Alexanders Inc

Alexander's Inc. reported second-quarter net income of $155.4 million, more than 25 times its year-earlier profit, but the gain was driven almost entirely by the $148.0 million sale of the Rego Park I property. That single-asset gain, equal to $28.81 per diluted share, accounts for the overwhelming majority of both the quarterly net income and the $160.0 million in six-month net income. Funds from operations, the metric REIT investors track, rose to $15.5 million, or $3.02 per diluted share, from $14.8 million, or $2.88 per share, a year earlier, while revenue climbed to $54.7 million from $51.6 million. The six-month picture was weaker: FFO fell to $28.9 million, or $5.63 per diluted share, from $35.6 million, or $6.93 per share, even as revenue edged up to $108.1 million from $106.5 million. Hedge funds holding the stock rose to 14 from 12 quarter over quarter, while short interest stood at 13.73% of the float.

Alexander's announced its second-quarter financial results, posting GAAP earnings per share of $30.24 on revenue of $54.7 million. The company also reported adjusted funds from operations of $3.02 per share.

Alexander’s shares gained amid market attention after the real estate investment trust closed a non-core asset sale and signed a lease with Target to fully lease its key shopping center in Queens, according to Longleaf Partners Small-Cap Fund’s second-quarter 2026 investor letter. The fund, managed by Southeastern Asset Management, highlighted Alexander’s as a notable contributor, noting it is getting harder for the market to ignore the company’s steady free cash flow power and strong balance sheet. Alexander’s closed at $276.21 per share on July 13, 2026, with a market capitalization of $1.44 billion, posting a one-month return of 7.14% and a 52-week gain of 16.68%. The fund returned -2.47% in the quarter, underperforming the Russell 2000 Index’s 21.49% return and the Russell 2000 Value Index’s 17.19% gain, driven by unexpected moves in IT and industrials and market favor for speculative stocks.

Alexander’s announced a sale of a non-core, non-income-generating asset in Queens, a move that Longleaf Partners Small-Cap Fund says puts the real estate investment trust further on offense. The fund, managed by Southeastern Asset Management, highlighted the transaction in its first-quarter 2026 investor letter, noting that the stock moved positively while peer Empire State Realty declined on AI-driven job loss fears and international travel headwinds. Alexander’s shares gained 23.62% over the past 52 weeks and closed at $281.55 on June 29, 2026, with a market capitalization of $1.44 billion. The fund trimmed its Alexander’s position and added to Empire State Realty during the quarter.

Alexander’s has completed a 15-year lease with Target Corporation for 135,000 square feet at its Rego Park Shopping Center in Queens, New York. The multi-level, 600,000 square foot open-air center is now 99% leased with a weighted average lease term of approximately 9.3 years. The property is anchored by Costco, Burlington, Best Buy, Marshalls, T.J. Maxx, Aldi, and Petco. Alexander’s is a real estate investment trust with four properties in New York City.