10-Q · May 4, 2026
In Q1 2026, Alexander's, Inc. reported a decrease in both revenue and net income, highlighting challenges from tenant lease expirations. Revenue was $53.4 million, down from $54.9 million year-on-year, while diluted EPS…
Earnings analysis · 10-Q
ALX earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Alexander's reported strong Q2 GAAP results, with rental revenue up 6.1% year over year to $54.711 million and EPS of $30.24, although $28.81 per share came from the Rego Park I disposition. Recurring FFO rose modestly…
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Alexander's reported strong Q2 GAAP results, with rental revenue up 6.1% year over year to $54.711 million and EPS of $30.24, although $28.81 per share came from the Rego Park I disposition. Recurring FFO rose modestly to $3.02 per share, while operating margin improved to about 30.1%; six-month FFO nevertheless declined to $5.63 per share from $6.93. The $235.500 million property sale significantly improved liquidity, but concentration in Bloomberg and the loss of Home Depot rental income remain important operating risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $30.24
What stood out
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Rental revenue resumed growth
Q2 rental revenue increased $3.122 million year over year to $54.711 million, versus approximately $53 million in Q1 2026. The increase was driven by $1.699 million of higher straight-line revenue and $1.501 million from new Rego Park shopping-center leases.
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Property sale drove large EPS gain
GAAP net income rose to $155.362 million, or $30.24 per diluted share, from $6.120 million, or $1.19 per share, a year earlier. The result included a $148.002 million ($28.81 per-share) gain on the Rego Park I sale.
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FFO grew despite one-time GAAP gain
Underlying FFO increased 5.3% to $15.538 million, or $3.02 per diluted share, from $14.762 million, or $2.88 per share, in Q2 2025. This better reflects recurring performance because it excludes the $148.002 million real-estate sale gain.
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Asset sale materially strengthened liquidity
Cash, cash equivalents and restricted cash increased $166.120 million from December 31 to $358.345 million at June 30, aided by $205.819 million of sale proceeds. Six-month operating cash flow was $13.005 million and capex was $6.480 million, implying $6.525 million of free cash flow.
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High occupancy and Target leasing win
Commercial occupancy was 94.6% and residential occupancy was 97.4% at June 30. The company signed Target to a 15-year lease for 135,000 square feet at Rego Park, concurrent with a tenant agreement that could provide an approximately $29.000 million early-termination payment.
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Margins recovered sequentially and year over year
Operating margin improved to approximately 30.1% from 29.1% a year earlier and 26.1% in Q1 2026, based on $16.472 million of operating income on $54.711 million of rental revenue. Lower interest and debt expense of $2.005 million also supported earnings.
What to watch
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Tenant concentration remains substantial
There were no material changes to risk factors from the 2025 Form 10-K. However, Bloomberg represented $65.229 million, or approximately 60%, of six-month rental revenue, leaving results materially exposed to one tenant.
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731 Lexington retail vacancy remains a headwind
Home Depot's 83,000-square-foot lease expired in January 2025 and had generated approximately $15.000 million of annual rental revenue. Retail expirations reduced six-month 2026 rental revenue at 731 Lexington by $3.360 million.
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Refinancing and rate sensitivity persist
Total debt increased to $840.522 million at June 30 from $836.691 million at year-end; $175.000 million is variable-rate debt, for which a 1% base-rate change would affect annual earnings by $1.750 million, or $0.34 per diluted share.
Management's outlook
No quantitative revenue or EPS outlook was provided in the 10-Q. Management anticipates cash flow from operations and existing cash will adequately fund operations, dividends, debt service and capital expenditures over the next 12 months, while noting refinancing availability and terms are uncertain.
Earlier filings 4
10-Q · November 3, 2025
Alexander’s reported third-quarter rental revenues of $53,424 (amounts in thousands) and net income of $5,968 (amounts in thousands), with diluted EPS of $1.16. Revenue, NOI and EPS declined versus the prior-year…
10-Q · November 4, 2024
Alexander’s reported Q3 rental revenue of $55,675,000, essentially flat with Q3 2023 revenue of $55,413,000 (+$262,000). Operating margin remained healthy at 35.6% (operating income of $19,834,000) but net income and…
10-Q · October 31, 2022
For Q3 2022, Alexander's, Inc. reported a significant increase in rental revenues to $53.7 million, up 9% from $48.9 million in Q3 2021, while net income increased to $15.1 million compared to $11.4 million in the prior…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.