Alexanders Inc. Files 2024 10-K

TL;DR

ALEXANDERS INC 2024 10-K FILED: FINANCIALS FOR FY ENDING DEC 31, 2024 ARE OUT.

AI Summary

Alexanders Inc. filed its 2024 10-K on February 10, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, a Real Estate Investment Trust (REIT) incorporated in Delaware, is headquartered in Paramus, NJ. The filing details its assets, liabilities, and equity for the fiscal years 2024, 2023, and 2022.

Why It Matters

This filing provides investors with a comprehensive overview of Alexanders Inc.'s financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 2024 — Fiscal Year End (Reporting period for the 10-K)
• 2023 — Previous Fiscal Year (Comparative financial data)
• 2022 — Prior Fiscal Year (Comparative financial data)

Key Players & Entities

• ALEXANDERS INC (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-10 (date) — Filing date
• Paramus, NJ (location) — Company headquarters
• REAL ESTATE INVESTMENT TRUSTS [6798] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value per share ALX New York Stock
• $125,349,000 — nt Bloomberg accounted for revenue o f $125,349,000, $120,351,000 and $115,129,000 in the y
• $120,351,000 — accounted for revenue o f $125,349,000, $120,351,000 and $115,129,000 in the years ended Dec
• $115,129,000 — enue o f $125,349,000, $120,351,000 and $115,129,000 in the years ended December 31, 2024, 2
• $153,298,000 — xington Avenue accounted for revenue of $153,298,000, $148,806,000 and $138,778,000 in the y
• $148,806,000 — accounted for revenue of $153,298,000, $148,806,000 and $138,778,000 in the years ended Dec
• $138,778,000 — venue of $153,298,000, $148,806,000 and $138,778,000 in the years ended December 31, 2024, 2

Filing Documents

• alx-20241231.htm (10-K) — 1509KB
• exhibit4-10k12312024.htm (EX-4) — 33KB
• exhibit191-alexandersxinsi.htm (EX-19.1) — 38KB
• exhibit21-10k12312024.htm (EX-21) — 15KB
• exhibit23-10k12312024.htm (EX-23) — 2KB
• exhibit311-10k12312024.htm (EX-31.1) — 9KB
• exhibit312-10k12312024.htm (EX-31.2) — 9KB
• exhibit321-10k12312024.htm (EX-32.1) — 6KB
• exhibit322-10k12312024.htm (EX-32.2) — 5KB
• alx-20241231_g1.jpg (GRAPHIC) — 114KB
• 0000003499-25-000004.txt ( ) — 7472KB
• alx-20241231.xsd (EX-101.SCH) — 55KB
• alx-20241231_cal.xml (EX-101.CAL) — 60KB
• alx-20241231_def.xml (EX-101.DEF) — 265KB
• alx-20241231_lab.xml (EX-101.LAB) — 645KB
• alx-20241231_pre.xml (EX-101.PRE) — 455KB
• alx-20241231_htm.xml (XML) — 792KB

: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held o n May 22, 2025

Part III : Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held o n May 22, 2025. INDEX Item Page Number

1. Business 5

PART I. 1. Business 5 1A. Risk Factors 8 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 Supplementary Data 35 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 55 9A. Controls and Procedures 55 9B. Other Information 58 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 58

10. Directors, Executive Officers and Corporate Governance (1)

PART III. 10. Directors, Executive Officers and Corporate Governance (1) 58 11. Executive Compensation (1) 59 12. Security Ownership of Certain Beneficial 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

15. Exhibits and Financial Statement Schedules 60

PART IV. 15. Exhibits and Financial Statement Schedules 60 16. Form 10-K Summary 69 Signatures 70 __________________________ (1) These items are omitted in whole or in part because the registrant will file a definitive Proxy Statement pursuant to Regulation 14A under the Securities Exchange Act of 1934 with the Securities and Exchange Commission no later than 120 days after December 31, 2024, portions of which are incorporated by reference herein. 3

FORWARD-LOOKING STATEMENTS

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 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. 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 10K. We also note the following forward-looking statements: estimates of future rents, estimates of future 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 forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect 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 forward-looking statements contained in the Private Securities Litigation Reform 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-loo

BUSINESS

ITEM 1. BUSINESS General Alexander's, Inc. (NYSE: ALX) is a real estate investment trust ("REIT"), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to "we," "us," "our," "Company" and "Alexander's" refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust ("Vornado") (NYSE: VNO). We have five properties in New York City consisting of: Operating properties 731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan. The building contains 947,000 and 133,000 of rentable square feet of office and retail space, respectively. Bloomberg L.P. ("Bloomberg") occupies all of the office 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 63 rd 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 the property; Rego Park II, a 615,000 square foot shopping center, is located adjacent 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 subleased; Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subleased to New World Mall LLC. The property is ground leased through January 2027 with one ten-year extension option; and The Alexander apartment tower, located above our Reg

RISK FACTORS

ITEM 1A. RISK FACTORS Material factors that may adversely affect our business, operations and financial condition are summarized below. The risks and uncertainties described herein may not be the only ones we face. 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 financial condition. See "Forward-Looking Statements" contained herein on page 4. RISKS RELATED TO OUR BUSINESS AND OPERATIONS We may be adversely affected by trends in office real estate, including work from home trends. In 2024, approximate ly 55% of our rental revenues was from Bloomberg, the office tenant at our 731 Lexington Avenue office property. Work from home, flexible or hybrid work schedules, open workplaces, videoconferencing, and teleconferencing remain prevalent in certain situations, following the COVID-19 pandemic. Changes in tenant space utilization, including from the continuation of work from home and flexible work arrangement policies, may cause office 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 reduce or reconfigure space. All of our properties are in New York City and are affected by the economic cycles and risks inherent to this area. All of our revenues come from properties located in New York City. Real estate markets are affected 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 affected 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 affecting economic conditions in this area include: fi

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