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Alexander’s, Inc. (ALX) filed its Q3 2025 report, showing stable quarterly operating metrics alongside key financing and tenant updates. Net income was $5.97 million ($1.16 per share) versus $6.68 million a year ago, as rental revenues declined to $53.42 million from $55.68 million. FFO (non‑GAAP) was $14.92 million ($2.91 per share), modestly above last year’s $14.58 million.
Year to date, net income was $24.40 million ($4.75 per share) and FFO was $50.52 million ($9.84 per share), reflecting lower rental revenues after Home Depot’s lease at 731 Lexington expired on January 31, 2025 (prior annual rent about $15 million). Bloomberg accounted for $96.66 million of rental revenue for the nine months, approximately 60% of rental revenues. Commercial occupancy was 94.9% and residential 97.1%.
Liquidity totaled $352.26 million in cash and restricted cash. The $300 million mortgage on the 731 Lexington retail condominium was extended 60 days on August 1, 2025; the Company did not repay on the extended maturity date of October 3, 2025 and is in discussions with lenders regarding a potential restructuring. Mortgages payable were $987.10 million net, and interest expense declined notably year over year.
ALX’s Q2 2025 10-Q shows softer fundamentals. Rental revenue fell 3.4 % YoY to $51.6 m and six-month revenue dropped 7.2 % to $106.5 m, mainly from Home Depot’s 83 k sq ft lease expiry at 731 Lexington (-$6.3 m YTD) and the prior IKEA termination at Rego Park I. Operating expenses rose 3.8 % while interest income shrank, cutting Q2 net income 27 % to $6.1 m ($1.19 EPS) and YTD income 25 % to $18.4 m ($3.59 EPS). Funds-from-operations slipped to $2.88 per share in Q2 (-13 %) and $6.93 YTD (-16 %).
Balance sheet/liquidity. Cash & restricted cash remain strong at $390 m (30 % of market cap), with Q2 operating cash flow of $59 m vs $28 m a year ago. Debt totals $995 m; two SOFR-based loans—$300 m on 731 Lexington retail (now extended only to 3 Oct 2025) and $201 m on Rego Park II—mature within 15 months. Weighted-avg interest cost is 5.17 % after hedges; a cap limits SOFR at 4.15 % on Rego Park II through Dec 2025.
Key operating metrics. Commercial occupancy 94.8 %, residential 98.7 %. Bloomberg L.P. contributed 61 % of rental revenue; loss of this tenant would materially harm results. NOI declined 9.6 % to $25.7 m for the quarter. Dividends of $4.50 per share were paid, equal to 126 % of Q2 EPS and 65 % of Q2 FFO.
Forward issues. Management is exploring sale/development options for Rego Park I, which will be vacant after Burlington and Marshalls relocate in 2025. Near-term refinancing of $500 m variable-rate debt and tenant concentration represent the principal risks to cash flow and valuation.
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