ALXNYSEReal Estate Investment TrustsUS GAAP · USD

Alexander's, Inc

Alexander’s, Inc. (NYSE: ALX) is a Delaware-incorporated REIT that owns a small portfolio of five properties located entirely in New York City. The company generates revenue primarily by leasing office, retail and residential space and by recovering certain property operating costs from tenants. A defining feature of the portfolio is 731 Lexington Avenue in Manhattan, where Bloomberg L.P. leases all office space and represents a majority of rental revenue. Alexander’s is externally managed, with leasing, development and property management performed by Vornado Realty Trust under renewable management and leasing/development agreements. The company also pursues redevelopment, repositioning and potential asset sales (e.g., the now-vacant Rego Park I) to optimize the portfolio.

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Revenue213m USD
−5.8 %y/y
Net income28.2m USD
−35.0 %y/y
Free cash flow73.4m USD
+35.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

050100150200250m USD2020: 199 m USD20202021: 206 m USD20212022: 206 m USD20222023: 225 m USD20232024: 226 m USD20242025: 213 m USD2025213
RevenueOperating profit (EBIT)
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Business

Share of revenue
Office rental income (731 Lexington Avenue)60 %

Office space leasing primarily to Bloomberg at 731 Lexington Avenue in Manhattan.

Retail and shopping center rental income25 %

Retail leasing at 731 Lexington retail and the Rego Park shopping centers (anchors and in-line).

Residential rental income10 %

Apartment rental revenue from The Alexander tower above Rego Park II.

Ground lease / sublease and other property income5 %

Income from the Flushing property subleased to New World Mall and other ancillary property revenues and recoveries.

Customers

Alexander’s customers are primarily commercial tenants leasing office and retail space in New York City, plus residential renters in its apartment tower. The single most important tenant is Bloomberg, which leases all office space at 731 Lexington Avenue and accounted for about 61% of rental revenues in 2025 (and 55% in 2024). Retail cash flow is driven by large-format anchors and national retailers at Rego Park II (e.g., Costco, Kohl’s, Burlington, Best Buy, Marshalls) and previously by Home Depot at 731 Lexington and IKEA at Rego Park I, both of which had lease expirations that reduced rental revenue. The company’s economics depend on tenant credit quality, lease renewals/re-leasing spreads, and the ability to pass through certain operating expenses (e.g., real estate taxes and common area maintenance) via recoveries.

Single-tenant office (Bloomberg)

Long-term office lease at 731 Lexington Avenue; critical to cash flow given majority share of rental revenues.

Big-box and anchor retail tenants

Large-format retail leases at Rego Park II (and historically 731 Lexington retail); provide stable base rent and center draw.

In-line shopping center retailers

Smaller retail tenants leasing space within Rego Park II; fill out merchandising mix and support occupancy.

Residential renters

Individuals and households renting units in The Alexander tower; diversifies income away from commercial leasing cycles.

Ground lease/sublease counterparties

Counterparties tied to the Flushing property sublease/ground lease structure (e.g., New World Mall); provides contracted income stream.

Strategy

Alexander’s strategy is centered on maximizing value from a concentrated set of NYC assets through active leasing, redevelopment and repositioning, executed by Vornado under external management agreements. Near-term priorities include backfilling space and stabilizing cash flows after notable lease expirations (e.g., Home Depot at 731 Lexington retail and IKEA at Rego Park I). The company is also evaluating portfolio actions such as a potential sale of the now-vacant Rego Park I, which could recycle capital and reduce vacancy drag. Across the portfolio, maintaining high occupancy and securing creditworthy tenants are key to protecting rental income and supporting refinancing capacity as debt maturities approach. The company also highlights operational efficiency initiatives, including beginning to use AI capabilities, while managing associated implementation and governance risks.

Stabilize leasing after major lease expirationsShort term

Lease roll-downs and vacancy can reduce rental revenue while many property costs remain fixed.

Monetize or reposition Rego Park IShort term

The property became vacant after tenant relocations, and a sale could reduce carrying costs and redeploy capital.

Maintain high-quality tenancy and long-duration cash flowsMedium term

Tenant credit and lease duration are central to valuation and refinancing capacity in a higher-rate environment.

Execute redevelopment/repositioning to enhance asset valueMedium term

Redevelopment can improve rents and occupancy but requires managing approvals, timing, and cost inflation.

Geography

All of Alexander’s properties—and effectively all revenue—are concentrated in New York City, creating a single-market exposure to local economic conditions, employment trends, and real estate supply/demand. The portfolio spans Manhattan (731 Lexington Avenue) and Queens (Rego Park I, Rego Park II, Flushing, and the Alexander apartment tower). This concentration increases sensitivity to NYC-specific regulatory changes (zoning, taxes) and to office and retail demand shifts, including work-from-home dynamics that can affect office space utilization. The company’s external manager, Vornado, is based in the New York metro area and provides leasing, development and property management capabilities aligned to this market.

Risks

Alexander’s is highly exposed to tenant concentration and office market trends because Bloomberg represents a majority of rental revenue and occupies all office space at 731 Lexington Avenue. The company also faces single-market risk: all properties are in New York City, so local economic downturns, regulatory changes, and shifts in employment and population can directly impact rents, occupancy and asset values. Lease expirations and re-leasing risk are material, as shown by revenue declines following the Home Depot and IKEA lease expirations, and by the need to re-tenant or sell vacant Rego Park I. Development, redevelopment and repositioning activities introduce execution risk, including cost overruns in an inflationary environment, delays in approvals, and the possibility of achieving lower-than-expected rents. Like other real estate owners, the company is sensitive to interest rates and refinancing conditions, and it also discloses operational risks from cybersecurity incidents and the adoption of AI tools.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on Bloomberg as a significant tenant1All properties located in New York City2Office real estate demand shifts (hybrid work, AI-driven utilization)3Development/redevelopment/repositioning execution risk4Cyber attack or systems failure5AI adoption risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on Bloomberg as a significant tenantImpact: CriticalLikelihood: Medium

    Bloomberg accounted for approximately 61% of 2025 rental revenues; loss or default would materially reduce cash flow.

    Exposure: 731 Lexington Avenue office lease; tenant credit and renewal risk

  2. All properties located in New York CityImpact: HighLikelihood: Medium

    Single-market concentration increases sensitivity to NYC economic conditions, regulation, and real estate cycles.

    ExposurePortfolio-wide rentsOccupancyAsset values
  3. Office real estate demand shifts (hybrid work, AI-driven utilization)Impact: HighLikelihood: Medium

    Changes in space utilization may reduce long-term office demand, affecting leasing economics at 731 Lexington.

    ExposureOffice rental ratesRenewal probabilityValuation
  4. Development/redevelopment/repositioning execution riskImpact: MediumLikelihood: Medium

    Projects may face financing constraints, regulatory delays, cost overruns, and lower-than-expected rents upon completion.

    ExposureCapital expendituresTimelinesStabilized NOI
  5. Cyber attack or systems failureImpact: MediumLikelihood: Low

    Could disrupt operations and financial reporting and compromise confidential tenant/employee/vendor information.

    ExposureOperational continuityComplianceLegalReputational risk
  6. AI adoption riskImpact: LowLikelihood: Low

    Improper implementation by the company or service providers could create ethical, legal, or operational issues.

    Exposure: Operational processes and third-party service delivery

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Accounting

Judgemental items
Impairment analyses for real estate

Impairment indicators trigger property-level recoverability tests requiring estimates of future undiscounted cash flows and/or fair value.

Impact: Could result in material non-cash impairment charges and lower carrying values.

Straight-line rent recognition

GAAP requires rent to be recognized on a straight-line basis over lease terms, creating non-cash revenue and receivables.

Impact: Affects comparability of GAAP revenue/earnings versus cash flow in periods with leasing changes.

Depreciation and amortization (including accelerated amounts)

Depreciation/amortization reflects capitalized leasing and building costs and may accelerate with lease expirations or tenant improvements.

Impact: Non-cash expense can move materially with leasing activity and capital spending.

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Last updated: 24/09/2026

Alexander's, Inc (ALX) Revenue, Earnings & Financials 2025 – Clarifo