Alexander's (ALX) 10-K 14 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-06064
Entity Registrant Name	ALEXANDERS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0100517
Entity Address, Address Line One	210 Route 4 East,
Entity Address, City or Town	Paramus,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07652
City Area Code	(201)
Local Phone Number	587-8541
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	ALX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 569,493
Entity Common Stock, Shares Outstanding		5,107,290
Documents Incorporated by Reference	Part III : Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 19, 2022.
Entity Central Index Key	0000003499
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate, at cost:
Land	$ 33,050	$ 44,971
Buildings and leasehold improvements	1,014,525	1,014,311
Development and construction in progress	21,851	11,761
Total	1,069,426	1,071,043
Accumulated depreciation and amortization	(370,557)	(350,122)
Real estate, net	698,869	720,921
Cash and cash equivalents	463,539	428,710
Restricted cash	19,966	21,167
Marketable securities	0	6,024
Tenant and other receivables	6,385	8,116
Receivable arising from the straight-lining of rents	135,457	145,274
Deferred lease costs, net, including unamortized leasing fees to Vornado of $23,943 and $27,851, respectively	31,312	36,524
Other assets	36,437	37,402
Assets	1,391,965	1,404,138
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,089,613	1,156,170
Amounts due to Vornado	879	1,516
Accounts payable and accrued expenses	44,681	35,342
Other liabilities	4,203	7,882
Total liabilities	1,139,376	1,200,910
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	33,415	32,965
Retained earnings	206,875	166,165
Accumulated other comprehensive income (loss)	7,494	(707)
Equity before treasury stock	252,957	203,596
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	252,589	203,228
Total liabilities and equity	$ 1,391,965	$ 1,404,138

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 23,943	$ 27,851
Preferred stock: par value per share (in usd per share)	$ 1	$ 1
Preferred stock: authorized shares (in shares)	3,000,000	3,000,000
Preferred stock: issued shares (in shares)	0	0
Preferred stock: outstanding shares (in shares)	0	0
Common stock: par value per share (in usd per share)	$ 1	$ 1
Common stock: authorized shares (in shares)	10,000,000	10,000,000
Common stock: issued shares (in shares)	5,173,450	5,173,450
Common stock: outstanding shares (in shares)	5,107,290	5,107,290
Treasury stock: shares (in shares)	66,160	66,160

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES
Revenues	$ 206,148	$ 199,142	$ 226,350
EXPENSES
Operating, including fees to Vornado of $5,952, $5,429 and $5,386, respectively	(91,089)	(88,403)	(89,738)
Depreciation and amortization	(32,938)	(32,357)	(31,351)
General and administrative, including management fees to Vornado of $2,380	(5,924)	(6,307)	(5,772)
Total expenses	(129,951)	(127,067)	(126,861)
Interest and other income, net	639	2,667	8,244
Interest and debt expense	(19,686)	(24,204)	(38,901)
Change in fair value of marketable securities	3,482	(8,599)	(8,757)
Net gain on sale of real estate	69,950	0	0
Income from continuing operations	130,582	41,939	60,075
Income from discontinued operations (see Note 7)	2,348	0	0
Net income	$ 132,930	$ 41,939	$ 60,075
Income per common share - basic and diluted:
Income from continuing operations, basic (usd per share)	$ 25.48	$ 8.19	$ 11.74
Income from continuing operations, diluted (usd per share)	25.48	8.19	11.74
Income from discontinued operations (see Note 7), basic (usd per share)	0.46	0	0
Income from discontinued operations (see Note 7), diluted (usd per share)	0.46	0	0
Net income per common share, diluted (in dollars per share)	25.94	8.19	11.74
Net income per common share, basic (usd per share)	$ 25.94	$ 8.19	$ 11.74
Weighted average shares outstanding - basic (in shares)	5,123,613	5,120,922	5,118,198
Weighted average shares outstanding - diluted (in shares)	5,123,613	5,120,922	5,118,198

Consolidated Statements of In_2

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Fees to Vornado	$ 5,952	$ 5,429	$ 5,386
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 132,930	$ 41,939	$ 60,075
Other comprehensive income (loss):
Change in fair value of interest rate derivatives	8,201	(658)	78
Comprehensive income	$ 141,131	$ 41,281	$ 60,153

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
Beginning Balance (in shares) at Dec. 31, 2018		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 income	60,075			60,075
Dividends paid	(92,124)			(92,124)
Change in fair value of interest rate derivatives	78				78
Deferred stock unit grants	394		394
Ending Balance (in shares) at Dec. 31, 2019		5,173,000
Ending Balance, Value at Dec. 31, 2019	253,515	$ 5,173	32,365	216,394	(49)	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,939			41,939
Dividends paid	(92,168)			(92,168)
Change in fair value of interest rate derivatives	(658)				(658)
Deferred stock unit grants	$ 600		600
Ending Balance (in shares) at Dec. 31, 2020	5,173,450	5,173,000
Ending Balance, Value at Dec. 31, 2020	$ 203,228	$ 5,173	32,965	166,165	(707)	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	132,930			132,930
Dividends paid	(92,220)			(92,220)
Change in fair value of interest rate derivatives	8,201				8,201
Deferred stock unit grants	$ 450		450
Ending Balance (in shares) at Dec. 31, 2021	5,173,450	5,173,000
Ending Balance, Value at Dec. 31, 2021	$ 252,589	$ 5,173	$ 33,415	$ 206,875	$ 7,494	$ (368)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in usd per share)	$ 18	$ 18	$ 18

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 132,930	$ 41,939	$ 60,075
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	34,592	35,121	36,515
Straight-lining of rents	9,817	21,102	2,413
Write-off of tenant receivables	0	4,122	0
Stock-based compensation expense	450	600	394
Net gains on sale of real estate (including $2,348 from discontinued operations)	(72,298)	0	0
Change in fair value of marketable securities	(3,482)	8,599	8,757
Dividends received in stock	0	(214)	0
Change in operating assets and liabilities:
Tenant and other receivables, net	1,731	(6,146)	(2,017)
Other assets	3,099	(28,378)	21,553
Amounts due to Vornado	(211)	(402)	789
Accounts payable and accrued expenses	12,501	2,361	(1,800)
Other liabilities	(664)	(638)	(609)
Net cash provided by operating activities	118,465	78,066	126,070
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(19,520)	(32,460)	(9,449)
Proceeds from sales of real estate	81,871	0	0
Return of short-term investment	3,600	0	0
Proceeds from sale of marketable securities	9,506	0	0
Net cash provided by (used in) investing activities	75,457	(32,460)	(9,449)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(92,220)	(92,168)	(92,124)
Debt issuance costs	(74)	(7,246)	(15)
Debt repayments	(68,000)	(50,000)	0
Proceeds from borrowings	0	239,708	0
Net cash (used in) provided by financing activities	(160,294)	90,294	(92,139)
Net increase in cash and cash equivalents and restricted cash	33,628	135,900	24,482
Cash and cash equivalents and restricted cash at beginning of year	449,877	313,977	289,495
Cash and cash equivalents and restricted cash at end of year	483,505	449,877	313,977
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year	428,710	298,063	283,056
Restricted cash at beginning of year	21,167	15,914	6,439
Cash and cash equivalents and restricted cash at beginning of year	449,877	313,977	289,495
Cash and cash equivalents at end of year	463,539	428,710	298,063
Restricted cash at end of year	19,966	21,167	15,914
Cash and cash equivalents and restricted cash at end of year	483,505	449,877	313,977
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	18,568	22,476	34,669
NON-CASH TRANSACTIONS
Liability for real estate additions, including $141, $489 and $18 for development fees due to Vornado in 2021, 2020 and 2019, respectively	1,445	4,955	3,191
Write-off of fully amortized and/or depreciated assets	5,628	876	0
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment	0	0	1,466
Lease liability arising from the recognition of right-of-use asset	$ 0	$ 0	$ 5,428

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred gain on disposal of discontinued operation	$ 2,348
Liability for real estate additions	1,445	$ 4,955	$ 3,191
Vornado
Liability for real estate additions	$ 141	$ 489	$ 18

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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 six properties in the New York City metropolitan area consisting of: Operating properties • 731 Lexington Avenue, a 1,079,000 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 939,000 and 140,000 of net rentable square feet of office and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet) is the principal retail tenant; • Rego Park I, a 338,000 square foot shopping center, located on Queens Boulevard and 63 rd Road in Queens. The center is anchored by a 112,000 square foot IKEA, 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 615,000 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 and a 133,000 square foot Kohl’s, which has been subleased; • The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet; • 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. 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 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, 2021
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 consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Recently Issued Accounting Literature – In March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In July 2021, the FASB issued an update (“ASU 2021-05”) Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases (“ASC 842”). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor’s accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update on January 1, 2022 and it 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, 2021 and 2020, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $698,869,000 and $720,921,000, respectively. Maintenance and repairs are generally 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, 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, including an estimated terminal value calculated using an appropriate capitalization rate. 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued 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. Revenues 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. Under ASC 842, we must assess on an individual lease basis whether it is probable that we will collect substantially all of the future lease payments. We consider the tenant’s payment history and current credit status when assessing collectability. When collectability is not deemed probable, we write-off the tenant’s receivables, including straight-line rent receivable, and limit lease income to cash received. We recognize changes in the collectability assessment of our operating leases as adjustments to rental revenues. 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, including for debt service, real estate taxes, property insurance and capital improvements. 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, 2021 were characterized, for federal income tax purposes, as 58.3% ordinary income and 41.7% long-term capital gain income. Dividends distributed for the year ended December 31, 2020 were characterized, for federal income tax purposes, as 100% ordinary income. Dividends distributed for the year ended December 31, 2019 were categorized, for federal income tax purposes, as 99.6% ordinary income and 0.4% long-term capital gain income. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued The estimated taxable income attributable to our common stockholders (unaudited) for the years ended December 31, 2021, 2020 and 2019 was approximately $101,184,000, $81,375,000, and $74,079,000, respectively. The book to tax differences between net income and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gains or losses from the sale of real estate and other capital transactions, straight-line rent adjustments, the change in fair value of marketable securities and income from discontinued operations. As of December 31, 2021, the net basis of our assets and liabilities for tax reporting purposes was approximately $144,100,000 lower than the amount reported for financial statement purposes.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION The following is a summary of revenue sources for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Lease revenues $ 198,109 $ 191,416 $ 217,251 Parking revenue 4,407 4,207 5,608 Tenant services 3,632 3,519 3,491 Rental revenues $ 206,148 $ 199,142 $ 226,350 The components of lease revenues for the years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Fixed lease revenues $ 129,509 $ 120,395 $ 142,679 Variable lease revenues 68,600 71,021 74,572 Lease revenues $ 198,109 $ 191,416 $ 217,251

Real Estate Sales

Real Estate Sales	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Sales	REAL ESTATE SALES On June 4, 2021, we sold a parcel of land in the Bronx, New York (“Bronx Land Parcel”) for $10,000,000. Net proceeds from the sale were $9,291,000 after closing costs and the financial statement gain was $9,124,000. On October 4, 2021, we sold 30.3 acres of land located in Paramus, New Jersey (“Paramus Property”) to IKEA Property, Inc. (“IKEA”), the tenant at the property, for $75,000,000, pursuant to IKEA’s purchase option contained in the lease. Net proceeds from the sale were $4,580,000 after closing costs and the repayment of the $68,000,000 mortgage loan. The financial statement gain was $60,826,000, which was recognized in the fourth quarter of 2021.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Vornado As of December 31, 2021, Vornado owne d 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, 2021, 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, 26.0% of our outstanding common stock, in addition to the 2.2% th ey indirectly own through 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) $344,000, 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 (the “Sales Agreement”). Pursuant to the Sales Agreement, we paid a $300,000 sales commission to Vornado in the second quarter of 2021 related to the sale of the Bronx Land Parcel. In addition, we paid a $750,000 sales commission to Vornado in the fourth quarter of 2021 related to the Paramus Property sale. 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) 2021 2020 2019 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 141 489 29 Leasing fees 1,800 276 4,786 Commission on sales of real estate 1,050 — — Property management, cleaning, engineering and security fees 5,540 5,051 5,015 $ 11,331 $ 8,616 $ 12,630 As of December 31, 2021, the amounts due to Vornado were $669,000 for management, property management, cleaning, engineering and security fees; $141,000 for development fees; and $69,000 for leasing fees. As of December 31, 2020, the amounts due to Vornado were $845,000 for management, property management, cleaning, engineering and security fees; $557,000 for development fees; and $114,000 for leasing fees.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2021
Marketable Securities [Abstract]
Marketable Securities	MARKETABLE SECURITIES In December 2021, we sold our 564,612 common shares of The Macerich Company (“Macerich”), realizing cash proceeds of $9,506,000. These shares were received in connection with the sale of Kings Plaza Regional Shopping Center (“Kings Plaza”) to Macerich in 2012. The fair value of the shares as of December 31, 2020 was $6,024,000 based on Macerich’s closing share price of $10.67 per share. These shares were presented at fair value as “marketable securities” on our consolidated balance sheet as of December 31, 2020 and the gains and losses resulting from the mark-to-market of these securities were recognized in current period earnings.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation	DISCONTINUED OPERATIONS In 2012, when we sold Kings Plaza to Macerich, $2,348,000 of the financial statement gain was deferred since a portion of the sales price was received in Macerich common shares. In December 2021, we recognized the $2,348,000 gain upon the disposition of our Macerich common shares. As the results related to Kings Plaza were previously classified as discontinued operations, we have classified the gain as “income from discontinued operations” on our consolidated statement of income for the year ended December 31, 2021 in accordance with the provisions of ASC Topic 360, Property, Plant and Equipment .

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Mortgages Payable	MORTGAGES PAYABLE 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, 2021 Balance at December 31, (Amounts in thousands) Maturity 2021 2020 First mortgages secured by: 731 Lexington Avenue, office condominium (1) Jun. 11, 2024 1.01% $ 500,000 $ 500,000 731 Lexington Avenue, retail condominium (2) Aug. 05, 2025 1.72% 300,000 300,000 Rego Park II shopping center (3) Dec. 12, 2025 1.45% 202,544 202,544 The Alexander apartment tower Nov. 01, 2027 2.63% 94,000 94,000 Paramus (4) — 68,000 Total 1,096,544 1,164,544 Deferred debt issuance costs, net of accumulated amortization of $14,551 and $13,034, respectively (6,931) (8,374) $ 1,089,613 $ 1,156,170 (1) Interest at LIBOR plus 0.90%. Maturity date represents the extended maturity based on our unilateral right to extend. (2) Interest at LIBOR plus 1.40% which was swapped to a fixed rate of 1.72%. (3) Interest at LIBOR plus 1.35%. The loan balance of $252,544 as of December 31, 2020 is presented net of our participation of $50,000. On April 7, 2021, we used our participation in this loan to reduce the loan balance to $202,544. (4) On October 4, 2021, the mortgage loan was repaid in connection with the sale of the property. See Note 4 - Real Estate Sales for further details. 8. MORTGAGES PAYABLE - continued 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 $629,134,000 as of December 31, 2021. 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, 2021, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, Amount 2022 $ — 2023 — 2024 500,000 2025 502,544 2026 — Thereafter 94,000

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurement (“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, 2021 consist of an interest rate swap which is presented in the table below based on its level in the fair value hierarchy, and an interest rate cap, the fair value of which was insignificant as of December 31, 2021. There were no financial liabilities measured at fair value as of December 31, 2021. As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included in other assets) $ 7,545 $ — $ 7,545 $ — Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2020 consist of marketable securities, which are presented in the table below based on their level in the fair value hierarchy, and an interest rate cap, which fair value was insignificant as of December 31, 2020. Financial liabilities measured at fair value as of December 31, 2020 consist of an interest rate swap, which is presented in the table below based on its level in the fair value hierarchy. As of December 31, 2020 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 6,024 $ 6,024 $ — $ — Liabilities: Interest rate swap (included in other liabilities) $ 667 $ — $ 667 $ — 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 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 amount and fair value of these financial instruments as of December 31, 2021 and 2020. As of December 31, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 427,601 $ 427,601 $ 393,070 $ 393,070 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,064,122 $ 1,164,544 $ 1,130,000

Leases

Leases	12 Months Ended
	Dec. 31, 2021
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. Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows: (Amounts in thousands) As of December 31, 2021 For the year ending December 31, 2022 $ 135,951 2023 132,490 2024 139,897 2025 129,384 2026 126,360 Thereafter 389,894 These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales. Bloomberg accounted for revenue of $113,140,000, $109,066,000, and $109,113,000 in the years ended December 31, 2021, 2020 and 2019, respectively, representing approximately 55%, 55% and 48% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental 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. 10. 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. As of December 31, 2021, the right-of-use asset of $3,394,000 and the lease liability of $3,602,000, are included in “ other assets other liabilities Leases 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: (Amounts in thousands) As of December 31, 2021 For the year ending December 31, 2022 $ 800 2023 800 2024 800 2025 800 2026 800 Thereafter — Total undiscounted cash flows 4,000 Present value discount (398) Lease liability as of December 31, 2021 $ 3,602 We recognize rent expense as a component of “operating” expenses on our consolidated statements of income on a straight-line basis. Rent expense was $746,000 in each of the years ended December 31, 2021, 2020 and 2019, respectively. Cash paid for rent expense was $800,000 in each of the years ended December 31, 2021, 2020 and 2019, respectively.
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. Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows: (Amounts in thousands) As of December 31, 2021 For the year ending December 31, 2022 $ 135,951 2023 132,490 2024 139,897 2025 129,384 2026 126,360 Thereafter 389,894 These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales. Bloomberg accounted for revenue of $113,140,000, $109,066,000, and $109,113,000 in the years ended December 31, 2021, 2020 and 2019, respectively, representing approximately 55%, 55% and 48% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental 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. 10. 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. As of December 31, 2021, the right-of-use asset of $3,394,000 and the lease liability of $3,602,000, are included in “ other assets other liabilities Leases 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: (Amounts in thousands) As of December 31, 2021 For the year ending December 31, 2022 $ 800 2023 800 2024 800 2025 800 2026 800 Thereafter — Total undiscounted cash flows 4,000 Present value discount (398) Lease liability as of December 31, 2021 $ 3,602 We recognize rent expense as a component of “operating” expenses on our consolidated statements of income on a straight-line basis. Rent expense was $746,000 in each of the years ended December 31, 2021, 2020 and 2019, respectively. Cash paid for rent expense was $800,000 in each of the years ended December 31, 2021, 2020 and 2019, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). 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. In May 2021, we granted each of the members of our Board of Directors 284 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $450,000 in the aggregate, in accordance with ASC 718. 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, 2021, there were 17,188 DSUs outstanding and 488,599 shares were available for future grant under the Plan.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
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, of which the first $30,000,000 includes communicable disease coverage, 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 and excluding communicable disease coverage. 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 Act of 2002, as amended to date and which has been extended through December 2027. 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 $287,500 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% 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. The principal amounts of our mortgage loans are non-recourse to us and the loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. 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 formerly 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 October 15, 2018, Sears filed for Chapter 11 bankruptcy relief resulting in an automatic stay of this case. Both parties have filed motions for summary judgment and in November 2021, the parties stipulated to lift the stay to allow the motions to be decided by the court. Letters of Credit Approximat ely $960,000 of standby letters of credit were issued and outstanding as of December 31, 2021. Other There are various other legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

Multiemployer Benefit Plans

Multiemployer Benefit Plans	12 Months Ended
	Dec. 31, 2021
Multiemployer Plan, Pension, Significant [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, 2021, our subsidiaries’ participation in these plans were not significant to our consolidated financial statements. In the years ended December 31, 2021, 2020 and 2019 our subsidiaries contributed $217,000, $191,000 and $172,000, 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, 2021, 2020 and 2019. 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, 2021, 2020 and 2019 our subsidiaries contributed $748,000, $672,000 and $686,000, respectively, towards these plans.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019. Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2021 2020 2019 Income from continuing operations $ 130,582 $ 41,939 $ 60,075 Income from discontinued operations (see Note 7) 2,348 — — Net income $ 132,930 $ 41,939 $ 60,075 Weighted average shares outstanding – basic and diluted 5,123,613 5,120,922 5,118,198 Income from continuing operations $ 25.48 $ 8.19 $ 11.74 Income from discontinued operations (see Note 7) 0.46 — — Net income per common share – basic and diluted $ 25.94 $ 8.19 $ 11.74

Schedule III_ Real Estate and A

Schedule III: Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
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, 2021 (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 Carried at Close of Period Accumulated Buildings Buildings Development Date of Date Acquired (1) Description Encumbrances (2) Land Land Total (3) Rego Park I $ — $ 1,647 $ 8,953 $ 90,499 $ 1,647 $ 87,988 $ 11,464 $ 101,099 $ 41,036 1959 1992 3-39 years Rego Park II 202,544 3,127 1,467 390,067 3,127 390,090 1,444 394,661 122,234 2009 1992 3-40 years The Alexander apartment tower 94,000 — — 119,112 — 119,112 — 119,112 24,499 2016 1992 3-39 years Rego Park III — 779 — 8,256 779 526 7,730 9,035 361 N/A 1992 5-15 years Flushing — — 1,660 (107) — 1,553 — 1,553 1,205 1975 (4) 1992 N/A Lexington Avenue 800,000 14,432 12,355 417,179 27,497 415,256 1,213 443,966 181,222 2003 1992 9-39 years TOTAL $ 1,096,544 $ 19,985 $ 24,435 $ 1,025,006 $ 33,050 $ 1,014,525 $ 21,851 $ 1,069,426 $ 370,557 (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 $6,931. (3) The net basis of the Company’s assets and liabilities for tax purposes is approximately $144,100 lower than the amount reported for financial statement purposes. (4) Represents the date the lease was acquired. ALEXANDER’S, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in thousands) December 31, 2021 2020 2019 REAL ESTATE: Balance at beginning of period $ 1,071,043 $ 1,041,342 $ 1,027,691 Changes during the period: Land (11,921) — — Buildings and leasehold improvements 5,842 31,134 5,579 Development and construction in progress 10,090 (557) 8,072 1,075,054 1,071,919 1,041,342 Less: Fully depreciated assets (5,628) (876) — Balance at end of period $ 1,069,426 $ 1,071,043 $ 1,041,342 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 350,122 $ 324,499 $ 297,421 Additions charged to operating expenses 26,063 26,499 27,078 376,185 350,998 324,499 Less: Fully depreciated assets (5,628) (876) — Balance at end of period $ 370,557 $ 350,122 $ 324,499

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.  Actual results could differ from those estimates. 2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
Recently Issued Accounting Literature	In March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In July 2021, the FASB issued an update (“ASU 2021-05”) Lessors - Certain Leases with Variable Lease Payments to ASC Topic 842, Leases (“ASC 842”). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor’s accounting for certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted this update on January 1, 2022 and it 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, 2021 and 2020, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $698,869,000 and $720,921,000, respectively. Maintenance and repairs are generally 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, 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, including an estimated terminal value calculated using an appropriate capitalization rate. 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.
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. Revenues 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.
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, including for debt service, real estate taxes, property insurance and capital improvements.
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, 2021 were characterized, for federal income tax purposes, as 58.3% ordinary income and 41.7% long-term capital gain income. Dividends distributed for the year ended December 31, 2020 were characterized, for federal income tax purposes, as 100% ordinary income. Dividends distributed for the year ended December 31, 2019 were categorized, for federal income tax purposes, as 99.6% ordinary income and 0.4% long-term capital gain income.
Fair Value Measurements	ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value.
Property, Plant and Equipment	As the results related to Kings Plaza were previously classified as discontinued operations, we have classified the gain as “income from discontinued operations” on our consolidated statement of income for the year ended December 31, 2021 in accordance with the provisions of ASC Topic 360, Property, Plant and Equipment .
Stock-based Compensation	We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following is a summary of revenue sources for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Lease revenues $ 198,109 $ 191,416 $ 217,251 Parking revenue 4,407 4,207 5,608 Tenant services 3,632 3,519 3,491 Rental revenues $ 206,148 $ 199,142 $ 226,350
Operating Lease, Lease Income	The components of lease revenues for the years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended December 31, (Amounts in thousands) 2021 2020 2019 Fixed lease revenues $ 129,509 $ 120,395 $ 142,679 Variable lease revenues 68,600 71,021 74,572 Lease revenues $ 198,109 $ 191,416 $ 217,251

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 2019 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 141 489 29 Leasing fees 1,800 276 4,786 Commission on sales of real estate 1,050 — — Property management, cleaning, engineering and security fees 5,540 5,051 5,015 $ 11,331 $ 8,616 $ 12,630

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 Balance at December 31, (Amounts in thousands) Maturity 2021 2020 First mortgages secured by: 731 Lexington Avenue, office condominium (1) Jun. 11, 2024 1.01% $ 500,000 $ 500,000 731 Lexington Avenue, retail condominium (2) Aug. 05, 2025 1.72% 300,000 300,000 Rego Park II shopping center (3) Dec. 12, 2025 1.45% 202,544 202,544 The Alexander apartment tower Nov. 01, 2027 2.63% 94,000 94,000 Paramus (4) — 68,000 Total 1,096,544 1,164,544 Deferred debt issuance costs, net of accumulated amortization of $14,551 and $13,034, respectively (6,931) (8,374) $ 1,089,613 $ 1,156,170 (1) Interest at LIBOR plus 0.90%. Maturity date represents the extended maturity based on our unilateral right to extend. (2) Interest at LIBOR plus 1.40% which was swapped to a fixed rate of 1.72%. (3) Interest at LIBOR plus 1.35%. The loan balance of $252,544 as of December 31, 2020 is presented net of our participation of $50,000. On April 7, 2021, we used our participation in this loan to reduce the loan balance to $202,544. (4) On October 4, 2021, the mortgage loan was repaid in connection with the sale of the property. See Note 4 - Real Estate Sales for further details.
Schedule of Maturities of Long-term Debt	As of December 31, 2021, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, Amount 2022 $ — 2023 — 2024 500,000 2025 502,544 2026 — Thereafter 94,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2021 consist of an interest rate swap which is presented in the table below based on its level in the fair value hierarchy, and an interest rate cap, the fair value of which was insignificant as of December 31, 2021. There were no financial liabilities measured at fair value as of December 31, 2021. As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included in other assets) $ 7,545 $ — $ 7,545 $ — Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2020 consist of marketable securities, which are presented in the table below based on their level in the fair value hierarchy, and an interest rate cap, which fair value was insignificant as of December 31, 2020. Financial liabilities measured at fair value as of December 31, 2020 consist of an interest rate swap, which is presented in the table below based on its level in the fair value hierarchy. As of December 31, 2020 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 6,024 $ 6,024 $ — $ — Liabilities: Interest rate swap (included in other liabilities) $ 667 $ — $ 667 $ —
Fair Value, by Balance Sheet Grouping	The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2021 and 2020. As of December 31, 2021 As of December 31, 2020 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 427,601 $ 427,601 $ 393,070 $ 393,070 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,064,122 $ 1,164,544 $ 1,130,000

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lessor, Operating Lease, Payments to be Received, Maturity	Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows: (Amounts in thousands) As of December 31, 2021 For the year ending December 31, 2022 $ 135,951 2023 132,490 2024 139,897 2025 129,384 2026 126,360 Thereafter 389,894
Lessee, Operating Lease, Liability, Maturity	Future lease payments under this operating lease, excluding the extension option, are as follows: (Amounts in thousands) As of December 31, 2021 For the year ending December 31, 2022 $ 800 2023 800 2024 800 2025 800 2026 800 Thereafter — Total undiscounted cash flows 4,000 Present value discount (398) Lease liability as of December 31, 2021 $ 3,602

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019. Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2021 2020 2019 Income from continuing operations $ 130,582 $ 41,939 $ 60,075 Income from discontinued operations (see Note 7) 2,348 — — Net income $ 132,930 $ 41,939 $ 60,075 Weighted average shares outstanding – basic and diluted 5,123,613 5,120,922 5,118,198 Income from continuing operations $ 25.48 $ 8.19 $ 11.74 Income from discontinued operations (see Note 7) 0.46 — — Net income per common share – basic and diluted $ 25.94 $ 8.19 $ 11.74

Organization (Details)

Organization (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2021ft²segmentunitproperty
Operating Properties
Number of properties | property	6
Number of segments | segment	1
Operating property | 731 Lexington Avenue
Operating Properties
Area of property (in square feet)	1,079
Operating property | 731 Lexington Avenue | Office space
Operating Properties
Area of property (in square feet)	939
Operating property | 731 Lexington Avenue | Retail space
Operating Properties
Area of property (in square feet)	140
Operating property | 731 Lexington Avenue | Retail space | Tenant Occupant | Home Depot
Operating Properties
Area of property (in square feet)	83
Operating property | Rego Park I | Anchor
Operating Properties
Area of property (in square feet)	338
Operating property | Rego Park I | Anchor | IKEA
Operating Properties
Area of property (in square feet)	112
Operating property | Rego Park I | Anchor | Burlington Coat Factory
Operating Properties
Area of property (in square feet)	50
Operating property | Rego Park I | Anchor | Bed Bath and Beyond
Operating Properties
Area of property (in square feet)	46
Operating property | Rego Park I | Anchor | Marshalls
Operating Properties
Area of property (in square feet)	36
Operating property | Rego Park II | Anchor
Operating Properties
Area of property (in square feet)	615
Operating property | Rego Park II | Anchor | Costco
Operating Properties
Area of property (in square feet)	145
Operating property | Rego Park II | Anchor | Kohl's
Operating Properties
Area of property (in square feet)	133
Operating property | The Alexander apartment tower
Operating Properties
Area of property (in square feet)	255
Number of property units | unit	312
Operating property | Flushing
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_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Real estate, net	$ 698,869	$ 720,921
Cash and cash equivalent maturity maximum	3 months

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax Treatment Of Dividend
Internal taxable income distribution policy (in percentage)	100.00%
Estimated taxable income net	$ 101,184	$ 81,375	$ 74,079
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 144,100
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	58.30%	100.00%	99.60%
Long Term Capital Gain
Tax Treatment Of Dividend
Payments of dividends net percent	41.70%		0.40%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Lease revenues	$ 198,109	$ 191,416	$ 217,251
Rental revenues	206,148	199,142	226,350
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4,407	4,207	5,608
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 3,632	$ 3,519	$ 3,491

Revenue Recognition - Component

Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 129,509	$ 120,395	$ 142,679
Variable lease revenues	68,600	71,021	74,572
Lease revenues	$ 198,109	$ 191,416	$ 217,251

Real Estate Sales - Narrative (

Real Estate Sales - Narrative (Details) $ in Thousands	Oct. 04, 2021USD ($)a	Jun. 04, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Proceeds from sales of real estate				$ 81,871	$ 0	$ 0
Gains on sale of real estate				$ 69,950	$ 0	$ 0
Bronx Land Parcel
Real Estate [Line Items]
Proceeds from sale of land, excluding disposal cost		$ 10,000
Proceeds from sales of real estate		9,291
Gains on sale of real estate		$ 9,124
IKEA | Tenant Occupant | Paramus
Real Estate [Line Items]
Area of land | a	30.3
Proceeds from sale of land, excluding disposal cost	$ 75,000
Gains on sale of real estate			$ 60,826
Net proceeds from sale of land	4,580
Repayments of mortgage loan	$ 68,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)$ / ft²	Dec. 31, 2020USD ($)
Vornado
Related Party Transaction
Management fee agreement value			$ 2,800,000
Payments for commissions	$ 750,000	$ 300,000
Vornado | Property Management Fees | Rego Park II
Related Party Transaction
Property management fee, percent fee			2.00%
Vornado | Property Management Fees | 731 Lexington Avenue
Related Party Transaction
Property management fee agreement price per square foot | $ / ft²			0.50
Vornado | Property Management Fees | 731 Lexington Avenue | Common Area
Related Party Transaction
Property management fee agreement value			$ 344,000
Property management fee escalation percentage per annum			3.00%
Vornado | Development fees
Related Party Transaction
Development fee as a percentage of development costs			6.00%
Amounts due	141,000		$ 141,000	$ 557,000
Vornado | Leasing fees
Related Party Transaction
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%
Amounts due	69,000		$ 69,000	114,000
Vornado | Management, property management, cleaning and security fees
Related Party Transaction
Amounts due	$ 669,000		$ 669,000	$ 845,000
Alexander's Inc. | Vornado | Vornado
Related Party Transaction
Noncontrolling interest, ownership percentage by parent	32.40%		32.40%
Alexander's Inc. | Vornado | IP & Partners Through Vornado
Related Party Transaction
Noncontrolling interest, ownership percentage by parent	2.20%		2.20%
Mr. Roth, Interstate, David Mandelbaum and Russell B, Wight, Jr. | Mr. Roth, Interstate, David Mandelbaum, and Russell B. Wight, Jr.
Related Party Transaction
Ownership percentage by noncontrolling owners	26.00%		26.00%

Related Party Transactions (Fee

Related Party Transactions (Fees to Vornado) (Details) - Vornado - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of fees to Vornado
Fees to related party	$ 11,331	$ 8,616	$ 12,630
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	141	489	29
Leasing fees
Summary of fees to Vornado
Fees to related party	1,800	276	4,786
Commission on sales of real estate
Summary of fees to Vornado
Fees to related party	1,050	0	0
Property management, cleaning, engineering and security fees
Summary of fees to Vornado
Fees to related party	$ 5,540	$ 5,051	$ 5,015

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Number of shares sold (shares)	564,612	564,612
Proceeds from sale of marketable securities	$ 9,506	$ 9,506	$ 0	$ 0
Fair value	$ 0	$ 0	$ 6,024
Macerich
Investment Holdings [Line Items]
Closing share price (in usd per share)			$ 10.67

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain on disposal of discontinued operation		$ 2,348
Kings Plaza | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain on sale of property			$ 2,348
Deferred gain on disposal of discontinued operation	$ 2,348

Mortgages Payable - Summary of

Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Apr. 07, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate
Deferred debt issuance costs, net of accumulated amortization of $14,551 and $13,034 respectively	$ (6,931)
Notes Payable (in US dollars)	1,089,613		$ 1,156,170
Mortgages
Mortgage Loans on Real Estate
Notes payable, gross	1,096,544		1,164,544
Deferred debt issuance costs, net of accumulated amortization of $14,551 and $13,034 respectively	(6,931)		(8,374)
Notes Payable (in US dollars)	1,089,613		1,156,170
Deferred debt issuance costs, accumulated amortization	$ 14,551		13,034
Mortgages | 731 Lexington Avenue | Office space
Mortgage Loans on Real Estate
Interest rate	0.0101%
Notes payable, gross	$ 500,000		500,000
Debt instrument, description of variable rate basis	LIBOR
Mortgages | 731 Lexington Avenue | Office space | LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	0.90%
Mortgages | 731 Lexington Avenue | Retail space
Mortgage Loans on Real Estate
Interest rate	0.0172%
Notes payable, gross	$ 300,000		300,000
Mortgages | Rego Park II | Retail space
Mortgage Loans on Real Estate
Interest rate	0.0145%
Notes payable, gross	$ 202,544		202,544
Debt instrument, description of variable rate basis	LIBOR
Mortgages | Rego Park II | Retail space | Participation Agreement
Mortgage Loans on Real Estate
Notes Payable (in US dollars)		$ 202,544	252,544
Loan participation balance			50,000
Mortgages | Rego Park II | Retail space | LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	1.35%
Mortgages | The Alexander apartment tower | Retail space
Mortgage Loans on Real Estate
Interest rate	0.0263%
Notes payable, gross	$ 94,000		94,000
Mortgages | Paramus
Mortgage Loans on Real Estate
Notes payable, gross	$ 0		$ 68,000

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate
Net carrying value of real estate collateralizing the debt	$ 629,134
Mortgages payable, net of deferred debt issuance costs	1,089,613	$ 1,156,170
Mortgages
Mortgage Loans on Real Estate
Mortgages payable, net of deferred debt issuance costs	$ 1,089,613	$ 1,156,170
731 Lexington Avenue | Office space | Mortgages
Mortgage Loans on Real Estate
Debt instrument, description of variable rate basis	LIBOR
Interest rate	0.0101%
731 Lexington Avenue | Office space | Mortgages | LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	0.90%
731 Lexington Avenue | Retail space | Mortgages
Mortgage Loans on Real Estate
Interest rate	0.0172%
731 Lexington Avenue | Retail space | Mortgages | Interest rate swap
Mortgage Loans on Real Estate
Debt instrument, description of variable rate basis	LIBOR
Interest rate	1.72%
731 Lexington Avenue | Retail space | Mortgages | LIBOR | Interest rate swap
Mortgage Loans on Real Estate
Basis spread over LIBOR	1.40%
Rego Park II | Retail space | Mortgages
Mortgage Loans on Real Estate
Debt instrument, description of variable rate basis	LIBOR
Interest rate	0.0145%
Rego Park II | Retail space | Mortgages | LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	1.35%

Mortgages Payable - Principal r

Mortgages Payable - Principal repayments for the next five years (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	0
2024	500,000
2025	502,544
2026	0
Thereafter	$ 94,000

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value) (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Interest rate swap
Assets
Total assets	$ 7,545
Liabilities:
Total liabilities		$ 667
Marketable securities
Assets
Total assets		6,024
Level 1 | Interest rate swap
Assets
Total assets	0
Liabilities:
Total liabilities		0
Level 1 | Marketable securities
Assets
Total assets		6,024
Level 2 | Interest rate swap
Assets
Total assets	7,545
Liabilities:
Total liabilities		667
Level 2 | Marketable securities
Assets
Total assets		0
Level 3 | Interest rate swap
Assets
Total assets	$ 0
Liabilities:
Total liabilities		0
Level 3 | Marketable securities
Assets
Total assets		$ 0

Fair Value Measurements (Fina_2

Fair Value Measurements (Financial Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Assets
Cash equivalents	$ 427,601	$ 393,070
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	1,096,544	1,164,544
Level 1 | Fair Value
Assets
Cash equivalents	427,601	393,070
Level 2 | Fair Value
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 1,064,122	$ 1,130,000

Leases - Lessor Narrative (Deta

Leases - Lessor Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Revenues	$ 206,148	$ 199,142	$ 226,350
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
The Alexander apartment tower | Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)	1 year
The Alexander apartment tower | Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)	2 years
Revenue Benchmark | Bloomberg | Customer Concentration Risk
Lessor, Lease, Description [Line Items]
Revenues	$ 113,140	$ 109,066	$ 109,113
Percentage rent contributed by tenant	55.00%	55.00%	48.00%

Leases - Future Base Rental Rev

Leases - Future Base Rental Revenue for Topic 842 (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 135,951
2023	132,490
2024	139,897
2025	129,384
2026	126,360
Thereafter	$ 389,894

Leases - Lessee Narrative (Deta

Leases - Lessee Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)option	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Leases [Abstract]
Number of extension options (option) | option	1
Lessee, operating lease, renewal term (years)	10 years
Right-of-use asset	$ 3,394
Lease liability	$ 3,602
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities
Weighted average discount rate (percentage)	4.53%
Operating leases, rent expense	$ 746	$ 746	$ 746
Operating lease, payments	$ 800	$ 800	$ 800

Leases - Future Lease Payments

Leases - Future Lease Payments Under Operating Lease for Topic 842 (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 800
2023	800
2024	800
2025	800
2026	800
Thereafter	0
Total undiscounted cash flows	4,000
Present value discount	(398)
Lease liability as of December 31, 2021	$ 3,602

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2016 Omnibus Stock Plan - Director - USD ($)	1 Months Ended
	May 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Non-option equity instruments granted per director (in shares)	284
Non option equity instruments market value	$ 75,000
Non-option equity instruments grant date fair value per grant	56,250
Non-option equity instruments grant date fair value per grant total	$ 450,000
Non-option equity instruments, outstanding, number (in shares)		17,188
Shares available for future grant under the plan (in shares)		488,599

Commitments and Contingencies (

Commitments and Contingencies (Insurance) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
General Liability
Insurance
Insurance maximum coverage per incident	$ 300,000,000
Insurance maximum coverage per property	300,000,000
Disease Coverage
Insurance
Insurance maximum coverage per incident	30,000,000
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, 2027
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Insurance
Federal government responsibility (in percentage)	80.00%
FNSIC | NBCR
Insurance
Insurance deductible	$ 287,500
Self insured responsibility (in percentage)	20.00%

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 ($)	Feb. 28, 2014fire	Dec. 31, 2021USD ($)ft²
Commitments And Contingencies Disclosure
Standby letters of credit, outstanding			$ 960
Rego Park I | Sears
Commitments And Contingencies Disclosure
Area of land | ft²			195
Number of fires | fire		2
Minimum | Rego Park I | Sears
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value			$ 4,000
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

Multiemployer Benefit Plans (De

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Multiemployer Pension Plans
Multiemployer Plans
Multiemployer plan, contributions by employer	$ 217	$ 191	$ 172
Multiemployer Health Plans
Multiemployer Plans
Multiemployer plan, contributions by employer	$ 748	$ 672	$ 686

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Potentially dilutive securities outstanding	0	0	0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Income from continuing operations	$ 130,582	$ 41,939	$ 60,075
Income from discontinued operations (see Note 7)	2,348	0	0
Net income	$ 132,930	$ 41,939	$ 60,075
Weighted average shares outstanding - basic (in shares)	5,123,613	5,120,922	5,118,198
Weighted average shares outstanding - diluted (in shares)	5,123,613	5,120,922	5,118,198
Income from continuing operations, diluted (usd per share)	$ 25.48	$ 8.19	$ 11.74
Income from continuing operations, basic (usd per share)	25.48	8.19	11.74
Income from discontinued operations (see Note 7), diluted (usd per share)	0.46	0	0
Income from discontinued operations (see Note 7), basic (usd per share)	0.46	0	0
Net income per common share, diluted (in dollars per share)	25.94	8.19	11.74
Net income per common share - basic and diluted (in usd per share)	$ 25.94	$ 8.19	$ 11.74

Schedule III_ Real estate and_2

Schedule III: Real estate and Accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 1,096,544
Initial cost of Land	19,985
Initial cost of Building and Leasehold improvements	24,435
Costs capitalized subsequent to acquisition	1,025,006
Carrying amount of Land	33,050
Carrying amount of Buildings and Leasehold improvements	1,014,525
Development and Construction in progress	21,851
Total	1,069,426	$ 1,071,043	$ 1,041,342	$ 1,027,691
Accumulated Depreciation and Amortization	370,557	$ 350,122	$ 324,499	$ 297,421
Deferred debt issuance costs, net	6,931
Differences between book and tax basis	144,100
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	90,499
Carrying amount of Land	1,647
Carrying amount of Buildings and Leasehold improvements	87,988
Development and Construction in progress	11,464
Total	101,099
Accumulated Depreciation and Amortization	$ 41,036
Date of construction	1959
Date acquired	1992
New York | Rego Park I | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
New York | Rego Park I | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years
New York | Rego Park II | Retail space
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 202,544
Initial cost of Land	3,127
Initial cost of Building and Leasehold improvements	1,467
Costs capitalized subsequent to acquisition	390,067
Carrying amount of Land	3,127
Carrying amount of Buildings and Leasehold improvements	390,090
Development and Construction in progress	1,444
Total	394,661
Accumulated Depreciation and Amortization	$ 122,234
Date of construction	2009
Date acquired	1992
New York | Rego Park II | Retail space | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
New York | Rego Park II | Retail space | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	40 years
New York | The Alexander apartment tower
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 94,000
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	$ 24,499
Date of construction	2016
Date acquired	1992
New York | The Alexander apartment tower | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
New York | The Alexander apartment tower | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	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	8,256
Carrying amount of Land	779
Carrying amount of Buildings and Leasehold improvements	526
Development and Construction in progress	7,730
Total	9,035
Accumulated Depreciation and Amortization	$ 361
Date acquired	1992
New York | Rego Park III | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	5 years
New York | Rego Park III | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	15 years
New York | Flushing
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	$ 1,205
Date of construction	1975
Date acquired	1992
New York | Lexington Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 800,000
Initial cost of Land	14,432
Initial cost of Building and Leasehold improvements	12,355
Costs capitalized subsequent to acquisition	417,179
Carrying amount of Land	27,497
Carrying amount of Buildings and Leasehold improvements	415,256
Development and Construction in progress	1,213
Total	443,966
Accumulated Depreciation and Amortization	$ 181,222
Date of construction	2003
Date acquired	1992
New York | Lexington Avenue | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	9 years
New York | Lexington Avenue | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years

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, 2021	Dec. 31, 2020	Dec. 31, 2019
REAL ESTATE:
Balance at beginning of period	$ 1,071,043	$ 1,041,342	$ 1,027,691
Changes during the period	1,075,054	1,071,919	1,041,342
Less: Fully depreciated assets	(5,628)	(876)	0
Balance at end of the period	1,069,426	1,071,043	1,041,342
ACCUMULATED DEPRECIATION:
Balance at beginning of period	350,122	324,499	297,421
Additions charged to operating expenses	26,063	26,499	27,078
Subtotal of accumulated depreciation	376,185	350,998	324,499
Less: Fully depreciated assets	(5,628)	(876)	0
Balance at end of the period	370,557	350,122	324,499
Land
REAL ESTATE:
Changes during the period	(11,921)	0	0
Buildings and leasehold improvements
REAL ESTATE:
Changes during the period	5,842	31,134	5,579
Development and construction in progress
REAL ESTATE:
Changes during the period	$ 10,090	$ (557)	$ 8,072