Alexander’s(ALX) - 2023 Q4 - Annual Report

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]