Real Estate Investment Trusts (REITs) - Commercial Property
Strategic Profile
Alexander's activities are conducted through its manager, Vornado Realty Trust. The company maintains a concentrated New York City portfolio generating income from tenant leasing, parking, and services. Recent financial results show declining earnings with dividend coverage pressures.
Cyborg Score Rationale
Alexander's operates premium NYC real estate with strong asset positioning but faces headwinds from declining FFO and net income. The company is up year-to-date but dividend coverage has slipped to 90%, down from 111% a year ago.
Top Insights
Concentrated NYC portfolio limits diversification; all revenues from New York City properties
Dividend pressure: coverage declined to 90% from 111% year-over-year
Q1-Q2 2025 showed declining net income and FFO versus prior year periods
Vornado Realty Trust manages operations, providing professional platform but limiting independence
Named Competitors
Diversified REIT Portfolio — Parent/Manager with broader real estate holdings
NYC Commercial Real Estate — Manhattan office-focused REIT
NYC Mixed-Use Properties — NYC office and retail operator
Recent Developments
(February 2026) Declared quarterly dividend of $4.50 per share
(February 2026) Filed 2025 10-K reporting Q4 net income of $3.8 million
(August 2025) Q2 2025 FFO of $2.88 per share, down from $3.31 year-ago
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