Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ALX | |
Entity Registrant Name | ALEXANDERS INC | |
Entity Central Index Key | 0000003499 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 5,107,290 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Real estate, at cost: | ||
Land | $ 44,971 | $ 44,971 |
Buildings and leasehold improvements | 980,103 | 978,474 |
Development and construction in progress | 6,292 | 4,246 |
Total | 1,031,366 | 1,027,691 |
Accumulated depreciation and amortization | (304,207) | (297,421) |
Real estate, net | 727,159 | 730,270 |
Cash and cash equivalents | 302,944 | 283,056 |
Restricted cash | 9,790 | 6,439 |
Marketable securities | 23,204 | 23,166 |
Tenant and other receivables | 5,198 | 4,075 |
Receivable arising from the straight-lining of rents | 168,144 | 168,789 |
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $30,897 and $31,039, respectively | 40,290 | 40,669 |
Other assets | 18,983 | 29,085 |
Total assets | 1,295,712 | 1,285,549 |
LIABILITIES AND EQUITY | ||
Mortgages payable, net of deferred debt issuance costs | 967,112 | 965,826 |
Amounts due to Vornado | 1,442 | 708 |
Accounts payable and accrued expenses | 38,905 | 30,889 |
Other liabilities | 8,311 | 3,034 |
Total liabilities | 1,015,770 | 1,000,457 |
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 | 31,971 |
Retained earnings | 243,280 | 248,443 |
Accumulated other comprehensive loss | (114) | (127) |
Equity before treasury stock | 280,310 | 285,460 |
Treasury stock: 66,160 shares, at cost | (368) | (368) |
Total equity | 279,942 | 285,092 |
Total liabilities and equity | $ 1,295,712 | $ 1,285,549 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Unamortized leasing fees to Vornado | $ 30,897 | $ 31,039 |
Preferred stock: par value per share (in usd per share) | $ 1 | $ 1 |
Preferred stock: authorized shares | 3,000,000 | 3,000,000 |
Preferred stock: issued shares | 0 | 0 |
Preferred stock: outstanding shares | 0 | 0 |
Common stock: par value per share (in usd per share) | $ 1 | $ 1 |
Common stock: authorized shares | 10,000,000 | 10,000,000 |
Common stock: issued shares | 5,173,450 | 5,173,450 |
Common stock: outstanding shares | 5,107,290 | 5,107,290 |
Treasury stock: shares | 66,160 | 66,160 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
REVENUES | ||
Rental revenues | $ 56,778 | $ 57,880 |
EXPENSES | ||
Operating, including fees to Vornado of $1,249 and $1,166, respectively | (21,849) | (22,277) |
Depreciation and amortization | (7,828) | (8,283) |
General and administrative, including management fees to Vornado of $595 in each period | (1,245) | (1,262) |
Total expenses | (30,922) | (31,822) |
Interest and other income, net | 2,130 | 3,038 |
Interest and debt expense | (10,159) | (9,829) |
Change in fair value of marketable securities | 38 | (5,170) |
Income from continuing operations | 17,865 | 14,097 |
Loss from discontinued operations (see Note 7) | 0 | (23,797) |
Net income (loss) | $ 17,865 | $ (9,700) |
Income (loss) per common share – basic and diluted: | ||
Income from continuing operations - basic and diluted (in usd per share) | $ 3.49 | $ 2.75 |
Loss from discontinuing operations (see Note 7) - basic and diluted (in usd per share) | 0 | (4.65) |
Net income (loss) per common share - basic and diluted (in usd per share) | $ 3.49 | $ (1.90) |
Weighted average shares outstanding - basic and diluted (in shares) | 5,117,347 | 5,115,982 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Fees to Vornado | $ 1,249 | $ 1,166 |
Management fees to Vornado | $ 595 | $ 595 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 17,865 | $ (9,700) |
Other comprehensive income: | ||
Change in fair value of interest rate cap | 13 | 48 |
Comprehensive income (loss) | $ 17,878 | $ (9,652) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance, Shares at Dec. 31, 2017 | 5,173,000 | |||||
Beginning Balance, Value at Dec. 31, 2017 | $ 343,955 | $ 5,173 | $ 31,577 | $ 302,543 | $ 5,030 | $ (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (9,700) | (9,700) | ||||
Dividends paid ($4.50 per common share) | (23,022) | (23,022) | ||||
Cumulative effect of change in accounting principle | 0 | 5,156 | (5,156) | |||
Change in fair value of interest rate cap | 48 | 48 | ||||
Ending Balance, Shares at Mar. 31, 2018 | 5,173,000 | |||||
Ending Balance, Value at Mar. 31, 2018 | $ 311,281 | $ 5,173 | 31,577 | 274,977 | (78) | (368) |
Beginning Balance, Shares at Dec. 31, 2018 | 5,173,450 | 5,173,000 | ||||
Beginning Balance, Value at Dec. 31, 2018 | $ 285,092 | $ 5,173 | 31,971 | 248,443 | (127) | (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 17,865 | 17,865 | ||||
Dividends paid ($4.50 per common share) | (23,028) | (23,028) | ||||
Change in fair value of interest rate cap | $ 13 | 13 | ||||
Ending Balance, Shares at Mar. 31, 2019 | 5,173,450 | 5,173,000 | ||||
Ending Balance, Value at Mar. 31, 2019 | $ 279,942 | $ 5,173 | $ 31,971 | $ 243,280 | $ (114) | $ (368) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per common share (in usd per share) | $ 4.50 | $ 4.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 17,865 | $ (9,700) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization, including amortization of debt issuance costs | 9,118 | 9,596 |
Straight-lining of rental income | 645 | 1,445 |
Change in fair value of marketable securities | (38) | 5,170 |
Liability related to discontinued operations (see Note 7) | 0 | 23,797 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables, net | (1,123) | (214) |
Other assets | 13,340 | 13,558 |
Amounts due to Vornado | 710 | (1,778) |
Accounts payable and accrued expenses | 7,717 | (5,030) |
Other liabilities | (151) | (39) |
Net cash provided by operating activities | 48,083 | 36,805 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Construction in progress and real estate additions | (1,816) | (628) |
Repayment of Rego Park II loan participation | 0 | 753 |
Net cash (used in) provided by investing activities | (1,816) | 125 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt repayments | 0 | (971) |
Dividends paid | (23,028) | (23,022) |
Net cash used in financing activities | (23,028) | (23,993) |
Net increase in cash and cash equivalents and restricted cash | 23,239 | 12,937 |
Cash and cash equivalents and restricted cash at beginning of period | 289,495 | 393,279 |
Cash and cash equivalents and restricted cash at end of period | 312,734 | 406,216 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents at beginning of period | 283,056 | 307,536 |
Restricted cash at beginning of period | 6,439 | 85,743 |
Cash and cash equivalents and restricted cash at beginning of period | 289,495 | 393,279 |
Cash and cash equivalents at end of period | 302,944 | 319,026 |
Restricted cash at end of period | 9,790 | 87,190 |
Cash and cash equivalents and restricted cash at end of period | 312,734 | 406,216 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest | 8,965 | 8,356 |
NON-CASH TRANSACTIONS | ||
Lease liability arising from the recognition of right-of-use asset | 5,428 | 0 |
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment | 1,466 | 0 |
Liability for real estate additions, including $24 and $27 for development fees due to Vornado in 2019 and 2018, respectively | 829 | 1,028 |
Write-off of fully amortized and/or depreciated assets | $ 0 | $ 11,223 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Liability for real estate additions due to Vornado | $ 829 | $ 1,028 |
Development fees | Vornado | ||
Liability for real estate additions due to Vornado | $ 24 | $ 27 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2019 | |
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 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the operating results for the full year. Subsequent to the issuance of our consolidated financial statements for the year ended December 31, 2018, we determined that the $195,708,000 participation in our Rego Park II shopping center mortgage loan was incorrectly classified as an asset, presented as “Rego Park II loan participation,” instead of as a reduction to “mortgages payable, net of deferred debt issuance costs” on our consolidated balance sheet as of December 31, 2018. On December 12, 2018, we refinanced this mortgage loan and the interest rate on the existing loan participation was adjusted to equal the interest rate on the refinanced loan. Consequently, we should have considered $195,708,000 of the Rego Park II shopping center mortgage loan liability extinguished as the participation interest is considered the reacquisition of our debt. Accordingly, our consolidated balance sheet for the year ended December 31, 2018 has been restated to reclassify $195,708,000 from “Rego Park II loan participation” to “mortgages payable, net of deferred debt issuance costs.” This reclassification had no impact to our consolidated statements of income, comprehensive income, changes in equity, or cash flows for the three months ending March 31, 2018. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three months ended March 31, 2018, “property rentals” and “expense reimbursements” of $38,241,000 and $19,639,000 , respectively, were grouped into “rental revenues” on our consolidated statement of income in accordance with Accounting Standards Codification (“ASC”) Topic 205 Presentation of Financial Statements . We operate in one |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In February 2016, the Financial Accounting Standards Board (“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 equal to the present value of future minimum lease payments, less adjustments to the right-of-use asset for accrued rent expense, initial direct costs and prepaid lease payments 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 the previously 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 ASC Topic 840, Leases (“ASC 840”). We adopted this standard effective January 1, 2019 using the modified retrospective approach. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. These elections have been applied consistently to all of our leases. On January 1, 2019, for our Flushing property ground lease, which is classified as an operating lease, we recorded a right-of-use asset of $5,058,000 (included in “other assets”) and a lease liability of $5,428,000 (included in “other liabilities”) (see Note 11 - Leases ). 3. Recently Issued Accounting Literature - continued 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. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not 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 Topic 815, Derivatives and Hedging |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Our rental revenues include revenues from the leasing of space to tenants at our properties and revenues from parking and tenant services. We have the following revenue recognition policies: • Lease revenues from the leasing of space to tenants at our properties. Revenues derived from base rent 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 underlying asset is available for use by the lessee. 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. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease components (base and variable rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursement of real estate taxes and insurance expenses from our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. • Parking revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). • 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 in accordance with ASC 606. The following is a summary of revenue sources for the three months ended March 31, 2019 and 2018. Three Months Ended March 31, (Amounts in thousands) 2019 2018 Lease revenues $ 54,496 $ 55,614 Parking revenue 1,495 1,307 Tenant services 787 959 Rental revenues $ 56,778 $ 57,880 The components of lease revenues for the three months ended March 31, 2019 are as follows: (Amounts in thousands) Three Months Ended March 31, 2019 Fixed lease revenues $ 35,729 Variable lease revenues 18,767 Lease revenues $ 54,496 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Vornado As of March 31, 2019 , Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable. Management and Development Agreements We pay Vornado an annual management fee equal to the sum of (i) $2,800,000 , (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $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 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. The following is a summary of fees to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2019 2018 Company management fees $ 657 $ 700 Development fees 24 7 Leasing fees 737 — Property management, cleaning, engineering and security fees 1,147 1,026 $ 2,565 $ 1,733 As of March 31, 2019 , the amounts due to Vornado were $729,000 for leasing fees; $543,000 for management, property management, cleaning, engineering and security fees; and $170,000 for development fees. 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. Toys “R” Us, Inc. (“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 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities As of March 31, 2019 and December 31, 2018, we owned 535,265 common shares of The Macerich Company (“Macerich”) (NYSE: MAC). These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of March 31, 2019 and December 31, 2018, the fair value of these shares was $23,204,000 and $23,166,000 , respectively, based on Macerich’s closing share price of $43.35 per share and $43.28 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In 2012, we sold the Kings Plaza Regional Shopping Center (“Kings Plaza”) and paid real property transfer taxes to New York City in connection with the sale. In 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional New York City real property transfer tax amount, including interest. 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 appealed the Tribunal’s decision to the Appellate Division of the Supreme Court of the State of New York and on April 25, 2019, the Tribunal’s decision was unanimously upheld. We are currently evaluating our options relating to this matter. Based on the precedent of the Tribunal’s decision, we accrued an expense for the potential additional real property transfer taxes of $23,797,000 ( $15,874,000 of real property transfer tax and $7,923,000 of interest) during the three months ended March 31, 2018. On April 5, 2018, we paid this amount in order to stop the interest from accruing. As the results related to Kings Plaza were previously classified as discontinued operations, we have classified the expense as “loss from discontinued operations” on our consolidated statement of income for the three months ended March 31, 2018 in accordance with the provisions of ASC Topic 360, Property, Plant and Equipment |
Significant Tenant
Significant Tenant | 3 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Significant Tenant | Significant Tenant Bloomberg L.P. (“Bloomberg”) accounted for revenue of $27,004,000 and $26,324,000 for the three months ended March 31, 2019 and 2018, respectively, representing approximately 48% and 45% of our total revenues in each period, respectively. No other tenant accounted for more than 10% |
Mortgages Payable
Mortgages Payable | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | Mortgages Payable The following is a summary of our outstanding mortgages payable as of March 31, 2019 and December 31, 2018. We may refinance our maturing debt as it comes due or choose to repay it. Balance at (Amounts in thousands) Maturity (1) Interest Rate at March 31, 2019 March 31, 2019 December 31, 2018 First mortgages secured by: Paramus Oct. 2021 4.72% $ 68,000 $ 68,000 731 Lexington Avenue, retail space (2) Aug. 2022 3.88% 350,000 350,000 731 Lexington Avenue, office space (3) Jun. 2024 3.38% 500,000 500,000 Rego Park II shopping center (4) Dec. 2025 3.85% 56,836 56,836 Total 974,836 974,836 Deferred debt issuance costs, net of accumulated amortization of $10,498 and $9,212, respectively (7,724 ) (9,010 ) $ 967,112 $ 965,826 (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% . The amount of this loan is net of our $195,708 loan participation (see Note 2 - Basis of Presentation |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018, consist of marketable securities and an interest rate cap, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2019 and December 31, 2018. As of March 31, 2019 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 23,204 $ 23,204 $ — $ — Interest rate cap (included in other assets) — — — — Total assets $ 23,204 $ 23,204 $ — $ — 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 $ — $ — 10. 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 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 value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2019 and December 31, 2018. As of March 31, 2019 As of December 31, 2018 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash equivalents $ 267,925 $ 267,925 $ 173,858 $ 173,858 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 974,836 $ 970,000 $ 974,836 $ 969,000 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases As Lessor We lease space to tenants under operating leases 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. We have elected to account for lease revenues (including fixed and variable rent) and the reimbursement of common area maintenance expenses as a single lease component presented as “rental revenues” in our consolidated statements of income. Future undiscounted cash flows under our non-cancelable operating leases are as follows: Under ASC 842 (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 104,848 For the year ending December 31, 2020 133,847 2021 123,219 2022 113,987 2023 114,550 2024 122,621 Thereafter 557,784 Under ASC 840 (Amounts in thousands) As of December 31, 2018 For the year ending December 31, 2019 $ 138,784 2020 131,647 2021 120,450 2022 111,532 2023 111,962 Thereafter 671,111 These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales. 11. Leases - continued As Lessee We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2027 and has one 10 -year extension option. 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. As of March 31, 2019, the right-of-use asset of $4,928,000 and the lease liability of $5,284,000 , are included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet. The discount rate applied to measure the right-of-use asset and lease liability is based on the incremental borrowing rate (“IBR”) for the property of 4.20% . We initially consider the general economic environment and factor in various financing and asset specific adjustments so that the IBR is appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, the lease term assumption determined under ASC 840 was carried forward and applied in calculating our lease liability recorded under ASC 842. Future lease payments under this operating lease, excluding the extension option, are as follows: Under ASC 842 (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 600 For the year ending December 31, 2020 800 2021 800 2022 800 2023 800 2024 800 Thereafter 1,600 Total undiscounted cash flows 6,200 Present value discount (916 ) Lease liability as of March 31, 2019 $ 5,284 Under ASC 840 (Amounts in thousands) As of December 31, 2018 For the year ending December 31, 2019 $ 800 2020 800 2021 800 2022 800 2023 800 Thereafter 2,467 We recognize rent expense as a component of “operating expenses” on our consolidated statements of income on a straight-line basis. Rent expense was $186,000 in each of the quarters ended March 31, 2019 and 2018. Cash paid for rent expense was $200,000 |
Leases | Leases As Lessor We lease space to tenants under operating leases 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. We have elected to account for lease revenues (including fixed and variable rent) and the reimbursement of common area maintenance expenses as a single lease component presented as “rental revenues” in our consolidated statements of income. Future undiscounted cash flows under our non-cancelable operating leases are as follows: Under ASC 842 (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 104,848 For the year ending December 31, 2020 133,847 2021 123,219 2022 113,987 2023 114,550 2024 122,621 Thereafter 557,784 Under ASC 840 (Amounts in thousands) As of December 31, 2018 For the year ending December 31, 2019 $ 138,784 2020 131,647 2021 120,450 2022 111,532 2023 111,962 Thereafter 671,111 These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales. 11. Leases - continued As Lessee We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2027 and has one 10 -year extension option. 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. As of March 31, 2019, the right-of-use asset of $4,928,000 and the lease liability of $5,284,000 , are included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet. The discount rate applied to measure the right-of-use asset and lease liability is based on the incremental borrowing rate (“IBR”) for the property of 4.20% . We initially consider the general economic environment and factor in various financing and asset specific adjustments so that the IBR is appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, the lease term assumption determined under ASC 840 was carried forward and applied in calculating our lease liability recorded under ASC 842. Future lease payments under this operating lease, excluding the extension option, are as follows: Under ASC 842 (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 600 For the year ending December 31, 2020 800 2021 800 2022 800 2023 800 2024 800 Thereafter 1,600 Total undiscounted cash flows 6,200 Present value discount (916 ) Lease liability as of March 31, 2019 $ 5,284 Under ASC 840 (Amounts in thousands) As of December 31, 2018 For the year ending December 31, 2019 $ 800 2020 800 2021 800 2022 800 2023 800 Thereafter 2,467 We recognize rent expense as a component of “operating expenses” on our consolidated statements of income on a straight-line basis. Rent expense was $186,000 in each of the quarters ended March 31, 2019 and 2018. Cash paid for rent expense was $200,000 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
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. 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 the 195,000 square foot store 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 $4,000,000 and future damages it estimated would not be less than $25,000,000 . In March 2016, Sears withdrew its claim for future damages leaving a remaining claim for property damages, which we estimate to be approximately $650,000 based on information provided by Sears. We intend to defend the remaining claim vigorously. The amount or range of reasonably possible losses, if any, is not expected to be greater than $650,000 . On April 4, 2017, Sears closed its store at Rego Park I ( $10,300,000 of annual revenue). On October 15, 2018, Sears filed for Chapter 11 bankruptcy relief and rejected its lease resulting in an automatic stay of this case. 12. Commitments and Contingencies - continued Tenant Matter On April 13, 2019, Kohl’s closed its 133,000 square foot store at our Rego Park II shopping center. Kohl’s plans to sublease its store and 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 March 31, 2019 . Other |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2019 and 2018. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2019 2018 Income from continuing operations $ 17,865 $ 14,097 Loss from discontinued operations (see Note 7) — (23,797 ) Net income (loss) $ 17,865 $ (9,700 ) Weighted average shares outstanding – basic and diluted 5,117,347 5,115,982 Income from continuing operations $ 3.49 $ 2.75 Loss from discontinued operations (see Note 7) — (4.65 ) Net income (loss) per common share – basic and diluted $ 3.49 $ (1.90 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the operating results for the full year. Subsequent to the issuance of our consolidated financial statements for the year ended December 31, 2018, we determined that the $195,708,000 participation in our Rego Park II shopping center mortgage loan was incorrectly classified as an asset, presented as “Rego Park II loan participation,” instead of as a reduction to “mortgages payable, net of deferred debt issuance costs” on our consolidated balance sheet as of December 31, 2018. On December 12, 2018, we refinanced this mortgage loan and the interest rate on the existing loan participation was adjusted to equal the interest rate on the refinanced loan. Consequently, we should have considered $195,708,000 of the Rego Park II shopping center mortgage loan liability extinguished as the participation interest is considered the reacquisition of our debt. Accordingly, our consolidated balance sheet for the year ended December 31, 2018 has been restated to reclassify $195,708,000 from “Rego Park II loan participation” to “mortgages payable, net of deferred debt issuance costs.” This reclassification had no impact to our consolidated statements of income, comprehensive income, changes in equity, or cash flows for the three months ending March 31, 2018. Certain prior year balances have been reclassified in order to conform to the current period presentation. For the three months ended March 31, 2018, “property rentals” and “expense reimbursements” of $38,241,000 and $19,639,000 , respectively, were grouped into “rental revenues” on our consolidated statement of income in accordance with Accounting Standards Codification (“ASC”) Topic 205 Presentation of Financial Statements . We operate in one |
Fair Value Measurement | 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. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not 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 Topic 815, Derivatives and Hedging |
Recently Issued Accounting Literature | In February 2016, the Financial Accounting Standards Board (“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 equal to the present value of future minimum lease payments, less adjustments to the right-of-use asset for accrued rent expense, initial direct costs and prepaid lease payments 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 the previously 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 ASC Topic 840, Leases (“ASC 840”). We adopted this standard effective January 1, 2019 using the modified retrospective approach. In transitioning to ASC 842, we elected to use the practical expedient package available to us and did not elect to use hindsight. These elections have been applied consistently to all of our leases. On January 1, 2019, for our Flushing property ground lease, which is classified as an operating lease, we recorded a right-of-use asset of $5,058,000 (included in “other assets”) and a lease liability of $5,428,000 (included in “other liabilities”) (see Note 11 - Leases ). 3. Recently Issued Accounting Literature - continued 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. We elected to early adopt ASU 2018-13 effective January 1, 2019. The adoption of this update did not 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 Topic 815, Derivatives and Hedging |
Revenue Recognition | Our rental revenues include revenues from the leasing of space to tenants at our properties and revenues from parking and tenant services. We have the following revenue recognition policies: • Lease revenues from the leasing of space to tenants at our properties. Revenues derived from base rent 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 underlying asset is available for use by the lessee. 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. Revenue derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease components (base and variable rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursement of real estate taxes and insurance expenses from our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. • Parking revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). • 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 in accordance with ASC 606. |
Marketable Securities | Available-for-sale securities are presented at fair value on our consolidated balance sheets and gains and losses resulting from the mark-to-market of these securities are recognized in current period earnings. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following is a summary of revenue sources for the three months ended March 31, 2019 and 2018. Three Months Ended March 31, (Amounts in thousands) 2019 2018 Lease revenues $ 54,496 $ 55,614 Parking revenue 1,495 1,307 Tenant services 787 959 Rental revenues $ 56,778 $ 57,880 |
Components of Lease Revenue | The components of lease revenues for the three months ended March 31, 2019 are as follows: (Amounts in thousands) Three Months Ended March 31, 2019 Fixed lease revenues $ 35,729 Variable lease revenues 18,767 Lease revenues $ 54,496 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Fees to Vornado | The following is a summary of fees to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2019 2018 Company management fees $ 657 $ 700 Development fees 24 7 Leasing fees 737 — Property management, cleaning, engineering and security fees 1,147 1,026 $ 2,565 $ 1,733 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Mortgages Payable | The following is a summary of our outstanding mortgages payable as of March 31, 2019 and December 31, 2018. We may refinance our maturing debt as it comes due or choose to repay it. Balance at (Amounts in thousands) Maturity (1) Interest Rate at March 31, 2019 March 31, 2019 December 31, 2018 First mortgages secured by: Paramus Oct. 2021 4.72% $ 68,000 $ 68,000 731 Lexington Avenue, retail space (2) Aug. 2022 3.88% 350,000 350,000 731 Lexington Avenue, office space (3) Jun. 2024 3.38% 500,000 500,000 Rego Park II shopping center (4) Dec. 2025 3.85% 56,836 56,836 Total 974,836 974,836 Deferred debt issuance costs, net of accumulated amortization of $10,498 and $9,212, respectively (7,724 ) (9,010 ) $ 967,112 $ 965,826 (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% . The amount of this loan is net of our $195,708 loan participation (see Note 2 - Basis of Presentation |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value | Financial assets measured at fair value on our consolidated balance sheets as of March 31, 2019 and December 31, 2018, consist of marketable securities and an interest rate cap, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2019 and December 31, 2018. As of March 31, 2019 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 23,204 $ 23,204 $ — $ — Interest rate cap (included in other assets) — — — — Total assets $ 23,204 $ 23,204 $ — $ — 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 $ — $ — |
Financial Assets and Liabilities Not Measured at Fair Value | The table below summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2019 and December 31, 2018. As of March 31, 2019 As of December 31, 2018 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash equivalents $ 267,925 $ 267,925 $ 173,858 $ 173,858 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 974,836 $ 970,000 $ 974,836 $ 969,000 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | Future undiscounted cash flows under our non-cancelable operating leases are as follows: Under ASC 842 (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 104,848 For the year ending December 31, 2020 133,847 2021 123,219 2022 113,987 2023 114,550 2024 122,621 Thereafter 557,784 |
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | Under ASC 840 (Amounts in thousands) As of December 31, 2018 For the year ending December 31, 2019 $ 138,784 2020 131,647 2021 120,450 2022 111,532 2023 111,962 Thereafter 671,111 |
Lessee, Operating Lease, Liability, Maturity | Future lease payments under this operating lease, excluding the extension option, are as follows: Under ASC 842 (Amounts in thousands) As of March 31, 2019 For the remainder of 2019 $ 600 For the year ending December 31, 2020 800 2021 800 2022 800 2023 800 2024 800 Thereafter 1,600 Total undiscounted cash flows 6,200 Present value discount (916 ) Lease liability as of March 31, 2019 $ 5,284 |
Schedule of Future Minimum Rental Payments for Operating Leases | Under ASC 840 (Amounts in thousands) As of December 31, 2018 For the year ending December 31, 2019 $ 800 2020 800 2021 800 2022 800 2023 800 Thereafter 2,467 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2019 and 2018. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2019 2018 Income from continuing operations $ 17,865 $ 14,097 Loss from discontinued operations (see Note 7) — (23,797 ) Net income (loss) $ 17,865 $ (9,700 ) Weighted average shares outstanding – basic and diluted 5,117,347 5,115,982 Income from continuing operations $ 3.49 $ 2.75 Loss from discontinued operations (see Note 7) — (4.65 ) Net income (loss) per common share – basic and diluted $ 3.49 $ (1.90 ) |
Organization - Additional Infor
Organization - Additional Information (Detail) | Mar. 31, 2019property |
Operating Property | |
Real Estate Properties [Line Items] | |
Number of properties in greater New York City metropolitan area (property) | 7 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Decrease to mortgages payable, net of deferred debt issuance costs | $ (967,112) | $ (965,826) | |
Number of reportable segments | segment | 1 | ||
Previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Rego Park II Loan Participation | 195,708 | ||
Restatement Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Property rentals | $ 38,241 | ||
Expense reimbursements | $ 19,639 | ||
Restatement to reclassify Rego Park II as a reduction to mortgage payable, net of deferred debt issuance costs | Restatement Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Decrease to mortgages payable, net of deferred debt issuance costs | $ 195,708 |
Recently Issued Accounting Li_2
Recently Issued Accounting Literature - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 4,928 | |
Lease liability | $ 5,284 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 5,058 | |
Lease liability | $ 5,428 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Lease revenues | $ 54,496 | $ 55,614 |
Rental revenues | 56,778 | 57,880 |
Parking revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,495 | 1,307 |
Tenant services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 787 | $ 959 |
Revenue Recognition - Component
Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Fixed lease revenues | $ 35,729 | |
Variable lease revenues | 18,767 | |
Lease revenues | $ 54,496 | $ 55,614 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ft² in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)$ / ft² | Dec. 31, 2018USD ($)ft² | |
Rego Park II | Retail Space | Toys R Us | ||
Related Party Transaction [Line Items] | ||
Area of property | ft² | 47 | |
Annual revenue from leased property | $ 2,600,000 | |
Vornado | ||
Related Party Transaction [Line Items] | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 32.40% | |
Management fee agreement value | $ 2,800,000 | |
Vornado | Toys R Us | ||
Related Party Transaction [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 32.50% | |
Vornado | Property management, cleaning, engineering and security fees | 731 Lexington Avenue | Office and Retail Space | ||
Related Party Transaction [Line Items] | ||
Property management fee agreement price per square foot | $ / ft² | 0.50 | |
Vornado | Property management, cleaning, engineering and security fees | 731 Lexington Avenue | Common Area | ||
Related Party Transaction [Line Items] | ||
Property management fee agreement value | $ 315,000 | |
Property management fee escalation percentage per annum | 3.00% | |
Vornado | Property management, cleaning, engineering and security fees | Rego Park II | Retail Space | ||
Related Party Transaction [Line Items] | ||
Property management fee agreement percentage of income | 2.00% | |
Vornado | Leasing fees | ||
Related Party Transaction [Line Items] | ||
Lease fee percentage of rent one to ten years | 3.00% | |
Lease fee percentage of rent eleven to twenty years | 2.00% | |
Lease fee percentage of rent twenty first to thirty years | 1.00% | |
Percentage increase lease fee if broker used | 1.00% | |
Percentage commissions on sale of assets under fifty million | 3.00% | |
Asset sale commission threshold | $ 50,000,000 | |
Percentage commissions on sale of assets over fifty million | 1.00% | |
Amount Due to / (Fees paid to) related party | $ (729,000) | $ (13,000) |
Vornado | Development fees | ||
Related Party Transaction [Line Items] | ||
Development fee as percentage of development costs | 6.00% | |
Amount Due to / (Fees paid to) related party | $ (170,000) | (146,000) |
Vornado | Management, Property Management, Cleaning, Engineering and Security Fees | ||
Related Party Transaction [Line Items] | ||
Amount Due to / (Fees paid to) related party | $ (543,000) | $ (549,000) |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Fees to related party | $ 2,565 | $ 1,733 |
Company management fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 657 | 700 |
Development fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 24 | 7 |
Leasing fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 737 | 0 |
Property management, cleaning, engineering and security fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | $ 1,147 | $ 1,026 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Fair value | $ 23,204 | $ 23,166 |
Macerich Interest | ||
Investment Holdings [Line Items] | ||
Macerich common shares (shares) | 535,265 | 535,265 |
Economic basis per share (in usd per share) | $ 56.05 | |
Economic cost | $ 30,000 | |
Fair value | $ 23,204 | $ 23,166 |
Closing share price (in usd per share) | $ 43.35 | $ 43.28 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Total real property transfer tax | $ 23,797 |
Additional real property transfer tax expense | 15,874 |
Real property transfer tax interest | $ 7,923 |
Significant Tenant - Additional
Significant Tenant - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Real Estate Properties [Line Items] | ||
Rental revenues | $ 56,778 | $ 57,880 |
Customer Concentration Risk | Sales Revenue Services Net | ||
Real Estate Properties [Line Items] | ||
Percentage of minimum revenue threshold contributed by one tenant | 10.00% | |
Bloomberg | Customer Concentration Risk | Sales Revenue Services Net | ||
Real Estate Properties [Line Items] | ||
Percentage rent contributed by tenant | 48.00% | 45.00% |
Real Estate | Bloomberg | Customer Concentration Risk | Sales Revenue Services Net | ||
Real Estate Properties [Line Items] | ||
Rental revenues | $ 27,004 | $ 26,324 |
Mortgages Payable - Summary of
Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes payable | $ 967,112 | $ 965,826 |
Mortgages | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Mortgage payable gross | 974,836 | 974,836 |
Deferred debt issuance costs, net of accumulated amortization of $10,498 and $9,212, respectively | (7,724) | (9,010) |
Notes payable | 967,112 | 965,826 |
Deferred debt issuance costs, accumulated amortization | $ 10,498 | 9,212 |
Mortgages | Paramus | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity date | Oct. 1, 2021 | |
Interest rate (in percentage) | 4.72% | |
Mortgage payable gross | $ 68,000 | 68,000 |
Mortgages | 731 Lexington Avenue | Retail Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity date | Aug. 1, 2022 | |
Interest rate (in percentage) | 3.88% | |
Mortgage payable gross | $ 350,000 | 350,000 |
Mortgages | 731 Lexington Avenue | Office Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity date | Jun. 1, 2024 | |
Interest rate (in percentage) | 3.38% | |
Mortgage payable gross | $ 500,000 | 500,000 |
Mortgages | Rego Park II | Retail Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity date | Dec. 1, 2025 | |
Interest rate (in percentage) | 3.85% | |
Mortgage payable gross | $ 56,836 | $ 56,836 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 12, 2018 | |
731 Lexington Avenue | Retail Site | Mortgages | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Debt instrument, description of variable rate basis | LIBOR | |
731 Lexington Avenue | Retail Site | Mortgages | LIBOR | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread over LIBOR | 1.40% | |
731 Lexington Avenue | Office Space | Mortgages | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Debt instrument, description of variable rate basis | LIBOR | |
731 Lexington Avenue | Office Space | Mortgages | LIBOR | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread over LIBOR | 0.90% | |
Rego Park II | Retail Site | Mortgages | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Debt instrument, description of variable rate basis | LIBOR | |
Rego Park II | Retail Site | Mortgages | LIBOR | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread over LIBOR | 1.35% | |
Participation Agreement | Rego Park II | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loan participation balance | $ 195,708 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - Recurring - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 23,204 | $ 23,166 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 23,204 | 23,166 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 23,204 | 23,166 |
Marketable securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 23,204 | 23,166 |
Marketable securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Marketable securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Interest rate cap (included in other assets) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Interest rate cap (included in other assets) | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Interest rate cap (included in other assets) | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Interest rate cap (included in other assets) | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 0 | $ 0 |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Assets: | ||
Cash equivalents | $ 267,925 | $ 173,858 |
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 974,836 | 974,836 |
Fair Value | Level 1 | ||
Assets: | ||
Cash equivalents | 267,925 | 173,858 |
Fair Value | Level 2 | ||
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | $ 970,000 | $ 969,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)option | Mar. 31, 2018USD ($) | |
Lessor, Lease, Description [Line Items] | ||
Number of extension options (option) | option | 1 | |
Lessee, operating lease, renewal term (years) | 10 years | |
Right-of-use asset | $ 4,928 | |
Lease liability | $ 5,284 | |
Weighted average discount rate (percentage) | 4.20% | |
Operating leases, rent expense | $ 186 | $ 186 |
Cash paid for rent expense | $ 200 | $ 200 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, term (years) | 5 years | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, term (years) | 25 years | |
Alexander Apartment Tower | Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, term (years) | 1 year | |
Alexander Apartment Tower | Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, operating lease, term (years) | 2 years |
Leases - Future Base Rental Rev
Leases - Future Base Rental Revenue for Topic 842 (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
For the remainder of 2019 | $ 104,848 |
2020 | 133,847 |
2021 | 123,219 |
2022 | 113,987 |
2023 | 114,550 |
2024 | 122,621 |
Thereafter | $ 557,784 |
Leases - Future Base Rental R_2
Leases - Future Base Rental Revenue for Topic 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 138,784 |
2020 | 131,647 |
2021 | 120,450 |
2022 | 111,532 |
2023 | 111,962 |
Thereafter | $ 671,111 |
Leases - Future Lease Payments
Leases - Future Lease Payments Under Operating Lease for Topic 842 (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
For the remainder of 2019 | $ 600 |
2020 | 800 |
2021 | 800 |
2022 | 800 |
2023 | 800 |
2024 | 800 |
Thereafter | 1,600 |
Total undiscounted cash flows | 6,200 |
Present value discount | (916) |
Lease liability as of March 31, 2019 | $ 5,284 |
Leases - Future Lease Payment_2
Leases - Future Lease Payments Under Operating Lease for Topic 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 800 |
2020 | 800 |
2021 | 800 |
2022 | 800 |
2023 | 800 |
Thereafter | $ 2,467 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ft² in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016USD ($) | Feb. 28, 2014fire | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Apr. 13, 2019ft² | Dec. 31, 2018USD ($) | Apr. 04, 2017ft² | Dec. 31, 2001a | |
Loss Contingencies [Line Items] | |||||||||
Insurance maximum coverage per occurrence | $ 300,000,000 | ||||||||
Insurance maximum coverage per property | 300,000,000 | ||||||||
Mortgages payable, net of deferred debt issuance costs | 967,112,000 | $ 965,826,000 | |||||||
Standby letters of credit, outstanding | $ 1,030,000 | ||||||||
Paramus | IKEA | Tenant Occupant | |||||||||
Loss Contingencies [Line Items] | |||||||||
Area of land (in sqft.) | a | 30.3 | ||||||||
Fixed interest rate on the debt | 4.72% | ||||||||
Triple-net rent, annual amount | $ 700,000 | ||||||||
Mortgages payable, net of deferred debt issuance costs | $ 68,000,000 | ||||||||
Debt instrument maturity date | Oct. 1, 2021 | ||||||||
Rego Park I | Sears | |||||||||
Loss Contingencies [Line Items] | |||||||||
Area of property | ft² | 195 | ||||||||
Number of fires | fire | 2 | ||||||||
Annual property rental | $ 10,300,000 | ||||||||
Rego Park I | Sears | Minimum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought, value | $ 4,000,000 | ||||||||
All Risk Property and Rental Value | |||||||||
Loss Contingencies [Line Items] | |||||||||
Insurance maximum coverage per occurrence | 1,700,000,000 | ||||||||
Terrorism Coverage Including NBCR | |||||||||
Loss Contingencies [Line Items] | |||||||||
Insurance maximum coverage per occurrence | 1,700,000,000 | ||||||||
Insurance maximum coverage in aggregate | $ 1,700,000,000 | ||||||||
NBCR | |||||||||
Loss Contingencies [Line Items] | |||||||||
Insurance coverage end date | Dec. 1, 2020 | ||||||||
Self insured responsibility | 19.00% | ||||||||
Federal government responsibility | 81.00% | ||||||||
NBCR | FNSIC | |||||||||
Loss Contingencies [Line Items] | |||||||||
Insurance deductible | $ 323,000 | ||||||||
Forecast | Paramus | IKEA | Tenant Occupant | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lease purchase option amount | $ 75,000,000 | ||||||||
Purchase option not exercised amount included in triple net rent over remainder of lease | 68,000,000 | ||||||||
Purchase option exercised, net cash proceeds from sale of land | 7,000,000 | ||||||||
Purchase option exercised, gain on sale of land | $ 60,000,000 | ||||||||
Lease term range as Lessor | 20 years | ||||||||
Loan amortization period | 20 years | ||||||||
Estimated Future Damages | Rego Park I | Sears | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought, value | $ 650,000 | ||||||||
Estimated Future Damages | Rego Park I | Sears | Minimum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought, value | 25,000,000 | ||||||||
Estimated Future Damages | Rego Park I | Sears | Maximum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reasonably possible losses | $ 650,000 | ||||||||
Subsequent Event | Kohls | |||||||||
Loss Contingencies [Line Items] | |||||||||
Area of property | ft² | 133 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Income from continuing operations | $ 17,865 | $ 14,097 |
Loss from discontinued operations (see Note 7) | 0 | (23,797) |
Net income (loss) | $ 17,865 | $ (9,700) |
Weighted average shares outstanding - basic and diluted (in shares) | 5,117,347 | 5,115,982 |
Income from continuing operations - basic and diluted (in usd per share) | $ 3.49 | $ 2.75 |
Loss from discontinuing operations (see Note 7) - basic and diluted (in usd per share) | 0 | (4.65) |
Net income (loss) per common share - basic and diluted (in usd per share) | $ 3.49 | $ (1.90) |