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Alexander`s (ALX)

Alexander's, Inc. is a real estate investment trust, which engages in leasing, managing, development and redeveloping its properties. Its operating properties are located in the greater New York City metropolitan area. The company was founded on May 16, 1955 and is headquartered in Paramus, NJ.

Company profile

Ticker
ALX
Exchange
CEO
Steven Roth
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
ALEXANDER’S, INC. • 731 Commercial Holding LLC • 731 Commercial LLC • 731 Office One Holding LLC • 731 Office One LLC • 731 Office Two Holding LLC • 731 Office Two LLC • 731 Restaurant, LLC • 731 Retail One, LLC • Alexander’s Construction LLC ...
IRS number
510100517

ALX stock data

Calendar

2 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 22 Dibenedetto Thomas R Deferred Stock Units Common Stock Grant Acquire A No No 0 326 0 326
19 May 22 Roth Steven Deferred Stock Units Common Stock Grant Acquire A No No 0 326 0 326
19 May 22 West Richard R Deferred Stock Units Common Stock Grant Acquire A No No 0 326 0 326
19 May 22 Silverstein Wendy Deferred Stock Units Common Stock Grant Acquire A No No 0 326 0 326
19 May 22 Wight Russell B JR Deferred Stock Units Common Stock Grant Acquire A No No 0 326 0 326
33.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 94 92 +2.2%
Opened positions 13 11 +18.2%
Closed positions 11 31 -64.5%
Increased positions 34 36 -5.6%
Reduced positions 36 27 +33.3%
13F shares Current Prev Q Change
Total value 433.74M 588.87M -26.3%
Total shares 1.69M 1.8M -5.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
GS Goldman Sachs 388.98K $99.67M +40.1%
Vanguard 340.7K $87.3M -0.0%
BLK Blackrock 153.84K $39.42M +2.0%
Renaissance Technologies 103.71K $26.58M -7.0%
JPM JPMorgan Chase & Co. 92.54K $23.71M -3.0%
Taconic Capital Advisors 68.3K $17.5M +36.1%
STT State Street 56.17K $14.39M +8.9%
Mirae Asset Global Investments 52.63K $13.49M +10.1%
Geode Capital Management 44.9K $11.5M -5.7%
Hotchkis & Wiley Capital Management 40.5K $10.38M +15.0%
Largest transactions Shares Bought/sold Change
EMS Capital 0 -250.5K EXIT
GS Goldman Sachs 388.98K +111.31K +40.1%
Lasry Marc 38.65K +38.65K NEW
Taconic Capital Advisors 68.3K +18.1K +36.1%
Norges Bank 0 -17.21K EXIT
Real Estate Management Services 0 -14.68K EXIT
DBRG DigitalBridge 4.5K -11.15K -71.2%
LDR Capital Management 8.38K +8.38K NEW
Renaissance Technologies 103.71K -7.8K -7.0%
DB Deutsche Bank AG - Registered Shares 9.62K +7.52K +357.2%

Financial report summary

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Risks
  • Our business, financial condition, results of operations and cash flows have been and may continue to be adversely affected by the COVID-19 pandemic and the impact could be material to us.
  • All of our properties are in the New York City metropolitan area and are affected by the economic cycles and risks inherent in that area.
  • We may be adversely affected by trends in office real estate, including work from home trends.
  • We are subject to risks that affect the general and New York City retail environments.
  • Terrorist attacks may adversely affect the value of our properties and our ability to generate cash flow.
  • Natural disasters and the effects of climate change could have a concentrated impact on the area which we operate and could adversely impact our results.
  • Our properties are subject to transitional risks related to climate-related policy change.
  • U.S. federal tax legislation now and in the future could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate.
  • Our performance and the value of an investment in us are subject to risks associated with our real estate assets and with the real estate industry.
  • Real estate is a competitive business and that competition may adversely impact us.
  • We depend on leasing space to tenants on economically favorable terms and collecting rent from tenants who may not be able to pay.
  • Bankruptcy or insolvency of tenants may decrease our revenues, net income and available cash.
  • We depend upon anchor tenants to attract shoppers at our Rego Park I and II retail properties and decisions made by these tenants, or adverse developments in the businesses of these tenants, could materially affect our financial condition and results of operations.
  • We may be unable to renew leases or relet space as leases expire.
  • 731 Lexington Avenue accounts for a substantial portion of our revenues. Loss of or damage to the building would adversely affect our financial condition and results of operations.
  • Bloomberg represents a significant portion of our revenues. Loss of Bloomberg as a tenant or deterioration in Bloomberg’s credit quality could adversely affect our financial condition and results of operations.
  • We may acquire, develop, or redevelop properties and this may create risks.
  • We are exposed to risks associated with property development, redevelopment and repositioning that could adversely affect us, including our financial condition and results of operations.
  • It may be difficult to sell real estate timely, which may limit our flexibility.
  • Significant inflation could adversely affect our business and financial results.
  • Substantially all of our assets are owned by subsidiaries. We depend on dividends and distributions from these subsidiaries. The creditors of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or distributions to us.
  • Our existing financing documents contain covenants and restrictions that may restrict our operational and financial flexibility.
  • We have a substantial amount of indebtedness that could affect our future operations.
  • We have outstanding debt, and the amount of debt and its cost may increase and refinancing may not be available on acceptable terms.
  • Failure to hedge effectively against interest rate changes may adversely affect results of operations.
  • Loss of our key personnel could harm our operations and adversely affect the value of our common stock.
  • Alexander’s charter documents and applicable law may hinder any attempt to acquire us.
  • We may change our policies without obtaining the approval of our stockholders.
  • Steven Roth, Vornado and Interstate may exercise substantial influence over us. They and some of our other directors and officers have interests or positions in other entities that may compete with us.
  • There may be conflicts of interest between Vornado, its affiliates and us.
  • The trading price of our common stock has been volatile and may continue to fluctuate.
  • Alexander’s has additional shares of its common stock available for future issuance, which could decrease the market price of the common stock currently outstanding.
  • We might fail to qualify or remain qualified as a REIT, and may be required to pay federal income taxes at corporate rates.
  • We may face possible adverse changes in federal tax laws, which may result in an increase in our tax liability.
  • We may incur significant costs to comply with environmental laws and environmental contamination may impair our ability to lease and/or sell real estate.
  • We face risks associated with our tenants being designated “Prohibited Persons” by the Office of Foreign Assets Control and similar requirements.
  • We may face possible adverse state and local tax audits and changes in state and local tax law.
  • Compliance or failure to comply with the Americans with Disabilities Act (“ADA”) or other safety regulations and requirements could result in substantial costs.
  • The occurrence of cyber incidents, or a deficiency in our cyber security, as well as other disruptions of our IT networks and related systems, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships or reputation, all of which could negatively impact our financial results.
  • Capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our debt and equity securities.
  • Some of our potential losses may not be covered by insurance.
  • We may be adversely affected by the discontinuation of London Interbank Offered Rate (“LIBOR”).
Management Discussion
  • Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions. Our future results, financial condition, results of operations and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10-Q. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict.
  • Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will continue to depend on future developments, including vaccination rates among the population, the efficacy and durability of vaccines against emerging variants, and governmental and tenant responses thereto, which continue to be uncertain but the impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in “Item 1A. – Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021.

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