Alexander’s, Inc. reported third‑quarter 2025 results showing net income of $6.0 million, or $1.16 per diluted share, a 10.4% decline from $6.7 million, or $1.30 per diluted share, in the same quarter last year. Revenue for the quarter was $53.4 million, up 2.5% from the prior year and beating the consensus estimate of $51.6 million. Funds from operations totaled $14.9 million, or $2.91 per diluted share, up 2.1% YoY and exceeding the consensus estimate of $2.50 per share.
The decline in net income is largely attributable to tenant expirations, most notably the loss of Home Depot’s lease at 731 Lexington, which accounted for approximately $15 million in annual rent. Commercial occupancy stood at 94.9% and residential occupancy at 97.1% as of September 30, 2025. Despite the revenue dip, the company’s FFO remained positive and slightly higher than the prior year, indicating continued operational efficiency.
Alexander’s did not repay a $300 million mortgage on the 731 Lexington retail condominium at its extended maturity date of October 3, 2025. The company is in discussions with lenders for a potential restructuring, introducing near‑term financing risk. Cash and restricted cash balance as of September 30 was $352.26 million, supporting a strong liquidity position.
Management did not provide forward guidance for the next quarter or the full fiscal year. The company continues to operate five properties in New York City’s Class A market, maintaining a solid asset base and liquidity profile.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.