Alexander's (ALX) 10-Q 30 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	ALX
Entity Registrant Name	ALEXANDERS INC
Entity Central Index Key	3,499
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		5,107,290

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 44,971	$ 44,971
Buildings and leasehold improvements	978,527	988,846
Development and construction in progress	3,530	3,551
Total	1,027,028	1,037,368
Accumulated depreciation and amortization	(278,894)	(283,044)
Real estate, net	748,134	754,324
Cash and cash equivalents	319,026	307,536
Restricted cash	87,190	85,743
Rego Park II loan participation	197,784	198,537
Marketable securities	29,986	35,156
Tenant and other receivables, net of allowance for doubtful accounts of $1,355 and $1,501, respectively	2,907	2,693
Receivable arising from the straight-lining of rents	173,268	174,713
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $34,219 and $35,152, respectively	44,580	45,790
Other assets	14,393	27,903
Total assets	1,617,268	1,632,395
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,240,564	1,240,222
Amounts due to Vornado	718	2,490
Accounts payable and accrued expenses	38,046	42,827
Liability related to discontinued operations (see Note 8)	23,797	0
Other liabilities	2,862	2,901
Total liabilities	1,305,987	1,288,440
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, 5,107,290 shares	5,173	5,173
Additional capital	31,577	31,577
Retained earnings	274,977	302,543
Accumulated other comprehensive (loss) income	(78)	5,030
Equity before treasury stock	311,649	344,323
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	311,281	343,955
Total liabilities and equity	$ 1,617,268	$ 1,632,395

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,355	$ 1,501
Unamortized leasing fees to Vornado	$ 34,219	$ 35,152
Preferred stock: par value per share (in usd 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 usd 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	5,107,290	5,107,290
Treasury stock: shares	66,160	66,160

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Property rentals	$ 38,241	$ 38,273
Expense reimbursements	19,639	18,956
Total revenues	57,880	57,229
EXPENSES
Operating, including fees to Vornado of $1,166 and $1,128, respectively	22,277	20,921
Depreciation and amortization	8,283	8,045
General and administrative, including management fees to Vornado of $595 in each period	1,261	1,156
Total expenses	31,821	30,122
OPERATING INCOME	26,059	27,107
Interest and other income, net	3,038	727
Interest and debt expense	(9,829)	(6,160)
Change in fair value of marketable securities (see Note 7)	(5,170)	0
Income before income taxes	14,098	21,674
Income tax expense	(1)	(7)
Income from continuing operations	14,097	21,667
Loss from discontinued operations (see Note 8)	(23,797)	0
Net (loss) income	$ (9,700)	$ 21,667
Income from continuing operations - basic and diluted (in usd per share)	$ 2.75	$ 4.24
Loss from discontinuing operations (see Note 8) - basic and diluted (in usd per share)	(4.65)	0
Net (loss) income per common share - basic and diluted (in usd per share)	$ (1.90)	$ 4.24
Weighted average shares outstanding - basic and diluted	5,115,982	5,114,701
Dividends per common share (in usd per share)	$ 4.5	$ 4.25

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Fees to Vornado	$ 1,166	$ 1,128
Management fees to Vornado	$ 595	$ 595

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (9,700)	$ 21,667
Other comprehensive income (loss):
Change in fair value of marketable securities	0	(3,447)
Change in fair value of interest rate cap	48	56
Comprehensive (loss) income	$ (9,652)	$ 18,276

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance, Value at Dec. 31, 2016	$ 352,845	$ 5,173	$ 31,189	$ 308,995	$ 7,862	$ (374)
Beginning Balance, Shares at Dec. 31, 2016		5,173,000
Net (loss) income	21,667			21,667
Dividends paid	(21,737)			(21,737)
Change in fair value of marketable securities	(3,447)				(3,447)
Change in fair value of interest rate cap	56				56
Other	0		(6)			6
Ending Balance, Value at Mar. 31, 2017	349,384	$ 5,173	31,183	308,925	4,471	(368)
Ending Balance, Shares at Mar. 31, 2017		5,173,000
Beginning Balance, Value at Dec. 31, 2017	$ 343,955	$ 5,173	31,577	302,543	5,030	(368)
Beginning Balance, Shares at Dec. 31, 2017	5,173,450	5,173,000
Net (loss) income	$ (9,700)			(9,700)
Dividends paid	(23,022)			(23,022)
Cumulative effect of change in accounting principle (see Note 3)	0			5,156	(5,156)
Change in fair value of marketable securities	0
Change in fair value of interest rate cap	48				48
Ending Balance, Value at Mar. 31, 2018	$ 311,281	$ 5,173	$ 31,577	$ 274,977	$ (78)	$ (368)
Ending Balance, Shares at Mar. 31, 2018	5,173,450	5,173,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (9,700)	$ 21,667
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	9,596	8,569
Straight-lining of rental income	1,445	1,070
Change in fair value of marketable securities (see Note 7)	5,170	0
Liability related to discontinued operations (see Note 8)	23,797	0
Changes in operating assets and liabilities:
Tenant and other receivables, net	(214)	507
Other assets	13,558	13,131
Amounts due to Vornado	(1,778)	(353)
Accounts payable and accrued expenses	(5,030)	(2,961)
Other liabilities	(39)	(7)
Net cash provided by operating activities	36,805	41,623
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(628)	(1,628)
Principal repayment proceeds from Rego Park II loan participation	753	0
Net cash provided by (used in) investing activities	125	(1,628)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(971)	(901)
Dividends paid	(23,022)	(21,737)
Debt issuance costs	0	(9)
Net cash used in financing activities	(23,993)	(22,647)
Net increase in cash and cash equivalents and restricted cash	12,937	17,348
Cash and cash equivalents and restricted cash at beginning of period	393,279	374,678
Cash and cash equivalents and restricted cash at end of period	406,216	392,026
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	307,536	288,926
Restricted cash at beginning of period	85,743	85,752
Cash and cash equivalents and restricted cash at beginning of period	393,279	374,678
Cash and cash equivalents at end of period	319,026	306,530
Restricted cash at end of period	87,190	85,496
Cash and cash equivalents and restricted cash at end of period	406,216	392,026
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	8,356	5,386
NON-CASH TRANSACTIONS
Liability for real estate additions, including $27 and $52 for development fees due to Vornado in 2018 and 2017, respectively	1,028	192
Write-off of fully amortized and/or depreciated assets	$ 11,223	$ 0

Consolidated Statements of Cas9

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Liability for real estate additions due to Vornado	$ 1,028	$ 192
Development fees | Vornado
Liability for real estate additions due to Vornado	$ 27	$ 52

Organization

Organization	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	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). We have seven properties in the greater New York City metropolitan area.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2017, 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, 2018 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Literature	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 (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, 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. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of 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 (see Note 4). We adopted this standard effective January 1, 2018 using the modified retrospective approach, which allows us to apply the new standard to all existing contracts not yet completed as of the effective date and record a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The adoption of this standard did not have a material impact 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 (“ASC 825”). ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach. While the adoption of this update requires us to continue to measure “marketable securities” at fair value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income (loss).” As a result, on January 1, 2018 we recorded an increase to retained earnings of $5,156,000 to recognize the unrealized gains previously recorded within “accumulated other comprehensive (loss) income.” For the three months ended March 31, 2018 we recorded a decrease in the fair value of our marketable securities of $5,170,000 , resulting from The Macerich Company’s (“Macerich”) closing share price of $56.02 as of March 31, 2018, compared to $65.68 as of December 31, 2017. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 3. Recently Issued Accounting Literature - continued In February 2016, the FASB issued an update (“ASU 2016-02”) establishing ASC Topic 842, 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 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 accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. We will be required to record a right-of-use asset and lease liability for our Flushing property ground lease, equal to the present value of the remaining minimum lease payments, and will continue to recognize expense on a straight-line basis upon adoption of this standard. ASU 2016-02 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 and will elect to use the practical expedients provided by this standard. In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition, as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach to all contracts not yet completed. The adoption of this update did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. The update ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We elected to early adopt ASU 2017-12 effective January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Our revenues consist of property rentals and expense reimbursements. We have the following revenue sources and revenue recognition policies: • Base Rent is revenue arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis, which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent is revenue arising from retail tenant leases that is contingent upon the sales of tenants exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved). • Parking Revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are provided. • Operating Expense Reimbursements is revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of our properties. Revenue is recognized in the same period as the related expenses are incurred. • Tenant Services is revenue arising from sub-metered electric, elevator and other services provided to tenants at their request. This revenue is recognized as the services are transferred. Parking revenue and tenant services income represent revenue recognized from contracts with customers and are recognized in accordance with ASC 606. Base rent, percentage rent and operating expense reimbursements are recognized in accordance with ASC Topic 840, Leases. The following is a summary of revenue sources for the three months ended March 31, 2018 and 2017. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Base rent $ 36,700 $ 36,662 Percentage rent 234 197 Parking revenue 1,307 1,414 Property rentals 38,241 38,273 Operating expense reimbursements 18,680 18,020 Tenant services 959 936 Expense reimbursements 19,639 18,956 Total revenues $ 57,880 $ 57,229

Rego Park II Loan Participation

Rego Park II Loan Participation	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Rego Park II Loan Participation	Rego Park II Loan Participation On July 28, 2017, we entered into a participation and servicing agreement with the lender on our Rego Park II shopping center loan, which matures on November 30, 2018 . We paid $200,000,000 to participate in the loan and are entitled to interest of LIBOR plus 1.60% ( 3.49% as of March 31, 2018 ). The investment is presented as “Rego Park II loan participation” on our consolidated balance sheets as of March 31, 2018 and December 31, 2017, and interest earned is recognized as “interest and other income, net” in our consolidated statement of income for the three months ended March 31, 2018.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Vornado As of March 31, 2018 , 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) $306,000 , 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 and Other 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. 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 property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. The following is a summary of fees to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2018 2017 Company management fees $ 700 $ 700 Development fees 7 28 Leasing fees — 11 Property management, cleaning, engineering and security fees 1,026 988 $ 1,733 $ 1,727 As of March 31, 2018 , the amounts due to Vornado were $27,000 for development fees and $691,000 for management, property management, cleaning, engineering and security fees. As of December 31, 2017, the amounts due to Vornado were $1,811,000 for leasing fees; $658,000 for management, property management, cleaning, engineering and security fees; and $21,000 for development fees. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 6. Related Party Transactions - continued Toys “R” Us, Inc. (“Toys”) Our affiliate, Vornado, owns 32.5% of Toys. Joseph Macnow, Vornado’s Executive Vice President and Chief Financial Officer and Wendy A. Silverstein, a member of our Board of Directors, represent Vornado as members of Toys’ Board of Directors. Toys leases 47,000 square feet of retail space at our Rego Park II shopping center ( $2,600,000 of annual revenue). On September 18, 2017, Toys filed for Chapter 11 bankruptcy relief. On March 15, 2018, Toys sought authorization to wind down U.S. operations, including closing U.S. stores and liquidating all U.S. inventory, which relief was granted on an interim basis on March 22, 2018. There are $588,000 of tenant improvements, $215,000 of unamortized deferred leasing costs and $500,000 of receivables arising from the straight-lining of rent on our consolidated balance sheet related to the Toys lease as of March 31, 2018. Pursuant to the bankruptcy court proceedings, Toys plans to close its store at our Rego Park II property by June 30, 2018. Consequently, we are accelerating depreciation and amortization of the remaining balances of tenant improvements and deferred leasing costs to the second quarter ending June 30, 2018. We have also reserved the Toys receivable arising from the straight-lining of rent as of March 31, 2018.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities As of March 31, 2018 and December 31, 2017, we owned 535,265 common shares of Macerich (NYSE: MAC). These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of March 31, 2018 and December 31, 2017, the fair value of these shares was $29,986,000 and $35,156,000 , respectively, based on Macerich’s closing share price of $56.02 per share and $65.68 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 on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from the change in fair value of these securities were included in “other comprehensive income (loss).” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. For the three months ended March 31, 2018 we recorded a decrease in the fair value of our marketable securities of $5,170,000 resulting from Macerich’s closing share price of $56.02 as of March 31, 2018, compared to $65.68 as of December 31, 2017.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In 2012, we sold the Kings Plaza Regional Shopping Center (“Kings Plaza”) and paid real property transfer taxes to New York City in connection with the sale. In 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional New York City real property transfer tax amount, including interest, which we are contesting. In 2014, in a case with similar facts, the NYC DOF issued a Notice of Determination to a Vornado joint venture assessing an additional New York City real property transfer tax amount, including interest. In January 2017, a New York City administrative law judge made a determination upholding the Vornado joint venture’s position that such additional real property transfer taxes were not due. On February 16, 2018, the New York City Tax Appeals Tribunal (the “Tribunal”) overturned the January 2017 determination. The Vornado joint venture is appealing the Tribunal’s decision to the Appellate Division of the Supreme Court of the State of New York. Based on the precedent of the Tribunal’s decision, we accrued an expense for the potential additional real property transfer taxes of $23,797,000 ( $15,874,000 of real property transfer tax and $7,923,000 of interest) during the three months ended March 31, 2018. On April 5, 2018, we paid this amount in order to stop the interest from accruing. Our case is on hold pending the outcome of the Vornado joint venture’s appeal. As the results related to Kings Plaza were previously classified as discontinued operations, we have classified the expense as “loss from discontinued operations” on our consolidated statement of income for the three months ended March 31, 2018 in accordance with the provisions of ASC Topic 360, Property, Plant and Equipment . In addition, the accrued expense is reflected as “liability related to discontinued operations” on our consolidated balance sheet as of March 31, 2018 and on our consolidated statement of cash flows for the three months ended March 31, 2018.

Significant Tenant

Significant Tenant	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Significant Tenant	Significant Tenant Bloomberg L.P. (“Bloomberg”) accounted for revenue of $26,324,000 and $26,010,000 for the three months ended March 31, 2018 and 2017, respectively, representing approximately 45% of our total revenues in each period. 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, we 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.

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Mortgages Payable	Mortgages Payable The following is a summary of our outstanding mortgages payable as of March 31, 2018 and December 31, 2017. We may refinance our maturing debt as it comes due or choose to repay it. Balance at (Amounts in thousands) Maturity (1) Interest Rate at March 31, 2018 March 31, 2018 December 31, 2017 First mortgages secured by: Rego Park I shopping center (100% cash collateralized) (2) May 2018 0.35% $ 78,246 $ 78,246 Paramus Oct. 2018 2.90% 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 3.74% 255,223 256,194 731 Lexington Avenue, retail space (4) Aug. 2022 3.09% 350,000 350,000 731 Lexington Avenue, office space (5) Jun. 2024 2.68% 500,000 500,000 Total 1,251,469 1,252,440 Deferred debt issuance costs, net of accumulated amortization of $7,628 and $6,315, respectively (10,905 ) (12,218 ) $ 1,240,564 $ 1,240,222 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended in March 2018 for two months. (3) Interest at LIBOR plus 1.85% . See Note 5 for details of our Rego Park II loan participation. (4) Interest at LIBOR plus 1.40% . (5) Interest at LIBOR plus 0.90% .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) 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. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 11. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value Financial assets measured at fair value on our consolidated balance sheets as of March 31, 2018 and December 31, 2017, consist of marketable securities 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 as of March 31, 2018 and December 31, 2017. As of March 31, 2018 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 29,986 $ 29,986 $ — $ — Interest rate cap (included in other assets) 54 — 54 — Total assets $ 30,040 $ 29,986 $ 54 $ — As of December 31, 2017 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 35,156 $ 35,156 $ — $ — Interest rate cap (included in other assets) 6 — 6 — Total assets $ 35,162 $ 35,156 $ 6 $ — 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, the Rego Park II loan participation and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair values of the Rego Park II loan participation and our mortgages payable are 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, and are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2018 and December 31, 2017. As of March 31, 2018 As of December 31, 2017 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash equivalents $ 259,556 $ 259,556 $ 273,914 $ 273,914 Rego Park II loan participation 197,784 197,000 198,537 198,000 $ 457,340 $ 456,556 $ 472,451 $ 471,914 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,251,469 $ 1,241,000 $ 1,252,440 $ 1,239,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 12. Commitments and Contingencies - continued 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 and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $306,000 deductible and 18% of the balance of a covered loss, and the Federal government is responsible for the remaining 82% 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. 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 on October 5, 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. Rego Park I Litigation In June 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 alleging 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 asserted various causes of actions for damages and sought 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 sought, among other things, damages of not less than $4 million and future damages it estimated would not be less than $25 million . In March 2016, Sears withdrew 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. The amount or range of reasonably possible losses, if any, is not expected to be greater than $650,000 . On April 4, 2017, Sears closed its 195,000 square foot store at our Rego Park I property. Annual revenue is approximately $10,400,000 , under a lease which expires in March 2021. In its 2016 annual report on Form 10-K, Sears indicated that substantial doubt exists related to its ability to continue as a going concern. There are $3,568,000 of receivables arising from the straight-lining of rent and $374,000 of unamortized deferred leasing costs on our consolidated balance sheet related to the Sears lease as of March 31, 2018 which we will continue to assess for recoverability. Letters of Credit Approximately $1,040,000 of standby letters of credit were issued and outstanding as of March 31, 2018 . 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 position, results of operations or cash flows.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earning Per Share The following table sets forth the computation of 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, 2018 and 2017. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2018 2017 Income from continuing operations $ 14,097 $ 21,667 Loss from discontinued operations (see Note 8) (23,797 ) — Net (loss) income $ (9,700 ) $ 21,667 Weighted average shares outstanding – basic and diluted 5,115,982 5,114,701 Income from continuing operations $ 2.75 $ 4.24 Loss from discontinued operations (see Note 8) (4.65 ) — Net (loss) income per common share – basic and diluted $ (1.90 ) $ 4.24

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [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, 2017, 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, 2018 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.
Fair value of financial instruments	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 (“ASC 825”). ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach. While the adoption of this update requires us to continue to measure “marketable securities” at fair value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income (loss).” As a result, on January 1, 2018 we recorded an increase to retained earnings of $5,156,000 to recognize the unrealized gains previously recorded within “accumulated other comprehensive (loss) income.”
Leases	In February 2016, the FASB issued an update (“ASU 2016-02”) establishing ASC Topic 842, 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 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 accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. We will be required to record a right-of-use asset and lease liability for our Flushing property ground lease, equal to the present value of the remaining minimum lease payments, and will continue to recognize expense on a straight-line basis upon adoption of this standard. ASU 2016-02 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 and will elect to use the practical expedients provided by this standard.
Recently Issued Accounting Literature	In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets . ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition, as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this update effective January 1, 2018 using the modified retrospective approach to all contracts not yet completed. The adoption of this update did not have a material impact on our consolidated financial statements.
Hedging Activities	In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. The update ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We elected to early adopt ASU 2017-12 effective January 1, 2018 using the modified retrospective approach. The adoption of this update did not have a material impact on our consolidated financial statements.
Marketable Securities	Available-for-sale securities are presented at fair value on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from the change in fair value of these securities were included in “other comprehensive income (loss).” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825.
Fair Value Measurement	ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) 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.
Revenue recognition	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 (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, 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. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of 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 (see Note 4). We adopted this standard effective January 1, 2018 using the modified retrospective approach, which allows us to apply the new standard to all existing contracts not yet completed as of the effective date and record a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The adoption of this standard did not have a material impact on our consolidated financial statements. Our revenues consist of property rentals and expense reimbursements. We have the following revenue sources and revenue recognition policies: • Base Rent is revenue arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis, which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. • Percentage Rent is revenue arising from retail tenant leases that is contingent upon the sales of tenants exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved). • Parking Revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are provided. • Operating Expense Reimbursements is revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of our properties. Revenue is recognized in the same period as the related expenses are incurred. • Tenant Services is revenue arising from sub-metered electric, elevator and other services provided to tenants at their request. This revenue is recognized as the services are transferred.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following is a summary of revenue sources for the three months ended March 31, 2018 and 2017. For the Three Months Ended March 31, (Amounts in thousands) 2018 2017 Base rent $ 36,700 $ 36,662 Percentage rent 234 197 Parking revenue 1,307 1,414 Property rentals 38,241 38,273 Operating expense reimbursements 18,680 18,020 Tenant services 959 936 Expense reimbursements 19,639 18,956 Total revenues $ 57,880 $ 57,229

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Summary of Fees to Vornado	The following is a summary of fees to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2018 2017 Company management fees $ 700 $ 700 Development fees 7 28 Leasing fees — 11 Property management, cleaning, engineering and security fees 1,026 988 $ 1,733 $ 1,727

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Outstanding Mortgages Payable	The following is a summary of our outstanding mortgages payable as of March 31, 2018 and December 31, 2017. We may refinance our maturing debt as it comes due or choose to repay it. Balance at (Amounts in thousands) Maturity (1) Interest Rate at March 31, 2018 March 31, 2018 December 31, 2017 First mortgages secured by: Rego Park I shopping center (100% cash collateralized) (2) May 2018 0.35% $ 78,246 $ 78,246 Paramus Oct. 2018 2.90% 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 3.74% 255,223 256,194 731 Lexington Avenue, retail space (4) Aug. 2022 3.09% 350,000 350,000 731 Lexington Avenue, office space (5) Jun. 2024 2.68% 500,000 500,000 Total 1,251,469 1,252,440 Deferred debt issuance costs, net of accumulated amortization of $7,628 and $6,315, respectively (10,905 ) (12,218 ) $ 1,240,564 $ 1,240,222 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended in March 2018 for two months. (3) Interest at LIBOR plus 1.85% . See Note 5 for details of our Rego Park II loan participation. (4) Interest at LIBOR plus 1.40% . (5) Interest at LIBOR plus 0.90% .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value	As of March 31, 2018 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 29,986 $ 29,986 $ — $ — Interest rate cap (included in other assets) 54 — 54 — Total assets $ 30,040 $ 29,986 $ 54 $ — As of December 31, 2017 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 35,156 $ 35,156 $ — $ — Interest rate cap (included in other assets) 6 — 6 — Total assets $ 35,162 $ 35,156 $ 6 $ —
Financial Assets and Liabilities Not Measured at Fair Value	The table below summarizes the carrying amounts and fair value of these financial instruments as of March 31, 2018 and December 31, 2017. As of March 31, 2018 As of December 31, 2017 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash equivalents $ 259,556 $ 259,556 $ 273,914 $ 273,914 Rego Park II loan participation 197,784 197,000 198,537 198,000 $ 457,340 $ 456,556 $ 472,451 $ 471,914 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,251,469 $ 1,241,000 $ 1,252,440 $ 1,239,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of 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, 2018 and 2017. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2018 2017 Income from continuing operations $ 14,097 $ 21,667 Loss from discontinued operations (see Note 8) (23,797 ) — Net (loss) income $ (9,700 ) $ 21,667 Weighted average shares outstanding – basic and diluted 5,115,982 5,114,701 Income from continuing operations $ 2.75 $ 4.24 Loss from discontinued operations (see Note 8) (4.65 ) — Net (loss) income per common share – basic and diluted $ (1.90 ) $ 4.24

Organization - Additional Infor

Organization - Additional Information (Detail)	Mar. 31, 2018property
Operating Property
Real Estate Properties [Line Items]
Number of properties in greater New York City metropolitan area	7

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Recently Issued Accounting Li31

Recently Issued Accounting Literature - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings	$ 274,977			$ 302,543
Change in fair value of marketable securities (see Note 7)	(5,170)	$ 0
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings			$ 5,156
Macerich Interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in fair value of marketable securities (see Note 7)	$ (5,170)
Closing share price	$ 56.02			$ 65.68
Macerich Interest | Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in fair value of marketable securities (see Note 7)	$ (5,170)

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Property rentals	$ 38,241	$ 38,273
Expense reimbursements	19,639	18,956
Total revenues	57,880	57,229
Base rent
Disaggregation of Revenue [Line Items]
Property rentals	36,700	36,662
Percentage rent
Disaggregation of Revenue [Line Items]
Property rentals	234	197
Parking revenue
Disaggregation of Revenue [Line Items]
Property rentals	1,307	1,414
Operating expense reimbursements
Disaggregation of Revenue [Line Items]
Expense reimbursements	18,680	18,020
Tenant services
Disaggregation of Revenue [Line Items]
Expense reimbursements	$ 959	$ 936

Rego Park II Loan Participati33

Rego Park II Loan Participation - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 28, 2017	Mar. 31, 2018	Mar. 31, 2017
Investment In Loan Participation [Line Items]
Rego Park II loan participation payment		$ 200,000	$ 0
Participation Agreement | Rego Park II
Investment In Loan Participation [Line Items]
Loan maturity date	Nov. 30, 2018
Rego Park II loan participation payment	$ 200,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
Interest rate (in percentage)		3.49%
Participation Agreement | Rego Park II | LIBOR
Investment In Loan Participation [Line Items]
Basis spread over LIBOR	1.60%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)ft²$ / ft²	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Receivable arising from the straight-lining of rents	$ 173,268		$ 174,713
Change in fair value of marketable securities (see Note 7)	(5,170)	$ 0
Toys R Us
Related Party Transaction [Line Items]
Tenant improvements	588
Umamortized deferred leasing costs	215
Receivable arising from the straight-lining of rents	$ 500
Rego Park II | Retail Space | Toys R Us
Related Party Transaction [Line Items]
Area of property | ft²	47
Annual revenue from leased property	$ 2,600
Vornado
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	32.40%
Management fee agreement value	$ 2,800
Vornado | Toys R Us
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent	32.50%
Vornado | Property management, cleaning, engineering and security fees | Rego Park II | Retail Space
Related Party Transaction [Line Items]
Property management fee agreement percentage of income	2.00%
Vornado | Property management, cleaning, engineering and security fees | 731 Lexington Avenue | Office and Retail Space
Related Party Transaction [Line Items]
Property management fee agreement price per square foot | $ / ft²	0.50
Vornado | Property management, cleaning, engineering and security fees | 731 Lexington Avenue | Common Area
Related Party Transaction [Line Items]
Property management fee agreement value	$ 306
Property management fee escalation percentage per annum	3.00%
Vornado | Development fees
Related Party Transaction [Line Items]
Development fee as percentage of development costs	6.00%
Amount Due to / (Fees paid to) related party	$ 27		21
Vornado | Leasing fees
Related Party Transaction [Line Items]
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%
Percentage commissions on sale of assets under fifty million	3.00%
Asset sale commission threshold	$ 50,000
Percentage commissions on sale of assets over fifty million	1.00%
Amount Due to / (Fees paid to) related party			1,811
Vornado | Management, Property Management, Cleaning, Engineering and Security Fees
Related Party Transaction [Line Items]
Amount Due to / (Fees paid to) related party	$ 691		$ 658

Related Party Transactions - Su

Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Fees to related party	$ 1,733	$ 1,727
Company management fees
Related Party Transaction [Line Items]
Fees to related party	700	700
Development fees
Related Party Transaction [Line Items]
Fees to related party	7	28
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	0	11
Property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 1,026	$ 988

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investment Holdings [Line Items]
Change in fair value of marketable securities (see Note 7)	$ (5,170)	$ 0
Macerich Interest
Investment Holdings [Line Items]
Macerich common shares	535,265		535,265
Economic basis per share	$ 56.05
Economic cost	$ 30,000
Fair value	$ 29,986		$ 35,156
Closing share price	$ 56.02		$ 65.68
Change in fair value of marketable securities (see Note 7)	$ (5,170)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Total real property transfer tax	$ 23,797,000
Additional real property transfer tax expense	15,874,000
Real property transfer tax interest	$ 7,923,000

Significant Tenant - Additional

Significant Tenant - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Properties [Line Items]
Real estate revenue, net	$ 57,880	$ 57,229
Customer Concentration Risk | Sales Revenue Services Net
Real Estate Properties [Line Items]
Percentage of minimum revenue threshold contributed by one tenant	10.00%
Bloomberg | Customer Concentration Risk | Sales Revenue Services Net
Real Estate Properties [Line Items]
Real estate revenue, net	$ 26,324	$ 26,010
Percentage rent contributed by tenant	45.00%	45.00%

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Detail) - Mortgages	1 Months Ended	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2018
Rego Park I | Retail Site
Mortgage Loans on Real Estate [Line Items]
Duration of mortgage loan extension	2 months
Rego Park II | Retail Site
Mortgage Loans on Real Estate [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
Rego Park II | Retail Site | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR		1.85%
731 Lexington Avenue | Retail Site
Mortgage Loans on Real Estate [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
731 Lexington Avenue | Retail Site | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR		1.40%
731 Lexington Avenue | Office Space
Mortgage Loans on Real Estate [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR
731 Lexington Avenue | Office Space | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR		0.90%

Mortgages Payable - Summary of

Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Notes payable	$ 1,240,564	$ 1,240,222
Mortgages
Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross	1,251,469	1,252,440
Deferred debt issuance costs, net of accumulated amortization of $7,628 and $6,315, respectively	(10,905)	(12,218)
Notes payable	$ 1,240,564	1,240,222
Mortgages | Rego Park I | Retail Space
Mortgage Loans on Real Estate [Line Items]
Maturity date	May 12, 2018
Interest rate (in percentage)	0.35%
Mortgage payable gross	$ 78,246	78,246
Mortgages | Paramus
Mortgage Loans on Real Estate [Line Items]
Maturity date	Oct. 5, 2018
Interest rate (in percentage)	2.90%
Mortgage payable gross	$ 68,000	68,000
Mortgages | Rego Park II | Retail Space
Mortgage Loans on Real Estate [Line Items]
Maturity date	Nov. 30, 2018
Interest rate (in percentage)	3.74%
Mortgage payable gross	$ 255,223	256,194
Mortgages | 731 Lexington Avenue | Retail Space
Mortgage Loans on Real Estate [Line Items]
Maturity date	Aug. 5, 2022
Interest rate (in percentage)	3.09%
Mortgage payable gross	$ 350,000	350,000
Mortgages | 731 Lexington Avenue | Office Space
Mortgage Loans on Real Estate [Line Items]
Interest rate (in percentage)	2.68%
Mortgage payable gross	$ 500,000	$ 500,000

Mortgages Payable - Summary o41

Mortgages Payable - Summary of Outstanding Mortgages Payable Narrative (Detail) - Mortgages - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate [Line Items]
Deferred debt issuance costs, accumulated amortization	$ 7,628	$ 6,315
Retail Space | Rego Park I
Mortgage Loans on Real Estate [Line Items]
Percentage of cash mortgage collateralized	100.00%
Mortgage loan extension date	2018-03

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - Recurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 30,040	$ 35,162
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	29,986	35,156
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	54	6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	29,986	35,156
Marketable securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	29,986	35,156
Marketable securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
Marketable securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
Interest rate cap (included in other assets)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	54	6
Interest rate cap (included in other assets) | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
Interest rate cap (included in other assets) | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	54	6
Interest rate cap (included in other assets) | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 0	$ 0

Fair Value Measurements - Fin43

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount
Assets:
Cash equivalents	$ 259,556	$ 273,914
Rego Park II loan participation	197,784	198,537
Assets	457,340	472,451
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	1,251,469	1,252,440
Fair Value
Assets:
Assets	456,556	471,914
Fair Value | Level 1
Assets:
Cash equivalents	259,556	273,914
Fair Value | Level 2
Assets:
Rego Park II loan participation	197,000	198,000
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 1,241,000	$ 1,239,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Feb. 28, 2014fire	Mar. 31, 2018USD ($)ft²	Mar. 31, 2017USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2001a
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence			$ 300,000,000
Insurance maximum coverage per property			300,000,000
Mortgages payable, net of deferred debt issuance costs			1,240,564,000			$ 1,240,222,000
Annual property rental			38,241,000	$ 38,273,000
Deferred leasing cost, net			44,580,000			$ 45,790,000
Standby letters of credit, outstanding			$ 1,040,000
Rego Park I | Sears
Loss Contingencies [Line Items]
Lease expiration date			2021-03
Number of fires | fire		2
Area of property | ft²			195,000
Annual property rental			$ 10,400,000
Straight line rent receivable			3,568,000
Deferred leasing cost, net			374,000
Rego Park I | Sears | Estimated Future Damages
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 650,000
Rego Park I | Sears | Minimum
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			4,000,000
Rego Park I | Sears | Minimum | Estimated Future Damages
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			25,000,000
Rego Park I | Sears | Maximum | Estimated Future Damages
Loss Contingencies [Line Items]
Reasonably possible losses			$ 650,000
Paramus | IKEA | Tenant Occupant
Loss Contingencies [Line Items]
Area of land | a							30.3
Fixed interest rate on the debt			2.90%
Triple-net rent, annual amount			$ 700,000
Mortgages payable, net of deferred debt issuance costs			$ 68,000,000
Debt instrument maturity date			Oct. 5, 2018
All Risk Property and Rental Value
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence			$ 1,700,000,000
Terrorism Coverage Including NBCR
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence			1,700,000,000
Insurance maximum coverage in aggregate			$ 1,700,000,000
NBCR
Loss Contingencies [Line Items]
Insurance coverage end date			Dec. 1, 2020
Self insured responsibility			18.00%
Federal government responsibility			82.00%
NBCR | FNSIC
Loss Contingencies [Line Items]
Insurance deductible			$ 306,000
Forecast | Paramus | IKEA | Tenant Occupant
Loss Contingencies [Line Items]
Lease purchase option amount					$ 75,000,000
Purchase option not exercised amount included in triple net rent over remainder of lease					68,000,000
Purchase option exercised, net cash proceeds from sale of land					7,000,000
Purchase option exercised, gain on sale of land					$ 60,000,000
Lease term range as Lessor					20 years
Loan Amortization Period					20 years

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Income from continuing operations	$ 14,097	$ 21,667
Loss from discontinued operations (see Note 8)	(23,797)	0
Net (loss) income	$ (9,700)	$ 21,667
Weighted average shares outstanding - basic and diluted	5,115,982	5,114,701
Income from continuing operations - basic and diluted (in usd per share)	$ 2.75	$ 4.24
Loss from discontinuing operations (see Note 8) - basic and diluted (in usd per share)	(4.65)	0
Net (loss) income per common share - basic and diluted (in usd per share)	$ (1.90)	$ 4.24