ALXALEXANDERS INC

Real Estate Investment Trusts

Revenue: $213M; 5.8% YoY
Operating margin: —
EBITDA: —
Market cap: $1.3B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 1.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$182K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
260% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
126% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$113K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$206M	$206M	$225M	$226M	$213M	5.8%
Net income	$133M	$58M	$102M	$43M	$28M	35%
Operating cash flow	$118M	$103M	$109M	$54M	$73M	36%
Stock-based comp	$450K	$450K	$450K	$450K	$394K	12%
Dividends	$92M	$92M	$92M	$92M	$92M	0.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 23, 2023	INTERSTATE PROPERTIES	SC 13D/A	42.2%	Passive
Aug 23, 2023	VORNADO REALTY TRUST	SC 13D/A	42.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $113K · 1
Net: −$113K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$196K	$196K	107	127
FY2024	$189K	$189K	89	118
FY2023	$182K	$182K	87	112
FY2022	$175K	$175K	82	101
FY2021	$170K	$170K	90	134