Alexander's, Inc. (ALX) SEC Filings & Earnings Calls

Tenant Concentration

“Bloomberg L.P. ... accounted for revenue of $65,229,000 and $64,446,000 for the six months ended June 30, 2026 and 2025, respectively, representing approximately 60% and 61% of our rental revenues”

Interest Rate Sensitivity

“Interest and debt expense was $10,796,000 for the three months ended June 30, 2026, compared to $12,801,000 for the prior year’s three months, a decrease of $2,005,000.”

Reduced property portfolio may impact future rental income

“Alexander’s has four properties in New York City (now three after sale)”

Potential dilution from new equity awards

“500,000 shares available for issuance under the 2026 Plan”

Tenant Concentration Risk

“Bloomberg L.P. ... accounted for revenue of $32,471,000 ... representing approximately 61% of our rental revenues.”

Lease Expiration Risk

“On January 31, 2025, Home Depot’s 83,000 square foot lease at the retail portion of our 731 Lexington Avenue property expired. Annual rental revenues from Home Depot were approximately $15,000,000.” · word for word

Interest Rate Risk

“Interest and other income was $1,446,000 ... compared to $3,945,000 ... a decrease of $2,499,000. This was primarily due to a decrease in average investment balances and interest rates.” · word for word

Temporary loss of rental income; tenant retention risk mitigated by long lease term

“rent abatement of $56.8M for 8 months; lease unchanged to 2040”

Extreme Tenant Concentration

“Bloomberg accounted for revenue of $129,317,000, $125,349,000 and $120,351,000 in the years ended December 31, 2025, 2024 and 2023, respectively, representing approximately 61%, 55% and 54% of our rental revenues in each year, respectively.”

Property Vacancy and Lease Expiration

“The property is now vacant since the relocation of Burlington and Marshalls to Rego Park II in 2025. We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer.” · word for word

Geographic Concentration in NYC

“All of our revenues come from properties located in New York City.” · word for word

Insider Ownership and Governance Conflicts

“Vornado, Interstate and its three general partners (each of whom are both trustees of Vornado and Directors of Alexander’s) together beneficially own approximately 58.4% of our outstanding shares of common stock.” · word for word

Climate Regulation Compliance Costs

“New York City's Local Law 97, which sets limits on carbon emissions in our buildings and imposes penalties if we exceed those limits” · word for word

High leverage on a single property; B-Note interest accrues at 13.5% if under $65M funded.

“B-Note accrues interest at 13.5% per annum; C-Note interest not paid current.”

New loan has higher spread (SOFR+2.00% vs prior SOFR+1.45%), increasing interest expense; but extends maturity to 2030.

“New loan at SOFR+2.00% vs prior SOFR+1.45%.”

Loan Restructuring Risk

“The Company did not repay the loan on the extended maturity date of October 3, 2025. The Company is in discussions with the lenders regarding a potential loan restructuring.” · word for word

Tenant Concentration Risk

“Bloomberg L.P. accounted for revenue of $96,655,000 and $93,179,000 for the nine months ended September 30, 2025 and 2024, respectively, representing approximately 60% and 55% of our rental revenues in each period, respectively.”