606.
We evaluate on an individual lease basis whether it is probable that we will collect subs
u
tantially all amounts due
d
from our
tenants and recognize changes in the collectability assessment of our operating leases as adju
d stments to rental revenue.
Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit
status
t
and publicly availabl
a e infor
f
mation about
a
the fin
f ancial condition of the tenant, and other fact
f
ors. Tenant receivables,
including receivables arising fro
f
m the straight-lining of rents, are written off when management deems that the collectability of
subs
u
tantially all futur
f
e lease payments fro
f
m a specific lease is not probable of collection, at which point, the Company will limit
future rental revenues to cash received.
Cash and Cas
C
h Equivalen
l
ts – Cash and cash equivalents consist of highly liquid investments with original maturities of
three months or less when purchased and are carried at cost, which approximates fai
f r value, due
d
to their short-term maturities.
The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the
Federal Deposit Insurance Corpor
r
ation limit, (ii) money market funds
f
, which invest in U.S. Treasury b
r
ills and (iii) certificates
of deposit placed through an account registry service (“CDARS”). To date we have not experienced any losses on our invested
cash.
Restricted Cash – Restricted cash primarily consists of cash escrowed under loan and interest rate derivative agreements,
including for debt service, real estate taxes, property insurance, leasing costs and capital improvements, and security deposits.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
46

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
Defe
e rred Cha
C
rges – Direct financing costs are defer
f red and amortized on a straight-line basis, which approximates the
effe
f ctive interest rate method, over the terms of the related agreements as a component of interest and debt expense. Direct and
incremental costs related to successful
f
leasing activities are capitalized and amortized on a straight-line basis over the lives of
the related leases.
Income Taxes
a
– We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of
the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code,
we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our
taxable income and therefor
f
e, no provision for Federal income taxes is required. Dividends distributed for the year ended
December 31, 2024 were characterized, for fed
f
eral income tax purposes, as 100% ordinary income. Dividends distributed for
the year ended December 31, 2023 were characterized, for
f
federal income tax purposes, as 41.5% ordinary income and 58.5%
of long-term capi
a tal gain income. Dividends distributed for the year ended December 31, 2022 were characterized, for
f
federal
income tax purpos
r
es, as 100.0% ordinary income.
The estimated taxable income attributable to our common stockholders (unaudited) for the years ended December 31, 2024,
2023 and 2022 was appr
a
oximately $65,493,000, $98,555,000,
$65,493,000
and $64,960,000, respectively. The book to tax differe
f
nces
between net income and estimated taxable income primarily result from differe
f
nces in the income recognition or deduc
d
tibility
of depreciation and amortization, gains or losses fro
f
m the sale of real estate and other capital transactions, straight-line rent
adju
d stments, the change in fair value of marketabl
a e securities and income from discontinued operations.
As of December 31, 2024, hthe net ba isis of our assets and l
d liabibi
a lili ities for tax repor iting purposes was a
i
pproxi
a
mately
tely
$133,704,000 lo e
w r than the amount reported for
f
financial statement purposes.
3.
REVENUE RECOGNITION
The fol
f lowing is a summary of revenue sources for
f
the years ended December 31, 2024, 2023 and 2022.
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Lease revenue
$
s
217,656
$
216,468
$
197,230
Parking revenue
4,751
4,456
4,897
Tenant services
3,967
4,038
3,687
Rental revenues
$
226,374
$
224,962
$
205,814
The components of lease revenues for
f
the years ended December 31, 2024, 2023 and 2022 are as fol
f lows:
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Fixed lease revenue
$
s
147,903
$
147,569
$
135,668
Variable lease revenues
69,753
68,899
61,562
Lease revenues
$
217,656
$
216,468
$
197,230
4.
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
f
plans, specifications and improvements to date. Net proceeds from
f
the sale were $67,821,000 afte
f r closing costs and the fin
f ancial statement gain was $53,952,000.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
47

5.
RELATED PARTY TRANSACTIONS
Vornado
As of December 31, 2024, Vornado owned 32.4% of our outstanding
ding common sto k
ck. We are ma
g
naged b
d by, and our
properties are leas d
ed and d
d d
l
eveloped b
d by, Vorn d
ado, pursuant to the g
agreements desc iribed b
d b lelow, whihi h
ch ex ipire in March
f
h of e
h
ach
year and are automa iticalllly renew b
able.
Steven Ro h i
h
th is the Chairman of our Board of Directors a d
nd
h
Chief Execu itive Offi
fficer, the Managing
naging General Partner of
Interstate Propertie (
s (“Interstat
)
e”), a New Jersey g
y gener lal partnershihip, and the
h
Ch iairman of hthe Boa d
rd of Trus
r
tees and Chihief
Execu itive Offi
fficer of Vor
d
nado. As of Dece b
mber 31, 2024, Mr. Ro hth, Interstate a d
nd its o hther tw
g
o gen
l
eral partners, Davidid
Ma d
ndelblbaum a d
nd Russellll B.
i
Wight
ght, J
(
r. (who are als
d
o directors of the Company a d
nd trus
r
tees of Vorn d
ad )
o)
d
owned, in hthe
g
aggr g
egate, 26.0% of our outstanding
ding common st
k
ock, in d
addidi ition to hthe 2.3% hth y
ey indirectly own through Vornado.
Management and Development Agreements
g
p
g
We pay Vornado an annual management fee
f
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-occupi
u ed offi
f ce and retail space at 731 Lexington Avenue, and (iv)
$376,000, escalating at 3% per annum, for
f
managing the common area of 731 Lexington Avenue. Vornado is also entitled to a
development fee eq
f
ual to 6% of development costs, as defin
f ed.
Leasing and Othe
t
r Agreements
g
g
Vornado also provides us with leasing services for a fee of 3% of rent for
f
the fir
f st 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
f
the twenty-first through thirtieth year of a lease term,
subj
u ect to the payment of rents by tenants. Under the agreements in effe
f ct 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 approve
a
d amendments to the
leasing agreements, subject to appl
a
icable lender consents, pursuant to which the Company is responsible for any Third-Party
Lease Commissions and, in such circumstances, Vornado’s fee
f
is one-third of the appl
a
icable 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 defin
f ed, for
f
asset sales less than $50,000,000 and 1% of gross proceeds, as defin
f ed, for
f
asset sales of $50,000,000 or more.
We also have agreements with Building Maintenance Services LLC, a wholly owned subsidiary of Vornado, to supe
u
rvise (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 apa
a
rtment tower. In addition, we have an agreement with a wholly owned
subs
u
idiary of Vornado to manage the parking garages at our Rego Park I and Rego Park II properties.
The fol
f lowing is a summary of fees earned by Vornado under the various agreements discussed above.
a
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Company management fees
f
$
2,800
$
2,800
$
2,800
Development fees
f
472
—
3
Leasing fees
f
6,084
1,213
1,378
Commission on sale of real estate
—
711
—
Property management, cleaning, engineering, parking and security fees
6,053
6,005
5,912
$
15,409
$
10,729
$
10,093
As of December 31, 2024, the amount d
s due
d
to Vorn d
ado were $642,000 for m
g
anagement, proper yty ma
g
nagement, cleaning,
engine
gineering a d
nd secu iri yty fees, $346,000 fo d
r dev lelopment fee
f
s a d
nd $171,000 fo l
r lea isi g
ng fees. As of D
f
ecember 31, 2023, hthe
amount d
s due
d
to Vorn d
ado were $646,000 for m
g
anagement, proper yty ma
g
nagement, cleaning, engine
gineering a d
nd secu iri yty fe
d
es and
$69,000 fo l
r leasing fees
f
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
48

6.
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.
On September 30, 2024, we entered into a new $400,000,000 mortgage loan on the offic
f e condominium portion of 731
Lexington Avenue. The interest-only loan has a fix
f ed rate of 5.04% and matur
t
es in October 2028. The loan is prepayable, at the
Company’s option, with no penalty, beginning in October 2026. The new loan replaces the previous $490,000,000 loan that
bore interest at the Prime Rate and was schedul
d ed to mature in October 2024.
The fol
f lowing is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or
d
choose to repay it.
Interest Rate at
December 31, 2024
Balance at December 31,
(Amounts in thousands)
Maturity
2024
2023
First mortgages secured by:
731 Lexington Avenue, offic
f e condominiu
O
m
ct. 09, 2028
5.04%
$
400,000
$
500,000
731 Lexington Avenue, retail condominium(1)(2)
Aug. 05, 2025
1.76%
300,000
300,000
Rego Park II shopping center(1)(3)
Dec. 12, 2025
5.60%
202,544
202,544
The Alexander apartment tower
Nov. 01, 2027
2.63%
94,000
94,000
Total
996,544
1,096,544
Deferred debt issuance costs, net of accumulated
amortization of $7,381 and $17,639, respectively
(8,525)
(3,993)
$
988,019
$
1,092,551
(1)
Interest rate listed represents the rate in effe
f ct as of December 31, 2024 based on SOFR as of contractua
t
l reset date plus contractua
t
l spread, adjusted
for hedging instruments as appl
a
icable.
(2)
Interest at SOFR lplus 1.51%
h
which was swapped to a fifixed rat
f
e of 1.76% hthrough
ugh May 2025.
(3)
Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through December 2025).
The net carrying value of real estate collateralizing the debt amount d
ed to $587,548,000 as of December 31, 2024. Our
existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in
certain circumstances, provide for lender appr
a
oval of tenants’ leases and yield maintenance to prepay them. As of December 31,
2024, the principal repayments (based on the extended loan matur
t
ity dates) for
f
the next fiv
f e years and thereafte
f r are as follows:
(Amounts in thousands)
Year Ending December 31,
Amount
2025
$
502,544
2026
—
2027
94,000
2028
400,000
2029
—
Thereafte
f r
—
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
49

7.
FAIR VALUE MEASUREMENTS
ASC Topic 820, Fair Value Mea
M
surement (“ASC 820”) defin
f es fair value and establ
a ishes a framework for measuring fair
f
value. ASC 820 establ
a ishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fai
f r value
into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for
f
assets or
liabi
a lities 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 availabl
a e. The fai
f r value hierarchy gives the highest priority to Level 1 inputs and the lowest priority
to Level 3 inputs. In determining fai
f r 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 counterpa
r
rty credit risk in our assessment of
fair value.
Financial Assets and Liabilities Mea
M
sured at Fai
F r Value
V
Financial assets measured at fai
f r value on our consolidated balance sheet as of December 31, 2024 consist of interest rate
derivatives, which are presented in the table below based on their level in the fai
f r value hierarchy. There were no fin
f ancial
liabi
a lities measured at fair value as of December 31, 2024.
As of December 31, 2024
(Amounts in thousands)
Total
Level 1
Level 2
Level 3
Interest rate derivatives (included in other assets
$
)
4,487
$
—
$
4,487
$
—
Financial assets measured at fai
f r 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 fai
f r value hierarchy. There were no fin
f ancial
liabi
a lities measured at fair value as of December 31, 2023.
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 fai
f r value of all interest rate derivatives in “other assets” or “other liabi
a lities” on our consolidated balance
sheets and since all of our interest rate derivatives have been designated as cash flo
f w hedges, changes in the fair value are
recognized in other comprehensive income. The tabl
a e below summarizes our interest rate derivatives, all of which hedge the
interest rate risk attributable to the variabl
a e rate debt noted as of December 31, 2024 and 2023, respectively.
Fair Value Asset as of
December 31,
As of December 31, 2024
(Amounts in thousands)
2024
2023
Notional
Amount
Swapped
Rate
Expiration
Date
Interest rate swap related to:
731 Lexington Avenue mortgage loan, retail condominium
$
4,117
$
16,315
$
3
5/25
1.76%
00,000
Interest rate caps related to:
Rego Park II shopping center mortgage loan
370
1,370
202,544
(1
1
)
2/25
731 Lexington Avenue mortgage loan, office condominium
—
4,923
Included in other assets
$
4,487
$
22,608
(1) SOFR cap strike rate of 4.15%.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
50

7.
FAIR VALUE MEASUREMENTS - continued
Financial Assets and Liabilities not Measured at Fair Value
Financial assets and liabi
a lities 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 fai
f r 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 contractua
t
l cash
flows of these instruments using current risk-adjusted rates availabl
a e to borrowers with similar credit ratings, which are
provided by a third-party specialist, and is classified as Level 2. The tabl
a e below summarizes the carrying amount and fai
f r value
of these fin
f ancial instruments as of December 31, 2024 and 2023.
As of December 31, 2024
As of December 31, 2023
(Amounts in thousands)
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Assets:
Cash equivalent
$
s
61,889
$
61,889
$
363,535
$
363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)
$
996,544
$
967,941
$
1,096,544
$
1,071,887
8.
LEASES
As Lessor
We lease space to tenants under operating leases in an offi
f ce building and in retail centers. The rental terms range from
approximately 5 to 25 years. The leases provide for the payment of fix
f ed base rents payable monthly in advance as well as
reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the
lessee of additional rents based on a percentage of their sales. We also lease residential space at The Alexander apa
a
rtment tower
which generally have a 1 or 2 year lease terms.
Future undiscounted cash flows under our contractua
t
l non-cancelable operating leases are as fol
f lows:
(Amounts in thousands)
As of December 31, 2024
For the year ending December 31,
2025
$
138,497
2026
128,752
2027
125,733
2028
133,449
2029
49,223
Thereafte
f r
1,172,878
These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales.
Bloomberg accounted for revenue of $125,349,000, $120,351,000, a d
nd $115,129,000 in hth
y
e years ended December 31,
2024, 2023 and 2022, respec itiv lely, represen iti g
ng ap
i
proximately
mately 55%, 54%
d
and 56% of our rent lal revenue
i
s in each y
h year,
respectiv lely. No
h
other tenant account d
ed for more than 10% of u
o r rental revenues. If we were to lose Bloomberg as a tenant, or
if Bloomberg were to be unable to ful
f fill 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
confid
f ential fin
f ancial information and metrics fro
f
m Bloomberg. In addition, we access and evaluate financial information
regarding Bloomberg from other private sources, as well as publicly availabl
a e data.
On May 3, 2024,
l
Alexander’s and Blo
b
ombe g
rg entered i
d into an agreement to extend the leases cove iri g
ng ap
i
proximately
tely
947,000 square feet at our 731 Lexington
xington Avenue proper yty hthat were sch d l
hedul d
ed to ex ipire in Februa y
ry 2029 for a term of leleven
years to Februa
r
y
ry 2040. Upon execution of thihi
l
s lease exten ision, we paidid a $32,000,000 leasing com i
mi i
ssion, of
h
whi h
ich
$26,500,000 was to a hthird-party b
y broker a d
nd $5,500,000 was to V
d
ornado.
In connection with the lease exten ision,
l
Bl
b
oombe g
rg is en iti ltl d
ed to a $113,618,000 tenant fu d
nd
h
which i
h is account d
ed for as a
leas i
e incen itive u d
nder GAAP. Acco d
rdingly, dur
gly, during the seco d
nd quarter of 2024, we reco d
rd d
ed
d
a deferred l
d leas i
e incen itive asset of
$113,618,000, whihi h
ch is amor iti
d
zed as a r d
educ
d
ition to rent lal revenues over the re
i i
maining term of the lease, and a corresponding
onding
liliabibi
a lity
lity. These amounts are in lcl d
uded i
d in “Deferred l
d leasing costs, net” a d
nd “Leas
i
e incen itiv
l
e liabibi
a li i
lities,” on our co
l
nsolididat d
ed
ba
balance sheet as of December 31, 2024.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
51

8.
LEASES - continued
As Lessor - continued
On December 3, 2022, IKEA lclos d
ed its 112,000 square foot store at our Rego Pa k
rk I property u d
nder a lease that was set to
ex ipire in December 2030.
h
Th l
e leas i
e included a iright
ght to terminate effective no earlilier than M
h
arch 16, 2026, subjbj
u ect to
y
payment
f
of rent hthrough
ugh hthe ter i
mina iti
d
on date and an addi
ddi itional ter i
mina ition p y
ayment equal to the lesser of
r of $10,000,000 or hthe amo
f
unt of
re
d
d
nt due under the remaining term. On September 27, 2023, we entered i
d into a lease m di
odifification agreement wi h
ith IKEA
h
whi h
ich
l
d
accelerated i
l
its lease ter i
mina iti
d
on date to Ap iril 1, 2024. In hthe four
f
hth quarter of 2023 and the fifirst quarter of 2024, IKEA paidid its
re
i i
maining rent oblbligigation through
ough March 16, 2026 and the $10,000,000 termination p y
ayment.
As Lessee
We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2027 and
has one ten-year extension option. In January 2022, New World Mall LLC, the subtenant at the property, exercised its one
remaining ten-year extension option through January 2037. As a result of the subt
u enant exercising its extension option, we were
required by GAAP to remeasure our ground lease liabi
a lity based upon an estimate of lease payments to be made dur
d
ing the ten-
year extension period of our ground lease resulting in an incremental right-of-use asset and lease liabi
a lity of approximately
$16,000,000. The discount rate applied in the remeasurement of the lease liabi
a lity was based on the incremental borrowing rate
(“IBR”) of 5.86% at the time of the remeasurement. We considered the general economic environment and factored in various
Company specific adjustments to arrive at the IBR. As of December 31, 2024, the remaining right-of-use asset of $16,571,000
and l
d leas
l
e liabibi
a lility of $20,861,000, are in lcl d
uded i
d in “ h
other assets” a d
nd “ h
othe l
r liabibi
a li i
lities,” respectiv lely, on our co
l
nsolididat d
ed
ba
balance sheet.
Future lease payments under this operating lease, including our estimated payments dur
d
ing the extension period, are as
follows:
(Amounts in thousands)
As of December 31, 2024
For the year ending December 31,
2025
$
800
2026
800
2027
2,707
2028
2,880
2029
2,880
Thereafte
f r
20,400
Total undiscounted cash flo
f ws
30,467
Present value discount
(9,606)
Lease liabi
a lity as of December 31, 2024
$
20,861
We recognize rent expense as a component of “opera iti g
ng” expenses on our co
l
nsolididat d
ed statements of income on a str iaight-
ght-
lilin b
e basis. Rent expense was $2,161,000 in
h
each of hth y
e years e d
nded Dece b
mber 31, 2024, 2023 and 2022, respectiv lely. Ca h
sh paidid
for rent expense was $800,000 in
h
each of hth y
e years e d
nded December 31, 2024, 2023 and 2022, respectiv lely.
9.
STOCK-BASED COMPENSATION
We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Sto
S ck Compensation (“ASC
718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted
stock, stock appr
a
eciation rights, deferred stock units (“DSUs”) and performance shares, as defin
f ed, to the directors, offi
f cers 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
December 31, 2024, there were 26,244 DSUs outstanding and 479,543 shares were availabl
a e for
f
future grant under the Plan.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
52

10.
COMMITMENTS AND CONTINGENCIES
Insurance
We m iaint iai
g
n gener lal liliabibi
a lility i
y insurance
i
wi hth li i
limits of $300,000,000 per occurrence a d
nd per property, of
h
which the fifirst
$30,000,000 in lcl d
udes commu ini
b
cable didisease coverage, a d
nd lall- iri k
sk proper yty and rental v lalue insurance coverage
i
wi h li
th li i
mits of
$
bi
$1.7 billi
llion per occurrence, in lcluding
uding coverage for acts of ter
i
rorism, with s b
ub-lili i
mits for certain pe irils su h
ch as flfl
d
oods
d
and
ear hth
k
quakes on each of our properties a d
nd
l
excl di
udi g
ng commu inicablbl
a
d
e disease coverage.
i
Fifty Ni h
inth Street Insurance C
y
ompany, LLC (“FNSIC”), our
h
wh lollyly owned c
l
onsolidid
d
ated subs
u
idi
idia y
ry, acts as a didirect insurer
for coverage for acts of ter
i
rorism i
, including nuc
ding nuclear b
, biologigical, h
chemic lal and r d
adi l
iologigi
l
cal (“NBCR”) acts, as defifined b
d by the
Te
i
rrorism
i
Ri k
sk Insurance Act of 2002, as amended t d
o date a d
nd
h
which h
h has been exte d
nded through
hrough December 2027. Coverage for
acts of ter
i
rorism (i(including
ding NBCR act )s) is up to $
bi
$1.7 billllion per occurrence a d
nd i
h
in the agg
ggr g
egate. Coverage for acts of terro irism
(excluding
ding NBCR acts) i
) is f lul
f lyly reinsured by t
d by thihi d
rd party i
y insurance companies a d
nd hthe F d
l
ederal government
i
wi hth no exposure to
FNSIC. For NBCR acts, FNSI
i
C is responsibl
ible for a d d
deduc itiblble of $338,000
d
and 20% of hth b
e b lalance of a covered l
d loss, and the
Federal g
l government is responsibl
ible for the remaining
ining 80% of a covered l
d loss. We are ul i
ltim
l
ately responsibible for a y
ny loss incu
d
rred
by
by FNSIC.
We continue to mo initor the state of the insurance market a d
nd hthe scope and costs of coverage for acts of ter
i
rorism
h
or other
events. However, we cannot an i i
ticipate what coverage
i
willll be
i
availablbl
a e on commercially
ially reas
bl
onable ter
i
h
ms in the futur
f
e. We are
responsibl
ible for u ininsur d
ed losses a d
nd fo d
r d d
educ
d
ib
tibles a d
nd losse i
s in excess of our insurance coverage, whihi h
ch co luld b
d be material.
Ou l
r loans cont iain customa y
ry covenants req iui iri g
ng us
i
to maintai
i
in insurance.
l
Al hthough
ough we belilieve hthat we have
d
adequate
insurance coverage for purpos
r
es of hthese agreements, we m y
ay
b
not be
b
able to
b
obt iain an e
i
quivalent amount of coverage at
reas
bl
onable cos
i
h
ts in the futur
f
e. If le d
nders in isist
g
on greater coverage hthan we are ablbl
a e to obt iain, it co luld advers lely affect our
b
abili
ility to fin
f ance or refin
f ance our properties.
Other
t
There are various legal actions brought against us fro
f
m time-to-time in the ordinary c
r
ourse 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 flo
f ws.
11.
MULTIEMPLOYER BENEFIT PLANS
Our subsidiaries make contributions to certain multiemployer defin
f ed benefit plans (“Multiemployer Pension Plans”) and
health plans (“Multiemployer Health Plans”) for our union
f
represented employees, pursuant to the respective collective
bargaining agreements.
Multiemploye
o
r Pension
l
Plans
p y
Multiemployer Pension Plans diffe
f r fro
f
m single-employer pension plans in that (i) contributions to multiemployer plans may
be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make
their contributions, each of our subs
u
idiaries may be required to bear their pro rata share of unfunded obligations. If a
participating subsidiary withdraws fro
f
m a plan in which it participates, it may be subj
u ect to a withdrawal liabi
a lity. As of
December 31, 2024, our subs
u
idiaries’ participation in these plans were not significant to our consolidated financial statements.
In hth
y
e years e d d
nded Dece b
mber 31, 2024, 2023
d
and 2022 our subs
u
idi
idia iries cont iribut d
ed $267,000, $215,000
d
and $178,000,
respectiv lely, towa d
rds M lul itiemploye
ployer Pen ision
l
Plans. Our s b
ubsididia iries’ cont iributio
di
ns did not represent more than 5% of to l
tal
employe
ployer cont iributions in any of these lplans for
f
hth y
e years e d d
nded Dece b
mber 31, 2024, 2023
d
and 2022.
Multiemploye
o
r Hea
H
l h
lth
l
Plans
p y
Mul i
l
ltiemployer Health Plans in
h
which our subs
u
ididia iries parti i
icipate pro id
h
vide he lal hth benefifits to
leligible
igible ac itive a d
nd re iti d
red
employe
ployees. In the ye
he years e d d
nded Dece b
mber 31, 2024, 2023
d
and 2022 our subs
u
ididia iries cont iribut d
ed $1,085,000, $1,005,000
d
and
$839,000, respectiv lely, towa d
rds these lplans.
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
53

12.
EARNINGS PER SHARE
The fol
f lowing tabl
a e sets for
f
th the computation of basic and diluted income per share, including a reconciliation of net
income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined
using the weighted average shares of common stock (including DSUs) outstanding during the period. Diluted income per share
is determined using the weighted average shares of common stock (including DSUs) outstanding during the period, and
assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no
potentially dilutive securities outstanding during the years ended December 31, 2024, 2023 and 2022.
ar Ended December 31,
(Amounts in thousands, except share and per share amounts)
2024
2023
2022
Net incom
$
e
43,444
$
102,413
$
57,632
Weighted average shares outstanding – basic and diluted
5,132,418
5,129,330
5,126,100
Net income per common share – basic and diluted
$
8.46
$
19.97
$
11.24
13.
SEGMENT INFORMATION
We have determined that our properties, which are considered our operating segments, have similar economic characteristics
and meet the criteria that permit these operating segments to be aggregated into one reportabl
a e segment (the leasing,
management, development and redevelopment of properties in New York City). Net operating income (“NOI”) represents total
revenues less operating expenses. The Company’s chief operating decision maker ("CODM") is its Chief Executive Offi
f cer,
who considers NOI to be the fin
f ancial measure of segment profit
f
and loss for
f
making decisions on how to allocate resources
and assessing the performance of the segment. Asset infor
f
mation by segment is not reported as the CODM does not use this
measure to assess segment performance or to make resource allocation decisions.
Below is a summary of financial infor
f
mation for
f
the years ended December 31, 2024, 2023 and 2022.
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
Rental revenues
$
226,374
$
224,962
$
205,814
Real estate tax expense
(59,256)
(57,722)
(49,885)
Other segment expenses (1)
(43,984)
(43,488)
(40,561)
Total operating expenses
(103,240)
(101,210)
(90,446)
NOI
$
123,134
$
123,752
$
115,368
(1)
Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and
utilities.
Below is a reconciliation of NOI to net income for
f
the years ended December 31, 2024, 2023 and 2022.
Year Ended December 31,
(Amounts in thousands)
2024
2023
2022
NOI
$
123,134
$
123,752
$
115,368
Net gain on sale of real estate
—
53,952
—
Interest and debt expense
(62,818)
(58,297)
(28,602)
Interest and other income
24,429
22,245
6,769
General and administrative
(6,519)
(6,341)
(6,106)
Depreciation and amortization
(34,782)
(32,898)
(29,797)
Net incom
$
e
43,444
$
102,413
$
57,632
ALEXANDER’S, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
54

ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures – Our management, with the participation of our Chief Executive Officer and Chief
Financial Officer, has evaluated the effe
f ctiveness of our disclosure controls and procedur
d
es (as such term is defin
f ed 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
Annual Report on Form 10-K.
Based on such evaluation, our Chief Executive Officer and Chief Financial Offic
f er have
concluded that, as of the end of such period, our disclosure controls and procedur
d
es are effective.
Internal Control Over Financial Reporting – There have not been any changes in our internal control over fin
f ancial reporting
(as defin
f ed in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) during the fourth quarter of the fis
f cal
year to which this report relates that have materially affe
f cted, or are reasonably likely to materially affe
f ct, our internal control
over fin
f ancial reporting.
55

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING
The management of Alexander’s, Inc., together with its consolidated subs
u
idiaries (the “Company”), is responsible for
establ
a ishing and maintaining adequate internal control over fin
f ancial reporting. The Company’s internal control over fin
f ancial
reporting is a process designed under the supe
u
rvision of the Company’s principal executive and principal fin
f ancial offi
f cers to
provide reasonable assurance regarding the reliabi
a lity of fin
f ancial reporting and the preparation of the Company’s fin
f ancial
statements for external reporting purposes in accordance with accounting principles generally accepted in the United States of
America.
As of December 31, 2024, management conducted an assessment of the effe
f ctiveness of the Company’s internal control
over fin
f ancial reporting based on the framework establ
a ished in Internal Contro
t
l – Integrat
e
ed Framework (
r
2013)
(
issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined
that the Company’s internal control over fin
f ancial reporting as of December 31, 2024 is effe
f ctive.
The Company’s internal control over fin
f ancial reporting includes policies and procedur
d
es that pertain to the maintenance of
records that, in reasonable detail, accurately and fai
f rly refle
f ct transactions and dispositions of assets; provide reasonable
assurances that transactions are recorded as necessary to permit preparation of fin
f ancial statements in accordance with
accounting principles generally accepted in the United States of America, and that receipts and expenditures are being made
only in accordance with authorizations of management and the directors of the Company; and provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could
have a material effect on the Company’s fin
f ancial statements.
The effectiveness of the Company’s internal control over fin
f ancial reporting as of December 31, 2024 has been audited by
Deloitte & Touche LLP, an independent registered public accounting firm,
f
as stated in their report appe
a
aring on hthe f lol
f lo i
wi g
ng
page of
page of this
t
Annual Report on Form 10-K, which expresses an unqualified opinion on the effectiveness of the Company’s
internal control over fin
f ancial reporting as of December 31, 2024.
56

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and the Board of Directors of Alexander’s, Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over fin
f ancial reporting of Alexander’s, Inc. and subs
u
idiaries (the “Company”) as of
December 31, 2024, based on criteria established in Internal Control
t
— Integrat
e
ed Framework (
r
2013)
(
issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material
respects, effe
f ctive internal control over fin
f ancial reporting as of December 31, 2024, based on criteria established in Internal
Contro
t
l — Integrat
e
ed Framework (
r
2013)
(
issued by COSO.
We have also audited, in accordance with the standards of the Publ
u ic Company Accounting Oversight Board (United States)
(PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our
report dated Februa
r
ry 10, 2025, expressed an unqualified opinion on those consolidated financial statements.
Basis for
f
Opinion
The Company’s management is responsible for maintaining effe
f ctive internal control over fin
f ancial reporting and for its
assessment of the effe
f ctiveness of internal control over fin
f ancial reporting, included in the accompanying Management’s Report
on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control
over fin
f ancial reporting based on our audit. We are a public accounting fir
f m 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 appl
a
icable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about
a
whether effective internal control over fin
f ancial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal control over fin
f ancial reporting, assessing the risk
that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedur
d
es as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over fin
f ancial reporting is a process designed to provide reasonable assurance regarding the
reliabi
a lity of financial reporting and the preparation of fin
f ancial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over fin
f ancial reporting includes those policies and procedur
d
es
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fai
f rly refle
f ct the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of fin
f ancial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the fin
f ancial statements.
Because of its inherent limitations, internal control over fin
f ancial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to futur
f
e periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedur
d
es may deteriorate.
/s/ DELOITTE & TOUCHE LLP
New York, New York
Februa
r
ry 10, 2025
57

ITEM 9B. OTHER INFORMATION
None.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not appl
a
icable.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORAT
R
E GOVERNANCE
Information relating to our directors, including our audit committee and audit committee fin
f ancial expert, will be contained
in a definitiv
f
e Proxy Statement involving the election of directors pursuant to Regulation 14A under the Securities Exchange
Act of 1934, as amended. We will file the Proxy Statement with the Securities and Exchange Commission no later than 120
days afte
f r December 31, 2024. Such information is incorporated by reference herein. Also incorporated herein by reference is
the infor
f
mation under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” of the Proxy Statement.
Executive Offi
f cers of the Registrant
The fol
f lowing is a list of the names, ages, principal occupa
u
tions and positions with us of our executive offic
f ers and the
positions held by such offi
f cers dur
d
ing the past five years.
PRINCIPAL OCCUPATION, POSITION AND OFFICE
Name
Age
(Current and during past fiv
f e years with the Company unless otherwise stated)
Steven Roth
83
Chairman of the Board since May 2004 and Chief Executive Officer since March 1995;
Chairman of the Board of Vornado Realty Trust since May 1989; Chief Executive Officer of
Vornado Realty Trus
r
t since April 2013 and fro
f
m May 1989 to May 2009; a Trustee of Vornado
Realty Trus
r
t since 1979; and Managing General Partner of Interstate Properties.
Gary Hansen
47
Chief Financial Offi
f cer since November 2021; Senior Vice President & Controllller fro
f
m Janua y
ry
2018 to October 2021; and Vice Pre isident & Contr loller fro
f
m M y
ay 2015 to December 2017.
We have adopted an insider trading policy (the “Insider Trading Policy”), which applies to all employees and prohibits
trading in the Company’s securities by persons associated with the Company that may possess material nonpublic information
relating to the Company. A copy of the Insider Trading Policy is file
f
d as Exhibit 19.1 to this Annual Report on Form 10-K.
We have a code of business conduct and ethics that applies to, among others, our Chief Executive Offic
f er and Chief
Financial Officer. The code is posted on our website at www.alx-inc.com. We intend to satisfy our disclosure obligation
regarding amendments and waivers of this code applicable to our Chief Executive Officer and Chief Financial Offic
f er by
posting such information on our website.
58

ITEM 11.
EXECUTIVE COMPENSATION
Information relating to executive compensation will be contained in the Proxy Statement referred to in “Item 10. Directors,
Executive Officers and Corporate Governance” of this Annual Report on Form 10-K. Such information is incorporated by
reference herein.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
Information relating to security ownership of certain benefic
f ial owners and management and related stockholder matters,
except as set forth below, will be contained in the Proxy Statement referred to in “Item 10. Directors, Executive Offic
f ers and
Corporate Governance” of this Annual Report on Form 10-K. Such information is incorporated by reference herein.
Equity Compensation Plan Info
n rmation
The fol
f lowing tabl
a e provides infor
f
mation as of December 31, 2024, regarding our equity compensation.
Plan Category
(a)
Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
Weighted-average
exercise price of
outstanding options,
warrants and rights
Number of securities
remaining available for
f
future issuance under
equity compensation
plans (excluding
securities refle
f cted in
column (a))
Equity compensation plans appr
a
oved by security holders
26,244
—
479,543
Equity compensation plans not approved by security holders
N/A
N/A
N/A
Tota
2
l
6,244
$
—
479,543
ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACT
R
IONS, AND DIRECTOR INDEPENDENCE
Information relating to certain relationships and related transactions and director independence will be contained in the
Proxy Statement referred to in “Item 10. Directors, Executive Officers and Corporate Governance” of this Annual Report on
Form 10-K. Such information is incorporated by reference herein.
ITEM 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information relating to principal accountant fee
f
s and services will be contained in the Proxy Statement referred to in “Item
10. Directors, Executive Officers and Corporate Governance” of this Annual Report on Form 10-K. Such information is
incorporated by reference herein.
59

PART IV
ITEM 15.
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)
The following documents are file
f
d as part of this Annual Report on Form 10-K.
1.
The consolidated financial statements are set for
f
th in Item 8 of this Annual Report on Form 10-K.
2.
The fol
f lowing financial statement schedule should be read in conjunction with the fin
f ancial statements included in
Item 8 of this Annual Report on Form 10-K.
Pages in this
Annual Report
on Form 10-K
Schedule III – Real Estate and Accumulated Depreciation as of
December 31, 2024, 2023 and 2022
61-62
All other financial statement schedules are omitted because they are not applicable, not required, or the information
is included elsewhere in the consolidated financial statements or the notes thereto.
60

ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
(Amounts in thousands)
COLUMN A
COLUMN B
COLUMN C
COLUMN D
COLUMN E
COLUMN F
COLUMN G
COLUMN H
COLUMN I
Gross Amount at Which
Life on which
Depreciation in
Latest Income
Statement is
Computed
Initial Cost to Company(1)
Costs
Capitalized
Subsequent
to Acquisition
Carried at Close of Period
Accumulated
Depreciation
and
Amortization
Buildings
and Leasehold
Improvements
Buildings
and Leasehold
Improvements
Development
and
Construction
In Progress
Date of
Construction
Date
Acquired(1)
Description
Encumbrances(2)
Land
Land
Total(3)
Rego Park I
$
—
$
1,647
$
8,953
$
92,868
$
1,647
$
100,327
$
1,494
$
103,468
$
4
3-39 ye
1992
9,616
1959
ars
Rego Park II
408,540
5,300
400,113
3,127
403,946
1,467
3,127
202,544
2009
1992
3-40 ye
146,937
ars
The Alexander apartment towe
9
r
4,000
—
—
115,091
1
—
15,091
1
—
15,091
3-39 ye
1992
2016
30,283
ars
Flushing
—
—
1,660
(107)
—
1,553
—
1,553
1,383
1975(4)
1992
N/A
Lexington Avenue
700,000
14,432
12,355
429,758
27,497
429,048
—
456,545
215,408
2003
1992
9-39 years
TOTAL
$
996,544
$
19,206
$
24,435
$
1,041,556
$ 32,271
$
1,046,132
$
6,794
$ 1,085,197
$
443,627
(1) Initial cost is as of May 15, 1992 (the date on which the Company commenced its real estate operations).
(2) Excludes deferred debt issuance costs, net of $8,525.
(3) The net basis of the Company’s assets and liabi
a lities for
f
tax purposes is approximately $133,704 lower than the amount reported for
f
financial statement purposes.
(4) Represents the date the lease was acquired.
61

ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
December 31,
2024
2023
2022
REAL ESTATE:
Balance at beginning of period
$
1,066,620
$
1,084,598
$
1,069,426
Additions during the period:
Land
—
—
—
Buildings and leasehold improvements
8
15,002
2,959
,242
Development and construc
r
tion in progres
1
s
1,346
2,577
193
1,088,903
1,084,621
1,087,439
Less:
Assets sold
—
(14,186)
—
Assets written-of
(
ff
2,242)
(8,097)
(23)
Balance at end of period
$
1,085,197
$
1,066,620
$
1,084,598
ACCUMULATED DEPRECIATION:
Balance at beginning of period
$
415,903
$
396,268
$
370,557
Depreciation expense
2
28,137
25,734
9,966
424,405
396,291
445,869
Less:
Accumulated depreciation on assets sold
(
—
405)
—
Accumulated depreciation on assets written-off
(
f
2,242)
(8,097)
(23)
Balance at end of period
$
443,627
$
415,903
$
396,268
62

(b)
Exhibits
Exhibit
No.
3.1
-
Amended and Restated Certificate of Incorporation. Incorporated herein by reference from
f
Exhibit 3.1 to the registrant’s Registration Statement on Form S-3 file
f
d on September 20, 1995
*
3.2
-
Amended and Restated By-laws. Incorporated herein by reference fro
f
m Exhibit 3.1 to the
registrant’s Current Report on Form 8-K filed on May 20, 2022.
*
4
-
Description of the Alexander’s, Inc. securities registered pursuant to Section 12 of the
Securities Exchange Act
***
10.1
-
Real Estate Retention Agreement dated as of July 20, 1992, between Vornado Realty Trus
r
t and
Keen Realty Consultants, Inc., each as special real estate consultants, and the Company.
Incorporated herein by reference fro
f
m Exhibit 10(i)(O) to the registrant’s Annual Report on
Form 10-K for
f
the fis
f cal year ended July 25, 1992
*
10.2
-
Extension Agreement to the Real Estate Retention Agreement, dated as of February 6, 1995,
between the Company and Vornado Realty Trus
r
t. Incorporated herein by reference from
f
Exhibit 10(i)(G)(2) to the registrant’s Annual Report on Form 10-K for
f
the year ended
December 31, 1994
*
10.3
-
Agreement of Lease dated as of April 30, 2001 between Seven Thirty One Limited Partnership,
landlord, and Bloomberg L.P., tenant. Incorporated herein by reference fro
f
m Exhibit 10(v) B to
the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended June 30, 2001, filed on
August 2, 2001
*
10.4
-
First Amendment to Real Estate Retention Agreement, dated as of July 3, 2002, by and
between Alexander’s, Inc. and Vornado Realty, L.P. Incorporated herein by reference from
f
Exhibit 10(i)(E)(3) to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended
June 30, 2002, filed on August 7, 2002
*
10.5
-
59th Street Real Estate Retention Agreement, dated as of July 3, 2002, by and between
Vornado Realty, L.P., 731 Residential LLC and 731 Commercial LLC. Incorporated herein by
reference fro
f
m Exhibit 10(i)(E)(4) to the registrant’s Quarterly Report on Form 10-Q for
f
the
quarter ended June 30, 2002, filed on August 7, 2002
*
10.6
-
Amended and Restated Management and Development Agreement, dated as of July 3, 2002, by
and between Alexander’s, Inc., the subsidiaries party thereto and Vornado Management Corp.
Incorporated herein by reference fro
f
m Exhibit 10(i)(F)(1) to the registrant’s Quarterly Report
on Form 10-Q for
f
the quarter ended June 30, 2002, filed on August 7, 2002
*
10.7
-
Limited Liabi
a lity Company Operating Agreement of 731 Residential LLC, dated as of July 3,
2002, among 731 Residential Holding LLC, as the sole member, Domenic A. Borriello, as an
Independent Manager and Kim Lutthang, as an Independent Manager. Incorporated herein by
reference fro
f
m Exhibit 10(i)(A)(1) to the registrant’s Quarterly Report on Form 10-Q for
f
the
quarter ended June 30, 2002, filed on August 7, 2002
*
10.8
-
Limited Liabi
a lity Company Operating Agreement of 731 Commercial LLC, dated as of July 3,
2002, among 731 Commercial Holding LLC, as the sole member, Domenic A. Borriello, as an
Independent Manager and Kim Lutthang, as an Independent Manager. Incorporated herein by
reference fro
f
m Exhibit 10(i)(A)(2) to the registrant’s Quarterly Report on Form 10-Q for
f
the
quarter ended June 30, 2002, filed on August 7, 2002
*
10.9
-
First Amendment of Lease, dated as of April 19, 2002, between Seven Thirty One Limited
Partnership, landlord and Bloomberg L.P., tenant. Incorporated herein by reference from
f
Exhibit 10(v)(B)(2) to the registrant’s Quarterly Report on Form 10-Q for
f
the fis
f cal quarter
ended June 30, 2002, filed on August 7, 2002
*
___________________
*
Incorporated by reference.
***
Filed herewith.
63

10.10
-
Second Amendment to Real Estate Retention Agreement, dated as of January 1, 2007, by and
between Alexander’s, Inc. and Vornado Realty L.P.
Incorporated herein by reference from
f
Exhibit 10.64 to the registrant’s Annual Report on Form 10-K for
f
the year ended December 31,
2006, filed on February 2
r
6, 2007
*
10.11
-
Amendment to 59th Street Real Estate Retention agreement, dated as of January 1, 2007, by
and among Vornado Realty L.P., 731 Retail One LLC, 731 Restaurant LLC, 731 Offi
f ce One
LLC and 731 Offi
f ce Two LLC. Incorporated herein by reference fro
f
m Exhibit 10.65 to the
registrant’s Annual Report on Form 10-K for
f
the year ended December 31, 2006, filed on
February 26, 2007
*
10.12
-
First Amendment to Amended and Restated Management and Development Agreement, dated
as of July 6, 2005, by and between Alexander’s, Inc., the subsidiaries party thereto and
Vornado Management Corp.
Incorporated herein by reference fro
f
m Exhibit 10.52 to the
registrant’s Annual Report on Form 10-K, for the year ended December 31, 2007, filed on
February 25, 2008
*
10.13
-
Second Amendment to Amended and Restated Management and Development Agreement,
dated as of December 20, 2007, by and between Alexander’s, Inc., the subsidiaries party thereto
and Vornado Management Corp. Incorporated herein by reference fro
f
m Exhibit 10.53 to the
registrant’s Annual Report on Form 10-K, for the year ended December 31, 2007, filed on
February 25, 2008
*
10.14
-
Third Amendment to Real Estate Retention Agreement, dated as of December 20, 2007, by and
between Alexander’s, Inc., and Vornado Realty L.P. Incorporated herein by reference from
f
Exhibit 10.55 to the registrant’s Annual Report on Form 10-K, for the year ended December 31,
2007, filed on February 2
r
5, 2008
*
10.15
-
Lease dated as of February 7, 2005, by and between 731 Offi
f ce One LLC, as Landlord, and
Citibank, N.A., as Tenant.
Incorporated herein by reference fro
f
m Exhibit 10.59 to the
registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2009, filed on May
4, 2009
*
10.16
-
Assignment and Assumption and Consent Agreement, dated as of March 25, 2009, by and
between 731 Offi
f ce One LLC, as Landlord, Citicorp N
r
orth America, Inc., as Assignor, and
Bloomberg L.P., as Assignee.
Incorporated herein by reference fro
f
m Exhibit 10.60 to the
registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2009, filed on May
4, 2009
*
10.17
-
Third Amendment to Amended and Restated Management and Development Agreement, dated
as of November 30, 2011, by and between Alexander’s, Inc., the subsidiaries party thereto and
Vornado Management Corp.
Incorporated herein by reference fro
f
m Exhibit 10.49 to the
registrant’s Annual Report on Form 10-K for
f
the year ended December 31, 2011, filed on
February 27, 2012
*
10.18
-
Fourth Amendment to Amended and Restated Management and Development Agreement,
dated as of August 1, 2012, by and between Alexander’s, Inc., the subsidiaries party thereto and
Vornado Management Corp.
Incorporated herein by reference fro
f
m Exhibit 10.2 to the
registrants Quarterly Report on Form 10-Q for
f
the quarter ended September 30, 2012, filed on
November 1, 2012
*
10.19
-
Fifth Amendment to Amended and Restated Management and Development Agreement, dated
as of December 1, 2012, by and between Alexander’s, Inc., the subsidiaries party thereto and
Vornado Management Corp. Incorporated herein by reference fro
f
m Exhibit 10.54 to the
registrant’s Annual Report on Form 10-K for
f
the year ended December 31, 2012, filed on
February 26, 2013
*
10.20
-
Real Estate Sub-
u
Retention Agreement dated as of February 28, 2014, by and between
Alexander’s Management LLC, as Agent, and Vornado Realty L.P., as Sub-
u
Agent.
Incorporated herein by reference fro
f
m Exhibit 10.8 to the registrant’s Quarterly Report on Form
10-Q for
f
the quarter ended March 31, 2014, filed on May 5, 2014
*
__________________
*
Incorporated by reference.
64

10.21
-
Sixth Amendment to Amended and Restated Management and Development Agreement, dated
as of March 21, 2014, by and between Alexander’s, Inc., the subsidiaries party thereto and
Vornado Management Corp.
Incorporated herein by reference fro
f
m Exhibit 10.9 to the
registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2014, filed on May
5, 2014
*
10.22
-
Rego Park II Residential Management and Development Agreement, dated as of March 21,
2014 by and between Alexander’s of Rego Residential LLC and Vornado Management Corp.
Incorporated herein by reference fro
f
m Exhibit 10.10 to the registrant’s Quarterly Report on
Form 10-Q for
f
the quarter ended March 31, 2014, filed on May 5, 2014
*
10.23
-
Fourth Amendment to Real Estate Retention Agreement, dated December 22, 2014 by and
between Alexander’s, Inc. and Vornado Realty, L.P. Incorporated herein by reference from
f
Exhibit 10.56 to the registrant’s Annual Report on Form 10-K for
f
the year ended December 31,
2014, filed on February 1
r
7, 2015
*
10.24
-
Second Amendment to 59th Street Real Estate Retention Agreement, dated December 22, 2014
by and between 731 Retail One LLC, 731 Restaurant LLC, 731 Offi
f ce Two LLC and Vornado
Realty, L.P. Incorporated herein by reference fro
f
m Exhibit 10.57 to the registrant’s Annual
Report on Form 10-K for
f
the year ended December 31, 2014, filed on February 1
r
7, 2015
*
10.25
-
First Amendment to Rego II Real Estate Sub-
u
Retention Agreement, dated December 22, 2014
by and between Alexander’s, Inc. and Vornado Realty L.P. Incorporated herein by reference
from Exhibit 10.58 to the registrant’s Annual Report on Form 10-K for
f
the year ended
December 31, 2014, filed on February 1
r
7, 2015
*
10.26
-
First Amendment to Real-Estate Sub-Retention Agreement, dated December 22, 2014 by and
between Alexander’s Management LLC and Vornado Realty, L.P.
Incorporated herein by
reference fro
f
m Exhibit 10.59 to the registrant’s Annual Report on Form 10-K for
f
the year
ended December 31, 2014, filed on February 1
r
7, 2015
*
10.27
-
Loan Agreement, dated as of August 5, 2015, by and between 731 Retail One LLC and 731
Commercial LLC, as Borrower, and JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A.,
and Landesbank Baden-Württemberg, New York Branch, as Lenders. Incorporated herein by
reference fro
f
m Exhibit 10.3 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter
ended September 30, 2015, filed on November 2, 2015
*
10.28
+
-
Second Amendment of Lease, dated as of the 12th of January 2016 between 731 Offi
f ce One
LLC and Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit 10.1 to the registrant’s
Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2016, filed on May 2, 2016
*
10.29
**
-
Form of Alexander’s Inc. 2016 Omnibus Stock Plan Defer
f red Stock Unit Grant Agreement
between the Company and certain employees. Incorporated herein by reference fro
f
m Exhibit
10.4 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended June 30, 2016,
filed on August 1, 2016
*
10.30
-
Amended and Restated Loan and Security Agreement, dated and made effe
f ctive as of
December 12, 2018, by and between Rego II Borrower LLC, as Borrower, and Bank of China,
New York Branch, as Lender. Incorporated herein by reference fro
f
m Exhibit 10.55 to the
registrant’s Annual Report on Form 10-K for
f
the year ended December 31, 2018, filed on
February 11, 2019
*
10.31
-
Second Amended and Restated Promissory Note, dated December 12, 2018, by and between
Rego II Borrower LLC, as Maker, and Bank of China, New York Branch, as Lender.
Incorporated herein by reference fro
f
m Exhibit 10.56 to the registrant’s Annual Report on Form
10-K for
f
the year ended December 31, 2018, filed on February 1
r
1, 2019
*
__________________
*
Incorporated by reference.
**
Management contract or compensatory agreement.
+
Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed
with the Securities and Exchange Commission under Rul
R e 24b-2. The omitted confid
f ential
material has been filed separately. The location of the redacted confid
f ential information is
indicated in the exhibit as “redacted.”
65

10.32
-
Second Amended and Restated Mortgage, Assignment of Leases and Rents and Security
Agreement, dated December 12, 2018, by and between Rego II Borrower LLC, as Mortgagor,
and Bank of China, New York Branch, as Mortgagee. Incorporated herein by reference from
f
Exhibit 10.57 to the registrant’s Annual Report on Form 10-K for
f
the year ended December 31,
2018, filed on February 1
r
1, 2019
*
10.33
-
Amended and Restated Guaranty of Recourse Carveouts, dated December 12, 2018, by
Alexander’s, Inc., as Guarantor, to and for
f
the benefit
f
of Bank of China, New York Branch, as
Lender. Incorporated herein by reference fro
f
m Exhibit 10.58 to the registrant’s Annual Report
on Form 10-K for
f
the year ended December 31, 2018, filed on February 1
r
1, 2019
*
10.34
-
Amended and Restated Environmental Indemnity Agreement, dated December 12, 2018,
among Rego II Borrower LLC and Alexander’s, Inc., individually or collectively as Indemnitor,
in favor of Bank of China, New York Branch, as Lender. Incorporated herein by reference from
f
Exhibit 10.59 to the registrant’s Annual Report on Form 10-K for
f
the year ended December 31,
2018, filed on February 1
r
1, 2019
*
10.35
-
Amended and Restated Participation and Servicing Agreement for Amended and Restated Loan
and Security Agreement, dated December 12, 2018, between Bank of China, New York
Branch, individually as Lender, Initial A-1 Holder and as the Agent for
f
the Holders, and
Alexander’s of Rego Park II Participating Lender LLC, individua
d
lly as Initial A-2 Holder.
Incorporated herein by reference fro
f
m Exhibit 10.60 to the registrant’s Annual Report on Form
10-K for
f
the year ended December 31, 2018, filed on February 1
r
1, 2019
*
10.36
-
Waiver and Amendment No. 1 to Loan Agreement, dated October 10, 2019, by and among 731
Retail One LLC and 731 Commercial LLC, as Borrower, and JPMorgan Chase Bank, N.A.,
Wells Fargo Bank, N.A., and Landesbank Baden-Württemberg, New York Branch, as Lenders.
Incorporated herein by reference fro
f
m Exhibit 10.61 to the registrant’s Annual Report on Form
10-K for
f
the year ended December 31, 2019, filed on February 1
r
8, 2020
*
10.37
-
First Amendment to Amended and Restated Loan and Security Agreement, dated February 1
r
4,
2020, by and between Rego II Borrower LLC, as Borrower and Bank of China, New York
Branch, as Lender. Incorporated herein by reference fro
f
m Exhibit 10.1 to the registrant’s
Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2020, filed on May 4, 2020
*
10.38
-
Amendment and Reaffirm
f
ation of Guaranty and Environmental Indemnity Agreement, dated
February 14, 2020, by and between Alexander’s, Inc., as Guarantor, and Bank of China, New
York Branch, as Lender. Incorporated herein by reference fro
f
m Exhibit 10.2 to the registrant’s
Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2020, filed on May 4, 2020
*
10.39
-
Second Amended and Restated Participation and Servicing Agreement for Amended and
Restated Loan and Security Agreement, dated February 1
r
4, 2020, between Bank of China, New
York Branch, individually as Lender, Initial A-1 Holder and as the Agent for
f
the Holders, and
Alexander’s of Rego Park II Participating Lender LLC, individua
d
lly as Initial A-2 Holder.
Incorporated herein by reference fro
f
m Exhibit 10.3 to the registrant’s Quarterly Report on Form
10-Q for
f
the quarter ended March 31, 2020, filed on May 4, 2020
*
10.40
-
Omnibus Amendment to Loan Documents and Reaffirma
f
tion of Borrower and Guarantor, dated
September 14, 2020, by and between 731 Retail One LLC and 731 Commercial LLC as
Borrower, Alexander’s, Inc. as Guarantor, JPMorgan Chase Bank, N.A. as Administrative
Agent on behalf of the Lenders, and the Lenders. Incorporated herein by reference fro
f
m Exhibit
10.1 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended September 30,
2020, filed on November 2, 2020
*
10.41
-
Amended and Restated Mortgage, Assignment of Leases and Rents, Security Agreement and
Fixture Filing, dated September 14, 2020, by and between 731 Retail One LLC and 731
Commercial LLC as mortgagor and JPMorgan Chase Bank, N.A. as mortgagee and as
Administrative Agent for the benefit of the Lenders. Incorporated herein by reference from
f
Exhibit 10.2 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended September
30, 2020, filed on November 2, 2020
*
__________________
*
Incorporated by reference.
66

10.42
-
Interest Guaranty, dated September 14, 2020, made by Alexander’s, Inc. as Guarantor to
JPMorgan Chase Bank, N.A. as Administrative Agent for the benefit of the Lenders.
Incorporated herein by reference fro
f
m Exhibit 10.3 to the registrant’s Quarterly Report on Form
10-Q for
f
the quarter ended September 30, 2020, filed on November 2, 2020
*
10.43
-
Leasing Costs Guaranty, dated September 14, 2020, made by Alexander’s, Inc. as Guarantor to
JPMorgan Chase Bank, N.A. as Administrative Agent for the benefit of the Lenders.
Incorporated herein by reference fro
f
m Exhibit 10.4 to the registrant’s Quarterly Report on Form
10-Q for
f
the quarter ended September 30, 2020, filed on November 2, 2020
*
10.44
-
Second Amendment to Amended and Restated Loan and Security Agreement, dated October
23, 2020, by and between Rego II Borrower LLC, as Borrower and Bank of China, New York
Branch, as Lender. Incorporated herein by reference fro
f
m Exhibit 10.53 to the registrant’s
Annual Report on Form 10-K for
f
the year ended December 31, 2020, filed on February 1
r
6,
2021
*
10.45
-
Third Amendment to Loan and Omnibus Amendment, dated October 3, 2022, by and between
731 Retail One LLC and 731 Commercial LLC as Borrower, and JPMorgan Chase Bank, N.A.
as Administrative Agent for the Lenders. Incorporated herein by reference fro
f
m Exhibit 10.46
to the registrant’s Annual Report on Form 10-K for
f
the year ended December 31, 2022, filed on
February 13, 2023
*
10.46
-
Third Amendment to Amended and Restated Loan and Security Agreement, dated December 1,
2022, by and between Rego II Borrower LLC, as Borrower and Bank of China, New York
Branch, as Lender. Incorporated herein by reference fro
f
m Exhibit 10.47 to the registrant’s
Annual Report on Form 10-K for
f
the year ended December 31, 2022, filed on February 1
r
3,
2023
*
10.47
-
Third Amendment of Lease, dated as of the 20th of April 2016 between 731 Offi
f ce
One LLC and Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit 10.1 to
the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2024,
filed on May 6, 2024
*
10.48
-
Fourth Amendment of Lease, dated as of the 28th of June 2019 between 731 Offi
f ce
One LLC and Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit 10.2 to
the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2024,
filed on May 6, 2024
*
10.49
-
Fifth Amendment of Lease, dated as of the 17th of December 2021 between 731
Offi
f ce One LLC and Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit
10.3 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March
31, 2024, filed on May 6, 2024
*
10.50
-
Sixth Amendment of Lease, dated as of the 29th of March 2022 between 731 Offi
f ce
One LLC and Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit 10.4 to
the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2024,
filed on May 6, 2024
*
10.51
-
Seventh Amendment of Lease, dated as of the 19th of July 2022 between 731 Offi
f ce
One LLC and Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit 10.5 to
the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2024,
filed on May 6, 2024
*
10.52
-
Eighth Amendment of Lease, dated as of the 21st of July 2023 between 731 Offi
f ce One LLC
and Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit 10.6 to the registrant’s
Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2024, filed on May 6, 2024
*
10.53
+
-
Ninth Amendment of Lease, dated as of the 3rd of May 2024 between 731 Offi
f ce One LLC and
Bloomberg L.P. Incorporated herein by reference fro
f
m Exhibit 10.7 to the registrant’s
Quarterly Report on Form 10-Q for
f
the quarter ended March 31, 2024, filed on May 6, 2024
*
__________________
*
Incorporated by reference.
+
Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).
67

10.54
-
Second Amendment to Rego II Real Estate Sub-
u
Retention Agreement, dated as of the 18th of
June 2024 between Alexander’s, Inc. and Vornado Realty L.P. Incorporated herein by reference
from Exhibit 10.9 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended June
30, 2024, filed on August 5, 2024
*
10.55
+
-
Loan Agreement, dated as of September 30, 2024, between 731 Offi
f ce One LLC, as Borrower,
and German American Capi
a tal Corporation, JPMorgan Chase Bank, National Association and
Wells Fargo Bank, National Association collectively, as Lender. Incorporated herein by
reference fro
f
m Exhibit 10.10 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter
ended September 30, 2024, filed on November 4, 2024
*
10.56
-
Recourse Obligations Guaranty, dated as of September 30, 2024, made by Alexander’s. Inc. as
Guarantor to German American Capi
a tal Corpo
r
ration, JPMorgan Chase Bank, National
Association and Wells Fargo Bank, National Association collectively, as Lender. Incorporated
herein by reference fro
f
m Exhibit 10.11 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended September 30, 2024, filed on November 4, 2024
*
10.57
-
Bloomberg Obligations Guaranty, dated as of September 30, 2024, made by Alexander’s. Inc.
as Guarantor to German American Capi
a tal Corpo
r
ration, JPMorgan Chase Bank, National
Association and Wells Fargo Bank, National Association collectively, as Lender. Incorporated
herein by reference fro
f
m Exhibit 10.12 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter ended September 30, 2024, filed on November 4, 2024
*
10.58
-
Second Amendment to Real-Estate Sub-Retention Agreement, dated September 30, 2024 by
and between Alexander's Management LLC and Vornado Realty, L.P. Incorporated herein by
reference fro
f
m Exhibit 10.13 to the registrant’s Quarterly Report on Form 10-Q for
f
the quarter
ended September 30, 2024, filed on November 4, 2024
*
19.1
-
Insider Trading Policy
***
21
-
Subs
u
idiaries of Registrant
***
23
-
Consent of Independent Registered Publ
u ic Accounting Firm
***
31.1
-
Rule 13a-14 (a) Certification of the Chief Executive Offic
f er
***
31.2
-
Rule 13a-14 (a) Certification of the Chief Financial Offi
f cer
***
32.1
-
Section 1350 Certification of the Chief Executive Offic
f er
***
32.2
-
Section 1350 Certification of the Chief Financial Offi
f cer
***
97
-
Alexander’s Inc. Restatement Clawback Policy. Incorporated herein by reference fro
f
m Exhibit
97 to the registrant’s Annual Report on Form 10-K for
f
the year ended December 31, 2023, filed
on Februa
r
ry 12, 2024
*
101
-
The fol
f lowing financial information fro
f
m the Alexander’s, Inc. Annual Report on Form 10-K
for the year ended December 31, 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 flo
f ws and (vi) the notes to the
consolidated financial statements
***
104
-
The cover page fro
f
m the Alexander’s, Inc. Annual Report on Form 10-K for
f
the year ended
December 31, 2024, formatted as iXBRL and contained in Exhibit 101
***
__________________
*
Incorporated by reference.
***
Filed herewith.
+
Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10).
68

ITEM 16.
FORM 10-K SUMMARY
None.
69

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto dul
d y authorized.
ALEXANDER’S, INC.
(Registrant)
Date: February 1
r
0, 2025
By:
/s/ Gary Hansen
Gary Hansen, Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the fol
f lowing
persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature
Title
Date
By:
/s/Steven Roth
Chairman of the Board of Directors and
Februa
r
ry 10, 2025
(Steven Roth)
Chief Executive Offi
f cer
(Principal Executive Officer)
By:
/s/Gary Hansen
Chief Financial Offi
f cer
February 10, 2025
(Gary H
r
ansen)
(Principal Financial and Accounting Officer)
By:
/s/Thomas R. DiBenedetto
Director
Februa
r
ry 10, 2025
(Thomas R. DiBenedetto)
By:
/s/David Mandelbaum
Director
February 1
r
0, 2025
(David Mandelbaum)
By:
/s/Mandakini Puri
Director
Februa
r
ry 10, 2025
(Mandakini Puri)
By:
/s/Wendy Silverstein
Director
February 1
r
0, 2025
(Wendy Silverstein)
By:
/s/Arthur Sonnenblick
Director
February 1
r
0, 2025
(Arthur Sonnenblick)
By:
/s/Russell B. Wight Jr.
Director
February 1
r
0, 2025
(Rus
R
sell B. Wight Jr.)
70

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

*Member of the Audit Committee
CORPORAT
R
E INFORMATION
Board of Directors
Steven Roth
Chairman of the Board of Trus
r
tees and Chief Executive
Offi
f cer, Vornado Realty Trus
r
t; Partner, Interstate Properties
Thomas R. DiBenedetto*
President, Boston International Group, Inc.; President,
Junction
Investors
Ltd.;
Managing
Director,
Olympi
m c
Partners
David Mandelbaum
A member of the law firm of Mandelbaum & Mandelbaum,
P.C.; Partner, Interstate Properties; Trus
r
tee, Vornado Realty
Trus
r
t
Mandakini Puri*
Independent Consultant and Private Investor
Wendy A. Silverstein*
Co-Chief Executive Offi
f cer, StacomSilverstein
Arthur I. Sonnenblick
Former Senior Managing Director of Cushman & Wakefield
Sonnenblick Goldman
Russell B. Wight, Jr.
Partner, Interstate Properties; Trus
r
tee, Vornado Realty Trus
r
t
Annual Meeting
The annual meeting of stockholders of Alexander’s, Inc.,
will be held virtua
t
lly via the Internet, on Thursday, May 22,
2025, at 10:00 A.M., New York City time. To attend the
virtua
t
l meeting, please visit
http://www.virtua
t
lshareholdermeeting.com/ALX2025.
Offi
f cers
Steven Roth
Chairman of the Board of Directors and Chief Executive
Offi
f cer
Gary Hansen
Chief Financial Offi
f cer
Company Data
Executive Offi
f ces
210 Route 4 East
Paramus, New Jersey 07652
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
New York, New York
Counsel
Proskaue
a
r Rose LLP
New York, New York
Transfer
f
Agent and Registrar
Equiniti Trus
r
t Company, LLC
New York, New York
Management Certific
f ations
Our Chief Executive Offi
f cer and Chief Financial Offi
f cer
provided certific
f ations to the Securities and Exchange
Commission as required by Section 302 of the Sarbanes-
Oxley Act of 2002 and these certific
f ations are included in
our Annual Report on Form 10-K for the year ended
Decembe
m
r 31, 2024. In addition, as required by Section
303A.12(a) of the New York Stock Exchange (NYSE)
Listed Company Manual, on May 28, 2024, our Chief
Executive Offi
f cer subm
u
itted to the NYSE the annual CEO
certific
f ation regarding the Company’s compliance with the
NYSE’s corporate governance listing standards.
Report on Form 10-K
Stockholders may obtain a copy of our Annual Report on
Form 10-K as filed with the Securities and Exchange
Commission free of charge (except for exhibits) by writing
to the Secretary,
r
Alexander’s, Inc., 888 Seventh Avenue,
New York, New York, 10019 or by visiting our website at
www.alx-inc.com and referring to the Company’s filings
with the Securities and Exchange Commission.
Stock Listing
New York Stock Exchange – ALX