Cover
Cover | 3 Months Ended |
Mar. 31, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2023 |
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, $1 par value per share |
Trading Symbol | ALX |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 5,107,290 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000003499 |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Real estate, at cost: | ||
Land | $ 32,271 | $ 33,050 |
Buildings and leasehold improvements | 1,025,226 | 1,029,504 |
Development and construction in progress | 10,144 | 22,044 |
Total | 1,067,641 | 1,084,598 |
Accumulated depreciation and amortization | (398,242) | (396,268) |
Real estate, net | 669,399 | 688,330 |
Cash and cash equivalents | 356,507 | 194,933 |
Restricted cash | 20,369 | 19,545 |
Investments in U.S. Treasury bills | 99,780 | 266,963 |
Tenant and other receivables | 5,664 | 4,705 |
Receivable arising from the straight-lining of rents | 125,430 | 127,497 |
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $21,388 and $22,174, respectively | 27,441 | 28,490 |
Asset held for sale | 13,794 | 0 |
Other assets | 59,375 | 67,313 |
Total assets | 1,377,759 | 1,397,776 |
LIABILITIES AND EQUITY | ||
Mortgages payable, net of deferred debt issuance costs | 1,091,438 | 1,091,051 |
Amounts due to Vornado | 675 | 801 |
Accounts payable and accrued expenses | 43,908 | 48,785 |
Other liabilities | 20,729 | 20,640 |
Total liabilities | 1,156,750 | 1,161,277 |
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 | 33,865 |
Retained earnings | 160,397 | 172,243 |
Accumulated other comprehensive income | 21,942 | 25,586 |
Equity before treasury stock | 221,377 | 236,867 |
Treasury stock: 66,160 shares, at cost | (368) | (368) |
Total equity | 221,009 | 236,499 |
Total liabilities and equity | $ 1,377,759 | $ 1,397,776 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Unamortized leasing fees to Vornado | $ 21,388 | $ 22,174 |
Preferred stock: par value per share (in usd per share) | $ 1 | $ 1 |
Preferred stock: authorized shares (in shares) | 3,000,000 | 3,000,000 |
Preferred stock: issued shares (in shares) | 0 | 0 |
Preferred stock: outstanding shares (in shares) | 0 | 0 |
Common stock: par value per share (in usd per share) | $ 1 | $ 1 |
Common stock: authorized shares (in shares) | 10,000,000 | 10,000,000 |
Common stock: issued shares (in shares) | 5,173,450 | 5,173,450 |
Common stock: outstanding shares (in shares) | 5,107,290 | 5,107,290 |
Treasury stock: shares (in shares) | 66,160 | 66,160 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
REVENUES | ||
Rental revenues | $ 52,941 | $ 49,215 |
EXPENSES | ||
Operating, including fees to Vornado of $1,539 and $1,378, respectively | (24,944) | (21,542) |
Depreciation and amortization | (7,478) | (7,351) |
General and administrative, including management fees to Vornado of $610 in each period | (1,359) | (1,469) |
Total expenses | (33,781) | (30,362) |
Interest and other income | 4,319 | 94 |
Interest and debt expense | (12,253) | (4,415) |
Net income | $ 11,226 | $ 14,532 |
Net income per common share - basic (in usd per share) | $ 2.19 | $ 2.84 |
Net income per common share - diluted (in usd per share) | $ 2.19 | $ 2.84 |
Weighted average shares outstanding - basic (in shares) | 5,127,086 | 5,124,478 |
Weighted average shares outstanding - diluted (in shares) | 5,127,086 | 5,124,478 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Fees to vornado | $ 1,539 | $ 1,378 |
Management fees to Vornado | $ 610 | $ 610 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 11,226 | $ 14,532 |
Other comprehensive (loss) income: | ||
Change in fair value of interest rate derivatives and other | (3,644) | 11,727 |
Comprehensive income | $ 7,582 | $ 26,259 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
Beginning Balance, Shares at Dec. 31, 2021 | 5,173,000 | |||||
Beginning Balance, value at Dec. 31, 2021 | $ 252,589 | $ 5,173 | $ 33,415 | $ 206,875 | $ 7,494 | $ (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,532 | 14,532 | ||||
Dividends paid ($4.50 per common share) | (23,060) | (23,060) | ||||
Change in fair value of interest rate derivatives and other | 11,727 | 11,727 | ||||
Ending Balance, Shares at Mar. 31, 2022 | 5,173,000 | |||||
Ending Balance, value at Mar. 31, 2022 | $ 255,788 | $ 5,173 | 33,415 | 198,347 | 19,221 | (368) |
Beginning Balance, Shares at Dec. 31, 2022 | 5,173,450 | 5,173,000 | ||||
Beginning Balance, value at Dec. 31, 2022 | $ 236,499 | $ 5,173 | 33,865 | 172,243 | 25,586 | (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,226 | 11,226 | ||||
Dividends paid ($4.50 per common share) | (23,072) | (23,072) | ||||
Change in fair value of interest rate derivatives and other | $ (3,644) | (3,644) | ||||
Ending Balance, Shares at Mar. 31, 2023 | 5,173,450 | 5,173,000 | ||||
Ending Balance, value at Mar. 31, 2023 | $ 221,009 | $ 5,173 | $ 33,865 | $ 160,397 | $ 21,942 | $ (368) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per common share (in usd per share) | $ 4.50 | $ 4.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 11,226 | $ 14,532 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, including amortization of debt issuance costs | 7,899 | 7,762 |
Straight-lining of rents | 2,067 | 2,139 |
Other non-cash adjustments | 1,741 | 0 |
Change in operating assets and liabilities: | ||
Tenant and other receivables | (959) | 610 |
Other assets | 2,959 | 11,445 |
Amounts due to Vornado | (128) | 1,195 |
Accounts payable and accrued expenses | (4,063) | (5,522) |
Other liabilities | (6) | 24 |
Net cash provided by operating activities | 20,736 | 32,185 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Construction in progress and real estate additions | (2,060) | (1,158) |
Proceeds from maturities of U.S. Treasury bills | 166,832 | 0 |
Net cash provided by (used in) investing activities | 164,772 | (1,158) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (23,072) | (23,060) |
Debt issuance costs | (38) | 0 |
Net cash used in financing activities | (23,110) | (23,060) |
Net increase in cash and cash equivalents and restricted cash | 162,398 | 7,967 |
Cash and cash equivalents and restricted cash at beginning of period | 214,478 | 483,505 |
Cash and cash equivalents and restricted cash at end of period | 376,876 | 491,472 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents at beginning of period | 194,933 | 463,539 |
Restricted cash at beginning of period | 19,545 | 19,966 |
Cash and cash equivalents and restricted cash at beginning of period | 214,478 | 483,505 |
Cash and cash equivalents at end of period | 356,507 | 472,484 |
Restricted cash at end of period | 20,369 | 18,988 |
Cash and cash equivalents and restricted cash at end of period | 376,876 | 491,472 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest, net of amounts capitalized in 2022 | 11,476 | 3,728 |
NON-CASH TRANSACTIONS | ||
Liability for real estate additions, including $3 for development fees due to Vornado in 2022 | 1,481 | 1,232 |
Write-off of fully depreciated assets | 4,044 | 0 |
Reclassification of asset held for sale | $ 13,794 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Liability for real estate additions | $ 1,232 |
Development fees | Vornado | |
Liability for real estate additions | $ 3 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
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 New York City. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Issued Accounting Literature | Recently Issued Accounting LiteratureIn March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848 (“ASC 848”), Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022 the FASB issued accounting standard update 2022-06 that defers the sunset of ASC 848 from December 31, 2022 to December 31, 2024. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following is a summary of revenue sources for the three months ended March 31, 2023 and 2022. For the Three Months Ended March 31, (Amounts in thousands) 2023 2022 Lease revenues $ 51,036 $ 46,808 Parking revenue 1,096 1,228 Tenant services 809 1,179 Rental revenues $ 52,941 $ 49,215 The components of lease revenues for the three months ended March 31, 2023 and 2022 are as follows: For the Three Months Ended March 31, (Amounts in thousands) 2023 2022 Fixed lease revenues $ 34,724 $ 32,203 Variable lease revenues 16,312 14,605 Lease revenues $ 51,036 $ 46,808 Bloomberg L.P. (“Bloomberg”) accounted for revenue of $29,516,000 and $27,518,000 for the three months ended March 31, 2023 and 2022, respectively, representing approximately 56% of our rental revenues in each period. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. |
Asset Held For Sale
Asset Held For Sale | 3 Months Ended |
Mar. 31, 2023 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | Asset Held For Sale On March 8, 2023, we entered into an agreement to sell the Rego Park III land parcel in Queens, New York, for $71,060,000 inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. The sale, which is subject to customary closing conditions, is expected to be completed in the second quarter of 2023. The financial statement gain will be approximately $54,000,000. As of March 31, 2023, the $13,794,000 carrying value of the property was classified as "Asset held for sale" on our consolidated balance sheets. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Vornado As of March 31, 2023, 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. The following is a summary of fees incurred to Vornado under the various agreements discussed above. For the Three Months Ended March 31, (Amounts in thousands) 2023 2022 Company management fees $ 700 $ 700 Development fees — 3 Leasing fees 41 1,318 Property management, cleaning, engineering and security fees 1,409 1,269 $ 2,150 $ 3,290 As of March 31, 2023, the amounts due to Vornado were $675,000 for management, property management, cleaning, engineering and security fees. As of December 31, 2022, the amounts due to Vornado were $742,000 for management, property management, cleaning, engineering and security fees and $59,000 for leasing fees. |
Mortgages Payable
Mortgages Payable | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | Mortgages Payable The following is a summary of our outstanding mortgages payable as of March 31, 2023 and December 31, 2022. We may refinance our maturing debt as it comes due or choose to pay it down. Interest Rate at March 31, 2023 Balance at (Amounts in thousands) Maturity March 31, 2023 December 31, 2022 First mortgages secured by: 731 Lexington Avenue, office condominium (1)(2) Jun. 11, 2024 5.58% $ 500,000 $ 500,000 731 Lexington Avenue, retail condominium (1)(3) Aug. 05, 2025 1.76% 300,000 300,000 Rego Park II shopping center (1)(4) Dec. 12, 2025 5.60% 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 $16,458 and $16,071, respectively (5,106) (5,493) $ 1,091,438 $ 1,091,051 (1) Interest rate listed represents the rate in effect as of March 31, 2023 based on LIBOR or SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable. (2) Interest at LIBOR plus 0.90% (LIBOR capped at a r ate of 6.00% thr ough June 2023). Maturity represents the extended maturity based on our one-year as-of right extension option. The interest rate of the loan will be equal to the Prime rate (8.00% as of March 31, 2023) during the one-year extension period beginning June 2023. (3) Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025. (4) Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% thr ough November 2024). |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 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 March 31, 2023. As of March 31, 2023 Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in U.S. Treasury bills (1) $ 99,780 $ 99,780 $ — $ — Interest rate derivatives (included in other assets) 24,657 — 24,657 — $ 124,437 $ 99,780 $ 24,657 $ — (1) As of March 31, 2023, our investments in U.S. Treasury bills have an aggregate accreted value of $99,881 prior to being marked to fair value and have remaining maturities of less than one year. During the three months ended March 31, 2023, we realized proceeds of $170,000 from maturing U.S. Treasury bills. 8. Fair Value Measurements - continued Financial assets measured at fair value on our consolidated balance sheet as of December 31, 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 December 31, 2022. As of December 31, 2022 (Amounts in thousands) Total Level 1 Level 2 Level 3 Investments in U.S. Treasury bills (1) $ 266,963 $ 266,963 $ — $ — Interest rate derivatives (included in other assets) 29,351 — 29,351 — $ 296,314 $ 266,963 $ 29,351 $ — (1) During the year ended December 31, 2022, we purchased $364,238 in U.S. Treasury bills with an aggregate par value of $370,000 and realized proceeds of $100,000 from maturing U.S. Treasury bills. As of December 31, 2022 our investments in U.S. Treasury bills had an aggregate accreted value of $267,809 prior to being marked to fair value and had remaining maturities of less than one year. Interest Rate Derivatives We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2023 and December 31, 2022, respectively. Fair Value as of As of March 31, 2023 (Amounts in thousands) March 31, 2023 December 31, 2022 Notional Amount Swapped Rate Expiration Date Interest rate swap related to: 731 Lexington Avenue mortgage loan, retail condominium $ 22,453 $ 26,718 $ 300,000 1.76% 05/25 Interest rate caps related to: Rego Park II shopping center mortgage loan 2,196 2,622 202,544 (1) 11/24 731 Lexington Avenue mortgage loan, office condominium 8 11 500,000 (2) 06/23 Included in other assets $ 24,657 $ 29,351 (1) SOFR cap strike rate of 4.15% (2) LIBOR cap strike rate of 6.00% Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2023 and December 31, 2022. As of March 31, 2023 As of December 31, 2022 (Amounts in thousands) Carrying Fair Carrying Fair Assets: Cash equivalents $ 208,596 $ 208,596 $ 47,852 $ 47,852 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,071,540 $ 1,096,544 $ 1,061,221 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
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 $298,000 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. The principal amounts of our mortgage loans are non-recourse to us and the loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Letters of Credit Approximately $900,000 of standby letters of credit were issued and outstanding as of March 31, 2023. Other |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2023 and 2022. For the Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2023 2022 Net income $ 11,226 $ 14,532 Weighted average shares outstanding – basic and diluted 5,127,086 5,124,478 Net income per common share – basic and diluted $ 2.19 $ 2.84 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year. |
Recently Issued Accounting Literature | In March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848 (“ASC 848”), Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022 the FASB issued accounting standard update 2022-06 that defers the sunset of ASC 848 from December 31, 2022 to December 31, 2024. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Fair Value Measurements | ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following is a summary of revenue sources for the three months ended March 31, 2023 and 2022. For the Three Months Ended March 31, (Amounts in thousands) 2023 2022 Lease revenues $ 51,036 $ 46,808 Parking revenue 1,096 1,228 Tenant services 809 1,179 Rental revenues $ 52,941 $ 49,215 |
Schedule of Components of Lease Revenue | The components of lease revenues for the three months ended March 31, 2023 and 2022 are as follows: For the Three Months Ended March 31, (Amounts in thousands) 2023 2022 Fixed lease revenues $ 34,724 $ 32,203 Variable lease revenues 16,312 14,605 Lease revenues $ 51,036 $ 46,808 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule 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 March 31, (Amounts in thousands) 2023 2022 Company management fees $ 700 $ 700 Development fees — 3 Leasing fees 41 1,318 Property management, cleaning, engineering and security fees 1,409 1,269 $ 2,150 $ 3,290 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following is a summary of our outstanding mortgages payable as of March 31, 2023 and December 31, 2022. We may refinance our maturing debt as it comes due or choose to pay it down. Interest Rate at March 31, 2023 Balance at (Amounts in thousands) Maturity March 31, 2023 December 31, 2022 First mortgages secured by: 731 Lexington Avenue, office condominium (1)(2) Jun. 11, 2024 5.58% $ 500,000 $ 500,000 731 Lexington Avenue, retail condominium (1)(3) Aug. 05, 2025 1.76% 300,000 300,000 Rego Park II shopping center (1)(4) Dec. 12, 2025 5.60% 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 $16,458 and $16,071, respectively (5,106) (5,493) $ 1,091,438 $ 1,091,051 (1) Interest rate listed represents the rate in effect as of March 31, 2023 based on LIBOR or SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable. (2) Interest at LIBOR plus 0.90% (LIBOR capped at a r ate of 6.00% thr ough June 2023). Maturity represents the extended maturity based on our one-year as-of right extension option. The interest rate of the loan will be equal to the Prime rate (8.00% as of March 31, 2023) during the one-year extension period beginning June 2023. (3) Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025. (4) Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% thr ough November 2024). |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2023 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 March 31, 2023. As of March 31, 2023 Total Level 1 Level 2 Level 3 (Amounts in thousands) Investments in U.S. Treasury bills (1) $ 99,780 $ 99,780 $ — $ — Interest rate derivatives (included in other assets) 24,657 — 24,657 — $ 124,437 $ 99,780 $ 24,657 $ — (1) As of March 31, 2023, our investments in U.S. Treasury bills have an aggregate accreted value of $99,881 prior to being marked to fair value and have remaining maturities of less than one year. During the three months ended March 31, 2023, we realized proceeds of $170,000 from maturing U.S. Treasury bills. 8. Fair Value Measurements - continued Financial assets measured at fair value on our consolidated balance sheet as of December 31, 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 December 31, 2022. As of December 31, 2022 (Amounts in thousands) Total Level 1 Level 2 Level 3 Investments in U.S. Treasury bills (1) $ 266,963 $ 266,963 $ — $ — Interest rate derivatives (included in other assets) 29,351 — 29,351 — $ 296,314 $ 266,963 $ 29,351 $ — (1) During the year ended December 31, 2022, we purchased $364,238 in U.S. Treasury bills with an aggregate par value of $370,000 and realized proceeds of $100,000 from maturing U.S. Treasury bills. As of December 31, 2022 our investments in U.S. Treasury bills had an aggregate accreted value of $267,809 prior to being marked to fair value and had remaining maturities of less than one year. |
Schedule of Fair Value, by Balance Sheet Grouping | The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2023 and December 31, 2022, respectively. Fair Value as of As of March 31, 2023 (Amounts in thousands) March 31, 2023 December 31, 2022 Notional Amount Swapped Rate Expiration Date Interest rate swap related to: 731 Lexington Avenue mortgage loan, retail condominium $ 22,453 $ 26,718 $ 300,000 1.76% 05/25 Interest rate caps related to: Rego Park II shopping center mortgage loan 2,196 2,622 202,544 (1) 11/24 731 Lexington Avenue mortgage loan, office condominium 8 11 500,000 (2) 06/23 Included in other assets $ 24,657 $ 29,351 (1) SOFR cap strike rate of 4.15% (2) LIBOR cap strike rate of 6.00% |
Schedule of Fair Value, by Balance Sheet Grouping | The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2023 and December 31, 2022. As of March 31, 2023 As of December 31, 2022 (Amounts in thousands) Carrying Fair Carrying Fair Assets: Cash equivalents $ 208,596 $ 208,596 $ 47,852 $ 47,852 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,096,544 $ 1,071,540 $ 1,096,544 $ 1,061,221 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | There were no potentially dilutive securities outstanding during the three months ended March 31, 2023 and 2022. For the Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2023 2022 Net income $ 11,226 $ 14,532 Weighted average shares outstanding – basic and diluted 5,127,086 5,124,478 Net income per common share – basic and diluted $ 2.19 $ 2.84 |
Organization (Details)
Organization (Details) | Mar. 31, 2023 property |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of properties | 6 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2023 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Lease revenues | $ 51,036 | $ 46,808 |
Rental revenues | 52,941 | 49,215 |
Parking revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,096 | 1,228 |
Tenant services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 809 | $ 1,179 |
Revenue Recognition - Component
Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Fixed lease revenues | $ 34,724 | $ 32,203 |
Variable lease revenues | 16,312 | 14,605 |
Lease revenues | $ 51,036 | $ 46,808 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Rental revenues | $ 52,941 | $ 49,215 |
Customer Concentration Risk | Revenue | Bloomberg | ||
Disaggregation of Revenue [Line Items] | ||
Rental revenues | $ 29,516 | $ 27,518 |
Percentage rent contributed by tenant | 56% | 56% |
Asset Held For Sale (Details)
Asset Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 08, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Assets Held For Sale [Line Items] | ||||
Asset held for sale | $ 13,794 | $ 0 | ||
Rego Park III Land Parcel | ||||
Assets Held For Sale [Line Items] | ||||
Proceeds from sale of real estate | $ 71,060 | |||
Asset held for sale | $ 13,794 | |||
Rego Park III Land Parcel | Forecast | ||||
Assets Held For Sale [Line Items] | ||||
Gain on sale of assets | $ 54,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Vornado | 3 Months Ended | |
Mar. 31, 2023 USD ($) $ / ft² | Dec. 31, 2022 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, percent fee | 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% | |
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% | |
Amounts due | $ 59,000 | |
Management, property management, cleaning, engineering and security fees | ||
Related Party Transaction [Line Items] | ||
Amounts due | $ 675,000 | $ 742,000 |
Alexander's Inc. | Vornado | ||
Related Party Transaction [Line Items] | ||
Ownership percentage by noncontrolling owners | 32.40% |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees to Vornado (Details) - Vornado - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Fees to related party | $ 2,150 | $ 3,290 |
Company management fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 700 | 700 |
Development fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 0 | 3 |
Leasing fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 41 | 1,318 |
Property management, cleaning, engineering and security fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | $ 1,409 | $ 1,269 |
Mortgages Payable - Summary of
Mortgages Payable - Summary of Outstanding Mortgages Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes Payable (in US dollars) | $ 1,091,438 | $ 1,091,051 |
Mortgages | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes payable, gross | 1,096,544 | 1,096,544 |
Deferred debt issuance costs, net of accumulated amortization of $16,458 and $16,071, respectively | (5,106) | (5,493) |
Notes Payable (in US dollars) | 1,091,438 | 1,091,051 |
Deferred debt issuance costs, accumulated amortization | $ 16,458 | 16,071 |
Mortgages | 731 Lexington Avenue | Office Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 5.58% | |
Notes payable, gross | $ 500,000 | 500,000 |
Mortgages | 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 or SOFR | 0.90% | |
Mortgages | 731 Lexington Avenue | Office Space | LIBOR | Maximum | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest cap rate | 6% | |
Mortgages | 731 Lexington Avenue | Office Space | Prime Rate | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 8% | |
Extension period | 1 year | |
Mortgages | 731 Lexington Avenue | Retail Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 1.76% | |
Notes payable, gross | $ 300,000 | 300,000 |
Mortgages | 731 Lexington Avenue | Retail Space | Secured Overnight Financing Rate (SOFR) | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread over LIBOR or SOFR | 1.51% | |
Mortgages | Rego Park II | Retail Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 5.60% | |
Notes payable, gross | $ 202,544 | 202,544 |
Mortgages | Rego Park II | Retail Space | Secured Overnight Financing Rate (SOFR) | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread over LIBOR or SOFR | 1.45% | |
Mortgages | Rego Park II | Retail Space | Secured Overnight Financing Rate (SOFR) | Maximum | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest cap rate | 4.15% | |
Mortgages | The Alexander apartment tower | Retail Space | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest rate | 2.63% | |
Notes payable, gross | $ 94,000 | $ 94,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
ASSETS | |||
Proceeds from maturities of U.S. Treasury bills | $ 166,832 | $ 0 | |
Investments in U.S. Treasury bills | 99,780 | $ 266,963 | |
US Treasury Bill Securities | |||
ASSETS | |||
Accreted value | 99,881 | 267,809 | |
Proceeds from maturities of U.S. Treasury bills | 170,000 | ||
Purchase of U.S. Treasury bills | 364,238 | ||
Investments in U.S. Treasury bills | 370,000 | ||
Proceeds from U.S. Treasuries | 100,000 | ||
Recurring | |||
ASSETS | |||
Total assets | 124,437 | 296,314 | |
Recurring | US Treasury Bill Securities | |||
ASSETS | |||
Investments in U.S. Treasury bills | 99,780 | 266,963 | |
Recurring | Interest rate swap | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 24,657 | 29,351 | |
Recurring | Level 1 | |||
ASSETS | |||
Total assets | 99,780 | 266,963 | |
Recurring | Level 1 | US Treasury Bill Securities | |||
ASSETS | |||
Investments in U.S. Treasury bills | 99,780 | 266,963 | |
Recurring | Level 1 | Interest rate swap | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 0 | 0 | |
Recurring | Level 2 | |||
ASSETS | |||
Total assets | 24,657 | 29,351 | |
Recurring | Level 2 | US Treasury Bill Securities | |||
ASSETS | |||
Investments in U.S. Treasury bills | 0 | 0 | |
Recurring | Level 2 | Interest rate swap | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | 24,657 | 29,351 | |
Recurring | Level 3 | |||
ASSETS | |||
Total assets | 0 | 0 | |
Recurring | Level 3 | US Treasury Bill Securities | |||
ASSETS | |||
Investments in U.S. Treasury bills | 0 | 0 | |
Recurring | Level 3 | Interest rate swap | |||
ASSETS | |||
Interest rate derivatives (included in other assets) | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summarizes Of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Included in other assets | $ 24,657 | $ 29,351 |
Interest rate swap | Designated as Hedging Instrument | 731 Lexington Avenue mortgage loan, retail condominium | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Included in other assets | 22,453 | 26,718 |
Notional Amount | $ 300,000 | |
Swapped Rate | 1.76% | |
Interest rate swap | Designated as Hedging Instrument | Rego Park II shopping center mortgage loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Included in other assets | $ 2,196 | 2,622 |
Notional Amount | 202,544 | |
Interest rate swap | Designated as Hedging Instrument | 731 Lexington Avenue mortgage loan, office condominium | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Included in other assets | 8 | $ 11 |
Notional Amount | $ 500,000 | |
Interest rate swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | Rego Park II shopping center mortgage loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest cap rate | 4.15% | |
Interest rate swap | Designated as Hedging Instrument | LIBOR | 731 Lexington Avenue mortgage loan, office condominium | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest cap rate | 6% |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Assets: | ||
Cash equivalents | $ 208,596 | $ 47,852 |
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 1,096,544 | 1,096,544 |
Level 1 | Fair Value | ||
Assets: | ||
Cash equivalents | 208,596 | 47,852 |
Level 2 | Fair Value | ||
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | $ 1,071,540 | $ 1,061,221 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Standby letters of credit, outstanding | $ 900,000 |
All Risk Property and Rental Value | |
Loss Contingencies [Line Items] | |
Insurance maximum coverage per incident | 1,700,000,000 |
Terrorism Coverage Including NBCR | |
Loss Contingencies [Line Items] | |
Insurance maximum coverage per incident | 1,700,000,000 |
Insurance maximum coverage in aggregate | $ 1,700,000,000 |
NBCR | |
Loss Contingencies [Line Items] | |
Federal government responsibility (in percentage) | 80% |
NBCR | FNSIC | |
Loss Contingencies [Line Items] | |
Insurance deductible | $ 298,000 |
Self insured responsibility (in percentage) | 20% |
General Liability | |
Loss Contingencies [Line Items] | |
Insurance maximum coverage per property | $ 300,000,000 |
Insurance maximum coverage per incident | 300,000,000 |
Disease Coverage | |
Loss Contingencies [Line Items] | |
Insurance maximum coverage per incident | $ 30,000,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive securities outstanding | 0 | 0 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 11,226 | $ 14,532 |
Weighted average shares outstanding - basic (in shares) | 5,127,086 | 5,124,478 |
Weighted average shares outstanding - diluted (in shares) | 5,127,086 | 5,124,478 |
Net income per common share - basic (in usd per share) | $ 2.19 | $ 2.84 |
Net income per common share - diluted (in usd per share) | $ 2.19 | $ 2.84 |