Contact: JOSEPH MACNOW (201) 587-8541 NOVEMBER 01, 2001 Alexander's, Inc. operating results for the quarter ended September 30, 2001 PARAMUS, NEW JERSEY ..........ALEXANDER'S, INC. (New York Stock Exchange: ALX) today reported that funds from operations for the quarter ended September 30, 2001 was $3,117,000, or $.62 per diluted share, compared to funds used in operations of $5,396,000, or $1.08 per diluted share, for the quarter ended September 30, 2000. Net income for the quarter ended September 30, 2001 was $2,242,000, or $.45 per diluted share, versus net loss of $5,423,000, or $1.08 per diluted share, for the quarter ended September 30, 2000. Funds from operations for the nine months ended September 30, 2001 was $9,731,000, or $1.95 per diluted share, compared to funds used in operations of $3,994,000, or $.80 per diluted share, for the nine months ended September 30, 2000. Net income for the nine months ended September 30, 2001 was $29,919,000, or $5.98 per diluted share, versus net loss of $3,763,000, or $.75 per diluted share, for the nine months ended September 30, 2000. Net income for the nine months ended September 30, 2001 includes a gain on sale of the Fordham Road property of $19,026,000, or $3.80 per diluted share, and an extraordinary gain of $3,534,000, or $.71 per diluted share, resulting from early extinguishment of debt. Funds from operations does not include these items. In addition, both funds used in operations and net loss, for the three and nine months ended September 30, 2000, are after a charge of $5,881,000, or $1.18 per diluted share, and $6,864,000, or $1.37 per diluted share, respectively, relating to stock appreciation rights expense which resulted from an increase in Alexander's stock price. There is no such expense in 2001. Alexander's, Inc. is a real estate investment trust which has seven properties in the greater New York City metropolitan area. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. ###