Alexander's (ALX) 10-Q 2 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	ALEXANDERS INC
Entity Central Index Key	3,499
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		5,106,196
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Trading Symbol	alx

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate, at cost:
Land	$ 44,971	$ 44,971
Buildings and leasehold improvements	981,617	975,015
Development and construction in progress	3,597	9,486
Total	1,030,185	1,029,472
Accumulated depreciation and amortization	(232,622)	(225,533)
Real estate, net	797,563	803,939
Cash and cash equivalents	276,234	259,349
Restricted cash	83,641	85,307
Marketable securities	42,414	43,191
Tenant and other receivables, net of allowance for doubtful accounts of $1,002 and $918, respectively	3,309	4,014
Receivable arising from the straight-lining of rents	181,401	181,357
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $38,942 and $33,482, respectively	51,067	45,840
Other assets	12,808	24,811
Total assets	1,448,437	1,447,808
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,053,051	1,053,262
Amounts due to Vornado	474	8,551
Accounts payable and accrued expenses	38,276	30,158
Other liabilities	2,950	2,957
Total liabilities	$ 1,094,751	$ 1,094,928
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	30,739	30,739
Retained earnings	305,907	304,340
Accumulated other comprehensive income	12,241	13,002
Equity before treasury stock	354,060	353,254
Treasury stock: 67,254 shares, at cost	(374)	(374)
Total equity	353,686	352,880
Total liabilities and equity	$ 1,448,437	$ 1,447,808

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Allowance for doubtful accounts (in US dollars)	$ 1,002	$ 918
Unamortized leasing fees to Vornado (in US dollars)	$ 38,942	$ 33,482
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 Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES
Property rentals	$ 36,653	$ 34,501
Expense reimbursements	18,905	17,535
Total revenues	55,558	52,036
EXPENSES
Operating, including fees to Vornado of $1,255 and $1,146, respectively	19,654	19,046
Depreciation and amortization	8,333	7,350
General and administrative, including management fees to Vornado of $595 in each period	1,235	1,270
Total expenses	29,222	27,666
OPERATING INCOME	26,336	24,370
Interest and other income, net	1,091	400
Interest and debt expense	(5,406)	(6,945)
Income before income taxes	22,021	17,825
Income tax expense	(2)	(3)
Net income	$ 22,019	$ 17,822
Income per common share- basic and diluted:
Net income per common share- basic and diluted (in dollars per share)	$ 4.31	$ 3.49
Weighted average shares outstanding - basic and diluted (in shares)	5,113,077	5,111,201
Dividends per common share (in dollars per share)	$ 4	$ 3.50

Consolidated Statements of Inc5

Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statements of Income
Fees to Vornado	$ 1,255	$ 1,146
Management fees to Vornado	$ 595	$ 595

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 22,019	$ 17,822
Other comprehensive income:
Change in unrealized net gain on available-for-sale securities	(777)	493
Change in value of interest rate cap	16	(6)
Comprehensive income	$ 21,258	$ 18,309

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Opening Balance, at Dec. 31, 2014	$ 348,399	$ 5,173	$ 30,139	$ 299,004	$ 14,457	$ (374)
Opening Balance (in shares) at Dec. 31, 2014		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)
Closing Balance (in shares) at Mar. 31, 2015		5,173,000
Closing Balance, at Mar. 31, 2015	348,818	$ 5,173	30,139	298,936	14,944	(374)
Opening Balance, at Dec. 31, 2015	$ 352,880	$ 5,173	30,739	304,340	13,002	(374)
Opening Balance (in shares) at Dec. 31, 2015	5,173,450	5,173,000
Net income	$ 22,019			22,019
Dividends paid	(20,452)			(20,452)
Change in unrealized net gain on available-for-sale securities	(777)				(777)
Change in value of interest rate cap	$ 16				16
Closing Balance (in shares) at Mar. 31, 2016	5,173,450	5,173,000
Closing Balance, at Mar. 31, 2016	$ 353,686	$ 5,173	$ 30,739	$ 305,907	$ 12,241	$ (374)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 22,019	$ 17,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	8,974	8,044
Straight-lining of rental income	(44)	(551)
Change in operating assets and liabilities:
Tenant and other receivables, net	705	(1,212)
Other assets	5,548	11,165
Amounts due to Vornado	(2,318)	(29)
Accounts payable and accrued expenses	10,499	9,861
Other liabilities	(7)	(7)
Net cash provided by operating activities	45,376	45,093
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(8,853)	(14,908)
Change in restricted cash	1,666	(13)
Net cash used in investing activities	(7,187)	(14,921)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(836)	(776)
Dividends paid	(20,452)	(17,890)
Debt issuance costs	(16)	(9)
Net cash used in financing activities	(21,304)	(18,675)
Net increase in cash and cash equivalents	16,885	11,497
Cash and cash equivalents at beginning of period	259,349	227,815
Cash and cash equivalents at end of period	276,234	239,312
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, excluding capitalized interest of $459 in 2015	4,676	6,220
NON-CASH TRANSACTIONS
Liability for real estate additions, including $36 and $4,159 for development fees due to Vornado	1,931	13,717
Write-off of fully amortized and/or depreciated assets	$ 12	$ 83

Consolidated Statements of Cas9

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash paid for interest, capitalized		$ 459
Liability for real estate additions due to Vornado	$ 1,931	13,717
Vornado [Member] | Development fees [Member]
Liability for real estate additions due to Vornado	$ 36	$ 4,159

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization [Abstract]
Organization	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, 2016
Organization [Abstract]
Basis of Presentation	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, 2015 , 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, 2016 are not necessarily indicative of the oper ating results for the full year . We currently operate in one business segment.

The Alexander Apartment Tower

The Alexander Apartment Tower	3 Months Ended
	Mar. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Alexander Aparment Tower [Text Block]	3 . The Alexander Apartment Tower The Alexander a partment t ower, located above our Rego Park II shopping center, contain s 312 units aggregating 255,000 square feet. The building is in lease up and w e expect to reach stabilized occupancy in 2017.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2016
Recently Issued Accounting Literature [Abstract]
Recently Issued Accounting Literature	4 . Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) establishing Accounting Standards Codification (“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, 2017. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, the FASB issued (“ASU 2016-02”) Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases . Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The new standard requires lessors to account for leases using an approach that is substantially eq uivalent to existing guidance. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation—Stock Compensation . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	5 . Relat ed Party Transactions Vornado A s of March 31, 2016 , 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 W e pay Vornado an annual management fee equal to the sum of ( i ) $ 2,8 00,000, (ii) 2% of gross revenue from the Rego Park II s hopping c enter, (i ii ) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and ( i v) $ 2 8 9 ,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 . Accordingly , i n March 2016 we paid Vornado a development fee of $5,784,000 related to T he Alexander apartment tower. 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. 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 731 Lexington Avenue propert y and (ii) security services at our Rego Park I and Rego Park II properties . 5. Related Party Transactions - continued Three Months Ended March 31, (Amounts in thousands) 2016 2015 Company management fees $ 700 $ 700 Development fees 44 764 Leasing fees 6,458 382 Property management fees and payments for cleaning, engineering and security services 1,115 930 $ 8,317 $ 2,776 A s of March 31, 2016 , the amounts due to Vornado were $36 ,000 for development fee s ; $434 , 000 for management, property management, cleaning and security fees ; and $ 4 ,000 for leasing fees . As of December 31, 201 5 , the amounts due to Vornado were $ 5 , 795 ,000 for development fees ; $28 3 ,000 for management, property management and cleaning fees; and $2,4 7 3,000 for leasing fees. Toys “R” Us (“Toys”) As of March 31, 2016 , our affiliate , Vornado owned 32.5% of Toys. Toys leases approximately 47,000 square feet of retail space at our Rego Park II shopping center. Joseph Macnow, our Executive Vice President and Chief Financial Officer , and Vornado's Executive Vice President - Finance and Chief Administrative Officer and Wendy A. Silverstein, a member of our Board of Directors, represent Vornado as m ember s of Toys' Board of D irectors. During the quarter ended March 31, 2016, we recognized $ 713, 000 of revenue related to the space leased by T oys .

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2016
Marketable Securities [Abstract]
Marketable Securities	6 . Marketable Securities As of March 31, 2016 and December 31, 2015 , we own ed 535,265 common shares of The Macerich Company (“ Macerich ”) (NYSE: MAC) , which we re received in connection with the sale of the Kings Plaza Regional Shopping Center (“Kings Plaza”) to Macerich in November 2012 . These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate . A s of March 31, 2016 and December 31, 2015 , the fair value of these shares w as $ 42,414,000 and $43,191,000, respectively , based on Macerich's closing share price of $ 79.24 per share and $80.69 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 u nrealized 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, 2016
Significant Tenants [Abstract]
Significant Tenants [Text Block]	7 . Significant Tenants Bloomberg L.P. (“Bloomberg”) accounted for revenue of $ 26 , 506 ,000 and $ 23,402 ,000 , representing approximately 48% and 45 % of our t otal r evenues for the three - month periods ended March 31, 2016 and 2015 , 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 assessment of Bloomberg's creditworthiness, w e receive certain confidential financial information and metrics from Bloomberg . In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. In October 2014, Bloomber g exercised its option to extend leases that were scheduled to expire in December 2015 for a term of five years covering 192,000 square feet of office space at our 731 Lexington Avenue property. In January 2016, we entered into a lease amendment with Bloomberg which extends the lease term related to this space to be coterminous with the other 697,000 square feet of office space leased by Bloomberg through February 2029, with a ten-year extension option. In connection with the lease amendment, Bloomberg provided a $200,000,000 letter of credit, which amount may be reduced in certain circumstances. We may draw on this letter of credit subject to certain terms of the lease amendment, including an event of default by Bloomberg. Upon execution of the lease amendment in January 2016, we paid an $8,916,000 leasing commission of which $7,200,000 was to a third party broker and $1,716,000 was to Vornado.

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2016
Mortgages Payable [Abstract]
Mortgages Payable	8 . Mortgages Payable The following is a summary of our outstanding mortgage s payabl e as of March 31, 2016 and December 31, 2015 . Balance at Interest Rate at March 31, December 31, (Amounts in thousands) Maturity (1) March 31, 2016 2016 2015 First mortgages secured by: Rego Park I shopping center (100% cash collateralized) (2) Mar. 2018 0.35 % $ 78,246 $ 78,246 Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 2.29 % 262,505 263,341 731 Lexington Avenue, office space (4) Mar. 2021 1.39 % 300,000 300,000 731 Lexington Avenue, retail space (5) Aug. 2022 1.84 % 350,000 350,000 Total 1,058,751 1,059,587 Deferred debt issuance costs, net of accumulated amortization of $4,898 and $4,267 respectively (5,700) (6,325) $ 1,053,051 $ 1,053,262 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended in March 2016 for two years. (3) Interest at LIBOR plus 1.85%. (4) Interest at LIBOR plus 0.95%. (5) Interest at LIBOR plus 1.40%.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	9 . Fair Value Measurements ASC 8 20 , Fair Value Measurement s 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 a s of March 31, 2016 and December 31, 2015, consist of marketable securities , which are presented in the table below based on their le vel in the fair value hierarchy and an interest rate cap , which fair value wa s zero as of March 31, 2016 and December 31, 2015. There were no financial liabilities measured at fair value a s of March 31, 2016 and December 31, 2015 . 9. Fair Value Measurements - continued As of March 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 42,414 $ 42,414 $ - $ - Total assets $ 42,414 $ 42,414 $ - $ - As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 43,191 $ 43,191 $ - $ - Total assets $ 43,191 $ 43,191 $ - $ - 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 and mortgages payable . 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 fair value of cash equivalents is classified as L evel 1 and the fair value s of mortgages payable are classified as L evel 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2016 and December 31, 2015 . As of March 31, 2016 As of December 31, 2015 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 222,929 $ 222,929 $ 226,476 $ 226,476 Liabilities: Mortgages payable (excluding deferred debt issuance costs) $ 1,058,751 $ 1,044,000 $ 1,059,587 $ 1,054,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10 . Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, 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 $ 348 ,000 deductible and 1 6 % of the balance of a covered loss, and the Federal government is responsible for the remaining 8 4 % 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 and 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. Rego Park I Litigation 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 leas es at our Rego Park I property alleg ing that the defendants are liable for harm that 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 assert ed various causes of actions for damages and s ought 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 s ought , among other things, damages of not less than $4 million and future damages it estimate d w ou l d not be less than $25 million. In March 2016, Sears withdr e w its claim for future damages leaving a remaining claim for property damages, which we estimate to be approximately $650,000 based on information provided by Sears . We intend to defend the remaining claim vigorously . T he amount or range of reasonably possible los ses, if any, is not expected to be greater than $650, 000 . 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, 2016. Other On October 15, 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional $20, 1 00,000 of transfer taxes (including interest and penalties) in connection with the sale of Kings Plaza in November 2012. We believe that the NYC DOF's claim is without merit and intend to vigorously contest this assessment. We have determined that the likelihood of a loss related to this issue is not probable and, after consultation with legal counsel, that the outcome of this assessment is not expected to have a material adverse effect on our financial position, results of operations or cash flows . 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 position, results of operations or cash flows.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	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, 2016 and 2015 . Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2016 2015 Net income $ 22,019 $ 17,822 Weighted average shares outstanding – basic and diluted 5,113,077 5,111,201 Net income per common share – basic and diluted $ 4.31 $ 3.49

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
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, 2015 , 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, 2016 are not necessarily indicative of the oper ating results for the full year . We currently operate in one business segment.
Recently Issued Accounting Literature	4 . Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) establishing Accounting Standards Codification (“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, 2017. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. In February 2016, the FASB issued (“ASU 2016-02”) Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases . Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. The new standard requires lessors to account for leases using an approach that is substantially eq uivalent to existing guidance. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation—Stock Compensation . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements.
Marketable Securities	Available-for-sale securities are presented at fair value and u nrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income . ”
Fair Value Measurement	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.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	5. Related Party Transactions - continued Three Months Ended March 31, (Amounts in thousands) 2016 2015 Company management fees $ 700 $ 700 Development fees 44 764 Leasing fees 6,458 382 Property management fees and payments for cleaning, engineering and security services 1,115 930 $ 8,317 $ 2,776

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Mortgages Payable [Abstract]
Summary of Notes and Mortgages Payable	Balance at Interest Rate at March 31, December 31, (Amounts in thousands) Maturity (1) March 31, 2016 2016 2015 First mortgages secured by: Rego Park I shopping center (100% cash collateralized) (2) Mar. 2018 0.35 % $ 78,246 $ 78,246 Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 2.29 % 262,505 263,341 731 Lexington Avenue, office space (4) Mar. 2021 1.39 % 300,000 300,000 731 Lexington Avenue, retail space (5) Aug. 2022 1.84 % 350,000 350,000 Total 1,058,751 1,059,587 Deferred debt issuance costs, net of accumulated amortization of $4,898 and $4,267 respectively (5,700) (6,325) $ 1,053,051 $ 1,053,262 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended in March 2016 for two years. (3) Interest at LIBOR plus 1.85%. (4) Interest at LIBOR plus 0.95%. (5) Interest at LIBOR plus 1.40%.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Fair Value, Assets Measured on Recurring Basis	9. Fair Value Measurements - continued As of March 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 42,414 $ 42,414 $ - $ - Total assets $ 42,414 $ 42,414 $ - $ - As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 43,191 $ 43,191 $ - $ - Total assets $ 43,191 $ 43,191 $ - $ -
Fair Value, by Balance Sheet Grouping	As of March 31, 2016 As of December 31, 2015 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 222,929 $ 222,929 $ 226,476 $ 226,476 Liabilities: Mortgages payable (excluding deferred debt issuance costs) $ 1,058,751 $ 1,044,000 $ 1,059,587 $ 1,054,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2016 2015 Net income $ 22,019 $ 17,822 Weighted average shares outstanding – basic and diluted 5,113,077 5,111,201 Net income per common share – basic and diluted $ 4.31 $ 3.49

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2016Segment
Organization [Abstract]
Number of Reportable Segments	1

The Alexander Apartment Tower (

The Alexander Apartment Tower (Details) - Rego Park II [Member] - Operating Property [Member] - The Alexander apartment tower [Member]	Mar. 31, 2016ft²aptunits
Real Estate Properties [Line Items]
Number of units in real estate property (in units) | aptunits	312
Area of property (in square feet) | ft²	255,000

Related Party Transactions (Det

Related Party Transactions (Details) ft² in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2016USD ($)ft²	Mar. 31, 2016USD ($)ft²$ / ft²	Mar. 31, 2015USD ($)	Jan. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Rego Park II [Member] | Retail Space [Member] | Toys R Us [Member]
Other Agreements [Abstract]
Area of property (in square feet) | ft²	47	47
Rent related to leased space		$ 713,237
Leasing Fees [Member]
Summary of fees to Vornado
Fees owed (in US dollars)				$ 8,916,000
Vornado [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	32.40%	32.40%
Management and Development Agreements [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%
Summary of fees to Vornado
Fees to related party (in US dollars)		$ 8,317,000	$ 2,776,000
Vornado [Member] | Toys R Us [Member]
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	32.50%	32.50%
Vornado [Member] | 731 Lexington Avenue [Member] | Office And Retail Space [Member]
Management and Development Agreements [Abstract]
Property Management Fee Agreement Price Per Square Foot | $ / ft²		0.5
Vornado [Member] | 731 Lexington Avenue [Member] | Common Area [Member]
Management and Development Agreements [Abstract]
Property Management Fee Agreement Value (in US dollars)		$ 289,000
Property Management Fee Escalation Percentage Per Annum		3.00%
Vornado [Member] | Rego Park II [Member]
Management and Development Agreements [Abstract]
Property Management Fee Agreement Percentage Of Income		2.00%
Vornado [Member] | Alexander Apartment Tower [Member]
Summary of fees to Vornado
Development Fees Paid	$ 5,784,000
Vornado [Member] | Company Management Fees [Member]
Summary of fees to Vornado
Fees to related party (in US dollars)		$ 700,000	700,000
Vornado [Member] | Development fees [Member]
Management and Development Agreements [Abstract]
Development fee as percentage of development costs		6.00%
Summary of fees to Vornado
Fees to related party (in US dollars)		$ 44,000	764,000
Fees owed (in US dollars)	36,000	$ 36,000			$ 5,795,000
Vornado [Member] | 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)		$ 6,458,000	382,000
Fees owed (in US dollars)	4,000	4,000		$ 1,716,000	2,473,000
Vornado [Member] | Property Management Fees [Member]
Summary of fees to Vornado
Fees to related party (in US dollars)		1,115,000	$ 930,000
Fees owed (in US dollars)	$ 434,000	$ 434,000			$ 283,000

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Fair Value	$ 42,414	$ 43,191
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	$ 42,414	$ 43,191
Closing share price (in dollars per share)	$ 79.24	$ 80.69

Significant Tenants (Details)

Significant Tenants (Details) ft² in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2016USD ($)ft²	Oct. 31, 2014ft²	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Real estate revenue, net (in dollars)			$ 55,558,000	$ 52,036,000
Lease extension	10 years
Leasing Fees [Member]
Real Estate Properties [Line Items]
Leasing commissions (included in amounts due to Vornado)	$ 8,916,000
Vornado [Member] | Leasing Fees [Member]
Real Estate Properties [Line Items]
Leasing commissions (included in amounts due to Vornado)	1,716,000		$ 4,000		$ 2,473,000
Third party Broker [Member] | Leasing Fees [Member]
Real Estate Properties [Line Items]
Leasing commissions (included in amounts due to Vornado)	$ 7,200,000
Bloomberg [Member] | 731 Lexington Avenue [Member]
Real Estate Properties [Line Items]
Leases Expiration Date	Feb. 28, 2029	Dec. 31, 2015
Area of property (in square feet) | ft²	697	192
Lease renewal term		5 years
Letter of credit issued by customer	$ 200,000,000
Bloomberg [Member] | Customer Concentration Risk [Member]
Real Estate Properties [Line Items]
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)			$ 26,506,000	$ 23,402,000
Percentage Rent Contributed By Tenant			48.00%	45.00%

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dollars)	$ 1,053,051	$ 1,053,262
Deferred debt issuance costs, accumulated amortization (in US dollars)	4,898	4,267
Mortgages [Member] | Secured [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable Gross	1,058,751	1,059,587
Deferred debt issuance costs, net of accumulated amortization of $4,898 and $4,267 respectively	(5,700)	(6,325)
Rego Park I [Member] | Mortgages [Member] | Secured [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dollars)	$ 78,246	78,246
Maturity date	Mar. 10, 2018
Percentage of cash mortgage collateralized	100.00%
Interest rate (in percentage)	0.35%
Duration Of Mortgage Loan Extension	2 years
Rego Park II [Member] | Mortgages [Member] | Secured [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dollars)	$ 262,505	263,341
Maturity date	Nov. 30, 2018
Interest rate (in percentage)	2.29%
Rego Park II [Member] | Mortgages [Member] | Secured [Member] | London Interbank Offered Rate (LIBOR) [Member]
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR (in percentage)	1.85%
731 Lexington Avenue [Member] | Mortgages [Member] | Secured [Member] | Office Space [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dollars)	$ 300,000	300,000
Maturity date	Mar. 11, 2021
Interest rate (in percentage)	1.39%
731 Lexington Avenue [Member] | Mortgages [Member] | Secured [Member] | Office Space [Member] | London Interbank Offered Rate (LIBOR) [Member]
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR (in percentage)	0.95%
731 Lexington Avenue [Member] | Mortgages [Member] | Secured [Member] | Shopping center [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dollars)	$ 350,000	350,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
Maturity date	Aug. 31, 2022
Interest rate (in percentage)	1.84%
731 Lexington Avenue [Member] | Mortgages [Member] | Secured [Member] | Shopping center [Member] | London Interbank Offered Rate (LIBOR) [Member]
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR (in percentage)	1.40%
Paramus Property [Member] | Mortgages [Member] | Secured [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable (in US dollars)	$ 68,000	$ 68,000
Maturity date	Oct. 5, 2018
Interest rate (in percentage)	2.90%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	$ 42,414	$ 43,191
Total assets	42,414	43,191
Liabilities measured at fair value	0	0
Interest rate cap (included in other assets)	0	0
Carrying Reported Amount Fair Value Disclosure [Member]
Assets
Cash Equivalents	222,929	226,476
Liabilities
Mortgages payable (excluding deferred debt issuance costs, net)	1,058,751	1,059,587
Fair Value, Inputs, Level 1 [Member]
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	42,414	43,191
Total assets	42,414	43,191
Fair Value, Inputs, Level 1 [Member] | Estimate Of Fair Value Fair Value Disclosure [Member]
Assets
Cash Equivalents	222,929	226,476
Fair Value, Inputs, Level 2 [Member]
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	0	0
Total assets	0	0
Fair Value, Inputs, Level 2 [Member] | Estimate Of Fair Value Fair Value Disclosure [Member]
Liabilities
Mortgages payable (excluding deferred debt issuance costs, net)	1,044,000	1,054,000
Fair Value, Inputs, Level 3 [Member]
Financial Assets And Liabilities Measured At Fair Value
Marketable securities	0	0
Total assets	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details)	Oct. 15, 2015USD ($)	Jun. 24, 2014USD ($)	Mar. 31, 2016USD ($)	Feb. 28, 2014Fires	Mar. 31, 2016USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2001a
Paramus Property [Abstract]
Mortgages payable, net of deferred debt issuance costs			$ 1,053,051,000		$ 1,053,051,000		$ 1,053,262,000
Letters Of Credit [Abstract]
Standby letters of credit, outstanding			2,074,000		2,074,000
Kings Plaza Regional Shopping Center [Member]
Loss Contingency [Abstract]
Loss Contingency, Damages Sought, Value	$ 20,100,000
Paramus Property [Member] | Ikea [Member]
Paramus Property [Abstract]
Area Of Land (in acre) | a								30.3
Mortgages payable, net of deferred debt issuance costs			$ 68,000,000		$ 68,000,000
Fixed interest rate on the debt (in percentage)			2.90%		2.90%
Debt Instrument Maturity Date String					Oct. 1, 2018
Triple-net rent, annual amount					$ 700,000
Paramus Property [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]
Loss Contingency, Damages Sought, Value			$ 650,000
Number Of Fires | Fires				2
Estimated losses - Maximum			650,000		650,000
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
General Liability [Member]
Insurance [Abstract]
Insurance Maximum Coverage Per Incident					300,000,000
Insurance Maximum Coverage Per Property			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
Insurance Maximum Coverage In Aggregate					$ 1,700,000,000
NBCR [Member]
Insurance [Abstract]
Insurance Coverage End Date					December 2,020
Deductible			$ 348,000		$ 348,000
Self Insured Responsibility (in percentage)			16.00%		16.00%
Federal Government Responsibility (in percentage)			84.00%		84.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 22,019	$ 17,822
Weighted average shares outstanding - basic and diluted (in shares)	5,113,077	5,111,201
Net income per common share- basic and diluted (in dollars per share)	$ 4.31	$ 3.49