ALEXANDERS INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ALEXANDERS INC. filed its 2023 10-K report detailing its real estate investment trust operations and property portfolio.</b>

AI Summary

ALEXANDERS INC (ALX) filed a Annual Report (10-K) with the SEC on February 12, 2024. ALEXANDERS INC. filed its 2023 Form 10-K on February 12, 2024. The company is classified as a Real Estate Investment Trust (SIC 6798). The fiscal year end for reporting is December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key properties include Lexington Avenue Property and Rego Park 1 Property.

Why It Matters

For investors and stakeholders tracking ALEXANDERS INC, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operational status for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, asset value, and future prospects within the real estate sector.

Risk Assessment

Risk Level: low — ALEXANDERS INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a stable operational status.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand ALEXANDERS INC.'s current financial position and strategic outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-12 — Filing Date (Date filed)
• 85 — Public Document Count (Number of documents in the filing)
• 001-06064 — SEC File Number (SEC registration number)

Key Players & Entities

• ALEXANDERS INC (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-12 (date) — Filing date
• 0000003499 (company) — Central Index Key
• 6798 (industry) — Standard Industrial Classification
• 201-587-8541 (phone) — Business phone number
• Home Depot (company) — Tenant occupant
• Burlington Coat Factory (company) — Tenant occupant

Forward-Looking Statements

• Alexander's Inc. will continue to operate as a REIT, focusing on real estate investments. (ALEXANDERS INC) — high confidence, target: 2025-12-31
• The company's equity structure, particularly retained earnings, will reflect its profitability and dividend policy in future filings. (ALEXANDERS INC) — medium confidence, target: 2024-12-31

FAQ

Industry Context

ALEXANDERS INC. operates as a Real Estate Investment Trust (REIT), focusing on owning and managing commercial properties.

Regulatory Implications

As a publicly traded company, ALEXANDERS INC. is subject to SEC regulations and reporting requirements, including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset valuation.
2. Examine the property portfolio details, including tenant information and lease terms.
3. Review any disclosed risk factors related to market conditions, operations, or financial leverage.

Key Dates

• 2024-02-12: 10-K Filing — Filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing analyzed for the period, so no comparison to a prior filing is available.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value per share ALX New York Stock
• $10,000,000 — mination payment equal to the lesser of $10,000,000 or the amount of rent due under the rem
• $71,060,000 — II land parcel in Queens, New York, for $71,060,000 inclusive of consideration for Brownfie
• $67,821,000 — o date. Net proceeds from the sale were $67,821,000 after closing costs and the financial s
• $53,952,000 — ts and the financial statement gain was $53,952,000. Relationship with Vornado We are ma
• $120,351,000 — nt Bloomberg accounted for revenue o f $120,351,000, $115,129,000 and $113,140,000 in the y
• $115,129,000 — accounted for revenue o f $120,351,000, $115,129,000 and $113,140,000 in the years ended Dec
• $113,140,000 — enue o f $120,351,000, $115,129,000 and $113,140,000 in the years ended December 31, 2023, 2

Filing Documents

• alx-20231231.htm (10-K) — 1495KB
• exhibit4-10k12312023.htm (EX-4) — 33KB
• exhibit21-10k12312023.htm (EX-21) — 15KB
• exhibit23-10k12312023.htm (EX-23) — 2KB
• exhibit311-10k12312023.htm (EX-31.1) — 9KB
• exhibit312-10k12312023.htm (EX-31.2) — 9KB
• exhibit321-10k12312023.htm (EX-32.1) — 6KB
• exhibit322-10k12312023.htm (EX-32.2) — 5KB
• a97alexandersrestatementcl.htm (EX-97) — 33KB
• alx-20231231_g1.jpg (GRAPHIC) — 46KB
• 0000003499-24-000007.txt (&nbsp;) — 6984KB
• alx-20231231.xsd (EX-101.SCH) — 55KB
• alx-20231231_cal.xml (EX-101.CAL) — 61KB
• alx-20231231_def.xml (EX-101.DEF) — 273KB
• alx-20231231_lab.xml (EX-101.LAB) — 631KB
• alx-20231231_pre.xml (EX-101.PRE) — 422KB
• alx-20231231_htm.xml (XML) — 765KB

: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held o n May 23, 2024

Part III : Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held o n May 23, 2024. INDEX Item Page Number

1. Business 5

PART I. 1. Business 5 1A. Risk Factors 8 1B. Unresolved Staff Comments 20 1C. Cybersecurity 21 2. Properties 22 3. Legal Proceedings 24 4. Mine Safety Disclosures 24 PART II. 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 6. Reserved 25 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 26 7A. Quantitative and Qualitative Disclosures About Market Risk 34 8. Financial Statements and Supplementary Data 35 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 55 9A. Controls and Procedures 55 9B. Other Information 58 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 58

10. Directors, Executive Officers and Corporate Governance (1)

PART III. 10. Directors, Executive Officers and Corporate Governance (1) 58 11. Executive Compensation (1) 59 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (1) 59 13. Certain Relationships and Related Transactions, and Director Independence (1) 59 14. Principal Accountant Fees and Services (1) 59

15. Exhibits and Financial Statement Schedules 60

PART IV. 15. Exhibits and Financial Statement Schedules 60 16. Form 10-K Summary 68 Signatures 69 __________________________ (1) These items are omitted in part or in whole because the registrant will file a definitive Proxy Statement pursuant to Regulation 14A under the Securities Exchange Act of 1934 with the Securities and Exchange Commission no later than 120 days after December 31, 2023, portions of which are incorporated by reference herein. 3

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this Annual Report on Form 10K. We also note the following forward-looking statements: in the case of our development projects, the estimated completion date, estimated project costs and costs to complete; and estimates of dividends on shares of our common stock. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in this Annual Report on Form 10-K. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K or the date of any document incorporated by reference. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation t

BUSINESS

ITEM 1. BUSINESS General Alexander's, Inc. (NYSE: ALX) is a real estate investment trust ("REIT"), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to "we," "us," "our," "Company" and "Alexander's" refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust ("Vornado") (NYSE: VNO). We have five properties in New York City consisting of: Operating properties 731 Lexington Avenue, a 1,079,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan. The building contains 939,000 and 140,000 of rentable square feet of office and retail space, respectively. Bloomberg L.P. ("Bloomberg") occupies all of the office space. The Home Depot (83,000 square feet) is the principal retail tenant; Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63 rd Road in Queens. The center is anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls. On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030. The lease included a right to terminate effective no earlier than March 16, 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term. On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerates its lease termination date to April 1, 2024. Under the lease modification agreement, IKEA will pay its remaining rent due through March 16, 2026 and the $10,000,000 termination payment over the modified lease term; Rego Park II, a 616,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens. T

RISK FACTORS

ITEM 1A. RISK FACTORS Material factors that may adversely affect our business, operations and financial condition are summarized below. The risks and uncertainties described herein may not be the only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business, operations and financial condition. See "Forward-Looking Statements" contained herein on page 4. RISKS RELATED TO OUR BUSINESS AND OPERATIONS We may be adversely affected by trends in office real estate, including work from home trends. In 2023, approximate ly 54% of our rental revenue was from Bloomberg, the office tenant at our 731 Lexington Avenue office property. Work from home, flexible or hybrid work schedules, open workplaces, videoconferencing, and teleconferencing remain prevalent in certain situations, following the COVID-19 pandemic. Changes in tenant space utilization, including from the continuation of work from home and flexible work arrangement policies, may cause office tenants to reassess their long-term physical space needs, which could have an adverse effect on our business. All of our properties are in New York City and are affected by the economic cycles and risks inherent to this area. All of our revenues come from properties located in New York City. Real estate markets are affected by economic downturns and we cannot predict how economic conditions will impact this market in either the short or long term. Declines in the economy and declines in the real estate markets in New York City have affected and could affect our financial performance and the value of our properties. In addition to the factors affecting the national economic condition generally, the factors affecting economic conditions in this area include: financial performance and productivity of the media, advertising, professional services, financial, technology, retail, insurance and real estate industries; business l

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View this 10-K filing on SEC EDGAR