Alexander’s reports decline in Q4 FFO amid New York office headwinds

Alexander’s (NYSE:ALX) reported a steep decline in financial performance for the final quarter of 2025, with both net income and funds from operations (FFO) falling well below prior-year levels.

According to the company’s Form 10-K filed on February 9, 2026, fourth-quarter net income dropped to $3.8 million, or $0.74 per diluted share, compared to $12.3 million ($2.39 per share) in the fourth quarter of 2024.

The REIT, which is managed by Vornado Realty Trust, reported that fourth-quarter FFO—a key metric for real estate performance—was $12.5 million, or $2.43 per diluted share.

This represents a significant retreat from the $20.8 million, or $4.06 per share, posted during the same period a year earlier.

For the full year ended December 31, 2025, net income totaled $28.2 million ($5.50 per share) and FFO reached $63 million ($12.27 per share), continuing a downward trend from 2024’s full-year results.

Meanwhile, the company’s portfolio remains concentrated in five high-profile New York City properties, most notably the 731 Lexington Avenue office and retail complex, which serves as the global headquarters for Bloomberg.

While Alexander’s recently completed a restructuring of the $300 million retail mortgage at its Lexington Avenue flagship in late 2025, the annual results highlight the ongoing pressure on Manhattan’s commercial valuations and occupancy.

Despite the earnings compression, the company’s board recently reaffirmed its commitment to shareholder returns, declaring a regular quarterly dividend of $4.50 per share on February 4.