ALX - Alexander's: Hold On To This 8.8% Yield From New York City
2024-04-21 14:56:07 ET
Summary
- Alexander's has maintained its dividend through recent chaos, offering an 8.8% dividend yield.
- The REIT's coverage of its dividend is at 88% against its full-year 2023 FFO.
- There is $500 million in debt maturing debt in 2024 which needs to be refinanced or extended.
Alexander's (ALX) has maintained its dividend through the chaos of the last few years, recently declaring a quarterly cash dividend of $4.50 per share for an 8.8% dividend yield. This yield sits significantly above ALX's 5-year average yield of 4.83% with the New York City-focused REIT currently trading hands for 13.22x its fiscal 2023 FFO of $81.1 million, around $15.89 per share . This is above its peer group median by roughly 9% with ALX returning a remarkable 23% on a total return basis over the last 1 year. The REIT, externally managed by Vornado Realty Trust ( VNO ), is highly concentrated with just five mixed office and retail properties. The significant dividend yield is the prize for investors here. ALX has kept its distributions stable through the chaotic years of the pandemic and the subsequent disruption wrought by the Fed's ongoing fight with inflation that remains sticky. ...
Alexander's: Hold On To This 8.8% Yield From New York City