Alexander's has high margins and stable rent, but 61% of income comes from one tenant, Bloomberg, and the $251.62 price is well above the analyst target, leaving no margin of safety.
Thesis pillars
- Single Tenant Concentration↓Deteriorating
- High Margin Stable Revenue↑Improving
- Price Above Analyst Target↑Improving
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 2026, based on the 10-K filed Feb 9, 2026
Alexander's, Inc. (ALX) Stock Analysis
Range Bound setup
Real Estate · REIT - Retail
Sell if holding. At $240.13, A.R:R is negative (-5.6) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: REIT tenant concentration cliff: 61% of NOI from Bloomberg (≥40% threshold). Single-tenant churn risk dominates spot FFO.; Concentration risk — Tenant: Bloomberg (61.0%).
Alexander's, Inc. is a Delaware REIT that owns five properties in New York City — including the mixed-use 731 Lexington Avenue tower, the Rego Park I and II shopping centers, a Flushing building, and The Alexander apartment tower — and is externally managed, leased, and... Read more
Sell if holding. At $240.13, A.R:R is negative (-5.6) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: REIT tenant concentration cliff: 61% of NOI from Bloomberg (≥40% threshold). Single-tenant churn risk dominates spot FFO.; Concentration risk — Tenant: Bloomberg (61.0%). Chart setup: RSI 55 mid-range, Bollinger mid-band. Score 6.2/10, high confidence.
Passes 5/9 gates (positive momentum, clean insider activity, earnings proximity 95d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and reit tenant cliff hard block. Suitability: aggressive.
About Alexander's, Inc.
About Alexander's, Inc.
Bloomberg accounted for approximately 61% of Alexander's rental revenue in 2025 — up from 55% in 2024 and 54% in 2023 — as the sole office tenant across all 952,000 square feet of office space at 731 Lexington Avenue, the REIT's largest of five properties, all located in New York City. The company's 606,000-square-foot Rego Park II shopping center (anchored by Costco and Kohl's), a Flushing building subleased to New World Mall, the now-vacant Rego Park I center, and The Alexander apartment tower round out the portfolio, which is externally managed, leased, and developed entirely by Vornado Realty Trust.
Alexander's earns its revenue almost entirely from long-term office and retail leases rather than a diversified rent roll, with Bloomberg's lease underpinning the majority of cash flow at 731 Lexington Avenue while Home Depot's departure (lease expired January 31, 2025) and Kohl's store closure at Rego Park II (though the tenant remains obligated through a January 2031 lease) illustrate retail-side rollover risk even where contractual rent continues. The company has no employees of its own beyond 103 property-level staff for cleaning, engineering, parking, and security; all management, leasing, and development decisions run through Vornado under agreements that renew automatically each March, and Vornado together with Chairman/CEO Steven Roth, Interstate Properties, and its partners control roughly 60% of Alexander's outstanding common stock, making the company a 'controlled company' under NYSE governance standards.
Show full overview
Because Bloomberg's lease carries so much weight, Alexander's discloses that it receives confidential financial information directly from Bloomberg — beyond public filings — specifically to monitor the tenant's creditworthiness, an unusual level of counterparty diligence for a REIT and a tacit acknowledgment of how much a Bloomberg default or non-renewal would matter. That single-tenant reliance sits alongside a governance concentration: because Alexander's has no employees of its own for leasing or asset decisions and is managed under agreements with Vornado — a related party whose chairman also chairs Alexander's board — day-to-day capital-allocation choices at the company's five properties run through a manager whose economic interests are aligned by ownership but not contractually identical to Alexander's minority shareholders.
See also: Real Estate · REIT - Retail
From Alexander's, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated Oct 31, 2026Recent Developments — Alexander's, Inc.
Latest news
- NEWS Alexander's Inc (ALX) Cash Flow - TradingKey — TradingKey Oct 31, 2026 neutral
- NEWS Alexander's (NYSE:ALX) Share Price Breaks Above Two Hundred Day Moving Average - Should You Sell? - MarketBeat — MarketBeat Oct 31, 2026 positive
- NEWS Alexander's, Inc. (NYSE:ALX) to Issue Quarterly Dividend of $4.50 - MarketBeat — MarketBeat Oct 29, 2026 positive
- NEWS Alexander's Keeps Quarterly Dividend at $4.50 a Share, Payable Nov. 20 to Shareholders of Record on Nov. 9 - marketscree — marketscreener.com Oct 28, 2026 neutral
- NEWS ALX Q2 2026 Earnings: EPS of $3.02 and a Modest Share Gain - Analyst Consensus Shift - https://www.dars.gov.et/ — https://www.dars.gov.et/ Oct 26, 2026 positive
Latest item Oct 31, 2026 · Generated 2026-11-04T11:34:30Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- HIGHTenantBloomberg61%10-K Item 1: '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.'
- HIGHGeographicNew York City10-K Item 1: 'We have five properties in New York City consisting of:'
- HIGHcounterpartyVornado Realty Trust10-K Item 1: 'We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO).'
Material Events(8-K, last 90d)
- 2026-05-21Item 5.02LOWAt the Annual Meeting, stockholders approved the Alexander's, Inc. 2026 Omnibus Stock Plan, superseding the 2016 Plan for future awards (outstanding 2016 Plan awards unaffected). Routine compensatory plan item; no officer or director departure involved.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 ceiling hit
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $240.13, A.R:R is negative (-5.6) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: REIT tenant concentration cliff: 61% of NOI from Bloomberg (≥40% threshold). Single-tenant churn risk dominates spot FFO.; Concentration risk — Tenant: Bloomberg (61.0%). Chart setup: RSI 55 mid-range, Bollinger mid-band. Prior stop was $226.37. Score 6.2/10, high confidence.
Analyst target $163.20 reached (−32.0% from $240.13); no take-profit level is published. Prior stop was $226.37. Stop-loss: $226.37.
REIT tenant concentration cliff: 61% of NOI from Bloomberg (≥40% threshold). Single-tenant churn risk dominates spot FFO.; Concentration risk — Tenant: Bloomberg (61.0%); Concentration risk — Geographic: New York City.
Alexander's, Inc. trades at a P/E of 6.4 (forward 18.5). TrendMatrix value score: 4.7/10. Verdict: Sell.
8 analysts rate ALX, with a consensus score of 2.1/5. 1 analysts publish price targets averaging $192.
What does Alexander's, Inc. do?Alexander's, Inc. is a Delaware REIT that owns five properties in New York City — including the mixed-use 731 Lexington...
Alexander's, Inc. is a Delaware REIT that owns five properties in New York City — including the mixed-use 731 Lexington Avenue tower, the Rego Park I and II shopping centers, a Flushing building, and The Alexander apartment tower — and is externally managed, leased, and developed by Vornado Realty Trust, which owned 32.4% of ALX's outstanding common stock as of December 31, 2025. Bloomberg, the sole office tenant at 731 Lexington Avenue, accounted for approximately 61% of the company's rental revenue in 2025, up from 55% in 2024.