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ALX NYSE· Alexander's Inc.
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ALX NYSE· Alexander's Inc.
Earnings report Q4 2023

Alexander's, Inc. Reports Steady Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, Alexander's, Inc. generated $224.96 million in rental revenues. This represents a slight increase compared to the previous quarter's revenue of $205.81 million and a marginal improvement from the same quarter last year, which saw revenues of $206.15 million.

Strengths

Alexander's, Inc. demonstrated resilience in its revenue generation, maintaining steady growth in the latest quarter. The company's ability to consistently generate rental revenues showcases the strength of its real estate investment trust (REIT) business model. Additionally, the management fees paid to Vornado Realty Trust, which manages and leases the company's properties, remained stable, indicating a strong partnership and efficient property management.

Challenges

While Alexander's, Inc. experienced modest revenue growth, it also faced challenges in controlling expenses. Operating expenses, including fees to Vornado, increased to $101.21 million in the latest quarter, compared to $90.45 million in the previous quarter. This rise in expenses may impact the company's overall profitability.

Noteworthy

It is worth noting that Alexander's, Inc. reported net gains on the sale of real estate amounting to $53.95 million in the latest quarter. This significant gain contributed to the company's overall income from continuing operations. However, it is important to consider that this gain may not be sustainable in future quarters.

Summary

Alexander's, Inc. demonstrated steady revenue growth in the latest quarter, with rental revenues reaching $224.96 million. The company's strong partnership with Vornado Realty Trust and efficient property management contributed to its revenue generation. However, the increase in operating expenses poses a challenge to the company's profitability. The noteworthy net gains on the sale of real estate provided a boost to the company's income. Overall, Alexander's, Inc. showed resilience in its revenue performance, but careful expense management will be crucial for sustained financial success.

Source documents

Form 10-K  filed on Feb 12, 2024
112 pages scanned

Reference data

Company financials Q4 revenue 62.9M
Analyst estimates Q4 EPS missed by NaN%
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