Alexander's Inc reported a sharp decline in Q1 2026 net income and FFO, driven by the absence of Home Depot's sizable lease revenue and a significant rent abatement granted to Bloomberg L.P. The company continues to rely heavily on Bloomberg as its anchor tenant, accounting for over 60% of rental revenues, underscoring tenant concentration risks. Portfolio adjustments include the pending sale of the vacant Rego Park I shopping center, with proceeds expected in Q3 2026. Despite these near-term impacts, strong occupancy rates and long-term lease extensions bolster revenue visibility, with liquidity supported by cash reserves and refinancing efforts.