Alexander's (ALX) 10-Q 4 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ALEXANDERS INC
Entity Central Index Key	3499
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		5,106,196
Trading Symbol	alx

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real estate, at cost:
Land	$44,971	$44,971
Buildings and leasehold improvements	874,808	873,667
Development and construction in progress	89,244	75,289
Total	1,009,023	993,927
Accumulated depreciation and amortization	-216,265	-210,025
Real estate, net	792,758	783,902
Cash and cash equivalents	239,312	227,815
Short-term investments	24,998	24,998
Restricted cash	84,615	84,602
Marketable securities	45,139	44,646
Tenant and other receivables, net of allowance for doubtful accounts of $1,359 and $1,544, respectively	3,425	2,213
Receivable arising from the straight-lining of rents	180,490	179,939
Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $33,483 and $33,974, respectively	45,822	46,561
Deferred debt issuance costs, net of accumulated amortization of $11,895 and $11,295, respectively	4,150	4,824
Other assets	12,163	23,716
Total assets	1,432,872	1,423,216
Liabilities and Equity
Mortgages payable	1,032,004	1,032,780
Amounts due to Vornado	4,658	3,922
Accounts payable and accrued expenses	44,411	35,127
Other liabilities	2,981	2,988
Total liabilities	1,084,054	1,074,817
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	0	0
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,106,196 shares	5,173	5,173
Additional capital	30,139	30,139
Retained earnings	298,936	299,004
Accumulated other comprehensive income	14,944	14,457
Equity before treasury stock	349,192	348,773
Treasury stock: 67,254 shares, at cost	-374	-374
Total equity	348,818	348,399
Total liabilities and equity	$1,432,872	$1,423,216

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Assets
Allowance for doubtful accounts (in US dollars)	$1,359	$1,544
Unamortized leasing fees to Vornado (in US dollars)	33,483	33,974
Deferred debt issuance costs, accumulated amortization (in US dollars)	$11,895	$11,295
Statement [Line Items]
Preferred stock: par value per share (in dollars per share)	$1	$1
Preferred stock: authorized shares	3,000,000	3,000,000
Preferred stock: issued shares	0	0
Preferred stock: outstanding shares	0	0
Common stock: par value per share (in dollars per share)	$1	$1
Common stock: authorized shares	10,000,000	10,000,000
Common stock: issued shares	5,173,450	5,173,450
Common stock: outstanding shares	5,106,196	5,106,196
Treasury stock: shares	67,254	67,254

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
REVENUES
Property rentals	$34,501	$34,136
Expense reimbursements	17,535	15,332
Total revenues	52,036	49,468
EXPENSES
Operating, including fees to Vornado of $1,146, and $1,089, respectively	19,046	16,490
Depreciation and amortization	7,350	7,261
General and administrative, including management fees to Vornado of $595 in each period	1,270	1,187
Total expenses	27,666	24,938
OPERATING INCOME	24,370	24,530
Interest and other income, net	400	401
Interest and debt expense	-6,945	-9,684
Income before income taxes	17,825	15,247
Income tax expense	-3	-3
Net income	$17,822	$15,244
Net income per common share- basic and diluted (in dollars per share)	$3.49	$2.98
Weighted average shares outstanding- basic and diluted (in shares)	5,111,201	5,109,717
Dividends per common share (in dollars per share)	$3.50	$3.25

Consolidated_Statements_of_Inc1

Consolidated Statements of Income (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Income
Fees to Vornado	$1,146	$1,089
Management fees to Vornado	$595	$595

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$17,822	$15,244
Other comprehensive income:
Change in unrealized net gain on available-for-sale securities	493	1,841
Change in value of interest rate cap	-6	42
Comprehensive Income	$18,309	$17,127

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Equity (USD $)	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
In Thousands, except Share data
Balance, at Dec. 31, 2013	$333,581	$5,173	$29,745	$297,515	$1,522	($374)
Shares Issued, Beginning Balance (in shares) at Dec. 31, 2013		5,173,450
Net income	15,244			15,244
Dividends paid	-16,607			-16,607
Change in unrealized net gain on available-for-sale securities	1,841				1,841
Change in value of interest rate cap	42				42
Balance, at Mar. 31, 2014	334,101	5,173	29,745	296,152	3,405	-374
Shares Issued, Ending Balance (in shares) at Mar. 31, 2014		5,173,000
Balance, at Dec. 31, 2014	348,399	5,173	30,139	299,004	14,457	-374
Shares Issued, Beginning Balance (in shares) at Dec. 31, 2014	5,173,450	5,173,000
Net income	17,822			17,822
Dividends paid	-17,890			-17,890
Change in unrealized net gain on available-for-sale securities	493				493
Change in value of interest rate cap	-6				-6
Balance, at Mar. 31, 2015	$348,818	$5,173	$30,139	$298,936	$14,944	($374)
Shares Issued, Ending Balance (in shares) at Mar. 31, 2015	5,173,450	5,173,450

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$17,822	$15,244
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	8,044	7,898
Straight-lining of rental income	-551	-641
Change in operating assets and liabilities:
Tenant and other receivables, net	-1,212	193
Other assets	11,165	9,547
Amounts due to Vornado	-29	-815
Accounts payable and accrued expenses	9,861	8,888
Other liabilities	-7	-3
Net cash provided by operating activities	45,093	40,311
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	-14,908	-1,444
Change in restricted cash	-13	4,510
Net cash (used in) provided by investing activities	-14,921	3,066
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	-776	-314,937
Proceeds from borrowing	0	300,000
Dividends paid	-17,890	-16,607
Debt issuance costs	-9	-4,223
Net cash used in financing activities	-18,675	-35,767
Net increase in cash and cash equivalents	11,497	7,610
Cash and cash equivalents at beginning of period	227,815	347,718
Cash and cash equivalents at end of period	239,312	355,328
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, excluding capitalized interest of $459 and $30, respectively	6,220	10,291
NON-CASH TRANSACTIONS
Liability for real estate additions (including $4,159 due to Vornado in 2015)	13,717	1,750
Write-off of fully amortized and/or depreciated assets	$83	$10,569

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash paid for interest, capitalized	$459	$30
Non Cash Additions To Real Estate	13,717	1,750
Vornado [Member]
Non Cash Additions To Real Estate	$4,159

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization and Basis of Presentation [Abstract]
Organization [Text Block]	1.       Organization
	Alexander's, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander's” refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO).

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Organization and Basis of Presentation [Abstract]
Basis of Presentation [Text Block]	2.       Basis of Presentation
	The accompanying consolidated financial statements are unaudited and include the accounts of Alexander's and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC.
	We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results for the full year.
	We currently operate in one business segment.

Recently_Issued_Accounting_Lit

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2015
Recently Issued Accounting Literature [Abstract]
Recently Issued Accounting Literature [Text Block]	3.       Recently Issued Accounting Literature
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The adoption of this update on January 1, 2015 did not have any impact on our consolidated financial statements.
	In May 2014, the FASB issued an update (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.
	In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835, Interest. ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. ASU 2015-03 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The adoption of this update on January 1, 2016 will not have a material impact on our consolidated financial statements.

Relationship_with_Vornado

Relationship with Vornado	3 Months Ended
	Mar. 31, 2015
Relationship with Vornado [Abstract]
Relationship with Vornado [Text Block]	4.       Relationship with Vornado
	At March 31, 2015, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below which expire in March of each year and are automatically renewable.
	Management and Development Agreements
	We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $280,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined.
	Leasing Agreements
	Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers. Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. Prior to December 22, 2014, the total of these amounts was payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balance at one-year LIBOR plus 1.0%. On December 22, 2014, the leasing agreements with Vornado were amended to eliminate the annual installment cap of $4,000,000 and we paid the accrued balance of leasing commissions of $40,353,000 to Vornado.
	Other Agreements
	We also have agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties, for an annual fee equal to the cost of such services plus 6%.
	The following is a summary of fees to Vornado under the various agreements discussed above.
				Three Months Ended
				March 31,
		(Amounts in thousands)		2015		2014
		Company management fees		$	700	$	700
		Development fees			764		-
		Leasing fees			382		178
		Property management fees and payments for cleaning, engineering
			and security services		930		870
				$	2,776	$	1,748
	At March 31, 2015, there was due to Vornado $4,159,000 for development fees, $463,000 for management, property management, cleaning and security fees and $36,000 for leasing fees.

Rego_Park_II_Apartment_Tower

Rego Park II Apartment Tower	3 Months Ended
	Mar. 31, 2015
Rego Park II Apartment Tower [Abstract]
Rego Park II Apartment Tower [Text Block]	5.       Rego Park II Apartment Tower
	We are in the process of constructing an apartment tower above our Rego II shopping center, containing 312 units aggregating 255,000 square feet, which is expected to be completed in 2015. The estimated cost of this project is approximately $125,000,000, of which $87,087,000 has been incurred as of March 31, 2015. There can be no assurance that the project will be completed on schedule or within budget.

Marketable_Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2015
Marketable Securities [Abstract]
Marketable Securities [Text Block]	6.       Marketable Securities
	As of March 31, 2015 and December 31, 2014, we owned 535,265 common shares of The Macerich Company (“Macerich”) (NYSE: MAC), which were received in connection with the sale of the Kings Plaza Regional Shopping Center to Macerich in November 2012. These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of March 31, 2015 and December 31, 2014, the fair value of these shares was $45,139,000 and $44,646,000, respectively, based on Macerich's closing share price of $84.33 per share and $83.41 per share, respectively. These shares are included in “marketable securities” on our consolidated balance sheets and are classified as available-for-sale. Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income.”

Significant_Tenants

Significant Tenants	3 Months Ended
	Mar. 31, 2015
Significant Tenants [Abstract]
Significant Tenants [Text Block]	7.       Significant Tenants
	Bloomberg L.P. (“Bloomberg”) accounted for $23,402,000 and $22,017,000, representing 45% of our total revenues in each of the three-month periods ended March 31, 2015 and 2014, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessments of Bloomberg's creditworthiness, we receive and evaluate certain confidential financial information and metrics provided by Bloomberg on a semi-annual basis. In addition, we access and evaluate financial information regarding Bloomberg from private sources, as well as publicly available data.
	In October 2014, Bloomberg exercised its option to extend leases that were scheduled to expire in December 2015 covering 188,608 square feet of office space at our 731 Lexington Avenue property for a term of 5 years. We are currently in negotiations with Bloomberg to determine the rental rate for the extension period.

Mortgages_Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2015
Mortgages Payable [Abstract]
Mortgages Payable [Text Block]	8.              Mortgages Payable
	The following is a summary of our outstanding mortgages payable as of March 31, 2015 and December 31, 2014.
							Balance at
					Interest Rate at		March 31,		December 31,
	(Amounts in thousands)			Maturity(1)	31-Mar-15		2015		2014
	First mortgages secured by:
		731 Lexington Avenue, retail space(2)		Aug. 2015	4.93	%	$	320,000	$	320,000
		Rego Park I shopping center (100% cash
			collateralized)(3)	Mar. 2016	0.4	%		78,246		78,246
		Paramus		Oct. 2018	2.9	%		68,000		68,000
		Rego Park II shopping center(4)		Nov. 2018	2.03	%		265,758		266,534
		731 Lexington Avenue, office space(5)		Mar. 2021	1.13	%		300,000		300,000
							$	1,032,004	$	1,032,780
	-1	Represents the extended maturity where we have the unilateral right to extend.
	-2	This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined. We intend to refinance this loan prior to maturity in August 2015.
	-3	Extended for one year from March 10, 2015.
	-4	Interest at LIBOR plus 1.85%.
	-5	Interest at LIBOR plus 0.95%.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements [Text Block]	9.       Fair Value Measurements
	ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.
	Financial Assets and Liabilities Measured at Fair Value
	Financial assets measured at fair value on our consolidated balance sheets at March 31, 2015 and December 31, 2014, consist of marketable securities, short-term investments (treasury bills classified as available-for-sale) and an interest rate cap, which are presented in the table below, based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value at March 31, 2015 and December 31, 2014.
					As of March 31, 2015
		(Amounts in thousands)			Total			Level 1			Level 2			Level 3
			Marketable securities		$	45,139		$	45,139		$	-		$	-
			Short-term investments			24,998			24,998			-			-
			Interest rate cap (included in other assets)			6			-			6			-
				Total assets	$	70,143		$	70,137		$	6		$	-
					As of December 31, 2014
		(Amounts in thousands)			Total			Level 1			Level 2			Level 3
			Marketable securities		$	44,646		$	44,646		$	-		$	-
			Short-term investments			24,998			24,998			-			-
			Interest rate cap (included in other assets)			11			-			11			-
				Total assets	$	69,655		$	69,644		$	11		$	-
	9.       Fair Value Measurements - continued
	Financial Assets and Liabilities not Measured at Fair Value
	Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents, mortgages payable and leasing commissions due to Vornado. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The leasing commissions due to Vornado are carried at cost plus interest at variable rates, which approximate fair value. The fair value of cash equivalents is classified as Level 1 and the fair value of mortgages payable and leasing commissions due to Vornado is classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2015 and December 31, 2014.
			As of March 31, 2015						As of December 31, 2014
			Carrying			Fair			Carrying			Fair
	(Amounts in thousands)		Amount			Value			Amount			Value
	Assets:
		Cash equivalents	$	224,595		$	224,595		$	111,590		$	111,590
	Liabilities:
		Mortgages payable	$	1,032,004		$	1,022,000		$	1,032,780		$	1,025,000
		Leasing commissions (included in amounts due to Vornado)		36			36			-			-
			$	1,032,040		$	1,022,036		$	1,032,780		$	1,025,000

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies [Text Block]	10.       Commitments and Contingencies
	Insurance
	We maintain general liability insurance with limits of $300,000,000 per occurrence and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties.
	Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020.  Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate.  Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies with no exposure to FNSIC.  For NBCR acts, FNSIC is responsible for a $275,000 deductible and 15% of the balance (16% effective January 1, 2016) of a covered loss, and the Federal government is responsible for the remaining 85% (84% effective January 1, 2016) of a covered loss.  We are ultimately responsible for any loss incurred by FNSIC.
	We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.
	Our mortgage loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on the retail portion of our 731 Lexington Avenue property, in the event of a substantial casualty, as defined.  Our mortgage loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties.
	Litigation
	Rego Park I
	On June 24, 2014, Sears Roebuck and Co. (“Sears”) filed a lawsuit in the Supreme Court of the State of New York against Vornado and us (and certain of our subsidiaries) with regard to space that Sears leases at our Rego Park I property. Sears alleges that the defendants are liable for harm Sears has suffered as a result of (a) water intrusions into the premises, (b) two fires in February 2014 that caused damages to those premises, and (c) alleged violations of the Americans with Disabilities Act in the premises' parking garage. Sears asserts various causes of actions for damages and seeks to compel compliance with landlord's obligations to repair the premises and to provide security, and to compel us to abate a nuisance that Sears claims was a cause of the water intrusions into its premises. In addition to injunctive relief, Sears seeks, among other things, damages of not less than $4 million and future damages it estimates will not be less than $25 million. We intend to defend the claims vigorously; the amount or range of reasonably possible losses, if any, cannot be estimated.
	Rego Park II Apartment Tower
	We are in the process of constructing an apartment tower above our Rego II shopping center, containing 312 units aggregating 255,000 square feet, which is expected to be completed in 2015. The estimated cost of this project is approximately $125,000,000, of which $87,087,000 has been incurred as of March 31, 2015. There can be no assurance that the project will be completed on schedule or within budget.
	Paramus
	In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures in October 2018. The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.
	Letters of Credit
	Approximately $2,074,000 of standby letters of credit were outstanding as of March 31, 2015.
	Other
	There are various other legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial condition, results of operations or cash flows.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	11.       Earnings Per Share
	The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2015 and 2014.
			Three Months Ended
			March 31,
	(Amounts in thousands, except share and per share amounts)		2015		2014
		Net income	$	17,822	$	15,244
		Weighted average shares outstanding – basic and diluted		5,111,201		5,109,717
		Net income per common share – basic and diluted	$	3.49	$	2.98

Significant_Accounting_Policie

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Basis of Accounting [Policy Text Block]	The accompanying consolidated financial statements are unaudited and include the accounts of Alexander's and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC.
	We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results for the full year.
	We currently operate in one business segment.
Recently Issued Accounting Literature [Policy Text Block]	In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The adoption of this update on January 1, 2015 did not have any impact on our consolidated financial statements.
	In May 2014, the FASB issued an update (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.
	In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835, Interest. ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. ASU 2015-03 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The adoption of this update on January 1, 2016 will not have a material impact on our consolidated financial statements.
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]	Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income.”
Fair Value Measurement Policy [Policy Text Block]	In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.

Relationship_with_Vornado_Tabl

Relationship with Vornado (Tables)	3 Months Ended
	Mar. 31, 2015
Relationship with Vornado [Abstract]
Summary of Fees to Vornado [Table Text Block]				Three Months Ended
				March 31,
		(Amounts in thousands)		2015		2014
		Company management fees		$	700	$	700
		Development fees			764		-
		Leasing fees			382		178
		Property management fees and payments for cleaning, engineering
			and security services		930		870
				$	2,776	$	1,748

Mortgages_Payable_Tables

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgages Payable [Abstract]
Summary of Notes and Mortgages Payable [Table Text Block]							Balance at
					Interest Rate at		March 31,		December 31,
	(Amounts in thousands)			Maturity(1)	31-Mar-15		2015		2014
	First mortgages secured by:
		731 Lexington Avenue, retail space(2)		Aug. 2015	4.93	%	$	320,000	$	320,000
		Rego Park I shopping center (100% cash
			collateralized)(3)	Mar. 2016	0.4	%		78,246		78,246
		Paramus		Oct. 2018	2.9	%		68,000		68,000
		Rego Park II shopping center(4)		Nov. 2018	2.03	%		265,758		266,534
		731 Lexington Avenue, office space(5)		Mar. 2021	1.13	%		300,000		300,000
							$	1,032,004	$	1,032,780
	-1	Represents the extended maturity where we have the unilateral right to extend.
	-2	This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined. We intend to refinance this loan prior to maturity in August 2015.
	-3	Extended for one year from March 10, 2015.
	-4	Interest at LIBOR plus 1.85%.
	-5	Interest at LIBOR plus 0.95%.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]					As of March 31, 2015
		(Amounts in thousands)			Total			Level 1			Level 2			Level 3
			Marketable securities		$	45,139		$	45,139		$	-		$	-
			Short-term investments			24,998			24,998			-			-
			Interest rate cap (included in other assets)			6			-			6			-
				Total assets	$	70,143		$	70,137		$	6		$	-
					As of December 31, 2014
		(Amounts in thousands)			Total			Level 1			Level 2			Level 3
			Marketable securities		$	44,646		$	44,646		$	-		$	-
			Short-term investments			24,998			24,998			-			-
			Interest rate cap (included in other assets)			11			-			11			-
				Total assets	$	69,655		$	69,644		$	11		$	-
Fair Value, by Balance Sheet Grouping [Table Text Block]			As of March 31, 2015						As of December 31, 2014
			Carrying			Fair			Carrying			Fair
	(Amounts in thousands)		Amount			Value			Amount			Value
	Assets:
		Cash equivalents	$	224,595		$	224,595		$	111,590		$	111,590
	Liabilities:
		Mortgages payable	$	1,032,004		$	1,022,000		$	1,032,780		$	1,025,000
		Leasing commissions (included in amounts due to Vornado)		36			36			-			-
			$	1,032,040		$	1,022,036		$	1,032,780		$	1,025,000

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]			Three Months Ended
			March 31,
	(Amounts in thousands, except share and per share amounts)		2015		2014
		Net income	$	17,822	$	15,244
		Weighted average shares outstanding – basic and diluted		5,111,201		5,109,717
		Net income per common share – basic and diluted	$	3.49	$	2.98

Basis_of_Presentation_Details

Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2015
	Segment
Organization and Basis of Presentation [Abstract]
Number Of Operating Segments	1

Relationship_with_Vornado_Deta

Relationship with Vornado (Details) (Vornado [Member], USD $)	0 Months Ended	3 Months Ended
	Dec. 22, 2014	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		32.40%
Managment and Development Agreement [Abstract]
Management Fee Agreement Value (in US dollars)		$2,800,000
Leasing Agreement [Abstract]
Asset Sale Commission Threshold (in US dollars)		50,000,000
Percentage Commissions On Sale Of Assets Under Fifty Million		3.00%
Percentage Commissions On Sale Of Assets Over Fifty Million		1.00%
Leasing services fee and commission on asset sale, annual installment, maximum. (in US dollars)	4,000,000
Debt Instrument, Description of Variable Rate Basis		LIBOR
Basis spread over LIBOR		1.00%
Repayment of leasing costs	40,353,000
Other Agreements [Abstract]
Other Supervisory Fees		6.00%
Summary of fees to Vornado
Fees to related party (in US dollars)		2,776,000	1,748,000
Lexington Avenue Property [Member] | Office And Retail Space [Member]
Managment and Development Agreement [Abstract]
Property Management Fee Agreement Price Per Square Foot		0.5
Lexington Avenue Property [Member] | Common Area [Member]
Managment and Development Agreement [Abstract]
Property Management Fee Agreement Value (in US dollars)		280,000
Property Management Fee Escalation Percentage Per Annum		3.00%
Rego Park 2 Property [Member]
Managment and Development Agreement [Abstract]
Property Management Fee Agreement Percentage Of Income		2.00%
Company Management Fees [Member]
Summary of fees to Vornado
Fees to related party (in US dollars)		700,000	700,000
Development fees [Member]
Managment and Development Agreement [Abstract]
Development fee as percentage of development costs		6.00%
Summary of fees to Vornado
Fees to related party (in US dollars)		764,000	0
Fees owed to Vornado (in US dollars)		4,159,000
Leasing Fees [Member]
Leasing Agreement [Abstract]
Lease Fee Percentage Of Rent One To Ten Years		3.00%
Lease Fee Percentage Of Rent Eleven To Twenty Years		2.00%
Lease Fee Percentage Of Rent Twenty First To Thirty Years		1.00%
Percentage Increase Lease Fee If Broker Used		1.00%
Summary of fees to Vornado
Fees to related party (in US dollars)		382,000	178,000
Fees owed to Vornado (in US dollars)		36,000
Property Management Fees [Member]
Summary of fees to Vornado
Fees to related party (in US dollars)		930,000	870,000
Fees owed to Vornado (in US dollars)		$463,000

Rego_Park_II_Apartment_Tower_D

Rego Park II Apartment Tower (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
	sqft
	aptunits
Rego Park 2 Property [Abstract]
Development and construction in progress	$89,244,000	$75,289,000
Rego Park 2 Property [Member] | Property Under Development [Member] | Apartment Tower [Member]
Rego Park 2 Property [Abstract]
Number of units in apartment tower (in units)	312
Area of property (in square feet)	255,000
Estimated Date Of Completion	2015
Estimated Budgeted Cost	125,000,000
Development and construction in progress	$87,087,000

Marketable_Securities_Details

Marketable Securities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Investment Holdings [Line Items]
Fair Value	$45,139	$44,646
Macerich interest [Member]
Investment Holdings [Line Items]
Macerich Common Shares	535,265	535,265
Economic basis per share (in dollars per share)	$56.05
GAAP Cost	30,000
Fair Value	$45,139	$44,646
Closing share price (in dollars per share)	$84.33	$83.41

Significant_Tenants_Details

Significant Tenants (Details) (USD $)	3 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Oct. 31, 2014
Real Estate Properties [Line Items]
Real estate revenue, net (in dollars)	$52,036	$49,468
Bloomberg [Member]
Real Estate Properties [Line Items]
Leases Expiration Date			Dec-15
Bloomberg [Member] | 731 Lexington Avenue [Member]
Real Estate Properties [Line Items]
Square Footage of Real Estate Property (in square feet)			188,608
Lease renewal term			5 years
Bloomberg [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
Real estate revenue, net (in dollars)		22,017
Percentage Of Minimum Revenue Threshold Contributed By One Tenant (in percentage)	10.00%
Bloomberg [Member] | Customer Concentration Risk [Member] | Sales Revenue Services Net [Member]
Real Estate Properties [Line Items]
Real estate revenue, net (in dollars)	$23,402
Percentage Rent Contributed By Tenant	45.00%	45.00%

Mortgages_Payable_Details

Mortgages Payable (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dallars)	$1,032,004,000	$1,032,780,000
Rego Park 1 Shopping [Member] | Mortgages [Member] | Secured [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of cash mortgage collateralized	100.00%
Debt Instrument Maturity Date String	2016-03
Interest rate (in percentage)	0.40%
Notes Payable (in US dallars)	78,246,000	78,246,000
Duration of loan extended	1 year
Rego Park 2 Property [Member] | Mortgages [Member] | Secured [Member]
Mortgage Loans on Real Estate [Line Items]
Debt Instrument Maturity Date String	2018-11
Interest rate (in percentage)	2.03%
Notes Payable (in US dallars)	265,758,000	266,534,000
Basis spread over LIBOR (in percentage)	1.85%
Lexington Avenue Property [Member] | Retail Space [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dallars)	320,000,000
Mortgage loan converted to recourse (in US Dollars)	75,000,000
Lexington Avenue Property [Member] | Mortgages [Member] | Secured [Member] | Office Space [Member]
Mortgage Loans on Real Estate [Line Items]
Debt Instrument Maturity Date String	2021-03
Interest rate (in percentage)	1.13%
Notes Payable (in US dallars)	300,000,000	300,000,000
Basis spread over LIBOR (in percentage)	0.95%
Lexington Avenue Property [Member] | Mortgages [Member] | Secured [Member] | Retail Space [Member]
Mortgage Loans on Real Estate [Line Items]
Debt Instrument Maturity Date String	2015-08
Interest rate (in percentage)	4.93%
Notes Payable (in US dallars)	320,000,000	320,000,000
Lexington Avenue Property [Member] | Mortgages [Member] | Secured [Member] | Retail Space [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage loan converted to recourse (in US Dollars)	75,000,000
Paramus Property [Member] | Mortgages [Member] | Secured [Member]
Mortgage Loans on Real Estate [Line Items]
Debt Instrument Maturity Date String	2018-10
Interest rate (in percentage)	2.90%
Notes Payable (in US dallars)	$68,000,000	$68,000,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	$45,139	$44,646
Short-term Investments	24,998	24,998
Interest rate cap (included in other assets)	6	11
Total assets	70,143	69,655
Liabilities measured at fair value	0	0
Carrying Reported Amount Fair Value Disclosure [Member]
Assets
Cash Equivalents	224,595	111,590
Liabilities
Mortgages Payable	1,032,004	1,032,780
Leasing commissions (included in amounts due to Vornado)	36	0
Total liabilities not measured at fair value	1,032,040	1,032,780
Estimate Of Fair Value Fair Value Disclosure [Member]
Assets
Cash Equivalents	224,595	111,590
Liabilities
Mortgages Payable	1,022,000	1,025,000
Leasing commissions (included in amounts due to Vornado)	36	0
Total liabilities not measured at fair value	1,022,036	1,025,000
Fair Value, Inputs, Level 1 [Member]
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	45,139	44,646
Short-term Investments	24,998	24,998
Interest rate cap (included in other assets)	0	0
Total assets	70,137	69,644
Fair Value, Inputs, Level 2 [Member]
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	0	0
Short-term Investments	0	0
Interest rate cap (included in other assets)	6	11
Total assets	6	11
Fair Value, Inputs, Level 3 [Member]
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	0	0
Short-term Investments	0	0
Interest rate cap (included in other assets)	0	0
Total assets	$0	$0

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended	12 Months Ended	0 Months Ended
	Mar. 31, 2015	Dec. 31, 2021	Jun. 24, 2014	Dec. 31, 2014	Dec. 31, 2001	Jan. 01, 2016
			Fires		acre
Rego Park 2 Property [Abstract]
Development and construction in progress	$89,244,000			$75,289,000
Paramus Property [Abstract]
Mortgages payable	1,032,004,000			1,032,780,000
Letters Of Credit [Abstract]
Standby letters of credit, issued and outstanding	2,074,000
Lexington Avenue Property [Member] | Retail Space [Member]
Insurance [Abstract]
Mortgage loan, recourse	75,000,000
Paramus Property [Abstract]
Mortgages payable	320,000,000
Paramus Property [Member] | Tenant Occupant [Member]
Paramus Property [Abstract]
Debt Instrument Maturity Date String	Oct-18
Paramus Property [Member] | Tenant Occupant [Member] | Ikea [Member]
Paramus Property [Abstract]
Area Of Land (in acre)					30.3
Mortgages payable	68,000,000
Fixed interest rate on the debt (in percentage)	2.90%
Triple-net rent, annual amount	700,000
Paramus Property [Member] | Tenant Occupant [Member] | Ikea [Member] | Scenario Forecast [Member]
Paramus Property [Abstract]
Property purchase option exercisable be leasee with purchase option in 2021		75,000,000
Purchase option exercised, net cash proceeds from sale of land		7,000,000
Purchase option excercised, gain on sale of land		60,000,000
Purchase option not excercised amount included in triple net rent over remainder of lease		68,000,000
Loan Amortization Period		20 years
Rego Park I [Member] | Sears [Member]
Loss Contingency [Abstract]
Number Of Fires			2
Rego Park I [Member] | Sears [Member] | Minimum [Member]
Loss Contingency [Abstract]
Loss Contingency, Damages Sought, Value			4,000,000
Rego Park I [Member] | Sears [Member] | Minimum [Member] | Estimated Future Damages [Member]
Loss Contingency [Abstract]
Loss Contingency, Damages Sought, Value			25,000,000
Rego Park 2 Property [Member] | Apartment Tower [Member] | Property Under Development [Member]
Rego Park 2 Property [Abstract]
Number of units in apartment tower (in units)	312
Area of property (in square feet)	255,000
Estimated Date Of Completion	2015
Estimated Budgeted Cost	125,000,000
Development and construction in progress	87,087,000
General Liability [Member]
Insurance [Abstract]
Insurance Maximum Coverage Per Incident	300,000,000
All Risk Property And Rental Value [Member]
Insurance [Abstract]
Insurance Maximum Coverage Per Incident	1,700,000,000
Terrorism Coverage Including Nbcr [Member]
Insurance [Abstract]
Insurance Maximum Coverage Per Incident	1,700,000,000
NBCR [Member]
Insurance [Abstract]
Insurance Coverage End Date	Dec-20
Deductible	$275,000
Self Insured Responsibility (in percentage)	15.00%
Federal Government Responsibility (in percentage)	85.00%
NBCR [Member] | Scenario Forecast [Member]
Insurance [Abstract]
Self Insured Responsibility (in percentage)						16.00%
Federal Government Responsibility (in percentage)						84.00%

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income	$17,822	$15,244
Weighted average shares outstanding- basic and diluted (in shares)	5,111,201	5,109,717
Net income per common share- basic and diluted (in dollars per share)	$3.49	$2.98