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Alexander's (ALX) investor relations material
Alexander's Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved industry-leading leasing results in 2025, with 4.6 million sq ft leased, including a record 3.7 million sq ft in Manhattan and strong activity in San Francisco and Chicago.
Manhattan office market fundamentals are described as the best in 20 years, with robust tenant demand and rising market rents.
Major development projects advancing, including 350 Park Avenue (with Citadel as anchor), PENN 15, and 623 Fifth Avenue.
Net income for Q4 2025 was $3.8 million ($0.74 per diluted share), down from $12.3 million ($2.39 per diluted share) in Q4 2024; full-year 2025 net income was $28.2 million ($5.50 per diluted share), compared to $43.4 million ($8.46 per diluted share) in 2024.
Significant share buybacks executed, reflecting management's view of undervaluation.
Financial highlights
Comparable FFO for 2025 was $2.32 per share, slightly higher year-over-year; Q4 comparable FFO was $0.55 per share, down from $0.61 in Q4 2024 due to higher interest expense and prior-year lease termination income.
Q4 2025 revenues were $53.3 million, down from $55.9 million in Q4 2024; full-year 2025 revenues were $213.2 million, compared to $226.4 million in 2024.
Same-store GAAP NOI up 5% for the quarter; same-store cash NOI down 8.3% due to free rent and ground lease adjustments.
Office occupancy rose to 91.2% from 88.8% year-over-year, driven by Penn District leasing.
Over $200 million in signed but not yet GAAP-recognized revenue to be realized over the next several years.
Outlook and guidance
2026 comparable FFO expected to be in line with 2025, with significant earnings growth projected for 2027 as PENN 1 and PENN 2 lease-up impacts materialize.
Cash NOI expected to turn positive in the second half of 2026 as free rent burns off.
New York office occupancy anticipated to continue rising as leasing pipeline remains robust.
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