REVENUE RECOGNITION
The following is a summary of revenue sources for the years ended December 31, 2025, 2024 and 2023.
Year Ended December 31,
(Amounts in thousands)202520242023
Lease revenues$204,181 $217,656 $216,468 
Parking revenue4,941 4,751 4,456 
Tenant services4,061 3,967 4,038 
Rental revenues$213,183 $226,374 $224,962 
The components of lease revenues for the years ended December 31, 2025, 2024 and 2023 are as follows:
Year Ended December 31,
(Amounts in thousands)202520242023
Fixed lease revenues$136,521 $147,903 $147,569 
Variable lease revenues67,660 69,753 68,899 
Lease revenues$204,181 $217,656 $216,468 
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About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.