Alexander's is a small REIT that owns five properties in New York City. The company is externally managed by Vornado, which handles leasing, property management, and development on Alexander's behalf. Vornado owns 32.4% of Alexander's common stock, and Alexander's Chairman and CEO, Steven Roth, also serves as Vornado's Chairman and CEO. Alexander's portfolio consists of a Manhattan office and retail mixed-use building at 731 Lexington Avenue, two retail shopping centers in Queens (Rego Park I and Rego Park II), a 312-unit residential tower in Queens (The Alexander), and a ground-leased building in Flushing. The 731 Lexington Avenue building is by far the most important asset, housing roughly 952,000 sq ft of office space fully occupied by Bloomberg and roughly 128,000 sq ft of retail. Bloomberg accounts for roughly 61% of Alexander's rental revenues, and Bloomberg's lease was recently renewed early, extending through 2034. No other tenant accounts for more than 10% of rental revenues. Rego Park II is anchored by Costco, Burlington, Best Buy, and Marshalls, while Rego Park I is now fully vacant and Alexander's is exploring a sale. Because Alexander's is externally managed, it does not operate its own management or leasing functions, keeping its cost base lean. Management has acknowledged that Alexander's stock trades at a discount to NAV and has flagged a potential sale of Rego Park I as one path to narrow that gap.