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Alexander's Inc. (ALX-0.49%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's real estate operations, including leasing, managing, developing, and redeveloping properties in New York City. Alexander's is managed by Vornado Realty Trust and operates five properties, including a major multi-use building at 731 Lexington Avenue.
Bloomberg L.P. is a significant tenant, occupying all office space at 731 Lexington Avenue, contributing to 55% of Alexander's rental revenues in 2024. The lease with Bloomberg was extended to February 2040.
The company reported net income of $43,444,000 for 2024, down from $102,413,000 in 2023, which included a gain from the sale of real estate. Funds from operations were $77,968,000, compared to $81,067,000 in 2023.
Alexander's refinanced its office condominium mortgage at 731 Lexington Avenue with a new $400,000,000 loan at a fixed rate of 5.04%, maturing in October 2028.
The company is exploring development opportunities for its Rego Park I property following tenant relocations to Rego Park II.
The filing also highlights the company's focus on environmental sustainability initiatives, managed by Vornado's Corporate Governance and Nominating Committee.
Alexander's maintains insurance coverage for its properties, including terrorism risk insurance, and acknowledges potential risks related to economic conditions, tenant defaults, and regulatory changes.
The company does not anticipate any material impact from ongoing legal proceedings and maintains that its financial position remains stable.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alexander's Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.