Alexander's (ALX) 10-Q 31 Oct 22 2022 Q3 Quarterly report Financial data

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