ALEXANDERS Business Summary

Alexander's Inc. (ALX) is a specialized Real Estate Investment Trust (REIT) that generates revenue primarily through the leasing, management, and redevelopment of high-value commercial and residential properties within the New York City metropolitan area. The company’s business model is characterized by extreme asset concentration, with its primary revenue segments divided between office and retail space. Its flagship asset, 731 Lexington Avenue, serves as the global headquarters for Bloomberg L.P., which accounts for approximately 61% of the company’s total rental revenue. Other key holdings include the Rego Center complex (Rego Park I and II), The Alexander apartment tower, and retail properties in Flushing and Paramus. Alexander's operates as a "controlled company" under the management of Vornado Realty Trust, positioning it as a niche, high-yield player compared to broader retail and diversified REITs like Simon Property Group (SPG), Tanger (SKT), and Saul Centers (BFS), which maintain significantly larger and more geographically diverse portfolios. Originally founded in 1928 by George Farkas and Louis Schwadron as a discount department store chain, the company pivoted to a real estate holding vehicle following its 1992 bankruptcy. The current leadership team is headed by Steven Roth, who serves as Chairman and Chief Executive Officer and is also the Chairman of Vornado Realty Trust. Financial operations are overseen by Gary W. Hansen, who serves as Chief Financial Officer and Principal Accounting Officer. The company’s strategic direction is heavily influenced by its management agreement with Vornado, which owns a 32.4% stake, and Interstate Properties, an investment vehicle controlled by Roth. The Board of Directors features long-tenured industry veterans including Thomas DiBenedetto, David Mandelbaum, Mandakini Puri, Wendy Silverstein, Arthur Sonnenblick, and Russell B. Wight, Jr., reflecting a stable governance structure closely aligned with Vornado’s institutional expertise.