Alexander's (ALX) Q2 2026 earnings summary

Executive summary

• Q2 2026 comparable FFO was $0.67 per share, up $0.11 year-over-year, beating consensus by $0.10 or 17.5%.

• Net income for Q2 2026 was $155.4M ($30.24/share), up from $6.1M ($1.19/share) in Q2 2025, driven by a $148M gain from the sale of Rego Park I property.

• Manhattan office leasing volume reached a 25-year high, with strong tenant demand across industries.

• Major leasing and redevelopment progress at PENN 1, PENN 2, 623 Fifth Avenue, and Park Avenue Plaza.

• Stock buybacks continued, with 1.8 million shares repurchased this quarter at $29.92 per share.

Financial highlights

• Q2 comparable FFO was $0.67 per share, up from $0.56 last year.

• Q2 2026 revenues were $54.7M, up from $51.6M in Q2 2025, mainly from new leases and lease modifications.

• NY office same store NOI up 13.7% GAAP and 11.9% cash; NY retail same store NOI up 7.3% GAAP and 5.7% cash.

• NY office occupancy increased 60 bps to 92.2% from last quarter, up from 84.4% in Q1 2025.

• Liquidity at $2 billion, including $789 million cash and $1.2 billion undrawn credit.

Outlook and guidance

• Full year 2026 comparable FFO expected to exceed 2025, with Q2 run rate seen as a decent average for the year.

• Significant earnings growth projected for 2027 as new leases and acquisitions contribute.

• Projected third quarter mark-to-markets of over 20%.

• Occupancy expected to surpass 93% by year-end, with further gains anticipated.

• Management expects cash flow from operations and existing cash to be sufficient for business needs, dividends, debt service, and capital expenditures over the next 12 months.