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• Alexander's is a smaller, New York City-focused version of Vornado Realty Trust, specializing in high-profile office and retail properties.
• An urban commercial landlord and developer in the New York City metro area, similar to a regional Boston Properties.

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• Office Space Leasing: Alexander's owns and leases prime office real estate, primarily in New York City, to various commercial tenants.
• Retail Space Leasing: The company owns and leases urban retail properties and shopping centers to a diverse range of retailers and businesses.

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Alexander's (ALX) is a real estate investment trust (REIT). As such, it generates revenue primarily by leasing its properties (office, retail, and mixed-use spaces) to other companies rather than selling directly to individuals. Its major customers are its tenants, which include large retail chains and a significant media and financial information company.

Based on its property portfolio and disclosures, Alexander's major corporate customers include:

• Bloomberg L.P. (Private company)
• Kohl's Corporation (NYSE: KSS)
• Costco Wholesale Corporation (NASDAQ: COST)
• Target Corporation (NYSE: TGT)
• TJX Companies, Inc. (NYSE: TJX) (for its TJ Maxx stores)
• Wakefern Food Corp. (Private company, for its ShopRite stores)

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Steven Roth, Chairman and Chief Executive Officer
Steven Roth serves as the Chairman and Chief Executive Officer of Alexander's, Inc. He also holds the same positions as Chairman of the Board of Trustees and Chief Executive Officer at Vornado Realty Trust, which manages Alexander's properties and holds a significant ownership stake in the company. Roth has served as CEO of Alexander's for over 30 years. Alexander's transitioned into a Real Estate Investment Trust (REIT) in 1995 after its retail operations ceased in 1992, with Vornado Realty Trust subsequently acquiring significant influence and managing Alexander's properties. He is also the Managing General Partner of Interstate Properties.

Gary W. Hansen, Chief Financial Officer and Principal Accounting Officer
Gary W. Hansen was appointed as Chief Financial Officer of Alexander's, Inc. in November 2021, succeeding Matthew Iocco. Prior to this role, he served as the Senior Vice President, Controller of Alexander's. Hansen brings over 20 years of experience in accounting and financial reporting to his position.

David R. Greenbaum, President
David R. Greenbaum serves as the President of Alexander's, Inc. He also holds the position of Vice Chairman at Vornado Realty Trust.

Steven J. Borenstein, Secretary
Steven J. Borenstein is the Secretary of Alexander's, Inc..

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The key risks to Alexander's (ALX) business are primarily rooted in its concentrated real estate portfolio and financial structure.

1. Tenant Concentration Risk: Alexander's faces significant risk due to its high dependency on a single tenant, Bloomberg L.P., which accounts for a substantial portion of its rental revenues, cited as approximately 60% as of September 30, 2025, and previously 49% or 61% depending on the reporting period. Although Bloomberg's lease at 731 Lexington Avenue has been extended until February 2040, any financial or strategic challenges faced by Bloomberg could disproportionately impact Alexander's revenue stream. The previous loss of The Home Depot's lease at the same property, which generated around $15 million in annual rental revenue, highlights the potential impact of tenant turnover.
2. High Indebtedness and Interest Rate Risk: Alexander's operates with a highly leveraged financial structure, a common characteristic for Real Estate Investment Trusts (REITs), with a Debt-to-Equity (D/E) ratio of 7.69 for the 2025 fiscal year. This reliance on debt exposes the company to interest rate fluctuations, which could increase the cost of refinancing existing debt and negatively affect its financial health. Furthermore, the company's interest payments are noted as not being well covered by its earnings.
3. Dividend Sustainability and Declining Earnings/FFO: There are concerns regarding the long-term sustainability of Alexander's dividend. The company's payout ratio is high (129.4% as of Q3 2025), raising questions about its ability to cover the quarterly dividend of $4.50 per share. Alexander's has also experienced declining financial performance, with net income for the nine months ended September 30, 2025, decreasing to $24.4 million from $31.2 million in the prior year. Funds from Operations (FFO) and diluted earnings per share (EPS) have also shown a decline year-over-year. Analysts suggest there is a "clear and present danger of continued slippage in FFO, leading to a likely dividend cut", and earnings are projected to decline by an average of 20.3% per year for the next three years.

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The widespread and sustained adoption of hybrid work models and remote work policies presents a clear emerging threat to Alexander's, particularly impacting its significant portfolio of office properties. This ongoing shift in corporate space needs is leading to decreased demand for traditional office footprints, increased vacancy rates, pressure on rental pricing, and a potential long-term re-evaluation of office asset values.

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• Commercial Real Estate (New York City, U.S.): The New York City commercial real estate market is estimated to be close to $2 trillion in value, making it the largest in the U.S. As of fiscal year 2025, commercial real estate in New York City constitutes 21.9% of all property market values. In fiscal year 2021, the total office space in New York City amounted to 479.5 million square feet, with Manhattan alone comprising 83.5% of this total.
• Apartment Rental (New York, U.S.): The market size for the apartment rental industry in New York is approximately $47.1 billion in 2025. This market has demonstrated a growth rate of 2.5% annually from 2020 to 2025.

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Alexander's (ALX) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic leasing activities, potential rent escalations in key markets, and sustained high occupancy rates across its portfolio of New York City properties.

Here are 3-5 expected drivers of future revenue growth:

1. Strong Leasing Activity and Rental Growth in New York City Office Market: Alexander's anticipates robust office demand in New York City, particularly in Manhattan, where its leasing activity is noted as leading the market. The company projects significant rent growth, potentially exceeding 20-25% over the next 4-5 years, especially within the Penn District. This growth is driven by high average starting rents and favorable market conditions with limited new supply.
2. Maintenance of High Occupancy Rates Across Core Properties: The company's strategy includes maintaining high occupancy rates in its existing portfolio. Its flagship property at 731 Lexington Avenue, which houses Bloomberg L.P.'s world headquarters, is 100% leased. Other significant assets, such as Rego Park II, are also fully leased, contributing to stable and predictable rental income. Alexander's commercial properties currently boast a 94.9% occupancy rate, and residential properties are at 97.1%.
3. Strategic Reinvestment and Redevelopment of Existing Assets: Alexander's employs a disciplined approach to capital allocation, emphasizing reinvestment in existing assets and targeted redevelopment projects. This strategy aims to enhance property quality and attract creditworthy tenants, thereby supporting sustainable long-term revenue growth.
4. Increased Signage Revenue: Alexander's projects 2025 to be its highest year ever for signage revenue. This indicates an additional revenue stream that is expected to contribute to overall growth in the near future.

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Share Issuance

• Alexander's shares outstanding remained consistently at approximately 5 million shares quarterly from the first quarter of 2021 through the second quarter of 2025.
• As of January 31, 2025, there were 5,107,290 shares of common stock outstanding. Similarly, as of January 31, 2024, there were 5,107,290 shares outstanding.

Outbound Investments

• Alexander's reported $0 in annual long-term investments from 2020 to 2024, and quarterly from Q1 2021 to Q2 2025.

Capital Expenditures

• Capital expenditures were approximately $19.5 million in 2021, $14.4 million in 2022, $4.681 million in 2023, and approximately $19.785 million in 2024.
• For the first two quarters of 2025, capital expenditures totaled $14.633 million, with $8.021 million in Q1 and $6.612 million in Q2.
• Expected capital expenditures are projected at $18 million for 2025, and $19 million for both 2026 and 2027. The primary focus of these expenditures is leasing, managing, developing, and redeveloping properties, including 731 Lexington Avenue, the Rego Center complex, and a retail property in Flushing, NY.