Key Highlights

  • The third-quarter Bottom Line for ALX was $27.4 million, the equivalent of $5.33 diluted per share, a step up from $6.0 million, or $1.16 a share, one year before.
  • The non-GAAP FFO figure rose to $36.3 million, which works out to $7.07 diluted, versus $14.9 million a year before.
  • Rental revenues rose to $72.1 million, a 34.9% increase (calculated), with an $18.8 million straight-line contribution tied to a retail Lease change.
  • Borrowing costs dropped as interest and Debt expense came in at $10.9 million compared with $14.1 million, following December 2025 Loan restructurings.
  • Cash and restricted cash closed the period at $349.1 million (Sep 30, 2026), an increase from the year-end 2025 figure of $192.2 million.

A Rego Park Lease Exit Pushes Quarterly Profit Over the $27 Million Mark

Alexander's (NYSE:ALX) filed its Quarterly Report on Nov 2, 2026, for the period ended Sep 30, 2026. The quarter produced $27.4 million of net income, or $5.33 for each diluted share, while the prior-year tally was $6.0 million. FFO, a non-GAAP metric, reached $36.3 million and $7.07 per diluted share, against $14.9 million and $2.91 the year before.

Across four New York City holdings, the company covers roughly 2.1 million square feet, and a related REIT manages it for a fee.

Rental income rose by $18.6 million, landing at $72.1 million versus $53.4 million a year earlier. The filing ties $18.8 million of that growth to straight-line accounting, following a department store operator's amended lease at Rego Park, which it ended early in August 2026.

Exit Payment and Lower Debt Service Reshape the Income Statement

Under a June 26, 2026 change to the lease, the occupant agreed to pay approximately $29.0 million to bring the 135,000 square foot agreement to an end. The last $25.1 million payment arrived Aug 2, 2026. Alexander's also signed a 15-year deal with a large-format retailer for that space.

Net Operating Income (NOI) increased to $46.2 million, compared with $26.7 million, a gain of about 72.7% (calculated). Debt service dropped $3.1 million, landing at $10.9 million, reflecting December 2025 loan changes at 731 Lexington Avenue and the Rego Park refinancing.

Year-to-Date Profit Reflects a $148.0 Million Gain From the Rego Park I Sale

Across the nine months through Sep 30, 2026, Net Income reached $187.4 million, at $36.48 a share, against $24.4 million and $4.75. Rego Park I, a Queens asset, was sold May 28, 2026 at a $235.5 million price, producing a $148.0 million gain, which equals $28.81 per share. FFO for the nine months rose to $65.3 million, $12.70 per share, up from $50.5 million and $9.84.

At Sep 30, 2026, commercial space was 94.6% occupied and residential units 98.1%. Mortgage principal outstanding totals $842.5 million, and the nearest due date falls on Nov 1, 2027, for a $94.0 million loan tied to The Alexander apartment tower.

Its largest tenant, at 731 Lexington Avenue, generated $99.0 million of rent over nine months, about 55% of the total, down from 60% a year earlier.

Flushing Ground Rent Increase and Steady $4.50 Payouts Shape the Coming Year

The third-quarter payout was $4.50 a share, bringing nine-month distributions to $13.50 and a total of $69.4 million. Management expects Operating Cash Flow and cash on hand to cover the next 12 months' needs. From February 2027 onward, an arbitration award issued in August 2026 takes annual ground rent at Flushing up to $5.4 million from $0.8 million. The upcoming release will span results through Dec 31, 2026.