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The Company plans to renovate the buildings occupied by the PTO as their leases expire over the next three years as follows: 

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Renovations to Crystal Mall One, Crystal Park One, and Crystal Plaza Three and Four totaling 901,000 square feet will include new restrooms, lobbies, corridors and elevator modernization. In Crystal Plaza Three and Four, the renovations will also include new mechanical systems. The portions of these buildings vacated by the PTO will be taken out of service during redevelopment which is expected to be completed over a 12 to 18 month period. Renovations to the remaining buildings will consist of com- mon area and exterior renovations to upgrade the buildings that will not require the buildings to be taken out of service. 

The Company is also committed to fund up to $32,420,000 in connection with its initial investment in two partially-owned entities. No cash requirements have been budgeted for the capital expenditures of Alexander’s, Newkirk MLP, or any other entity that is partially owned by the Company. These investees ar expected to fund their own cash requirements. 

## Financing Activities and Contractual Obligations 

Below is a schedule of the Company’ contractual obligations and commitments at December 31, 2003. 

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As of March 1, 2004, the Company repaid $227,586,000 of the debt coming due during 2004. The Company has $600,000,000 available under its revolving credit facility which matures in July 2006 and a number of properties which are unencumbered. 

The Company’s credit facility contains customary conditions precedent to borrowing such as the bring down of customary representations and warranties as well as compliance with financial covenants such as minimum interest coverage and maxi- mum debt to market capitalization. The facility provides for higher interest rates in the event of a decline in the Company’s ratings below Baa3/BBB. This facility also contains customary events of default that could give rise to acceleration and include such items as failure to pay interest or principal and breaches of financial covenants such as maintenance of minimum capitalization and minimum interest coverage. 

