GICS Sector : Real Estate
Alexander's, Inc.is a real estate investment trust which has seven properties in the greater New York City metropolitan area. Show Full description
Vornado Realty Trust reported a strong fourth quarter 2024, with comparable FFO per share of $2.26, down from 2023 due to lower NOI from move-outs and higher net interest expense. However, the results were better than expected, primarily due to the acceleration of leasing activity at 330 West 34th Street. Net interest expense ended up being lower than projected due to short-term rates coming down. "We're at the bottom of a cycle, and cash flow will increase as the market gets tighter, particularly in New York," said Steven Roth, Chairman and CEO.
Publication Date: Feb -16
The company leased 3.34 million square feet overall, with 2.65 million square feet being New York office at market-leading $104 starting rents. Vornado completed 18 premium deals in New York, including three of the top ten largest office deals, and 25 retail leases totaling 187,000 square feet. The company's portfolio is 100% LEED certified, making it the first REIT to achieve this milestone.
Vornado expects 2025 to be slightly lower than 2024, partly due to the lease termination income at 330 West 34th Street and the GAAP earnings impact of the backfilling of vacancies and the lease-up of Penn One and Penn Two. However, this will result in significant earnings growth by 2027. The company anticipates NOI growth of $150 million at its Penn Plaza District assets, with potential for more as the market continues to strengthen.
With a current PE ratio of 24.2 and a price-to-sales ratio of 4.62, Vornado's stock appears to be fairly valued. The company's dividend yield of 6.59% and free cash flow yield of 5.17% also suggest that the market is pricing in a moderate growth outlook. However, with a strong pipeline of leasing activity and a robust office market in New York, there may be upside to current estimates.
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Alexander's Inc.'s 4.83% fixed lease growth is driven by increasing demand for commercial properties, strategic location expansion, and a strong balance sheet enabling the company to capitalize on new opportunities. Additionally, the company's diversified tenant base and long-term lease agreements provide a stable source of revenue, contributing to its steady growth.
Alexander's, Inc. Variable Lease growth of 8.5% is driven by increasing demand for flexible lease terms, expansion into new markets, and strategic partnerships. Additionally, the company's focus on technology integration and operational efficiency has improved customer experience, leading to higher retention rates and revenue growth.
Alexander's, Inc. parking segment growth of 4.83% is driven by increasing urbanization, rising demand for convenient parking options, and strategic location of parking facilities near high-traffic areas. Additionally, investments in technology, such as mobile payment systems and digital signage, enhance the customer experience and drive revenue growth.
Alexander's Tenant Services segment growth of 4.65% is driven by increasing demand for Class A office spaces, strategic lease renewals, and expansion of existing tenant relationships. Additionally, the company's focus on providing value-added services, such as property management and construction services, contributes to the growth.
Alexander's, Inc. operates retail stores that offer a wide range of products, including clothing, accessories, and home goods.
Alexander's, Inc. owns and operates commercial properties, including office buildings, shopping centers, and apartments.
Alexander's, Inc. operates a chain of movie theaters that show the latest films and offer a range of concessions.
Alexander's, Inc. invests in and manages a portfolio of investments, including stocks, bonds, and real estate investment trusts.
The threat of substitutes is moderate due to the availability of alternative products in the market.
The bargaining power of customers is high due to the presence of a large number of customers and the availability of alternative products.
The bargaining power of suppliers is low due to the company's large size and negotiating power.
The threat of new entrants is moderate due to the presence of barriers to entry and the company's established brand reputation.
The intensity of rivalry is high due to the presence of several competitors in the market and the high stakes involved.
| Value | |
|---|---|
| Debt Weight | 82.13% |
| Debt Cost | 5.24% |
| Equity Weight | 17.87% |
| Equity Cost | 7.72% |
| WACC | 5.68% |
| Leverage | 459.72% |
Value: 6.7
Growth: 8.4
Quality: 7.8
Yield: 10.0
Momentum: 7.0
Volatility: 8.3
1-Year Total Return ->
Value: 3.1
Growth: 2.9
Quality: 7.6
Yield: 10.0
Momentum: 6.0
Volatility: 7.7
1-Year Total Return ->
Value: 3.1
Growth: 4.6
Quality: 6.5
Yield: 10.0
Momentum: 3.0
Volatility: 10.0
1-Year Total Return ->
Value: 5.7
Growth: 3.6
Quality: 6.1
Yield: 10.0
Momentum: 2.0
Volatility: 9.3
1-Year Total Return ->
Value: 4.8
Growth: 5.1
Quality: 3.2
Yield: 10.0
Momentum: 1.5
Volatility: 9.3
1-Year Total Return ->
Value: 2.6
Growth: 2.9
Quality: 4.9
Yield: 8.0
Momentum: 3.0
Volatility: 9.0
1-Year Total Return ->