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what it is
Alexander's owns and rents out seven New York City properties, mostly office and shopping space.
how it gets paid
Last year Alexanders made $213M in revenue. 731 Lexington Avenue was the main engine at $94M, or 44% of sales.
why growth slowed
Revenue fell 5.8% last year. Revenue was $160M. That is 75% of full-year revenue at $213M.
what just happened
Revenue hit $160M, and EPS reached $4.75.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
33.0x trailing p/e — you're paying up for this one
7.4% dividend yield — cash in your pocket every quarter
6.4% return on capital — nothing to write home about
xvary composite: 56/100 — below average
What they do
Alexander's owns and rents out seven New York City properties, mostly office and shopping space.
Seven properties and 90 employees make Alexander's a landlord with a shoebox payroll. REIT → real estate landlord → so the 7.4% yield matters more than growth dreams. The crown jewel is 731 Lexington Avenue at 1,079,000 square feet, so your exposure is concentrated.
How they make money
$213M
annual revenue · their business grew -5.8% last year
731 Lexington Avenue
$94M
Rego Park I
$43M
Rego Park II
$46M
The Alexander
$30M
The products that matter
office and retail tower
731 lexington
flagship asset
Bloomberg leases nearly 1M square feet through 2040. In human-speak: one tenant is carrying a lot of your rent visibility.
anchor tenant
queens retail centers
rego park I & II
second pillar
These assets give you another stream of rent, but the page is thin on property-level numbers. That's not us being coy. That's the reality of a very small portfolio.
retail ballast
portfolio structure
five-property footprint
concentration by design
Most REITs sell you diversification. ALX sells you scarcity. Same asset class. Very different risk profile.
no room to hide
Key numbers
7.4%
Dividend yield
You get $7.40 a year for every $100 invested at the current price. That is the cash story.
33.0x
Trailing P/E
You pay $33 for each $1 of last year's profit. That is rich for a $1B landlord.
$987M
Long-term debt
Debt is 44% of capital. A 1-point rate reset is about $9.9M a year.
52.9%
Operating margin
The company keeps 52.9 cents of each revenue dollar before interest and taxes. That is why small rent changes matter.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 85 / 100
- long-term debt $987M (44% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ALX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $160M, and EPS reached $4.75.
Revenue was up 199% from a year earlier, and EPS was up 309%. One quarter now equals about 75% of full-year 2024 revenue at $213M.
$160M
revenue
$4.75
eps
+199%
revenue growth
revenue spike
Quarterly revenue was $160M. That is 75% of full-year revenue at $213M, so one quarter carried an absurd amount of weight.
source: company earnings report, 2026
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What could go wrong
ALX is a concentration story pretending to be a diversified REIT. The prime addresses are real. So is the fact that five properties, one major tenant, and $987M of debt leave you with very little margin for a bad surprise.
high
bloomberg lease dependency
Bloomberg is leased through 2040, which helps. It also means one tenant relationship carries outsized weight. In a five-property REIT, that is concentration risk with a Manhattan address.
if that relationship weakens, the income story weakens with it.
high
portfolio concentration
Five properties is not many. One weak asset, one vacancy issue, or one softer leasing cycle carries more weight here than it would in a larger REIT.
the stock does not have much diversification to absorb property-level disappointment.
med
debt and refinancing pressure
Long-term debt is $987M, or 44% of capital. That's manageable while rent checks stay steady. It gets less forgiving when revenue is already down 5.8%.
higher borrowing costs would squeeze the room between property income and the dividend.
med
yield dependence cuts both ways
A 7.4% yield attracts attention. It also raises the stakes. When the payout is the main reason to own the stock, any wobble in coverage becomes the entire debate.
if revenue keeps slipping, the market stops treating the dividend as a feature and starts treating it as a test.
one dominant tenant, five properties, revenue down 5.8%, and $987M of long-term debt. That's a very specific risk profile, not a broad one.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
revenue stabilization
The first question is boring and important: does revenue stop falling after the 5.8% decline. For ALX, flat would already count as progress.
metric
lease concentration
Watch for any change in Bloomberg occupancy, rent terms, or lease roll across the portfolio. Small portfolios make small changes look large very quickly.
risk
dividend durability
The 7.4% yield is the headline. If operating results soften again, the market will start asking whether that payout is income or a warning label.
trend
multiple versus fundamentals
A 33.0x trailing P/E only works if the market keeps valuing scarcity and lease visibility above growth. If that trade cools off, the stock does not need a collapse in rent to rerate lower.
Analyst rankings
earnings predictability
45 / 100
That score says the earnings stream is less dependable than average. In human-speak, a tiny portfolio and heavy tenant concentration make forecasting messier than the calm share price suggests.
source: institutional data
Institutional activity
institutional ownership data for ALX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$225
current price
n/a
target midpoint · n/a from current
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