Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ALEXANDERS INC | |
Entity Central Index Key | 3,499 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,106,196 | |
Trading Symbol | alx |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real estate, at cost: | ||
Land | $ 44,971 | $ 44,971 |
Buildings and leasehold improvements | 874,901 | 873,667 |
Development and construction in progress | 105,544 | 75,289 |
Total | 1,025,416 | 993,927 |
Accumulated depreciation and amortization | (222,496) | (210,025) |
Real estate, net | 802,920 | 783,902 |
Cash and cash equivalents | 211,230 | 227,815 |
Short-term investments | 0 | 24,998 |
Restricted cash | 84,486 | 84,602 |
Marketable securities | 39,931 | 44,646 |
Tenant and other receivables, net of allowance for doubtful accounts of $1,204 and $1,544, respectively | 3,210 | 2,213 |
Receivable arising from the straight-lining of rents | 180,882 | 179,939 |
Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $32,626 and $33,974, respectively | 44,725 | 46,561 |
Deferred debt issuance costs, net of accumulated amortization of $12,571 and $11,295, respectively | 3,475 | 4,824 |
Other assets | 47,080 | 23,716 |
Total assets | 1,417,939 | 1,423,216 |
LIABILITIES AND EQUITY | ||
Mortgages payable | 1,031,213 | 1,032,780 |
Amounts due to Vornado | 5,486 | 3,922 |
Accounts payable and accrued expenses | 34,610 | 35,127 |
Other liabilities | 2,973 | 2,988 |
Total liabilities | $ 1,074,282 | $ 1,074,817 |
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, 5,106,196 shares | 5,173 | 5,173 |
Additional capital | 30,739 | 30,139 |
Retained earnings | 298,387 | 299,004 |
Accumulated other comprehensive income | 9,732 | 14,457 |
Equity before treasury stock | 344,031 | 348,773 |
Treasury stock: 67,254 shares, at cost | (374) | (374) |
Total equity | 343,657 | 348,399 |
Total liabilities and equity | $ 1,417,939 | $ 1,423,216 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Allowance for doubtful accounts (in US dollars) | $ 1,204 | $ 1,544 |
Unamortized leasing fees to Vornado (in US dollars) | 32,626 | 33,974 |
Deferred debt issuance costs, accumulated amortization (in US dollars) | $ 12,571 | $ 11,295 |
Preferred stock: par value per share (in dollars per share) | $ 1 | $ 1 |
Preferred stock: authorized shares | 3,000,000 | 3,000,000 |
Preferred stock: issued shares | 0 | 0 |
Preferred stock: outstanding shares | 0 | 0 |
Common stock: par value per share (in dollars per share) | $ 1 | $ 1 |
Common stock: authorized shares | 10,000,000 | 10,000,000 |
Common stock: issued shares | 5,173,450 | 5,173,450 |
Common stock: outstanding shares | 5,106,196 | 5,106,196 |
Treasury stock: shares | 67,254 | 67,254 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES | ||||
Property rentals | $ 34,554 | $ 34,046 | $ 69,055 | $ 68,182 |
Expense reimbursements | 16,092 | 15,937 | 33,627 | 31,269 |
Total revenues | 50,646 | 49,983 | 102,682 | 99,451 |
EXPENSES | ||||
Operating, including fees to Vornado of $1,071, $1,057, $2,217 and $2,146, respectively | 17,549 | 17,150 | 36,595 | 33,640 |
Depreciation and amortization | 7,341 | 7,280 | 14,691 | 14,541 |
General and administrative, including management fees to Vornado of $595 and $1,190 in each three and six month period, respectively | 1,900 | 1,558 | 3,170 | 2,745 |
Total expenses | 26,790 | 25,988 | 54,456 | 50,926 |
OPERATING INCOME | 23,856 | 23,995 | 48,226 | 48,525 |
Interest and other income, net | 410 | 425 | 810 | 826 |
Interest and debt expense | (6,924) | (7,590) | (13,869) | (17,274) |
Income before income taxes | 17,342 | 16,830 | 35,167 | 32,077 |
Income tax expense | (1) | (2) | (4) | (5) |
Net income | $ 17,341 | $ 16,828 | $ 35,163 | $ 32,072 |
Income per common share- basic and diluted: | ||||
Net income per common share- basic and diluted (in dollars per share) | $ 3.39 | $ 3.29 | $ 6.88 | $ 6.28 |
Weighted average shares outstanding- basic and diluted (in shares) | 5,112,026 | 5,110,369 | 5,111,616 | 5,110,045 |
Dividends per common share (in dollars per share) | $ 3.50 | $ 3.25 | $ 7 | $ 6.50 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements of Income | ||||
Fees to Vornado | $ 1,071 | $ 1,057 | $ 2,217 | $ 2,146 |
Management fees to Vornado | $ 595 | $ 595 | $ 1,190 | $ 1,190 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 17,341 | $ 16,828 | $ 35,163 | $ 32,072 |
Other comprehensive income: | ||||
Change in unrealized net gain on available-for-sale securities | (5,208) | 2,366 | (4,715) | 4,207 |
Change in value of interest rate cap | (4) | (195) | (10) | (153) |
Comprehensive Income | $ 12,129 | $ 18,999 | $ 30,438 | $ 36,126 |
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 |
Shares Issued, Beginning Balance (in shares) at Dec. 31, 2013 | 5,173,000 | |||||
Balance, at Dec. 31, 2013 | $ 333,581 | $ 5,173 | $ 29,745 | $ 297,515 | $ 1,522 | $ (374) |
Net income | 32,072 | 32,072 | ||||
Dividends paid | (33,213) | (33,213) | ||||
Change in unrealized net gain on available-for-sale securities | 4,207 | 4,207 | ||||
Change in value of interest rate cap | (153) | (153) | ||||
Deferred stock unit grant | 394 | 394 | ||||
Shares Issued, Ending Balance (in shares) at Jun. 30, 2014 | 5,173,000 | |||||
Balance, at Jun. 30, 2014 | $ 336,888 | $ 5,173 | 30,139 | 296,374 | 5,576 | (374) |
Shares Issued, Beginning Balance (in shares) at Dec. 31, 2014 | 5,173,450 | 5,173,000 | ||||
Balance, at Dec. 31, 2014 | $ 348,399 | $ 5,173 | 30,139 | 299,004 | 14,457 | (374) |
Net income | 35,163 | 35,163 | ||||
Dividends paid | (35,780) | (35,780) | ||||
Change in unrealized net gain on available-for-sale securities | (4,715) | (4,715) | ||||
Change in value of interest rate cap | (10) | (10) | ||||
Deferred stock unit grant | $ 600 | 600 | ||||
Shares Issued, Ending Balance (in shares) at Jun. 30, 2015 | 5,173,450 | 5,173,000 | ||||
Balance, at Jun. 30, 2015 | $ 343,657 | $ 5,173 | $ 30,739 | $ 298,387 | $ 9,732 | $ (374) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 35,163 | $ 32,072 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, including amortization of debt issuance costs | 16,061 | 15,876 |
Straight-lining of rental income | (943) | (1,282) |
Stock-based compensation expense | 600 | 394 |
Change in operating assets and liabilities: | ||
Tenant and other receivables, net | (997) | 642 |
Other assets | (23,769) | (22,169) |
Amounts due to Vornado | (84) | (818) |
Accounts payable and accrued expenses | (1,002) | (2,448) |
Other liabilities | (15) | (5) |
Net cash provided by operating activities | 25,014 | 22,262 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Construction in progress and real estate additions | (29,356) | (13,362) |
Change in restricted cash | 116 | 4,457 |
Proceeds from maturing short-term investments | 24,998 | 0 |
Net cash used in investing activities | (4,242) | (8,905) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt repayments | (1,567) | (315,670) |
Proceeds from borrowing | 0 | 300,000 |
Dividends paid | (35,780) | (33,213) |
Debt issuance costs | (10) | (4,263) |
Net cash used in financing activities | (37,357) | (53,146) |
Net decrease in cash and cash equivalents | (16,585) | (39,789) |
Cash and cash equivalents at beginning of period | 227,815 | 347,718 |
Cash and cash equivalents at end of period | 211,230 | 307,929 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest, excluding capitalized interest of $1,017 and $85, respectively | 12,518 | 17,238 |
NON-CASH TRANSACTIONS | ||
Liability for real estate additions (including $5,042 due to Vornado in 2015) | 15,662 | 8,850 |
Write-off of fully amortized and/or depreciated assets | $ 83 | $ 10,569 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash paid for interest, capitalized | $ 1,017 | $ 85 |
Non Cash Additions To Real Estate | 15,662 | $ 8,850 |
Vornado [Member] | ||
Non Cash Additions To Real Estate | $ 5,042 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Abstract] | |
Organization [Text Block] | 1 . Organization Alexander's, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware , engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander's” refer to Alexander's, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation [Text Block] | 2 . Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander's and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, 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 condensed 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, 2014 , 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 six months ended June 30, 2015 are not necessarily indicative of the oper ating results for the full year . We currently operate in one business segment. |
Significant Accounting Policy
Significant Accounting Policy | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policy [Abstract] | |
Significant Accounting Policy [Text Block] | 3 . Significant Accounting Policy Development and Construction in Progres s – We are constructing an apartment tower above our Rego Park II shopping center, containing 312 units aggregating 255,000 square feet. The estimated cost of this project is approximately $125,000,000 , of which $103,307,000 has been incurre d as of June 30, 2015. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expe nse. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy (“TCO”). In July 2015, we received TCO s for certain floors of the Rego Park II apartment tower where construction has been substantially completed. Construction of the remaining floors is expected to be substantially compl eted during 2015 and the related TCOs are expected to be obtained by Dec embe r 31, 2015. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 6 Months Ended |
Jun. 30, 2015 | |
Recently Issued Accounting Literature [Abstract] | |
Recently Issued Accounting Literature [Text Block] | 4 . Recently Issued Accounting Literature In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to A ccounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment . Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's resul ts and operations qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 was effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The adoption of this update on January 1, 2015 did not have any impact on our consolidated financial statements. In May 2014, the FASB issued an update (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers . ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interi m and annual reporting periods in fiscal years that begin after December 15, 201 7 . We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835, Interest . ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. ASU 2015-03 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The adoption of this update on January 1, 2016 will not have a material impact on our consolidated financial statements. |
Relationship with Vornado
Relationship with Vornado | 6 Months Ended |
Jun. 30, 2015 | |
Relationship with Vornado [Abstract] | |
Relationship with Vornado [Text Block] | 5 . Relationship with Vornado A s of June 30, 2015 , 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 W e pay Vornado an annual management fee equal to the sum of ( i ) $ 2,8 00,000, (ii) 2% of gross revenue from the Rego Park II s hopping c enter, (i ii ) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and ( i v) $ 2 80 ,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 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. Prior to December 22, 2014, t he total of these amounts wa s payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balan ce at one-year LIBOR plus 1.0% . On December 22, 2014, the leasing agreements with Vornado were amended to eliminate the annual installment cap of $4,000,000 and we paid the accrued balance of leasing commissions of $40,353,000 to Vornado . Other Agreements We also have agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado , to supervise ( i ) cleaning, engineering and security services at our Lexington Avenue propert y and (ii) security services at our Rego Park I and Rego Park II properties , for an annual fee equal to the cost of such services plus 6%. The following is a summary of fees to Vornado under the various agreements discussed above . ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 5. Relationship with Vornado - continued Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2015 2014 2015 2014 Company management fees $ 700 $ 700 $ 1,400 $ 1,400 Development fees 895 749 1,659 749 Leasing fees 16 186 398 364 Property management fees and payments for cleaning, engineering and security services 853 841 1,783 1,711 $ 2,464 $ 2,476 $ 5,240 $ 4,224 A s of June 30, 2015 , there was due to Vornado $5,042 ,000 for development fee s , $436 , 000 for management, property management, cleaning and security fees and $ 8 ,000 for leasing fees . As of December 31, 2014, there was due to Vornado $3,39 4,000 for development fees and $528 ,000 for management, property management and cleaning fees. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities [Text Block] | 6 . Marketable Securities As of June 30, 2015 and December 31, 2014 , we own ed 535,265 common shares of The Macerich Company (“ Macerich ”) (NYSE: MAC) , which we re received in connection with the sale of the Kings Plaza Regional Shopping Center to Macerich in November 2012 . These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate . A s of June 30, 2015 and December 31, 2014 , the fair value of these shares w as $ 39,931,000 and $44,646,000, respectively , based on Macerich's closing share price of $ 74.60 per share and $83.41 per share , respectively . These shares are included in “ marketable securities” on our consolidated balance sheets and are classified as available-for-sale. Available-for-sale securities are presented at fair value and u nrealized gains and losses resulting from the mark-to-market of these secu rities are included in “other comprehensive income . ” |
Significant Tenants
Significant Tenants | 6 Months Ended |
Jun. 30, 2015 | |
Significant Tenants [Abstract] | |
Significant Tenants [Text Block] | 7 . Significant Tenants Bloomberg L.P. (“Bloomberg”) accounted for $ 46,586 ,000 and $ 44,483 ,000 , representing approximately 45 % of our t otal r evenues in each of the six - month periods ended June 30, 2015 and 2014 , 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, w e 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. In October 2014, Bloomberg exercised its option to extend leases that were schedule d to expire in December 2015 covering 188,608 square fee t of office spa ce at our 731 Lexington Avenue property for a term of 5 years. We are currently in negotiations with Bloomberg to determine the rental rate for the extension period. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation [Text Block] | 8 . Stock-Based Compensation We account for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . Our Omnibus Stock 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 2015, we granted each of the members of our Board of Directors 176 DSUs with a grant date fair va lue of $56,250 per grant, or $ 4 50 ,000 in the aggregate. In addition, 468 DSUs , constituting an initial award with a grant date fair value of $150,000 , were granted to a newly appointed D irector . The DSUs entitle the holder s 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. |
Mortgages Payable
Mortgages Payable | 6 Months Ended |
Jun. 30, 2015 | |
Mortgages Payable [Abstract] | |
Mortgages Payable [Text Block] | 9 . Mortgages Payable The following is a summary of our outstanding mortgage s payabl e as of June 30 , 2015 and December 31, 2014. Balance at Interest Rate at June 30, December 31, (Amounts in thousands) Maturity (1) June 30, 2015 2015 2014 First mortgages secured by: 731 Lexington Avenue, retail space (2) Aug. 2015 4.93 % $ 320,000 $ 320,000 Rego Park I shopping center (100% cash collateralized) (3) Mar. 2016 0.40 % 78,246 78,246 Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (4) Nov. 2018 2.04 % 264,967 266,534 731 Lexington Avenue, office space (5) Mar. 2021 1.14 % 300,000 300,000 $ 1,031,213 $ 1,032,780 (1) Represents the extended maturity where we have the unilateral right to extend. (2) This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined. We expect to complete the refinancing of this loan in August 2015. (3) Extended for one year from March 10, 2015. (4) Interest at LIBOR plus 1.85%. (5) Interest at LIBOR plus 0.95%. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements [Text Block] | 10 . Fair Value Measurements ASC 8 20 , Fair Value Measurement s and Disclosures defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible , as well as consider counterparty credit risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value Financial assets measured at fair value on our consolidated balance sheets a s of June 30, 2015 and December 31, 2014, consist of marketable securities , short-term investments (treasury bills classified as available-for-sale) and an interest rate cap , 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 a s of June 30, 2015 and December 31, 2014 . ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 10. Fair Value Measurements - continued As of June 30, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 39,931 $ 39,931 $ - $ - Interest rate cap (included in other assets) 1 - 1 - Total assets $ 39,932 $ 39,931 $ 1 $ - As of December 31, 2014 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 44,646 $ 44,646 $ - $ - Short-term investments 24,998 24,998 - - Interest rate cap (included in other assets) 11 - 11 - Total assets $ 69,655 $ 69,644 $ 11 $ - 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 , mortgages payable and leasing commissions due to Vornado . Cash equivalents are carried at cost, which approximates fair value due to their short - term maturities . 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 . The leasing commissions due to Vornado are carried at cost plus interest at variable rates, which approximate fair value. The fair value of cash equivalents is classified as L evel 1 and the fair value s of mortgages payable and leasing commissions due to Vornado are classified as L evel 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2015 and December 31, 2014 . As of June 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 185,523 $ 185,523 $ 111,590 $ 111,590 Liabilities: Mortgages payable $ 1,031,213 $ 1,020,000 $ 1,032,780 $ 1,025,000 Leasing commissions (included in amounts due to Vornado) 8 8 - - $ 1,031,221 $ 1,020,008 $ 1,032,780 $ 1,025,000 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies [Text Block] | 11 . Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence 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. 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 Program Reauthorization Act, which expires in December 2020. 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 with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $275,000 deductible and 15% of the balance (16% effective January 1, 2016) of a covered loss, and the Federal government is responsible for the remaining 85% (84% effective Janu ary 1, 2016) 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. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material. Our mortgage loans are non-recourse to us, except for $75,000,000 of the $320,000,000 mortgage on the retail portion of our 731 Lexington Avenue property, in the event of a substantial casualty, as defined. Our mortgage 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 our properties. Rego Park I Litigation On June 24, 2014, Sears Roebuck and Co. (“Sears”) filed a lawsuit in the Supreme Court of the State of New York against Vornado and us (and certain of our subsidiaries) with regard to space that Sears leases at our Rego Park I property. Sears alleges that the defendants are liable for harm that Sears has suffered as a result of (a) water intrusions into the premises , (b) two fires in February 2014 that caused damages to those premises, and (c) alleged violations of the Americans with Disabilities Act in the premises' parking garage. Sears asserts various causes of actions for damages and seeks to compel compliance with landlord's obligations to repair the premises and to provide security, and to compel us to abate a nuisance that Sears claims was a cause of the water intrusions into its premises. In addition to injunctive relief, Sears seeks, among other things, damages of not less than $4 million and future damages it estimates will not be less than $25 million. We intend to defend the claims vigorously . T he amount or range of reasonably possible losses, if any, cannot be estimated. Rego Park II Apartment Tower We are constructing an apartment tower above our Rego Park II shopping center, containing 312 units aggregating 255,000 square feet. The estimated cost of this project is approximately $125,000,000 , of which $103,307,000 has been incurred as of June 30, 2015. In July 2015, we recei ved TCO s for certain floors of the Rego Park II apartment tower where construction has been substantially completed. Construction of the remaining floors is expected to be substantially completed during 2015 and the related TCOs are expected to be obtained by Dec e mber 3 1 , 2015. Paramus In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures in October 2018. The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term. Letters of Credit Approximately $ 2 , 074 ,000 of standby letters of credit were outstanding as of June 30, 2015. Other There are various other legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material ef fect on our financial position , results of operations or cash flows. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 12 . 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 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 six months ended June 30, 2015 and 2014 . Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands, except share and per share amounts) 2015 2014 2015 2014 Net income $ 17,341 $ 16,828 $ 35,163 $ 32,072 Weighted average shares outstanding – basic and diluted 5,112,026 5,110,369 5,111,616 5,110,045 Net income per common share – basic and diluted $ 3.39 $ 3.29 $ 6.88 $ 6.28 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policy [Abstract] | |
Basis of Accounting [Policy Text Block] | The accompanying consolidated financial statements are unaudited and include the accounts of Alexander's and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, 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 condensed 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, 2014 , 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 six months ended June 30, 2015 are not necessarily indicative of the oper ating results for the full year . We currently operate in one business segment. |
Recently Issued Accounting Literature [Policy Text Block] | In April 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to A ccounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment . Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's resul ts and operations qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 was effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The adoption of this update on January 1, 2015 did not have any impact on our consolidated financial statements. In May 2014, the FASB issued an update (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers . ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interi m and annual reporting periods in fiscal years that begin after December 15, 201 7 . We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. In April 2015, the FASB issued an update (“ASU 2015-03”) Simplifying the Presentation of Debt Issuance Costs to ASC Topic 835, Interest . ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. ASU 2015-03 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The adoption of this update on January 1, 2016 will not have a material impact on our consolidated financial statements. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Available-for-sale securities are presented at fair value and u nrealized gains and losses resulting from the mark-to-market of these secu rities are included in “other comprehensive income . ” |
Fair Value Measurement Policy [Policy Text Block] | 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. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | We account for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . Our Omnibus Stock 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 . |
Real Estate [Policy Text Block] | Development and Construction in Progres s – We are constructing an apartment tower above our Rego Park II shopping center, containing 312 units aggregating 255,000 square feet. The estimated cost of this project is approximately $125,000,000 , of which $103,307,000 has been incurre d as of June 30, 2015. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expe nse. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy (“TCO”). In July 2015, we received TCO s for certain floors of the Rego Park II apartment tower where construction has been substantially completed. Construction of the remaining floors is expected to be substantially compl eted during 2015 and the related TCOs are expected to be obtained by Dec embe r 31, 2015. |
Relationship with Vornado (Tabl
Relationship with Vornado (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Relationship with Vornado [Abstract] | |
Summary of Fees to Vornado [Table Text Block] | ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 5. Relationship with Vornado - continued Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands) 2015 2014 2015 2014 Company management fees $ 700 $ 700 $ 1,400 $ 1,400 Development fees 895 749 1,659 749 Leasing fees 16 186 398 364 Property management fees and payments for cleaning, engineering and security services 853 841 1,783 1,711 $ 2,464 $ 2,476 $ 5,240 $ 4,224 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Mortgages Payable [Abstract] | |
Summary of Notes and Mortgages Payable [Table Text Block] | Balance at Interest Rate at June 30, December 31, (Amounts in thousands) Maturity (1) June 30, 2015 2015 2014 First mortgages secured by: 731 Lexington Avenue, retail space (2) Aug. 2015 4.93 % $ 320,000 $ 320,000 Rego Park I shopping center (100% cash collateralized) (3) Mar. 2016 0.40 % 78,246 78,246 Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (4) Nov. 2018 2.04 % 264,967 266,534 731 Lexington Avenue, office space (5) Mar. 2021 1.14 % 300,000 300,000 $ 1,031,213 $ 1,032,780 (1) Represents the extended maturity where we have the unilateral right to extend. (2) This loan is non-recourse to us, except for $75,000 in the event of a substantial casualty, as defined. We expect to complete the refinancing of this loan in August 2015. (3) Extended for one year from March 10, 2015. (4) Interest at LIBOR plus 1.85%. (5) Interest at LIBOR plus 0.95%. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) 10. Fair Value Measurements - continued As of June 30, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 39,931 $ 39,931 $ - $ - Interest rate cap (included in other assets) 1 - 1 - Total assets $ 39,932 $ 39,931 $ 1 $ - As of December 31, 2014 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 44,646 $ 44,646 $ - $ - Short-term investments 24,998 24,998 - - Interest rate cap (included in other assets) 11 - 11 - Total assets $ 69,655 $ 69,644 $ 11 $ - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of June 30, 2015 As of December 31, 2014 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 185,523 $ 185,523 $ 111,590 $ 111,590 Liabilities: Mortgages payable $ 1,031,213 $ 1,020,000 $ 1,032,780 $ 1,025,000 Leasing commissions (included in amounts due to Vornado) 8 8 - - $ 1,031,221 $ 1,020,008 $ 1,032,780 $ 1,025,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, (Amounts in thousands, except share and per share amounts) 2015 2014 2015 2014 Net income $ 17,341 $ 16,828 $ 35,163 $ 32,072 Weighted average shares outstanding – basic and diluted 5,112,026 5,110,369 5,111,616 5,110,045 Net income per common share – basic and diluted $ 3.39 $ 3.29 $ 6.88 $ 6.28 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2015Segment | |
Basis of Presentation [Abstract] | |
Number Of Operating Segments | 1 |
Significant Accounting Policy (
Significant Accounting Policy (Details) ft² in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)ft²aptunits | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | ||
Development and construction in progress | $ 105,544,000 | $ 75,289,000 |
Rego Park II [Member] | Apartment Tower [Member] | Property Under Development [Member] | ||
Real Estate Properties [Line Items] | ||
Number of units in apartment tower (in units) | aptunits | 312 | |
Area of property (in square feet) | ft² | 255 | |
Estimated Budgeted Cost | $ 125,000,000 | |
Development and construction in progress | $ 103,307,000 | |
Estimated Date Of Completion | 2,015 |
Relationship with Vornado (Deta
Relationship with Vornado (Details) - Vornado [Member] | Dec. 22, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)$ / ft² | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 32.40% | 32.40% | ||||
Managment and Development Agreement [Abstract] | ||||||
Management Fee Agreement Value (in US dollars) | $ 2,800,000 | |||||
Leasing Agreement [Abstract] | ||||||
Asset Sale Commission Threshold (in US dollars) | $ 50,000,000 | |||||
Percentage Commissions On Sale Of Assets Under Fifty Million | 3.00% | |||||
Percentage Commissions On Sale Of Assets Over Fifty Million | 1.00% | |||||
Leasing services fee and commission on asset sale, annual installment, maximum. (in US dollars) | $ 4,000,000 | |||||
Debt Instrument, Description of Variable Rate Basis | One-year LIBOR | |||||
Basis spread over LIBOR | 1.00% | |||||
Repayment of leasing costs (in US Dollars) | $ 40,353,000 | |||||
Other Agreements [Abstract] | ||||||
Other Supervisory Fees | 6.00% | |||||
Summary of fees to Vornado | ||||||
Fees to related party (in US dollars) | $ 2,464,000 | $ 2,476,000 | $ 5,240,000 | $ 4,224,000 | ||
Lexington Avenue Property [Member] | Office And Retail Space [Member] | ||||||
Managment and Development Agreement [Abstract] | ||||||
Property Management Fee Agreement Price Per Square Foot | $ / ft² | 0.5 | |||||
Lexington Avenue Property [Member] | Common Area [Member] | ||||||
Managment and Development Agreement [Abstract] | ||||||
Property Management Fee Agreement Value (in US dollars) | $ 280,000 | |||||
Property Management Fee Escalation Percentage Per Annum | 3.00% | |||||
Rego Park 2 Property [Member] | ||||||
Managment and Development Agreement [Abstract] | ||||||
Property Management Fee Agreement Percentage Of Income | 2.00% | |||||
Company Management Fees [Member] | ||||||
Summary of fees to Vornado | ||||||
Fees to related party (in US dollars) | 700,000 | 700,000 | $ 1,400,000 | 1,400,000 | ||
Development fees [Member] | ||||||
Managment and Development Agreement [Abstract] | ||||||
Development fee as percentage of development costs | 6.00% | |||||
Summary of fees to Vornado | ||||||
Fees to related party (in US dollars) | 895,000 | 749,000 | $ 1,659,000 | 749,000 | ||
Fees owed to Vornado (in US dollars) | 5,042,000 | $ 5,042,000 | $ 3,394,000 | |||
Leasing Fees [Member] | ||||||
Leasing Agreement [Abstract] | ||||||
Lease Fee Percentage Of Rent One To Ten Years | 3.00% | |||||
Lease Fee Percentage Of Rent Eleven To Twenty Years | 2.00% | |||||
Lease Fee Percentage Of Rent Twenty First To Thirty Years | 1.00% | |||||
Percentage Increase Lease Fee If Broker Used | 1.00% | |||||
Summary of fees to Vornado | ||||||
Fees to related party (in US dollars) | 16,000 | 186,000 | $ 398,000 | 364,000 | ||
Fees owed to Vornado (in US dollars) | 8,000 | 8,000 | ||||
Property Management Fees [Member] | ||||||
Summary of fees to Vornado | ||||||
Fees to related party (in US dollars) | 853,000 | $ 841,000 | 1,783,000 | $ 1,711,000 | ||
Fees owed to Vornado (in US dollars) | $ 436,000 | $ 436,000 | $ 528,000 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Holdings [Line Items] | ||
Fair Value | $ 39,931 | $ 44,646 |
Macerich interest [Member] | ||
Investment Holdings [Line Items] | ||
Macerich Common Shares | 535,265 | 535,265 |
Economic basis per share (in dollars per share) | $ 56.05 | |
GAAP Cost | $ 30,000 | |
Fair Value | $ 39,931 | $ 44,646 |
Closing share price (in dollars per share) | $ 74.60 | $ 83.41 |
Significant Tenants (Details)
Significant Tenants (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2014ft² | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Real Estate Properties [Line Items] | |||||
Real estate revenue, net (in dollars) | $ 50,646 | $ 49,983 | $ 102,682 | $ 99,451 | |
Bloomberg [Member] | |||||
Real Estate Properties [Line Items] | |||||
Leases Expiration Date | December 2,015 | ||||
Bloomberg [Member] | 731 Lexington Avenue [Member] | |||||
Real Estate Properties [Line Items] | |||||
Square Footage of Real Estate Property (in square feet) | ft² | 188,608 | ||||
Lease renewal term | 5 years | ||||
Bloomberg [Member] | Customer Concentration Risk [Member] | |||||
Real Estate Properties [Line Items] | |||||
Percentage Of Minimum Revenue Threshold Contributed By One Tenant (in percentage) | 10.00% | ||||
Bloomberg [Member] | Customer Concentration Risk [Member] | Sales Revenue Services Net [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real estate revenue, net (in dollars) | $ 46,586 | $ 44,483 | |||
Percentage Rent Contributed By Tenant | 45.00% | 45.00% |
Stock- Based Compensation (Deta
Stock- Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
May. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expense recognized in connection with the issuance of Deferred Stock Units | $ 600 | $ 394 | ||
Deferred Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Per Director (in shares) | 176 | 468 | ||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grant Date Fair Value, Granted Per Director | $ 56,250 | |||
Expense recognized in connection with the issuance of Deferred Stock Units | $ 450 | $ 150 |
Mortgages Payable (Details)
Mortgages Payable (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Notes Payable (in US dollars) | $ 1,031,213,000 | $ 1,032,780,000 |
Rego Park 1 Shopping [Member] | Mortgages [Member] | Secured [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Percentage of cash mortgage collateralized | 100.00% | |
Debt Instrument Maturity Date String | 2016-03 | |
Interest rate (in percentage) | 0.40% | |
Notes Payable (in US dollars) | $ 78,246,000 | 78,246,000 |
Duration Of Mortgage Loan Extension | 1 year | |
Rego Park 2 Property [Member] | Mortgages [Member] | Secured [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument Maturity Date String | 2018-11 | |
Interest rate (in percentage) | 2.04% | |
Notes Payable (in US dollars) | $ 264,967,000 | 266,534,000 |
Basis spread over LIBOR (in percentage) | 1.85% | |
Lexington Avenue Property [Member] | Retail Space [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Notes Payable (in US dollars) | $ 320,000,000 | |
Mortgage loan converted to recourse (in US Dollars) | $ 75,000,000 | |
Lexington Avenue Property [Member] | Mortgages [Member] | Secured [Member] | Office Space [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument Maturity Date String | 2021-03 | |
Interest rate (in percentage) | 1.14% | |
Notes Payable (in US dollars) | $ 300,000,000 | 300,000,000 |
Basis spread over LIBOR (in percentage) | 0.95% | |
Lexington Avenue Property [Member] | Mortgages [Member] | Secured [Member] | Retail Space [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument Maturity Date String | 2015-08 | |
Interest rate (in percentage) | 4.93% | |
Notes Payable (in US dollars) | $ 320,000,000 | 320,000,000 |
Lexington Avenue Property [Member] | Mortgages [Member] | Secured [Member] | Retail Space [Member] | Maximum [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan converted to recourse (in US Dollars) | $ 75,000,000 | |
Paramus Property [Member] | Mortgages [Member] | Secured [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Debt Instrument Maturity Date String | 2018-10 | |
Interest rate (in percentage) | 2.90% | |
Notes Payable (in US dollars) | $ 68,000,000 | $ 68,000,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Related Party Transactions By Transaction [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | $ 39,931 | $ 44,646 |
Short-term Investments | 0 | 24,998 |
Interest rate cap (included in other assets) | 1 | 11 |
Total assets | 39,932 | 69,655 |
Liabilities measured at fair value | 0 | 0 |
Carrying Reported Amount Fair Value Disclosure [Member] | ||
Assets | ||
Cash Equivalents | 185,523 | 111,590 |
Liabilities | ||
Mortgages Payable | 1,031,213 | 1,032,780 |
Leasing commissions (included in amounts due to Vornado) | 8 | 0 |
Total liabilities not measured at fair value | 1,031,221 | 1,032,780 |
Estimate Of Fair Value Fair Value Disclosure [Member] | ||
Assets | ||
Cash Equivalents | 185,523 | 111,590 |
Liabilities | ||
Mortgages Payable | 1,020,000 | 1,025,000 |
Leasing commissions (included in amounts due to Vornado) | 8 | 0 |
Total liabilities not measured at fair value | 1,020,008 | 1,025,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | 39,931 | 44,646 |
Short-term Investments | 24,998 | |
Interest rate cap (included in other assets) | 0 | 0 |
Total assets | 39,931 | 69,644 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | 0 | 0 |
Short-term Investments | 0 | |
Interest rate cap (included in other assets) | 1 | 11 |
Total assets | 1 | 11 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | 0 | 0 |
Short-term Investments | 0 | |
Interest rate cap (included in other assets) | 0 | 0 |
Total assets | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) ft² in Thousands | Jun. 24, 2014USD ($)Fires | Jun. 30, 2015USD ($)ft²aptunits | Dec. 31, 2021USD ($) | Jan. 01, 2016 | Dec. 31, 2014USD ($) | Dec. 31, 2001a |
Commitments And Contingencies Disclosure [Line Items] | ||||||
Mortgages payable | $ 1,031,213,000 | $ 1,032,780,000 | ||||
Rego Park 2 Property [Abstract] | ||||||
Development and construction in progress | 105,544,000 | $ 75,289,000 | ||||
Letters Of Credit [Abstract] | ||||||
Standby letters of credit, issued and outstanding | 2,074,000 | |||||
Lexington Avenue Property [Member] | Retail Space [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Mortgages payable | 320,000,000 | |||||
Insurance [Abstract] | ||||||
Mortgage loan, recourse | 75,000,000 | |||||
Paramus Property [Member] | Tenant Occupant [Member] | Ikea [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Mortgages payable | $ 68,000,000 | |||||
Paramus Property [Abstract] | ||||||
Area Of Land (in acre) | a | 30.3 | |||||
Fixed interest rate on the debt (in percentage) | 2.90% | |||||
Debt Instrument Maturity Date String | October 2,018 | |||||
Triple-net rent, annual amount | $ 700,000 | |||||
Paramus Property [Member] | Tenant Occupant [Member] | Ikea [Member] | Scenario Forecast [Member] | ||||||
Paramus Property [Abstract] | ||||||
Property purchase option exercisable be leasee with purchase option in 2021 | $ 75,000,000 | |||||
Purchase option exercised, net cash proceeds from sale of land | 7,000,000 | |||||
Purchase option excercised, gain on sale of land | 60,000,000 | |||||
Purchase option not excercised amount included in triple net rent over remainder of lease | $ 68,000,000 | |||||
Loan Amortization Period | 20 years | |||||
Rego Park I [Member] | Sears [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Number Of Fires | Fires | 2 | |||||
Rego Park I [Member] | Sears [Member] | Minimum [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Loss Contingency, Damages Sought, Value | $ 4,000,000 | |||||
Rego Park I [Member] | Sears [Member] | Minimum [Member] | Estimated Future Damages [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Loss Contingency, Damages Sought, Value | $ 25,000,000 | |||||
Rego Park II [Member] | Apartment Tower [Member] | Property Under Development [Member] | ||||||
Rego Park 2 Property [Abstract] | ||||||
Number of units in apartment tower (in units) | aptunits | 312 | |||||
Area of property (in square feet) | ft² | 255 | |||||
Estimated Date Of Completion | 2,015 | |||||
Estimated Budgeted Cost | $ 125,000,000 | |||||
Development and construction in progress | 103,307,000 | |||||
General Liability [Member] | ||||||
Insurance [Abstract] | ||||||
Insurance Maximum Coverage Per Incident | 300,000,000 | |||||
All Risk Property And Rental Value [Member] | ||||||
Insurance [Abstract] | ||||||
Insurance Maximum Coverage Per Incident | 1,700,000,000 | |||||
Terrorism Coverage Including Nbcr [Member] | ||||||
Insurance [Abstract] | ||||||
Insurance Maximum Coverage Per Incident | 1,700,000,000 | |||||
Insurance Maximum Coverage In Aggregate | $ 1,700,000,000 | |||||
NBCR [Member] | ||||||
Insurance [Abstract] | ||||||
Insurance Coverage End Date | December 2,020 | |||||
Deductible | $ 275,000 | |||||
Self Insured Responsibility (in percentage) | 15.00% | |||||
Federal Government Responsibility (in percentage) | 85.00% | |||||
NBCR [Member] | Scenario Forecast [Member] | ||||||
Insurance [Abstract] | ||||||
Self Insured Responsibility (in percentage) | 16.00% | |||||
Federal Government Responsibility (in percentage) | 84.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 17,341 | $ 16,828 | $ 35,163 | $ 32,072 |
Weighted average shares outstanding- basic and diluted (in shares) | 5,112,026 | 5,110,369 | 5,111,616 | 5,110,045 |
Net income per common share- basic and diluted (in dollars per share) | $ 3.39 | $ 3.29 | $ 6.88 | $ 6.28 |