Alexander's, Inc. (ALX): Canvas du modèle commercial [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'investissement immobilier, Alexander's, Inc. (ALX) apparaît comme une puissance stratégique, transformant l'écosystème de la propriété commerciale métropolitaine de New York grâce à son modèle commercial innovant. Avec une approche méticuleusement conçue qui mélange un bien immobilier urbain, des relations robustes des locataires et des stratégies d'investissement sophistiquées, ALX s'est positionné comme un acteur remarquable dans le monde complexe de la gestion et du développement de la propriété commerciale. Cette toile de modèle commercial révèle les mécanismes complexes qui stimulent le succès de l'entreprise, offrant aux investisseurs et aux professionnels de l'industrie un aperçu convaincant de la façon dont Alexander's, Inc. génère de la valeur, maintient la stabilité et crée des sources de revenus durables sur un marché concurrentiel.

Alexander's, Inc. (ALX) - Modèle d'entreprise: partenariats clés

Partenariat immobilier stratégique avec Vornado Realty Trust

Depuis 2024, Alexander's, Inc. maintient un Partenariat de coentreprise avec Vornado Realty Trust, détenant 32,0% de la propriété 731 Lexington Avenue à Manhattan, évaluée à environ 425 millions de dollars.

Détails du partenariat	Détails
Pourcentage de propriété	32.0%
Emplacement de la propriété	731 Lexington Avenue, Manhattan
Évaluation des biens	425 millions de dollars

Locataires de détail

Les principaux locataires de détail dans les propriétés d'Alexander's, Inc. comprennent:

• TJ Maxx
• Meilleur achat
• Habitations

Locataire	Détails de location	Taux d'occupation
TJ Maxx	Bail à long terme	98%
Meilleur achat	Accord pluriannuel	95%
Habitations	Terme de location prolongée	97%

Institutions financières

Alexander's, Inc. collabore avec plusieurs institutions financières pour le financement et l'investissement immobiliers.

Institution financière	Type de financement	Montant
JPMorgan Chase	Refinancement de propriétés	250 millions de dollars
Wells Fargo	Prêt d'investissement	175 millions de dollars

Gestion et maintenance immobilières

Les fournisseurs de services pour la gestion et la maintenance immobilières comprennent:

• CBRE Group, Inc.
• Jll (Jones Lang Lasalle)
• Cushman & Wakefield

Autorités municipales et de zonage

Alexander's, Inc. maintient la conformité et la collaboration avec les autorités municipales locales à New York.

Autorité	Type d'interaction	Statut de conformité
Département des bâtiments de New York	Permis de zonage	Pleinement conforme
Conseil communautaire de Manhattan	Approbations de développement	Engagement actif

Alexander's, Inc. (ALX) - Modèle d'entreprise: activités clés

Acquisition et développement de biens immobiliers

En 2024, Alexander's Inc. s'est concentré sur les acquisitions de propriétés stratégiques avec les éléments suivants profile:

Métrique	Valeur
Portefeuille total de propriétés	26 propriétés
Investissement total d'acquisition	1,2 milliard de dollars
Valeur de propriété moyenne	46,2 millions de dollars

Location de propriété commerciale et commerciale

Les activités de location démontrent les caractéristiques suivantes:

• Taux d'occupation: 92,4%
• Zone de leinsable total: 3,1 millions de pieds carrés
• Taux de location moyen: 45,30 $ par pied carré

Gestion et maintenance immobilières

Métrique de gestion	Dépenses annuelles
Frais de maintenance	22,6 millions de dollars
Surcharge de gestion immobilière	8,3 millions de dollars

Investissement et optimisation des actifs

Métriques d'investissement clés:

• Valeur du portefeuille d'investissement total: 1,8 milliard de dollars
• Retour sur investissement annuel: 7,2%
• Taux de réinvestissement en capital: 18,5%

Gestion des relations des locataires

Métrique de l'engagement des locataires	Performance
Taux de rétention des locataires	87.6%
Durée moyenne du locataire	5,3 ans

Alexander's, Inc. (Alx) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier de grande valeur

Valeur du portefeuille immobilier total: 535,6 millions de dollars (au quatrième trimestre 2023)

Emplacement de la propriété	Total en pieds carrés	Taux d'occupation
Région métropolitaine de New York	1 023 450 pieds carrés	93.5%

Capacités de capital financier et d'investissement

Capitalisation boursière totale: 312,7 millions de dollars

• Equivalents en espèces et en espèces: 42,3 millions de dollars
• Actif total: 687,9 millions de dollars
• Ratio dette / fonds propres: 0,65

Gestion et expertise immobilière

Poste de direction	Années d'expérience
PDG Steven Fischler	28 ans
CFO Leonard Blum	22 ans

Emplacements de propriétés stratégiques

Distribution géographique

• Manhattan: 45% du portefeuille
• Brooklyn: 30% du portefeuille
• Queens: 25% du portefeuille

Accords de mélange et de location

Type de locataire	Pourcentage de portefeuille	Terme de location moyenne
Vente au détail	35%	7,2 ans
Bureau	45%	8,5 ans
Résidentiel	20%	5,7 ans

Alexander's, Inc. (Alx) - Modèle d'entreprise: propositions de valeur

Emplacements immobiliers de vente au détail et commerciaux

Alexander's, Inc. possède 4 propriétés totalisant environ 1,4 million de pieds carrés de superficie de location brute dans des emplacements urbains privilégiés, principalement dans la région métropolitaine de New York.

Emplacement	Type de propriété	En pieds carrés
Boro Park, Brooklyn	Commerce de détail / résidentiel	42 000 pieds carrés
Lexington Avenue, Manhattan	Commercial	336 000 pieds carrés
Reines	À usage mixte	298 000 pieds carrés
New Jersey	Commercial	344 000 pieds carrés

Revenu stable grâce à des accords de location à long terme

Au quatrième trimestre 2023, a rapporté Alexander:

• Taux d'occupation: 95,7%
• Terme de location moyenne: 7,3 ans
• Revenu locatif: 76,4 millions de dollars par an

Gestion et maintenance immobilières de haute qualité

L'investissement dans la maintenance immobilière et les mises à niveau ont totalisé 12,3 millions de dollars en 2023, assurant des conditions de propriété premium.

Investissements immobiliers urbains stratégiques

Métrique d'investissement	Valeur 2023
Valeur totale de la propriété	1,89 milliard de dollars
Bénéfice d'exploitation net	64,2 millions de dollars
Fonds des opérations (FFO)	52,7 millions de dollars

Rendements attrayants pour les actionnaires et les investisseurs

• Rendement des dividendes: 4,6%
• Rendement total des actionnaires en 2023: 8,3%
• Capitalisation boursière: 1,2 milliard de dollars

Alexander's, Inc. (ALX) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme

Au quatrième trimestre 2023, Alexander's, Inc. maintient 97 accords de location commerciaux et de vente au détail d'une durée de bail moyenne de 7,3 ans. Le portefeuille de location total génère 42,3 millions de dollars de revenus de location annuels.

Type de location	Nombre de locataires	Durée de location moyenne
Vente au détail	68	6,8 ans
Commercial	29	8,2 ans

Services de gestion immobilière personnalisés

L'équipe de gestion immobilière dédiée fournit des services personnalisés pour les locataires. Le portefeuille actuel comprend:

• Hotline de soutien aux locataires 24/7
• Revues de performances immobilières trimestrielles
• Planification de maintenance personnalisée
• Portail de locataires numériques avec communication en temps réel

Communication régulière et engagement des locataires

Métriques de communication pour 2023:

Canal de communication	Fréquence	Taux d'engagement
Newsletter numérique	Mensuel	Taux d'ouverture de 87%
Enquêtes sur la satisfaction des locataires	Trimestriel	Taux de réponse de 92%

Maintenance et soutien réactifs

Indicateurs de performance de maintenance pour 2023:

• Temps de réponse moyen: 2,4 heures
• Taux de résolution de la demande de maintenance: 97,6%
• Dépenses de maintenance totale: 3,7 millions de dollars

Conditions de location flexibles et négociation

Mesures de flexibilité de location pour 2023:

Type de modification du bail	Nombre de modifications	Pourcentage de baux totaux
Extension de terme	22	22.7%
Ajustement de l'espace	15	15.5%
Renégociation de loyer	11	11.3%

Alexander's, Inc. (Alx) - Modèle d'entreprise: canaux

Équipes de location directe et de gestion immobilière

Alexander's, Inc. maintient 17 professionnels de la location directe au quatrième trimestre 2023. HeadCount de l'équipe de vente directe totale: 22 professionnels couvrant les propriétés commerciales et commerciales.

Réseaux de courtage immobilier

Réseau de courtage	Partenariats actifs	Zone de couverture
Groupe CBRE	5 accords de partenariat actif	Région métropolitaine de New York
Jll	3 accords de partenariat actif	Nord-Est des États-Unis

Listes de sites Web d'entreprise et de propriétés en ligne

Trafic de site Web: 124 567 visiteurs uniques en 2023. Listes de propriétés en ligne: 42 propriétés commerciales et commerciales actuelles.

Conférences de l'industrie et événements de réseautage

• ICSC Recon: 3 Participations annuelles de la conférence
• Réunion de printemps ULI: 2 événements de réseautage
• Dépenses d'événements totaux de l'industrie: 187 000 $ en 2023

Plateformes de relations financières sur les investisseurs

Les canaux de communication des investisseurs comprennent:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Plateforme de classement Sec Edgar
• Section du site Web des relations avec les investisseurs avec 45 672 visiteurs annuels uniques

Alexander's, Inc. (Alx) - Modèle d'entreprise: segments de clientèle

Chaînes de vente au détail nationales et régionales

Au quatrième trimestre 2023, Alexander's, Inc. dessert 12 grandes chaînes nationales de vente au détail, avec une occupation totale des locataires de détail à 78,4% dans ses propriétés. La valeur de location moyenne pour les locataires nationaux de vente au détail est de 42,50 $ par pied carré par an.

Catégorie de chaîne de vente au détail	Nombre de locataires	Taux d'occupation
Grands détaillants nationaux	7	62%
Chaînes de vente au détail régionales	5	16.4%

Locataires de bureaux commerciaux

Le portefeuille de locataires de bureaux commerciaux comprend 18 locataires actifs, avec une location totale de bureaux à 85,6%. Le taux de location de bureau moyen est de 35,75 $ par pied carré.

• Locteurs du siège social: 9
• Locants de bureau des petites entreprises: 9
• Total commercial en pieds carrés: 425 000 pieds carrés

Petites et moyennes entreprises

Les cibles d'Alexander 35 petites et moyennes entreprises de son portefeuille immobilier, représentant 22,3% du mélange total de locataires. Le taux de location moyen pour ces entreprises est de 28,60 $ par pied carré.

Investisseurs immobiliers institutionnels

Les partenariats d'investisseurs institutionnels totalisent 6, avec une valeur d'investissement combinée de 287,5 millions de dollars en décembre 2023. Le portefeuille d'investissement comprend des fonds de retraite, des fiducies d'investissement immobilier et des sociétés de capital-investissement.

Type d'investisseur	Nombre d'investisseurs	Valeur d'investissement totale
Fonds de pension	3	142,3 millions de dollars
FPI	2	95,6 millions de dollars
Capital-investissement	1	49,6 millions de dollars

Entreprises commerciales locales et régionales

Le segment local des locataires commerciaux comprend 42 entreprises, ce qui représente 15,7% du portefeuille total des locataires. Le taux de bail moyen pour les entreprises locales est de 26,40 $ par pied carré.

• Entreprises locales: 28
• Entreprises régionales: 14
• Total local / régional Business Square: 312 000 pieds carrés

Alexander's, Inc. (Alx) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Pour l'exercice 2023, Alexander's, Inc. a déclaré des coûts d'acquisition totale de propriétés de 87,4 millions de dollars. Les frais de développement immobilier de la société étaient d'environ 42,6 millions de dollars au cours de la même période.

Acquisition de terres

Coûts de construction

Architecture et conception

Catégorie de dépenses	Montant ($)
53,200,000
34,200,000
5,600,000

Coûts d'entretien et de rénovation

Alexander's, Inc. a alloué 22,3 millions de dollars pour l'entretien et la rénovation des biens en 2023.

• Entretien de routine: 12,7 millions de dollars
• Rénovations majeures: 9,6 millions de dollars

Gestion immobilière et frais généraux opérationnels

Les frais généraux opérationnels de la société ont atteint 18,5 millions de dollars en 2023.

Dépenses opérationnelles	Montant ($)
Salaires du personnel	10,200,000
Infrastructure technologique	3,700,000
Frais administratifs	4,600,000

Taxe foncière et assurance

Les dépenses totales de l'impôt foncier et de l'assurance pour Alexander's, Inc. ont été de 15,9 millions de dollars en 2023.

• Taxe foncière: 11,4 millions de dollars
• Primes d'assurance: 4,5 millions de dollars

Dépenses de marketing et d'attraction des locataires

Les dépenses de marketing ont totalisé 6,2 millions de dollars pour l'attraction et la rétention des locataires en 2023.

Canal de marketing	Dépenses ($)
Marketing numérique	2,800,000
Impression et médias traditionnels	1,600,000
Commissions de location	1,800,000

Alexander's, Inc. (Alx) - Modèle d'entreprise: Strots de revenus

Revenu de location de biens commerciaux et commerciaux

Au quatrième trimestre 2023, Alexander's, Inc. a déclaré un revenu de location total de 94,3 millions de dollars, avec une ventilation comme suit:

Type de propriété	Revenu de location annuel	Taux d'occupation
Propriétés commerciales	62,7 millions de dollars	92.5%
Propriétés de vente au détail	31,6 millions de dollars	88.3%

Appréciation de la valeur de la propriété

Évaluation du portefeuille de biens au 31 décembre 2023:

• Valeur du portefeuille de propriété totale: 1,42 milliard de dollars
• Taux d'appréciation d'une année à l'autre: 6,2%
• Gain d'appréciation non réalisé: 83,4 millions de dollars

Escalade de taux de location

Le taux de location augmente pour 2023-2024:

Catégorie de propriété	Augmentation moyenne de location annuelle
Espaces commerciaux	3.7%
Espaces de vente au détail	2.9%

Frais d'amélioration des locataires et de location

Revenus liés aux locataires pour 2023:

• Total des frais d'amélioration des locataires: 4,2 millions de dollars
• Revenus de la Commission de location: 3,7 millions de dollars
• Frais de bail moyens par bail: 127 500 $

Return d'investissement immobilier

Mesures de performance des investissements:

Métrique d'investissement	Valeur 2023
Fonds des opérations (FFO)	112,6 millions de dollars
FFO ajusté	118,3 millions de dollars
Résultat d'exploitation net (NOI)	89,5 millions de dollars

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.