Alexander’s Completes $175 Million Refinancing of Rego Park II

Rhea-AI Summary

Alexander’s (NYSE: ALX) completed a $175 million refinancing of its 615,000 sq ft Rego Park II shopping center in Queens, New York on December 9, 2025. The new interest-only loan carries rate SOFR + 2.00% (currently 5.82%) and matures in December 2030.

The company paid down $23.5 million of a prior $198.5 million loan that had carried SOFR + 1.45% and was scheduled to mature December 12, 2025.

Positive

• Refinanced debt of $175 million
• New loan maturity extended to Dec 2030
• Interest-only structure preserves near-term cash flow

Negative

• Spread widened by 55 bps (SOFR+1.45% to SOFR+2.00%)
• Paid down $23.5 million of prior loan principal

Key Figures

Refinanced amount $175 million New Rego Park II loan principal

Property size 615,000 square feet Rego Park II shopping center area

New loan spread SOFR + 2.00% Interest-only Rego Park II financing

Current loan rate 5.82% Stated current rate on new loan

New maturity December 2030 Rego Park II loan maturity date

Paydown amount $23.5 million Principal reduction on prior loan

Prior loan balance $198.5 million Outstanding principal before refinancing

Prior loan spread SOFR + 1.45% Interest margin on previous Rego Park II debt

Market Reality Check

$213.47 Last Close

Volume Volume 45,617 is 5% above the 20-day average of 43,300, indicating slightly elevated interest ahead of this refinancing update. normal

Technical Shares at $213.47 are trading below the 200-day MA of $223.66 and about 18.16% under the 52-week high.

Peers on Argus 1 Up

ALX showed a modest 0.78% gain against mixed REIT retail peers: ALEX at -0.59%, BFS at +0.20%, CBL at -1.42%, GTY at -0.21%, and NTST at -0.06%. Momentum scanner only flagged ALEX with a sharp 38.38% move up without news, suggesting today’s ALX action is more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 03	Q3 2025 earnings	Neutral	+1.6%	Reported Q3 results with lower net income but slightly higher FFO.
Oct 29	Dividend declaration	Neutral	-3.4%	Announced regular quarterly dividend of $4.50 per common share.
Oct 21	Earnings schedule	Neutral	-1.8%	Set Q3 earnings release timing and linked to Vornado call.
Aug 04	Q2 2025 earnings	Negative	-13.0%	Q2 results showed declines in net income and FFO versus prior year.
Jul 30	Dividend declaration	Neutral	-2.4%	Maintained quarterly $4.50 dividend reflecting consistent payouts.

Pattern Detected

Recent earnings and dividend headlines produced mostly single-digit moves in both directions, with no clear pattern of outsized reactions to routine updates.

Recent Company History

Over the last six months, Alexander’s reported softer fundamentals in Q2 2025 and continued net income pressure in Q3, while maintaining regular $4.50 quarterly dividends and highlighting tenant and financing dynamics. Price reactions ranged from about -13% on weaker Q2 earnings to modest moves around later earnings and dividend announcements. Today’s refinancing extends debt maturity at Rego Park II and fits into this ongoing balance-sheet and cash‑flow management narrative.

Market Pulse Summary

This announcement details a $175 million refinancing of the Rego Park II property, extending loan maturity to December 2030 while slightly reducing principal from the prior $198.5 million balance. It fits into Alexander’s recent focus on managing SOFR‑based debt and property‑level financing. Investors may track how this new rate compares to other mortgages, upcoming maturities at 731 Lexington and Rego Park, and disclosures in Form 10‑K risk factors around interest rates and tenant concentration.

Key Terms

real estate investment trust financial

"Alexander’s, Inc. is a real estate investment trust that has five properties"

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

sofr financial

"The interest-only loan is at SOFR plus 2.00%, currently 5.82%"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

forward-looking statements regulatory

"Certain statements contained herein constitute forward-looking statements as such term is defined"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

form 10-k regulatory

"see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

AI-generated analysis. Not financial advice.

PARAMUS, N.J., Dec. 09, 2025 (GLOBE NEWSWIRE) -- Alexander’s, Inc. (NYSE: ALX) today announced that it has completed a $175 million refinancing of its 615,000 square foot Rego Park II shopping center located in Queens, New York. The interest-only loan is at SOFR plus 2.00%, currently 5.82%, and matures in December 2030.

Alexander’s paid down by $23.5 million the prior $198.5 million loan that bore interest at SOFR plus 1.45% and was scheduled to mature on December 12, 2025.

Alexander’s, Inc. is a real estate investment trust that has five properties in New York City.

CONTACT:
GARY HANSEN
(201) 587-8541

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 performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 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.

FAQ

What refinancing did Alexander’s (ALX) complete on December 9, 2025?

Alexander’s completed a $175 million refinancing of Rego Park II with an interest-only loan at SOFR + 2.00%, maturing December 2030.

How does the new ALX loan rate compare to the prior loan for Rego Park II?

The new rate is SOFR + 2.00% (currently 5.82%) versus the prior loan at SOFR + 1.45%, a 55 basis point increase in spread.

When does the new Rego Park II loan for ALX mature and what is the structure?

The loan is interest-only and matures in December 2030.

What immediate cash action did Alexander’s (ALX) take related to the prior loan?

Alexander’s paid down $23.5 million of the prior $198.5 million loan that was scheduled to mature December 12, 2025.

How might the ALX refinancing affect near-term cash flow for shareholders?

The interest-only structure may preserve near-term cash flow by reducing required principal payments until maturity.