Financial Data and Key Metrics Changes - Comparable FFO was $2.26 per share for the year, down from $20.23 due to lower NOI from known move-outs and higher net interest expense [5] - Overall results were better than anticipated earlier in the year, primarily due to accelerated leasing activity [5] Business Line Data and Key Metrics Changes - The availability in the better space market is 10.7% compared to 20.1% in the not better space market, indicating a tighter market for quality office space [4] - Rents across the entire building have been raised, reflecting a positive trend in leasing activity [9] Market Data and Key Metrics Changes - The current availability in the subset of better space is 10%, decreasing rapidly due to a shortage of space [16] - The market rents for PEN1 and PEN2 are expected to rise from $100 per foot to potentially $125 per foot or higher as the market tightens [19] Company Strategy and Development Direction - The company is focusing on the Penn District, with plans for one or two buildings under construction over the next ten years [44] - The company is optimistic about the demand for anchor space, particularly from financial, legal, and tech sectors [20] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the New York real estate market, particularly in the Penn District, and noted that the market is becoming increasingly competitive [4][104] - The company is optimistic about future NOI growth, particularly as leases roll over and the market continues to tighten [17][29] Other Important Information - The company is not currently considering a tracking stock, despite ongoing thoughts about it [25] - The cost to build a new Class A building is estimated at $1,900 per foot excluding land, with a required yield of 7% to 8% [72][73] Q&A Session Summary Question: Commentary on PEN2 timing and competitive dynamics - PEN2 is highly regarded among large tenants, with only five buildings in Manhattan offering blocks of 500,000 square feet or more [8] Question: Comments on rent increases and yield adjustments - Rents have been raised across the entire building, contributing to a yield increase of 70 basis points [9] Question: Anticipated new dispositions and focus areas - The company expects around $1 billion in new cash proceeds from various transactions, with a focus on non-core office and retail [11][12] Question: Insights on anchor space demand - Demand drivers for anchor space are primarily from financial, legal, and tech sectors [20] Question: Thoughts on Alexander's integration into Vornado - The company believes that the value of Alexander's assets exceeds the current trading price, and integration is not currently being considered [23][59] Question: Expectations for same-store NOI in the next few years - Management did not provide specific numbers but acknowledged the need for further analysis [68] Question: Commentary on capital expenditures - The company raised CapEx expectations slightly due to a strong leasing environment [70] Question: Building costs and required yields - Current building costs are around $1,900 per foot, with a required yield of 7% to 8% [72][73] Question: Competition from sublease space in Hudson Yards - PEN1 and PEN2 are competing effectively against new spaces, with pricing remaining favorable [82]

Group 1 - Alexander's reported quarterly funds from operations (FFO) of $4.06 per share, exceeding the Zacks Consensus Estimate of $3.71 per share, but down from $4.99 per share a year ago, representing an FFO surprise of 9.43% [1] - The company posted revenues of $55.91 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.29%, but down from $62.94 million year-over-year [2] - Over the last four quarters, Alexander's has surpassed consensus FFO estimates three times and topped consensus revenue estimates three times [2] Group 2 - The stock has underperformed the market, losing about 1% since the beginning of the year compared to the S&P 500's gain of 2.5% [3] - The current consensus FFO estimate for the coming quarter is $3.29 on revenues of $55.5 million, and for the current fiscal year, it is $10 on revenues of $223.5 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance Overview - Alexander's, Inc. reported a net income of $12.3 million, or $2.39 per diluted share for Q4 2024, a decrease from $16.3 million, or $3.17 per diluted share in Q4 2023 [1][8] - Funds from operations (FFO) for Q4 2024 was $20.8 million, or $4.06 per diluted share, down from $25.6 million, or $4.99 per diluted share in Q4 2023 [2][8] Year-End Financial Results - For the year ended December 31, 2024, net income was $43.4 million, or $8.46 per diluted share, significantly lower than $102.4 million, or $19.97 per diluted share for 2023, which included a $54.0 million gain from the sale of a land parcel [3][11] - FFO for the year ended December 31, 2024 was $78.0 million, or $15.19 per diluted share, compared to $81.1 million, or $15.80 per diluted share for 2023 [4][12] Revenue Analysis - Total revenues for the year ended December 31, 2024 were $226.4 million, slightly up from $225.0 million in 2023 [11]

Revenue and Income - Bloomberg accounted for rental revenues of $125.35 million, $120.35 million, and $115.13 million for the years ended December 31, 2024, 2023, and 2022, respectively, representing approximately 55%, 54%, and 56% of total rental revenues[23]. - 731 Lexington Avenue generated revenues of $153.3 million, $148.8 million, and $138.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, accounting for approximately 68%, 66%, and 67% of total rental revenues[44]. - Rental revenues increased to $226,374,000 in 2024 from $224,962,000 in 2023, an increase of $1,412,000, primarily due to higher rental revenue from Bloomberg's lease extension[152]. - Net income for the year ended December 31, 2024, was $43,444,000 or $8.46 per diluted share, a decrease from $102,413,000 or $19.97 per diluted share in 2023[142]. - Funds from operations (FFO) for the year ended December 31, 2024, was $77,968,000 or $15.19 per diluted share, compared to $81,067,000 or $15.80 per diluted share in 2023[143]. - Comprehensive income for 2024 was $31,130,000, down from $93,028,000 in 2023, a decrease of 66.6%[211]. Property and Development - The Rego Park I shopping center will be vacant in 2025 after the relocation of Burlington and Marshalls, and the company is exploring sale and development opportunities for the property[22]. - The company is exploring sale and development opportunities for the vacant Rego Park I property[119]. - As of December 31, 2024, the portfolio comprised five properties totaling 2,455,000 square feet, with a commercial occupancy rate of 99.1% and a residential occupancy rate of 94.2%[144]. Financial Position and Debt - As of December 31, 2024, total mortgages payable amounted to $996,544,000, with a total debt to total enterprise value ratio of 59%[67]. - The company faces risks associated with its outstanding debt, including potential difficulties in refinancing on acceptable terms, which could adversely affect future operations[67]. - Total liabilities were $1,164,436,000 as of December 31, 2024, compared to $1,166,023,000 in 2023[205]. - The company anticipates that cash flow from continuing operations will be adequate to fund business operations, cash dividends, debt service, and capital expenditures over the next twelve months[163]. Operational Risks - The company faces risks from trends in office real estate, including the prevalence of work-from-home policies, which could affect tenant space utilization and rental revenues[36]. - The company is subject to various risks affecting the retail environment, including consumer spending levels, tourism, and competition from online retailers[39]. - The company faces risks related to tenant bankruptcies, which could lead to decreased revenues and operational difficulties, impacting cash flow and distributions to stockholders[47]. - Significant inflation could adversely affect the company's ability to raise rental rates, potentially reducing profit margins and increasing operating costs[61]. - The company is exposed to risks associated with property development and redevelopment, including cost overruns and regulatory approval delays, which could adversely affect financial results[63]. Insurance and Compliance - The company maintains general liability insurance with limits of $300 million per occurrence and property insurance coverage of $1.7 billion per occurrence, including terrorism coverage[49]. - The company is subject to various federal, state, and local regulatory requirements, and noncompliance could result in substantial costs[99]. - The company may incur significant costs due to potential adverse federal tax audits and changes in federal tax laws[95]. Environmental and Sustainability Initiatives - Vornado has adopted a 10-year plan, "Vision 2030," to make its buildings carbon neutral by 2030, focusing on energy reduction, recovery, and renewable power[25]. - Vornado operates over 26 million square feet of LEED certified buildings, representing 100% of its certifiable office portfolio, with over 24 million square feet at LEED Gold or Platinum[25]. - The company is subject to transitional risks related to climate-related policy changes, which could lead to increased operating costs and compliance expenses[57]. - The impact of climate change and natural disasters could significantly damage properties and affect demand, leading to adverse financial results[55]. Cybersecurity - The company has implemented various measures to manage cybersecurity risks, but there is no assurance that these measures will be fully effective against evolving threats[87]. - A significant disruption in IT networks could adversely affect operations and result in unauthorized access to sensitive information, potentially harming financial results[88]. - The company has a comprehensive cybersecurity risk management strategy integrated into its overall enterprise risk management program[105]. - The Board of Directors oversees cybersecurity risks, with the Audit Committee responsible for the implementation of the cybersecurity risk management program[107]. Shareholder and Stockholder Matters - Vornado and its affiliates collectively own approximately 58.4% of the outstanding shares of common stock, potentially reducing the likelihood of a tender offer or change in control[77]. - The company may change its operational and financial policies without stockholder approval, limiting stockholder control over significant decisions[78]. - As of December 31, 2024, the company had authorized but unissued 4,826,550 shares of common stock and 3,000,000 shares of preferred stock, which could dilute current stockholders' interests[92]. - The company is dependent on key personnel, including Steven Roth, the Chairman and CEO, and their loss could adversely affect operations and stock value[93].

Core Points - Alexander's, Inc. has declared a quarterly dividend of $4.50 per share, payable on February 28, 2025, to stockholders of record on February 18, 2025 [1] - The company operates as a real estate investment trust (REIT) with five properties located in New York City [1] Company Summary - The Board of Directors of Alexander's, Inc. has made a decision to distribute dividends, indicating a commitment to returning value to shareholders [1] - The dividend announcement reflects the company's financial health and operational stability within the real estate sector [1]

Stock Performance - Alexander's (NYSE: ALX) stock price has declined by 24% from its 52-week high, reflecting a broader selloff in the REIT market over the past four months since October [1] Dividend Information - ALX last declared a quarterly cash dividend, though the specific amount is not mentioned in the article [1] Market Mechanism - The equity market is described as a powerful mechanism where daily price fluctuations aggregate to significant long-term wealth creation or destruction [1] Investment Strategy - Pacifica Yield focuses on long-term wealth creation by targeting undervalued yet high-growth companies, high-dividend tickers, REITs, and green energy firms [1]

Core Message - ALX Oncology announced positive updated data from the ASPEN-06 Phase 2 clinical trial for evorpacept, a CD47-blocker, showing durable clinical response and a well-tolerated safety profile in HER2-positive advanced gastric cancer (GC) or gastroesophageal junction (GEJ) cancer patients [1] - The updated results were presented at the 2025 ASCO Gastrointestinal Cancers Symposium, highlighting evorpacept as the first CD47 blocker to show substantial tumor response in a prospective randomized trial [5] Clinical Trial Results - The ASPEN-06 trial demonstrated an overall response rate (ORR) of 41.3% in the intent-to-treat (ITT) population for evorpacept plus TRP (ETRP), compared to 30% for RP historical control and 26.6% for TRP control [6] - In patients with fresh HER2-positive biopsies, ETRP showed an ORR of 59.1%, compared to 30% for RP historical control and 23.1% for TRP control [6] - Median duration of response (mDOR) was 15.7 months for ETRP in the ITT population, compared to 9.1 months for TRP control [6] - Median progression-free survival (mPFS) was 7.5 months for ETRP in the ITT population, compared to 7.4 months for TRP control [6] - In patients with confirmed HER2-positive expression, ETRP resulted in a 48.9% ORR, mDOR of 15.7 months, and mPFS of 7.5 months, compared to 24.5% ORR, mDOR of 9.1 months, and mPFS of 6.7 months in the TRP control group [7] Safety Profile - Evorpacept plus TRP was generally well tolerated, with adverse events consistent with those in the TRP control group [7] Regulatory Status - The FDA has granted Fast Track designation to evorpacept for the second-line treatment of HER2-positive gastric or GEJ carcinoma [9] - Both the FDA and European Commission have granted Orphan Drug Designation for this indication [9] Company Overview - ALX Oncology is a clinical-stage biotechnology company focused on developing therapies that boost the immune system to treat cancer [11] - Evorpacept, the company's lead therapeutic candidate, is being evaluated in multiple ongoing clinical trials across various cancer indications [11] Presentation and Webcast - The updated ASPEN-06 data were presented at the 2025 ASCO Gastrointestinal Cancers Symposium [5] - ALX Oncology hosted a conference call and webcast on January 23, 2025, to review the updated data [10]

Company Announcement - ALX Oncology granted an inducement stock option to purchase 600,000 shares of common stock to Harish Shantharam, the Chief Financial Officer, effective January 21, 2025 [1] - The stock option has an exercise price of $1.65 per share, equal to the closing price on the grant date [2] - The option vests as follows: 25% on the one-year anniversary of January 21, 2025, and an additional 1/48th monthly thereafter, contingent on continued employment [2] Company Overview - ALX Oncology is a clinical-stage biotechnology company focused on developing therapies that enhance the immune system to treat cancer and extend patient lives [3] - The company's lead therapeutic candidate, evorpacept, is being evaluated in multiple ongoing clinical trials across various cancer indications [3] - Evorpacept has shown potential to serve as a cornerstone therapy in immuno-oncology [3]

Company Announcements - Alexander's Inc will file its annual report on Form 10-K for the year ended December 31 2024 and issue its fourth quarter and full year earnings release on February 10 2025 before the New York Stock Exchange opens [1] - Vornado Realty Trust the manager of Alexander's operations will host a quarterly earnings conference call and audio webcast on February 11 2025 at 10:00 a m Eastern Time where information concerning Alexander's may be discussed [2] - The conference call can be accessed via phone or live webcast on Vornado's website with an online playback available after the call [3] Company Overview - Alexander's Inc is a real estate investment trust with five properties in New York City [3] Forward-Looking Statements - The company's forward-looking statements are subject to numerous assumptions risks and uncertainties including the impact of interest rates inflation and economic conditions on its business financial condition and operations [3]

Company Announcements - Alexander's Inc will file its annual report on Form 10-K for the year ended December 31 2024 and issue its fourth quarter and full year earnings release on February 10 2025 before the New York Stock Exchange opens [1] - Vornado Realty Trust the manager of Alexander's operations will host a quarterly earnings conference call and audio webcast on February 11 2025 at 10:00 am Eastern Time where information concerning Alexander's may be discussed [2] - The conference call can be accessed via phone or live webcast on Vornado's website with an online playback available after the call [3] Company Overview - Alexander's Inc is a real estate investment trust with five properties in New York City [3] Forward-Looking Statements - The company's forward-looking statements are subject to numerous assumptions risks and uncertainties including the impact of increased interest rates and inflation on its business financial condition results of operations cash flows and operating performance as well as the effect on its tenants and the broader real estate market [3]