What Alexander's, Inc. told the SEC could break it.

Alexander's is extraordinarily dependent on a single tenant — Bloomberg accounted for ~61% of rental revenue ($129.3M) in 2025 (55%/54% in 2024/2023), all at its most significant property, 731 Lexington Avenue; losing Bloomberg as a tenant or a Bloomberg default would severely impair the REIT's results and financial condition. (Captured as a named Bloomberg lease edge; this records the concentration severity.)

“Bloomberg accounted for reve nue of $ 129,317,000 , $ 125,349,000 and $ 120,351,000 in the years ended December 31, 2025 , 2024 and 2023, respectively, representing approximately 61 %, 55 % and 54 % of our rental reve”

All of Alexander's properties — and all of its revenues — come from New York City (its flagship 731 Lexington Avenue in Manhattan plus Rego Park and Flushing in Queens), so it is fully exposed to NYC economic cycles, real-estate-market declines, terrorism risk in midtown Manhattan, NYC/NYS fiscal policy and climate/natural-disaster risk (storms, flooding, sea-level rise) concentrated in that single market.

“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.”

Alexander's is externally managed by Vornado Realty Trust (which also owns ~32% of Alexander's) under related-party management and development agreements, and is dependent on Steven Roth, who is Chairman and CEO of both Alexander's and Vornado; loss of Roth or a change in the Vornado relationship would harm operations, and the overlapping control concentrates governance and conflict-of-interest risk.

“We are dependent on the efforts of Steven Roth, the Chairman of our Board of Directors and our Chief Executive Officer.”

Alexander's faces meaningful lease-rollover risk — Home Depot's lease expiration at 731 Lexington Avenue ($13.8M) and IKEA's at Rego Park I ($9.0M) reduced rental revenue by ~$22.8M in 2025 — and it depends on anchor tenants to attract shoppers to its Rego Park II retail property; failure to re-lease vacated space on favorable terms or adverse developments at anchor tenants would pressure results.

“(i) $13,831,000 of lower rental revenue from Home Depot's lease expiration at 731 Lexington Avenue and (ii) $9,001,000 of lower rental revenue from IKEA's lease expiration at Rego Park I,”