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Alexander's Inc. (NYSE: ALX) is a prominent real estate investment trust (REIT) that focuses on leasing, managing, developing, and redeveloping properties in the greater New York City metropolitan area. The company boasts a portfolio of six key properties, all strategically located in New York City, which generate the entirety of its revenue. These revenues stem from leasing space to a diverse array of tenants, as well as parking and tenant services.
One of Alexander's most notable properties is the iconic 731 Lexington Avenue, a 56-story, 1.3-million-square-foot mixed-use tower. This landmark building is renowned for its elliptical courtyard and luminous crown, which serves as a beacon across Manhattan and Queens. 731 Lexington Avenue is home to Bloomberg LP's global headquarters, extending its lease through 2040, covering nearly one million square feet of office space. The tower also features approximately 250,000 square feet of retail space and luxury residential units known as One Beacon Court.
Alexander's Inc. also collaborates closely with Vornado Realty Trust, which manages its operations and holds a significant 32.4% stake in the company. Vornado also leases other esteemed properties in New York City, Chicago, and San Francisco. Alexander's Inc. has consistently demonstrated financial prudence and robust performance, as evidenced by its quarterly earnings reports.
For instance, in the third quarter of 2023, the company reported a net income of $10.8 million, translating to $2.10 per diluted share, and funds from operations (FFO) of $18.6 million, or $3.63 per diluted share. These financial metrics highlighted the company's resilience and capacity to generate stable income despite market volatilities.
Recently, Alexander's declared a regular quarterly dividend of $4.50 per share, reflecting its commitment to delivering value to shareholders. Additionally, the company continues to adapt to the evolving economic landscape, factoring in the impacts of interest rates and inflation on its operations and tenant base.
Alexander's Inc. remains a pivotal player in New York City's real estate market, with a forward-looking approach and strategic partnerships that ensure its properties remain attractive and competitive.
Alexander's Inc (NYSE: ALX) reported its Q3 2024 financial results. Net income decreased to $6.7 million ($1.30 per diluted share) from $10.8 million ($2.10 per diluted share) in Q3 2023. FFO declined to $14.6 million ($2.84 per diluted share) compared to $18.6 million ($3.63 per diluted share) year-over-year. For the nine months ended September 30, 2024, net income was $31.2 million ($6.07 per diluted share), down from $86.1 million ($16.79 per diluted share) in 2023, which included a $54.0 million gain from the Rego Park III land sale.
Alexander's (NYSE: ALX) has announced a regular quarterly dividend of $4.50 per share. The dividend will be payable on November 29, 2024 to stockholders of record as of November 11, 2024. The company operates as a real estate investment trust with five properties located in New York City.
Alexander's, Inc. (NYSE: ALX) has announced its schedule for third quarter 2024 financial reporting. The company will file its Form 10-Q and issue its earnings release on Monday, November 4, 2024, before the New York Stock Exchange opens. Vornado Realty Trust (NYSE: VNO), which manages Alexander's operations, will host a quarterly earnings conference call and audio webcast on Tuesday, November 5, 2024, at 10:00 a.m. ET.
The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) with passcode 1557554. A live webcast will be available on Vornado's website at www.vno.com in the Investor Relations section, with an online playback available after the call. Alexander's, Inc. is a real estate investment trust with five properties in New York City.
Alexander's (NYSE: ALX) has successfully completed a $400 million refinancing of the office condominium portion of 731 Lexington Avenue, the Class A Bloomberg LP headquarters building. The new interest-only loan features a fixed rate of 5.045% and is set to mature in October 2028. This loan replaces the previous $490 million loan, which had an interest rate tied to the Prime rate (currently 8.00%) and was due to mature in October 2024.
The new financing arrangement allows Alexander's the option to prepay the loan without penalty starting from October 2026. Alexander's, Inc. is a real estate investment trust with a portfolio of five properties located in New York City.
Alexander's Inc (NYSE: ALX) has reported its Q2 2024 financial results. Net income for Q2 2024 was $8.4 million ($1.63 per diluted share), compared to $64.1 million ($12.51 per diluted share) in Q2 2023. The significant decrease is primarily due to a $54.0 million gain from the sale of the Rego Park III land parcel in Q2 2023. Funds from operations (FFO) for Q2 2024 were $17.0 million ($3.31 per diluted share), down from $18.2 million ($3.55 per diluted share) in Q2 2023.
For the first half of 2024, net income was $24.5 million ($4.77 per diluted share), compared to $75.4 million ($14.70 per diluted share) in H1 2023. FFO for H1 2024 increased to $42.5 million ($8.29 per diluted share) from $36.8 million ($7.18 per diluted share) in H1 2023. Alexander's Inc is a real estate investment trust with five properties in New York City.
Alexander's, Inc. (NYSE: ALX), a real estate investment trust with five properties in the New York City metropolitan area, has announced a regular quarterly dividend of $4.50 per share. The dividend will be payable on August 30, 2024 to stockholders of record on August 12, 2024. This announcement demonstrates the company's commitment to providing consistent returns to its shareholders and reflects its financial stability in the real estate sector.
Alexander's (NYSE: ALX) has announced its schedule for releasing second quarter 2024 earnings. The company will file its quarterly report on Form 10-Q and issue its earnings release on Monday, August 5, 2024, before the New York Stock Exchange opens. Vornado Realty Trust (NYSE: VNO), which manages Alexander's operations, will host a quarterly earnings conference call and audio webcast on Tuesday, August 6, 2024, at 10:00 a.m. ET. The call may include information about Alexander's. Investors can access the call by dialing 888-317-6003 (domestic) or 412-317-6061 (international) with passcode 8799771. A live webcast will be available on Vornado's website, with a playback option post-call.
ALEXANDER’S, INC. (ALX) announced its first quarter financial results, reporting an increase in net income and funds from operations compared to the same period last year.
Alexander's, Inc. extends Bloomberg LP's global headquarters lease at 731 Lexington Avenue Tower through 2040, maintaining nearly one million square feet of office space. The lease extension agreement with Bloomberg LP will last for 11 years starting from the expiration of the existing lease in 2029. Bloomberg will continue to occupy all 946,815 square feet in the building, making it their largest global headquarters with 7,000 New York-based employees out of 12,000. Vornado Realty Trust, a publicly traded company, owns a 32.4% stake in Alexander's, a Real Estate Investment Trust that owns the tower. The decision to renew the lease showcases the high quality and technological advancement of the tower designed by Ceasar and Rafael Pelli. Bloomberg's commitment to stay is a testament to the strong partnership between the companies and their belief in New York City's growth as a global capital.
Alexander’s, Inc. (NYSE: ALX) declared a quarterly dividend of $4.50 per share, payable on May 31, 2024, to stockholders of record on May 13, 2024. The company is a real estate investment trust with properties in the New York City metropolitan area.
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