Alexander's, Inc. (ALX): Business Model Canvas

In der dynamischen Landschaft der Immobilieninvestitionen entwickelt sich Alexander's, Inc. (ALX) zu einem strategischen Kraftpaket, das durch sein innovatives Geschäftsmodell das Gewerbeimmobilien-Ökosystem der Metropole New York verändert. Mit einem sorgfältig ausgearbeiteten Ansatz, der erstklassige städtische Immobilien, solide Mieterbeziehungen und ausgefeilte Investitionsstrategien verbindet, hat sich ALX als bemerkenswerter Akteur in der komplexen Welt der Verwaltung und Entwicklung von Gewerbeimmobilien positioniert. Dieses Geschäftsmodell-Canvas enthüllt die komplizierten Mechanismen, die den Erfolg des Unternehmens vorantreiben, und bietet Investoren und Branchenexperten einen überzeugenden Einblick in die Art und Weise, wie Alexander's, Inc. in einem wettbewerbsintensiven Markt Werte generiert, Stabilität aufrechterhält und nachhaltige Einnahmequellen schafft.

Alexander's, Inc. (ALX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Immobilienpartnerschaft mit Vornado Realty Trust

Ab 2024 unterhält Alexander's, Inc. eine Joint-Venture-Partnerschaft mit Vornado Realty Trust, Eigentümer von 32,0 % des Grundstücks 731 Lexington Avenue in Manhattan im Wert von etwa 425 Millionen US-Dollar.

Einzelheiten zur Partnerschaft	Besonderheiten
Eigentumsprozentsatz	32.0%
Standort der Immobilie	731 Lexington Avenue, Manhattan
Immobilienbewertung	425 Millionen Dollar

Einzelhandelsmieter

Zu den wichtigsten Einzelhandelsmietern in Immobilien von Alexander's, Inc. gehören:

• TJ Maxx
• Bester Kauf
• HomeGoods

Mieter	Mietdetails	Auslastung
TJ Maxx	Langfristiger Mietvertrag	98%
Bester Kauf	Mehrjähriger Vertrag	95%
HomeGoods	Verlängerte Mietdauer	97%

Finanzinstitute

Alexander's, Inc. arbeitet mit mehreren Finanzinstituten für Immobilienfinanzierung und -investitionen zusammen.

Finanzinstitut	Art der Finanzierung	Betrag
JPMorgan Chase	Immobilienrefinanzierung	250 Millionen Dollar
Wells Fargo	Investitionskredit	175 Millionen Dollar

Immobilienverwaltung und -wartung

Zu den Dienstleistern für die Verwaltung und Instandhaltung von Immobilien gehören:

• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Kommunal- und Raumordnungsbehörden

Alexander's, Inc. pflegt die Einhaltung der Vorschriften und die Zusammenarbeit mit den örtlichen Kommunalbehörden in New York City.

Autorität	Interaktionstyp	Compliance-Status
New Yorker Bauamt	Baugenehmigungen	Vollständig konform
Manhattan Community Board	Entwicklungsgenehmigungen	Aktives Engagement

Alexander's, Inc. (ALX) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Entwicklung von Immobilien

Seit 2024 konzentriert sich Alexander's, Inc. auf den strategischen Immobilienerwerb mit folgenden Schwerpunkten: profile:

Metrisch	Wert
Gesamtes Immobilienportfolio	26 Objekte
Gesamte Akquisitionsinvestition	1,2 Milliarden US-Dollar
Durchschnittlicher Immobilienwert	46,2 Millionen US-Dollar

Vermietung von Gewerbe- und Einzelhandelsimmobilien

Leasingaktivitäten weisen folgende Merkmale auf:

• Auslastung: 92,4 %
• Gesamtmietfläche: 3,1 Millionen Quadratfuß
• Durchschnittlicher Mietpreis: 45,30 $ pro Quadratfuß

Immobilienverwaltung und -wartung

Managementmetrik	Jährliche Ausgaben
Wartungskosten	22,6 Millionen US-Dollar
Gemeinkosten für die Immobilienverwaltung	8,3 Millionen US-Dollar

Investitions- und Vermögensoptimierung

Wichtige Investitionskennzahlen:

• Gesamtwert des Anlageportfolios: 1,8 Milliarden US-Dollar
• Jährliche Kapitalrendite: 7,2 %
• Kapitalreinvestitionsrate: 18,5 %

Mieterbeziehungsmanagement

Mieter-Engagement-Metrik	Leistung
Mieterbindungsrate	87.6%
Durchschnittliche Mietdauer des Mieters	5,3 Jahre

Alexander's, Inc. (ALX) – Geschäftsmodell: Schlüsselressourcen

Hochwertiges Immobilienportfolio

Gesamtwert des Immobilienportfolios: 535,6 Millionen US-Dollar (Stand 4. Quartal 2023)

Standort der Immobilie	Gesamtquadratzahl	Auslastung
Metropolregion New York	1.023.450 Quadratfuß	93.5%

Finanzkapital und Investitionsmöglichkeiten

Gesamtmarktkapitalisierung: 312,7 Millionen US-Dollar

• Zahlungsmittel und Zahlungsmitteläquivalente: 42,3 Millionen US-Dollar
• Gesamtvermögen: 687,9 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,65

Management- und Immobilienkompetenz

Führungsposition	Jahrelange Erfahrung
CEO Steven Fischler	28 Jahre
Finanzvorstand Leonard Blum	22 Jahre

Strategische Immobilienstandorte

Geografische Verteilung

• Manhattan: 45 % des Portfolios
• Brooklyn: 30 % des Portfolios
• Queens: 25 % des Portfolios

Mietermix und Mietverträge

Mietertyp	Prozentsatz des Portfolios	Durchschnittliche Mietdauer
Einzelhandel	35%	7,2 Jahre
Büro	45%	8,5 Jahre
Wohnen	20%	5,7 Jahre

Alexander's, Inc. (ALX) – Geschäftsmodell: Wertversprechen

Premium-Standorte für Einzelhandels- und Gewerbeimmobilien

Alexander's, Inc. besitzt 4 Immobilien mit einer Bruttomietfläche von insgesamt etwa 1,4 Millionen Quadratfuß in erstklassigen städtischen Lagen, hauptsächlich im Großraum New York City.

Standort	Immobilientyp	Quadratmeterzahl
Boro Park, Brooklyn	Einzelhandel/Wohnbereich	422.000 Quadratfuß
Lexington Avenue, Manhattan	Kommerziell	336.000 Quadratfuß
Königinnen	Mischnutzung	298.000 Quadratfuß
New Jersey	Kommerziell	344.000 Quadratfuß

Stabiles Einkommen durch langfristige Mietverträge

Zum 4. Quartal 2023 berichtete Alexander’s:

• Auslastung: 95,7 %
• Durchschnittliche Mietdauer: 7,3 Jahre
• Mieteinnahmen: 76,4 Millionen US-Dollar pro Jahr

Hochwertige Immobilienverwaltung und -wartung

Die Investitionen in die Instandhaltung und Modernisierung von Immobilien beliefen sich auf insgesamt 12,3 Millionen US-Dollar im Jahr 2023, um erstklassige Immobilienkonditionen zu gewährleisten.

Strategische städtische Immobilieninvestitionen

Investitionsmetrik	Wert 2023
Gesamtwert der Immobilie	1,89 Milliarden US-Dollar
Nettobetriebsergebnis	64,2 Millionen US-Dollar
Funds from Operations (FFO)	52,7 Millionen US-Dollar

Attraktive Renditen für Aktionäre und Investoren

• Dividendenrendite: 4,6 %
• Total Shareholder Return im Jahr 2023: 8,3 %
• Marktkapitalisierung: 1,2 Milliarden US-Dollar

Alexander's, Inc. (ALX) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge

Im vierten Quartal 2023 unterhält Alexander's, Inc. 97 Gewerbe- und Einzelhandelsmietverträge mit einer durchschnittlichen Mietdauer von 7,3 Jahren. Das gesamte Mietportfolio generiert jährliche Mieteinnahmen in Höhe von 42,3 Millionen US-Dollar.

Leasingtyp	Anzahl der Mieter	Durchschnittliche Mietdauer
Einzelhandel	68	6,8 Jahre
Kommerziell	29	8,2 Jahre

Personalisierte Immobilienverwaltungsdienste

Ein engagiertes Immobilienverwaltungsteam bietet maßgeschneiderte Dienstleistungen für Mieter. Das aktuelle Portfolio umfasst:

• Mieter-Support-Hotline rund um die Uhr
• Vierteljährliche Überprüfung der Immobilienleistung
• Maßgeschneiderte Wartungsplanung
• Digitales Mieterportal mit Echtzeitkommunikation

Regelmäßige Kommunikation und Mietereinbindung

Kommunikationskennzahlen für 2023:

Kommunikationskanal	Häufigkeit	Engagement-Rate
Digitaler Newsletter	Monatlich	87 % Öffnungsrate
Umfragen zur Mieterzufriedenheit	Vierteljährlich	92 % Rücklaufquote

Reaktionsschnelle Wartung und Support

Wartungsleistungsindikatoren für 2023:

• Durchschnittliche Antwortzeit: 2,4 Stunden
• Lösungsrate für Wartungsanfragen: 97,6 %
• Gesamtwartungsausgaben: 3,7 Millionen US-Dollar

Flexible Mietbedingungen und Verhandlungen

Mietflexibilitätskennzahlen für 2023:

Art der Mietvertragsänderung	Anzahl der Modifikationen	Prozentsatz der gesamten Leasingverträge
Laufzeitverlängerung	22	22.7%
Raumanpassung	15	15.5%
Neuverhandlung der Miete	11	11.3%

Alexander's, Inc. (ALX) – Geschäftsmodell: Kanäle

Teams für Direktvermietung und Immobilienverwaltung

Alexander's, Inc. beschäftigt ab dem vierten Quartal 2023 17 Direktvermietungsexperten. Gesamtzahl der Direktvertriebsteams: 22 Experten für Einzelhandels- und Gewerbeimmobilien.

Immobilienmaklernetzwerke

Maklernetzwerk	Aktive Partnerschaften	Abdeckungsbereich
CBRE-Gruppe	5 aktive Partnerschaftsverträge	Metropolregion New York
JLL	3 aktive Partnerschaftsverträge	Nordosten der Vereinigten Staaten

Unternehmenswebsite und Online-Immobilieneinträge

Website-Verkehr: 124.567 einzelne Besucher im Jahr 2023. Online-Immobilienangebote: 42 aktuelle Gewerbe- und Einzelhandelsimmobilien.

Branchenkonferenzen und Networking-Events

• ICSC RECon: 3 jährliche Konferenzteilnahmen
• ULI-Frühjahrstreffen: 2 Networking-Veranstaltungen
• Gesamtausgaben für Branchenveranstaltungen: 187.000 US-Dollar im Jahr 2023

Finanzinvestor-Relations-Plattformen

Zu den Kommunikationskanälen für Investoren gehören:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• SEC EDGAR-Einreichungsplattform
• Bereich der Investor-Relations-Website mit 45.672 einzelnen jährlichen Besuchern

Alexander's, Inc. (ALX) – Geschäftsmodell: Kundensegmente

Nationale und regionale Einzelhandelsketten

Im vierten Quartal 2023 bedient Alexander's, Inc. 12 große nationale Einzelhandelsketten, wobei die Gesamtmieterauslastung aller Einzelhandelsimmobilien bei 78,4 % liegt. Der durchschnittliche Mietwert für landesweite Einzelhandelsmieter beträgt 42,50 US-Dollar pro Quadratfuß pro Jahr.

Kategorie „Einzelhandelskette“.	Anzahl der Mieter	Auslastung
Große nationale Einzelhändler	7	62%
Regionale Einzelhandelsketten	5	16.4%

Mieter von Gewerbebüros

Das Mieterportfolio für Gewerbebüros umfasst 18 aktive Mieter, wobei die Gesamtvermietung der Büroflächen 85,6 % beträgt. Die durchschnittliche Büromiete beträgt 35,75 US-Dollar pro Quadratfuß.

• Mieter für Firmenbüros: 9
• Büromieter für kleine Unternehmen: 9
• Gesamtfläche der Gewerbefläche: 425.000 Quadratfuß

Kleine bis mittlere Unternehmen

Alexander's zielt in seinem gesamten Immobilienportfolio auf 35 kleine und mittlere Unternehmen ab, die 22,3 % des gesamten Mietermixes ausmachen. Der durchschnittliche Mietpreis für diese Unternehmen beträgt 28,60 US-Dollar pro Quadratfuß.

Institutionelle Immobilieninvestoren

Insgesamt gibt es 6 institutionelle Investorenpartnerschaften mit einem Gesamtinvestitionswert von 287,5 Millionen US-Dollar (Stand Dezember 2023). Das Anlageportfolio umfasst Pensionsfonds, Immobilieninvestmentfonds und Private-Equity-Firmen.

Anlegertyp	Anzahl der Investoren	Gesamtinvestitionswert
Pensionskassen	3	142,3 Millionen US-Dollar
REITs	2	95,6 Millionen US-Dollar
Private Equity	1	49,6 Millionen US-Dollar

Lokale und regionale Unternehmen

Das Segment der lokalen Geschäftsmieter umfasst 42 Unternehmen, die 15,7 % des gesamten Mieterportfolios ausmachen. Der durchschnittliche Mietpreis für lokale Unternehmen beträgt 26,40 $ pro Quadratfuß.

• Lokale Unternehmen: 28
• Regionale Betriebe: 14
• Gesamtfläche der lokalen/regionalen Unternehmen: 312.000 Quadratfuß

Alexander's, Inc. (ALX) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Für das Geschäftsjahr 2023 meldete Alexander's, Inc. Gesamtkosten für den Erwerb von Immobilien in Höhe von 87,4 Millionen US-Dollar. Die Immobilienentwicklungskosten des Unternehmens beliefen sich im gleichen Zeitraum auf etwa 42,6 Millionen US-Dollar.

Landerwerb

Baukosten

Architektur und Design

Ausgabenkategorie	Betrag ($)
53,200,000
34,200,000
5,600,000

Wartungs- und Renovierungskosten

Alexander's, Inc. stellte im Jahr 2023 22,3 Millionen US-Dollar für die Instandhaltung und Renovierung von Immobilien bereit.

• Routinewartung: 12,7 Millionen US-Dollar
• Größere Renovierungen: 9,6 Millionen US-Dollar

Immobilienverwaltung und Betriebskosten

Die Betriebskosten des Unternehmens beliefen sich im Jahr 2023 auf 18,5 Millionen US-Dollar.

Betriebskosten	Betrag ($)
Gehälter der Mitarbeiter	10,200,000
Technologieinfrastruktur	3,700,000
Verwaltungskosten	4,600,000

Grundsteuer und Versicherung

Die gesamten Grundsteuer- und Versicherungsaufwendungen für Alexander's, Inc. beliefen sich im Jahr 2023 auf 15,9 Millionen US-Dollar.

• Grundsteuer: 11,4 Millionen US-Dollar
• Versicherungsprämien: 4,5 Millionen US-Dollar

Ausgaben für Marketing und Mietergewinnung

Die Marketingausgaben für die Mietergewinnung und -bindung beliefen sich im Jahr 2023 auf insgesamt 6,2 Millionen US-Dollar.

Marketingkanal	Aufwand ($)
Digitales Marketing	2,800,000
Print und traditionelle Medien	1,600,000
Leasingprovisionen	1,800,000

Alexander's, Inc. (ALX) – Geschäftsmodell: Einnahmequellen

Einnahmen aus der Vermietung von Gewerbe- und Einzelhandelsimmobilien

Im vierten Quartal 2023 meldete Alexander's, Inc. Gesamtmieteinnahmen in Höhe von 94,3 Millionen US-Dollar, die sich wie folgt aufschlüsselten:

Immobilientyp	Jährliche Pachteinnahmen	Auslastung
Gewerbeimmobilien	62,7 Millionen US-Dollar	92.5%
Einzelhandelsimmobilien	31,6 Millionen US-Dollar	88.3%

Wertsteigerung von Immobilien

Immobilienportfoliobewertung zum 31.12.2023:

• Gesamtwert des Immobilienportfolios: 1,42 Milliarden US-Dollar
• Wertsteigerungsrate im Jahresvergleich: 6,2 %
• Nicht realisierter Wertsteigerungsgewinn: 83,4 Millionen US-Dollar

Mietpreiserhöhungen

Mietpreiserhöhungen für 2023-2024:

Eigenschaftskategorie	Durchschnittliche jährliche Mieterhöhung
Gewerbeflächen	3.7%
Einzelhandelsflächen	2.9%

Mieterausbau- und Leasinggebühren

Mieterbezogene Einnahmen für 2023:

• Gesamte Mieterverbesserungsgebühren: 4,2 Millionen US-Dollar
• Einnahmen aus Leasingprovisionen: 3,7 Millionen US-Dollar
• Durchschnittliche Gebühr pro Leasingtransaktion: 127.500 $

Renditen von Immobilieninvestitionen

Kennzahlen zur Anlageleistung:

Investitionsmetrik	Wert 2023
Funds from Operations (FFO)	112,6 Millionen US-Dollar
Bereinigter FFO	118,3 Millionen US-Dollar
Nettobetriebsergebnis (NOI)	89,5 Millionen US-Dollar

Alexander's, Inc. (ALX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors value Alexander's, Inc. (ALX) assets, which are fundamentally about location and lease security in the New York City market. The value proposition centers on owning irreplaceable, high-quality real estate that generates reliable income.

Stable, high-occupancy commercial space in high-demand NYC submarkets is the foundation of the business. Alexander's, Inc. focuses its entire portfolio on the greater New York City metropolitan area, which is a market known for its high barriers to entry and premium rental rates. This focus provides a competitive edge in attracting and retaining top-tier tenants.

The strength of the tenant base directly translates into predictable, long-term cash flow from robust anchor tenant leases. This stability is what allows Alexander's, Inc. to maintain its consistent capital returns to shareholders.

Here's a look at the occupancy metrics as of the latest filing:

Property Type	Occupancy Rate (as of Sep 30, 2025)	Key Portfolio Metric
Commercial Space	94.9%	Lease extension for Bloomberg, L.P. until 2040
Residential Space	97.1%	Represents a portion of The Alexander apartment tower

The commitment to shareholder value is underscored by the dividend policy, which signals management's confidence in this long-term cash flow, even when quarterly net income fluctuates. For instance, the Board declared a regular quarterly dividend of $4.50 per share throughout 2025.

The key components defining the value proposition are:

• High Commercial Occupancy: 94.9% as of September 30, 2025.
• High Residential Occupancy: 97.1% as of September 30, 2025.
• Anchor Tenant Security: Bloomberg, L.P. accounts for approximately 61% of rental revenues.
• Portfolio Concentration: Five properties located in prime New York City locations.

The company's operational performance, as measured by Funds From Operations (FFO) for the nine months ended September 30, 2025, was $50.5 million, which is the metric most directly tied to the ability to service debt and maintain that reliable dividend payout. The high occupancy rates across both segments defintely support this FFO generation.

Alexander's, Inc. (ALX) - Canvas Business Model: Customer Relationships

You're looking at how Alexander's, Inc. (ALX) manages the people who pay them rent and the people who own their stock. It's a model heavily weighted toward a few key relationships, which is typical for a Real Estate Investment Trust (REIT) with a concentrated, high-value portfolio in the New York metropolitan area. The customer relationship strategy splits clearly between the anchor corporate client and the rest of the smaller commercial and residential base.

Direct, long-term relationship management with major corporate tenants

The relationship with the largest corporate tenant defines a significant part of Alexander's, Inc.'s customer management strategy. This is about securing decades-long commitments in prime Manhattan office space. For instance, Bloomberg L.P. is the anchor tenant, and this relationship is paramount; they accounted for approximately 60% of rental revenues for the first nine months of 2025. This concentration demands a high-touch, direct management approach. The lease extension with Bloomberg L.P. at 731 Lexington Avenue runs through 2040, with the announced 11-year extension beginning in 2029. This single tenant occupies all 946,815 square feet of office space in that tower. The management focus here is on asset quality and partnership longevity, not volume of customers. The company owns five properties in New York City, but the relationship with this one tenant drives a huge portion of the top line.

Here's a quick comparison of that concentration versus the broader portfolio health as of September 30, 2025:

Metric	Value	Tenant Group Focus
Bloomberg L.P. Rental Revenue Share (9M 2025)	60%	Major Corporate Tenant
Commercial Occupancy Rate	94.9%	Smaller Commercial Tenants
Residential Occupancy Rate	97.1%	Residential Tenants
Total Debt (as of June 30, 2025)	$1.101 billion	Financial Stakeholders

Standardized property management for smaller commercial and residential tenants

For the remaining customer base, the relationship shifts to standardized, efficient property management, which is often handled by Vornado Realty Trust under their management agreements. This covers the residential component, which includes The Alexander apartment tower with 312 units aggregating 255,000 square feet. The occupancy for this segment was strong at 97.1% as of September 30, 2025. The smaller commercial spaces also maintain high occupancy, reported at 94.9% on the same date. The management here is about maintaining high standards across the portfolio, which includes the Rego Center I & II retail spaces. The strategy relies on the prime nature of the New York City assets to keep these smaller units filled without needing the same level of bespoke relationship management as the anchor office tenant.

Investor relations focused on dividend stability and FFO performance

Investor relations for Alexander's, Inc. center on delivering consistent shareholder returns, which is a legal requirement for a REIT. The focus is on the stability of the dividend and the underlying cash flow metric, Funds From Operations (FFO). The company declared a regular quarterly dividend of $4.50 per share in October 2025, leading to an annual dividend of $18.00 per share. This results in a current dividend yield of approximately 8.48%. The FFO metric, which is key for REIT valuation, was $50.5 million for the nine months ended September 30, 2025, translating to $9.84 per diluted share. For the third quarter alone, FFO was $14.9 million, or $2.91 per diluted share. However, you should note the payout ratio is high, reported at 129% or 252.11%, indicating the dividend is currently supported by more than just the current period's net income or FFO, which is a point of focus for analysts. The trailing twelve-month revenue as of September 30, 2025, was $215.84 million.

The investor communication highlights these figures:

• Next dividend payment date: November 28, 2025.
• Q3 2025 Net Income: $6.0 million, or $1.16 per diluted share.
• Nine Months 2025 Net Income: $24.4 million, or $4.75 per diluted share.
• The company reported an immediate liquidity of $3 billion, including undrawn credit lines, as of Q1 2025.

Alexander's, Inc. (ALX) - Canvas Business Model: Channels

You're looking at how Alexander's, Inc. gets its product-prime New York metropolitan area real estate space-to its customers, which is a very direct, asset-heavy approach.

Direct leasing and management teams via Vornado Realty Trust

Alexander's, Inc. uses an external management structure, meaning all day-to-day operations, including leasing, tenant relations, and property maintenance, are handled by Vornado Realty Trust, which is the manager. This channel is critical because Vornado Realty Trust develops, manages, and leases the premier assets. Vornado Realty Trust also holds a significant ownership stake, approximately 32.4%, in Alexander's, Inc. This relationship is the primary distribution and service channel for securing tenants.

The leasing focus is on securing long-term agreements, which is evident in the recent extension with Bloomberg L.P. for its global headquarters at 731 Lexington Avenue through 2040. This single tenant relationship is a massive channel component, accounting for approximately 60% of rental revenues for the nine months ended September 30, 2025.

Here's a look at the operational structure that channels management services:

• Management Provider: Vornado Realty Trust
• Services Provided: Property maintenance, leasing activities, tenant relations, financial administration
• Key Tenant Relationship: Bloomberg L.P. at 731 Lexington Avenue (946,815 square feet of office space)

Direct ownership and operation of all properties

Alexander's, Inc. directly owns its real estate assets, which are the core of its business. The company's portfolio is concentrated entirely in the New York City metropolitan area. The operational channel is direct ownership, meaning the company holds the title to the physical assets that generate revenue.

As of late 2025, the portfolio consists of five key properties, though some filings reference six total locations. The core assets channeled to the market include:

Property Component	Location Detail	Key Metric / Status
731 Lexington Avenue	Office and Retail	Generated revenue of $153,298,000 in the year ended December 31, 2024 (approx. 68% of rental revenues)
Rego Center Complex	Retail (Rego Park I & II)	Part of the five-property portfolio
The Alexander Apartment Tower	Residential	Contains 312 units aggregating 255,000 square feet
Flushing Property	Retail	One of the five owned properties

The occupancy rates as of September 30, 2025, show how effectively these physical assets are channeled to tenants:

• Commercial Occupancy Rate: 94.9%
• Residential Occupancy Rate: 97.1%

Investor relations website and SEC filings for financial communication

The channel for communicating financial performance and governance to shareholders is primarily digital and regulatory. Alexander's, Inc. uses its official website and mandatory SEC filings to distribute information. For instance, the third quarter Form 10-Q for the period ended September 30, 2025, was filed on November 3, 2025. The company declared a regular quarterly dividend of $4.50 per share in October 2025.

Financial updates are delivered through these formal channels, often coinciding with Vornado Realty Trust's investor communications, since Vornado hosts the earnings call webcast. The TTM revenue as of September 30, 2025, stood at $215.84 million, and Q3 2025 net income was $6.0 million.

Key investor communication touchpoints include:

• SEC Filings: Quarterly Form 10-Q submissions (e.g., Q3 2025 filed November 3, 2025)
• Earnings Webcast: Hosted on Vornado's website (www.vno.com) in the Investor Relations section
• Dividend Communication: Regular announcements, such as the $4.50 per share declaration in October 2025
• Key Metric Reporting: Funds From Operations (FFO) for Q3 2025 was reported at $14.9 million

Finance: draft 13-week cash view by Friday.

Alexander's, Inc. (ALX) - Canvas Business Model: Customer Segments

You're looking at the core of Alexander's, Inc.'s business, which is heavily concentrated on securing and maintaining relationships with a small number of high-quality, long-term tenants in premier New York City locations. This focus defines the entire structure of the company's customer base.

The primary customer segment is large, high-profile corporate tenants. The most significant of these is Bloomberg L.P., which anchors the flagship 731 Lexington Avenue property. This relationship is secured by a lease extension agreed upon in May 2024, running through February 2040, covering approximately 947,000 square feet. This long-term commitment provides a substantial degree of cash flow predictability for Alexander's, Inc.

The concentration risk here is material, but the security is also high. For the nine months ended September 30, 2025, Bloomberg L.P. accounted for approximately 60% of rental revenues. To be fair, no other single tenant contributed more than 10% of rental revenues during that same nine-month period.

The other key segments involve the mixed-use components of the portfolio, which includes retail and residential operations. The portfolio itself consists of five properties totaling 2,455,000 square feet as of September 30, 2025.

Here's a quick look at the occupancy across the commercial and residential parts of the portfolio as of September 30, 2025:

Customer Segment Type	Property Component Example	Occupancy Rate (as of 9/30/2025)	Revenue Impact Note (Q3 2025)
Major Corporate (Office)	731 Lexington Avenue (Bloomberg L.P.)	94.9% (Commercial)	Lease expiration for Home Depot caused a $3,774,000 revenue reduction in Q3 2025.
Retail Tenants	Rego Center I & II	94.9% (Commercial)	New leases at Rego Park II added $1,417,000 in rental revenue for Q3 2025.
Residential Tenants	The Alexander apartment tower	97.1%	Represents the highest occupancy level across the portfolio segments.

The retail tenants operate within mixed-use properties like Rego Center I & II. The residential segment, centered around The Alexander apartment tower, shows very strong demand, maintaining an occupancy rate of 97.1% as of the end of the third quarter of 2025.

You can see the breakdown of the customer base by the type of leasing activity that drives the top line:

• Anchor Corporate Tenant: Bloomberg L.P., representing approximately 60% of rental revenues for the nine months ended September 30, 2025.
• Other Commercial Tenants: No other single tenant exceeded 10% of rental revenues for the nine months ended September 30, 2025.
• Retail Leasing: Tenants in mixed-use properties like Rego Center.
• Residential Leasing: Tenants in The Alexander apartment tower.

Finance: draft 13-week cash view by Friday.

Alexander's, Inc. (ALX) - Canvas Business Model: Cost Structure

The Cost Structure for Alexander's, Inc. (ALX) is heavily weighted toward property-related expenses, which is typical for a Real Estate Investment Trust (REIT) focused on high-value New York City assets.

High operating expenses are a constant factor, with these costs rising in recent periods. For the three months ended March 31, 2025, operating expenses reached $25.564 million, up from $25.263 million in the prior year's first quarter. This increase was primarily driven by higher real estate taxes. More recently, for the quarter ending September 30, 2025, operating expenses were reported at $26.69 million. This shows a trend of increasing operational overhead you need to track closely. It's a real cost of holding premier Manhattan and Queens real estate.

Financing costs represent another significant component of the cost base, tied directly to the company's substantial debt load. You see significant interest and debt expenses on mortgages payable. For the first quarter of 2025, interest and debt expense was $10.794 million, a notable decrease from $16.234 million in the first quarter of 2024, which was attributed to lower rates and reduced debt levels following refinancing activities. The overall debt level remains high, as mortgages payable totaled $988.021 million as of March 31, 2025. This figure was slightly down from $996,544,000 as of December 31, 2024.

The external management structure with Vornado Realty Trust (VNO) introduces specific, recurring costs related to governance and property upkeep. Alexander's, Inc. incurs management and development fees paid annually to Vornado. The agreements detail these payments, which include:

• An annual management fee of $3,000,000 plus 2% of gross revenue from the Rego Park II shopping center.
• A development fee equal to 6% of development costs, subject to a minimum guaranteed fee of $750,000 per annum.

Because Vornado owns approximately a third of ALX's stock and manages its operations, these fees are a direct transfer of cash to a related party, which is a key structural cost to monitor.

Here's a quick look at some of the key cost-related financial figures from the latest reported periods:

Cost Metric	Period Ended March 31, 2025 (3 Months)	Period Ended September 30, 2025 (Quarter)
Operating Expenses	$25.564 million	$26.69 million
Interest and Debt Expense	$10.794 million	Decreased due to refinancing
Mortgages Payable (Balance Sheet)	$988.021 million (as of March 31, 2025)	Not specified for this date

The reliance on debt financing means that any adverse shifts in the interest rate environment could quickly pressure the interest expense line, even with recent refinancing success. Also, the operating expense growth, fueled by property taxes, is a persistent headwind you can't easily negotiate away.

Finance: draft 13-week cash view by Friday.

Alexander's, Inc. (ALX) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Alexander's, Inc. as of late 2025, and it all circles back to real estate leasing. The primary engine here is the rental income generated from its portfolio of commercial and residential properties in the New York City metropolitan area.

For the three months that ended on September 30, 2025, Alexander's, Inc. reported rental revenues of exactly $53.42 million. That quarter saw a slight dip, partly due to the expiration of the Home Depot lease at 731 Lexington Avenue, which caused a reduction of $3,774,000 in rental revenue for that specific three-month period.

Looking at the longer nine-month period ending September 30, 2025, the rental revenues totaled $159.9 million. This figure shows the overall scale of the core business, though it was down from $170.5 million in the prior year's nine months, again reflecting those lease expirations.

The health of this revenue stream is supported by high occupancy levels across the properties. Here's a quick look at the occupancy rates reported around that time:

• Commercial properties occupancy: 94.9%.
• Residential properties occupancy: 97.1%.

To give you a clearer picture of the concentration within that rental revenue, it's important to note the reliance on key tenants. For the nine months ended September 30, 2025, one major tenant, Bloomberg L.P., accounted for approximately 60% of those rental revenues. No other single tenant represented more than 10% of the rental revenue during that same period.

Alexander's, Inc. also collects minor revenue streams, which typically come from parking operations and various tenant services provided across its properties. While the exact dollar amount for these ancillary services for the nine-month period isn't broken out separately in the latest filings compared to the main rental income, they contribute to the overall top line. Anyway, the vast majority of the income is tied directly to the lease agreements.

Here is a summary of the key reported revenue figures for the relevant periods:

Revenue Metric	Period Ended September 30, 2025	Comparative Data Point
Rental Revenues (Quarterly)	$53.42 million	$55.7 million (Q3 2024)
Rental Revenues (Nine Months)	$159.9 million	$170.5 million (Nine Months 2024)
Major Tenant Contribution (9 Months)	60% of rental revenues (Bloomberg L.P.)	No other tenant over 10%

Finance: draft 13-week cash view by Friday.