Alexander's Q1 Net Income Down 62% to $4.7M, FFO Falls 36%
Alexander’s reported net income of $4.7 million, or $0.91 per share, in Q1 2026 compared to $12.3 million, or $2.40 per share, a 62% drop year-over-year. Funds from operations fell to $13.4 million, or $2.60 per share, from $20.8 million, or $4.06 per share, in Q1 2025.
1. First-Quarter Earnings
Alexander’s net income for Q1 2026 was $4.7 million ($0.91 per diluted share) on revenues of $53.4 million, down from $12.3 million ($2.40 per share) and $54.9 million a year earlier. FFO totaled $13.4 million ($2.60 per share), versus $20.8 million ($4.06 per share) in Q1 2025.
2. Depreciation and FFO Reconciliation
Depreciation and amortization of real property added back to reconcile net income to FFO totaled $8.7 million compared to $8.5 million in Q1 2025. The company follows NAREIT’s FFO definition, adjusting GAAP net income for non-cash items to facilitate performance comparisons.
3. Share Performance
Alexander’s shares have risen 12% year-to-date and 14% over the past 12 months, reflecting investor response to portfolio performance across its five New York City properties.