Alexander's (ALX) 10-K 11 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Jan. 31, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	ALEXANDERS INC
Entity Central Index Key	3,499
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		5,107,290
Entity Public Float			$ 810,094,000
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Trading Symbol	alx
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate, at cost:
Land	$ 44,971	$ 44,971
Buildings and leasehold improvements	978,474	988,846
Development and construction in progress	4,246	3,551
Total	1,027,691	1,037,368
Accumulated depreciation and amortization	(297,421)	(283,044)
Real estate, net	730,270	754,324
Cash and cash equivalents	283,056	307,536
Restricted cash	6,439	85,743
Rego Park II loan participation	195,708	198,537
Marketable securities	23,166	35,156
Tenant and other receivables, net of allowance for doubtful accounts of $671 and $1,501, respectively	4,075	2,693
Receivable arising from the straight-lining of rents	168,789	174,713
Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $31,039 and $35,152, respectively	40,669	45,790
Other assets	29,085	27,903
Assets	1,481,257	1,632,395
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,161,534	1,240,222
Amounts due to Vornado	708	2,490
Accounts payable and accrued expenses	30,889	42,827
Other liabilities	3,034	2,901
Total liabilities	1,196,165	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	31,971	31,577
Retained earnings	248,443	302,543
Accumulated other comprehensive (loss) income	(127)	5,030
Equity before treasury stock	285,460	344,323
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	285,092	343,955
Total liabilities and equity	$ 1,481,257	$ 1,632,395

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Tenant and other receivables, net of allowance for doubtful accounts of $671 and $1,501 respectively	$ 671	$ 1,501
Unamortized leasing fees to Vornado	$ 31,039	$ 35,152
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	5,107,290	5,107,290
Treasury stock: shares	66,160	66,160

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES
Property rentals	$ 152,795	$ 152,857	$ 151,444
Expense reimbursements	80,030	77,717	75,492
Total revenues	232,825	230,574	226,936
EXPENSES
Operating, including fees to Vornado of $4,700, $4,671 and $4,590, respectively	93,775	85,127	82,232
Depreciation and amortization	33,089	34,925	33,807
General and administrative, including management fees to Vornado of $2,380 in each year	5,339	5,252	5,436
Total expenses	132,203	125,304	121,475
OPERATING INCOME	100,622	105,270	105,461
Interest and other income, net	12,546	6,716	3,305
Interest and debt expense	(44,533)	(31,474)	(22,241)
Change in fair value of marketable securities (see Note 5)	(11,990)	0	0
Income before income taxes	56,645	80,512	86,525
Income tax expense	(4)	(3)	(48)
Income from continuing operations	56,641	80,509	86,477
Loss from discontinued operations (see Note 6)	(23,797)	0	0
Net income	$ 32,844	$ 80,509	$ 86,477
Income from continuing operations - basic and diluted (in usd per share)	$ 11.07	$ 15.74	$ 16.91
Loss from discontinued operations (see Note 6) - basic and diluted (in usd per share)	(4.65)	0	0
Net income per common share - basic and diluted (in dollars per share)	$ 6.42	$ 15.74	$ 16.91
Weighted average shares outstanding - basic and diluted (in shares)	5,116,838	5,115,501	5,114,084

Consolidated Statements of In_2

Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Fees to Vornado	$ 4,700	$ 4,671	$ 4,590
Management fees to Vornado	$ 2,380	$ 2,380	$ 2,380

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 32,844	$ 80,509	$ 86,477
Other comprehensive (loss) income:
Change in fair value of marketable securities (see Note 5)	0	(2,762)	(5,273)
Change in value of interest rate cap	(1)	(70)	133
Comprehensive income	$ 32,843	$ 77,677	$ 81,337

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance at Dec. 31, 2015	$ 352,880	$ 5,173	$ 30,739	$ 304,340	$ 13,002	$ (374)
Balance (in shares) at Dec. 31, 2015		5,173,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	86,477			86,477
Dividends paid	(81,822)			(81,822)
Change in fair value of marketable securities	(5,273)				(5,273)
Change in value of interest rate cap	133				133
Deferred stock unit grants	450		450
Balance (in shares) at Dec. 31, 2016		5,173,000
Balance at Dec. 31, 2016	352,845	$ 5,173	31,189	308,995	7,862	(374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80,509			80,509
Dividends paid	(86,961)			(86,961)
Change in fair value of marketable securities	(2,762)				(2,762)
Change in value of interest rate cap	(70)				(70)
Deferred stock unit grants	394		394
Other	$ 0		(6)			6
Balance (in shares) at Dec. 31, 2017	5,173,450	5,173,000
Balance at Dec. 31, 2017	$ 343,955	$ 5,173	31,577	302,543	5,030	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of change in accounting principle (see Note 2)	0			5,156	(5,156)
Net income	32,844			32,844
Dividends paid	(92,100)			(92,100)
Change in fair value of marketable securities	0
Change in value of interest rate cap	(1)				(1)
Deferred stock unit grants	$ 394		394
Balance (in shares) at Dec. 31, 2018	5,173,450	5,173,000
Balance at Dec. 31, 2018	$ 285,092	$ 5,173	$ 31,971	$ 248,443	$ (127)	$ (368)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 32,844	$ 80,509	$ 86,477
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	38,499	38,681	36,374
Straight-lining of rental income	5,924	4,297	2,347
Stock-based compensation expense	394	394	450
Change in fair value of marketable securities (see Note 5)	11,990	0	0
Change in operating assets and liabilities:
Tenant and other receivables, net	(1,382)	363	958
Other assets	(1,197)	(2,627)	(9,894)
Amounts due to Vornado	(1,907)	1,626	(1,913)
Accounts payable and accrued expenses	(11,760)	211	16,049
Other liabilities	133	(28)	(28)
Net cash provided by operating activities	73,538	123,426	130,820
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(3,966)	(3,434)	(15,506)
Rego Park II loan participation	0	(200,000)	0
Repayment of Rego Park II loan participation	2,829	1,463	0
Net cash used in investing activities	(1,137)	(201,971)	(15,506)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(160,142)	(303,707)	(3,440)
Proceeds from borrowing	78,246	500,000	0
Dividends paid	(92,100)	(86,961)	(81,822)
Debt issuance costs	(2,189)	(12,186)	(30)
Net cash (used in) provided by financing activities	(176,185)	97,146	(85,292)
Net (decrease) increase in cash and cash equivalents and restricted cash	(103,784)	18,601	30,022
Cash and cash equivalents and restricted cash at beginning of year	393,279	374,678	344,656
Cash and cash equivalents and restricted cash at end of year	289,495	393,279	374,678
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year	307,536	288,926	259,349
Restricted cash at beginning of year	85,743	85,752	85,307
Cash and cash equivalents and restricted cash at beginning of year	393,279	374,678	344,656
Cash and cash equivalents at end of year	283,056	307,536	288,926
Restricted cash at end of year	6,439	85,743	85,752
Cash and cash equivalents and restricted cash at end of year	289,495	393,279	374,678
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	38,231	26,994	19,517
NON-CASH TRANSACTIONS
Write-off of fully amortized and/or depreciated assets	16,090	4,265	1,691
Liability for real estate additions, including $125, $21, and $54 due to Vornado in 2018, 2017 and 2016, respectively	$ 631	$ 705	$ 322

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Liability for real estate additions	$ 631	$ 705	$ 322
Vornado
Liability for real estate additions	$ 125	$ 21	$ 54

Organization

Organization	12 Months Ended
	Dec. 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 consisting of: Operating properties • 731 Lexington Avenue, a 1,311,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan. The building contains 889,000 and 174,000 of net rentable square feet of office and retail space, respectively, which we own, and 248,000 square feet of residential space consisting of 105 condominium units, which we sold. Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot ( 83,000 square feet), The Container Store ( 34,000 square feet) and Hennes & Mauritz ( 27,000 square feet) are the principal retail tenants; • Rego Park I, a 343,000 square foot shopping center, located on Queens Boulevard and 63 rd Road in Queens. On April 4, 2017, Sears closed its 195,000 square foot anchor store at the property ( $10,300,000 of annual revenue). On October 15, 2018, Sears filed for Chapter 11 bankruptcy relief and rejected its lease. The center is also anchored by a 50,000 square foot Burlington, a 46,000 square foot Bed Bath & Beyond and a 36,000 square foot Marshalls; • Rego Park II, a 609,000 square foot shopping center, adjacent to the Rego Park I shopping center in Queens. The center is anchored by a 145,000 square foot Costco, a 135,000 square foot Century 21 and a 133,000 square foot Kohl’s. On January 10, 2019, Kohl’s announced that it plans to close and sublease its store at the property; Kohl’s remains obligated to us under its lease which expires in January 2031. On September 18, 2017, Toys “R” Us, Inc. (“Toys”), a one-third owned affiliate of Vornado as of December 31, 2018, filed for Chapter 11 bankruptcy relief. On June 30, 2018, Toys rejected its 47,000 square foot lease at the property ( $2,600,000 of annual revenue) and possession of the space was returned to us; • The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet; • Paramus, located at the intersection of Routes 4 and 17 in Paramus, New Jersey, consists of 30.3 acres of land that is leased to IKEA Property, Inc.; and • Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is sub-leased to New World Mall LLC for the remainder of our ground lease term. Property to be developed • Rego Park III, a 140,000 square foot land parcel adjacent to the Rego Park II shopping center in Queens, at the intersection of Junction Boulevard and the Horace Harding Service Road. We have determined that our properties have similar economic characteristics and meet the criteria that permit the properties to be aggregated into one reportable segment (the leasing, management, development and redeveloping of properties in the greater New York City metropolitan area). Our chief operating decision-maker assesses and measures segment operating results based on a performance measure referred to as net operating income at the individual operating segment. Net operating income for each property represents net rental revenues less operating expenses.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to the current year presentation. 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. 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 (loss) income.” 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 year ended December 31, 2018 we recorded a decrease in the fair value of our marketable securities of $11,990,000 , resulting from The Macerich Company’s (“Macerich”) closing share price of $43.28 as of December 31, 2018, compared to $65.68 as of December 31, 2017. In February 2016, the FASB issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases (“ASC 842”), as amended by subsequent ASUs on the topic, 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 two-method 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 adopted this standard effective January 1, 2019. We completed our evaluation of the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and accounting policies. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. For our Flushing property ground lease, which is classified as an operating lease, we will be required to record a right-of-use asset and lease liability 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. On January 1, 2019, we recorded the Flushing right-of-use asset and corresponding lease liability of approximately $5,400,000 as a result of the adoption of 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. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued 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. In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. An entity is permitted to early adopt by modifying existing disclosures and delay adoption of the additional disclosures until the effective date. The adoption of this update is not expected to have a material impact on our consolidated financial statements and disclosures. In October 2018, the FASB issued an update (“ASU 2018-16”) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted this update effective January 1, 2019. The adoption of this update did not have a material impact on our consolidated financial statements. Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2018 and 2017 , the carrying amount of our real estate, net of accumulated depreciation and amortization, was $730,270,000 and $754,324,000 , respectively. Maintenance and repairs are expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred. Our properties and related intangible assets, including properties to be developed in the future, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, (iii) money market funds, which invest in United States Treasury Bills and (iv) certificates of deposit placed through an account registry service (“CDARS”). To date we have not experienced any losses on our invested cash. Restricted Cash – Restricted cash primarily consists of security deposits and other cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. Prior to repayment in June 2018, restricted cash also consisted of cash held in a non-interest bearing escrow account in connection with our Rego Park I 100% cash collateralized mortgage. Marketable Securities – Our marketable securities consist of common shares of Macerich (NYSE: MAC), which 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 mark-to-market of these securities were included in “other comprehensive (loss) income.” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825 (see Note 5). Allowance for Doubtful Accounts – We periodically evaluate the collectibility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ( $671,000 and $1,501,000 as of December 31, 2018 and 2017 , respectively) for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates. Deferred Charges – Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct costs related to leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2018 were characterized, for federal income tax purposes, as 100.0% ordinary income. Dividends distributed for the year ended December 31, 2017 were characterized, for federal income tax purposes, as 99.5% ordinary income and 0.5% long-term capital gain income. Dividends distributed for the year ended December 31, 2016 were categorized, for federal income tax purposes, as 97.7% ordinary income and 2.3% long-term capital gain income. The following table reconciles our net income to estimated taxable income for the years ended December 31, 2018 , 2017 and 2016 . (Unaudited and in thousands) Year Ended December 31, 2018 2017 2016 Net income $ 32,844 $ 80,509 $ 86,477 Straight-line rent adjustments 5,870 4,250 2,347 Depreciation and amortization timing differences (6,586 ) 3,084 (14,534 ) Change in fair value of marketable securities (see Note 5) 11,990 — — Loss from discontinued operations (see Note 6) 23,797 — — Other 440 (343 ) 2,975 Estimated taxable income $ 68,355 $ 87,500 $ 77,265 As of December 31, 2018 , the net basis of our assets and liabilities for tax purposes is approximately $186,559,000 lower than the amount reported for financial statement purposes.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 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 years ended December 31, 2018, 2017 and 2016. For the Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Base rent $ 146,881 $ 146,833 $ 145,293 Percentage rent 234 174 182 Parking revenue 5,680 5,850 5,969 Property rentals 152,795 152,857 151,444 Operating expense reimbursements 76,273 73,757 71,699 Tenant services 3,757 3,960 3,793 Expense reimbursements 80,030 77,717 75,492 Total revenues $ 232,825 $ 230,574 $ 226,936

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Vornado As of December 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. Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2018 , Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.2% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado. Joseph Macnow, our Treasurer, is the Executive Vice President - Chief Financial Officer and Chief Administrative Officer of Vornado. Matthew Iocco, our Chief Financial Officer, is the Executive Vice President - Chief Accounting Officer of Vornado. 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) $315,000 , 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 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. Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 125 29 194 Leasing fees 13 1,829 7,401 Property management, cleaning, engineering and security fees 4,101 4,114 4,033 $ 7,039 $ 8,772 $ 14,428 As of December 31, 2018 , the amounts due to Vornado were $549,000 for management, property management, cleaning, engineering and security fees; $146,000 for development fees; and $13,000 for leasing 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) 4. RELATED PARTY TRANSACTIONS - continued Toys Our affiliate, Vornado, owned 32.5% of Toys as of December 31, 2018. On February 1, 2019, in connection with the Toys Chapter 11 bankruptcy, the plan of reorganization for Toys was declared effective and Vornado’s ownership in Toys was canceled and Toys’ Board of Directors was dissolved. Joseph Macnow, Vornado’s Executive Vice President and Chief Financial Officer and Wendy A. Silverstein, a member of our Board of Directors, represented Vornado as members of Toys’ Board of Directors. Also in connection with the Toys Chapter 11 bankruptcy, Toys rejected its 47,000 square foot lease at our Rego Park II shopping center ( $2,600,000 of annual revenue) effective June 30, 2018 and possession of the space was returned to us. Consequently, we accelerated depreciation and amortization of the remaining balances of $588,000 of tenant improvements and $215,000 of deferred leasing costs during the year ended December 31, 2018. We also wrote off the Toys receivable arising from the straight-lining of rent of $500,000 during the year ended December 31, 2018.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2018
Marketable Securities [Abstract]
Marketable Securities	MARKETABLE SECURITIES As of December 31, 2018 and 2017 , we owned 535,265 common shares of Macerich. These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of December 31, 2018 and 2017 , the fair value of these shares was $23,166,000 and $35,156,000 , respectively, based on Macerich’s closing share price of $43.28 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 mark-to-market of these securities were included in “other comprehensive (loss) income.” 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 year ended December 31, 2018 we recorded a decrease in the fair value of our marketable securities of $11,990,000 , resulting from Macerich’s closing share price of $43.28 as of December 31, 2018, compared to $65.68 as of December 31, 2017.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation	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 which is scheduled to be heard in the first half of 2019. In 2018, based on the precedent of the Tribunal’s decision, we recorded 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) and 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 year ended December 31, 2018 in accordance with the provisions of ASC Topic 360, Property, Plant and Equipment .

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Mortgages Payable	MORTGAGES PAYABLE On October 3, 2018, we extended our mortgage loan on our Paramus property. The $68,000,000 interest-only loan has a fixed rate of 4.72% and matures in October 2021. Previously the loan bore interest at a fixed rate of 2.90% . On December 12, 2018, we completed a $252,544,000 refinancing of our Rego Park II shopping center. The interest-only loan is at LIBOR plus 1.35% ( 3.87% as of December 31, 2018) and matures in December 2025. The previous loan bore interest at LIBOR plus 1.85% and was scheduled to mature in January 2019. The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it. Interest Rate at December 31, 2018 Balance at December 31, (Amounts in thousands) Maturity (1) 2018 2017 First mortgages secured by: Paramus Oct. 2021 4.72% $ 68,000 $ 68,000 731 Lexington Avenue, retail space (2) Aug. 2022 3.78% 350,000 350,000 731 Lexington Avenue, office space (3) Jun. 2024 3.36% 500,000 500,000 Rego Park II shopping center Dec. 2025 3.87% 252,544 (4) 256,194 Rego Park I shopping center (100% cash collateralized) (5) — — — 78,246 Total 1,170,544 1,252,440 Deferred debt issuance costs, net of accumulated amortization of $9,212 and $6,315, respectively (9,010 ) (12,218 ) $ 1,161,534 $ 1,240,222 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Interest at LIBOR plus 1.40%. (3) Interest at LIBOR plus 0.90%. (4) Interest at LIBOR plus 1.35%. See Note 8 for details of our Rego Park II loan participation. (5) Refinanced on May 11, 2018 and repaid on June 6, 2018. All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $589,492,000 as of December 31, 2018 . Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. As of December 31, 2018 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, Amount 2019 $ — 2020 — 2021 68,000 2022 350,000 2023 — Thereafter 752,544

Rego Park II Loan Participation

Rego Park II Loan Participation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Rego Park II Loan Participation	REGO PARK II LOAN PARTICIPATION We hold a participation in the Rego Park II shopping center loan and are entitled to interest at LIBOR plus 1.35% ( 3.87% as of December 31, 2018). The participation in the previous loan, which was refinanced on December 12, 2018, earned interest at LIBOR plus 1.60% . As of December 31, 2018 and 2017, our loan participation balance was $195,708,000 and $198,537,000 , respectively, and the investment is presented as “Rego Park II loan participation” on our consolidated balance sheets. Interest earned on the loan participation is recognized as “interest and other income, net” on our consolidated statements of income for the years ended December 31, 2018 and 2017.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS 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. Financial Assets and Liabilities Measured at Fair Value Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2018 and 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 December 31, 2018 and 2017 . As of December 31, 2018 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 23,166 $ 23,166 $ — $ — Interest rate cap (included in other assets) — — — — Total assets $ 23,166 $ 23,166 $ — $ — 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 $ — ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 9. FAIR VALUE MEASUREMENTS - continued Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents, 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 amount and fair value of these financial instruments as of December 31, 2018 and 2017 . As of December 31, 2018 As of December 31, 2017 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 173,858 $ 173,858 $ 273,914 $ 273,914 Rego Park II loan participation 195,708 196,000 198,537 198,000 $ 369,566 $ 369,858 $ 472,451 $ 471,914 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,170,544 $ 1,165,000 $ 1,252,440 $ 1,239,000

Leases

Leases	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Leases	LEASES As Lessor We lease space to tenants in an office building and in retail centers. The rental terms range from approximately 5 to 25 years . The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. We also lease residential space at The Alexander apartment tower with 1 or 2 year lease terms. Future base rental revenue under these non-cancelable operating leases is as follows: (Amounts in thousands) Year Ending December 31, Amount 2019 $ 138,784 2020 131,647 2021 120,450 2022 111,532 2023 111,962 Thereafter 671,111 These future minimum amounts do not include additional rents based on a percentage of retail tenants’ sales. These rents were $234,000 , $174,000 and $182,000 , respectively, for the years ended December 31, 2018 , 2017 and 2016 . ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 10. LEASES - continued Bloomberg accounted for revenue of $107,356,000 , $105,224,000 and $104,590,000 in the years ended December 31, 2018, 2017 and 2016, respectively, representing approximately 46% of our total revenues in each year. 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. As Lessee We are a tenant under a long-term ground lease at our Flushing property, which expires in 2027 and has one 10 -year extension option. In accordance with ASC 842, on January 1, 2019 we recorded a right-of-use asset and lease liability related to this ground lease equal to the present value of the remaining minimum lease payments of approximately $5,400,000 . Future lease payments under this operating lease, excluding the extension option, are as follows: (Amounts in thousands) Year Ending December 31, Amount 2019 $ 800 2020 800 2021 800 2022 800 2023 800 Thereafter 2,467 Rent expense was $746,000 in each of the years ended December 31, 2018 , 2017 and 2016 .

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION We account for stock-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation . Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado. On May 17, 2018, we granted each of the members of our Board of Directors 195 DSUs with a grant date fair value of $56,250 per grant, or $394,000 in the aggregate. The DSUs entitle the holders to receive shares of the Company’s common stock without the payment of any consideration. The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors. As of December 31, 2018, there were 10,057 DSUs outstanding and 495,730 shares were available for future grant under the Plan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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. 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 $323,000 deductible and 19% of the balance of a covered loss, and the Federal government is responsible for the remaining 81% 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 or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and 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. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance 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 4.72% , which matures in October 2021. The annual triple-net rent is the sum of $700,000 plus the amount of interest 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 leased 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 October 15, 2018, Sears filed for Chapter 11 bankruptcy relief resulting in an automatic stay of this case. On April 4, 2017, Sears closed its 195,000 square foot store at the property ( $10,300,000 of annual revenue). On October 15, 2018, Sears filed for Chapter 11 bankruptcy relief and rejected its lease. Consequently, we wrote off the remaining balance of the Sears receivable arising from the straight-lining of rent of $2,973,000 during the year ended December 31, 2018. In addition, we accelerated depreciation and amortization of the remaining balance of $312,000 of deferred leasing costs during the year ended December 31, 2018. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 12. COMMITMENTS AND CONTINGENCIES - continued Tenant Matter On January 10, 2019, Kohl’s announced that it plans to close and sublease its 133,000 square foot store at our Rego Park II shopping center; Kohl’s remains obligated to us under its lease which expires in January 2031. Letters of Credit Approximately $1,030,000 of standby letters of credit were issued and outstanding as of December 31, 2018 . Other We received approximately $165,000 , $396,000 and $825,000 from bankruptcy recoveries during the years ended December 31, 2018 , 2017 and 2016 , respectively, which is included as “interest and other income, net” in our consolidated statements of income. 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.

Multiemployer Benefit Plans

Multiemployer Benefit Plans	12 Months Ended
	Dec. 31, 2018
Multiemployer Plans [Abstract]
Multiemployer Benefit Plans	MULTIEMPLOYER BENEFIT PLANS Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our subsidiaries may be required to bear their pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2018 , our subsidiaries’ participation in these plans were not significant to our consolidated financial statements. In the years ended December 31, 2018 , 2017 and 2016 our subsidiaries contributed $161,000 , $162,000 and $147,000 , respectively, towards Multiemployer Pension Plans. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2018 , 2017 and 2016 . Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2018 , 2017 and 2016 our subsidiaries contributed $649,000 , $619,000 and $539,000 , respectively, towards these plans.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	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 (including DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) 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 years ended December 31, 2018 , 2017 and 2016 . For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2018 2017 2016 Income from continuing operations $ 56,641 $ 80,509 $ 86,477 Loss from discontinued operations (see Note 6) (23,797 ) — — Net income $ 32,844 $ 80,509 $ 86,477 Weighted average shares outstanding – basic and diluted 5,116,838 5,115,501 5,114,084 Income from continuing operations $ 11.07 $ 15.74 $ 16.91 Loss from discontinued operations (see Note 6) (4.65 ) — — Net income per common share – basic and diluted $ 6.42 $ 15.74 $ 16.91

Summary Of Quarterly Results (U

Summary Of Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Summary of Quarterly Results (Unaudited)	SUMMARY OF QUARTERLY RESULTS (UNAUDITED) Net Income (Loss) Per Common Share (1) (Amounts in thousands, except per share amounts) Revenues Net Income (Loss) Basic Diluted 2018 December 31 $ 57,567 $ 9,971 $ 1.95 $ 1.95 September 30 59,125 15,003 2.93 2.93 June 30 58,253 17,570 3.43 3.43 March 31 57,880 (9,700 ) (2) (1.90 ) (2) (1.90 ) (2) 2017 December 31 $ 58,061 $ 17,883 $ 3.50 $ 3.50 September 30 58,094 20,299 3.97 3.97 June 30 57,190 20,660 4.04 4.04 March 31 57,229 21,667 4.24 4.24 _______________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. (2) Includes $23,797, or $4.65 per common share, of expense for potential additional New York City real property transfer taxes on the 2012 sale of Kings Plaza which is being contested.

Schedule II_ Valuation and Qual

Schedule II: Valuation and Qualifying accounts	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II: Valuation and Qualifying Accounts	ALEXANDER’S, INC. AND SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Amounts in thousands) Column A Column B Column C Column D Column E Description Balance at Beginning of Year Additions: Charged Against Operations Deductions: Uncollectible Accounts Written Off Balance at End of Year Allowance for doubtful accounts: Year Ended December 31, 2018 $ 1,501 $ 4,459 $ (5,289 ) $ 671 Year Ended December 31, 2017 $ 1,473 $ 53 $ (25 ) $ 1,501 Year Ended December 31, 2016 $ 918 $ 557 $ (2 ) $ 1,473

Schedule III_ Real Estate and A

Schedule III: Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III: Real Estate and Accumulated Depreciation	ALEXANDER’S, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (Amounts in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Gross Amount at Which Life on which Depreciation in Latest Income Statement is Computed Initial Cost to Company (1) Costs Capitalized Subsequent to Acquisition Carried at Close of Period Accumulated Depreciation and Amortization Buildings and Leasehold Improvements Buildings and Leasehold Improvements Development and Construction In Progress Date of Construction Date Acquired (1) Description Encumbrances (2) Land Land Total (3) New York, NY Rego Park I $ — $ 1,647 $ 8,953 $ 54,456 $ 1,647 $ 62,836 $ 573 $ 65,056 $ 34,987 1959 1992 3-39 years Rego Park II 252,544 (4) 3,127 1,467 387,884 3,127 389,191 160 392,478 93,011 2009 1992 3-40 years The Alexander apartment tower — — — 119,112 — 119,112 — 119,112 13,631 2016 1992 3-39 years Rego Park III — 779 — 4,016 779 503 3,513 4,795 259 N/A 1992 5-15 years Flushing — — 1,660 (107 ) — 1,553 — 1,553 1,028 1975 (5) 1992 N/A Lexington Avenue 850,000 14,432 12,355 405,989 27,497 405,279 — 432,776 154,505 2003 1992 9-39 years Paramus, NJ 68,000 1,441 — 10,313 11,754 — — 11,754 — N/A 1992 N/A Other Properties — 167 1,804 (1,804 ) 167 — — 167 — N/A 1992 N/A TOTAL $ 1,170,544 $ 21,593 $ 26,239 $ 979,859 $ 44,971 $ 978,474 $ 4,246 $ 1,027,691 $ 297,421 (1) Initial cost is as of May 15, 1992 (the date on which the Company commenced its real estate operations). (2) Excludes deferred debt issuance costs, net of $9,010. (3) The net basis of the Company’s assets and liabilities for tax purposes is approximately $186,559 lower than the amount reported for financial statement purposes. (4) We hold a $195,708 participation in the loan. (5) Represents the date the lease was acquired. ALEXANDER’S, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in thousands) December 31, 2018 2017 2016 REAL ESTATE: Balance at beginning of period $ 1,037,368 $ 1,033,551 $ 1,029,472 Changes during the period: Land — — — Buildings and leasehold improvements 3,218 3,046 12,464 Development and construction in progress 695 771 (6,706 ) 1,041,281 1,037,368 1,035,230 Less: Fully depreciated assets (13,590 ) — (1,679 ) Balance at end of period $ 1,027,691 $ 1,037,368 $ 1,033,551 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 283,044 $ 252,737 $ 225,533 Additions charged to operating expenses 27,967 30,307 28,883 311,011 283,044 254,416 Less: Fully depreciated assets (13,590 ) — (1,679 ) Balance at end of period $ 297,421 $ 283,044 $ 252,737

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to the current year presentation.
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. 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 (loss) income.” 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 year ended December 31, 2018 we recorded a decrease in the fair value of our marketable securities of $11,990,000 , resulting from The Macerich Company’s (“Macerich”) closing share price of $43.28 as of December 31, 2018, compared to $65.68 as of December 31, 2017. In February 2016, the FASB issued an update (“ASU 2016-02”) establishing ASC Topic 842, Leases (“ASC 842”), as amended by subsequent ASUs on the topic, 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 two-method 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 adopted this standard effective January 1, 2019. We completed our evaluation of the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and accounting policies. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. For our Flushing property ground lease, which is classified as an operating lease, we will be required to record a right-of-use asset and lease liability 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. On January 1, 2019, we recorded the Flushing right-of-use asset and corresponding lease liability of approximately $5,400,000 as a result of the adoption of 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. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued 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. In August 2018, the FASB issued an update (“ASU 2018-13”) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement to ASC Topic 820, Fair Value Measurement (“ASC 820”). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, and/or adding certain disclosures. ASU 2018-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. An entity is permitted to early adopt by modifying existing disclosures and delay adoption of the additional disclosures until the effective date. The adoption of this update is not expected to have a material impact on our consolidated financial statements and disclosures. In October 2018, the FASB issued an update (“ASU 2018-16”) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. We adopted this update effective January 1, 2019. The adoption of this update did not have a material impact on our consolidated financial statements.
Real Estate	Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2018 and 2017 , the carrying amount of our real estate, net of accumulated depreciation and amortization, was $730,270,000 and $754,324,000 , respectively. Maintenance and repairs are expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred. Our properties and related intangible assets, including properties to be developed in the future, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
Cash and Cash Equivalents	Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, (iii) money market funds, which invest in United States Treasury Bills and (iv) certificates of deposit placed through an account registry service (“CDARS”). To date we have not experienced any losses on our invested cash.
Restricted Cash	Restricted cash primarily consists of security deposits and other cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. Prior to repayment in June 2018, restricted cash also consisted of cash held in a non-interest bearing escrow account in connection with our Rego Park I 100% cash collateralized mortgage
Marketable Securities	Our marketable securities consist of common shares of Macerich (NYSE: MAC), which 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 mark-to-market of these securities were included in “other comprehensive (loss) income.” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825
Allowance for Doubtful Accounts	We periodically evaluate the collectibility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ( $671,000 and $1,501,000 as of December 31, 2018 and 2017 , respectively) for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates.
Deferred Charges	Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct costs related to leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.
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 .
Income Taxes	We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2018 were characterized, for federal income tax purposes, as 100.0% ordinary income. Dividends distributed for the year ended December 31, 2017 were characterized, for federal income tax purposes, as 99.5% ordinary income and 0.5% long-term capital gain income. Dividends distributed for the year ended December 31, 2016 were categorized, for federal income tax purposes, as 97.7% ordinary income and 2.3% long-term capital gain income.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Reconciliation Of Net Income Attributable To Common Stockholders To Estimated Taxable Income	The following table reconciles our net income to estimated taxable income for the years ended December 31, 2018 , 2017 and 2016 . (Unaudited and in thousands) Year Ended December 31, 2018 2017 2016 Net income $ 32,844 $ 80,509 $ 86,477 Straight-line rent adjustments 5,870 4,250 2,347 Depreciation and amortization timing differences (6,586 ) 3,084 (14,534 ) Change in fair value of marketable securities (see Note 5) 11,990 — — Loss from discontinued operations (see Note 6) 23,797 — — Other 440 (343 ) 2,975 Estimated taxable income $ 68,355 $ 87,500 $ 77,265

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	For the Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Base rent $ 146,881 $ 146,833 $ 145,293 Percentage rent 234 174 182 Parking revenue 5,680 5,850 5,969 Property rentals 152,795 152,857 151,444 Operating expense reimbursements 76,273 73,757 71,699 Tenant services 3,757 3,960 3,793 Expense reimbursements 80,030 77,717 75,492 Total revenues $ 232,825 $ 230,574 $ 226,936

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 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. Year Ended December 31, (Amounts in thousands) 2018 2017 2016 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 125 29 194 Leasing fees 13 1,829 7,401 Property management, cleaning, engineering and security fees 4,101 4,114 4,033 $ 7,039 $ 8,772 $ 14,428

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it. Interest Rate at December 31, 2018 Balance at December 31, (Amounts in thousands) Maturity (1) 2018 2017 First mortgages secured by: Paramus Oct. 2021 4.72% $ 68,000 $ 68,000 731 Lexington Avenue, retail space (2) Aug. 2022 3.78% 350,000 350,000 731 Lexington Avenue, office space (3) Jun. 2024 3.36% 500,000 500,000 Rego Park II shopping center Dec. 2025 3.87% 252,544 (4) 256,194 Rego Park I shopping center (100% cash collateralized) (5) — — — 78,246 Total 1,170,544 1,252,440 Deferred debt issuance costs, net of accumulated amortization of $9,212 and $6,315, respectively (9,010 ) (12,218 ) $ 1,161,534 $ 1,240,222 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Interest at LIBOR plus 1.40%. (3) Interest at LIBOR plus 0.90%. (4) Interest at LIBOR plus 1.35%. See Note 8 for details of our Rego Park II loan participation. (5) Refinanced on May 11, 2018 and repaid on June 6, 2018.
Schedule of Maturities of Long-term Debt	As of December 31, 2018 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, Amount 2019 $ — 2020 — 2021 68,000 2022 350,000 2023 — Thereafter 752,544

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2018 and 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 December 31, 2018 and 2017 . As of December 31, 2018 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 23,166 $ 23,166 $ — $ — Interest rate cap (included in other assets) — — — — Total assets $ 23,166 $ 23,166 $ — $ — 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 $ —
Fair Value, by Balance Sheet Grouping	The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2018 and 2017 . As of December 31, 2018 As of December 31, 2017 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 173,858 $ 173,858 $ 273,914 $ 273,914 Rego Park II loan participation 195,708 196,000 198,537 198,000 $ 369,566 $ 369,858 $ 472,451 $ 471,914 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,170,544 $ 1,165,000 $ 1,252,440 $ 1,239,000

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2018
Leases [Abstract]
Schedule Of Future Minimum Payments Receivable For Operating Leases	Future base rental revenue under these non-cancelable operating leases is as follows: (Amounts in thousands) Year Ending December 31, Amount 2019 $ 138,784 2020 131,647 2021 120,450 2022 111,532 2023 111,962 Thereafter 671,111
Schedule of Future Minimum Rental Payments for Operating Leases	Future lease payments under this operating lease, excluding the extension option, are as follows: (Amounts in thousands) Year Ending December 31, Amount 2019 $ 800 2020 800 2021 800 2022 800 2023 800 Thereafter 2,467

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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, 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 (including DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) 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 years ended December 31, 2018 , 2017 and 2016 . For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2018 2017 2016 Income from continuing operations $ 56,641 $ 80,509 $ 86,477 Loss from discontinued operations (see Note 6) (23,797 ) — — Net income $ 32,844 $ 80,509 $ 86,477 Weighted average shares outstanding – basic and diluted 5,116,838 5,115,501 5,114,084 Income from continuing operations $ 11.07 $ 15.74 $ 16.91 Loss from discontinued operations (see Note 6) (4.65 ) — — Net income per common share – basic and diluted $ 6.42 $ 15.74 $ 16.91

Summary Of Quarterly Results (T

Summary Of Quarterly Results (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Summary of Quarterly Results (Unaudited)	Net Income (Loss) Per Common Share (1) (Amounts in thousands, except per share amounts) Revenues Net Income (Loss) Basic Diluted 2018 December 31 $ 57,567 $ 9,971 $ 1.95 $ 1.95 September 30 59,125 15,003 2.93 2.93 June 30 58,253 17,570 3.43 3.43 March 31 57,880 (9,700 ) (2) (1.90 ) (2) (1.90 ) (2) 2017 December 31 $ 58,061 $ 17,883 $ 3.50 $ 3.50 September 30 58,094 20,299 3.97 3.97 June 30 57,190 20,660 4.04 4.04 March 31 57,229 21,667 4.24 4.24 _______________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. (2) Includes $23,797, or $4.65 per common share, of expense for potential additional New York City real property transfer taxes on the 2012 sale of Kings Plaza which is being contested.

Organization (Details)

Organization (Details) ft² in Thousands, $ in Thousands	Jun. 30, 2018USD ($)ft²	Dec. 31, 2018USD ($)ft²apropertyaptunitssegmentcondomium_unit	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Apr. 04, 2017ft²
Operating Properties
Number of properties | property		7
Property rentals | $		$ 152,795	$ 152,857	$ 151,444
Number of segments | segment		1
Rego Park I | Sears
Operating Properties
Area of property (in square feet)					195
Property rentals | $		$ 10,300
Rego Park II | Kohl's
Operating Properties
Lease expiration date		Jan. 1, 2031
Rego Park II | Anchor
Operating Properties
Area of property (in square feet)		609
Rego Park II | Tenant Occupant | Anchor | Toys R Us/ Babies R Us
Operating Properties
Area of property (in square feet)	47
Property rentals | $	$ 2,600
Rego Park II | Retail space | Toys R Us/ Babies R Us
Operating Properties
Area of property (in square feet)		47
Percentage of affiliate owned		33.33%
Operating property | 731 Lexington Avenue
Operating Properties
Area of property (in square feet)		1,311
Operating property | 731 Lexington Avenue | Office space
Operating Properties
Area of property (in square feet)		889
Operating property | 731 Lexington Avenue | Retail space
Operating Properties
Area of property (in square feet)		174
Operating property | 731 Lexington Avenue | Retail space | Tenant Occupant | Home Depot
Operating Properties
Area of property (in square feet)		83
Operating property | 731 Lexington Avenue | Retail space | Tenant Occupant | Container Store
Operating Properties
Area of property (in square feet)		34
Operating property | 731 Lexington Avenue | Retail space | Tenant Occupant | Hennes Mauritz
Operating Properties
Area of property (in square feet)		27
Operating property | 731 Lexington Avenue | Residence space
Operating Properties
Area of property (in square feet)		248
Number of property units | condomium_unit		105
Operating property | Rego Park I
Operating Properties
Area of property (in square feet)		343
Operating property | Rego Park I | Tenant Occupant | Anchor | Sears
Operating Properties
Area of property (in square feet)		195
Operating property | Rego Park I | Tenant Occupant | Anchor | Burlington Coat Factory
Operating Properties
Area of property (in square feet)		50
Operating property | Rego Park I | Tenant Occupant | Anchor | Bed Bath and Beyond
Operating Properties
Area of property (in square feet)		46
Operating property | Rego Park I | Tenant Occupant | Anchor | Marshalls
Operating Properties
Area of property (in square feet)		36
Operating property | Rego Park II | Tenant Occupant | Anchor | Costco
Operating Properties
Area of property (in square feet)		145
Operating property | Rego Park II | Tenant Occupant | Anchor | Century 21
Operating Properties
Area of property (in square feet)		135
Operating property | Rego Park II | Tenant Occupant | Anchor | Kohl's
Operating Properties
Area of property (in square feet)		133
Operating property | Alexander apartment tower
Operating Properties
Area of property (in square feet)		255
Number of property units | aptunits		312
Operating property | Paramus | Tenant Occupant | Ikea
Operating Properties
Area of land | a		30.3
Operating property | Flushing property
Operating Properties
Area of property (in square feet)		167
Properties to be developed | Rego Park III
Operating Properties
Area of land		140

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 248,443	$ 302,543
Change in fair value of marketable securities (see Note 5)	$ (11,990)	$ 0	$ 0
Closing share price (in dollars per share)	$ 43.28	$ 65.68
Real estate, net	$ 730,270	$ 754,324
Cash and cash equivalent maturity maximum	3 months
Allowance for doubtful accounts	$ 671	$ 1,501
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings					$ 5,156
Macerich
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in fair value of marketable securities (see Note 5)	$ (11,990)
Closing share price (in dollars per share)	$ 43.28	$ 65.68
Subsequent Event | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance lease, right-of-use asset				$ 5,400
Finance lease, liability				$ 5,400
Rego Park I
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of cash mortgage collateralized	100.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Tax Treatment Of Dividend
Internal taxable income distribution policy (in percentage)									100.00%
Differences between book and tax basis	$ 186,559								$ 186,559
Reconciliation of Net Income to Estimated Taxable Income
Net income	$ 9,971	$ 15,003	$ 17,570	$ (9,700)	$ 17,883	$ 20,299	$ 20,660	$ 21,667	32,844	$ 80,509	$ 86,477
Straight-line rent adjustments									5,870	4,250	2,347
Depreciation and amortization timing differences									(6,586)	3,084	(14,534)
Change in fair value of marketable securities (see Note 5)									11,990	0	0
Loss from discontinued operations (see Note 6)									23,797	0	0
Other									440	(343)	2,975
Estimated taxable income									$ 68,355	$ 87,500	$ 77,265
Minimum
Tax Treatment Of Dividend
Real estate investment trust distributable income policy (in percentage)									90.00%
Ordinary Income
Tax Treatment Of Dividend
Payments of dividends net percent									100.00%	99.50%	97.70%
Long Term Capital Gain
Tax Treatment Of Dividend
Payments of dividends net percent										0.50%	2.30%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Property rentals									$ 152,795	$ 152,857	$ 151,444
Expense reimbursements									80,030	77,717	75,492
Total revenues	$ 57,567	$ 59,125	$ 58,253	$ 57,880	$ 58,061	$ 58,094	$ 57,190	$ 57,229	232,825	230,574	226,936
Base rent
Disaggregation of Revenue [Line Items]
Property rentals									146,881	146,833	145,293
Percentage rent
Disaggregation of Revenue [Line Items]
Property rentals									234	174	182
Parking revenue
Disaggregation of Revenue [Line Items]
Property rentals									5,680	5,850	5,969
Operating expense reimbursements
Disaggregation of Revenue [Line Items]
Expense reimbursements									76,273	73,757	71,699
Tenant services
Disaggregation of Revenue [Line Items]
Expense reimbursements									$ 3,757	$ 3,960	$ 3,793

Related Party Transactions (Det

Related Party Transactions (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)ft²$ / ft²	Dec. 31, 2017USD ($)
Leasing Agreements
Receivable arising from the straight-lining of rents	$ 168,789	$ 174,713
Rego Park II | Retail space | Toys R Us/ Babies R Us
Leasing Agreements
Area of property (in square feet) | ft²	47
Annual revenue attributable to tenant	$ 2,600
Receivable arising from the straight-lining of rents	$ 500
Vornado
Related Party Transaction
Noncontrolling interest, ownership percentage by parent	32.40%
Management and Development Agreements
Management fee agreement value	$ 2,800
Vornado | Toys R Us/ Babies R Us
Related Party Transaction
Noncontrolling interest, ownership percentage by parent	32.50%
Vornado | Property Management Fees | Rego Park II
Management and Development Agreements
Property management fee, percent fee	2.00%
Vornado | Property Management Fees | 731 Lexington Avenue
Management and Development Agreements
Property management fee agreement price per square foot | $ / ft²	0.50
Vornado | Property Management Fees | 731 Lexington Avenue | Common Area
Management and Development Agreements
Property management fee agreement value	$ 315
Property management fee escalation percentage per annum	3.00%
Vornado | Development fees
Management and Development Agreements
Development fee as a percentage of development costs	6.00%
Leasing Agreements
Amounts due	$ 146	21
Vornado | Leasing fees
Leasing Agreements
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%
Amounts due	$ 13	1,811
Vornado | Management, property management, cleaning and security fees
Leasing Agreements
Amounts due	$ 549	$ 658
Mr. Roth, Interstate, David Mandelbaum, and Russell B. Wight, Jr.
Related Party Transaction
Noncontrolling interest, ownership percentage by parent	26.20%
IP & Partners Through Vornado
Related Party Transaction
Noncontrolling interest, ownership percentage by parent	2.30%
Tenant Improvements | Toys R Us/ Babies R Us
Leasing Agreements
Depreciation and amortization	$ 588
Deferred Leasing Costs | Toys R Us/ Babies R Us
Leasing Agreements
Depreciation and amortization	$ 215

Related Party Transactions (Fee

Related Party Transactions (Fees to Vornado) (Details) - Vornado - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of fees to Vornado
Fees to related party	$ 7,039	$ 8,772	$ 14,428
Company management fees
Summary of fees to Vornado
Fees to related party	2,800	2,800	2,800
Development fees
Summary of fees to Vornado
Fees to related party	125	29	194
Leasing fees
Summary of fees to Vornado
Fees to related party	13	1,829	7,401
Property management, cleaning, engineering and security services
Summary of fees to Vornado
Fees to related party	$ 4,101	$ 4,114	$ 4,033

Marketable Securities (Details)

Marketable Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Marketable Securities [Line Items]
Investment owned, balance, shares	535,265	535,265
Economic basis per share (in dollars per share)	$ 56.05
Available-for-sale securities, amortized cost basis	$ 30,000,000
Fair value	$ 23,166,000	$ 35,156,000
Closing share price (in dollars per share)	$ 43.28	$ 65.68
Change in fair value of marketable securities (see Note 5)	$ (11,990,000)	$ 0	$ 0
Macerich
Marketable Securities [Line Items]
Closing share price (in dollars per share)	$ 43.28	$ 65.68
Change in fair value of marketable securities (see Note 5)	$ (11,990,000)

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Total real property tax expense	$ 23,797
Additional real property transfer tax expense	15,874
Real property tax expense interest	$ 7,923

Mortgages Payable (Narrative) (

Mortgages Payable (Narrative) (Details) - USD ($)	Dec. 11, 2018	Dec. 31, 2018	Dec. 12, 2018	Oct. 03, 2018	Oct. 02, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Mortgages payable, net of deferred debt issuance costs		$ 1,161,534,000				$ 1,240,222,000
Refinance date		May 11, 2018
Repayment date		Jun. 6, 2018
Paramus
Debt Instrument [Line Items]
Interest rate					2.90%
Matures in October 2021 | Paramus
Debt Instrument [Line Items]
Mortgages payable, net of deferred debt issuance costs				$ 68,000,000
Interest rate		4.72%
Matures in December 2025 | Rego Park II
Debt Instrument [Line Items]
Mortgages payable, net of deferred debt issuance costs			$ 252,544,000
Interest rate		3.87%
Matures in December 2025 | Rego Park II | LIBOR
Debt Instrument [Line Items]
Basis spread over LIBOR		1.35%
Matures in January 2019 | Rego Park II | LIBOR
Debt Instrument [Line Items]
Basis spread over LIBOR	1.85%

Mortgages Payable (Outstanding

Mortgages Payable (Outstanding mortgages payable) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Oct. 02, 2018	Dec. 31, 2017
Mortgage Loans on Real Estate
Deferred debt issuance costs, net of accumulated amortization of $9,212 and $6,315, respectively	$ (9,010)
Notes Payable (in US dollars)	$ 1,161,534		$ 1,240,222
Rego Park I
Mortgage Loans on Real Estate
Percentage of cash mortgage collateralized	100.00%
Paramus
Mortgage Loans on Real Estate
Interest rate		2.90%
Mortgages | Rego Park II | Retail space
Mortgage Loans on Real Estate
Interest rate	3.87%
Notes payable, gross			256,194
Mortgages | Secured loan
Mortgage Loans on Real Estate
Notes payable, gross	$ 1,170,544		1,252,440
Deferred debt issuance costs, net of accumulated amortization of $9,212 and $6,315, respectively	(9,010)		(12,218)
Notes Payable (in US dollars)	1,161,534		1,240,222
Deferred debt issuance costs, accumulated amortization	$ 9,212		$ 6,315
Mortgages | Secured loan | Rego Park I
Mortgage Loans on Real Estate
Percentage of cash mortgage collateralized	100.00%		100.00%
Notes payable, gross	$ 0		$ 78,246
Mortgages | Secured loan | Paramus
Mortgage Loans on Real Estate
Maturity date	Oct. 5, 2021
Interest rate	4.72%
Notes payable, gross	$ 68,000		68,000
Mortgages | Secured loan | Rego Park II
Mortgage Loans on Real Estate
Maturity date	Dec. 30, 2025
Notes payable, gross	$ 252,544
Mortgages | Secured loan | Rego Park II | LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	1.35%
Mortgages | Secured loan | 731 Lexington Avenue | Retail space
Mortgage Loans on Real Estate
Maturity date	Aug. 5, 2022
Interest rate	3.78%
Notes payable, gross	$ 350,000		350,000
Mortgages | Secured loan | 731 Lexington Avenue | Retail space | LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	1.40%
Mortgages | Secured loan | 731 Lexington Avenue | Office space
Mortgage Loans on Real Estate
Maturity date	Jun. 11, 2024
Interest rate	3.36%
Notes payable, gross	$ 500,000		$ 500,000
Mortgages | Secured loan | 731 Lexington Avenue | Office space | LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	0.90%

Mortgages Payable (Principal re

Mortgages Payable (Principal repayments for the next five years) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Debt Disclosure [Abstract]
Net carrying value of real estate collateralizing the debt	$ 589,492
Repayments of Long-term Debt
2,019	0
2,020	0
2,021	68,000
2,022	350,000
2,023	0
Thereafter	$ 752,544

Rego Park II Loan Participati_2

Rego Park II Loan Participation - (Narrative) (Details) - Participation Agreement - Rego Park II - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2018
Investment In Loan Participation [Line Items]
Interest rate		3.87%
Loan participation balance	$ 198,537	$ 195,708
LIBOR
Investment In Loan Participation [Line Items]
Basis spread over LIBOR	1.60%	1.35%

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value) (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Net Asset (Liability) [Abstract]
Total assets	$ 23,166	$ 35,162
Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	23,166	35,156
Interest rate cap (included in other assets)
Fair Value, Net Asset (Liability) [Abstract]
Total assets	0	6
Level 1
Fair Value, Net Asset (Liability) [Abstract]
Total assets	23,166	35,156
Level 1 | Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	23,166	35,156
Level 1 | Interest rate cap (included in other assets)
Fair Value, Net Asset (Liability) [Abstract]
Total assets	0	0
Level 2
Fair Value, Net Asset (Liability) [Abstract]
Total assets	0	6
Level 2 | Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	0	0
Level 2 | Interest rate cap (included in other assets)
Fair Value, Net Asset (Liability) [Abstract]
Total assets	0	6
Level 3
Fair Value, Net Asset (Liability) [Abstract]
Total assets	0	0
Level 3 | Marketable securities
Fair Value, Net Asset (Liability) [Abstract]
Total assets	0	0
Level 3 | Interest rate cap (included in other assets)
Fair Value, Net Asset (Liability) [Abstract]
Total assets	$ 0	$ 0

Fair Value Measurements (Fina_2

Fair Value Measurements (Financial Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Amount
Assets
Cash equivalents	$ 173,858	$ 273,914
Rego Park II loan participation	195,708	198,537
Assets	369,566	472,451
Liabilities [Abstract]
Mortgages payable	1,170,544	1,252,440
Fair Value
Assets
Cash equivalents	173,858	273,914
Assets	369,858	471,914
Liabilities [Abstract]
Mortgages payable	1,165,000	1,239,000
Level 2 | Fair Value
Assets
Rego Park II loan participation	$ 196,000	$ 198,000

Leases (Narratives) (Details)

Leases (Narratives) (Details)

3 Months Ended

12 Months Ended

Dec. 31, 2018USD ($)option

Sep. 30, 2018USD ($)

Jun. 30, 2018USD ($)

Mar. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2018USD ($)option

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Jan. 01, 2019USD ($)

As Lessor

Additional rent based on percentage of tenant's sales

$ 234,000

$ 174,000

$ 182,000

Revenues

$ 57,567,000

$ 59,125,000

$ 58,253,000

$ 57,880,000

$ 58,061,000

$ 58,094,000

$ 57,190,000

$ 57,229,000

$ 232,825,000

230,574,000

226,936,000

Minimum

Leases Lease Terms

Lease term range as Lessor

5 years

Maximum

Leases Lease Terms

Lease term range as Lessor

25 years

Alexander apartment tower | Residence space | Minimum

Leases Lease Terms

Lease term range as Lessor

1 year

Alexander apartment tower | Residence space | Maximum

Leases Lease Terms

Lease term range as Lessor

2 years

Flushing property

As Lessee

Rent expense

$ 746,000

746,000

746,000

Flushing property | Ten year extension option

As Lessee

Lease extension period

10 years

Number of extension options | option

1

1

Customer Concentration Risk | Bloomberg | Sales Revenue Services Net

As Lessor

Revenues

$ 107,356,000

$ 105,224,000

$ 104,590,000

Percentage rent contributed by tenant

46.00%

46.00%

46.00%

Subsequent Event | Accounting Standards Update 2016-02

As Lessee

Finance lease, right-of-use asset

$ 5,400,000

Finance lease, liability

$ 5,400,000

Leases (Leases Future Minimum P

Leases (Leases Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases, Future Minimum Payments Receivable
2,019	$ 138,784
2,020	131,647
2,021	120,450
2,022	111,532
2,023	111,962
Thereafter	671,111
Operating Leases, Future Minimum Payments Due
2,019	800
2,020	800
2,021	800
2,022	800
2,023	800
Thereafter	$ 2,467

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	May 17, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Non-option equity instruments, outstanding, number (in shares)		10,057
Shares available for future grant under the plan (in shares)		495,730
Director
Share-based Compensation Arrangement by Share-based Payment Award
Non-option equity instruments granted per director (in shares)	195
Non-option equity instruments grant date fair value per grant	$ 56,250
Non-option equity instruments grant date fair value per grant total	$ 394,000

Commitments and Contingencies (

Commitments and Contingencies (Insurance) (Details)	12 Months Ended
	Dec. 31, 2018USD ($)
Insurance
Insurance maximum coverage per incident	$ 300,000,000
Insurance maximum coverage per property	300,000,000
All Risk Property And Rental Value
Insurance
Insurance maximum coverage per incident	1,700,000,000
Terrorism Coverage Including NBCR
Insurance
Insurance maximum coverage per incident	$ 1,700,000,000
Insurance coverage end date	Dec. 1, 2020
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Insurance
Self Insured Responsibility (in percentage)	19.00%
Federal Government Responsibility (in percentage)	81.00%
FNSIC
Insurance
Insurance deductible	$ 323,000

Commitments and Contingencies_2

Commitments and Contingencies (Litigation and contingencies) (Details) ft² in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Feb. 28, 2014fire	Dec. 31, 2021USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 10, 2019ft²	Apr. 04, 2017ft²	Dec. 31, 2001a
Commitments And Contingencies Disclosure
Mortgages payable, carrying value				$ 1,161,534	$ 1,240,222
Property rentals				152,795	152,857	$ 151,444
Straight line rent adjustments				(5,870)	(4,250)	(2,347)
Unamortized deferred leasing costs				40,669	45,790
Standby letters of credit, outstanding				1,030
Proceeds from legal settlements				$ 165	$ 396	$ 825
Paramus | Ikea | Tenant Occupant
Commitments And Contingencies Disclosure
Area of land | a									30.3
Debt instrument, interest rate, stated percentage				4.72%
Triple-net rent, annual amount				$ 700
Maturity date				Oct. 1, 2021
Mortgages payable, carrying value				$ 68,000
Paramus | Ikea | Forecast | Tenant Occupant
Commitments And Contingencies Disclosure
Property purchase option exercisable by lessee			$ 75,000
Purchase option not exercised amount included in triple net rent over remainder of lease			68,000
Purchase option exercised, net cash proceeds from sale of land			7,000
Gain (loss) on disposition of real estate, discontinued operations			$ 60,000
Lease term range as Lessor			20 years
Loan amortization period			20 years
Rego Park I | Sears
Commitments And Contingencies Disclosure
Number of fires | fire		2
Area of property (in square feet) | ft²								195
Property rentals				10,300
Straight line rent adjustments				2,973
Unamortized deferred leasing costs				$ 312
Minimum
Commitments And Contingencies Disclosure
Lease term range as Lessor				5 years
Minimum | Rego Park I | Sears
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value				$ 4,000
Maximum
Commitments And Contingencies Disclosure
Lease term range as Lessor				25 years
Estimated Future Damages | Rego Park I | Sears
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value	$ 650
Estimated Future Damages | Minimum | Rego Park I | Sears
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value				$ 25,000
Estimated Future Damages | Maximum | Rego Park I | Sears
Commitments And Contingencies Disclosure
Loss contingency, estimate of possible loss				$ 650
Subsequent Event | Rego Park II | Kohl's
Commitments And Contingencies Disclosure
Area of property (in square feet) | ft²							133

Multiemployer Benefit Plans (De

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Multiemployer Plans
Multiemployer plans, period contributions, significance of contributions	false	false	false
Multiemployer Pension Plans
Multiemployer Plans
Multiemployer Plan, Contributions by Employer	$ 161	$ 162	$ 147
Multiemployer Health Plans
Multiemployer Plans
Multiemployer Plan, Contributions by Employer	$ 649	$ 619	$ 539

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Income from continuing operations									$ 56,641	$ 80,509	$ 86,477
Loss from discontinued operations (see Note 6)									(23,797)	0	0
Net income	$ 9,971	$ 15,003	$ 17,570	$ (9,700)	$ 17,883	$ 20,299	$ 20,660	$ 21,667	$ 32,844	$ 80,509	$ 86,477
Weighted average shares outstanding - basic and diluted (in shares)									5,116,838	5,115,501	5,114,084
Income from continuing operations - basic and diluted (in usd per share)									$ 11.07	$ 15.74	$ 16.91
Loss from discontinued operations (see Note 6) - basic and diluted (in usd per share)									(4.65)	0	0
Net income per common share - basic and diluted (in dollars per share)									$ 6.42	$ 15.74	$ 16.91

Summary Of Quarterly Results _2

Summary Of Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Revenues	$ 57,567	$ 59,125	$ 58,253	$ 57,880	$ 58,061	$ 58,094	$ 57,190	$ 57,229	$ 232,825	$ 230,574	$ 226,936
Net income	$ 9,971	$ 15,003	$ 17,570	$ (9,700)	$ 17,883	$ 20,299	$ 20,660	$ 21,667	$ 32,844	$ 80,509	$ 86,477
Net Income Per Common Share - Basic (in dollars per share)	$ 1.95	$ 2.93	$ 3.43	$ (1.90)	$ 3.50	$ 3.97	$ 4.04	$ 4.24
Net Income Per Common Share - Diluted (in dollars per share)	$ 1.95	$ 2.93	$ 3.43	$ (1.90)	$ 3.50	$ 3.97	$ 4.04	$ 4.24

Summary Of Quarterly Results (F

Summary Of Quarterly Results (Footnotes) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018
Quarterly Information [Line Items]
Total real property tax expense									$ 23,797
Net Income Per Common Share - Basic (in dollars per share)	$ 1.95	$ 2.93	$ 3.43	$ (1.90)	$ 3.50	$ 3.97	$ 4.04	$ 4.24
Kings Plaza
Quarterly Information [Line Items]
Total real property tax expense				$ 23,797
Net Income Per Common Share - Basic (in dollars per share)				$ 4.65

Schedule II_ Valuation and Qu_2

Schedule II: Valuation and Qualifying accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 1,501	$ 1,473	$ 918
Additions: Charged Against Operations	4,459	53	557
Deductions: Uncollectible Accounts Written Off	(5,289)	(25)	(2)
Balance at End of Year	$ 671	$ 1,501	$ 1,473

Schedule III_ Real estate and_2

Schedule III: Real estate and Accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 1,170,544
Initial cost of Land	21,593
Initial cost of Building and Leasehold improvements	26,239
Costs capitalized subsequent to acquisition	979,859
Carrying amount of Land	44,971
Carrying amount of Buildings and Leasehold improvements	978,474
Development and Construction in progress	4,246
Total	1,027,691	$ 1,037,368	$ 1,033,551	$ 1,029,472
Accumulated Depreciation and Amortization	297,421	283,044	$ 252,737	$ 225,533
Deferred debt issuance costs, net	9,010
Differences between book and tax basis	186,559
Other Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	0
Initial cost of Land	167
Initial cost of Building and Leasehold improvements	1,804
Costs capitalized subsequent to acquisition	(1,804)
Carrying amount of Land	167
Carrying amount of Buildings and Leasehold improvements	0
Development and Construction in progress	0
Total	167
Accumulated Depreciation and Amortization	$ 0
Date acquired	1,992
New York | Rego Park I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial cost of Land	1,647
Initial cost of Building and Leasehold improvements	8,953
Costs capitalized subsequent to acquisition	54,456
Carrying amount of Land	1,647
Carrying amount of Buildings and Leasehold improvements	62,836
Development and Construction in progress	573
Total	65,056
Accumulated Depreciation and Amortization	$ 34,987
Date of construction	1,959
Date acquired	1,992
New York | Rego Park I | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	3 years
New York | Rego Park I | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	39 years
New York | Rego Park II | Retail space
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 252,544
Initial cost of Land	3,127
Initial cost of Building and Leasehold improvements	1,467
Costs capitalized subsequent to acquisition	387,884
Carrying amount of Land	3,127
Carrying amount of Buildings and Leasehold improvements	389,191
Development and Construction in progress	160
Total	392,478
Accumulated Depreciation and Amortization	$ 93,011
Date of construction	2,009
Date acquired	1,992
New York | Rego Park II | Retail space | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	3 years
New York | Rego Park II | Retail space | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	40 years
New York | Alexander apartment tower
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial cost of Land	0
Initial cost of Building and Leasehold improvements	0
Costs capitalized subsequent to acquisition	119,112
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	119,112
Development and Construction in progress	0
Total	119,112
Accumulated Depreciation and Amortization	$ 13,631
Date of construction	2,016
Date acquired	1,992
New York | Alexander apartment tower | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	3 years
New York | Alexander apartment tower | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	39 years
New York | Rego Park III
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial cost of Land	779
Initial cost of Building and Leasehold improvements	0
Costs capitalized subsequent to acquisition	4,016
Carrying amount of Land	779
Carrying amount of Buildings and Leasehold improvements	503
Development and Construction in progress	3,513
Total	4,795
Accumulated Depreciation and Amortization	$ 259
Date acquired	1,992
New York | Rego Park III | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	5 years
New York | Rego Park III | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	15 years
New York | Flushing property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial cost of Land	0
Initial cost of Building and Leasehold improvements	1,660
Costs capitalized subsequent to acquisition	(107)
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	1,553
Development and Construction in progress	0
Total	1,553
Accumulated Depreciation and Amortization	$ 1,028
Date of construction	1,975
Date acquired	1,992
New York | Lexington Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 850,000
Initial cost of Land	14,432
Initial cost of Building and Leasehold improvements	12,355
Costs capitalized subsequent to acquisition	405,989
Carrying amount of Land	27,497
Carrying amount of Buildings and Leasehold improvements	405,279
Development and Construction in progress	0
Total	432,776
Accumulated Depreciation and Amortization	$ 154,505
Date of construction	2,003
Date acquired	1,992
New York | Lexington Avenue | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	9 years
New York | Lexington Avenue | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Property, Plant and Equipment, Useful Life	39 years
New Jersey | Paramus
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 68,000
Initial cost of Land	1,441
Initial cost of Building and Leasehold improvements	0
Costs capitalized subsequent to acquisition	10,313
Carrying amount of Land	11,754
Carrying amount of Buildings and Leasehold improvements	0
Development and Construction in progress	0
Total	11,754
Accumulated Depreciation and Amortization	$ 0
Date acquired	1,992
Participation Agreement | Rego Park II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Loan participation balance	$ 195,708	$ 198,537

Schedule III_ Real Estate and_3

Schedule III: Real Estate and Accumulated Depreciation (Rollforward of Real Estate and Accumulated Deprecation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REAL ESTATE:
Balance at beginning of period	$ 1,037,368	$ 1,033,551	$ 1,029,472
Subtotal real estate	1,041,281	1,037,368	1,035,230
Less: Fully depreciated assets	(13,590)	0	(1,679)
Balance at end of the period	1,027,691	1,037,368	1,033,551
ACCUMULATED DEPRECIATION:
Balance at beginning of period	283,044	252,737	225,533
Additions charged to operating expenses	27,967	30,307	28,883
Subtotal of accumulated depreciation	311,011	283,044	254,416
Less: Fully depreciated assets	(13,590)	0	(1,679)
Balance at end of the period	297,421	283,044	252,737
Land
REAL ESTATE:
Changes during the period	0	0	0
Buildings and leasehold improvements
REAL ESTATE:
Changes during the period	3,218	3,046	12,464
Development and construction in progress
REAL ESTATE:
Changes during the period	$ 695	$ 771
Changes during the period			$ (6,706)