Alexander's, Inc. ALX

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
37/100
Developing

Ranked against 37 peers in REIT - Retail

About Alexander's, Inc.

Alexander's, Inc. is a real estate investment trust (REIT) engaged in leasing, managing, developing and redeveloping properties. Alexander's activities are conducted through its manager, Vornado Realty Trust. Alexander's has five properties in the greater New York City metropolitan area consisting of: 731 Lexington Avenue office and retail (including Bloomberg, L.P.'s world headquarters), the Rego Center complex in Rego Park, Queens, … Full ALX analysis →

Key risks

  • Elevated Leverage Risk Leverage is elevated (score 0.15), raising refinancing risk.
  • Weak AFFO Coverage AFFO generation is weak (score 0.25), threatening dividend sustainability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Developing
46
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where ALX ranks in REIT - Retail

Alexander's, Inc. ranks #24 of 33 scored companies in REIT - Retail by moat score — the top 73%. The widest moat in the group is NNN REIT, Inc. (NNN) at 79/100.

# Company Moat score Rating
20 Phillips Edison & Company, Inc. PECO 42/100 Developing
21 CBL & Associates Properties, In CBL 41/100 Developing
22 NetSTREIT Corp. NTST 39/100 Developing
23 Macerich Company (The) MAC 37/100 Developing
24 Alexander's, Inc. ALX 37/100 Developing
25 Urban Edge Properties UE 36/100 Developing
26 Wheeler Real Estate Investment WHLRP 34/100 Developing
27 Wheeler Real Estate Investment WHLRD 34/100 Developing
28 Wheeler Real Estate Investment WHLR 32/100 Developing

See every Real Estate Investment Trusts company ranked by moat score →

How ALX scores on the REIT Specialized defenses

Rent Pricing Power

Score 46 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 29 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 19 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 48 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 29 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 56 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding ALX's moat

What is Alexander's, Inc.'s moat score?

Alexander's, Inc. (ALX) scores 37 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #24 of 33 scored companies in REIT - Retail, the top 73%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 37 companies in REIT - Retail. Its strongest defense is Portfolio Quality & Diversification (56/100) and its weakest is Balance Sheet & Cost of Capital (19/100).

How does Alexander's, Inc. compare with other REIT - Retail companies?

Alexander's, Inc. ranks #24 of 33 scored companies in REIT - Retail by moat score. The widest moat in REIT - Retail is NNN REIT, Inc. (NNN) at 79/100. The companies ranked closest are Macerich Company (The) (MAC) at 37 just above it and Urban Edge Properties (UE) at 36 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 37 companies in REIT - Retail. The defenses are then weighted to produce the overall score out of 100.

Why is Alexander's, Inc. scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Alexander's, Inc.?

The REIT Specialized template measures 6 defenses, and ALX scores: Rent Pricing Power (46), AFFO Strength (29), Balance Sheet & Cost of Capital (19), Capital Recycling & Growth (48), Operational Efficiency (29), Portfolio Quality & Diversification (56). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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