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EXHIBIT INDEX ON PAGE 21

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q

|  |  |                                                                                        
|- |  | ---------------------------------------------------------------------------------------
|x |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2003

or

|  |  |                                                                                         
|- |  | ----------------------------------------------------------------------------------------
|o |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number 001-6064

ALEXANDERS, INC.




(Exact name of registrant as specified in its charter)


|                                                               |  |                                        
|-------------------------------------------------------------- |  | ---------------------------------------
|Delaware                                                       |  | 51-0100517                             
|                                                               |  |                                        
|(State or other jurisdiction of incorporation
or organization) |  | (I.R.S. Employer
Identification Number)
|                                                               |  |                                        
|888 Seventh Avenue, New York, New York                         |  | 10019                                  
|                                                               |  |                                        
|(Address of principal executive offices)                       |  | (Zip Code)                             

(212) 894-7000




(Registrants telephone number, including area code)


N/A




(Former name, former address and former fiscal year, if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

[X] Yes [ ] No

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

[X] Yes [ ] No

As of October 24, 2003, there were 5,000,850 shares of common stock, par value
$1 per share outstanding.





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TABLE OF CONTENTS



|                                                   |                                                                                               |                                            |  |  |  |  |  | 
|-------------------------------------------------- | --------------------------------------------------------------------------------------------- | ------------------------------------------ |  |  |  |  |  | 
|PART I. FINANCIAL INFORMATION                     
|                                                   | Item 1. Financial Statements                                                                 
|                                                   |                                                                                               | CONSOLIDATED BALANCE SHEETS               
|                                                   |                                                                                               | CONSOLIDATED STATEMENTS OF OPERATIONS     
|                                                   |                                                                                               | CONSOLIDATED STATEMENTS OF CASH FLOWS     
|                                                   |                                                                                               | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|                                                   | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
|                                                   | Item 3. Quantitative and Qualitative Disclosures About Market Risk                           
|                                                   | Item 4. Controls and Procedures                                                              
|PART II. OTHER INFORMATION                        
|                                                   | Item 1. Legal Proceedings                                                                    
|                                                   | Item 6. Exhibits and Reports on Form 8-K                                                     
|SIGNATURES                                        
|EXHIBIT INDEX                                     
|EX-15.1 LETTER RE UNAUDITED INTERIM FINANCIAL INFO
|EX-31.1 CERTIFICATION                             
|EX-31.2 CERTIFICATION                             
|EX-32.1 CERTIFICATION                             
|EX-32.2 CERTIFICATION                             



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ALEXANDERS, INC. AND SUBSIDIARIES
INDEX

|              |  |  |  |         |    |                                                                                       |  |                                                                                        |    |             |    | 
|------------- |  |  |  | ------- | -- | ------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------- | -- | ----------- | -- | 
|              |  |  |  |         |    |                                                                                       |  |                                                                                        |    | Page Number
|              |  |  |  |         |    |                                                                                       |  |                                                                                        |    |            
|PART I        |  |  |  |         |    | Financial Information:                                                                |  |                                                                                        |    |            
|              |  |  |  | Item 1. |    | Financial Statements:                                                                 |  |                                                                                        |    |            
|              |  |  |  |         |    |                                                                                       |  | Consolidated Balance Sheets as of September 30, 2003 (unaudited) and December 31, 2002 |    |             | 3  | 
|              |  |  |  |         |    |                                                                                       |  | Consolidated Statements of Operations (unaudited) for the Three and Nine Months        |    |             |    | 
|              |  |  |  |         |    |                                                                                       |  | Ended September 30, 2003 and September 30, 2002                                        |    |             | 4  | 
|              |  |  |  |         |    |                                                                                       |  | Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended            |    |             |    | 
|              |  |  |  |         |    |                                                                                       |  | September 30, 2003 and September 30, 2002                                              |    |             | 5  | 
|              |  |  |  |         |    |                                                                                       |  | Notes to Consolidated Financial Statements (unaudited)                                 |    |             | 6  | 
|              |  |  |  |         |    |                                                                                       |  | Independent Accountants Report                                                        |    |             | 12 | 
|              |  |  |  | Item 2. |    | Managements Discussion and Analysis of Financial Condition and Results of Operations |  |                                                                                        | 13 |            
|              |  |  |  | Item 3. |    | Quantitative and Qualitative Disclosures About Market Risk                            |  |                                                                                        | 18 |            
|              |  |  |  | Item 4. |    | Controls and Procedures                                                               |  |                                                                                        | 18 |            
|PART II       |  |  |  |         |    | Other Information:                                                                    |  |                                                                                        |    |            
|              |  |  |  | Item 1. |    | Legal Proceedings                                                                     |  |                                                                                        | 19 |            
|              |  |  |  | Item 6. |    | Exhibits and Reports on Form 8-K                                                      |  |                                                                                        | 19 |            
|Signatures    |  |  |  |         | 20 |                                                                                      
|Exhibit Index |  |  |  |         | 21 |                                                                                      

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PART I. FINANCIAL INFORMATION
  Item 1. Financial Statements




ALEXANDERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands except share amounts)

|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |         |         | 
|------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | ----------- | ------- | ------------- | ------- | ------------ | ------- | ------- | ------- | 
|                                                                                                                    |                                                                                                      |             |         | September 30, |         | December 31,
|                                                                                                                    |                                                                                                      |             |         | 2003          |         | 2002        
|                                                                                                                    |                                                                                                      |             |         |               |         |             
|ASSETS:                                                                                                             |                                                                                                      | (Unaudited) |         |               |         |             
|Real estate, at cost:                                                                                               |                                                                                                      |             |         |               |         |              |         |        
|                                                                                                                    | Land                                                                                                 |             | $       | 90,768        |         |              | $       | 90,768  |        
|                                                                                                                    | Buildings, leaseholds and leasehold improvements                                                     |             |         | 176,581       |         |              |         | 176,581 |        
|                                                                                                                    | Construction in progress (including fees to Vornado Realty Trust
(Vornado) of $21,897 and $13,325) |             |         | 518,383       |         |              |         | 315,781 |        
|                                                                                                                    | Air rights acquired for Lexington Avenue Development                                                 |             |         | 17,531        |         |              |         | 17,531  |        
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|                                                                                                                    |                                                                                                      | Total       |         |               | 803,263 |              |         |         | 600,661 | 
|                                                                                                                    | Less accumulated depreciation and amortization                                                       |             |         | (61,011       | )       |              |         | (57,686 | )      
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|                                                                                                                    | Real estate, net                                                                                     |             |         | 742,252       |         |              |         | 542,975 |        
|Cash and cash equivalents                                                                                           |                                                                                                      |             | 20,660  |               |         |              | 45,239  |        
|Escrow deposits and restricted cash                                                                                 |                                                                                                      |             | 10,395  |               |         |              | 2,425   |        
|Accounts receivable, net of allowance for doubtful accounts
of $190 and $96                                         |                                                                                                      |             | 1,552   |               |         |              | 2,508   |        
|Receivable arising from the straight-lining of rents                                                                |                                                                                                      |             | 21,983  |               |         |              | 20,670  |        
|Deferred lease and other property costs (including unamortized
leasing fees to Vornado of $14,401 and $14,837), net |                                                                                                      |             | 27,098  |               |         |              | 27,765  |        
|Deferred debt expense, net                                                                                          |                                                                                                      |             | 11,753  |               |         |              | 14,619  |        
|Other assets                                                                                                        |                                                                                                      |             | 6,193   |               |         |              | 8,711   |        
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|TOTAL ASSETS                                                                                                        |                                                                                                      | $           | 841,886 |               |         | $            | 664,912 |        
|LIABILITIES AND STOCKHOLDERS EQUITY:                                                                               |                                                                                                      |             |         |               |         |              |         |        
|Debt (including $124,000 and $119,000 due to Vornado)                                                               |                                                                                                      | $           | 678,553 |               |         | $            | 543,807 |        
|Amounts due to Vornado                                                                                              |                                                                                                      |             | 18,984  |               |         |              | 11,294  |        
|Accounts payable and accrued expenses                                                                               |                                                                                                      |             | 50,712  |               |         |              | 36,895  |        
|Other liabilities (including $28,631 for stock appreciation rights at
September 30, 2003)                           |                                                                                                      |             | 38,124  |               |         |              | 4,251   |        
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|TOTAL LIABILITIES                                                                                                   |                                                                                                      |             | 786,373 |               |         |              | 596,247 |        
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|COMMITMENTS AND CONTINGENCIES                                                                                       |                                                                                                      |             |         |               |         |              |         |        
|STOCKHOLDERS EQUITY:                                                                                               |                                                                                                      |             |        |               |         |              |        |        
|Preferred stock: no par value; authorized, 3,000,000 shares;
issued, none                                           |                                                                                                      |             |         |               |         |              |         |        
|Common stock: $1.00 par value per share; authorized, 10,000,000 shares;
issued, 5,173,450 shares                    |                                                                                                      |             | 5,174   |               |         |              | 5,174   |        
|Additional paid-in capital                                                                                          |                                                                                                      |             | 24,843  |               |         |              | 24,843  |        
|Retained earnings                                                                                                   |                                                                                                      |             | 26,456  |               |         |              | 39,608  |        
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|                                                                                                                    |                                                                                                      |             | 56,473  |               |         |              | 69,625  |        
|Less treasury shares, 172,600 shares at cost                                                                        |                                                                                                      |             | (960    | )             |         |              | (960    | )      
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|Total stockholders equity                                                                                          |                                                                                                      |             | 55,513  |               |         |              | 68,665  |        
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |        
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                                                                          |                                                                                                      | $           | 841,886 |               |         | $            | 664,912 |        
|                                                                                                                    |                                                                                                      |             |         |               |         |              |         |         |        

See notes to consolidated financial statements.

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ALEXANDERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(amounts in thousands except per share amounts)

|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |   |         |      | 
|----------------------- | ------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------- | - | -------------------------- | ----- | ------------------------- | - | ------ | ---- | ------- | - | ------- | ----- | ------ | - | ------- | ---- | 
|                        |                                                         |                                                                                                                                              |                                          |   | For The Three Months Ended |       | For The Nine Months Ended
|                        |                                                         |                                                                                                                                              |                                          |   | September 30,              |       | September 30,            
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                          
|                        |                                                         |                                                                                                                                              |                                          |   | 2003                       |       | 2002                      |   | 2003   |      | 2002   
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |        
|REVENUES:               |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|                        |                                                         | Property rentals                                                                                                                             |                                          | $ | 12,478                     |       |                           | $ | 12,261 |      |         | $ | 38,259  |       |        | $ | 37,600  |     
|                        |                                                         | Expense reimbursements                                                                                                                       |                                          |   | 7,424                      |       |                           |   | 7,136  |      |         |   | 21,522  |       |        |   | 19,430  |     
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|Total revenues          |                                                         |                                                                                                                                              | 19,902                                   |   |                            |       | 19,397                    |   |        |      | 59,781  |   |         |       | 57,030 |  
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|EXPENSES:               |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|                        |                                                         | Operating (including management fees to Vornado
of $365 and $360 in each three month period and
$1,096 and $1,079 in each nine month period) |                                          |   | 9,491                      |       |                           |   | 8,979  |      |         |   | 27,919  |       |        |   | 23,967  |     
|                        |                                                         | General and administrative (including management
fees to Vornado of $540 and $1,620 in each
three and nine month period)                     |                                          |   | 19,668                     |       |                           |   | (3,267 | )    |         |   | 31,534  |       |        |   | 2,777   |     
|                        |                                                         | Depreciation and amortization                                                                                                                |                                          |   | 1,790                      |       |                           |   | 1,647  |      |         |   | 5,046   |       |        |   | 4,909   |     
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|Total expenses          |                                                         |                                                                                                                                              | 30,949                                   |   |                            |       | 7,359                     |   |        |      | 64,499  |   |         |       | 31,653 |  
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|OPERATING (LOSS) INCOME |                                                         |                                                                                                                                              | (11,047                                  | ) |                            |       | 12,038                    |   |        |      | (4,718  | ) |         |       | 25,377 |  
|                        |                                                         | Interest and debt expense
(including interest on loans from Vornado)                                                                         |                                          |   | (2,674                     | )     |                           |   | (5,745 | )    |         |   | (8,933  | )     |        |   | (18,479 | )   
|                        |                                                         | Interest and other income, net                                                                                                               |                                          |   | 161                        |       |                           |   | 494    |      |         |   | 499     |       |        |   | 1,696   |     
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|                        |                                                         | (Loss) income from continuing operations                                                                                                     |                                          |   | (13,560                    | )     |                           |   | 6,787  |      |         |   | (13,152 | )     |        |   | 8,594   |     
|                        |                                                         | Income from discontinued operations                                                                                                          |                                          |   |                           |       |                           |   | 10,593 |      |         |   |        |       |        |   | 11,184  |     
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|NET (LOSS) INCOME       |                                                         | $                                                                                                                                            | (13,560                                  | ) |                            | $     | 17,380                    |   |        | $    | (13,152 | ) |         | $     | 19,778 |  
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |   |         |     
|                        | Net (loss) income per common share (basic and diluted): |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |   |        
|                        |                                                         |                                                                                                                                              | (Loss) income from continuing operations |   | $                          | (2.71 | )                         |   | $      | 1.36 |         |   | $       | (2.63 | )      |   | $       | 1.72 | 
|                        |                                                         |                                                                                                                                              | Income from discontinued operations      |   |                            |      |                           |   |        | 2.12 |         |   |         |      |        |   |         | 2.23 | 
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |  
|                        |                                                         |                                                                                                                                              | Net (loss) income per common share       |   | $                          | (2.71 | )                         |   | $      | 3.48 |         |   | $       | (2.63 | )      |   | $       | 3.95 | 
|                        |                                                         |                                                                                                                                              |                                          |   |                            |       |                           |   |        |      |         |   |         |       |        |   |         |     

See notes to consolidated financial statements.

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ALEXANDERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(amounts in thousands)

|                                                                                                                 |                                                                        |      |                           |          |   |   |         |         |  
|---------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- | ---- | ------------------------- | -------- | - | - | ------- | ------- | -
|                                                                                                                 |                                                                        |      | For The Nine Months Ended
|                                                                                                                 |                                                                        |      | September 30,            
|                                                                                                                 |                                                                        |      |                          
|Cash Flows From Operating Activities:                                                                            |                                                                        | 2003 |                           | 2002    
|                                                                                                                 |                                                                        |      |                           |          |  
|(Loss) income from continuing operations                                                                         |                                                                        | $    | (13,152                   | )        |   | $ | 8,594   |        
|Adjustments to reconcile (loss) income from continuing operations
to net cash
provided by continuing operations: |                                                                        |      |                           |          |   |   |         |        
|                                                                                                                 | Depreciation and amortization (including debt issuance costs)          |      |                           | 7,912    |   |   |         | 6,270   |  
|                                                                                                                 | Straight-lining of rental income                                       |      |                           | (1,313   | ) |   |         | (2,333  | )
|                                                                                                                 | Stock appreciation rights compensation expense                         |      |                           | 28,631   |   |   |         |        |  
|Change in operating assets and liabilities:                                                                      |                                                                        |      |                           |          |   |   |         |        
|                                                                                                                 | Accounts receivable, net                                               |      |                           | 956      |   |   |         | (252    | )
|                                                                                                                 | Amounts due to Vornado                                                 |      |                           | (382     | ) |   |         | (1,589  | )
|                                                                                                                 | Accounts payable and accrued expenses                                  |      |                           | (289     | ) |   |         | (1,158  | )
|                                                                                                                 | Other liabilities                                                      |      |                           | (267     | ) |   |         | (681    | )
|                                                                                                                 | Other                                                                  |      |                           | 1,463    |   |   |         | (1,173  | )
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net cash provided by continuing operations                                                                       |                                                                        |      | 23,559                    |          |   |   | 7,678   |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|(Loss) income from discontinued operations                                                                       |                                                                        |      |                          |          |   |   | 11,184  |        
|                                                                                                                 | Depreciation and amortization                                          |      |                           |         |   |   |         | 35      |  
|                                                                                                                 | Gain on sale of Third Avenue property                                  |      |                           |         |   |   |         | (10,366 | )
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net cash provided by discontinued operations                                                                     |                                                                        |      |                          |          |   |   | 853     |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net cash provided by operating activities                                                                        |                                                                        |      | 23,559                    |          |   |   | 8,531   |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Cash Flows From Investing Activities:                                                                            |                                                                        |      |                           |          |   |   |         |        
|Cash flow from continuing operations:                                                                            |                                                                        |      |                           |          |   |   |         |        
|                                                                                                                 | Additions to real estate                                               |      |                           | (180,423 | ) |   |         | (84,759 | )
|                                                                                                                 | Cash restricted for operating liabilities                              |      |                           | (8,074   | ) |   |         | (5,711  | )
|                                                                                                                 | Deposit on sale of Flushing property                                   |      |                           |         |   |   |         | 1,875   |  
|                                                                                                                 | Restricted cash made available for operating activities                |      |                           | 5,613    |   |   |         | 4,945   |  
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net cash used in continuing operations                                                                           |                                                                        |      | (182,884                  | )        |   |   | (83,650 | )      
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Cash flow from discontinued operations:                                                                          |                                                                        |      |                           |          |   |   |         |        
|                                                                                                                 | Proceeds from sale of Third Avenue property                            |      |                           |         |   |   |         | 13,176  |  
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net cash provided by discontinued operations                                                                     |                                                                        |      |                          |          |   |   | 13,176  |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net cash used in investing activities                                                                            |                                                                        |      | (182,884                  | )        |   |   | (70,474 | )      
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Cash Flows From Financing Activities:                                                                            |                                                                        |      |                           |          |   |   |         |        
|                                                                                                                 | Issuance of debt (including $5,000 and $0 from Vornado in
each period) |      |                           | 136,756  |   |   |         | 55,500  |  
|                                                                                                                 | Debt repayments                                                        |      |                           | (2,010   | ) |   |         | (26,864 | )
|                                                                                                                 | Deferred debt expense                                                  |      |                           |         |   |   |         | (11,111 | )
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net cash provided by financing activities                                                                        |                                                                        |      | 134,746                   |          |   |   | 17,525  |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Net decrease in cash and cash equivalents                                                                        |                                                                        |      | (24,579                   | )        |   |   | (44,418 | )      
|Cash and cash equivalents at beginning of period                                                                 |                                                                        |      | 45,239                    |          |   |   | 135,258 |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Cash and cash equivalents at end of period                                                                       |                                                                        | $    | 20,660                    |          |   | $ | 90,840  |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        
|Supplemental Disclosure of Cash Flow Information:                                                                |                                                                        |      |                           |          |   |   |         |        
|Cash payments for interest (of which $28,607 and $16,025
have been capitalized)                                  |                                                                        | $    | 34,444                    |          |   | $ | 34,725  |        
|                                                                                                                 |                                                                        |      |                           |          |   |   |         |        

See notes to consolidated financial statements.

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ALEXANDERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Balance Sheet as of September 30, 2003, the Consolidated
Statements of Operations for the three and nine months ended September 30, 2003
and 2002, and the Consolidated Statements of Cash Flows for the nine months
ended September 30, 2003 and 2002 are unaudited. In the opinion of management,
all adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations and cash flows
have been made. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or
omitted in accordance with Article 10 of Regulation S-X and the instructions to
Form 10-Q. These consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Alexanders, Inc.s Annual Report on Form 10-K for the year
ended December 31, 2002 as filed with the Securities and Exchange Commission.
The results of operations for the three and nine months ended September 30,
2003 are not necessarily indicative of the operating results for the full year.

The accompanying consolidated financial statements include the accounts of
Alexanders, Inc. and its subsidiaries (collectively, the Company). All
significant intercompany amounts have been eliminated. The preparation of
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting periods. Actual results could differ from those estimates.

In accordance with Statement of Financial Accounting Standards (SFAS)
No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets,
effective January 1, 2002, the Company reclassified its statements of
operations to reflect revenue and expenses for properties which are held for
sale or sold during 2002 and thereafter as discontinued operations.

2.     RELATIONSHIP WITH VORNADO REALTY TRUST (Vornado)

Vornado owns 33.1% of the Companys common stock as of September 30, 2003.
Steven Roth is the Chief Executive Officer and a director of the Company, the
Managing General Partner of Interstate Properties (Interstate) and the
Chairman of the Board and the Chief Executive Officer of Vornado. At September
30, 2003, Mr. Roth, Interstate and its other two general partners, David
Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and
trustees of Vornado) owned, in the aggregate, 27.5% of the outstanding common
stock of the Company, in addition to the common stock owned directly by
Vornado, and 12.3% of the outstanding common shares of beneficial interest of
Vornado.

The Company is managed by and its properties are leased by Vornado
pursuant to management, leasing and development agreements with one-year terms
expiring in March of each year, which are automatically renewable. In
conjunction with the closing of the Lexington Avenue construction loan (the
Construction Loan) on July 3, 2002 (see Note 4), these agreements were
bifurcated to cover the Companys Lexington Avenue property separately.
Further, the management and development agreements with Vornado were amended to
provide for a term lasting until substantial completion of the property, with
automatic renewals, and for the payment of the development fee upon the earlier
of January 3, 2006 or the payment in full of the Construction Loan encumbering
the property.

Pursuant to this Construction Loan, Vornado has agreed to guarantee, among
other things, the lien free, timely completion of the construction of the
Lexington Avenue project and funding of project costs in excess of a stated
loan budget, if not funded by the Company (the Completion Guarantee). The
$6,300,000 estimated fee payable by the Company to Vornado for the Completion
Guarantee is 1% of construction costs (as defined) and is due at the same time
that the development fee is due. In addition, if Vornado should advance any
funds under the Completion Guarantee in excess of the $26,000,000, which was
available at July 3, 2002 under the line of credit, discussed below, interest
on those advances would be at 15% per annum.

6



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##### Table of Contents



ALEXANDERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

The other fees payable by the Company to Vornado consist of (i) an annual
management fee of $3,000,000 plus 3% of the gross income from the Kings Plaza
Mall, (ii) a development fee equal to 6% of development costs, as defined, with
a minimum guaranteed fee of $750,000 per annum, and (iii) a leasing fee. The
development fee for the Lexington Avenue project is estimated to be
approximately $26,300,000. At September 30, 2003, the Company owed Vornado
$14,266,000 in development fees. The leasing fee to Vornado is equal to (i) 3%
of the gross proceeds, as defined, from the sale of an asset and (ii) in the
event of a lease or sublease of an asset, 3% of lease rent for the first ten
years of a lease term, 2% of lease rent for the eleventh through the twentieth
years of a lease term and 1% of lease rent for the twenty-first through
thirtieth year of a lease term, subject to the payment of rents by tenants.
Such amounts are payable annually in an amount not to exceed $2,500,000, until
the present value of such installments (calculated at a discount rate of 9% per
annum) equals the amount that would have been paid had they been paid at the
time the transactions which gave rise to the commissions occurred. Pursuant to
the leasing agreement, in the event third-party real estate brokers are used,
the fees to Vornado increase by 1% and Vornado is responsible for the fees to
the third-party real estate brokers.

The following table shows the total amounts incurred under the above
mentioned agreements.

|                                                               |  |                      |       |                     |  |      |       |      |  |   |        |  |  |   |        | 
|-------------------------------------------------------------- |  | -------------------- | ----- | ------------------- |  | ---- | ----- | ---- |  | - | ------ |  |  | - | ------ | 
|                                                               |  | For The Three Months |       | For The Nine Months
|                                                               |  | Ended September 30,  |       | Ended September 30,
|                                                               |  |                      |       |                    
|(amounts in thousands)                                         |  | 2003                 |       | 2002                |  | 2003 |       | 2002
|                                                               |  |                      |       |                     |  |      |       |     
|Management fee                                                 |  | $                    | 905   |                     |  | $    | 900   |      |  | $ | 2,716  |  |  | $ | 2,699  | 
|Development fee,
guarantee fee and
rent for development
office |  |                      | 1,968 |                     |  |      | 4,359 |      |  |   | 8,916  |  |  |   | 7,651  | 
|Leasing and other fees                                         |  |                      | 331   |                     |  |      | 908   |      |  |   | 956    |  |  |   | 2,419  | 
|                                                               |  |                      |       |                     |  |      |       |      |  |   |        |  |  |   |        | 
|                                                               |  | $                    | 3,204 |                     |  | $    | 6,167 |      |  | $ | 12,588 |  |  | $ | 12,769 | 
|                                                               |  |                      |       |                     |  |      |       |      |  |   |        |  |  |   |        | 

At September 30, 2003, the Company was indebted to Vornado in the amount
of $124,000,000 comprised of (i) $95,000,000 financing, and (ii) $29,000,000
under a $50,000,000 line of credit (which carries a 1% unused commitment fee).
The current interest rate on the loan and line of credit is 12.48% and the
maturity has been extended to the earlier of January 3, 2006 or the date the
Construction Loan is repaid in full. The interest rate on the loan and the
line of credit will reset quarterly using a treasury index (with a 3% floor)
plus the same spread to treasuries as previously existed. The Company incurred
interest on its loans from Vornado of $4,010,000 and $3,784,000 in the three
months ended September 30, 2003 and 2002, respectively, and $11,625,000 and
$11,685,000 in the nine months ended September 30, 2003 and 2002, respectively.
At September 30, 2003, $21,000,000 was available under the line of credit.

7



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##### Table of Contents



ALEXANDERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

3. DEBT

Below is a summary of the Companys outstanding debt.

|                                                                                   |  |              |  |               |  |               |  |             
|---------------------------------------------------------------------------------- |  | ------------ |  | ------------- |  | ------------- |  | ------------
|                                                                                   |  |              |  | Interest Rate |  | Balance as of
|                                                                                   |  |              |  | as of         |  |              
|                                                                                   |  |              |  | September     |  | September 30, |  | December 31,
|                                                                                   |  | Maturity     |  | 30, 2003      |  | 2003          |  | 2002        
|                                                                                   |  |              |  |               |  |               |  |             
|(amounts in thousands)                                                             |  |              |  |               |  |               |  |             
|Term loan and line of credit from
Vornado                                          |  | January
2006 |  | 12.48%        |  | $124,000      |  | $119,000    
|First mortgage loan, secured by
the Companys Kings Plaza
Regional Shopping Center |  | June
2011    |  | 7.46%         |  | 217,297       |  | 219,307     
|First mortgage loan, secured by the
Companys Rego Park I Shopping Center          |  | May
2009     |  | 7.25%         |  | 82,000        |  | 82,000      
|First mortgage loan, secured by the
Companys Paramus property                     |  | October
2011 |  | 5.92%         |  | 68,000        |  | 68,000      
|Construction loan, secured by the
Companys Lexington Avenue property              |  | January
2006 |  | 3.62%         |  | 187,256       |  | 55,500      
|                                                                                   |  |              |  |               |  |               |  |             
|                                                                                   |  |              |  |               |  | $678,553      |  | $543,807    
|                                                                                   |  |              |  |               |  |               |  |             

The scheduled principal repayments for the next five years and thereafter
are as follows:

(amounts in thousands)

|                         |      |                          |         |         | 
|------------------------ | ---- | ------------------------ | ------- | ------- | 
|Year Ending December 31, |      | As of September 30, 2003
|                         |      |                         
|                         | 2003 |                          | $       | 711     | 
|                         | 2004 |                          |         | 3,226   | 
|                         | 2005 |                          |         | 3,895   | 
|                         | 2006 |                          |         | 315,455 | 
|                         | 2007 |                          |         | 4,526   | 
|Thereafter               |      |                          | 350,740 |        

4. LEXINGTON AVENUE

The development plans at Lexington Avenue consist of an approximately 1.3
million square foot multi-use building. The building will contain
approximately 162,000 net rentable square feet of retail space (of which 83,000
square feet has been leased to The Home Depot and 27,000 square feet has been
leased to Hennes & Mauritz), approximately 878,000 net rentable square feet of
office space (of which 695,000 square feet has been leased to Bloomberg L.P.)
and approximately 248,000 net saleable square feet of residential space
consisting of condominium units (through a taxable REIT subsidiary). As of
September 30, 2003, the Company has received deposits of $5,509,000 on sales of
condominium units in the project. These deposits are reflected as Escrow
deposits and restricted cash with an offsetting liability included in Other
liabilities on the Companys consolidated balance sheet. Construction is
expected to be completed in 2005. On July 3, 2002 the Company finalized the
$490,000,000 Construction Loan with HVB Real Estate Capital (Hypo Vereinsbank)
to finance the construction of the Lexington Avenue property. The Company has
provided the estimated construction costs in excess of the Construction Loan of
approximately $140,000,000. The Construction Loan has an interest rate of
LIBOR plus 2.5% (currently 3.62%)

8



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##### Table of Contents



ALEXANDERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

and a term of 42 months subject to two one-year extensions. Under the
terms of the Construction Loan, the Company will retain the first $140,000,000
from the sales proceeds of condominium units, provided that certain performance
measures, as defined, are attained. Thereafter, the Company is required to use
the net proceeds to pay down the Construction Loan. The Company has received
funding of $187,256,000 under the Construction Loan as of September 30, 2003.
Of the construction budget of $630,000,000 (which excludes $29,000,000 for
development and guarantee fees to Vornado), $354,300,000 has been expended through
September 30, 2003 and an additional $85,000,000 has been committed to at
September 30, 2003. Pursuant to the Construction Loan, Vornado has agreed to
guarantee, among other things, the lien free, timely completion of the
construction of the project and funding of project costs in excess of a stated
loan budget, if not funded by the Company (see Note 2).

There can be no assurance that the Lexington Avenue project ultimately
will be completed, completed on time or completed for the budgeted amount.
Further, the Company may need additional financing for the project, which may
involve equity, debt, joint ventures and asset sales, and which may involve
arrangements with Vornado. If the project is not completed on a timely basis,
the Bloomberg L.P. lease may be cancelled and significant penalties may apply.

5. COMMITMENTS AND CONTINGENCIES

The Companys debt instruments, consisting of mortgage loans secured by
its properties (which are generally non-recourse to the Company), contain
customary covenants requiring the Company to maintain insurance. There can be
no assurance that the lenders under these instruments will not take the
position that because the Companys current all risk insurance policies differ
from policies in effect prior to September 11, 2001 as to coverage for
terrorist acts, there are breaches of these debt instruments that allow the
lenders to declare an event of default and accelerate repayment of debt. In
addition, if lenders insist on coverage for these risks, as it existed prior to
September 11, 2001, it could adversely affect the Companys ability to finance
and/or refinance its properties, including the construction of its Lexington
Avenue development property.

In June 1997, the Kings Plaza Regional Shopping Center commissioned an
Environmental Study and Contamination Assessment Site Investigation (the Phase
II Study) to evaluate and delineate environmental conditions disclosed in a
Phase I study. The results of the Study indicate the presence of petroleum and
bis (2-ethylhexyl) phthalate contamination in the soil and groundwater. The
Company has delineated the contamination and has developed a remediation
approach, which is ongoing. The New York State Department of Environmental
Conservation (NYDEC) has approved a portion of the remediation approach. The
Company accrued $2,675,000 in previous years, of which $2,408,000 has been paid
as of September 30, 2003, for its estimated obligation with respect to the
clean up of the site, which includes costs of (i) remedial investigation, (ii)
feasibility study, (iii) remedial design, (iv) remedial action and (v)
professional fees. Costs of future expenditures for these environmental
remediation obligations were not discounted to their present value. If the
NYDEC insists on a more extensive remediation approach, the Company could incur
additional obligations.

The Company believes the majority of the contamination may have resulted
from activities of third parties; however, the sources of the contamination
have not been fully identified. Although the Company is pursuing claims
against potentially responsible third parties, there can be no assurance that
such parties will be identified, or if identified, whether these third parties
will be solvent. In addition, the costs associated with pursuing responsible
parties may be cost prohibitive. The Company has not recorded an asset as of
September 30, 2003 for possible recoveries of environmental remediation costs
from potentially responsible third parties.

Neither the Company nor any of its subsidiaries is a party to, nor is
their property the subject of, any material pending legal proceeding other than
routine litigation incidental to their businesses. The Company believes that
these legal actions will not be material to the Companys financial condition
or results of operations.

Letters of Credit

Approximately $4,100,000 in standby letters of credit were issued at
September 30, 2003.

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##### Table of Contents



ALEXANDERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

6. (LOSS) INCOME PER SHARE

The following table sets forth the computation of basic and diluted (loss)
income per share:

|                                                    |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |        | 
|--------------------------------------------------- | ----------------------------------------------------------------------------------- | ---- | -------------------- | ------- | ------------------- | ---- | - | ------ |  |  | - | ------- | - |  | - | ------ | 
|                                                    |                                                                                     |      | For The Three Months |         | For The Nine Months
|                                                    |                                                                                     |      | Ended September 30,  |         | Ended September 30,
|                                                    |                                                                                     |      |                      |         |                    
|(amounts in thousands except per share amounts)     |                                                                                     | 2003 |                      | 2002    |                     | 2003 |   | 2002  
|                                                    |                                                                                     |      |                      |         |                     |      |   |        | 
|Numerator:                                          |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |       
|                                                    | (Loss) income from continuing operations                                            |      | $                    | (13,560 | )                   |      | $ | 6,787  |  |  | $ | (13,152 | ) |  | $ | 8,594  | 
|                                                    | Income from discontinued operations                                                 |      |                      |        |                     |      |   | 10,593 |  |  |   |        |   |  |   | 11,184 | 
|                                                    |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |        | 
|                                                    | Net (loss) income                                                                   |      | $                    | (13,560 | )                   |      | $ | 17,380 |  |  | $ | (13,152 | ) |  | $ | 19,778 | 
|                                                    |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |        | 
|Denominator:                                        |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |       
|                                                    | Denominator for basic and diluted (loss)
income per share  weighted average shares |      |                      | 5,001   |                     |      |   | 5,001  |  |  |   | 5,001   |   |  |   | 5,001  | 
|(LOSS) INCOME PER COMMON
SHARE  BASIC AND DILUTED: |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |       
|                                                    | (Loss) income from continuing operations                                            |      | $                    | (2.71   | )                   |      | $ | 1.36   |  |  | $ | (2.63   | ) |  | $ | 1.72   | 
|                                                    | Income from discontinued operations                                                 |      |                      |        |                     |      |   | 2.12   |  |  |   |        |   |  |   | 2.23   | 
|                                                    |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |        | 
|                                                    | Net (loss) income per common share                                                  |      | $                    | (2.71   | )                   |      | $ | 3.48   |  |  | $ | (2.63   | ) |  | $ | 3.95   | 
|                                                    |                                                                                     |      |                      |         |                     |      |   |        |  |  |   |         |   |  |   |        | 

Options to purchase 105,000 shares of the Companys common stock were not
included in the calculations of (i) loss per share in the three and nine months
ended September 30, 2003 as they are anti-dilutive in those cases and (ii)
income per share in the three and nine months ended September 30, 2002 as the
average market prices of the Companys common stock during these periods were
less than the exercise prices.

7. DISCONTINUED OPERATIONS

Discontinued operations include the results from the Companys Third
Avenue property, which was sold on August 30, 2002. Details of the operations
at this property are as follows:

|                                      |  |                      |        |                     |  |   |        | 
|------------------------------------- |  | -------------------- | ------ | ------------------- |  | - | ------ | 
|                                      |  | For The Three Months |        | For The Nine Months
|                                      |  | Ended September 30,  |        | Ended
September 30,
|                                      |  |                      |        |                    
|                                      |  | 2002                 |        | 2002               
|                                      |  |                      |        |                    
|(amounts in thousands)                |  |                      |        |                     |  |   |        | 
|Total revenues                        |  | $                    | 339    |                     |  | $ | 1,198  | 
|Less: total expenses                  |  |                      | 112    |                     |  |   | 380    | 
|                                      |  |                      |        |                     |  |   |        | 
|                                      |  |                      | 227    |                     |  |   | 818    | 
|Gain on sale of Third Avenue property |  |                      | 10,366 |                     |  |   | 10,366 | 
|                                      |  |                      |        |                     |  |   |        | 
|Income from discontinued operations   |  | $                    | 10,593 |                     |  | $ | 11,184 | 
|                                      |  |                      |        |                     |  |   |        | 

On May 30, 2002, the Company entered into an agreement to sell its
subsidiary, which owns the building and has the ground lease for its property
in Flushing, New York for $18,800,000. The Company has received a
non-refundable deposit of $1,875,000 from the purchaser. By Notice of Default
dated August 16, 2002, the landlord of the premises notified the Company of
certain alleged defaults under the lease including, but not limited to, the
fact that the purchaser performed unauthorized construction at the premises.
The Company commenced an action for injunctive relief and a declaration of the
rights and obligations of the parties under the lease. The Company has
obtained an injunction, which temporarily restrains the landlord from
terminating the lease. On September 6, 2002, the scheduled closing date, the
Company notified the purchaser that the purchaser failed to close and is in
default of

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ALEXANDERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

its obligations under the purchase contract. While negotiations are in
process with the parties to attempt to settle the disputes, there can be no
assurance that the sale will be consummated, that the dispute with the landlord
will be resolved favorably, or that the deposit will not be required to be
returned. Because these matters continue to be unresolved, the
Company has reclassified the property from held for sale to
held and used. Accordingly, the results
of operations of the property previously reported as discontinued operations
have been reclassified and included in continuing operations. Since the
Company continues to attempt to close this transaction, it has not recognized
the $1,875,000 non-refundable deposit from the purchaser as income. In
addition, in the three months ended September 30, 2003, the Company recorded
$59,000 of depreciation expense that would have been recognized had the
property been continuously classified as held and used. The Company continues
to explore all of its options, including subleasing the property.

8. STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation using the intrinsic
value method (i.e., the difference between the price per share at the grant
date and the option exercise price). Accordingly, no stock-based compensation
was recognized in the Companys financial statements for these years. If
compensation cost for awards had been determined based on fair value at the
grant dates, net income and income per share would have been reduced to the
pro-forma amounts below:

|                                                         |                                                                           |             |   |                      |       |                     |   |        |      |  |   |         |       |   |   |        |      | 
|-------------------------------------------------------- | ------------------------------------------------------------------------- | ----------- | - | -------------------- | ----- | ------------------- | - | ------ | ---- |  | - | ------- | ----- | - | - | ------ | ---- | 
|                                                         |                                                                           |             |   | For The Three Months |       | For The Nine Months
|                                                         |                                                                           |             |   | Ended September 30,  |       | Ended September 30,
|                                                         |                                                                           |             |   |                      |       |                    
|(Amounts in thousands, except per share amounts)         |                                                                           | 2003        |   | 2002                 |       | 2003                |   | 2002  
|                                                         |                                                                           |             |   |                      |       |                     |   |        |      | 
|Net (loss) income applicable to common shares:           |                                                                           |             |   |                      |       |                     |   |        |      |  |   |         |       |   |   |       
|                                                         | As reported                                                               |             | $ | (13,560              | )     |                     | $ | 17,380 |      |  | $ | (13,152 | )     |   | $ | 19,778 |     
|                                                         | Less: stock-based compensation expense determined
under fair value method |             |   |                     |       |                     |   |       |      |  |   |        |       |   |   | 384    |     
|                                                         |                                                                           |             |   |                      |       |                     |   |        |      |  |   |         |       |   |   |        |     
|                                                         | Pro-forma                                                                 |             | $ | (13,560              | )     |                     | $ | 17,380 |      |  | $ | (13,152 | )     |   | $ | 19,394 |     
|                                                         |                                                                           |             |   |                      |       |                     |   |        |      |  |   |         |       |   |   |        |     
|Net (loss) income per share applicable to common shares: |                                                                           |             |   |                      |       |                     |   |        |      |  |   |         |       |   |   |       
|                                                         | Basic and diluted:                                                        |             |   |                      |       |                     |   |        |      |  |   |         |       |   |   |        |     
|                                                         |                                                                           | As reported |   | $                    | (2.71 | )                   |   | $      | 3.48 |  |   | $       | (2.63 | ) |   | $      | 3.95 | 
|                                                         |                                                                           | Pro-forma   |   | $                    | (2.71 | )                   |   | $      | 3.48 |  |   | $       | (2.63 | ) |   | $      | 3.88 | 

9. RECENTLY ISSUED ACCOUNTING STANDARDS

In April 2003, the Financial Accounting Standards Board (FASB) issued
SFAS No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging
Activities.SFAS No. 149 amends and clarifies the accounting for derivative
instruments, including certain derivative instruments embedded in other
contracts, and for hedging activities under SFAS No. 133, Accounting for
Derivative Instruments and Hedging Activities.SFAS No. 149 is generally
effective for contracts entered into or modified after June 30, 2003 and for
hedging relationships designated after June 30, 2003. The adoption of SFAS No.
149 on July 1, 2003, as required, had no impact on the Companys consolidated
financial statements.

In May 2003, the FASB issued SFAS No. 150, Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and Equity.
SFAS No. 150 establishes standards for classifying and measuring as liabilities
certain financial instruments that embody obligations of the issuer and have
characteristics of both liabilities and equity. The adoption of SFAS No. 150
on July 1, 2003, as required, had no impact on the Companys consolidated
financial statements.

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##### Table of Contents



INDEPENDENT ACCOUNTANTS REPORT

Stockholders and Board of Directors
Alexanders, Inc.
New York, New York

We have reviewed the accompanying condensed consolidated balance sheet of
Alexanders, Inc. and Subsidiaries as of September 30, 2003, and the related
condensed consolidated statements of operations for the three-month and
nine-month periods ended September 30, 2003 and 2002 and of cash flows for the
nine-month periods ended September 30, 2003 and 2002. These financial
statements are the responsibility of the Companys management.

We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in
accordance with auditing standards generally accepted in the United States of
America, the objective of which is the expression of an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

Based on our reviews, we are not aware of any material modifications that
should be made to such condensed consolidated financial statements for them to
be in conformity with accounting principles generally accepted in the United
States of America.

We have previously audited, in accordance with auditing standards
generally accepted in the United States of America, the consolidated balance
sheet of Alexanders, Inc. and Subsidiaries as of December 31, 2002, and the
related consolidated statements of income, shareholders equity, and cash flows
for the year then ended (not presented herein); and in our report dated March
5, 2003, we expressed an unqualified opinion on those consolidated financial
statements. In our opinion, the information set forth in the accompanying
condensed consolidated balance sheet as of December 31, 2002 is fairly stated,
in all material respects, in relation to the consolidated balance sheet from
which it has been derived.

DELOITTE & TOUCHE LLP

Parsippany, New Jersey
November 5, 2003

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##### Table of Contents






Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

Certain statements contained herein constitute forward-looking statements
as such term is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions. Our future results, financial condition
and business may differ materially from those expressed in these
forward-looking statements. You can find many of these statements by looking
for words such as believes, expects, anticipates, intends, plans or
similar expressions in this Quarterly Report on Form 10-Q. These
forward-looking statements are subject to numerous assumptions, risks and
uncertainties. Many of the factors that will determine these items are beyond
our ability to control or predict. Factors that may cause actual results to
differ materially from those contemplated by the forward-looking statements
include, but are not limited to, those set forth in our Annual Report on Form
10-K for the year ended December 31, 2002 on page 3. We expressly disclaim any
responsibility to update forward-looking statements, whether as a result of new
information, future events or otherwise. Accordingly, investors should use
caution in relying on forward-looking statements, which are based on results
and trends at the time they are made, to anticipate future results or trends.

Overview

Managements Discussion and Analysis of Financial Condition and Results of
Operations includes a discussion of the Companys consolidated financial
statements for the three and nine months ended September 30, 2003 and 2002.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting periods. Actual results could differ from
those estimates.

A summary of the Companys critical accounting policies is included in the
Companys Annual Report on Form 10-K for the year ended December 31, 2002 in
Managements Discussion and Analysis of Financial Condition and Results of
Operations and in the footnotes to the consolidated financial statements, Note
2  Summary of Significant Accounting Policies. There have been no significant
changes to those policies during 2003.

Results of Operations

The Company had a net loss of $13,560,000 in the quarter ended September
30, 2003, compared to net income of $17,380,000 in the quarter ended September
30, 2002, a decrease of $30,940,000, and a net loss of $13,152,000 in the nine
months ended September 30, 2003, compared to net income of $19,778,000 in the
nine months ended September 30, 2002, a decrease of $32,930,000. The current
years quarter and nine months includes $18,708,000 and $28,631,000,
respectively, of non-cash compensation expense for stock appreciation rights.
The prior years third quarter includes the reversal of the prior years second
quarter accrual of $4,236,000 for stock appreciation rights expense. The prior
years quarter and nine months include income from discontinued operations
including a gain on the sale of the Third Avenue property of $10,366,000.

Property rentals were $12,478,000 in the quarter ended September 30, 2003,
compared to $12,261,000 in the prior years quarter, an increase of $217,000,
and $38,259,000 in the nine months ended September 30, 2003, compared to
$37,600,000 in the nine months ended September 30, 2002, an increase of
$659,000. These increases resulted primarily from an increase in occupancy at
the Kings Plaza Regional Shopping Center.

Expense reimbursements were $7,424,000 in the quarter ended September 30,
2003, compared to $7,136,000 in the prior years quarter, an increase of
$288,000, and $21,522,000 in the nine months ended September 30, 2003, compared
to $19,430,000 in the nine months ended September 30, 2002, an increase of
$2,092,000. These increases resulted from higher reimbursements for real
estate taxes, insurance and repairs and maintenance.

Operating expenses were $9,491,000 in the quarter ended September 30,
2003, compared to $8,979,000 in the prior years quarter, an increase of
$512,000, and $27,919,000 in the nine months ended September 30, 2003, compared
to $23,967,000 in the nine months ended September 30, 2002, an increase of
$3,952,000. Of these increases, (i) $1,273,000 resulted primarily from higher
fuel costs for the utility plant at the Companys Kings Plaza Regional Shopping
Center and (ii) $317,000 resulted from bad debt expense this year as compared
to a bad debt recovery in the prior year. The balances of the increases were
due to higher real estate taxes, insurance and repairs and maintenance, which
were billed to tenants.

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General and administrative expenses in the current years quarter and nine
months includes $18,708,000 and $28,631,000, respectively, of non-cash
compensation expense for stock appreciation rights based on the Companys
closing stock price of $105.50 at September 30, 2003. The prior years third
quarter includes the reversal of the prior years second quarter accrual of
$4,236,000 for stock appreciation rights expense based on the Companys closing
stock price of $61.00 at September 30, 2002. General and administrative
expenses before the accrual and reversal of the accrual for stock appreciation
rights decreased by $9,000 and increased by $126,000 in the current years
quarter and nine months, respectively, compared to the prior years periods.
The increase for the nine months resulted primarily from higher insurance
expense.

Interest and debt expense was $2,674,000 in the quarter ended September
30, 2003, compared to $5,745,000 in the prior years quarter, a decrease of
$3,071,000, and $8,933,000 in the nine months ended September 30, 2003,
compared to $18,479,000 in the nine months ended September 30, 2002, a
decrease of $9,546,000. These decreases resulted from (i) higher capitalized
interest relating to the Lexington Avenue development property (interest of
$28,607,000 has been capitalized in 2003, as compared to $16,025,000 in 2002),
(ii) a decrease in average interest rates to 7.62% from 8.30%, partially offset
by (iii) an increase in average debt to $599,186,000 from $523,884,000.

Interest and other income, net was $161,000 in the quarter ended September
30, 2003, compared to $494,000 in the prior years quarter, a decrease of
$333,000, and $499,000 in the nine months ended September 30, 2003, compared to
$1,696,000 in the nine months ended September 30, 2002, a decrease of
$1,197,000. These decreases resulted primarily from lower average cash
balances due to fundings of the Lexington Avenue development project.

Discontinued operations include the results from the Companys Third
Avenue property, which was sold on August 30, 2002. Details of the operations
at this property are as follows:

|                                      |  |                      |        |                     |  |   |        | 
|------------------------------------- |  | -------------------- | ------ | ------------------- |  | - | ------ | 
|                                      |  | For The Three Months |        | For The Nine Months
|                                      |  | Ended September 30,  |        | Ended
September 30,
|                                      |  |                      |        |                    
|                                      |  | 2002                 |        | 2002               
|                                      |  |                      |        |                    
|(amounts in thousands)                |  |                      |        |                     |  |   |        | 
|Total revenues                        |  | $                    | 339    |                     |  | $ | 1,198  | 
|Less: total expenses                  |  |                      | 112    |                     |  |   | 380    | 
|                                      |  |                      |        |                     |  |   |        | 
|                                      |  |                      | 227    |                     |  |   | 818    | 
|Gain on sale of Third Avenue property |  |                      | 10,366 |                     |  |   | 10,366 | 
|                                      |  |                      |        |                     |  |   |        | 
|Income from discontinued operations   |  | $                    | 10,593 |                     |  | $ | 11,184 | 
|                                      |  |                      |        |                     |  |   |        | 

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Liquidity and Capital Resources

Alexanders, Inc.s operating properties do not generate sufficient cash
flow to pay all of its expenses. After the completion of the Lexington Avenue
property, which is not expected until 2005, the Company expects that cash flow
will become positive.

Development Plans

The development plans at Lexington Avenue consist of an approximately 1.3
million square foot multi-use building. The building will contain
approximately 162,000 net rentable square feet of retail space (of which 83,000
square feet has been leased to The Home Depot and 27,000 square feet has been
leased to Hennes & Mauritz), approximately 878,000 net rentable square feet of
office space (of which 695,000 square feet has been leased to
Bloomberg L.P.) and approximately 248,000 net saleable square feet of
residential space consisting of condominium units (through a taxable REIT
subsidiary). As of September 30, 2003, the Company has received deposits of
$5,509,000 on sales of condominium units in the project. These deposits are
reflected as Escrow deposits and restricted cash with an offsetting liability
included in Other liabilities on the Companys consolidated balance sheet.
Construction is expected to be completed in 2005. On July 3, 2002 the Company
finalized a $490,000,000 construction loan with HVB Real Estate Capital (Hypo
Vereinsbank) (the Construction Loan) to finance the construction of the
Lexington Avenue property. The Company has provided the estimated construction
costs in excess of the Construction Loan of approximately $140,000,000. The
Construction Loan has an interest rate of LIBOR plus 2.5% (currently 3.62%) and
a term of 42 months subject to two one-year extensions. Under the terms of the
Construction Loan, the Company will retain the first $140,000,000 from the
sales proceeds of condominium units, provided that certain performance
measures, as defined, are attained. Thereafter, the Company is required to use
the net proceeds to pay down the Construction Loan. The Company has received
funding of $187,256,000 under the Construction Loan as of September 30, 2003.
Of the construction budget of $630,000,000 (which excludes $29,000,000 for
development and guarantee fees to Vornado), $354,300,000 has been expended through
September 30, 2003 and an additional $85,000,000 has been committed to at
September 30, 2003. Pursuant to the Construction Loan, Vornado has agreed to
guarantee, among other things, the lien free, timely completion of the
construction of the project and funding of project costs in excess of a stated
loan budget, if not funded by the Company (the Completion Guarantee). If
Vornado should advance any funds under the Completion Guarantee in excess of
the $26,000,000, which was available at July 3, 2002, under its line of credit
with the Company, interest on those advances would be at 15% per annum.

The Companys lease with Bloomberg L.P. has an initial term of 25 years,
with a 10 year renewal option. Base annual net rent is $34,529,000 in each of
the first four years and $38,533,000 in the fifth year with a similar
percentage increase each four years thereafter.

There can be no assurance that the Lexington Avenue project ultimately
will be completed, completed on time or completed for the budgeted amount.
Further, the Company may need additional financing for the project, which may
involve equity, debt, joint ventures and asset sales, and which may involve
arrangements with Vornado. If the project is not completed on a timely basis,
the Bloomberg L.P. lease may be cancelled and significant penalties may apply.

Insurance

The Companys debt instruments, consisting of mortgage loans secured by
its properties (which are generally non-recourse to the Company), contain
customary covenants requiring the Company to maintain insurance. There can be
no assurance that the lenders under these instruments will not take the
position that because the Companys current all risk insurance policies differ
from policies in effect prior to September 11, 2001 as to coverage for
terrorist acts, there are breaches of these debt instruments that allow the
lenders to declare an event of default and accelerate repayment of debt.
In addition, if lenders insist on coverage for these risks, as it existed prior
to September 11, 2001, it could adversely affect the Companys ability to
finance and/or refinance its properties, including the construction of its
Lexington Avenue development property.

Disposition of Property

On May 30, 2002, the Company entered into an agreement to sell its
subsidiary, which owns the building and has the ground lease for its property
in Flushing, New York for $18,800,000. The Company has received a
non-refundable deposit of $1,875,000 from the purchaser. By Notice of Default
dated August 16, 2002, the landlord of the premises notified the Company of
certain alleged defaults under the lease including, but not limited to, the
fact that the purchaser performed unauthorized construction at the premises.
The Company commenced an action for injunctive relief and a declaration of the
rights and obligations of the parties under the lease. The Company has

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obtained an injunction, which temporarily restrains the landlord from
terminating the lease. On September 6, 2002, the scheduled closing date, the
Company notified the purchaser that the purchaser failed to close and is in
default of its obligations under the purchase contract. While negotiations are
in process with the parties to attempt to settle the disputes, there can be no
assurance that the sale will be consummated, that the dispute with the landlord
will be resolved favorably, or that the deposit will not be required to be
returned. Because these matters continue to be unresolved, the
Company has reclassified the property from held for sale
to held and used. Accordingly, the results
of operations of the property previously reported as discontinued operations
have been reclassified and included in continuing operations. Since the
Company continues to attempt to close this transaction, it has not recognized
the $1,875,000 non-refundable deposit from the purchaser as income. In
addition, in the three months ended September 30, 2003, the Company recorded
$59,000 of depreciation expense that would have been recognized had the
property been continuously classified as held and used. The Company continues
to explore all of its options, including subleasing the property.

Debt

At September 30, 2003, the Company was indebted to Vornado in the amount
of $124,000,000 comprised of (i) $95,000,000 financing, and (ii) $29,000,000
under a $50,000,000 line of credit (which carries a 1% unused commitment fee).
The interest rate on the loan and the line of credit, which is currently
12.48%, will reset quarterly using a treasury index (with a 3% floor) plus the
same spread to treasuries as previously existed.

The Company has additional borrowing capacity of $21,000,000 under its
line of credit with Vornado. The Company believes that it can also raise
additional capital through mezzanine level borrowing (deeply subordinated debt
which is not secured by a senior interest in assets) and through the sale of
securities and assets (the Company estimates that the fair market value of its
assets are substantially in excess of their historical cost). The Company
continues to evaluate its financing alternatives.

Although there can be no assurance, the Company believes that its cash
sources, as outlined above, will be adequate to fund its cash requirements
until its operations generate adequate cash flow.

Cash Flows

Nine Months Ended September 30, 2003

Net cash provided by operating activities of $23,559,000 is comprised of
(i) a net loss of $13,152,000 offset by (ii) non-cash items of $35,230,000 and
(iii) the net change in operating assets and liabilities of $1,481,000. The
adjustments for non-cash items are comprised of (i) depreciation and
amortization of $7,912,000, (ii) stock appreciation rights compensation expense
of $28,631,000, offset by (iii) the effect of straight-lining of rental income
of $1,313,000.

Net cash used in investing activities of $182,884,000 is primarily
comprised of capital expenditures of $180,423,000. The capital expenditures
are primarily related to the Lexington Avenue development project.

Net cash provided by financing activities of $134,746,000 resulted from
increased borrowings of $136,756,000 primarily to fund the Lexington Avenue
development project, offset by debt repayments of $2,010,000.

Nine Months Ended September 30, 2002

Net cash provided by operating activities of $8,531,000 is comprised of
(i) net income before the gain on sale of the Third Avenue
property of
$9,412,000 and (ii) non-cash items of $3,972,000 offset by (iii) the net change
in operating assets and liabilities of $4,853,000. The adjustments for
non-cash items are comprised of depreciation and amortization of $6,305,000,
offset by the effect of straight-lining of rental income of $2,333,000.

Net cash used in investing activities of $70,474,000 (including cash
provided by discontinued operations of $13,176,000) is comprised of capital
expenditures of $84,759,000, partially offset by the proceeds from
the sale of the
Third Avenue property of $13,176,000. The capital expenditures are primarily
related to the Lexington Avenue development.

Net cash provided by financing activities of $17,525,000 resulted
primarily from an increase in debt of $55,500,000, partially offset by debt
repayments of $26,864,000 and debt issuance costs of $11,111,000.

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Funds from Operations (FFO) for the Three and Nine Months Ended September 30, 2003 and 2002

FFO was a negative $11,770,000 in the quarter ended September 30, 2003,
compared to $8,664,000 in the prior years quarter, a decrease of $20,434,000.
FFO was a negative $8,106,000 in the nine months ended September 30, 2003,
compared to $14,356,000 in the prior years nine months, a decrease of
$22,462,000. FFO for the quarter and nine months ended September 30, 2003
includes stock appreciation rights compensation expense of $18,708,000 and
$28,631,000, respectively, based on the Companys closing stock price of
$105.50 at September 30, 2003. FFO for the three months ended September 30,
2002 includes $4,236,000, representing the reversal of stock appreciation
rights compensation expense recorded in the second quarter of 2002, based on
the Companys closing stock price of $61.00 at September 30, 2002. Effective
with the Companys filing of its 2003 first quarter Form 10-Q, the Company
revised its definition of FFO to include the effect of straight-lining of rents
and exclude the effect of leasing fees paid directly to Vornado in excess of
the expense recognized. This change was made in order to comply with the
Securities and Exchange Commissions Regulation G concerning non-GAAP financial
measures, to adhere to the National Association of Real Estate Investment
Trusts (NAREIT) definition of FFO and to disclose FFO on a comparable basis
with the vast majority of other companies in the industry. FFO for the three
and nine months ended September 30, 2002 has been restated for comparability.
Straight-lining of rents amounted to $304,000, or $.06 per share, and $809,000,
or $.16 per share, for the quarters ended September 30, 2003 and 2002,
respectively, and $1,313,000, or $.26 per share, and $2,333,000, or $.47 per
share, for the nine months ended September 30, 2003 and 2002, respectively.
Leasing fees paid in excess of the expense recognized amounted to $606,000, or
$.12 per share, and $1,783,000, or $.36 per share, for the quarter and nine
months ended September 30, 2002, respectively.

The following table reconciles net (loss) income to FFO:

|                                                                                                                                                           |  |                      |         |                     |  |      |         |      |  |   |         |   |  |   |         |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- | ------- | ------------------- |  | ---- | ------- | ---- |  | - | ------- | - |  | - | ------- | -
|                                                                                                                                                           |  | For The Three Months |         | For The Nine Months
|(amounts in thousands except per share amounts)                                                                                                            |  | Ended September 30,  |         | Ended September 30,
|                                                                                                                                                           |  |                      |         |                    
|                                                                                                                                                           |  | 2003                 |         | 2002                |  | 2003 |         | 2002
|                                                                                                                                                           |  |                      |         |                     |  |      |         |     
|Net (loss) income                                                                                                                                          |  | $                    | (13,560 | )                   |  | $    | 17,380  |      |  | $ | (13,152 | ) |  | $ | 19,778  |  
|Depreciation and amortization of real property
(including $3 and $35 from discontinued
operations in the quarter and nine
months ended September 30, 2002) |  |                      | 1,790   |                     |  |      | 1,650   |      |  |   | 5,046   |   |  |   | 4,944   |  
|Gain on sale of Third Avenue property                                                                                                                      |  |                      |        |                     |  |      | (10,366 | )    |  |   |        |   |  |   | (10,366 | )
|                                                                                                                                                           |  |                      |         |                     |  |      |         |      |  |   |         |   |  |   |         |  
|FFO                                                                                                                                                        |  | $                    | (11,770 | )                   |  | $    | 8,664   |      |  | $ | (8,106  | ) |  | $ | 14,356  |  
|                                                                                                                                                           |  |                      |         |                     |  |      |         |      |  |   |         |   |  |   |         |  
|FFO per common share                                                                                                                                       |  | $                    | (2.35   | )                   |  | $    | 1.73    |      |  | $ | (1.62   | ) |  | $ | 2.87    |  
|                                                                                                                                                           |  |                      |         |                     |  |      |         |      |  |   |         |   |  |   |         |  

FFO does not represent cash generated from operating activities in
accordance with accounting principles generally accepted in the United States
of America and is not necessarily indicative of cash available to fund cash
needs, which is disclosed in the consolidated statements of cash flows for the
applicable periods. There are no material legal or functional restrictions on
the use of FFO. FFO should not be considered as an alternative to net (loss)
income as an indicator of the Companys operating performance or as an
alternative to cash flows as a measure of liquidity. Management considers FFO
a relevant supplemental measure of operating performance because it provides a
basis for comparison among real estate investment trusts (REITs). FFO is
computed in accordance with NAREITs standards, which may not be comparable to
FFO reported by other REITs that do not define the term in accordance with
NAREITs definition or that interpret NAREITs definition differently.

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Recently Issued Accounting Standards

In April 2003, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 149, Amendment of
Statement 133 on Derivative Instruments and Hedging Activities.SFAS No. 149
amends and clarifies the accounting for derivative instruments, including
certain derivative instruments embedded in other contracts, and for hedging
activities under SFAS No. 133, Accounting for Derivative Instruments and
Hedging Activities.SFAS No. 149 is generally effective for contracts entered
into or modified after June 30, 2003 and for hedging relationships designated
after June 30, 2003. The adoption of SFAS No. 149 on July 1, 2003, as
required, had no impact on the Companys consolidated financial statements.

In May 2003, the FASB issued SFAS No. 150, Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and Equity.
SFAS No. 150 establishes standards for classifying and measuring as liabilities
certain financial instruments that embody obligations of the issuer and have
characteristics of both liabilities and equity. The adoption of SFAS No. 150 on July 1, 2003, as required, had no impact on the
Companys consolidated financial statements.




Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Companys exposure to changes in interest rates is as follows:

|                                                 |                     |                      |         |               |         |                  |  |                     |      |               |       |     |       |                  |         |   |         |  |  |  |      |  
|------------------------------------------------ | ------------------- | -------------------- | ------- | ------------- | ------- | ---------------- |  | ------------------- | ---- | ------------- | ----- | --- | ----- | ---------------- | ------- | - | ------- |  |  |  | ---- | -
|                                                 |                     |                      |         | 2003          |         | 2002            
|                                                 |                     |                      |         |               |         |                 
|(amounts in thousands except                     |                     |                      |         |               |         | Weighted Average |  | Effect of 1% Change |      |               |       |     |       | Weighted Average
|per share amounts)                               |                     | September 30 Balance |         | Interest Rate |         | in Base Rates    |  | December 31 Balance |      | Interest Rate
|                                                 |                     |                      |         |               |         |                  |  |                     |      |               |       |    
|                                                 |                     | Variable rate        |         | $             | 311,256 |                  |  |                     | 7.15 | %             |       | $   | 3,113 |                  |         | $ | 174,500 |  |  |  | 9.76 | %
|                                                 |                     | Fixed rate           |         |               | 367,297 |                  |  |                     | 7.13 | %             |       |     |      |                  |         |   | 369,307 |  |  |  | 7.13 | %
|                                                 |                     |                      |         |               |         |                  |  |                     |      |               |       |     |       |                  |         |   |         |  |  | 
|                                                 |                     | $                    | 678,553 |               |         |                  |  |                     |      |               | 3,113 |     |       | $                | 543,807 |   |         |  |  | 
|                                                 |                     |                      |         |               |         |                  |  |                     |      |               |       |     |       |                  |         |   |         |  |  | 
|Total effect on the Companys
annual net results |                     |                      |         |               |         |                  |  |                     |      | $             | 3,113 |     |       |                  |         |   |         |  |  | 
|                                                 |                     |                      |         |               |         |                  |  |                     |      |               |       |     |       |                  |         |   |         |  |  |  |      |  
|                                                 | Per share  diluted |                      |         |               |         |                  |  |                     |      |               | $     | .62 |       |                  |         |   |         |  |  |  |     
|                                                 |                     |                      |         |               |         |                  |  |                     |      |               |       |     |       |                  |         |   |         |  |  |  |      |  

The fair value of the Companys debt, based on discounted cash flows at
the current rate at which similar loans would be made to borrowers with similar
credit ratings for the remaining term of such debt, exceeds the aggregate
carrying amount by approximately $16,319,000 at September 30, 2003.




Item 4. Controls and Procedures

(a) 
Disclosure Controls and Procedures. The Companys management, with the
participation of the Companys Chief Executive Officer and Chief Financial
Officer, has evaluated the effectiveness of the Companys disclosure controls
and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under
the Securities Exchange Act of 1934, as amended) as of the end of the period
covered by this report. Based on such evaluation, the Companys Chief
Executive Officer and Chief Financial Officer have concluded that, as of the
end of such period, the Companys disclosure controls and procedures are
effective.

(b)  Internal Control Over Financial Reporting. There have not been any
changes in the Companys internal control over financial reporting during the
fiscal quarter to which this report relates that have materially affected, or
are reasonably likely to materially affect, the Companys internal control over
financial reporting.

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##### Table of Contents






PART II. OTHER INFORMATION




Item 1. Legal Proceedings

For a discussion of the litigation concerning the sale of the Companys
subsidiary which owns the building and has the ground lease for its property in
Flushing, New York, see Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations  Liquidity and Capital
Resources.

Other than routine proceedings incidental to their businesses, neither the
Company nor any of its subsidiaries is a party to, nor is their property the
subject of, any material pending legal proceeding. The Company believes that
these legal actions will not be material to the Companys financial condition
or results of operations.




Item 6. Exhibits and Reports on Form 8-K



|(a) |  | Exhibits required by Item 601 of Regulation S-K are filed herewith and
are listed in the attached Exhibit Index.
|--- |  | ----------------------------------------------------------------------------------------------------------------
|   
|(b) |  | Reports on Form 8-K:                                                                                            

During the quarter ended September 30, 2003, the Company filed the
following report on Form 8-K:

|                                        |  |                |  |                   
|--------------------------------------- |  | -------------- |  | ------------------
|Period Covered (Date of
Event Reported) |  | Items Reported |  | Date Filed        
|                                        |  |                |  |                   
|September 23, 2003                      |  | Press Release  |  | September 23, 2003

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|                       |  |                   |  |                                                                                                 
|---------------------- |  | ----------------- |  | ------------------------------------------------------------------------------------------------
|                       |  | ALEXANDERS, INC.
|                       |  |                  
|                       |  | (Registrant)     
|                       |  |                   |  |                                                                                                 
|Date: November 5, 2003 |  | By:               |  | /s/ Joseph Macnow                                                                               
|                       |  |                   |  |                                                                                                 
|                       |  |                   |  | Joseph Macnow, Executive Vice President 
Finance and Administration and Chief
Financial Officer
|                       |  |                   |  | (Principal Financial and Accounting Officer)                                                    

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EXHIBIT INDEX

The following is a list of all exhibits filed as part of the Report:

|        |  |   |  |                                                                                                                                                                       |  |     
|------- |  | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----
|Exhibit |  |   |  |                                                                                                                                                                       |  |     
|No.     |  |   |  |                                                                                                                                                                       |  | Page
|        |  |   |  |                                                                                                                                                                       |  |     
|3(i)    |  |  |  | Certificate of Incorporation, as amended.
Incorporated herein by reference from Exhibit 3.0 to
the Registrants Current Report on Form 8-K dated
September 21, 1993   |  | *   
|3(ii)   |  |  |  | By-laws, as amended. Incorporated herein by
reference from Exhibit 10.1 to the Registrants
Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2000 |  | *   
|15.1    |  |  |  | Letter regarding unaudited interim financial
information                                                                                                              |  |     
|31.1    |  |  |  | Certification by the Chief Executive Officer pursuant
to Rule 13a-14(a) of the Securities Exchange Act of
1934, as amended                                            |  |     
|31.2    |  |  |  | Certification by the Chief Financial Officer pursuant
to Rule 13a-14(a) of the Securities Exchange Act of
1934, as amended                                            |  |     
|32.1    |  |  |  | Certification by the Chief Executive Officer pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002                 |  |     
|32.2    |  |  |  | Certification by the Chief Financial Officer pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002                 |  |     



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|* |  | Incorporated by reference
|- |  | -------------------------

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