Cover
Cover | 9 Months Ended |
Sep. 30, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 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, $1 par value per share |
Trading Symbol | ALX |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 5,107,290 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000003499 |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Real estate, at cost: | ||
Land | $ 33,050 | $ 33,050 |
Buildings and leasehold improvements | 1,025,740 | 1,014,525 |
Development and construction in progress | 20,358 | 21,851 |
Total | 1,079,148 | 1,069,426 |
Accumulated depreciation and amortization | (389,789) | (370,557) |
Real estate, net | 689,359 | 698,869 |
Cash and cash equivalents | 264,872 | 463,539 |
Restricted cash | 19,519 | 19,966 |
Investments in U.S. Treasury bills | 197,904 | 0 |
Tenant and other receivables | 5,354 | 6,385 |
Receivable arising from the straight-lining of rents | 129,429 | 135,457 |
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $22,989 and $23,943, respectively | 29,568 | 31,312 |
Other assets | 81,539 | 36,437 |
Total assets | 1,417,544 | 1,391,965 |
LIABILITIES AND EQUITY | ||
Mortgages payable, net of deferred debt issuance costs | 1,090,740 | 1,089,613 |
Amounts due to Vornado | 715 | 879 |
Accounts payable and accrued expenses | 57,190 | 44,681 |
Other liabilities | 20,553 | 4,203 |
Total liabilities | 1,169,198 | 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 | 33,865 | 33,415 |
Retained earnings | 182,138 | 206,875 |
Accumulated other comprehensive income | 27,538 | 7,494 |
Equity before treasury stock | 248,714 | 252,957 |
Treasury stock: 66,160 shares, at cost | (368) | (368) |
Total equity | 248,346 | 252,589 |
Total liabilities and equity | $ 1,417,544 | $ 1,391,965 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Unamortized leasing fees to Vornado | $ 22,989 | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REVENUES | ||||
Rental revenues | $ 53,729 | $ 48,950 | $ 152,768 | $ 156,491 |
EXPENSES | ||||
Operating, including fees to Vornado of $1,357, $1,536, $4,271 and $4,585, respectively | (23,731) | (21,433) | (66,645) | (68,655) |
Depreciation and amortization | (7,508) | (9,008) | (22,272) | (25,682) |
General and administrative, including management fees to Vornado of $610, $595, $1,830 and $1,785 in each three and nine month period, respectively | (1,370) | (1,272) | (4,755) | (4,638) |
Total expenses | (32,609) | (31,713) | (93,672) | (98,975) |
Interest and other income, net | 2,017 | 157 | 3,284 | 480 |
Interest and debt expense | (8,028) | (5,124) | (17,925) | (15,350) |
Change in fair value of marketable securities | 0 | (869) | 0 | 3,411 |
Net gain on sale of real estate | 0 | 0 | 0 | 9,124 |
Net income | $ 15,109 | $ 11,401 | $ 44,455 | $ 55,181 |
Net income per common share - basic (in usd per share) | $ 2.95 | $ 2.22 | $ 8.67 | $ 10.77 |
Net income per common share - diluted (in usd per share) | $ 2.95 | $ 2.22 | $ 8.67 | $ 10.77 |
Weighted average shares outstanding - basic (in shares) | 5,127,086 | 5,124,478 | 5,125,768 | 5,123,321 |
Weighted average shares outstanding - diluted (in shares) | 5,127,086 | 5,124,478 | 5,125,768 | 5,123,321 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Operating fees to Vornado | $ 1,357 | $ 1,536 | $ 4,271 | $ 4,585 |
Management fees to Vornado | $ 610 | $ 595 | $ 1,830 | $ 1,785 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 15,109 | $ 11,401 | $ 44,455 | $ 55,181 |
Other comprehensive income: | ||||
Change in fair value of interest rate derivatives and other | 6,393 | 165 | 20,044 | 4,612 |
Comprehensive income | $ 21,502 | $ 11,566 | $ 64,499 | $ 59,793 |
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 | 55,181 | 55,181 | ||||
Dividends paid | (69,160) | (69,160) | ||||
Change in fair value of interest rate derivatives and other | 4,612 | 4,612 | ||||
Deferred stock unit grants | 450 | 450 | ||||
Ending Balance, Shares at Sep. 30, 2021 | 5,173,000 | |||||
Ending Balance, value at Sep. 30, 2021 | 194,311 | $ 5,173 | 33,415 | 152,186 | 3,905 | (368) |
Beginning Balance, Shares at Jun. 30, 2021 | 5,173,000 | |||||
Beginning Balance, value at Jun. 30, 2021 | 205,805 | $ 5,173 | 33,415 | 163,845 | 3,740 | (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,401 | 11,401 | ||||
Dividends paid | (23,060) | (23,060) | ||||
Change in fair value of interest rate derivatives and other | 165 | 165 | ||||
Ending Balance, Shares at Sep. 30, 2021 | 5,173,000 | |||||
Ending Balance, value at Sep. 30, 2021 | $ 194,311 | $ 5,173 | 33,415 | 152,186 | 3,905 | (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 | 44,455 | 44,455 | ||||
Dividends paid | (69,192) | (69,192) | ||||
Change in fair value of interest rate derivatives and other | 20,044 | 20,044 | ||||
Deferred stock unit grants | $ 450 | 450 | ||||
Ending Balance, Shares at Sep. 30, 2022 | 5,173,450 | 5,173,000 | ||||
Ending Balance, value at Sep. 30, 2022 | $ 248,346 | $ 5,173 | 33,865 | 182,138 | 27,538 | (368) |
Beginning Balance, Shares at Jun. 30, 2022 | 5,173,000 | |||||
Beginning Balance, value at Jun. 30, 2022 | 249,916 | $ 5,173 | 33,865 | 190,101 | 21,145 | (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 15,109 | 15,109 | ||||
Dividends paid | (23,072) | (23,072) | ||||
Change in fair value of interest rate derivatives and other | $ 6,393 | 6,393 | ||||
Ending Balance, Shares at Sep. 30, 2022 | 5,173,450 | 5,173,000 | ||||
Ending Balance, value at Sep. 30, 2022 | $ 248,346 | $ 5,173 | $ 33,865 | $ 182,138 | $ 27,538 | $ (368) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per common share (in usd per share) | $ 4.50 | $ 4.50 | $ 13.50 | $ 13.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 44,455 | $ 55,181 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, including amortization of debt issuance costs | 23,510 | 26,923 |
Net gain on sale of real estate | 0 | (9,124) |
Straight-lining of rental income | 6,028 | 7,411 |
Stock-based compensation expense | 450 | 450 |
Change in fair value of marketable securities | 0 | (3,411) |
Other non-cash adjustments | (1,420) | 0 |
Change in operating assets and liabilities: | ||
Tenant and other receivables, net | 1,031 | 1,497 |
Other assets | (9,412) | (9,146) |
Amounts due to Vornado | (230) | 1,032 |
Accounts payable and accrued expenses | 11,540 | 20,601 |
Other liabilities | 251 | (495) |
Net cash provided by operating activities | 76,203 | 90,919 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Construction in progress and real estate additions | (8,710) | (14,711) |
Proceeds from sale of real estate | 0 | 9,291 |
Return of short-term investment | 0 | 3,600 |
Purchase of U.S. Treasury bills | (197,407) | 0 |
Net cash used in investing activities | (206,117) | (1,820) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (69,192) | (69,160) |
Debt issuance costs | (8) | (45) |
Net cash used in financing activities | (69,200) | (69,205) |
Net (decrease) increase in cash and cash equivalents | (199,114) | 19,894 |
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 | 284,391 | 469,771 |
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 | 264,872 | 448,913 |
Restricted cash at end of period | 19,519 | 20,858 |
Cash and cash equivalents and restricted cash at end of period | 284,391 | 469,771 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest | 15,808 | 14,182 |
NON-CASH TRANSACTIONS | ||
Liability for real estate additions, including $3 and $109 for development fees due to Vornado in 2022 and 2021, respectively | 2,277 | 1,832 |
Write-off of fully depreciated assets | $ 23 | $ 5,628 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Liability for real estate additions due to Vornado | $ 2,277 | $ 1,832 |
Development fees | Vornado | ||
Liability for real estate additions due to Vornado | $ 3 | $ 109 |
Organization
Organization | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year. Our investments in U.S. Treasury bills are accounted for as available-for-sale debt instruments and are recorded at fair value in “investments in U.S. Treasury bills” on our consolidated balance sheet as of September 30, 2022. See Note 8 - Fair Value Measurements for information on our investments in U.S. Treasury bills. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 9 Months Ended |
Sep. 30, 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 Accounting Standards Update (“ASU”) 2020-04 establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “ASC 848”). ASC 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 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 | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following is a summary of revenue sources for the three and nine months ended September 30, 2022 and 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands) 2022 2021 2022 2021 Lease revenues $ 51,921 $ 46,535 $ 146,440 $ 149,850 Parking revenue 1,189 1,207 3,582 3,215 Tenant services 619 1,208 2,746 3,426 Rental revenues $ 53,729 $ 48,950 $ 152,768 $ 156,491 4. Revenue Recognition - continued The components of lease revenues for the three and nine months ended September 30, 2022 and 2021 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands) 2022 2021 2022 2021 Fixed lease revenues $ 35,847 $ 31,072 $ 101,468 $ 97,115 Variable lease revenues 16,074 15,463 44,972 52,735 Lease revenues $ 51,921 $ 46,535 $ 146,440 $ 149,850 Bloomberg L.P. (“Bloomberg”) accounted for revenue of $81,536,000 and $85,057,000 for the nine months ended September 30, 2022 and 2021, respectively, representing approximately 53% and 54% 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 | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Vornado As of September 30, 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) $354,000, 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. 5. Related Party Transactions - continued The following is a summary of fees incurred to Vornado under the various agreements discussed above. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands) 2022 2021 2022 2021 Company management fees $ 700 $ 700 $ 2,100 $ 2,100 Development fees — 30 3 109 Leasing fees 58 1,291 1,376 1,730 Commission on sale of real estate — — — 300 Property management, cleaning, engineering and security fees 1,358 1,468 4,174 4,279 $ 2,116 $ 3,489 $ 7,653 $ 8,518 As of September 30, 2022, the amounts due to Vornado were $513,000 for management, property management, cleaning, engineering and security fees; $144,000 for development fees; and $58,000 for leasing 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 | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | Mortgages Payable The following is a summary of our outstanding mortgages payable as of September 30, 2022 and December 31, 2021. We may refinance our maturing debt as it comes due or choose to pay it down. Interest Rate at September 30, 2022 Balance as of (Amounts in thousands) Maturity September 30, 2022 December 31, 2021 First mortgages secured by: 731 Lexington Avenue, office condominium (1)(2) Jun. 11, 2024 3.72% $ 500,000 $ 500,000 731 Lexington Avenue, retail condominium (1)(3) Aug. 05, 2025 1.72% 300,000 300,000 Rego Park II shopping center (1)(4) Dec. 12, 2025 4.47% 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 $15,686 and $14,551, respectively (5,804) (6,931) $ 1,090,740 $ 1,089,613 (1) Interest rate listed represents the rate in effect as of September 30, 2022 based on LIBOR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable. (2) Interest at LIBOR plus 0.90%. Maturity represents the extended maturity based on our unilateral right to extend. (3) Interest at LIBOR plus 1.40% which was swapped to a fixed rate of 1.72% through May 2025. (4) Interest at LIBOR plus 1.35%. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
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 2022, we granted each of the members of our Board of Directors 326 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 September 30, 2022, there were 19,796 DSUs outstanding and 485,991 shares were available for future grant under the Plan. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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 September 30, 2022 consist of U.S. Treasury bills (classified as available-for-sale) and interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of September 30, 2022. As of September 30, 2022 Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in U.S. Treasury bills (1) $ 197,904 $ 197,904 $ — $ — Interest rate derivatives (included in other assets) 28,635 — 28,635 — $ 226,539 $ 197,904 $ 28,635 $ — (1) During the nine months ended September 30, 2022, we purchased $197,407 of U.S. Treasury bills with an aggregate face value of $200,000. As of September 30, 2022, our investments in U.S. Treasury bills have an aggregate amortized cost of $198,827 and have remaining maturities of less than one year. Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2021 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2021. As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Interest rate derivatives (included in other assets) $ 7,545 $ — $ 7,545 $ — 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 September 30, 2022 and December 31, 2021. As of September 30, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Fair Carrying Fair Assets: Cash equivalents $ 229,922 $ 229,922 $ 427,601 $ 427,601 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,056,734 $ 1,096,544 $ 1,064,122 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 $294,000 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. Letters of Credit Approximately $900,000 of standby letters of credit were issued and outstanding as of September 30, 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 September 30, 2022. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2022 and 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands, except share and per share amounts) 2022 2021 2022 2021 Net income $ 15,109 $ 11,401 $ 44,455 $ 55,181 Weighted average shares outstanding – basic and diluted 5,127,086 5,124,478 5,125,768 5,123,321 Net income per common share – basic and diluted $ 2.95 $ 2.22 $ 8.67 $ 10.77 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events On October 3, 2022, we invested an additional $166,832,000 in U.S. Treasury bills. These investments in U.S. Treasury bills have an aggregate face value of $170,000,000, have maturities of less than one year and are accounted for as available-for-sale debt instruments. On October 26, 2022, IKEA, which leases 112,000 square feet of retail space at our Rego Park I shopping center, announced that it plans to close its store at the property. IKEA remains obligated under its lease which expires in December 2030. The lease includes a right to terminate effective no earlier than March 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year. Our investments in U.S. Treasury bills are accounted for as available-for-sale debt instruments and are recorded at fair value in “investments in U.S. Treasury bills” on our consolidated balance sheet as of September 30, 2022. See Note 8 - Fair Value Measurements for information on our investments in U.S. Treasury bills. |
Recently Issued Accounting Literature | In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “ASC 848”). ASC 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 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. |
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. |
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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following is a summary of revenue sources for the three and nine months ended September 30, 2022 and 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands) 2022 2021 2022 2021 Lease revenues $ 51,921 $ 46,535 $ 146,440 $ 149,850 Parking revenue 1,189 1,207 3,582 3,215 Tenant services 619 1,208 2,746 3,426 Rental revenues $ 53,729 $ 48,950 $ 152,768 $ 156,491 |
Components of Lease Revenue | The components of lease revenues for the three and nine months ended September 30, 2022 and 2021 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands) 2022 2021 2022 2021 Fixed lease revenues $ 35,847 $ 31,072 $ 101,468 $ 97,115 Variable lease revenues 16,074 15,463 44,972 52,735 Lease revenues $ 51,921 $ 46,535 $ 146,440 $ 149,850 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 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. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands) 2022 2021 2022 2021 Company management fees $ 700 $ 700 $ 2,100 $ 2,100 Development fees — 30 3 109 Leasing fees 58 1,291 1,376 1,730 Commission on sale of real estate — — — 300 Property management, cleaning, engineering and security fees 1,358 1,468 4,174 4,279 $ 2,116 $ 3,489 $ 7,653 $ 8,518 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Mortgages Payable | The following is a summary of our outstanding mortgages payable as of September 30, 2022 and December 31, 2021. We may refinance our maturing debt as it comes due or choose to pay it down. Interest Rate at September 30, 2022 Balance as of (Amounts in thousands) Maturity September 30, 2022 December 31, 2021 First mortgages secured by: 731 Lexington Avenue, office condominium (1)(2) Jun. 11, 2024 3.72% $ 500,000 $ 500,000 731 Lexington Avenue, retail condominium (1)(3) Aug. 05, 2025 1.72% 300,000 300,000 Rego Park II shopping center (1)(4) Dec. 12, 2025 4.47% 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 $15,686 and $14,551, respectively (5,804) (6,931) $ 1,090,740 $ 1,089,613 (1) Interest rate listed represents the rate in effect as of September 30, 2022 based on LIBOR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable. (2) Interest at LIBOR plus 0.90%. Maturity represents the extended maturity based on our unilateral right to extend. (3) Interest at LIBOR plus 1.40% which was swapped to a fixed rate of 1.72% through May 2025. (4) Interest at LIBOR plus 1.35%. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2022 consist of U.S. Treasury bills (classified as available-for-sale) and interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of September 30, 2022. As of September 30, 2022 Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in U.S. Treasury bills (1) $ 197,904 $ 197,904 $ — $ — Interest rate derivatives (included in other assets) 28,635 — 28,635 — $ 226,539 $ 197,904 $ 28,635 $ — (1) During the nine months ended September 30, 2022, we purchased $197,407 of U.S. Treasury bills with an aggregate face value of $200,000. As of September 30, 2022, our investments in U.S. Treasury bills have an aggregate amortized cost of $198,827 and have remaining maturities of less than one year. Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2021 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2021. As of December 31, 2021 (Amounts in thousands) Total Level 1 Level 2 Level 3 Interest rate derivatives (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 September 30, 2022 and December 31, 2021. As of September 30, 2022 As of December 31, 2021 (Amounts in thousands) Carrying Fair Carrying Fair Assets: Cash equivalents $ 229,922 $ 229,922 $ 427,601 $ 427,601 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,056,734 $ 1,096,544 $ 1,064,122 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2022 and 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands, except share and per share amounts) 2022 2021 2022 2021 Net income $ 15,109 $ 11,401 $ 44,455 $ 55,181 Weighted average shares outstanding – basic and diluted 5,127,086 5,124,478 5,125,768 5,123,321 Net income per common share – basic and diluted $ 2.95 $ 2.22 $ 8.67 $ 10.77 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Sep. 30, 2022 property |
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) | 9 Months Ended |
Sep. 30, 2022 segment | |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Lease revenues | $ 51,921 | $ 46,535 | $ 146,440 | $ 149,850 |
Rental revenues | 53,729 | 48,950 | 152,768 | 156,491 |
Parking revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,189 | 1,207 | 3,582 | 3,215 |
Tenant services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 619 | $ 1,208 | $ 2,746 | $ 3,426 |
Revenue Recognition - Component
Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Fixed lease revenues | $ 35,847 | $ 31,072 | $ 101,468 | $ 97,115 |
Variable lease revenues | 16,074 | 15,463 | 44,972 | 52,735 |
Lease revenues | $ 51,921 | $ 46,535 | $ 146,440 | $ 149,850 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Rental revenues | $ 53,729 | $ 48,950 | $ 152,768 | $ 156,491 |
Customer Concentration Risk | Revenue | Bloomberg | ||||
Disaggregation of Revenue [Line Items] | ||||
Rental revenues | $ 81,536 | $ 85,057 | ||
Percentage rent contributed by tenant | 53% | 54% |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Fees to related party | $ 2,116 | $ 3,489 | $ 7,653 | $ 8,518 |
Company management fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 700 | 700 | 2,100 | 2,100 |
Development fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 0 | 30 | 3 | 109 |
Leasing fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 58 | 1,291 | 1,376 | 1,730 |
Commission on sale of real estate | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 0 | 0 | 0 | 300 |
Property management, cleaning, engineering and security fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | $ 1,358 | $ 1,468 | $ 4,174 | $ 4,279 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Vornado | 9 Months Ended | |
Sep. 30, 2022 USD ($) $ / ft² | Dec. 31, 2021 USD ($) | |
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% | |
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 | $ 354,000 | |
Property management fee escalation percentage per annum | 3% | |
Development fees | ||
Related Party Transaction [Line Items] | ||
Development fee as percentage of development costs | 6% | |
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% | |
Lease fee percentage of rent eleven to twenty years | 2% | |
Lease fee percentage of rent twenty first to thirty years | 1% | |
Percentage increase lease fee if broker used | 1% | |
Percentage commissions on sale of assets under fifty million | 3% | |
Asset sale commission threshold | $ 50,000,000 | |
Percentage commissions on sale of assets over fifty million | 1% | |
Due to related party | $ 58,000 | 69,000 |
Management, property management, cleaning, engineering and security fees | ||
Related Party Transaction [Line Items] | ||
Due to related party | $ 513,000 | $ 669,000 |
Vornado | Alexander's Inc. | ||
Related Party Transaction [Line Items] | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 32.40% |
Mortgages Payable - Summary of
Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes payable | $ 1,090,740 | $ 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 $15,686 and $14,551, respectively | (5,804) | (6,931) |
Notes payable | 1,090,740 | 1,089,613 |
Deferred debt issuance costs, accumulated amortization | $ 15,686 | 14,551 |
Mortgages | 731 Lexington Avenue | Office Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate (in percentage) | 3.72% | |
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] | ||
Interest rate (in percentage) | 1.72% | |
Mortgage payable gross | $ 300,000 | 300,000 |
Mortgages | 731 Lexington Avenue | Retail Space | Interest rate derivatives (included in other assets) | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate (in percentage) | 1.72% | |
Mortgages | Rego Park II | Retail Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate (in percentage) | 4.47% | |
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] | ||
Interest rate (in percentage) | 2.63% | |
Mortgage payable gross | $ 94,000 | $ 94,000 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Detail) - Mortgages | 9 Months Ended |
Sep. 30, 2022 | |
731 Lexington Avenue | Office Space | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Interest rate (in percentage) | 3.72% |
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] | |
Interest rate (in percentage) | 1.72% |
731 Lexington Avenue | Retail Space | Interest rate derivatives (included in other assets) | |
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] | |
Interest rate (in percentage) | 4.47% |
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% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2016 Omnibus Stock Plan - Director - Deferred Stock Units - USD ($) | 1 Months Ended | |
May 31, 2022 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non option equity instruments granted per director (in shares) | 326 | |
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 total | $ 450,000 | |
Non option equity instruments, outstanding, number (in shares) | 19,796 | |
Shares available for future grant under the plan (in shares) | 485,991 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
ASSETS | |||
Payments to acquire U.S. Treasury Bills | $ 197,407 | $ 0 | |
Face value of U.S. Treasury bills | 197,904 | $ 0 | |
Investments in U.S. Treasury bills | |||
ASSETS | |||
Payments to acquire U.S. Treasury Bills | 197,407 | ||
Face value of U.S. Treasury bills | 200,000 | ||
Amortized cost, current | 198,827 | ||
Recurring | |||
ASSETS | |||
Total assets | 226,539 | ||
Recurring | Investments in U.S. Treasury bills | |||
ASSETS | |||
Investments in U.S. Treasury bills | 197,904 | ||
Recurring | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 28,635 | ||
Recurring | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 7,545 | ||
Recurring | Level 1 | |||
ASSETS | |||
Total assets | 197,904 | ||
Recurring | Level 1 | Investments in U.S. Treasury bills | |||
ASSETS | |||
Investments in U.S. Treasury bills | 197,904 | ||
Recurring | Level 1 | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 0 | ||
Recurring | Level 1 | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 0 | ||
Recurring | Level 2 | |||
ASSETS | |||
Total assets | 28,635 | ||
Recurring | Level 2 | Investments in U.S. Treasury bills | |||
ASSETS | |||
Investments in U.S. Treasury bills | 0 | ||
Recurring | Level 2 | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 28,635 | ||
Recurring | Level 2 | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 7,545 | ||
Recurring | Level 3 | |||
ASSETS | |||
Total assets | 0 | ||
Recurring | Level 3 | Investments in U.S. Treasury bills | |||
ASSETS | |||
Investments in U.S. Treasury bills | 0 | ||
Recurring | Level 3 | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | $ 0 | ||
Recurring | Level 3 | Interest rate derivatives (included in other assets) | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | $ 0 |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Assets: | ||
Cash equivalents | $ 229,922 | $ 427,601 |
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 1,096,544 | 1,096,544 |
Fair Value | Level 1 | ||
Assets: | ||
Cash equivalents | 229,922 | 427,601 |
Fair Value | Level 2 | ||
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | $ 1,056,734 | $ 1,064,122 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2022 USD ($) | Jan. 31, 2022 extension | |
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 | |
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 | |
All Risk Property and Rental Value | ||
Loss Contingencies [Line Items] | ||
Insurance maximum coverage per occurrence | $ 1,700,000,000 | |
NBCR | ||
Loss Contingencies [Line Items] | ||
Federal government responsibility | 80% | |
FNSIC | NBCR | ||
Loss Contingencies [Line Items] | ||
Insurance deductible | $ 294,000 | |
Self insured responsibility | 20% | |
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 - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Dilutive securities excluded from computation of earnings per share, amount (shares) | 0 | 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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 15,109 | $ 11,401 | $ 44,455 | $ 55,181 |
Weighted average shares outstanding - basic (in shares) | 5,127,086 | 5,124,478 | 5,125,768 | 5,123,321 |
Weighted average shares outstanding - diluted (in shares) | 5,127,086 | 5,124,478 | 5,125,768 | 5,123,321 |
Net income per common share - basic (in usd per share) | $ 2.95 | $ 2.22 | $ 8.67 | $ 10.77 |
Net income per common share - diluted (in usd per share) | $ 2.95 | $ 2.22 | $ 8.67 | $ 10.77 |
Subsequent Event (Details)
Subsequent Event (Details) ft² in Thousands, $ in Thousands | 9 Months Ended | ||||
Oct. 26, 2022 USD ($) ft² | Oct. 03, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Subsequent Event [Line Items] | |||||
Payments to acquire U.S. Treasury Bills | $ 197,407 | $ 0 | |||
Investments in U.S. Treasury bills | 197,904 | $ 0 | |||
Investments in U.S. Treasury bills | |||||
Subsequent Event [Line Items] | |||||
Payments to acquire U.S. Treasury Bills | 197,407 | ||||
Investments in U.S. Treasury bills | $ 200,000 | ||||
Subsequent Event | Anchor | IKEA | Rego Park 1 Property | Operating Property | |||||
Subsequent Event [Line Items] | |||||
Area of property (in sqft.) | ft² | 112 | ||||
Payment for termination of lease | $ 10,000 | ||||
Subsequent Event | Investments in U.S. Treasury bills | |||||
Subsequent Event [Line Items] | |||||
Payments to acquire U.S. Treasury Bills | $ 166,832 | ||||
Investments in U.S. Treasury bills | $ 170,000 |