Modelo de Negocio de Alexander's, Inc. (ALX) [Actualizado en Ene-2025]

En el panorama dinámico de la inversión inmobiliaria, Alexander's, Inc. (ALX) surge como una potencia estratégica, transformando el ecosistema de propiedades comerciales de Metropolitan New York a través de su innovador modelo de negocio. Con un enfoque meticulosamente elaborado que combina bienes raíces urbanos de Prime Urban, relaciones sólidas de inquilinos y estrategias de inversión sofisticadas, ALX se ha posicionado como un jugador notable en el complejo mundo de la gestión y el desarrollo de propiedades comerciales. Este lienzo de modelo de negocio revela los intrincados mecanismos que impulsan el éxito de la compañía, ofreciendo a los inversores y a los profesionales de la industria una visión convincente de cómo Alexander's, Inc. genera valor, mantiene la estabilidad y crea flujos de ingresos sostenibles en un mercado competitivo.

Alexander's, Inc. (ALX) - Modelo de negocios: asociaciones clave

Asociación inmobiliaria estratégica con Vornado Realty Trust

A partir de 2024, Alexander's, Inc. mantiene un Asociación de empresa conjunta con Vornado Realty Trust, posee el 32.0% de la propiedad 731 Lexington Avenue en Manhattan, valorada en aproximadamente $ 425 millones.

Detalles de la asociación	Detalles específicos
Porcentaje de propiedad	32.0%
Ubicación de la propiedad	731 Lexington Avenue, Manhattan
Valoración de la propiedad	$ 425 millones

Inquilinos minoristas

Los inquilinos minoristas clave en las propiedades de Alexander, Inc. incluyen:

• TJ Maxx
• Best Buy
• Homenaje

Arrendatario	Detalles del arrendamiento	Tasa de ocupación
TJ Maxx	Arrendamiento a largo plazo	98%
Best Buy	Acuerdo de varios años	95%
Homenaje	Término de arrendamiento extendido	97%

Instituciones financieras

Alexander's, Inc. colabora con múltiples instituciones financieras para financiamiento y inversión inmobiliaria.

Institución financiera	Tipo de financiamiento	Cantidad
JPMorgan Chase	Refinanciación de la propiedad	$ 250 millones
Wells Fargo	Préstamo de inversión	$ 175 millones

Administración y mantenimiento de la propiedad

Los proveedores de servicios para la administración y el mantenimiento de la propiedad incluyen:

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

Autoridades municipales y de zonificación

Alexander's, Inc. mantiene el cumplimiento y la colaboración con las autoridades municipales locales en la ciudad de Nueva York.

Autoridad	Tipo de interacción	Estado de cumplimiento
Departamento de Edificios de Nueva York	Permisos de zonificación	Totalmente cumplido
Junta Comunitaria de Manhattan	Aprobaciones de desarrollo	Compromiso activo

Alexander's, Inc. (ALX) - Modelo de negocio: actividades clave

Adquisición y desarrollo de bienes inmuebles

A partir de 2024, Alexander's, Inc. se ha centrado en adquisiciones de propiedades estratégicas con lo siguiente profile:

Métrico	Valor
Cartera de propiedades totales	26 propiedades
Inversión total de adquisición	$ 1.2 mil millones
Valor de propiedad promedio	$ 46.2 millones

Arrendamiento de propiedades comerciales y minoristas

Las actividades de arrendamiento demuestran las siguientes características:

• Tasa de ocupación: 92.4%
• Área total leable: 3.1 millones de pies cuadrados
• Tasa de arrendamiento promedio: $ 45.30 por pie cuadrado

Administración y mantenimiento de la propiedad

Métrica de gestión	Gasto anual
Gastos de mantenimiento	$ 22.6 millones
Sobrecarga de administración de propiedades	$ 8.3 millones

Inversión y optimización de activos

Métricas de inversión clave:

• Valor total de la cartera de inversiones: $ 1.8 mil millones
• Retorno anual de inversión: 7.2%
• Tasa de reinversión de capital: 18.5%

Gestión de la relación de inquilino

Métrica de compromiso del inquilino	Actuación
Tasa de retención de inquilinos	87.6%
Duración promedio de arrendamiento del inquilino	5.3 años

Alexander's, Inc. (ALX) - Modelo de negocios: recursos clave

Cartera de bienes raíces de alto valor

Valor total de la cartera de bienes raíces: $ 535.6 millones (a partir del cuarto trimestre de 2023)

Ubicación de la propiedad	Hoques cuadrados totales	Tasa de ocupación
Área metropolitana de Nueva York	1.023,450 pies cuadrados	93.5%

Capacidades de capital financiero y de inversión

Capitalización total de mercado: $ 312.7 millones

• Efectivo y equivalentes de efectivo: $ 42.3 millones
• Activos totales: $ 687.9 millones
• Relación de deuda / capital: 0.65

Gestión y experiencia en bienes raíces

Puesto ejecutivo	Años de experiencia
CEO Steven Fischler	28 años
CFO Leonard Blum	22 años

Ubicaciones de propiedades estratégicas

Distribución geográfica

• Manhattan: 45% de la cartera
• Brooklyn: 30% de la cartera
• Queens: 25% de la cartera

Contratos de mezcla y arrendamiento de inquilinos

Tipo de inquilino	Porcentaje de cartera	Término de arrendamiento promedio
Minorista	35%	7.2 años
Oficina	45%	8.5 años
Residencial	20%	5.7 años

Alexander's, Inc. (ALX) - Modelo de negocio: propuestas de valor

Ubicaciones de bienes raíces comerciales y comerciales premium

Alexander's, Inc. posee 4 propiedades por un total de aproximadamente 1,4 millones de pies cuadrados de área gruesa por las ubicaciones urbanas, principalmente en el área metropolitana de la ciudad de Nueva York.

Ubicación	Tipo de propiedad	Pies cuadrados
Boro Park, Brooklyn	Minorista/residencial	422,000 pies cuadrados
Lexington Avenue, Manhattan	Comercial	336,000 pies cuadrados
Reinas	De uso mixto	298,000 pies cuadrados
Nueva Jersey	Comercial	344,000 pies cuadrados

Ingresos estables a través de contratos de arrendamiento a largo plazo

A partir del cuarto trimestre de 2023, Alexander informó:

• Tasa de ocupación: 95.7%
• Término de arrendamiento promedio: 7.3 años
• Ingresos de alquiler: $ 76.4 millones anuales

Gestión y mantenimiento de la propiedad de alta calidad

Inversión en mantenimiento de propiedades y actualizaciones totalizadas $ 12.3 millones en 2023, asegurando condiciones de propiedad premium.

Inversiones estratégicas de propiedad urbana

Métrico de inversión	Valor 2023
Valor de propiedad total	$ 1.89 mil millones
Ingresos operativos netos	$ 64.2 millones
Fondos de Operaciones (FFO)	$ 52.7 millones

Rendimientos atractivos para accionistas e inversores

• Rendimiento de dividendos: 4.6%
• Rendimiento total de los accionistas en 2023: 8.3%
• Capitalización de mercado: $ 1.2 mil millones

Alexander's, Inc. (ALX) - Modelo de negocio: relaciones con los clientes

Contratos de arrendamiento a largo plazo

A partir del cuarto trimestre de 2023, Alexander's, Inc. mantiene 97 acuerdos de arrendamiento comercial y minorista con una duración promedio de arrendamiento de 7.3 años. La cartera de arrendamiento total genera $ 42.3 millones en ingresos anuales de alquiler.

Tipo de arrendamiento	Número de inquilinos	Duración promedio de arrendamiento
Minorista	68	6.8 años
Comercial	29	8.2 años

Servicios de administración de propiedades personalizados

El equipo dedicado de administración de propiedades proporciona servicios personalizados para inquilinos. La cartera actual incluye:

• Línea directa de soporte de inquilinos 24/7
• Revisiones trimestrales de rendimiento de propiedades
• Programación de mantenimiento personalizado
• Portal de inquilinos digitales con comunicación en tiempo real

Comunicación regular y compromiso de los inquilinos

Métricas de comunicación para 2023:

Canal de comunicación	Frecuencia	Tasa de compromiso
Boletín digital	Mensual	87% de tasa de apertura
Encuestas de satisfacción del inquilino	Trimestral	Tasa de respuesta del 92%

Mantenimiento y soporte receptivo

Indicadores de rendimiento de mantenimiento para 2023:

• Tiempo de respuesta promedio: 2.4 horas
• Tasa de resolución de solicitud de mantenimiento: 97.6%
• Gastos de mantenimiento total: $ 3.7 millones

Términos de arrendamiento flexibles y negociación

Métricas de flexibilidad de arrendamiento para 2023:

Tipo de modificación de arrendamiento	Número de modificaciones	Porcentaje de arrendamientos totales
Extensión de término	22	22.7%
Ajuste espacial	15	15.5%
Renegociación de alquiler	11	11.3%

Alexander's, Inc. (ALX) - Modelo de negocios: canales

Equipos directos de arrendamiento y administración de propiedades

Alexander's, Inc. mantiene 17 profesionales de arrendamiento directo a partir del cuarto trimestre 2023. Total Direct Sales Team Coant: 22 profesionales que cubren propiedades minoristas y comerciales.

Redes de corretaje de bienes raíces

Red de corretaje	Asociaciones activas	Área de cobertura
Grupo CBRE	5 acuerdos de asociación activa	Región Metropolitana de Nueva York
Jll	3 acuerdos de asociación activa	Nordeste de los Estados Unidos

Sitio web corporativo y listados de propiedades en línea

Tráfico del sitio web: 124,567 visitantes únicos en 2023. Listados de propiedades en línea: 42 propiedades comerciales y minoristas actuales.

Conferencias de la industria y eventos de redes

• ICSC Recon: 3 participaciones de conferencias anuales
• Reunión de primavera de ULI: 2 eventos de redes
• Gasto total de eventos de la industria: $ 187,000 en 2023

Plataformas de relaciones con inversores financieros

Los canales de comunicación de los inversores incluyen:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Plataforma de archivos de Sec Edgar
• Sección del sitio web de relaciones con los inversores con 45,672 visitantes anuales únicos

Alexander's, Inc. (ALX) - Modelo de negocios: segmentos de clientes

Cadenas minoristas nacionales y regionales

A partir del cuarto trimestre de 2023, Alexander's, Inc. atiende a 12 cadenas minoristas nacionales principales, con una ocupación total de inquilinos minoristas en 78.4% en sus propiedades. El valor promedio de arrendamiento para los inquilinos minoristas nacionales es de $ 42.50 por pie cuadrado anualmente.

Categoría de cadena minorista	Número de inquilinos	Tasa de ocupación
Grandes minoristas nacionales	7	62%
Cadenas minoristas regionales	5	16.4%

Inquilinos de oficinas comerciales

La cartera de inquilinos de la oficina comercial incluye 18 inquilinos activos, con un arrendamiento total de espacio de oficinas en un 85.6% de ocupación. La tasa promedio de arrendamiento de la oficina es de $ 35.75 por pie cuadrado.

• Inquilinos de oficinas corporativas: 9
• Inquilinos de la oficina de pequeñas empresas: 9
• Total de pies cuadrados comerciales: 425,000 pies cuadrados

Empresas pequeñas a medianas

Alexander se dirige a 35 empresas pequeñas a medianas en su cartera de propiedades, lo que representa el 22.3% de la combinación total de inquilinos. La tasa de arrendamiento promedio para estos negocios es de $ 28.60 por pie cuadrado.

Inversores inmobiliarios institucionales

Las asociaciones de inversores institucionales totalizan 6, con un valor de inversión combinado de $ 287.5 millones a diciembre de 2023. La cartera de inversiones incluye fondos de pensiones, fideicomisos de inversión inmobiliaria y empresas de capital privado.

Tipo de inversor	Número de inversores	Valor de inversión total
Fondos de pensiones	3	$ 142.3 millones
Reits	2	$ 95.6 millones
Capital privado	1	$ 49.6 millones

Empresas comerciales locales y regionales

El segmento de inquilinos de negocios locales comprende 42 empresas, que representan el 15.7% de la cartera total de inquilinos. La tasa de arrendamiento promedio para las empresas locales es de $ 26.40 por pie cuadrado.

• Empresas locales: 28
• Negocios regionales: 14
• Total de metros de negocios locales/regionales de negocios: 312,000 pies cuadrados

Alexander's, Inc. (ALX) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

Para el año fiscal 2023, Alexander, Inc. informó costos totales de adquisición de propiedades de $ 87.4 millones. Los gastos de desarrollo de la propiedad de la Compañía fueron de aproximadamente $ 42.6 millones durante el mismo período.

Adquisición de tierras

Costos de construcción

Arquitectura y diseño

Categoría de gastos	Monto ($)
53,200,000
34,200,000
5,600,000

Costos de mantenimiento y renovación

Alexander's, Inc. asignó $ 22.3 millones para el mantenimiento y renovación de la propiedad en 2023.

• Mantenimiento de rutina: $ 12.7 millones
• Renovaciones importantes: $ 9.6 millones

Gestión de propiedades y gastos generales operativos

La sobrecarga operativa para la compañía alcanzó los $ 18.5 millones en 2023.

Gasto operativo	Monto ($)
Salarios del personal	10,200,000
Infraestructura tecnológica	3,700,000
Costos administrativos	4,600,000

Impuesto a la propiedad y seguro

Los gastos totales del impuesto a la propiedad y el seguro para Alexander's, Inc. fueron de $ 15.9 millones en 2023.

• Impuesto a la propiedad: $ 11.4 millones
• Primas de seguro: $ 4.5 millones

Gastos de atracción de marketing y inquilino

Los gastos de marketing totalizaron $ 6.2 millones para la atracción y retención del inquilino en 2023.

Canal de marketing	Gasto ($)
Marketing digital	2,800,000
Impresión y medios tradicionales	1,600,000
Comisiones de arrendamiento	1,800,000

Alexander's, Inc. (ALX) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento de propiedades comerciales y minoristas

A partir del cuarto trimestre de 2023, Alexander's, Inc. informó un ingreso total de arrendamiento de $ 94.3 millones, con un desglose de la siguiente manera:

Tipo de propiedad	Ingresos anuales de arrendamiento	Tasa de ocupación
Propiedades comerciales	$ 62.7 millones	92.5%
Propiedades minoristas	$ 31.6 millones	88.3%

Apreciación del valor de la propiedad

Valoración de la cartera de propiedades al 31 de diciembre de 2023:

• Valor total de la cartera de propiedades: $ 1.42 mil millones
• Tasa de apreciación año tras año: 6.2%
• Ganancia de apreciación no realizada: $ 83.4 millones

Escalas de tasa de alquiler

Aumentos de la tasa de alquiler para 2023-2024:

Categoría de propiedad	Aumento promedio de alquiler anual
Espacios comerciales	3.7%
Espacios minoristas	2.9%

Tarifas de mejora y arrendamiento de inquilinos

Ingresos relacionados con el inquilino para 2023:

• Tarifas de mejora total del inquilino: $ 4.2 millones
• Ingresos de la Comisión de Arrendamiento: $ 3.7 millones
• Tarifa promedio por transacción de arrendamiento: $ 127,500

Rendimientos de inversión inmobiliaria

Métricas de rendimiento de la inversión:

Métrico de inversión	Valor 2023
Fondos de Operaciones (FFO)	$ 112.6 millones
FFO ajustado	$ 118.3 millones
Ingresos operativos netos (NOI)	$ 89.5 millones

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.