Alexander's (ALX)
Market Price (10/28/2026): $249.69 | Market Cap: $1.3 BilSector: Real Estate | Industry: Retail REITs
Alexander's (ALX)
Market Price (10/28/2026): $249.69Market Cap: $1.3 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -3.5%, 3Y Excs Rtn is -1.5% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% Key risksALX key risks include [1] heavy tenant concentration with its primary lessee, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -3.5%, 3Y Excs Rtn is -1.5% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 47x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4% |
| Key risksALX key risks include [1] heavy tenant concentration with its primary lessee, Show more. |
Qualitative Assessment
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Updated on 10/1/2026
Alexander's (ALX) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Negative Analyst Sentiment and Price Target Downgrades Contributed to Downside Pressure. Alexander's (ALX) received a consensus "Hold" rating from Wall Street analysts, with an average price target of $212.00. This represented a forecasted downside of -13.85% from the stock's price of $246.08 as of October 2026. Additionally, StockInvest.us downgraded ALX to a "Sell" candidate on October 1, 2026, projecting an 11.31% decline in the stock's 3-month trend.
2. Broader Macroeconomic Concerns in the US Real Estate Market Created Headwinds. The period since Q2 2026 saw a general slowdown in the US housing sector. Seasonally adjusted annual rates for US housing starts in Q2 2026 fell 5% from Q1, with single-family starts down 4.6% and multifamily starts declining 6%. New home sales also decreased by 4.5% year-over-year. Analysts forecast a significant slowdown, with annual home sales potentially reaching their slowest pace since 2011 by the end of 2026, largely due to increased borrowing costs and anticipated higher interest rates from the Federal Reserve.
Show more
Alexander's (ALX) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Negative Analyst Sentiment and Price Target Downgrades Contributed to Downside Pressure. Alexander's (ALX) received a consensus "Hold" rating from Wall Street analysts, with an average price target of $212.00. This represented a forecasted downside of -13.85% from the stock's price of $246.08 as of October 2026. Additionally, StockInvest.us downgraded ALX to a "Sell" candidate on October 1, 2026, projecting an 11.31% decline in the stock's 3-month trend.
2. Broader Macroeconomic Concerns in the US Real Estate Market Created Headwinds. The period since Q2 2026 saw a general slowdown in the US housing sector. Seasonally adjusted annual rates for US housing starts in Q2 2026 fell 5% from Q1, with single-family starts down 4.6% and multifamily starts declining 6%. New home sales also decreased by 4.5% year-over-year. Analysts forecast a significant slowdown, with annual home sales potentially reaching their slowest pace since 2011 by the end of 2026, largely due to increased borrowing costs and anticipated higher interest rates from the Federal Reserve.
Show more
Updated on 10/1/2026
Alexander's (ALX) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Negative Analyst Sentiment and Price Target Downgrades Contributed to Downside Pressure. Alexander's (ALX) received a consensus "Hold" rating from Wall Street analysts, with an average price target of $212.00. This represented a forecasted downside of -13.85% from the stock's price of $246.08 as of October 2026. Additionally, StockInvest.us downgraded ALX to a "Sell" candidate on October 1, 2026, projecting an 11.31% decline in the stock's 3-month trend.
2. Broader Macroeconomic Concerns in the US Real Estate Market Created Headwinds. The period since Q2 2026 saw a general slowdown in the US housing sector. Seasonally adjusted annual rates for US housing starts in Q2 2026 fell 5% from Q1, with single-family starts down 4.6% and multifamily starts declining 6%. New home sales also decreased by 4.5% year-over-year. Analysts forecast a significant slowdown, with annual home sales potentially reaching their slowest pace since 2011 by the end of 2026, largely due to increased borrowing costs and anticipated higher interest rates from the Federal Reserve.
3. Valuation Concerns Suggested Potential Overvaluation. Despite the recent stock pullback, analysis in Q3 2026 indicated potential overvaluation. While Alexander's traded at a Price-to-Earnings (P/E) ratio of 7.5x, significantly lower than the 26.4x average for its US Retail REIT peers, a discounted cash flow (DCF) model estimated the company's future cash flow value at $192.10 per share, below the actual price of $247.87 as of September 2026. This suggested the stock might still be trading above its intrinsic value from a cash flow perspective.
Show less
Alexander's (ALX) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Negative Analyst Sentiment and Price Target Downgrades Contributed to Downside Pressure. Alexander's (ALX) received a consensus "Hold" rating from Wall Street analysts, with an average price target of $212.00. This represented a forecasted downside of -13.85% from the stock's price of $246.08 as of October 2026. Additionally, StockInvest.us downgraded ALX to a "Sell" candidate on October 1, 2026, projecting an 11.31% decline in the stock's 3-month trend.
2. Broader Macroeconomic Concerns in the US Real Estate Market Created Headwinds. The period since Q2 2026 saw a general slowdown in the US housing sector. Seasonally adjusted annual rates for US housing starts in Q2 2026 fell 5% from Q1, with single-family starts down 4.6% and multifamily starts declining 6%. New home sales also decreased by 4.5% year-over-year. Analysts forecast a significant slowdown, with annual home sales potentially reaching their slowest pace since 2011 by the end of 2026, largely due to increased borrowing costs and anticipated higher interest rates from the Federal Reserve.
3. Valuation Concerns Suggested Potential Overvaluation. Despite the recent stock pullback, analysis in Q3 2026 indicated potential overvaluation. While Alexander's traded at a Price-to-Earnings (P/E) ratio of 7.5x, significantly lower than the 26.4x average for its US Retail REIT peers, a discounted cash flow (DCF) model estimated the company's future cash flow value at $192.10 per share, below the actual price of $247.87 as of September 2026. This suggested the stock might still be trading above its intrinsic value from a cash flow perspective.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -8.4% change in ALX stock from 6/30/2026 to 10/27/2026 was primarily driven by a -88.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 271.08 | 248.39 | -8.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 212 | 215 | 1.5% |
| Net Income Margin (%) | 9.7% | 79.1% | 713.4% |
| P/E Multiple | 67.7 | 7.5 | -88.9% |
| Shares Outstanding (Mil) | 5 | 5 | 0.0% |
| Cumulative Contribution | -8.4% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| ALX | -8.4% | |
| Market (SPY) | 3.1% | 13.3% |
| Sector (XLRE) | -3.6% | 29.9% |
Fundamental Drivers
The 8.9% change in ALX stock from 3/31/2026 to 10/27/2026 was primarily driven by a 497.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 228.11 | 248.39 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 213 | 215 | 0.8% |
| Net Income Margin (%) | 13.2% | 79.1% | 497.1% |
| P/E Multiple | 41.5 | 7.5 | -81.9% |
| Shares Outstanding (Mil) | 5 | 5 | 0.0% |
| Cumulative Contribution | 8.9% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| ALX | 8.9% | |
| Market (SPY) | 18.7% | 13.4% |
| Sector (XLRE) | 4.9% | 35.4% |
Fundamental Drivers
The 14.1% change in ALX stock from 9/30/2025 to 10/27/2026 was primarily driven by a 361.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 217.79 | 248.39 | 14.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 218 | 215 | -1.5% |
| Net Income Margin (%) | 17.1% | 79.1% | 361.2% |
| P/E Multiple | 29.9 | 7.5 | -74.9% |
| Shares Outstanding (Mil) | 5 | 5 | -0.1% |
| Cumulative Contribution | 14.1% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| ALX | 14.1% | |
| Market (SPY) | 16.5% | 15.0% |
| Sector (XLRE) | 3.4% | 33.9% |
Fundamental Drivers
The 73.3% change in ALX stock from 9/30/2023 to 10/27/2026 was primarily driven by a 62.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 143.32 | 248.39 | 73.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 213 | 215 | 0.7% |
| Net Income Margin (%) | 48.6% | 79.1% | 62.7% |
| P/E Multiple | 7.1 | 7.5 | 6.0% |
| Shares Outstanding (Mil) | 5 | 5 | -0.2% |
| Cumulative Contribution | 73.3% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| ALX | 73.3% | |
| Market (SPY) | 86.2% | 28.1% |
| Sector (XLRE) | 36.9% | 42.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ALX Return | 0% | -9% | 6% | 1% | 18% | 21% | 41% |
| Peers Return | 55% | -31% | 26% | 33% | -10% | 14% | 85% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| ALX Win Rate | 42% | 42% | 58% | 58% | 50% | 60% | |
| Peers Win Rate | 77% | 35% | 55% | 67% | 42% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| ALX Max Drawdown | -15% | -22% | -32% | -18% | -18% | -17% | |
| Peers Max Drawdown | -15% | -44% | -36% | -15% | -26% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VNO, SLG, KIM, SPG, FRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/27/2026 (YTD)
How Low Can It Go
| Event | ALX | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.5% | 7.1% |
| Time to Breakeven | 210 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.6% | -24.5% |
| % Gain to Breakeven | 24.4% | 32.4% |
| Time to Breakeven | 466 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.5% | -33.7% |
| % Gain to Breakeven | 30.7% | 50.9% |
| Time to Breakeven | 40 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.1% | -19.2% |
| % Gain to Breakeven | 15.1% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.2% | -3.7% |
| % Gain to Breakeven | 13.9% | 3.9% |
| Time to Breakeven | 8 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.7% | -17.9% |
| % Gain to Breakeven | 32.8% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
In The Past
Alexander's's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | ALX | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.5% | 7.1% |
| Time to Breakeven | 210 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.5% | -33.7% |
| % Gain to Breakeven | 30.7% | 50.9% |
| Time to Breakeven | 40 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.7% | -17.9% |
| % Gain to Breakeven | 32.8% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -64.7% | -53.4% |
| % Gain to Breakeven | 183.0% | 114.4% |
| Time to Breakeven | 609 days | 1085 days |
In The Past
Alexander's's stock fell -5.2% during the 2025 US Tariff Shock. Such a loss loss requires a 5.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alexander's (ALX)
Alexander's, Inc. (ALX) operates as a Real Estate Investment Trust (REIT) primarily engaged in the ownership, management, and development of real estate. The company maintains a focused portfolio consisting of seven significant properties strategically located throughout the greater New York City metropolitan area. This structure allows investors to participate in the real estate market through a professionally managed collection of income-generating assets.
The company's main business involves leasing out its high-value commercial and retail spaces to a diverse tenant base. By providing prime real estate in a major global economic center, Alexander's serves businesses, retailers, and various commercial enterprises that require strategic locations within the dense and economically vibrant New York City market. Its revenue is generated from the rental income derived from these leases, leveraging the strong demand for premium properties in its core geographical area.
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1. Think of it as **SL Green Realty Corp.**, but with a highly curated portfolio of just seven premier properties in the greater New York City area.
2. Similar to **Empire State Realty Trust (ESRT)**, but managing a more concentrated collection of seven prime properties within the New York City metropolitan area.
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- Retail Space Leasing: Alexander's provides commercial real estate space for retail businesses within its properties.
- Office Space Leasing: Alexander's offers professional office accommodations for businesses in its various property locations.
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Alexander's (ALX) is a real estate investment trust (REIT) that owns and operates office and retail properties, primarily in the greater New York City metropolitan area. As such, its major customers are its tenants, which are primarily other companies that lease space within its properties.
Major customers of Alexander's include:
- Bloomberg L.P. (a private company, which is a major tenant at 731 Lexington Avenue)
- Costco Wholesale Corporation (NASDAQ: COST)
- The TJX Companies, Inc. (NYSE: TJX)
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Vornado Realty Trust (VNO)
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Alexander's, Inc. (ALX) is a real estate investment trust that owns seven properties in the greater New York City metropolitan area. Its activities are managed by Vornado Realty Trust, which also holds a significant stake in Alexander's.
Here is information on Alexander's management team members:
Steven Roth, Chairman of the Board and Chief Executive Officer
Steven Roth is a prominent American real estate investor, serving as the founder, chairman, and chief executive officer of Vornado Realty Trust, which is recognized as New York City's largest commercial landlord. He co-founded Interstate Properties in 1964 and has been instrumental in numerous significant real estate acquisitions and developments. Roth acquired a controlling interest in Alexander's in 1995 and subsequently became its CEO, facilitating the redevelopment of its valuable real estate holdings. His career highlights include leading Vornado's shift from retail operations to commercial real estate in the early 1980s and taking Vornado Realty Trust public as a REIT in 1993. Roth has also served as Chairman Emeritus of JBG Smith Properties and a Trustee of Urban Edge Properties.
Gary W. Hansen, Chief Financial Officer and Principal Accounting Officer
Gary W. Hansen was appointed as the Chief Financial Officer of Alexander's, Inc. on November 1, 2021. Prior to this role, Mr. Hansen served as the Senior Vice President and Controller of Alexander's. He brings over 20 years of experience in accounting and financial reporting to his position.
David Mandelbaum, Director
David Mandelbaum is an independent director of Alexander's, Inc. He is a key insider and one of the largest individual shareholders, holding a significant stake in the company. Mandelbaum co-founded Interstate Properties with Steven Roth in 1964, providing the initial seed money for the venture. He has been a general partner of Interstate Properties and also served as a trustee of Vornado Realty Trust.
Russell B. Wight, Jr., Director
Russell B. Wight, Jr. is an independent Class II director of Alexander's, Inc., a position he has held since 1995. He is a long-tenured real estate investor, having served as a general partner of Interstate Properties since 1968 and a trustee of Vornado Realty Trust since 1979. Wight is part of the control group that collectively owns more than 50% of Alexander's shares through Interstate and Vornado.
Wendy A. Silverstein, Director
Wendy A. Silverstein is an independent director of Alexander's, Inc. Effective January 1, 2025, she was appointed as the Chair of the Compensation Committee.
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Alexander's, Inc. (ALX) faces several key risks inherent to its business as a real estate investment trust (REIT) with properties in the New York City metropolitan area.
Key Risks to Alexander's, Inc. (ALX)
- Tenant Concentration Risk: Alexander's heavily relies on a limited number of key tenants, with Bloomberg L.P. being the most significant. Bloomberg accounted for approximately 49% of ALX's rental revenues as of July 2024, and around 61% for the six months ended June 30, 2025. This dependency means that any financial or strategic changes by such a major tenant could disproportionately impact Alexander's revenue and profitability. The prior expiration of a lease with Home Depot, which generated substantial annual rental revenue, illustrates the potential impact of single-tenant departures.
- Highly Leveraged Financial Structure and Interest Rate Fluctuations: The company operates with a highly leveraged financial structure, characterized by a high Debt-to-Equity ratio. While common for REITs, this amplifies risk, particularly in an environment of rising interest rates. Alexander's faces significant debt maturities, including a combined balance of $502.5 million coming due in 2025. Refinancing this debt at current or higher interest rates could substantially increase interest expenses, thereby pressuring cash flow and the sustainability of its dividend payout.
- Geographic Concentration in the New York City Metropolitan Area: All of Alexander's properties are situated within the New York City metropolitan area. This geographic concentration exposes the company to the specific economic cycles, regulatory changes, and inherent risks of this region. Local economic downturns, changes in tax laws or zoning regulations, and other localized events, including potential terrorist attacks, could adversely affect the value of its properties, business operations, and overall profitability.
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Alexander's, Inc. (ALX), as a real estate investment trust with properties in the greater New York City metropolitan area, faces clear emerging threats related to fundamental shifts in how people work and shop.
Accelerated Shift Towards Remote and Hybrid Work Models: This ongoing trend significantly reduces the demand for traditional office space, a key segment of commercial real estate in urban centers like New York City. As companies downsize their physical footprints or adopt flexible work arrangements, ALX could experience higher office vacancy rates, downward pressure on rental income, and potential declines in the valuation of its office-related properties.
Persistent and Evolving Impact of E-commerce on Brick-and-Mortar Retail: While e-commerce is not new, its continuous growth and adaptation, coupled with changing consumer behaviors, pose an ongoing emerging threat to physical retail. This can impact foot traffic, tenant demand, and rental rates for ALX's retail properties in the New York City metropolitan area, particularly for certain types of retail formats that are more susceptible to online competition.
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Alexander's, Inc. (ALX) operates as a real estate investment trust (REIT) with its primary services focused on leasing, managing, developing, and redeveloping properties in the greater New York City metropolitan area. Their portfolio includes office and retail spaces, as well as an apartment tower.
Addressable Markets:
Office Real Estate Market (Greater New York City Metropolitan Area)
- The total market value of office space in New York City is estimated at approximately $472 billion. This represents about 8.5% of the nation's office space and over 20% of the nation's total office space value.
- Manhattan alone accounts for nearly 80% of New York City's office space and approximately 87% of the total asset values for office space in the city.
- In 2025, over 530 million square feet were dedicated to traditional leased office space in New York City.
- The New York City office market recorded $5.4 billion in sales in 2024, marking a 63% increase from the previous year.
- Office building values in New York City increased by 2.9% in the fiscal year beginning July 1, 2026.
Retail Real Estate Market (Greater New York City Metropolitan Area)
- The broader New York commercial real estate market is valued at close to $2 trillion.
- Direct spending on New York commercial real estate in 2023 exceeded $14.9 billion, with retail contributing $1.9 billion to this figure.
- Manhattan's retail market maintained strong leasing activity in 2025, with over 4.1 million square feet transacted.
- The market value of retail buildings in New York City is projected to rise by 3.4% in the fiscal year starting July 1, 2026.
- New York City has re-established itself as the largest retail investment destination in the country, with year-to-date volume (as of Q3 2025) up 22%.
- In Brooklyn, retail transactions amounted to $523 million across 76 deals in 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 increased occupancy, the lease-up of new developments, growth in rental rates, strategic acquisitions, and the reinvestment of capital from asset dispositions.
Here are the expected drivers of future revenue growth:
- Increased Occupancy Rates: Alexander's anticipates an increase in New York office occupancy into the low 90s over the next year or so, as the company executes its leasing pipeline. Commercial occupancy stood at 94.9% and residential occupancy at 97.1% in Q3 2025, and continued gains are expected to contribute to Net Operating Income (NOI) growth.
- Lease-up of New and Redeveloped Properties: The company expects to see the full positive impact of the lease-up of properties like Penn 1 and Penn 2 by 2027, which is projected to lead to significant earnings growth. This reflects the successful monetization of its development and redevelopment activities.
- Growth in Rental Rates: With robust operating performance and high occupancy rates across its commercial and residential properties in the New York City metropolitan area, Alexander's is well-positioned to achieve higher rental rates upon lease renewals and new leases, reflecting favorable market conditions and mark-to-market opportunities.
- Strategic Acquisitions: Alexander's has indicated that key initiatives, including new developments and acquisitions, are anticipated to drive future performance. Acquiring additional income-generating properties within its target market would directly expand its revenue base.
- Reinvestment of Capital from Asset Dispositions: The company's recent sale of Rego Park I for net proceeds of approximately $202 million, with an expected financial statement gain recognized in 2025 and 2026, provides significant capital. While the sale itself removes a revenue stream, the strategic reinvestment of these funds into higher-yielding properties or new developments is expected to fuel future revenue growth.
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Share Repurchases
- As of February 2026, Alexander's CEO indicated that share buybacks are a current priority, viewing them as the best investment opportunity due to the stock's valuation.
- The company's strategy includes focusing on buybacks, alongside improving occupancy in its New York portfolio, even with softer earnings and Funds From Operations (FFO).
Outbound Investments
- On March 9, 2026, Alexander's, Inc. announced an agreement to sell its Rego Park I property for a gross purchase price of $235.5 million, with expected net proceeds of $202 million.
- The Rego Park I property, an unencumbered asset, comprises a vacant 338,000 gross leasable area (GLA) building and a 1,236-space garage situated on 5.9 acres.
- The sale is anticipated to result in a $147 million financial statement gain and a $145 million tax gain, with approximately $48 million recognized in 2025 and $97 million in 2026; the closing is expected by Q3 2026.
Capital Expenditures
- Alexander's capital expenditure plan projects $17 million for 2026, increasing to $18 million in 2028, and $19 million in 2030, consistently representing approximately 7% of revenue annually.
- Capital expenditures are primarily focused on leasing, managing, developing, and redeveloping the company's properties located in the greater New York City metropolitan area.
Peer Outperformance in Retail REITs
ALX has outperformed 62% of its 21 Retail REITs peers over 5Y. Among the peers that beat it is KRG. Retail REITs ranks 2nd of 12 industries in Real Estate by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Retail REITs constituents that ALX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
61%
of 23 industry peers · 13.0% return
3Y
82%
of 22 industry peers · 76.2% return
5Y
62%
of 21 industry peers · 31.2% return
Retail REITs peers with revenue growth within 4pp of ALX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ALX | Alexander's | 0.4% | 7.5x | 13.0% | 76.2% | 31.2% | — |
| KRG | Kite Realty Trust | -0.5% | 14.8x | 13.3% | 43.8% | 52.7% | +21pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Retail REITs is ALX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 12.7% | 63.2% | 54.8% | WELL 211% · OHI 128% · CTRE 118% |
| Retail REITs ← | 22 | 7.4% | 43.8% | 25.2% | SKT 165% · SPG 92% · MAC 68% |
| Real Estate Development | 6 | -10.8% | 21.4% | 15.2% | JOE 52% |
| Hotel & Resort REITs | 16 | 59.6% | 60.7% | 14.5% | HST 93% · RHP 88% · DRH 74% |
| Other Specialized REITs | 11 | 2.2% | 27.2% | 9.6% | IRM 205% · LAMR 77% · OUT 74% |
| Industrial REITs | 11 | 2.6% | 38.8% | -3.1% | EGP 18% · FR 10% · TRNO 5% |
| Single-Family Residential REITs | 4 | -1.6% | 9.2% | -19.5% | AMH -8% · ELS -19% · INVH -20% |
| Diversified REITs | 13 | 0.4% | 34.1% | -20.9% | EPRT 12% · WPC 10% · LXP 8% |
| Multi-Family Residential REITs | 12 | -3.9% | 28.0% | -22.8% | ESS -3% · VMRK -12% · IRT -21% |
| Office REITs | 18 | -8.0% | 35.7% | -34.0% | CDP 55% · SLG -2% · HIW -5% |
| Real Estate Services | 27 | -29.0% | -8.6% | -35.5% | CBRE 18% · JLL 15% · NMRK -18% |
| Telecom Tower REITs | 3 | -4.2% | 14.9% | -36.8% | AMT -24% · CCI -37% · SBAC -43% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 79.56 |
| Mkt Cap | 7.9 |
| Rev LTM | 1,582 |
| Op Inc LTM | 332 |
| FCF LTM | 360 |
| FCF 3Y Avg | 542 |
| CFO LTM | 511 |
| CFO 3Y Avg | 680 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.2% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | -6.5% |
| Op Inc Chg 3Y Avg | 7.1% |
| Op Mgn LTM | 31.6% |
| Op Mgn 3Y Avg | 33.4% |
| QoQ Delta Op Mgn LTM | -1.1% |
| CFO/Rev LTM | 34.3% |
| CFO/Rev 3Y Avg | 45.2% |
| FCF/Rev LTM | 23.0% |
| FCF/Rev 3Y Avg | 34.1% |
Price Behavior
Price Behavior
| Market Price | $248.39 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 07/19/1984 | |
| Distance from 52W High | -11.7% | |
| 50 Days | 200 Days | |
| DMA Price | $251.80 | $246.06 |
| DMA Trend | down | up |
| Distance from DMA | -1.4% | 0.9% |
| 3M | 1YR | |
| Volatility | 22.7% | 26.9% |
| Downside Capture | 62.45 | 11.35 |
| Upside Capture | 20.92 | 25.50 |
| Correlation (S&P 500) | 16.0% | 11.3% |
ALX Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.17 | 0.86 | 0.43 | 0.34 | 0.34 | 0.52 |
| Up Beta | 0.43 | 1.42 | 1.29 | 1.00 | 0.68 | 0.52 |
| Down Beta | 0.58 | 0.14 | -0.44 | -0.50 | 0.37 | 0.50 |
| Up Capture | -33% | 64% | 8% | 29% | 19% | 26% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 20 | 31 | 69 | 137 | 400 |
| Down Capture | 113% | 97% | 70% | 30% | 19% | 73% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 22 | 33 | 57 | 114 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALX | |
|---|---|---|---|---|
| ALX | 14.1% | 26.9% | 0.46 | - |
| Sector ETF (XLRE) | 2.2% | 14.4% | -0.09 | 32.2% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | 10.9% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | -4.9% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -15.0% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 36.6% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | 9.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALX | |
|---|---|---|---|---|
| ALX | 5.9% | 26.1% | 0.20 | - |
| Sector ETF (XLRE) | 1.4% | 19.1% | -0.03 | 46.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 35.0% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 3.4% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 3.4% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 50.0% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALX | |
|---|---|---|---|---|
| ALX | 2.3% | 25.8% | 0.10 | - |
| Sector ETF (XLRE) | 6.6% | 20.4% | 0.27 | 50.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 40.0% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 2.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 11.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 54.5% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 9.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/01/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/16/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/18/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
Insider Activity
Updated 6/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wight, Russell B JR | Held by Child | Sell | 6102026 | 267.00 | 423 | 112,941 | 240,300 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wight, Russell B JR | Held by Child | Sell | 6102026 | 267.00 | 423 | 112,941 | 240,300 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/27/2026