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↓Deteriorating
- Negative Free Cash Flow Quality→Stable
- High Short Interest↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 9, 2026
Alexander's, Inc. (ALX) Stock Analysis
Real Estate · REIT - Retail
Wait for pullback to $246.21. Price sits above the model's entry target of $246.21; the risk/reward becomes favorable on a pullback. Key risks: 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
Wait for pullback to $246.21. Price sits above the model's entry target of $246.21; the risk/reward becomes favorable on a pullback. Key risks: 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: No clear chart pattern; technical signals are mixed. Earnings in 3 days. Wait until post-earnings. Score 4.9/10, high confidence.
Passes 5/9 gates (positive momentum, clean insider activity, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 3d<=7d 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 2026-10-29Recent Developments — Alexander's, Inc.
Latest news
- NEWS Alexander's (NYSE:ALX) Stock Crosses Below 200 Day Moving Average - Should You Sell? - MarketBeat — MarketBeat negative
- NEWS Alexander's Keeps Quarterly Dividend at $4.50 per Share, Payable Aug. 28 to Stockholders of Record Aug. 10 - marketscree — marketscreener.com neutral
- NEWS Press Release: Alexander's Declares Quarterly $4.50 Dividend on Common Shares - Moomoo — Moomoo positive
- NEWS Press Release: Alexander's Declares Quarterly $4.50 Dividend on Common Shares - moomoo.com — moomoo.com neutral
- NEWS ALX Oncology Holdings Inc (ALXO) Valuation: PE, PB & Fair Value Analysis - TradingKey — TradingKey neutral
Generated 2026-10-29T11:14:31Z.
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 floor-breaker
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $246.21. Price sits above the model's entry target of $246.21; the risk/reward becomes favorable on a pullback. Key risks: 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: No clear chart pattern; technical signals are mixed. Earnings in 3 days. Wait until post-earnings. Analyst target $163.20 reached (−34.2%), stop $236.73 (−4.7%), A.R:R -5.3:1. Score 4.9/10, high confidence.
Analyst target $163.20 reached (−34.2% from $247.93); no take-profit level is published. Analyst target $163.20 reached (−34.2%), stop $236.73 (−4.7%), A.R:R -5.3:1. Stop-loss: $236.73.
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 7.5 (forward 19.1). TrendMatrix value score: 3.1/10. Verdict: Buy (Wait for Entry).
8 analysts cover ALX with a consensus score of 2.1/5. Average price target: $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.