Alexander’s, Inc.

Overview (as of December 31, 2025)

Alexander’s, Inc. (NYSE: ALX) is a Delaware-incorporated real estate investment trust (REIT) that leases, manages, develops and redevelops properties. The company is externally managed by Vornado Realty Trust, which leases and develops Alexander’s properties under annually renewable management agreements.

The portfolio consists of five New York City properties totaling roughly 2.4 million square feet, anchored by Bloomberg at 731 Lexington Avenue and by major national retailers at Rego Park II.

Ownership and governance

• Vornado owned 32.4% of Alexander’s outstanding common stock as of December 31, 2025.
• Steven Roth (Chairman/CEO of both Alexander’s and Vornado) and Interstate affiliates hold substantial influence. Interstate and its partners own about 26.0% of common stock; together with related parties they control about 58.4% of common stock.
• Alexander’s charter and governance provisions restrict ownership to maintain REIT qualification and generally limit large holders. Vornado and certain affiliates have exemptions from some ownership limits.

Tenant mix and portfolio characteristics

• Major tenant: Bloomberg L.P. accounted for about 61% of rental revenues in 2025 (rental revenue of $129,317,000).
• 731 Lexington Avenue accounted for about 67% of rental revenues in 2025 (rental revenue of $143,534,000).
• Rego Park II hosts anchor national retailers including Costco, Kohl’s (lease through January 2031; store currently closed), Burlington, Best Buy and Marshalls.
• The company highlights an environment-focused strategy implemented through Vornado’s sustainability programs, including a LEED-certified portfolio, WELL Health-Safety certifications and a climate/energy program aligned with Vision 2030. Additional sustainability details are provided in Vornado’s Sustainability Report.

Property-by-property snapshot

731 Lexington Avenue (New York, NY)

• Size: 1,080,000 SF (Office 952,000 SF; Retail 128,000 SF)
• Occupancy: 91.7% overall
• Major tenants: Bloomberg L.P. (occupies all office space); Home Depot was principal retail tenant until lease expired January 31, 2025
• Financing:
  • Office mortgage: $400,000,000, maturing October 2028; interest-only; fixed rate 5.04%
  • Retail mortgage: $300,000,000, maturing December 2035
    • A-Note $132,500,000 (senior, held by Alexander’s subsidiary; 7.00% fixed)
    • C-Note $167,500,000 (junior, held by third-party lenders; accrues PIK at 4.55%)
    • Alexander’s can fund shortfalls and capital via a B-Note (junior to A-Note, senior to C-Note) with 13.50% interest (7.00% for amounts above $65,000,000 used to pay A-Note interest)

Rego Park II (Queens, NY)

• Size: 606,000 SF (shopping center)
• Occupancy: 98.3%
• Anchors/tenants: Costco (145,000 SF), Kohl’s (133,000 SF; lease through January 2031), Burlington (60,000 SF), Best Buy (47,000 SF), Marshalls (40,000 SF)
• Ground lease through 2037
• Financing: Mortgage loan $175,000,000, maturing December 2030; interest-only at SOFR + 2.00% (5.72% as of December 31, 2025)

Flushing (Queens, NY)

• Size: 167,000 SF (office/retail building with parking)
• Occupancy: 100%
• Subleased to New World Mall LLC through January 2037
• Ground lease through January 2037

Rego Park I (Queens, NY)

• Size: 338,000 SF
• Occupancy: 94.6%
• Status: Vacant since relocation of Burlington and Marshalls to Rego Park II in 2025; exploring sale and in advanced negotiations with a potential buyer

The Alexander (Queens, NY) — residential tower above Rego Park II

• Size: 312 units; 255,000 SF
• Occupancy: 97.7%
• Financing: Mortgage loan $94,000,000, maturing November 2027; interest-only at 2.63%
• Average monthly rent per unit: $3,589

Financials and leverage (as of December 31, 2025)

• Total mortgages payable (excluding deferred debt issuance costs): $836,691,000
• Debt-to-enterprise value: 46%
• The company incurs debt service on mortgages and uses interest-rate hedges to manage exposure; refinancing terms and interest-rate volatility may affect cash flow.

Employees and corporate office

• Property-level employees: 103 (perform cleaning, engineering, parking and security services)
• Alexander’s does not maintain a separate in-house management team; operations are overseen by Vornado.
• Corporate/Executive office: 210 Route 4 East, Paramus, New Jersey 07652

Filings and disclosures

Alexander’s 10-K and related materials, including governance, risk factors and management’s discussion, are available on the company website and the SEC’s EDGAR system.

Summary

• Alexander’s is a New York City–focused REIT managed by Vornado, with five properties (four mixed-use/office-retail and one residential tower) totaling roughly 2.4 million SF. The portfolio is heavily concentrated at 731 Lexington Avenue and with Bloomberg as a primary tenant. As of year-end 2025, the company employed 103 property-level staff, carried approximately $836.7 million of mortgage debt and maintained a debt-to-enterprise value ratio of 46%. Ownership is substantially influenced by Vornado and Interstate, and governance provisions are structured to preserve REIT qualification and limit changes in control.