Updated
The most significant concentration Alexander's discloses is Bloomberg at 61%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Alexander's’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“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.'”
“10-K Item 1: 'We have five properties in New York City consisting of:'”
“10-K Item 1: 'We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO).'”
Alexander's concentration risk is dominated by a single, high-share tenant relationship: Bloomberg represented approximately 61% of rental revenues, up from 55% and 54% in the two preceding years — a dependency-type exposure that has been growing as a share of the rent roll rather than shrinking. That tenant concentration compounds with a structural, high-share geographic footprint: the company's properties are concentrated in New York City, meaning the tenant-specific and market-specific exposures point in the same direction rather than offsetting one another. On top of this, Alexander's is managed by, and its properties leased and developed by, Vornado Realty Trust — a high-share dependency on a single counterparty for both management and leasing functions. None of these three exposures is idiosyncratic to a discrete, easily replaceable relationship; each is deeply embedded in how the company operates. The rising Bloomberg share is the item most likely to move the investment case, since it is both growing and tied to a single tenant's renewal decisions, while the New York City concentration and the Vornado relationship are more structural features of the REIT's business model that are unlikely to change absent a strategic transaction.
For the engine’s reasoning on ALX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ALX● | Alexander's, Inc. | 3 | 0 | 0 | 3 |
| BFS | Saul Centers, Inc. | 1 | 0 | 1 | 2 |
| AKR | Acadia Realty Trust | 1 | 0 | 0 | 1 |
| BRX | Brixmor Property Group Inc. | 1 | 0 | 0 | 1 |
| CBL | CBL & Associates Properties, In | 0 | 1 | 0 | 1 |
| ADC | Agree Realty Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.