Alexander's carries a 9.4 debt-to-equity leverage ratio and free cash flow that is deeply negative relative to reported net income, while the stock has simultaneously reached its near-term price target with minimal remaining upside — a combination that makes the current risk/reward unattractive even amid positive price momentum.
Thesis pillars
- High Leverage Penalty→Stable
- Negative Free Cash Flow Quality→Stable
- High Short Interest→Stable
- +1 more pillar — see the Why tab for full reasoning
Alexander's, Inc. (ALX) Stock Analysis
Breakout setup
Real Estate · REIT - Retail
Sell if holding. At $275.00, A.R:R is negative (-4.9) — 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 $275.00, A.R:R is negative (-4.9) — 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: Golden cross, above all MAs, RSI 64, MACD bullish. Score 4.6/10, high confidence.
Passes 6/10 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 30d 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.
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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 2026-07-06Recent Developments — Alexander's, Inc.
Latest news
- NEWS ALX Oncology Announces That CD47 Biomarker Data from Clinical Trial Evaluating Evorpacept + Zanidatamab Combination in A — Investing News Network positive
- NEWS Alexander's, Inc. (NYSE:ALX) to Issue Quarterly Dividend of $4.50 - MarketBeat — MarketBeat positive
- NEWS Alexander's (ALX) Expected to Announce Earnings on Monday - MarketBeat — MarketBeat neutral
- NEWS 'Mamdani Scraps Planned NYC Property Tax Hike in Revised Budget' - Bloomberg — benzinga May 12, 2026 neutral
- NEWS Alexander's Q1 FFO $2.60 Misses $3.08 Estimate, Sales $53.412M Miss $53.800M Estimate — benzinga May 4, 2026 negative
Generated 2026-07-06T06:00:34Z.
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.
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Rating Breakdown
3 floor-breakers
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Negative sentiment — recent news tone and/or analyst downgrades drag the composite below neutral.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $275.00, A.R:R is negative (-4.9) — 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: Golden cross, above all MAs, RSI 64, MACD bullish. Prior stop was $259.58. Score 4.6/10, high confidence.
Take-profit target: $275.93 (+0.3% upside). Prior stop was $259.58. Stop-loss: $259.58.
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 68.4 (forward 21.1). TrendMatrix value score: 3.6/10. Verdict: Sell.
8 analysts cover ALX with a consensus score of 2.1/5. Average price target: $190.
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.