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.