What the changes say
- Tenant concentration increased with Bloomberg representing 61% of rental revenues.
- Total mortgages decreased to $836.7M, lowering the debt-to-enterprise-value ratio to 46%.
- New artificial intelligence operational risks and climate regulation enforcement updates were added.
What changed since the prior 10-K
New
- NewRISKS RELATED TO TECHNOLOGY, CYBERSECURITY AND DATA PROTECTION
For additional information on our cybersecurity risk management process, see “Item 1C. Cybersecurity.”
We have begun using artificial intelligence capabilities to create operational efficiencies, but failure by us or our service providers to properly implement AI or manage its legal and ethical risks could harm our business.
Reworded
- 66% rewrittenRISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL
If a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in our loss of the property
Added a specific default risk if debt cannot be refinanced or debt costs increase, and updated variable rate debt language by removing mention of expired interest rate swaps.
Was: If a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of the property
- 58% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
731 Lexington Avenue accounts for a majority of our revenues. Loss of or damage to the building would adversely affect our financial condition and results of operations
Updated 2025 revenue figures for 731 Lexington Avenue to $143,534,000, representing approximately 67% of rental revenues.
- 51% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
Bloomberg represents a majority of our revenues. Loss of Bloomberg as a tenant or deterioration in Bloomberg’s credit quality could adversely affect our financial condition and results of operations
Updated 2025 revenue from Bloomberg to $129,317,000, increasing its share to approximately 61% of rental revenues.
- 38% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
Our properties are subject to transitional risks related to climate-related policy change
Added a reference to the October 2025 Albany County Supreme Court ruling ordering the DEC to finalize CLCPA cap-and-invest regulations.
- 33% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
The effects of climate change and natural disasters could have a concentrated impact on the area where we operate and could adversely impact our results
Added indirect weather risks including rising property insurance costs, higher energy expenses, and property repair expenditures from extreme weather events.
Was: The effects of climate change and natural disasters could have a concentrated impact on the area where we operate and could adversely affect our results
- 28% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
We may be adversely affected by trends in office real estate
Updated Bloomberg revenue percentage to approximately 61% and softened work-from-home phrasing to state hybrid schedules have become more common.
Was: We may be adversely affected by trends in office real estate, including work from home trends
- 23% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
We depend upon anchor tenants to attract shoppers at our Rego Park II retail property and decisions made by these tenants, or adverse developments in the businesses of these tenants, could materially affect our financial condition and results of operations
Clarified references from plural retail properties to singular Rego Park II retail property.
Was: We depend upon anchor tenants to attract shoppers at our Rego Park retail properties and decisions made by these tenants, or adverse developments in the businesses of these tenants, could materially affect our financial condition and results of operations
- 23% rewrittenRISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL
We have outstanding debt, and the amount of debt and its cost may increase; refinancing may not be available on acceptable terms and could affect our future operations
Updated total mortgages payable down to $836,691,000 as of December 31, 2025, and the debt-to-enterprise-value ratio down to 46%.
Was: We have outstanding debt, and the amount of debt and its cost may continue to increase and refinancing may not be available on acceptable terms, which could affect our future operations
- 21% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
We may be unable to renew leases, lease vacant space or relet space as leases expire on favorable terms
- 21% rewrittenRISKS RELATED TO OUR BUSINESS AND OPERATIONS
All of our properties are in New York City and are affected by the economic cycles and risks inherent to this area
All 36 risk factors
Headings as the filing states them, in filing order.
RISKS RELATED TO OUR BUSINESS AND OPERATIONS
- 01We may be adversely affected by trends in office real estate28% rewritten
- 02All of our properties are in New York City and are affected by the economic cycles and risks inherent to this area21% rewritten
- 03We are subject to risks that affect the general and New York City retail environments
- 04The value of our real estate and the value of an investment in us fluctuates depending on conditions in the general economy and the real estate business. These conditions may also adversely impact our revenues and cash flows
- 05Real estate is a competitive business and that competition may adversely impact us
- 06We may be unable to renew leases, lease vacant space or relet space as leases expire on favorable terms21% rewritten
- 07731 Lexington Avenue accounts for a majority of our revenues. Loss of or damage to the building would adversely affect our financial condition and results of operations58% rewritten
- 08Bloomberg represents a majority of our revenues. Loss of Bloomberg as a tenant or deterioration in Bloomberg’s credit quality could adversely affect our financial condition and results of operations51% rewritten
- 09We depend upon anchor tenants to attract shoppers at our Rego Park II retail property and decisions made by these tenants, or adverse developments in the businesses of these tenants, could materially affect our financial condition and results of operations23% rewritten
- 10Bankruptcy or insolvency of tenants may decrease our revenues, net income and available cash
- 11Some of our potential losses may not be covered by insurance
- 12Actual or threatened terrorist attacks or other criminal acts may adversely affect the value of our properties and our ability to generate cash flow
- 13The effects of climate change and natural disasters could have a concentrated impact on the area where we operate and could adversely impact our results33% rewritten
- 14Our properties are subject to transitional risks related to climate-related policy change38% rewritten
- 15Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate
- 16Significant inflation and increases in the inflation rate could adversely affect our business and financial results
- 17We may acquire, develop, or redevelop properties and this may create risks
- 18We are exposed to risks associated with property development, redevelopment and repositioning that could adversely affect us, including our financial condition and results of operations
- 19It may be difficult to sell real estate on a timely basis, which may limit our flexibility
RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL
- 20Capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our common stock
- 21We have outstanding debt, and the amount of debt and its cost may increase; refinancing may not be available on acceptable terms and could affect our future operations23% rewritten
- 22If a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in our loss of the property66% rewritten
- 23Our existing financing documents contain covenants and restrictions that may restrict our operational and financial flexibility
- 24The hedge instruments we may use to manage our exposure to interest rate volatility involve risks
RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE
- 25Alexander’s charter documents and applicable laws may hinder any attempt to acquire us
- 26Steven Roth, Vornado and Interstate may exercise substantial influence over us. They and some of our other directors and officers have interests or positions in other entities that may compete with us
- 27There may be conflicts of interest between Vornado, its affiliates and us
RISKS RELATED TO TECHNOLOGY, CYBERSECURITY AND DATA PROTECTION
- 28For additional information on our cybersecurity risk management process, see “Item 1C. Cybersecurity.”New
RISKS RELATED TO OUR COMMON STOCK
- 29The trading price of our common stock has been volatile and may continue to fluctuate
- 30Alexander’s has additional shares of its common stock available for future issuance, which could decrease the market price of the common stock currently outstanding
- 31Loss of our key personnel could harm our operations and adversely affect the value of our common stock
RISKS RELATED TO REGULATORY COMPLIANCE
- 32We may fail to qualify or remain qualified as a REIT, and may be required to pay federal income taxes at corporate rates, which could adversely impact the value of our common stock
- 33We may face possible adverse federal tax audits and changes in federal tax laws, which may result in an increase in our tax liability
- 34We may face possible adverse state and local tax audits and changes in state and local tax law
- 35Compliance or failure to comply with the Americans with Disabilities Act (“ADA”) or other safety regulations and requirements could result in substantial costs
- 36We may incur significant costs to comply with environmental laws and environmental contamination may impair our ability to lease and/or sell real estate
Other Alexanders 10-Ks
- FY2024 10-K risk factors35 risks
Concentrated revenue risk from a single New York City property and single tenant, Bloomberg. Exposure to office and retail market volatility, high debt, and interest rate risks.
Filed Feb 10, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.