PARAMUS, N.J., Aug. 3, 2026 — Alexander's, Inc. (NYSE: ALX) filed its Form 10-Q for the quarter ended June 30, 2026, reporting a significant year-over-year increase in net income driven primarily by the sale of its Rego Park I property. The disposition marks a notable portfolio reduction for the New York City-focused REIT, which now holds four properties following the transaction.

Second Quarter 2026 Results

Net income for the quarter ended June 30, 2026 reached $155.4 million, or $30.24 per diluted share, compared with $6.1 million, or $1.19 per diluted share, in the same period of 2025. The results included $148.0 million, or $28.81 per diluted share, of income attributable to a net gain from the sale of the Rego Park I property, meaning approximately 95% of the quarter's reported net income stemmed from this single transaction.

Funds from operations (FFO), a non-GAAP measure that excludes real estate depreciation and gains on property sales, totaled $15.5 million, or $3.02 per diluted share, for the second quarter of 2026, up from $14.8 million, or $2.88 per diluted share, in the second quarter of 2025. The modest FFO growth provides a contrasting view of underlying operating performance, as the headline net income figure was dominated by the one-time Rego Park I gain.

Six Months Ended June 30, 2026 Results

For the first six months of 2026, net income was $160.0 million, or $31.15 per diluted share, compared with $18.4 million, or $3.59 per diluted share, for the first six months of 2025. The six-month results also included the $148.0 million ($28.81 per diluted share) gain from the Rego Park I sale.

FFO (non-GAAP) for the six months ended June 30, 2026 was $28.9 million, or $5.63 per diluted share, compared with $35.6 million, or $6.93 per diluted share, for the prior-year period — a decline of approximately 19%, reflecting reduced operating contributions from the smaller portfolio following the disposition.

Company Overview

Alexander's, Inc. is a real estate investment trust (REIT) that owns four properties in New York City. The company is majority-owned and controlled by Vornado Realty Trust (NYSE: VNO), one of the largest owners of office and retail real estate in Manhattan.

Contact: Gary Hansen, (201) 587-8541

Forward-Looking Statements

Certain statements in this report may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause the company's actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect these outcomes, see "Risk Factors" in Part I, Item 1A, of the company's Annual Report on Form 10-K for the year ended December 31, 2025. These factors include, among others, risks related to the timing and costs of property improvements, financing commitments, tenant financial condition, and general competitive factors.

Definition of Funds from Operations (FFO)

FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT). NAREIT defines 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 from real estate assets, and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries.

FFO and FFO per diluted share are non-GAAP financial measures used by management, investors, and analysts to facilitate meaningful comparisons of operating performance across periods and among peer companies. The measure excludes the effects of real estate depreciation and amortization as well as net gains on sales, which are based on historical costs and implicitly assume that property values diminish predictably over time rather than fluctuating with existing market conditions.

FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund the company's cash requirements. It should not be considered an alternative to net income as a performance measure or to cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures used by other companies.