Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than initial expectations [23] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense and lease termination income from the previous year [24] - Company same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [24] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest Manhattan leasing volume in over a decade [7] - Average starting rents in Manhattan were $98 per sq ft, with marked markets showing increases of +10.4% GAAP and +7.8% cash [8] - Office occupancy rose from 88.8% to 91.2% during the year, reflecting strong leasing activity [11][26] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlords market, with robust tenant demand from finance, tech, and other industries [4] - The financing markets for class A assets are strong, with CMBS spreads at their tightest since 2021 [26] - The company has a liquidity of $2.39 billion, consisting of cash balances of $978 million and undrawn credit lines of $1.41 billion [20] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, emphasizing high-quality office space and development projects like 350 Park Avenue and PENN 15 [5][14] - The company plans to enhance its retail offerings in the Penn District and is developing a 475-unit rental residential building [18] - The management team is committed to maintaining a liquid balance sheet while exploring stock buybacks due to perceived undervaluation [21][22] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlords market [4] - The company anticipates significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease uptakes materializes [25] - Management acknowledges the disconnect between stock price and asset value, viewing it as a potential buying opportunity [22] Other Important Information - The company has refinanced nearly $3.5 billion of debt, extending maturities through 2031 [21] - The acquisition of 623 Fifth Avenue is viewed as a strategic move to create a high-end boutique office space [14][46] - The company is actively managing its capital plan, balancing development projects with stock buybacks and asset sales [52] Q&A Session Summary Question: Changes in the structure of 350 Park - Management confirmed that there were amendments related to the overall deal, allowing for flexibility in equity percentage [33] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with over half of the activity from new tenants and significant expansions from financial services and tech sectors [36] Question: Share buybacks and asset dispositions - Management expressed strong interest in pursuing share buybacks, viewing the stock as undervalued [37] Question: Difference between cash and GAAP same-store NOI - Management indicated that the inflection point for cash NOI turning positive is expected in the second half of 2026 [39] Question: Retail market performance on Upper Fifth Avenue - The retail market is improving but still struggling to meet top rents from previous years [41] Question: GAAP occupancy and lease occupancy differences - Management clarified that the $200 million difference is an absolute number, not annualized, and will be recognized as tenants meet GAAP standards [42] Question: Details on 623 Fifth Avenue and its impact on FFO - The project is expected to generate an incremental return of over $0.11 to FFO, with a focus on creating a high-quality boutique office space [44][46]

Alexander's (NYSE:ALX) Q4 2025 Earnings call February 10, 2026 10:00 AM ET Company ParticipantsAnnabell Ehr - Assistant Relationship ManagerAnthony Paolone - Executive DirectorGlen Weiss - EVP of Office LeasingMichael Franco - President and CFONick Yurico - Managing DirectorSmedes Rose - DirectorSteven Borenstein - EVP and Corporate CounselSteven Roth - Chairman and CEOConference Call ParticipantsAlexander Goldfarb - Managing Director and Senior Equity Research AnalystCamille Bonnel - Equity Research Analys ...

Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than anticipated [23] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense and lease termination income from the previous year [24] - Company same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [24] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest Manhattan leasing volume in over a decade [6] - Average starting rents in Manhattan were $98 per sq ft, with marked markets showing +10.4% GAAP and +7.8% cash [7] - Office occupancy rose from 88.8% to 91.2% [11] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlords market, with robust tenant demand from finance, tech, and other industries [4] - The financing markets for class A assets are strong, with CMBS spreads at their tightest since 2021 [26] - The company has a liquidity of $2.39 billion, including cash balances of $978 million and undrawn credit lines of $1.41 billion [20] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, with significant developments planned, including 350 Park Avenue and 623 Fifth Avenue [5][14] - The company aims to create high-quality office spaces and enhance its retail offerings in the Penn District [13][19] - The management team is committed to maintaining a cash-heavy balance sheet while exploring stock buybacks due to perceived undervaluation [21][22] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlords market [4] - The company anticipates significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease uptakes materializes [25] - Management acknowledges the disconnect between stock price and asset value, viewing it as a potential buying opportunity [22] Other Important Information - The company has extended maturities on nearly $3.5 billion of debt through 2031 and has been active in refinancing to bolster liquidity [27][28] - The company is planning to develop a 475-unit rental residential building and enhance retail offerings along 34th Street [18] Q&A Session Summary Question: Changes in the structure of 350 Park Avenue - Management confirmed that there were amendments related to the overall deal, allowing for flexibility in equity percentage [30] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with over half of the activity from new tenants and significant expansions from financial services and tech sectors [34] Question: Share buybacks and asset dispositions - Management expressed strong interest in pursuing share buybacks, viewing the stock as undervalued [35] Question: Difference between cash and GAAP same-store NOI - Management indicated that the inflection point for cash NOI turning positive is expected in the second half of 2026 [37] Question: Retail market performance on Upper Fifth Avenue - The retail market is improving but still struggling to meet top rents from four or five years ago [39] Question: GAAP occupancy and lease occupancy differences - Management clarified that the $200 million difference is not annualized and will be recognized as tenants build out their spaces [40]

分组1 - Alexander's reported quarterly funds from operations (FFO) of $2.43 per share, missing the Zacks Consensus Estimate of $3.02 per share, and down from $4.06 per share a year ago, representing an FFO surprise of -19.54% [1] - The company posted revenues of $53.26 million for the quarter, missing the Zacks Consensus Estimate by 0.27%, and down from $55.91 million year-over-year, having topped consensus revenue estimates only once in the last four quarters [2] - The stock has gained about 17% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] 分组2 - The future performance of Alexander's stock will depend on management's commentary during the earnings call and the company's FFO outlook, which includes current consensus FFO expectations for upcoming quarters [4] - The estimate revisions trend for Alexander's was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The current consensus FFO estimate for the upcoming quarter is $3.15 on revenues of $53.7 million, and for the current fiscal year, it is $12.52 on revenues of $216.4 million [7] 分组3 - The REIT and Equity Trust - Other industry, to which Alexander's belongs, is currently in the bottom 25% of the Zacks industry rankings, which may impact stock performance [8] - National Health Investors, another stock in the same industry, is expected to report quarterly earnings of $1.23 per share, reflecting a year-over-year change of +8.9%, with revenues expected to be $95.63 million, up 11.5% from the previous year [9][10]

Financial Performance - Net income for the year ended December 31, 2025, was $28,224,000, or $5.50 per diluted share, down from $43,444,000, or $8.46 per diluted share in 2024[137]. - Funds from operations (FFO) for the year ended December 31, 2025, was $62,995,000, or $12.27 per diluted share, compared to $77,968,000, or $15.19 per diluted share in 2024[137]. - Rental revenues decreased to $213,183,000 for the year ended December 31, 2025, down from $226,374,000 in 2024, a decline of approximately 5.8%[149]. - Operating expenses increased to $106,376,000 in 2025, compared to $103,240,000 in 2024, an increase of about 3.0%[150]. - Interest and debt expense decreased to $51,624,000 in 2025, down from $62,818,000 in 2024, a reduction of approximately 18.0%[154]. - Cash and cash equivalents and restricted cash were $192,225,000 as of December 31, 2025, a decrease of $201,611,000 from $393,836,000 in 2024[159]. - Net cash provided by operating activities was $73,444,000 in 2025, compared to $54,106,000 in 2024, an increase of approximately 35.9%[161]. - The company declared a quarterly dividend of $4.50 per share, indicating an annual rate of $18.00 per share, requiring approximately $92,450,000 in 2026[165]. - The company reported a comprehensive income of $24,328 million for 2025, down from $31,130 million in 2024 and $93,028 million in 2023[201]. Property and Rental Information - Bloomberg accounted for $129.3 million, $125.3 million, and $120.4 million in rental revenues for the years ended December 31, 2025, 2024, and 2023, respectively, representing approximately 61%, 55%, and 54% of total rental revenues[22]. - The 731 Lexington Avenue property has 1,080,000 square feet of space, with 952,000 square feet designated for office use, fully occupied by Bloomberg[21]. - The Rego Park II shopping center, which spans 606,000 square feet, is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl's[21]. - The company is exploring sale opportunities for the vacant Rego Park I property, which has 338,000 square feet of space[21]. - The total portfolio comprises five properties aggregating 2,446,000 square feet[138]. - The office portion of 731 Lexington Avenue is encumbered by a mortgage loan of $400,000,000, maturing in October 2028[115]. - The retail portion of 731 Lexington Avenue has a mortgage loan of $300,000,000, maturing in December 2035, with a fixed interest rate of 7.00%[116]. - Annual rental revenues from Home Depot were approximately $15,000,000 before its lease expired on January 31, 2025[138]. - The Home Depot was the principal retail tenant at 731 Lexington Avenue until its lease expired on January 31, 2025[215]. - Kohl's store at Rego Park II is currently closed but remains obligated under its lease, which expires in January 2031[215]. Debt and Financing - As of December 31, 2025, total mortgages payable amounted to $836,691,000, with a total debt to total enterprise value ratio of 46%[65]. - The company is subject to risks associated with debt financing, including insufficient cash flow from operations to meet required debt service[65]. - Existing mortgage indebtedness of $836,691,000 is secured by three properties, which may restrict operational and financial flexibility[68]. - The company faces risks related to interest rate volatility, which could increase the cost of refinancing existing debt and reduce operating cash flows[67]. - The company has a variable rate balance of $175,000,000 with a weighted average interest rate of 5.72% as of December 31, 2025[180]. - The company has an interest rate cap on a mortgage loan with a notional amount of $175,000,000, capping SOFR at 4.50% through December 2026[180]. Risks and Challenges - The company faces risks from trends in office real estate, with 61% of rental revenues dependent on Bloomberg, amid increasing work-from-home policies[36]. - The competitive environment in New York City affects rental rates and occupancy levels, with various factors influencing the real estate market[29]. - The company is exposed to risks from tenant bankruptcies, which could lead to decreased revenues and operational difficulties, impacting net income and cash available for distributions[49]. - The company faces potential increased costs due to climate change regulations, including compliance costs and penalties related to carbon emissions under New York City's Local Law 97[58]. - Significant inflation could adversely affect the company's ability to raise rental rates, impacting profit margins and increasing operational costs[60]. - The company may encounter challenges in acquiring, developing, or redeveloping properties, which could lead to increased costs and operational risks[61]. - The company is subject to transitional risks related to climate-related policy changes, which could result in substantial costs and affect financial performance[57]. - The company relies on anchor tenants to attract shoppers, and any adverse developments with these tenants could materially impact financial results[48]. - The company may face difficulties in selling real estate promptly, limiting flexibility in response to economic changes[63]. Corporate Governance and Compliance - The company’s operational and financial policies are determined by the Board of Directors, limiting stockholder control over these decisions[76]. - The company may change its policies without stockholder approval, which could affect strategic decisions and operations[76]. - The company is subject to various federal, state, and local regulatory requirements, and noncompliance could result in fines or damage awards[99]. - Changes in federal and state tax laws could adversely affect the company's tax liability and financial condition[94][97]. - The company may be required to pay federal income taxes if it fails to maintain its qualification as a REIT, adversely affecting cash available for distributions[93]. Cybersecurity - Cybersecurity risks could disrupt operations and compromise confidential information, potentially leading to significant financial and reputational damage[84]. - A security breach could result in unauthorized access to sensitive information, leading to legal claims and damage to relationships with tenants and investors[86]. - The company has a comprehensive cybersecurity risk management program integrated into its overall enterprise risk management, with no known material threats as of the report date[104]. - The company has a cybersecurity incident response plan that includes procedures for responding to incidents and assessing risks[109].

Core Insights - ALX Oncology announced new data from a Phase 1b/2 clinical trial evaluating the investigational CD47-inhibitor evorpacept in combination with Jazz Pharmaceuticals' ZIIHERA® for metastatic breast cancer, reinforcing CD47 as a predictive biomarker for treatment response [1][2] Company Overview - ALX Oncology is a clinical-stage biotechnology company focused on developing novel therapies for cancer treatment, with its lead candidate evorpacept showing potential as a cornerstone therapy in immuno-oncology [5] Clinical Trial Findings - The Phase 1b/2 trial demonstrated promising anti-tumor activity and a manageable safety profile, with a confirmed objective response rate of 56% and a median progression-free survival of 7.4 months in heavily pretreated HER2-positive breast cancer patients [2][3] - Additional exploratory analysis indicated that responses were primarily observed in patients with higher CD47 expression, supporting the predictive biomarker role of CD47 [3] Future Directions - The company plans to adopt a biomarker-driven approach for patient selection in future trials, particularly for combinations of evorpacept with HER2-targeted agents, and is confident in the ongoing ASPEN-09-Breast Phase 2 trial [2]

Core Insights - ALX Oncology Holdings Inc. is a clinical-stage biotechnology company focused on developing novel therapies for cancer treatment and improving patient survival [3] Group 1: Company Overview - ALX Oncology is advancing a pipeline that includes its lead candidate, evorpacept, which shows promise as a cornerstone therapy in immuno-oncology [3] - The company is also developing ALX2004, an EGFR-targeted antibody-drug conjugate, currently in a Phase 1 dose-escalation trial for patients with EGFR-expressing solid tumors [3] Group 2: Upcoming Events - ALX Oncology will participate in the 44th Annual J.P. Morgan Healthcare Conference, with a corporate presentation scheduled for January 15, 2026, at 12:00 p.m. Pacific Time [1] - A live webcast of the presentation will be available on the company's website, with a replay accessible for up to 90 days post-event [2]

Group 1: Alexander's (ALX) - The company is a real estate investment trust engaged in leasing, managing, developing, and redeveloping properties [1] - The Zacks Consensus Estimate for its current year earnings has increased by 7% over the last 60 days [1] - The company has a dividend yield of 8.2%, significantly higher than the industry average of 4.8% [1] Group 2: Kforce (KFRC) - Kforce provides professional staffing services and solutions to clients on both temporary and permanent bases [2] - The Zacks Consensus Estimate for its current year earnings has increased by 3.4% over the last 60 days [2] - The company has a dividend yield of 4.9%, compared to the industry average of 2.3% [2] Group 3: BHP Group Limited (BHP) - BHP is one of the world's largest mining companies with operations in multiple countries including Australia, Brazil, Canada, Chile, Peru, and the United States [3] - The Zacks Consensus Estimate for its current year earnings has increased by 13% over the last 60 days [3] - The company has a dividend yield of 3.9%, while the industry average is 0.0% [3]

Core Viewpoint - Alexander's, Inc. has successfully restructured a $300 million mortgage loan on its retail condominium located at 731 Lexington Avenue, Manhattan, which includes a split into senior and junior notes with varying interest rates and a new maturity date [1][2]. Group 1: Loan Restructuring Details - The existing mortgage loan was divided into a $132.5 million senior "A-Note" with an interest rate of 7.00% per annum and a $167.5 million junior "C-Note" with an interest rate of 4.55% per annum, maturing on December 23, 2035 [1]. - An affiliate of Alexander's purchased the $132.5 million senior A-Note at par from the existing lenders [2]. - A new "B-Note" was established with the borrower, accruing interest at 13.5% per annum for funds used for capital and re-leasing expenses, with a different rate for amounts over $65 million used to pay interest on the A-Note [2]. Group 2: Company Overview - Alexander's, Inc. operates as a real estate investment trust (REIT) and currently owns five properties in New York City [3].

Group 1 - Alexander's, Inc. (ALX) has delivered a total return of approximately 19% in 2025, significantly outperforming the Vanguard Real Estate Index Fund ETF, which gained around 3% [1] - The investment strategy includes a focus on REITs, preferred stocks, and high-yield bonds, indicating a long-term fundamental approach to investing [1] Group 2 - The article does not provide any specific investment recommendations or advice regarding the suitability of investments for particular investors [2][3]