Alexander's, Inc. (ALX)

In Q1 and Q2 2025, Alexander's, Inc. reported a decrease in net income and Funds from Operations (FFO) compared to the previous year, with rental revenues also declining. The company consistently declared a quarterly dividend of $4.50 per share. Analysts have noted the stock's underperformance since 2019 due to declining profitability and rich valuations, with concerns about the sustainability of its dividend due to a high payout ratio. The stock price has experienced fluctuations, including a dip from its 52-week high following a spike in the US 10-year Treasury yield.

The demand for Alexander's, Inc.'s retail and office spaces in the New York City metropolitan area is influenced by seasonal trends in the commercial real estate market. Spring sees an increase in property listings and leasing activity, summer experiences the highest level of leasing activity, and autumn shifts towards more strategic planning.

Alexander's, Inc. operates within the Real Estate sector as a Real Estate Investment Trust. Its portfolio includes properties like 731 Lexington Avenue in Manhattan, housing Bloomberg, L.P.'s headquarters, the Rego Center complex in Rego Park, Queens, and retail properties in Flushing, NY, and Paramus, NJ. The company generates revenue from leasing to tenants and parking space rents.

Alexander's, Inc. maintains a concentrated geographic footprint, with all its properties located in the greater New York City metropolitan area, including Manhattan, Rego Park in Queens, Flushing, NY, and Paramus, NJ.

Alexander's, Inc.'s brand reputation is tied to its prime real estate portfolio and ability to secure tenant agreements in the New York City market. The long-term lease extension with Bloomberg L.P. until 2040 for its 731 Lexington Avenue property demonstrates strong tenant relationships. The company faces a "Revenue Concentration Risk" due to its reliance on Bloomberg, but there have been no specific public events that have significantly impacted Alexander's, Inc.'s brand reputation beyond general discussions of its financial performance.

Alexander's, Inc. has significant institutional ownership, with major shareholders including Vanguard Group Inc, Goldman Sachs Group Inc, BlackRock, Inc., and Mirae Asset Global ETFs Holdings Ltd. David Mandelbaum is the largest individual shareholder, owning 26.67% of the company. Vornado Realty Trust, the company's manager, holds a significant stake, owning 32.39% of Alexander's outstanding common stock as of December 31, 2024.