DivestmentMay 4, 2026, 08:32 AM
Alexanders to Sell Rego Park I for $235.5M; Q1 Net Income Down 62%
AI Summary
Alexanders Inc. announced an agreement to sell its Rego Park I shopping center for $235.5 million, expecting a financial statement gain of approximately $147 million upon closing in Q3 2026. For the first quarter of 2026, the company reported a significant decline in net income to $4.66 million, down 62% from $12.31 million in the prior year, with diluted EPS falling to $0.91 from $2.40. Rental revenues decreased by $1.5 million to $53.41 million, primarily due to lease expirations and lower tenant receivables. Additionally, Alexanders amended its lease with Bloomberg, providing a $56.8 million rent abatement.
Key Highlights
- Agreement to sell Rego Park I shopping center for $235.5 million.
- Expected financial statement gain of approximately $147 million from the sale.
- Q1 2026 net income decreased 62% to $4.66 million from $12.31 million YoY.
- Diluted EPS fell to $0.91 in Q1 2026 from $2.40 in Q1 2025.
- Rental revenues decreased 2.7% to $53.41 million in Q1 2026.
- FFO decreased 35.9% to $13.36 million, or $2.60 per diluted share.
- Amended Bloomberg lease includes a $56.8 million rent abatement.
- Paid quarterly dividends of $4.50 per common share.