[PART I. Financial Information](index=4&type=section&id=PART%20I.%20Financial%20Information) This section provides a comprehensive overview of the company's financial performance and position for the reporting period [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three and six months ended June 30, 2024, and 2023, including balance sheets, income statements, and cash flows, along with explanatory notes Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Real estate, net | $640.6 | $650.7 | | Cash and cash equivalents | $410.9 | $531.9 | | Total Assets | $1,480.8 | $1,403.7 | | Mortgages payable, net | $1,082.0 | $1,092.6 | | Total Liabilities | $1,268.2 | $1,166.0 | | Total Equity | $212.5 | $237.7 | Consolidated Statements of Income Highlights (in millions, except per share data) | Metric | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Rental Revenues | $53.4 | $53.7 | $114.8 | $106.6 | | Net Gain on Sale of Real Estate | $0 | $54.0 | $0 | $54.0 | | Net Income | $8.4 | $64.1 | $24.5 | $75.4 | | Net Income per Share (diluted) | $1.63 | $12.51 | $4.77 | $14.70 | - For the six months ended June 30, 2024, net cash provided by operating activities was **$28.3 million**, a significant decrease from **$65.9 million** in the prior-year period, with **$46.2 million** paid in dividends and a **$10.0 million** debt repayment[21](index=21&type=chunk) - On May 3, 2024, the company extended its lease with its largest tenant, Bloomberg L.P., for approximately 947,000 square feet through February 2040, resulting in a **$32 million** leasing commission payment and a **$113.6 million** lease incentive liability[33](index=33&type=chunk) - On June 11, 2024, the company extended its mortgage on the 731 Lexington Avenue office condominium for four months to October 11, 2024, paying down the principal by **$10 million** to **$490 million** at a Prime Rate of **8.50%** as of June 30, 2024[44](index=44&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting that the year-over-year decline in net income was driven by a one-time gain on a real estate sale in 2023, while Funds from Operations (FFO) for the six-month period increased [Overview](index=22&type=section&id=Overview) This subsection provides a high-level summary of the company's business as a New York City-focused REIT managed by Vornado, presenting key financial results for Q2 and the first half of 2024, and highlighting significant operational activities Financial Results Summary (in millions, except per share data) | Period | Net Income | Net Income/Share | FFO (non-GAAP) | FFO/Share (non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | **Q2 2024** | $8.4 | $1.63 | $17.0 | $3.31 | | **Q2 2023** | $64.1 | $12.51 | $18.2 | $3.55 | | **YTD 2024** | $24.5 | $4.77 | $42.5 | $8.29 | | **YTD 2023** | $75.4 | $14.70 | $36.8 | $7.18 | - The significant decrease in net income for both the three and six-month periods of 2024 compared to 2023 is primarily due to a **$54.0 million** gain from the sale of the Rego Park III land parcel in 2023[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - As of June 30, 2024, the company's portfolio of five properties, totaling 2,456,000 square feet, had a commercial occupancy rate of **92.1%** and a residential occupancy rate of **98.7%**[83](index=83&type=chunk) - Key tenant Bloomberg L.P. accounted for approximately **53%** of rental revenues for the first six months of 2024 and extended its lease for 947,000 square feet to February 2040[84](index=84&type=chunk)[85](index=85&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) This section provides a detailed comparison of operating results for the three and six-month periods ended June 30, 2024, and 2023, highlighting changes in rental revenues and interest expenses - For Q2 2024 vs Q2 2023, rental revenues decreased slightly by **$0.3 million**, while interest and debt expense increased by **$3.0 million**, mainly from higher interest rate cap premium amortization and increased rates[88](index=88&type=chunk)[93](index=93&type=chunk) - For YTD 2024 vs YTD 2023, rental revenues grew by **$8.2 million**, largely due to **$6.6 million** from IKEA's lease modification and **$1.2 million** in higher straight-line rent from Bloomberg's lease extension[97](index=97&type=chunk) - YTD interest and debt expense rose by **$7.0 million**, primarily due to **$5.1 million** of higher interest rate cap premium amortization and a **$1.7 million** increase from higher interest rates[102](index=102&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, the company had **$524.4 million** in liquidity, including cash and restricted cash, with management believing current liquidity is adequate for the next twelve months - Total liquidity as of June 30, 2024, was **$524.4 million**, comprised of cash, cash equivalents, and restricted cash[106](index=106&type=chunk) - For the first six months of 2024, cash decreased by **$28.6 million**, driven by **$46.2 million** in dividend payments and a **$10.0 million** debt repayment, partially offset by **$28.3 million** in net cash from operations[107](index=107&type=chunk) [Funds from Operations (FFO) (non-GAAP)](index=28&type=section&id=Funds%20from%20Operations%20%28FFO%29%20%28non-GAAP%29) This section reconciles GAAP net income to the non-GAAP measure of Funds from Operations (FFO), showing FFO for Q2 2024 was **$17.0 million**, a slight decrease, while YTD FFO increased to **$42.5 million** FFO Reconciliation (in millions, except per share data) | Metric | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $8.4 | $64.1 | $24.5 | $75.4 | | Depreciation & Amortization | $8.6 | $8.0 | $18.1 | $15.4 | | Net gain on sale of real estate | — | ($54.0) | — | ($54.0) | | **FFO (non-GAAP)** | **$17.0** | **$18.2** | **$42.5** | **$36.8** | | **FFO per diluted share** | **$3.31** | **$3.55** | **$8.29** | **$7.18** | [Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk exposure stems from interest rate fluctuations on its variable-rate debt, which constituted **$692.5 million** of its total **$1.09 billion** debt as of June 30, 2024 - As of June 30, 2024, **$692.5 million** of the company's debt is variable-rate, where a **1%** change in rates would affect annual interest expense by **$6.9 million**, or **$1.35** per diluted share[121](index=121&type=chunk) - The company employs an interest rate cap for its Rego Park II mortgage and an interest rate swap for its 731 Lexington Avenue retail condominium mortgage to manage interest rate volatility[121](index=121&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, with the participation of the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of the end of the quarter[123](index=123&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[123](index=123&type=chunk) [PART II. Other Information](index=30&type=section&id=PART%20II.%20Other%20Information) This section covers various other disclosures, including legal proceedings, risk factors, and exhibits, providing additional context to the company's operations and governance [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions that arise in the ordinary course of business, which management believes will not have a material effect on the company's financial condition, results of operations, or cash flows - Ongoing legal actions are not expected to have a material impact on the company's financial position or results[125](index=125&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to the risk factors disclosed in the 2023 Form 10-K have occurred[125](index=125&type=chunk) [Other Items (Unregistered Sales, Defaults, Mine Safety, Other Info)](index=30&type=section&id=Items%202%2C%203%2C%204%2C%205) This section confirms there were no unregistered sales of equity securities, no defaults upon senior securities, no applicable mine safety disclosures, and no other information to report under Item 5 for the period - The company reports none for Unregistered Sales of Equity Securities and Use of Proceeds, Defaults Upon Senior Securities, and Other Information, and Mine Safety Disclosures are not applicable[125](index=125&type=chunk) [Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the ninth amendment to the lease with Bloomberg L.P., a loan extension agreement for the 731 Lexington Avenue property, and required officer certifications - Key exhibits filed include the Ninth Amendment of Lease with Bloomberg L.P. and the Loan Extension and Modification Agreement for the 731 Office One LLC mortgage[127](index=127&type=chunk) - Standard certifications from the CEO and CFO under Rule 13a-14(a) and Section 1350 are also included as exhibits[129](index=129&type=chunk)

Evorpacept is the first CD47 blocker to show durable clinical benefit and a well-tolerated safety profile in a prospective randomized trial Evorpacept combination achieved a confirmed overall response rate (ORR) of 40.3% compared to 26.6% for the control arm and demonstrated a median duration of response of 15.7 months compared to 7.6 months in the full trial populationIn the pre-specified population of patients with fresh HER2-positive biopsies, evorpacept combination showed the greatest benefit with ORR o ...

Core Points - Alexander's, Inc. has declared a quarterly dividend of $4.50 per share, payable on August 30, 2024, to stockholders of record on August 12, 2024 [1] - The company operates as a real estate investment trust (REIT) with five properties located in the New York City metropolitan area [1] Company Summary - The Board of Directors of Alexander's, Inc. has made a decision to distribute a regular quarterly dividend, indicating a commitment to returning value to shareholders [1] - The dividend announcement reflects the company's financial health and operational stability within the competitive real estate market [1]

Conference Call and Webcast Today at 4:30 PM EDT SOUTH SAN FRANCISCO, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- ALX Oncology Holdings Inc., (“ALX Oncology” or the “Company”) (Nasdaq: ALXO), an immuno-oncology company developing therapies that block the CD47 immune checkpoint pathway, announced that the Company will host an investor conference call and webcast today at 4:30 PM EDT to share topline data results from the Phase 2 ASPEN-06 clinical trial evaluating evorpacept for the treatment of advanced HER2- ...

PARAMUS, N.J., July 23, 2024 (GLOBE NEWSWIRE) -- Alexander's, Inc. (NYSE:ALX) today announced that it will file its quarterly report on Form 10-Q for the quarter ended June 30, 2024 with the U.S. Securities and Exchange Commission and issue its second quarter earnings release on Monday, August 5, 2024, before the New York Stock Exchange opens. Vornado Realty Trust (NYSE:VNO), the manager which conducts Alexander's operations, announced it will host its quarterly earnings conference call and an audio webcast ...

Core Viewpoint - Office REITs have shown modest gains in 2023, with an average return of 5.23%, significantly lower than the S&P 500's 18.55% and Nasdaq 100's 21.20% [2][3] Performance Summary - Year-to-date performance of various REIT sectors shows Cannabis at 13.33%, Healthcare at 11.68%, and Office at 5.23%, while the Equity REIT Index averages only 1.07% [3] - The WFH trend has led to a permanent decrease in demand for commercial office space, contributing to increased defaults in commercial real estate loans, particularly office-related loans [4] Company Overview - Alexanders, Inc. (ALX) is a small-cap REIT with a market cap of $1.14 billion, primarily focused on office and retail properties in New York City [4] - ALX has a portfolio of 2.455 million square feet with a 92.5% occupancy rate for office and retail spaces and 96.8% for residential properties as of March 31 [4] Financial Performance - ALX reported Q1 2024 rental revenue of $61.4 million, a 16.1% increase from Q1 2023, while net income rose by 43.8% to $16.1 million [10] - The company experienced a significant drop in cash from financing, down 99.6% year-over-year, due to unusual treasury sales in the previous year [10] Growth Metrics - ALX's FFO (Funds From Operations) has shown a declining trend over the past four years, with a CAGR of -5.03% [12] - The stock price has decreased by 41.27% over the past decade, indicating a bearish long-term trend despite short-term gains [9] Balance Sheet Metrics - ALX has a liquidity ratio of 1.20 and a debt ratio of 50%, with total debts of $1.093 billion against cash and cash equivalents of $536 million [14] - The company has a high Debt/EBITDA ratio of 10.0, indicating significant leverage [14] Dividend Metrics - ALX maintains a quarterly dividend of $4.50, with a payout ratio of 114%, which is considered unsustainable [16] - The company has not cut its dividend during the pandemic, but the current payout ratio raises concerns about future sustainability [16] Valuation Metrics - ALX is currently priced 9.6% above its estimated NAV, with a dividend score of 8.01 and a price/FFO ratio of 17.5 [17] Investor Sentiment - Analysts have mixed ratings on ALX, with one analyst maintaining a Sell rating and a price target of $145, implying a potential downside of 34.5% [19]

holicow/E+ via Getty Images If you have read my recent articles, you know that I am expecting a major sell-off in REITs over the next 2 - 5 years. As the graph below shows, the REIT rally that began in October, fueled by expectations of multiple rate cuts by the Fed, is showing signs of fizzling out. VNQ price chart (Seeking Alpha Premium) This is a 180-degree about-face from my outlook at the beginning of this year. I base this new expectation primarily on the technicals, but also on a looming crisi ...

DNY59 Topline Summary and Update ALX Oncology (NASDAQ:ALXO) is a cancer-focused biotech I've expressed deep skepticism in over the course of various articles, stating unequivocally that I did not feel that the risk to reward ratio was appropriate at the billion-plus market cap that the company was commanding as a phase 2 entity. They had generated compelling findings in their early trial readouts, but the CD47-based approach carries too much baggage for me to get too excited. Since then, the company's va ...

ALX Resources Corp. Receives Analytical Results from the Gibbons Creek Uranium Project, Athabasca Basin, SaskatchewanJune 13, 2024 7:30 AM EDT | Source: ALX Resources Corp.Vancouver, British Columbia--(Newsfile Corp. - June 13, 2024) - ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") is pleased to announce the results of the 2024 winter drilling program and upcoming summer 2024 exploration plans at its Gibbons Creek Uranium Project ("Gibbons Creek", or the "Proj ...

SOUTH SAN FRANCISCO, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- ALX Oncology Holdings Inc., (“ALX Oncology” or “the Company”) (Nasdaq: ALXO), an immuno-oncology company developing therapies that block the CD47 immune checkpoint pathway, today announced that management will participate in the Jefferies Global Healthcare Conference. Details are as follows: Format: Fireside chat with analyst, Michael Yee and 1x1 Investor MeetingsDate: Wednesday, June 5, 2024 Time: 1:00 PM ET Location: New York, NY Webcast link: ...