Highlights

  • Alexander's shows 354.13% one-year basic EPS growth, a P/E of 7.51 and PEG of 0.00.
  • Second quarter net income was $155,362,000, or $30.24 per diluted share, against $6,120,000.
  • Alexander's sold Rego Park I on May 28, 2026, with a $148,002,000 gain.
  • Cash and restricted cash totaled $358,345,000 at June 30, 2026.

Alexander's (NYSE:ALX) shares were trading at USD 247.87 on October 28, 2026, down 0.21%, alongside one-year basic EPS growth of 354.13%, a trailing twelve-month P/E of 7.51 and an expected-basis PEG of 0.00, the three figures behind its place among undervalued growth stocks. In its latest disclosures, the New York City real estate investment trust agreed a rent abatement with Bloomberg on March 31, completed the sale of its Rego Park I property on May 28, signed a lease modification at its Rego Park shopping center on June 26, and reported second quarter 2026 net income of $155,362,000.

Alexander's is a real estate investment trust incorporated in Delaware, with principal executive offices in Paramus, New Jersey. It leases, manages, develops and redevelops its properties, and Vornado Realty Trust manages the company and leases and develops its properties. The portfolio is four properties in New York City aggregating 2,110,000 square feet, with a commercial occupancy rate of 94.6% and a residential occupancy rate of 97.4% at June 30, 2026.

Growth: Second Quarter Net Income, Rental Revenues and FFO

Net income was $155,362,000, or $30.24 per share on a basic and diluted basis, in the second quarter against $6,120,000, or $1.19. For the six months, net income was $160,024,000, or $31.15 per share, against $18,432,000, or $3.59. The company said the second quarter included $148,002,000, or $28.81 per diluted share, from the net gain on the sale of Rego Park I.

Rental revenues were $54,711,000 against $51,589,000, an increase of $3,122,000 that the company attributed primarily to higher straight-line revenue, new leases at the Rego Park shopping center and higher operating expense recoveries, partially offset by lower rental revenue from retail tenant expirations at 731 Lexington Avenue. For the six months, rental revenues were $108,123,000 against $106,504,000.

Funds from operations (FFO), a non-GAAP measure, were $15,538,000, or $3.02 per diluted share, in the second quarter against $14,762,000, or $2.88. Six-month FFO was $28,902,000, or $5.63 per diluted share, against $35,604,000, or $6.93.

Valuation: P/E of 7.51, PEG of 0.00 and Cash Flow

The P/E ratio of 7.51 is measured on trailing twelve-month earnings, and the PEG ratio of 0.00 is on an expected basis. Alongside those ratios, net cash provided by operating activities was $13,005,000 for the six months against $59,287,000 a year earlier. Total equity was $223,623 thousand at June 30, 2026, against $109,156 thousand at December 31, 2025.

Capital and Balance Sheet: Sale Proceeds, Dividends and Mortgages

The Rego Park I property in Queens, New York, sold for $235,500,000, with total proceeds of $202,750,000 net of costs. Proceeds from the sale of real estate were $205,819,000 in the six months. Net cash used in financing activities was $46,224,000, all of it dividends paid. Dividends were $4.50 per common share in the second quarter and $9.00 for the six months.

Cash and restricted cash together were $358,345,000, against $192,225,000 at December 31, 2025. Mortgages payable totaled $840,522 thousand before deferred debt issuance costs. The Alexander apartment tower mortgage of $94,000 thousand matures November 1, 2027, and the 731 Lexington Avenue office condominium mortgage of $400,000 thousand matures October 9, 2028. Variable-rate debt was $175,000 thousand at 5.62%.

Disclosed Risks and Outlook: Bloomberg, Retail Expirations and Financing

Bloomberg leases approximately 952,000 square feet at 731 Lexington Avenue and accounted for $65,229,000 of rental revenues for the six months, approximately 60%. The company stated that losing Bloomberg as a tenant would adversely affect results of operations and financial condition. On March 31, 2026, the company agreed a rent abatement of $56,809,000 for April 1 to December 1, 2026, which reduces the tenant fund from $113,618,000 to $56,809,000.

General and administrative expenses were $3,266,000 against $1,955,000, which the company attributed primarily to higher professional fees. The company said there can be no assurance that financing will be available to refinance its debt on acceptable terms.

Alexander's issued no numeric guidance. On June 26, 2026, it entered a lease modification with a 135,000 square foot tenant at the Rego Park shopping center that provides options to terminate the lease early in August 2026, subject to a payment of approximately $29,000,000 from the tenant, and simultaneously entered a 15-year lease with Target for that space. The company said it anticipates that cash flow from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund operations, dividends, debt service and capital expenditures.