Alexander’s Inc. (NYSE: ALX) extends $300M 731 Lexington loan to 2035

Rhea-AI Filing Summary

Alexander’s, Inc. is restructuring the $300,000,000 mortgage on the retail condominium units at its 731 Lexington Avenue property. Two wholly owned subsidiaries entered into an amended and restated loan agreement that extends the debt maturity to December 23, 2035.

The original loan is now split into a $132,500,000 Senior Note (A‑Note) with current interest at 7.00% and a $167,500,000 Junior Note (C‑Note) with 4.55% interest that is not paid currently. Alexander’s subsidiary ALX Rego also provided a separate B‑Note facility for capital and re‑leasing costs and A‑Note interest, accruing 13.5% interest (with amounts above $65 million used to pay A‑Note interest accruing at 7.00%), also maturing in 2035.

ALX Rego purchased the A‑Note at par from the prior lenders, while those lenders retain the C‑Note. Cash flows from the property will be applied first to repay the A‑Note, then the B‑Note, and finally shared 70% to the C‑Note and 30% to the borrower. After a qualified refinancing or sale following the third anniversary, any remaining unpaid debt after this waterfall will be forgiven. The amended loan is non‑recourse to Alexander’s, subject to limited “bad‑boy” carveouts.

Insights

Real estate credit analyst

Alexander’s extends 731 Lexington debt to 2035 and reshapes risk between itself and existing lenders.

The company’s subsidiaries have restructured the $300,000,000 mortgage on the 731 Lexington Avenue retail condominium into a senior A‑Note, a junior C‑Note, and an intermediate B‑Note. The A‑Note of $132,500,000 at 7.00% is now held by wholly owned subsidiary ALX Rego, while the existing lenders retain the $167,500,000 C‑Note at 4.55%. All instruments mature on December 23, 2035, providing long‑dated financing on this key property.

The new B‑Note lets ALX Rego fund capital and re‑leasing costs and A‑Note interest, at 13.5% (or 7.00% on certain advances above $65 million). Property cash flows now follow a defined waterfall: A‑Note, then B‑Note, then 70% to the C‑Note and 30% to the borrower. In a qualified refinancing or sale after the third anniversary of the amended agreement, any debt left after this waterfall will be forgiven, shifting some long‑term downside to the junior lenders. The structure is stated to be non‑recourse to Alexander’s, apart from limited “bad‑boy” carveouts.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

0000003499false00000034992025-12-232025-12-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

December 23, 2025

ALEXANDERS INC

(Exact Name of Registrant as Specified in Charter)

Delaware

001-06064

51-0100517

(State or Other

(Commission

(IRS Employer

Jurisdiction of Incorporation)

File Number)

Identification No.)

210 Route 4 East

Paramus,

New Jersey

07652

(Address of Principal Executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (201) 587-8541

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

ALX

New York Stock Exchange

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 1.01    Entry into a Material Definitive Agreement.                               

On December 23, 2025, 731 Retail One LLC and 731 Commercial LLC, wholly-owned subsidiaries of Alexander’s, Inc. (the “Company”) and the borrowers (the “Borrower”) under the $300,000,000 mortgage loan (the “Original Loan”) on the retail condominium units of the Company’s 731 Lexington Avenue property (the “Property”), entered into an amended and restated loan agreement with the lenders named therein to restructure and extend the loan to December 23, 2035 (the “Amended Loan Agreement”).

Under the Amended Loan Agreement, the Original Loan has been restructured into a $132,500,000 Senior Note (the “A-Note”) accruing interest (to be paid current) at 7.00% per annum and a $167,500,000 Junior Note (the “C-Note”) accruing interest (not paid current) at 4.55% per annum.

On December 23, 2025, the Borrower also entered into an Intermediate Loan Agreement (the “B-Note”) with ALX Rego Holdings LLC, a wholly-owned subsidiary of the Company, as lender (“ALX Rego”) that also matures on December 23, 2035. Under the B-Note, funds loaned by ALX Rego to the Borrower, for capital and re-leasing expenses at the Property, and to fund interest on the A-Note, accrue interest (not paid current) at 13.5% per annum; provided that, to the extent more than $65 million has been funded under the B-Note, any additional advances under the B-Note that are used to pay interest on the A-Note will accrue interest at 7.00% per annum.

In connection with the loan restructuring, on December 23, 2025, ALX Rego purchased the A-Note from the existing lenders under the Original Loan at par. The C-Note remains held by the existing lenders under the Original Loan (the “Junior Lenders”).

Pursuant to the terms of the Amended Loan Agreement, all available cash, sales proceeds or refinancing proceeds shall be distributed as follows, after payment of expenses:

•First, to the A-Note for the payment of the outstanding principal and any accrued but unpaid interest;

•Second, to the B-Note for the payment of the outstanding principal and accrued interest; and

•Third, on a pari passu basis,

◦70% to the C-Note for the payment of outstanding principal and accrued interest, and

◦30% to Borrower.

In the event of a qualified refinancing transaction (which for these purposes shall be based upon the value of the Property as set forth in the appraisal for such qualified refinancing transaction following the 3rd anniversary of the Amended Loan Agreement) or sale, following application of the proceeds in accordance with the foregoing waterfall, any outstanding indebtedness that remains unpaid after such application shall be forgiven.

The Amended Loan Agreement contains certain limited covenants for the benefit of the C-Note and is non-recourse to the Company, subject to limited carveouts for certain “bad-boy” acts.

This disclosure summarizes the material provisions of the Amended Loan Agreement. This summary is qualified in its entirety by reference to the full text of the Amended Loan Agreement which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

A copy of the Company’s press release announcing this transaction is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03    Creation of a Direct Financial Obligations or an Obligation under and Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference to this Item 2.03.

Item 9.01.    Financial Statements and Exhibits. 

Exhibit No.

Description

99.1

Press Release, dated December 29, 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ALEXANDER’S, INC.
			(Registrant)
						By:			/s/ Gary Hansen
						Name:			Gary Hansen
						Title:			Chief Financial Officer (duly authorized officer and principal financial and accounting officer)

Date: December 29, 2025

3

FAQ

What transaction did Alexander’s Inc. (ALX) enter into regarding 731 Lexington Avenue?

Alexander’s subsidiaries entered into an amended and restated loan agreement that restructures the existing $300,000,000 mortgage on the retail condominium units at 731 Lexington Avenue and extends the maturity to December 23, 2035.

How was the original $300,000,000 loan on Alexander’s (ALX) 731 Lexington property restructured?

The original loan was split into a $132,500,000 Senior Note (A‑Note) accruing 7.00% interest paid currently and a $167,500,000 Junior Note (C‑Note) accruing 4.55% interest that is not paid currently.

What is the B-Note in Alexander’s (ALX) 731 Lexington financing and its interest rate?

The B‑Note is an intermediate loan from ALX Rego to the borrower for capital and re‑leasing expenses at the property and to fund A‑Note interest. It accrues interest at 13.5%, with any amounts above $65 million used to pay A‑Note interest accruing at 7.00%, and it matures on December 23, 2035.

Who holds the A-Note and C-Note after Alexander’s (ALX) loan restructuring?

ALX Rego, a wholly owned subsidiary of Alexander’s, purchased the A‑Note at par from the existing lenders. The existing lenders under the original loan remain holders of the C‑Note.

How are cash flows from Alexander’s (ALX) 731 Lexington property allocated under the new structure?

After expenses, cash, sales proceeds, or refinancing proceeds go first to repay A‑Note principal and interest, second to repay B‑Note principal and interest, and third are shared 70% to repay C‑Note principal and interest and 30% to the borrower.

Can any of the restructured debt on Alexander’s (ALX) 731 Lexington property be forgiven?

Yes. In a qualified refinancing transaction or sale after the third anniversary of the amended loan agreement, any outstanding indebtedness remaining after applying proceeds through the stated waterfall will be forgiven.

Is the amended 731 Lexington loan recourse to Alexander’s Inc. (ALX)?

The amended loan is described as non‑recourse to Alexander’s, subject to limited carveouts for specified “bad‑boy” acts that can create recourse liability.