Contact: JOSEPH MACNOW (201) 587-8541 MARCH 01, 2001 Alexander's, Inc. operating results for the year ended December 31, 2000 PARAMUS, NEW JERSEY..........ALEXANDER'S, INC. (New York Stock Exchange: ALX) today reported that funds from operations for the year ended December 31, 2000 was $5,474,000, or $1.09 per diluted share, compared to $9,896,000, or $1.97 per diluted share, for the year ended December 31, 1999. Net income for the year ended December 31, 2000 was $5,197,000, or $1.04 per diluted share, versus net income of $5,524,000, or $1.10 per diluted share, for the year ended December 31, 1999. Funds from operations for the quarter ended December 31, 2000 was $9,468,000, or $1.89 per diluted share, compared to $1,665,000, or $.33 per diluted share, for the prior year's period. Net income for the quarter ended December 31, 2000 was $8,960,000, or $1.79 per diluted share, compared to net income of $78,000, or $.02 per diluted share, for the prior year's quarter. Both funds from operations and net income for the three months ended December 31, 2000, include $6,864,000, or $1.37 per diluted share, representing the reversal of all stock appreciation rights expense previously recorded in 2000. Further, net income for the year ended December 31, 1999 is after a charge of $4,877,000, or $.97 per diluted share, resulting from the write-off of the asset arising from the straight-lining of rents primarily as a result of Caldor's rejection of its Flushing lease, of which $1,877,000, or $.37 per diluted share, was recognized in the quarter ended December 31, 1999. Further, Patrick T. Hogan will serve as Vice President and Chief Financial Officer. Joseph Macnow will serve as Executive Vice President – Finance and Administration. Mr. Hogan comes to Alexander's from Correctional Properties Trust, where he was Vice President and Chief Financial Officer. 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. ###