Alexander's (ALX) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,107,290
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000003499
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate, at cost:
Land	$ 33,050	$ 33,050
Buildings and leasehold improvements	1,014,877	1,014,525
Development and construction in progress	22,586	21,851
Total	1,070,513	1,069,426
Accumulated depreciation and amortization	(376,921)	(370,557)
Real estate, net	693,592	698,869
Cash and cash equivalents	472,484	463,539
Restricted cash	18,988	19,966
Tenant and other receivables	5,775	6,385
Receivable arising from the straight-lining of rents	133,318	135,457
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $24,505 and $23,943, respectively	31,609	31,312
Other assets	53,001	36,437
Total assets	1,408,767	1,391,965
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,089,990	1,089,613
Amounts due to Vornado	2,078	879
Accounts payable and accrued expenses	39,084	44,681
Other liabilities	21,827	4,203
Total liabilities	1,152,979	1,139,376
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	33,415
Retained earnings	198,347	206,875
Accumulated other comprehensive income	19,221	7,494
Equity before treasury stock	256,156	252,957
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	255,788	252,589
Total liabilities and equity	$ 1,408,767	$ 1,391,965

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 24,505	$ 23,943
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 (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Rental revenues	$ 49,215	$ 56,153
EXPENSES
Operating, including fees to Vornado of $1,378 and $1,560, respectively	(21,542)	(23,800)
Depreciation and amortization	(7,351)	(8,542)
General and administrative, including management fees to Vornado of $610 and $595, respectively	(1,469)	(1,543)
Total expenses	(30,362)	(33,885)
Interest and other income, net	94	172
Interest and debt expense	(4,415)	(5,140)
Change in fair value of marketable securities	0	582
Net income	$ 14,532	$ 17,882
Net income per common share - basic (in usd per share)	$ 2.84	$ 3.49
Net income per common share - diluted (in usd per share)	$ 2.84	$ 3.49
Weighted average shares outstanding - basic (in shares)	5,124,478	5,122,206
Weighted average shares outstanding - diluted (in shares)	5,124,478	5,122,206

Consolidated Statements of In_2

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Operating fees to Vornado	$ 1,378	$ 1,560
Management fees to Vornado	$ 610	$ 595

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 14,532	$ 17,882
Other comprehensive income:
Change in fair value of interest rate derivatives	11,727	5,198
Comprehensive income	$ 26,259	$ 23,080

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated  Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance, Shares at Dec. 31, 2020		5,173,000
Beginning 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	17,882			17,882
Dividends paid ($4.50 per common share)	(23,050)			(23,050)
Change in fair value of interest rate derivatives	5,198				5,198
Ending Balance, Shares at Mar. 31, 2021		5,173,000
Ending Balance, Value at Mar. 31, 2021	$ 203,258	$ 5,173	32,965	160,997	4,491	(368)
Beginning Balance, Shares at Dec. 31, 2021	5,173,450	5,173,000
Beginning Balance, Value at Dec. 31, 2021	$ 252,589	$ 5,173	33,415	206,875	7,494	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,532			14,532
Dividends paid ($4.50 per common share)	(23,060)			(23,060)
Change in fair value of interest rate derivatives	$ 11,727				11,727
Ending Balance, Shares at Mar. 31, 2022	5,173,450	5,173,000
Ending Balance, Value at Mar. 31, 2022	$ 255,788	$ 5,173	$ 33,415	$ 198,347	$ 19,221	$ (368)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 4.50	$ 4.50

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 14,532	$ 17,882
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	7,762	8,958
Straight-lining of rental income	2,139	2,637
Change in fair value of marketable securities	0	(582)
Changes in operating assets and liabilities:
Tenant and other receivables	610	1,286
Other assets	11,445	14,278
Amounts due to Vornado	1,195	430
Accounts payable and accrued expenses	(5,522)	9,240
Other liabilities	24	(163)
Net cash provided by operating activities	32,185	53,966
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(1,158)	(3,842)
Return of short-term investment	0	3,600
Net cash used in investing activities	(1,158)	(242)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(23,060)	(23,050)
Debt issuance costs	0	(35)
Net cash used in financing activities	(23,060)	(23,085)
Net increase in cash and cash equivalents and restricted cash	7,967	30,639
Cash and cash equivalents and restricted cash at beginning of period	483,505	449,877
Cash and cash equivalents and restricted cash at end of period	491,472	480,516
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	463,539	428,710
Restricted cash at beginning of period	19,966	21,167
Cash and cash equivalents and restricted cash at beginning of period	483,505	449,877
Cash and cash equivalents at end of period	472,484	459,384
Restricted cash at end of period	18,988	21,132
Cash and cash equivalents and restricted cash at end of period	491,472	480,516
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	3,728	4,565
NON-CASH TRANSACTIONS
Liability for real estate additions, including $3 and $33 for development fees due to Vornado in 2022 and 2021, respectively	1,232	2,913
Write-off of fully depreciated assets	$ 0	$ 5,628

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for real estate additions due to Vornado	$ 1,232	$ 2,913
Development fees | Vornado
Liability for real estate additions due to Vornado	$ 3	$ 33

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationAlexander’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.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year.

Recently Issued Accounting Lite

Recently Issued Accounting Literature	3 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following is a summary of revenue sources for the three months ended March 31, 2022 and 2021. Three Months Ended March 31, (Amounts in thousands) 2022 2021 Lease revenues $ 46,808 $ 54,411 Parking revenue 1,228 796 Tenant services 1,179 946 Rental revenues $ 49,215 $ 56,153 The components of lease revenues for the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, (Amounts in thousands) 2022 2021 Fixed lease revenues $ 32,203 $ 33,810 Variable lease revenues 14,605 20,601 Lease revenues $ 46,808 $ 54,411 4. Revenue Recognition - continued Bloomberg L.P. (“Bloomberg”) accounted for revenue of $27,518,000 and $28,757,000 for the three months ended March 31, 2022 and 2021, respectively, representing approximately 56% and 51% of our total revenues in each period, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Vornado As of March 31, 2022, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable. Management and Development Agreements We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $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. We also have agreements with Building Maintenance Services LLC, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. The following is a summary of fees incurred to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2022 2021 Company management fees $ 700 $ 700 Development fees 3 33 Leasing fees 1,318 411 Property management, cleaning, engineering and security fees 1,269 1,432 $ 3,290 $ 2,576 As of March 31, 2022, the amounts due to Vornado were $1,328,000 for leasing fees; $606,000 for management, property management, cleaning, engineering and security fees; and $144,000 for development fees. 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.

Mortgages Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Mortgages Payable	Mortgages Payable The following is a summary of our outstanding mortgages payable as of March 31, 2022 and December 31, 2021. We may refinance our maturing debt as it comes due or choose to pay it down. Interest Rate at March 31, 2022 Balance at (Amounts in thousands) Maturity March 31, 2022 December 31, 2021 First mortgages secured by: 731 Lexington Avenue, office condominium (1) Jun. 11, 2024 1.30% $ 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 1.80% 202,544 202,544 The Alexander apartment tower Nov. 01, 2027 2.63% 94,000 94,000 Total 1,096,544 1,096,544 Deferred debt issuance costs, net of accumulated amortization of $14,928 and $14,551, respectively (6,554) (6,931) $ 1,089,990 $ 1,089,613 (1) Interest at LIBOR plus 0.90%. Maturity 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%.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 sheet as of March 31, 2022 and December 31, 2021 consist of an interest rate swap which is presented in the tables below based on its level in the fair value hierarchy, and an interest rate cap, the fair value of which was insignificant as of March 31, 2022 and December 31, 2021. There were no financial liabilities measured at fair value as of March 31, 2022 and December 31, 2021. As of March 31, 2022 Total Level 1 Level 2 Level 3 (Amounts in thousands) Interest rate swap (included in other assets) $ 19,253 $ — $ 19,253 $ — As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Interest rate swap (included in other assets) $ 7,545 $ — $ 7,545 $ — 7. Fair Value Measurements - continued Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2022 and December 31, 2021. As of March 31, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Fair Carrying Fair Assets: Cash equivalents $ 436,616 $ 436,616 $ 427,601 $ 427,601 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,060,157 $ 1,096,544 $ 1,064,122

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 $293,580 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. Our mortgage loans are non-recourse to us and contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. 8. Commitments and Contingencies - continued Letters of Credit Approximately $900,000 of standby letters of credit were issued and outstanding as of March 31, 2022. Other In January 2022, New World Mall LLC, the sub-tenant at our Flushing property, exercised its one remaining 10-year extension option through January 2037. As a result, we remeasured our related ground lease liability to include our 10-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $17,000,000 which is included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet as of March 31, 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2022 and 2021. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2022 2021 Net income $ 14,532 $ 17,882 Weighted average shares outstanding – basic and diluted 5,124,478 5,122,206 Net income per common share – basic and diluted $ 2.84 $ 3.49

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year.
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.
Fair Value Measurement	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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following is a summary of revenue sources for the three months ended March 31, 2022 and 2021. Three Months Ended March 31, (Amounts in thousands) 2022 2021 Lease revenues $ 46,808 $ 54,411 Parking revenue 1,228 796 Tenant services 1,179 946 Rental revenues $ 49,215 $ 56,153
Components of Lease Revenue	The components of lease revenues for the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, (Amounts in thousands) 2022 2021 Fixed lease revenues $ 32,203 $ 33,810 Variable lease revenues 14,605 20,601 Lease revenues $ 46,808 $ 54,411

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Summary of Fees to Vornado	The following is a summary of fees incurred to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2022 2021 Company management fees $ 700 $ 700 Development fees 3 33 Leasing fees 1,318 411 Property management, cleaning, engineering and security fees 1,269 1,432 $ 3,290 $ 2,576

Mortgages Payable (Tables)

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Outstanding Mortgages Payable	The following is a summary of our outstanding mortgages payable as of March 31, 2022 and December 31, 2021. We may refinance our maturing debt as it comes due or choose to pay it down. Interest Rate at March 31, 2022 Balance at (Amounts in thousands) Maturity March 31, 2022 December 31, 2021 First mortgages secured by: 731 Lexington Avenue, office condominium (1) Jun. 11, 2024 1.30% $ 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 1.80% 202,544 202,544 The Alexander apartment tower Nov. 01, 2027 2.63% 94,000 94,000 Total 1,096,544 1,096,544 Deferred debt issuance costs, net of accumulated amortization of $14,928 and $14,551, respectively (6,554) (6,931) $ 1,089,990 $ 1,089,613 (1) Interest at LIBOR plus 0.90%. Maturity 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%.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value	Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2022 and December 31, 2021 consist of an interest rate swap which is presented in the tables below based on its level in the fair value hierarchy, and an interest rate cap, the fair value of which was insignificant as of March 31, 2022 and December 31, 2021. There were no financial liabilities measured at fair value as of March 31, 2022 and December 31, 2021. As of March 31, 2022 Total Level 1 Level 2 Level 3 (Amounts in thousands) Interest rate swap (included in other assets) $ 19,253 $ — $ 19,253 $ — As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Interest rate swap (included in other assets) $ 7,545 $ — $ 7,545 $ —
Financial Assets and Liabilities Not Measured at Fair Value	The table below summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2022 and December 31, 2021. As of March 31, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Fair Carrying Fair Assets: Cash equivalents $ 436,616 $ 436,616 $ 427,601 $ 427,601 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,060,157 $ 1,096,544 $ 1,064,122

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2022 and 2021. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2022 2021 Net income $ 14,532 $ 17,882 Weighted average shares outstanding – basic and diluted 5,124,478 5,122,206 Net income per common share – basic and diluted $ 2.84 $ 3.49

Organization - Additional Infor

Organization - Additional Information (Detail)	Mar. 31, 2022property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties in greater New York City metropolitan area (property)	6

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Lease revenues	$ 46,808	$ 54,411
Rental revenues	49,215	56,153
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,228	796
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 1,179	$ 946

Revenue Recognition - Component

Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 32,203	$ 33,810
Variable lease revenues	14,605	20,601
Lease revenues	$ 46,808	$ 54,411

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Rental revenues	$ 49,215	$ 56,153
Customer Concentration Risk | Revenue | Bloomberg
Disaggregation of Revenue [Line Items]
Rental revenues	$ 27,518	$ 28,757
Percentage rent contributed by tenant	56.00%	51.00%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Vornado	3 Months Ended
	Mar. 31, 2022USD ($)$ / ft²	Dec. 31, 2021USD ($)
Related Party Transaction [Line Items]
Management fee agreement value	$ 2,800,000
Property Management Fees | Rego Park II | Retail Space
Related Party Transaction [Line Items]
Property management fee agreement percentage of income	2.00%
Property Management Fees | 731 Lexington Avenue | Office and Retail Space
Related Party Transaction [Line Items]
Property management fee agreement, price per square foot | $ / ft²	0.50
Property Management Fees | 731 Lexington Avenue | Common Area
Related Party Transaction [Line Items]
Property management fee agreement value	$ 344,000
Property management fee escalation percentage per annum	3.00%
Development fees
Related Party Transaction [Line Items]
Development fee as percentage of development costs	6.00%
Amounts due to related party	$ 144,000	$ 141,000
Leasing fees
Related Party Transaction [Line Items]
Lease fee percentage of rent one to ten years	3.00%
Lease fee percentage of rent eleven to twenty years	2.00%
Lease fee percentage of rent twenty first to thirty years	1.00%
Percentage increase lease fee if broker used	1.00%
Percentage commissions on sale of assets under fifty million	3.00%
Asset sale commission threshold	$ 50,000,000
Percentage commissions on sale of assets over fifty million	1.00%
Amounts due to related party	$ 1,328,000	69,000
Management, property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Amounts due to related party	$ 606,000	$ 669,000
Vornado | Alexander's Inc.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	32.40%

Related Party Transactions - Su

Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Fees to related party	$ 3,290	$ 2,576
Company management fees
Related Party Transaction [Line Items]
Fees to related party	700	700
Development fees
Related Party Transaction [Line Items]
Fees to related party	3	33
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	1,318	411
Property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 1,269	$ 1,432

Mortgages Payable - Summary of

Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes payable	$ 1,089,990	$ 1,089,613
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross	1,096,544	1,096,544
Deferred debt issuance costs, net of accumulated amortization of $14,928 and $14,551, respectively	(6,554)	(6,931)
Notes payable	1,089,990	1,089,613
Deferred debt issuance costs, accumulated amortization	$ 14,928	14,551
Mortgages | 731 Lexington Avenue | Office Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Jun. 11, 2024
Interest rate (in percentage)	1.30%
Mortgage payable gross	$ 500,000	500,000
Mortgages | 731 Lexington Avenue | Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Aug. 5, 2025
Interest rate (in percentage)	1.72%
Mortgage payable gross	$ 300,000	300,000
Mortgages | Rego Park II | Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Dec. 12, 2025
Interest rate (in percentage)	1.80%
Mortgage payable gross	$ 202,544	202,544
Mortgages | Alexander Apartment Tower | Apartment Building
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Nov. 1, 2027
Interest rate (in percentage)	2.63%
Mortgage payable gross	$ 94,000	$ 94,000

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Detail) - Mortgages	3 Months Ended
	Mar. 31, 2022
731 Lexington Avenue | Office Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Debt instrument, description of variable rate basis	LIBOR
Interest rate (in percentage)	1.30%
731 Lexington Avenue | Office Space | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR	0.90%
731 Lexington Avenue | Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Debt instrument, description of variable rate basis	LIBOR
Interest rate (in percentage)	1.72%
731 Lexington Avenue | Retail Space | Interest Rate Swap
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate (in percentage)	1.72%
731 Lexington Avenue | Retail Space | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR	1.40%
Rego Park II | Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Debt instrument, description of variable rate basis	LIBOR
Interest rate (in percentage)	1.80%
Rego Park II | Retail Space | LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR	1.35%

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - Recurring - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Total assets	$ 19,253	$ 7,545
Level 1
ASSETS
Total assets	0	0
Level 2
ASSETS
Total assets	19,253	7,545
Level 3
ASSETS
Total assets	$ 0	$ 0

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Assets:
Cash equivalents	$ 436,616	$ 427,601
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	1,096,544	1,096,544
Fair Value | Level 1
Assets:
Cash equivalents	436,616	427,601
Fair Value | Level 2
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 1,060,157	$ 1,064,122

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022USD ($)	Jan. 31, 2022extension
Loss Contingencies [Line Items]
Standby letters of credit, outstanding	$ 900,000
Number of extension options (option) | extension		1
Lessee, operating lease, renewal term (years)		10 years
Right-of-use asset	17,000,000
Lease liability	17,000,000
All Risk Property and Rental Value
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence	1,700,000,000
Terrorism Coverage Including NBCR
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence	1,700,000,000
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Loss Contingencies [Line Items]
Insurance coverage end date	Dec. 1, 2027
Federal government responsibility	80.00%
NBCR | FNSIC
Loss Contingencies [Line Items]
Insurance deductible	$ 293,580
Self insured responsibility	20.00%
General Liability
Loss Contingencies [Line Items]
Insurance maximum coverage per property	$ 300,000,000
Insurance maximum coverage per occurrence	300,000,000
Disease Coverage
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence	$ 30,000,000

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Dilutive securities excluded from computation of earnings per share, amount (shares)	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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 14,532	$ 17,882
Weighted average shares outstanding - basic (in shares)	5,124,478	5,122,206
Weighted average shares outstanding - diluted (in shares)	5,124,478	5,122,206
Net income per common share - basic (in usd per share)	$ 2.84	$ 3.49
Net income per common share - diluted (in usd per share)	$ 2.84	$ 3.49