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]

PARAMUS, N.J., Feb. 12, 2024 (GLOBE NEWSWIRE) -- ALEXANDER'S, INC. (New York Stock Exchange: ALX) filed its Form 10-K for the year ended December 31, 2023 today and reported: Fourth Quarter 2023 Financial Results Net income for the quarter ended December 31, 2023 was $16.3 million, or $3.17 per diluted share, compared to $13.2 million, or $2.57 per diluted share for the quarter ended December 31, 2022. Funds from operations ("FFO") (non-GAAP) for the quarter ended December 31, 2023 was $25.6 million, or $4. ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number: 001-06064 ALEXANDERS INC (Exact name of registrant as specified in its charter) Delaware 51-0100517 | --- | --- | |---------- ...

Financial Data and Key Metrics Changes - The second quarter comparable FFO as adjusted was $0.72 per share, down from $0.83 in the same quarter last year, representing a decrease of $0.11 or 13.3%, primarily due to higher net interest expense from increased rates [10][11] - The principal difference in numbers compared to last year is attributed to the rise in interest rates, with the overall economy being more resilient than expected despite the Fed's historic interest rate hikes [8][11] Business Line Data and Key Metrics Changes - The New York cash same-store office business was up 3%, while the overall New York business increased by 2.7% [11] - During the second quarter, 19 leases totaling 279,000 square feet were completed, with starting rents at $91.57 per square foot, reflecting a positive mark-to-market of 5.7% cash and 9.9% GAAP [14] - The average starting rents for the first six months of the year were $99 per square foot, indicating a trend upward in rental rates [14] Market Data and Key Metrics Changes - Leasing activity was led by strong demand from traditional industries, particularly financial services and law firms, which accounted for almost 40% of the 5.2 million square feet leased in the quarter [13] - Midtown accounted for 70% of the quarter's leasing activity, with 75% of that leasing occurring in Class A properties, reinforcing the flight to quality theme [13] Company Strategy and Development Direction - The company aims to conserve cash, protect its balance sheet, and raise cash through selective asset sales to reduce debt and buy back stock [9] - The Penn District is highlighted as a key area for growth, with significant potential for shareholder value creation as new developments come online [9] Management's Comments on Operating Environment and Future Outlook - Management believes that the current narrative around office spaces is shortsighted, similar to the past perceptions of malls, and expects a recovery in the office sector [8] - The financing markets remain highly constrained, particularly for office assets, but the company is in a strong position with no material maturities until mid-2024 [18][20] Other Important Information - The company has a strong liquidity position of $3.2 billion, including $1.3 billion in cash and restricted cash [20] - The company is actively working on selling assets, including four small retail assets in Manhattan, which are expected to close in the third quarter [19] Q&A Session Summary Question: Can you elaborate on the leasing pipeline and how much relates to PENN2? - Approximately 40% of the leasing activity was at PENN1, with a strong pipeline of nearly 600,000 square feet of leases in negotiation [23][25] Question: What is the updated thought on the dividend and asset sales? - The company is opportunistic about selling assets and will evaluate the dividend based on cash versus stock mix at the end of the year [26][27] Question: Can you provide insight into leasing activity in San Francisco and Chicago? - San Francisco has seen success with 555 Cal, while Chicago has a lack of tenant demand, particularly for larger spaces [46][48] Question: What are the expectations for NOI in retail and office for the second half of the year? - The company is not providing specific forecasts for the second half of the year [54] Question: Are there plans to sell a joint venture stake in the Farley building? - The company is not commenting on future plans for the Farley building but acknowledges its strong asset quality [56][59]