Alexander’s Inc. (NYSE: ALX) was founded in 1928 and is headquartered in Paramus, New Jersey, USA. It is a real estate investment trust company (REIT company) engaged in property leasing, management, development and redevelopment in the New York metropolitan area.
Alexander’s Inc. (ALX):
Alexander’s Inc. was founded in 1928 by Brooklyn native George Farkas. It is a chain of department stores. However, since the 1970s, the company’s business began to shrink and its market share continued to decline. In 1980, Interstate Properties acquired the majority of the company’s shares. Hope to transform the company’s real estate into assets that are better than the main business. In 1992, the company ceased operations.
After being reorganized into a REIT company, Alexander’s Inc. began to sell its valuable assets. Later, Vornado Realty Trust acquired a controlling stake in Alexander’s.
Now Alexander’s Inc. is a real estate investment trust company engaged in property leasing, management, development and redevelopment in the New York metropolitan area, including offices, retail and shopping centers.
The Alexandria Company holds seven properties, including properties in operation and one property to be developed.
According to the Internal Revenue Law of 1986, Alexander Corporation has been selected as a qualified company for taxation of real estate investment trusts. If the company distributes at least 90% of its taxable income to shareholders, it is not subject to federal corporate income tax.