Alexander’s (NYSE: ALX) is the strangest blue chip in retail REITs: seven New York properties, one of which (731 Lexington, Bloomberg LP’s headquarters) generates most of the value, managed by Vornado, which also owns a third of the stock, a single-tenant bet wearing a REIT costume.
| Alexanders (ALX) Snapshot | |
|---|---|
| Share Price (delayed) | $275.19 -0.37% |
| Market Cap | $1.4B |
| Annualized Dividend | $18.00 (Quarterly) |
| Dividend Yield | 6.52% |
| Sector | Retail ยท NY Retail & Office |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model
The Bloomberg lease is the company: a AAA-quality private tenant in a trophy asset, term renewed long, throwing off the cash that funds a famously fat, famously flat dividend. Rego Park retail and residual assets add value around the edges; Vornado’s management agreement runs the show.
The Honest Risk Section
Concentration is absolute: one tenant’s renewal decisions dominate a century of remaining story, the Vornado relationship braids governance with its manager-shareholder’s interests, and the float is tiny. The dividend has been reliable and unchanged for years, an annuity on Bloomberg’s lease, not a growth instrument.
Frequently Asked Questions
What does Alexander’s actually own?
Seven NYC-area properties, dominated by 731 Lexington Avenue, Bloomberg LP’s headquarters, whose lease drives most of the company’s value.
Who runs Alexander’s?
Vornado Realty Trust manages ALX and owns roughly a third of it, an interlocked structure dating back decades.
Analysis reflects disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive.
Compare Direct NNN Ownership