NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) -- Alexander's, Inc. today announced an 11-year lease extension agreement with Bloomberg LP which will begin at the expiration of the existing lease in 2029, continuing a long-standing headquarters presence at 731 Lexington Avenue through 2040. Bloomberg, which relocated its global headquarters to the tower upon its completion, will continue to occupy all 946,815 square feet of office space in the building. The company's headquarters at 731 Lexington remains its large ...

PARAMUS, N.J., April 25, 2024 (GLOBE NEWSWIRE) -- Alexander's, Inc. (NYSE:ALX) today announced that it will file its quarterly report on Form 10-Q for the quarter ended March 31, 2024 with the U.S. Securities and Exchange Commission and issue its first quarter earnings release on Monday, May 6, 2024, before the New York Stock Exchange opens. Vornado Realty Trust (NYSE:VNO), the manager which conducts Alexander's operations, announced it will host its quarterly earnings conference call and an audio webcast o ...

PARAMUS, N.J., April 25, 2024 (GLOBE NEWSWIRE) -- Alexander’s, Inc. (NYSE: ALX) today announced that it will file its quarterly report on Form 10-Q for the quarter ended March 31, 2024 with the U.S. Securities and Exchange Commission and issue its first quarter earnings release on Monday, May 6, 2024, before the New York Stock Exchange opens. Vornado Realty Trust (NYSE: VNO), the manager which conducts Alexander’s operations, announced it will host its quarterly earnings conference call and an audio webcast ...

Core Viewpoint - Alexander's Inc (ALX) has maintained a strong dividend yield of 8.8% and reported a fiscal 2023 FFO of $81.1 million, which is above its peer group median by approximately 9% [2][3] Financial Performance - ALX declared a quarterly dividend of $4.9250 per share, with a total return of 23% over the last year [2] - The fourth quarter FFO was $25.6 million, or $4.99 per share, which covered the recent dividend by 111% [3] - ALX's cash and cash equivalents stood at $532 million at the end of the fourth quarter, with an additional $21.12 million in restricted cash [3] Asset Overview - The most significant asset is the 731 Lexington Avenue office, fully leased to Bloomberg, accounting for 38.2% of ALX's total portfolio [4] - The property has a weighted average escalated rent of $135.44 per square foot and is not set for lease expiration until 2029 [4] Debt and Interest Management - ALX has $500 million in debt tied to the 731 Lexington property due on June 11, 2024, with an interest rate of 6.00% [5] - Another $502 million in debt is due in 2025, which may increase interest expenses [5] - The REIT has utilized interest rate swaps and caps to manage interest exposure, maintaining stable cash from operations [5] Market Conditions - The Federal Reserve's actions regarding interest rates are critical for ALX, with current expectations for only one rate cut through 2024 [7][9] - The occupancy rate of the 731 Lexington property remains at 100%, which, along with a strong cash position, mitigates some risks [10]

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Alexander's, Inc. (ALX) is a real estate investment trust. The Zacks Consensus Estimate for its current year earnings has been revised 5.9% downward over the last 60 days.Atlanticus Holdings Corporation (ATLC) is a financial technology company. The Zacks Consensus Estimate for its current year earnings has been revised 8.3% downward over the last 60 days.Dime Community Bancshares, Inc. (DCOM) is a holding company for Dime Community Ba ...

分组1 - Alexander's reported quarterly funds from operations (FFO) of $4.99 per share, missing the Zacks Consensus Estimate of $5.95 per share, but showing an increase from $4.03 per share a year ago, resulting in an FFO surprise of -16.13% [1] - The company posted revenues of $62.94 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate by 13.60%, compared to year-ago revenues of $53.05 million [1] - Over the last four quarters, Alexander's has surpassed consensus revenue estimates three times [1] 分组2 - The current consensus FFO estimate for the coming quarter is $6.06 on revenues of $55.4 million, and for the current fiscal year, it is $15.79 on revenues of $221.7 million [4] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 43% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [4] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, with Alexander's currently holding a Zacks Rank 3 (Hold) [3]

Core Insights - Alexander's, Inc. reported significant financial growth for the year ended December 31, 2023, with net income increasing to $102.4 million from $57.6 million in 2022, driven by a net gain from the sale of a land parcel [5][9] - The company's revenues for the year reached $225 million, up from $205.8 million in the previous year, indicating a strong operational performance [8] - Funds from operations (FFO) for the year decreased to $81.1 million from $87.1 million, reflecting a decline in operational cash flow despite the increase in net income [5][9] Quarterly Financial Results - For the fourth quarter of 2023, net income was reported at $16.3 million, or $3.17 per diluted share, compared to $13.2 million, or $2.57 per diluted share in the same quarter of 2022 [3][4] - FFO for the fourth quarter was $25.6 million, or $4.99 per diluted share, up from $20.6 million, or $4.03 per diluted share in the fourth quarter of 2022 [4][7] Yearly Financial Results - The total revenues for the year ended December 31, 2023, were $224.96 million, an increase of approximately 9.3% from $205.81 million in 2022 [8] - The net income per common share for the year was $19.97, compared to $11.24 in the previous year, marking a substantial increase [8] - The weighted average shares outstanding for the year were slightly higher at 5,129,330 compared to 5,126,100 in 2022 [8][9]

Revenue and Financial Performance - Bloomberg accounted for revenue of $120,351,000, $115,129,000, and $113,140,000 in the years ended December 31, 2023, 2022, and 2021, representing approximately 54%, 56%, and 55% of total rental revenues respectively[12] - The company sold the Rego Park III land parcel for $71,060,000, with net proceeds of $67,821,000 after closing costs, resulting in a financial statement gain of $53,952,000[9] Ownership and Governance - Vornado owns 32.4% of the company's outstanding common stock, with key executives also holding an aggregate of 26.0% of the stock[10] - The company is classified as a "controlled" company, with Vornado and its affiliates owning 47.2% of the common stock, affecting governance requirements[18] - Vornado owns 32.4% of the company's outstanding common stock, and key executives collectively own 26.0% of the stock, indicating significant insider ownership[10] Sustainability Initiatives - Vornado's sustainability initiatives include a commitment to make its buildings carbon neutral by 2030, with over 25 million square feet of LEED certified buildings[13] - Vornado operates over 25 million square feet of LEED certified buildings, representing 95% of its in-service office portfolio, with over 24 million square feet at LEED Gold or Platinum[13] - Vornado's Vision 2030 plan aims to make its buildings carbon neutral by 2030, focusing on energy reduction, recovery, and renewable power[13] - The company received the "Green Star" distinction for the eleventh consecutive year and ranked 1 in the US Diversified Office/Retail REIT peer group by GRESB in 2023[13] - The company emphasizes transparency in sustainability reporting, publishing an annual ESG Report aligned with global standards[13] Competitive Environment - The company operates in a highly competitive environment in New York City, with principal factors of competition including rents charged and tenant concessions offered[15] - The company has 92 property-level employees providing cleaning, engineering, and security services, managed by Vornado[16] Risks and Uncertainties - The company is subject to various risks and uncertainties that could materially affect its future performance, as outlined in the risk factors section[6]

PARAMUS, N.J., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Alexander's, Inc. (NYSE:ALX) today announced that its Board of Directors has declared a regular quarterly dividend of $4.50 per share payable on March 1, 2024 to stockholders of record on February 20, 2024. Alexander's, Inc. is a real estate investment trust that has five properties in the New York City metropolitan area. CONTACT:GARY HANSEN(201) 587-8541 Certain statements contained herein constitute forward-looking statements as such term is defined in Sect ...

Aerial_Views/iStock via Getty Images Alexander's, Inc. (NYSE:ALX), founded in 1928 and headquartered in Paramus, NJ, is a REIT that owns, (re)develops, leases, and manages 5 retail properties in New York City through its manager, Vornado Realty Trust (VNO). The REIT's operating performance is concerning and there are many risks here, with a potential dividend cut being the most important one for those interested in the yield. At the same time, it's not trading as low as I'd expect which makes it a no-go ...