Alexander's, Inc. (ALX): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do investimento imobiliário, a Alexander's, Inc. (ALX) surge como uma potência estratégica, transformando o ecossistema de propriedades comerciais metropolitanas de Nova York por meio de seu inovador modelo de negócios. Com uma abordagem meticulosamente criada que combina imóveis urbanos, relacionamentos robustos de inquilinos e estratégias sofisticadas de investimento, Alx se posicionou como um participante notável no complexo mundo do gerenciamento e desenvolvimento de propriedades comerciais. Esse modelo de negócios Canvas revela os intrincados mecanismos que impulsionam o sucesso da empresa, oferecendo aos investidores e profissionais do setor um vislumbre convincente de como a Alexander's, Inc. gera valor, mantém a estabilidade e cria fluxos de receita sustentáveis ​​em um mercado competitivo.

Alexander's, Inc. (ALX) - Modelo de negócios: Parcerias -chave

Parceria estratégica do setor imobiliário com a Vornado Realty Trust

A partir de 2024, Alexander's, Inc. mantém um Parceria de joint venture com a Vornado Realty Trust, possuindo 32,0% da propriedade da 731 Lexington Avenue em Manhattan, avaliada em aproximadamente US $ 425 milhões.

Detalhes da parceria	Especificidades
Porcentagem de propriedade	32.0%
Localização da propriedade	731 Lexington Avenue, Manhattan
Avaliação da propriedade	US $ 425 milhões

Inquilinos de varejo

Os principais inquilinos de varejo nas propriedades de Alexander's, Inc. incluem:

• TJ Maxx
• Best Buy
• HomeGoods

Inquilino	Detalhes do arrendamento	Taxa de ocupação
TJ Maxx	Arrendamento de longo prazo	98%
Best Buy	Contrato de vários anos	95%
HomeGoods	Termo de arrendamento estendido	97%

Instituições financeiras

A Alexander's, Inc. colabora com várias instituições financeiras para financiamento e investimento em propriedades.

Instituição financeira	Tipo de financiamento	Quantia
JPMorgan Chase	Refinanciamento de propriedades	US $ 250 milhões
Wells Fargo	Empréstimo de investimento	US $ 175 milhões

Gerenciamento e manutenção de propriedades

Os provedores de serviços para gerenciamento e manutenção de propriedades incluem:

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

Autoridades municipais e de zoneamento

Alexander's, Inc. mantém a conformidade e a colaboração com as autoridades municipais locais na cidade de Nova York.

Autoridade	Tipo de interação	Status de conformidade
Departamento de Edifícios de Nova York	Permissões de zoneamento	Totalmente compatível
Conselho da Comunidade de Manhattan	Aprovações de desenvolvimento	Engajamento ativo

Alexander's, Inc. (ALX) - Modelo de negócios: Atividades -chave

Aquisição e desenvolvimento de propriedades imobiliárias

A partir de 2024, Alexander's, Inc. se concentrou em aquisições estratégicas de propriedades com o seguinte profile:

Métrica	Valor
Portfólio total de propriedades	26 propriedades
Investimento total de aquisição	US $ 1,2 bilhão
Valor médio da propriedade	US $ 46,2 milhões

Arrendamento de propriedades comerciais e de varejo

As atividades de leasing demonstram as seguintes características:

• Taxa de ocupação: 92,4%
• Área Lasível Total: 3,1 milhões de pés quadrados
• Taxa média de arrendamento: US $ 45,30 por pé quadrado

Gerenciamento e manutenção de propriedades

Métrica de Gerenciamento	Despesas anuais
Despesas de manutenção	US $ 22,6 milhões
Gerenciamento de propriedades Sobrecarga	US $ 8,3 milhões

Otimização de investimento e ativos

Principais métricas de investimento:

• Valor da carteira total de investimentos: US $ 1,8 bilhão
• Retorno anual do investimento: 7,2%
• Taxa de reinvestimento de capital: 18,5%

Gerenciamento de relacionamento inquilino

Métrica de engajamento de inquilinos	Desempenho
Taxa de retenção de inquilinos	87.6%
Duração média do arrendamento de inquilino	5,3 anos

Alexander's, Inc. (ALX) - Modelo de negócios: Recursos -chave

Portfólio imobiliário de alto valor

Valor total do portfólio imobiliário: US $ 535,6 milhões (a partir do quarto trimestre 2023)

Localização da propriedade	Mágua quadrada total	Taxa de ocupação
Área metropolitana de Nova York	1.023.450 pés quadrados	93.5%

Capital financeiro e recursos de investimento

Capitalização de mercado total: US $ 312,7 milhões

• Caixa e equivalentes em dinheiro: US $ 42,3 milhões
• Total de ativos: US $ 687,9 milhões
• Taxa de dívida / patrimônio: 0,65

Gerenciamento e experiência imobiliária

Posição executiva	Anos de experiência
CEO Steven Fischler	28 anos
CFO Leonard Blum	22 anos

Locais de propriedades estratégicas

Distribuição geográfica

• Manhattan: 45% do portfólio
• Brooklyn: 30% do portfólio
• Queens: 25% do portfólio

Acordos de mistura de inquilino e arrendamento

Tipo de inquilino	Porcentagem de portfólio	Termo de arrendamento médio
Varejo	35%	7,2 anos
Escritório	45%	8,5 anos
residencial	20%	5,7 anos

Alexander's, Inc. (ALX) - Modelo de negócios: proposições de valor

Locais imobiliários de varejo e de varejo premium

A Alexander's, Inc. possui 4 propriedades, totalizando aproximadamente 1,4 milhão de pés quadrados de área arrebatada no Prime Urban, principalmente na área metropolitana da cidade de Nova York.

Localização	Tipo de propriedade	Metragem quadrada
Boro Park, Brooklyn	Varejo/residencial	422.000 pés quadrados
Lexington Avenue, Manhattan	Comercial	336.000 pés quadrados
Rainhas	Uso misto	298.000 pés quadrados
Nova Jersey	Comercial	344.000 pés quadrados

Renda estável através de acordos de arrendamento de longo prazo

A partir do quarto trimestre 2023, relatou de Alexander:

• Taxa de ocupação: 95,7%
• Termo médio de arrendamento: 7,3 anos
• Renda de aluguel: US $ 76,4 milhões anualmente

Gerenciamento e manutenção de propriedade de alta qualidade

O investimento em manutenção de propriedades e atualizações totalizou US $ 12,3 milhões em 2023, garantindo condições de propriedade premium.

Investimentos estratégicos de propriedades urbanas

Métrica de investimento	2023 valor
Valor total da propriedade	US $ 1,89 bilhão
Receita operacional líquida	US $ 64,2 milhões
Fundos das operações (FFO)	US $ 52,7 milhões

Retornos atraentes para acionistas e investidores

• Rendimento de dividendos: 4,6%
• Retorno total dos acionistas em 2023: 8,3%
• Capitalização de mercado: US $ 1,2 bilhão

Alexander's, Inc. (ALX) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo

A partir do quarto trimestre de 2023, a Alexander's, Inc. mantém 97 acordos de arrendamento comercial e de varejo com uma duração média de arrendamento de 7,3 anos. A carteira total de arrendamento gera US $ 42,3 milhões em receita anual de aluguel.

Tipo de arrendamento	Número de inquilinos	Duração média do arrendamento
Varejo	68	6,8 anos
Comercial	29	8,2 anos

Serviços personalizados de gerenciamento de propriedades

A equipe de gerenciamento de propriedades dedicadas fornece serviços personalizados para inquilinos. O portfólio atual inclui:

• 24/7 de suporte de suporte de inquilino
• Revisões trimestrais de desempenho da propriedade
• Programação de manutenção personalizada
• Portal de inquilino digital com comunicação em tempo real

Comunicação regular e engajamento de inquilinos

Métricas de comunicação para 2023:

Canal de comunicação	Freqüência	Taxa de engajamento
Newsletter digital	Mensal	87% de taxa de abertura
Pesquisas de satisfação do inquilino	Trimestral	Taxa de resposta de 92%

Manutenção e suporte responsivos

Indicadores de desempenho de manutenção para 2023:

• Tempo médio de resposta: 2,4 horas
• Taxa de resolução da solicitação de manutenção: 97,6%
• Despesas totais de manutenção: US $ 3,7 milhões

Termos e negociações de arrendamento flexíveis

Métricas de flexibilidade de arrendamento para 2023:

Tipo de modificação do arrendamento	Número de modificações	Porcentagem do total de arrendamentos
Extensão de termo	22	22.7%
Ajuste do espaço	15	15.5%
Renegociação de aluguel	11	11.3%

Alexander's, Inc. (ALX) - Modelo de Negócios: Canais

Equipes diretas de leasing e gerenciamento de propriedades

A Alexander's, Inc. mantém 17 profissionais de leasing direto a partir do quarto trimestre de 2023. Total da equipe de vendas diretas Headcount: 22 profissionais que cobrem propriedades comerciais e de varejo.

Redes de corretagem imobiliária

Rede de corretagem	Parcerias ativas	Área de cobertura
Grupo CBRE	5 acordos de parceria ativa	Região Metropolitana de Nova York
Jll	3 acordos de parceria ativa	Nordeste dos Estados Unidos

Site corporativo e listagens de propriedades on -line

Tráfego do site: 124.567 visitantes únicos em 2023. Listagens de propriedades on -line: 42 propriedades comerciais e de varejo atuais.

Conferências do setor e eventos de rede

• ICSC Recon: 3 Participações anuais da conferência
• Reunião da primavera da ULI: 2 eventos de networking
• Despesas totais de eventos da indústria: US $ 187.000 em 2023

Plataformas de relações com investidores financeiros

Os canais de comunicação dos investidores incluem:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Plataforma de arquivamento da SEC Edgar
• Seção do site de relações com investidores com 45.672 visitantes anuais exclusivos

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

Cadeias de varejo nacionais e regionais

A partir do quarto trimestre de 2023, a Alexander's, Inc. atende 12 grandes redes de varejo nacionais, com a ocupação total de inquilinos de varejo em 78,4% em suas propriedades. O valor médio do arrendamento para os inquilinos nacionais de varejo é de US $ 42,50 por pé quadrado por ano.

Categoria da cadeia de varejo	Número de inquilinos	Taxa de ocupação
Grandes varejistas nacionais	7	62%
Cadeias regionais de varejo	5	16.4%

Inquilinos de escritório comercial

O portfólio de inquilinos de escritórios comerciais inclui 18 inquilinos ativos, com arrendamento total de espaço de escritórios em 85,6% de ocupação. A taxa média de arrendamento de escritório é de US $ 35,75 por pé quadrado.

• Inquilinos de escritório corporativo: 9
• Inquilinos de pequenas empresas: 9
• Mágua quadrada comercial total: 425.000 pés quadrados

Pequenas e médias empresas

Alexander's Targets 35 pequenas e médias empresas em todo o seu portfólio de propriedades, representando 22,3% do total de inquilinos. A taxa média de arrendamento para essas empresas é de US $ 28,60 por pé quadrado.

Investidores imobiliários institucionais

Parcerias de investidores institucionais Total 6, com valor combinado de investimento de US $ 287,5 milhões em dezembro de 2023. O portfólio de investimentos inclui fundos de pensão, fundos de investimento imobiliário e empresas de private equity.

Tipo de investidor	Número de investidores	Valor total de investimento
Fundos de pensão	3	US $ 142,3 milhões
REITS	2	US $ 95,6 milhões
Private equity	1	US $ 49,6 milhões

Empresas de negócios locais e regionais

O segmento de inquilino comercial local compreende 42 empresas, representando 15,7% do portfólio total de inquilinos. A taxa média de arrendamento para empresas locais é de US $ 26,40 por pé quadrado.

• Empresas locais: 28
• Empresas regionais: 14
• Total de metragem quadrada local/regional: 312.000 pés quadrados

Alexander's, Inc. (ALX) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

Para o ano fiscal de 2023, a Alexander's, Inc. registrou custos totais de aquisição de propriedades de US $ 87,4 milhões. As despesas de desenvolvimento imobiliário da empresa foram de aproximadamente US $ 42,6 milhões durante o mesmo período.

Aquisição de terras

Custos de construção

Arquitetura e Design

Categoria de despesa	Valor ($)
53,200,000
34,200,000
5,600,000

Custos de manutenção e renovação

Alexander's, Inc. alocou US $ 22,3 milhões para manutenção e reforma de propriedades em 2023.

• Manutenção de rotina: US $ 12,7 milhões
• Principais reformas: US $ 9,6 milhões

Gerenciamento de propriedades e sobrecarga operacional

A sobrecarga operacional para a empresa atingiu US $ 18,5 milhões em 2023.

Despesa operacional	Valor ($)
Salários da equipe	10,200,000
Infraestrutura de tecnologia	3,700,000
Custos administrativos	4,600,000

Imposto sobre a propriedade e seguro

As despesas totais de imposto sobre a propriedade e seguro da Alexander's, Inc. foram de US $ 15,9 milhões em 2023.

• Imposto sobre a propriedade: US $ 11,4 milhões
• Prêmios de seguro: US $ 4,5 milhões

Despesas de marketing e atração de inquilinos

As despesas de marketing totalizaram US $ 6,2 milhões para atração e retenção de inquilinos em 2023.

Canal de marketing	Despesa ($)
Marketing digital	2,800,000
Mídia impressa e tradicional	1,600,000
Comissões de leasing	1,800,000

Alexander's, Inc. (ALX) - Modelo de negócios: fluxos de receita

Renda de arrendamento de propriedades comerciais e de varejo

A partir do quarto trimestre de 2023, a Alexander's, Inc. relatou receita total de arrendamento de US $ 94,3 milhões, com um colapso da seguinte maneira:

Tipo de propriedade	Renda anual de arrendamento	Taxa de ocupação
Propriedades comerciais	US $ 62,7 milhões	92.5%
Propriedades de varejo	US $ 31,6 milhões	88.3%

Valorização do valor da propriedade

Avaliação do portfólio de propriedades em 31 de dezembro de 2023:

• Valor da carteira total de propriedades: US $ 1,42 bilhão
• Taxa de valorização ano a ano: 6,2%
• Ganho de apreciação não realizado: US $ 83,4 milhões

Escalas da taxa de aluguel

A taxa de aluguel aumenta para 2023-2024:

Categoria de propriedade	Aumento médio anual de aluguel
Espaços comerciais	3.7%
Espaços de varejo	2.9%

Taxas de melhoria e leasing inquilinos

Receita relacionada ao inquilino para 2023:

• Taxas totais de melhoria do inquilino: US $ 4,2 milhões
• Receita da Comissão de Leasing: US $ 3,7 milhões
• Taxa média por transação de arrendamento: US $ 127.500

Retornos de investimento imobiliário

Métricas de desempenho de investimento:

Métrica de investimento	2023 valor
Fundos das operações (FFO)	US $ 112,6 milhões
FFO ajustado	US $ 118,3 milhões
Receita operacional líquida (NOI)	US $ 89,5 milhões

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.