Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ALEXANDERS INC | ||
Entity Central Index Key | 3,499 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 5,106,196 | ||
Entity Public Float | $ 862,931 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | alx |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate, at cost: | ||
Land | $ 44,971 | $ 44,971 |
Buildings and leasehold improvements | 975,015 | 873,667 |
Development and construction in progress | 9,486 | 75,289 |
Total | 1,029,472 | 993,927 |
Accumulated depreciation and amortization | (225,533) | (210,025) |
Real estate, net | 803,939 | 783,902 |
Cash and cash equivalents | 259,349 | 227,815 |
Short-term investments | 0 | 24,998 |
Restricted cash | 85,307 | 84,602 |
Marketable securities | 43,191 | 44,646 |
Tenant and other receivables, net of allowance for doubtful accounts of $918 and $1,544, respectively | 4,014 | 2,213 |
Receivable arising from the straight-lining of rents | 181,357 | 179,939 |
Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $33,482 and $33,974, respectively | 45,840 | 46,561 |
Other assets | 24,811 | 23,716 |
Total assets | 1,447,808 | 1,418,392 |
LIABILITIES AND EQUITY | ||
Mortgages payable, net of deferred debt issuance costs | 1,053,262 | 1,027,956 |
Amounts due to Vornado | 8,551 | 3,922 |
Accounts payable and accrued expenses | 30,158 | 35,127 |
Other liabilities | 2,957 | 2,988 |
Total liabilities | $ 1,094,928 | $ 1,069,993 |
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 | 304,340 | 299,004 |
Accumulated other comprehensive income | 13,002 | 14,457 |
Equity before treasury stock | 353,254 | 348,773 |
Treasury stock: 67,254 shares, at cost | (374) | (374) |
Total equity | 352,880 | 348,399 |
Total liabilities and equity | $ 1,447,808 | $ 1,418,392 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Allowance for doubtful accounts (in US dollars) | $ 918 | $ 1,544 |
Unamortized leasing fees to Vornado (in US dollars) | $ 33,482 | $ 33,974 |
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES | |||
Property rentals | $ 138,688 | $ 136,628 | $ 135,908 |
Expense reimbursements | 69,227 | 64,186 | 60,551 |
Total revenues | 207,915 | 200,814 | 196,459 |
EXPENSES | |||
Operating, including fees to Vornado of $4,476, $4,516, and $4,196, respectively | 76,218 | 69,897 | 64,930 |
Depreciation and amortization | 31,086 | 29,196 | 28,987 |
General and administrative, including management fees to Vornado of $2,380 in each year | 5,406 | 5,032 | 5,026 |
Total expenses | 112,710 | 104,125 | 98,943 |
OPERATING INCOME | 95,205 | 96,689 | 97,516 |
Interest and other income, net | 5,949 | 2,434 | 1,527 |
Interest and debt expense | (24,239) | (32,068) | (44,540) |
Income before income taxes | 76,915 | 67,055 | 54,503 |
Income tax (expense) benefit | (8) | 341 | 160 |
Income from continuing operations | 76,907 | 67,396 | 54,663 |
Income from discontinued operations | 0 | 529 | 2,252 |
Net income | $ 76,907 | $ 67,925 | $ 56,915 |
Income per common share- basic and diluted: | |||
Income from continuing operations (in dollars per share) | $ 15.04 | $ 13.19 | $ 10.70 |
Income from discontinued operations (in dollars per share) | 0 | 0.10 | 0.44 |
Net income per common share (in dollars per share) | $ 15.04 | $ 13.29 | $ 11.14 |
Weighted average shares outstanding (in shares) | 5,112,352 | 5,110,628 | 5,109,055 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Income | |||
Fees to Vornado | $ 4,476 | $ 4,516 | $ 4,196 |
Management fees to Vornado | $ 2,380 | $ 2,380 | $ 2,380 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 76,907 | $ 67,925 | $ 56,915 |
Other comprehensive income: | |||
Change in unrealized net gain on available-for-sale securities | (1,455) | 13,124 | 316 |
Change in value of interest rate cap | 0 | (189) | 0 |
Comprehensive income | $ 75,452 | $ 80,860 | $ 57,231 |
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 |
Opening Balance, at Dec. 31, 2012 | $ 332,153 | $ 5,173 | $ 29,352 | $ 296,797 | $ 1,206 | $ (375) |
Opening Balance (in shares) at Dec. 31, 2012 | 5,173,000 | |||||
Net income | 56,915 | 56,915 | ||||
Dividends paid | (56,197) | (56,197) | ||||
Change in unrealized net gain on available-for-sale securities | 316 | 316 | ||||
Change in value of interest rate cap | 0 | |||||
Deferred stock unit grant | 394 | 394 | ||||
Other | (1) | 1 | ||||
Closing Balance (in shares) at Dec. 31, 2013 | 5,173,000 | |||||
Closing Balance, at Dec. 31, 2013 | 333,581 | $ 5,173 | 29,745 | 297,515 | 1,522 | (374) |
Net income | 67,925 | 67,925 | ||||
Dividends paid | (66,436) | (66,436) | ||||
Change in unrealized net gain on available-for-sale securities | 13,124 | 13,124 | ||||
Change in value of interest rate cap | (189) | (189) | ||||
Deferred stock unit grant | $ 394 | 394 | ||||
Closing Balance (in shares) at Dec. 31, 2014 | 5,173,450 | 5,173,000 | ||||
Closing Balance, at Dec. 31, 2014 | $ 348,399 | $ 5,173 | 30,139 | 299,004 | 14,457 | (374) |
Net income | 76,907 | 76,907 | ||||
Dividends paid | (71,571) | (71,571) | ||||
Change in unrealized net gain on available-for-sale securities | (1,455) | (1,455) | ||||
Change in value of interest rate cap | 0 | |||||
Deferred stock unit grant | $ 600 | 600 | ||||
Closing Balance (in shares) at Dec. 31, 2015 | 5,173,450 | 5,173,000 | ||||
Closing Balance, at Dec. 31, 2015 | $ 352,880 | $ 5,173 | $ 30,739 | $ 304,340 | $ 13,002 | $ (374) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 76,907 | $ 67,925 | $ 56,915 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization, including amortization of debt issuance costs | 33,671 | 31,919 | 31,395 |
Straight-lining of rental income | (1,418) | (2,538) | (3,707) |
Stock-based compensation expense | 600 | 394 | 394 |
Reversal of income tax liability | 0 | (420) | (206) |
Change in operating assets and liabilities: | |||
Tenant and other receivables, net | (1,801) | 712 | (972) |
Other assets | (4,777) | (4,334) | (472) |
Amounts due to Vornado | 2,228 | (42,779) | (3,138) |
Accounts payable and accrued expenses | 822 | (1,373) | (6,284) |
Other liabilities | (31) | (19) | (42) |
Net cash provided by operating activities | 106,201 | 49,487 | 73,883 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Construction in progress and real estate additions | (50,121) | (61,964) | (7,671) |
Proceeds from maturing (purchases of) short-term investments | 24,998 | (24,998) | 0 |
Restricted cash | (705) | 5,442 | 351 |
Net cash used in investing activities | (25,828) | (81,520) | (7,320) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Debt repayments | (323,193) | (317,179) | (15,957) |
Proceeds from borrowing | 350,000 | 300,000 | 0 |
Dividends paid | (71,571) | (66,436) | (56,197) |
Debt issuance costs | (4,075) | (4,255) | (87) |
Net cash used in financing activities | (48,839) | (87,870) | (72,241) |
Net increase (decrease) in cash and cash equivalents | 31,534 | (119,903) | (5,678) |
Cash and cash equivalents at beginning of year | 227,815 | 347,718 | 353,396 |
Cash and cash equivalents at end of year | 259,349 | 227,815 | 347,718 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest, excluding capitalized interest of $1,486 and $603 in 2015 and 2014, respectively | 22,354 | 30,656 | 42,121 |
NON-CASH TRANSACTIONS | |||
Liability for real estate additions, including $5,795 and $3,394 due to Vornado in 2015 and 2014, respectively | 10,139 | 13,529 | 1,084 |
Write-off of fully amortized and/or depreciated assets | $ 20,786 | $ 10,626 | $ 0 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash paid for interest, capitalized | $ 1,486 | $ 603 |
Liability for real estate additions due to Vornado | 10,139 | 13,529 |
Vornado [Member] | ||
Liability for real estate additions due to Vornado | $ 5,795 | $ 3,394 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization [Abstract] | |
Organization | 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). We have seven properties in the greater New York City metropolitan area consisting of: Operating properties 731 Lexington Avenue, a 1,311 ,000 square foot multi-use building, comprising the entire square block bounded by Lexington Avenue, East 59 th Street, Third Avenue and East 58 th Street in Manhattan. The building contains 889 ,000 and 174,000 of net rentable square feet of office and retail space, respectively, which we own, and 248,000 square feet of residential space consisting of 105 condominium units, which we sold. Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet), The Container Store (34,000 square feet) and Hennes & Mauritz (27,000 square feet) are the principal retail tenants; Rego Park I , a 343 ,000 square foot shopping center, located on Queens Boulevard and 63 rd Road in Queens. The center is anchored by a 195,000 square foot Sears department store, a 50,000 square foot Burlington Coat Factory, a 46,000 square foot Bed Bath & Beyond and a 3 6 ,000 square foot Marshalls ; Rego Park II , a 6 09 ,000 square f oot shopping center, adjacent to the Rego Park I shopping c enter in Queens . The center is anchored by a 145 ,000 square foot Costco, a 13 5,000 square foot Century 21 and a 13 3 ,000 square foot Kohl's . In addition, 47,000 square feet i s leased to Toys “R” Us/Babies “R” Us, a one-third owned affiliate of Vornado ; The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet. In D ecember 2015, we received a n updated temporary certificate of occupancy (“TCO”) covering approximately 93% of the apartment tower where construction has been substantially completed, and accordingly 93% has been placed in service. We expect to receive the TCO for the remaining 7% in 2016. During the year ended December 31, 2015, we leased 84 of the 312 units. We expect to rea ch stabilized occupancy in 2017; Paramus , located at the intersection of Routes 4 and 17 in Paramus, New Jersey, consists of 30.3 acres of land that is leased to IKEA Property, Inc.; and Flushing , a 1 67,000 square foot building, located at Roosevelt Aven ue and Main Street in Queens , that is sub-leased to New World Mall LLC for the rema inder of our ground lease term. Propert y to be developed Rego Park III , a 3. 2 acre land parcel adjacent to the Rego Park II shopping center in Queens , at the intersection of Junction Boulevard and the Horace Harding Service Road. We have determined that our properties have similar economic characteristics and meet the criteria that permit the properties to be aggregated into one reportable segment (the leasing, management, development and redeveloping of properties in the greater New York City metropolitan area). Our chief operating decision-maker assesses and measures segment operating results based on a performance measure referred to as net operating income at the individual operating segment. Net operating income for each property represents net rental revenues less operating expenses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to current year presentation. 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 Accounting 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 results and operations would 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 for individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is 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 interim and annual reporting periods in fiscal years that begin after Dec ember 15, 2017 . 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 beginning after December 15, 2015. We elected to early adopt ASU 2015-03 effective as of December 31, 2015 with retrospective application to our December 31, 2014 consolidating balance sheet. The effect of the adoption of ASU 2015-03 was to reclassify deferred debt issuance costs , net of accumulated amortization, of approximately $4,824,000 as of December 31, 2014 from “deferred debt issuance costs” to a contra account as a deduction from the related mortgages payable . There was no effect on our consolidated statements of income. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2015 and 2014, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $803,939 ,000 a nd $783,902,000, respectively. Maintenance and repairs are expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a prop erty to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. 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 TCO . General and administrative costs are expensed as incurred. Our properties and related intangible assets, including properties to be developed in the future and currently under development, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property's carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value, due to their short-term maturities . The majority of our cash and cash equivalents consist of ( i ) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, (iii) money market funds , which invest in United States Treasury Bills and (i v ) certificates of deposit placed through an account registry service (“CDARS”) . To date we have not experienced any losses on our invested cash. Short-term Investments – Short-term investments consist of United States Treasury Bills with original maturities greater than three but less than six months. These highly l iquid investments are classified as available-for-sale and are presented at fair value on our consolidated balance sheets . Unrealized gains and losses resulting from these investments are included in “other comprehensive income” and are recognized in earnings only upon the expiration of the investments. Restricted Cash – Restricted cash primarily consists of cash held in a non-interest bearing escrow account in connection with our Rego Park I 100% cash collateralized mortgage, as well as security deposits and other cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements . Marketable Securities – Our marketable securities consist of common shares of The Macerich Company (NYSE: MAC) (“ Macerich ”), which are classified as available-for-sale. Available-for-sale securities are presented at fair value on our consolidated balance sheet s . Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income” and are recognized in earnings only upon the sale of the securities. We evaluate our marketable securities for impairment at the end of each reporting period. If investments have unrealized losses, we evaluate the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold our investment for a reasonable period of time sufficient for us to recover our cost basis, as well as the near-term prospects for the investment in relation to the severity and duration of the decline. Allowance for Doubtful Accounts – We periodically evaluate the collect i bility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ($918 ,000 and $ 1,544 ,000 as of December 31, 2015 and 2014 , respectively) for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates. Deferred Charges – Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct costs related to leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. Revenue Recognition – We have the following revenue sources and revenue recognition policies: Base Rent – revenue arising from tenant leases . These rents are recognized over the non-cancelable term of the related leases on a straight-line basis , which includes the effects of rent steps and free rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Percentage Rent – revenue arising from retail tenant leases that is contingent upon the sales of tenants exceeding defined thresholds . These rents are recognized only after the contingency has been removed (i.e., when tenant sales threshold s have been achieved). Expense Reimbursements – revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective properties . This revenue is accrued in the same periods as the expenses are incurred. Parking Income – revenue arising from the rental of parking space at our properties . This income is recognized as cash is received. Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90 % of our taxable income to stockholders each year. We distribute to our stockholders 100 % of our taxable income and therefore, no provision for Federal income taxes is required . Dividends distributed for the year ended December 31, 2015 were characterized, for federal income taxes, as 97.3% ordinary income and 2.7% long-term capital gain income. Dividends distributed for the year s ended December 31, 2014 and 2013 were categorized, for federal income tax purposes, as ordinary income. The following table reconciles our net inco me to estimated taxable income for the years ended December 31, 2015 , 2014 and 2013 . (Unaudited and in thousands) Year Ended December 31, 2015 2014 2013 Net income $ 76,907 $ 67,925 $ 56,915 Straight-line rent adjustments (1,418) (2,538) (3,707) Depreciation and amortization timing differences 2,477 2,283 2,134 Reversal of liability for income taxes - (420) (206) Other 751 765 (2,186) Estimated taxable income $ 78,717 $ 68,015 $ 52,950 As of December 31, 2015 , the net basis of our assets and liabilities for tax purposes are approximately $ 200,876 ,000 lower than the amount reported for financial statement purposes. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3 . RELAT ED PARTY TRANSACTIONS As of December 31, 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. Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2015 , Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.3 % of our outstanding com mon stock, in addition to the 2.2 % they indirectly own through Vornado. Joseph Macnow, our Executive Vice President and Chief Financial Officer, is the Executive Vice President – Finance and Chief Administrative Officer of Vornado. Stephen W. Theriot, our Assistant Treasurer, is the Chief Financial Officer of Vornado. Management and Development Agreements We pay Vornado an annual m anagement fee equal to the sum of ( i ) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping c enter , (iii ) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and ( i v ) $2 89 ,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 . The payment of development fees for The Alexander apartment t ower is due on substantial completion of the construction, 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, the total of these amounts wa s payable in annual installments in an amount not to exceed $4,000,000, with interest on the unpaid balance 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 property and (ii) security services at our Rego Par k I and Rego Park II properties. 3. RELATED PARTY TRANSACTIONS – continued The following is a summary of fees to Vornado under the various agreements discussed above Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 2,435 3,394 - Leasing fees 2,950 1,430 1,126 Property management fees and payments for cleaning, engineering and security services 3,614 3,658 3,415 $ 11,799 $ 11,282 $ 7,341 As of December 31, 2015, the a mounts due to Vornado were $5,795 ,000 for development fees; $283 ,000 for management, property management, clean ing and security fees; and $2,473 ,000 for leasing fees. As of December 31, 2014, the amounts due to Vornado were $3,394,000 for development fees and $528,000 for management, property management and cleaning fees. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operation | 4 . DISCONTINUED OPERATIONS On November 28, 2012, we completed the sale of Kings Plaza Regional Shopping Center (“Kings Plaza”) located in Brooklyn, New York, to Macerich , for $751,000,000. Net proceeds from the sale, after repaying an existing loan and closing costs, were $479,000,000, of which $30,000,000 was in Macerich common shares. In connection with the sale, we deferred $ 2,348,000 of the net gain based upon our ownership of the Macerich common shares. The deferred gain will be recognized upon the disposition of the Macerich common shares. In accordance with the provisions of ASC 360, Property, Plant and Equipment , we have classified the revenue s and expenses of Kings Plaza as “income from discontinued operations” for all of the periods presented on our consolidated statements of income. As a result, our consolidated statements of income reflect $ 529 ,000 and $ 2,252 ,000 as “income from discontinued operations” for the years ended December 31, 2014 and 2013, respectively, representing interest and other income, net. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities | 5 . MARKETABLE SECURITIES As of December 31, 2015 and 2014 , we own ed 535,265 Macerich co mmon shares , which were received in connection with the sale of Kings Plaza to Macerich . These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate . A s of December 31, 2015 and 2014 , the fair value of these shares were $ 43,191 ,000 and $ 44,646 ,000 , respectively , based on Macerich's closing share price of $ 80.69 per share and $ 83.41 per share , respectively . These shares are included in “ marketable securities ” on our consolidated balance sheet s and are classified as available-for-sale. Avail able- for-sale securities are presented at fair value and u nrealized g ains and losses resulting from the mark-to- market of these securities are included in “ other comprehensive income . ” Other comprehensive income includes unrealized losse s of $ 1,455 ,000 and unrealized gains of $ 13,124,000 for the year s ended December 31, 2015 and 2014, respectively . In October 2015, we reco gnized $2,141,000 of dividend income as a result of special common dividends declared by Macerich , which is included as a component of “ interest and other income, net, ” i n our consolidated statement of income for the year ended December 31, 2015 . |
Mortgages Payable
Mortgages Payable | 12 Months Ended |
Dec. 31, 2015 | |
Mortgages Payable [Abstract] | |
Mortgages Payable | 6 . MORTGAGES PAYABLE In February 2014, we completed a $300,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.95% and matures in March 2017, with f our one-year extension options. In connect ion t herewith, we purchased an interest rate cap with a notional amount of $300,000,000 that caps LIBOR at a rate of 6.0%. In August 2015, we completed a $350,000,000 refinancing of the retail portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 1.40% and matures in August 2020, with two one-year extension options. The following is a summary of our outstanding mortgages payable . We intend to refinance our maturing debt as it comes due. Interest Rate at Balance at December 31, (Amounts in thousands) Maturity (1) December 31, 2015 2015 2014 First mortgages secured by: Rego Park I shopping center (100% cash Mar. 2016 0.40 % $ 78,246 $ 78,246 collateralized) (2) Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 2.27 % 263,341 266,534 731 Lexington Avenue, office space (4) Mar. 2021 1.28 % 300,000 300,000 731 Lexington Avenue, retail space Aug. 2022 1.67 % 350,000 (5) 320,000 Total 1,059,587 1,032,780 Deferred debt issuance costs, net of accumulated amortization of $4,267 and $11,295, respectively (6,325) (4,824) $ 1,053,262 $ 1,027,956 ___________________ (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended for one year from March 10, 2015. (3) This loan bears interest at LIBOR plus 1.85%. (4) This loan bears interest at LIBOR plus 0.95%. (5) This loan bears interest at LIBOR plus 1.40%. All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $ 684,054 ,000 at December 31, 2015 . Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties , and in certain circumstances , provide for lender approval of tenants' leases and yield maintenance to prepay them. As of December 31, 2015 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, Amount 2016 $ 81,686 2017 3,707 2018 324,194 2019 - 2020 - Thereafter 650,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7 . FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). 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 o n our consolidated balance sheet s as of December 31, 2015 and 2014 consist of marketable securities , short-term investments (treasury bills classified as available-for-sale) and an interest rate cap , which are presented i n 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, 2015 and 2014 . As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 43,191 $ 43,191 $ - $ - Total assets $ 43,191 $ 43,191 $ - $ - 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 a re not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. C ash 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 fair value of cash equivalents is classified as Level 1 and the fair value of mortgages payable is classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of December 31, 2015 and 2014 . As of December 31, 2015 As of December 31, 2014 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 226,476 $ 226,476 $ 111,590 $ 111,590 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,059,587 $ 1,054,000 $ 1,032,780 $ 1,025,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | 8 . LEASES As Lessor We lease space to tenants in an office building and in retail centers. The rental terms range from approximately 5 to 25 years . The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. Future base rental revenue under these non-cancelable operating leases is as follows: (Amounts in thousands) Year Ending December 31, Amount 2016 $ 139,327 2017 137,695 2018 137,799 2019 136,879 2020 133,507 Thereafter 950,523 These future minimum amounts do not include additional rents based on a percentage of retail tenants' sales. For the years ended December 31, 2015 , 2014 , and 2013 , these rents were $ 94 ,000 , $108,000 , and $416,000 , respectively. Bloomberg accounted for $94,468 ,000 , $91,109,000 and $88,164,000 , or approximately 45 % of our t otal r evenues in each of the years ended December 31, 2015 , 2014 and 2013 , respectively. No other tenant accounted for more than 10% of our t otal r evenues. 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. In October 2014, Bloomberg exercised its option to extend leases that were scheduled to expire in December 2015 for a term of five years covering 192,000 square feet of office space at our 731 Lexington Avenue property. In January 2016, we entered into a lease amendment with Bloomberg which extends the lease term related to this space to be coterminous with the other 697,000 square feet of office space leased by Bloomberg through February 2029, with a ten-year extension option. In conn ection with the lease amendment , Bloomberg provided a $200,000,000 letter of credit, which amount may be reduced in certain circumstances . We may draw on this letter of credit subject to certain terms of the lease amendment, including an event of default by Bloomberg. Upon execution of the lease amendment in January 2016, an $8,916,000 leasing commission was due of which $7,200,000 was to a third party broker a nd $1,716,000 was to Vornado . As Lessee We are a tenant under a long-term ground lease at our Flushing property , which expires in 2027 and has one 10-year extension option. Future lease payments under th is operating lease , excluding the extension option, are as follows: (Amounts in thousands) Year Ending December 31, Amount 2016 $ 700 2017 792 2018 800 2019 800 2020 800 Thereafter 4,866 Rent expense was $ 746 ,000 in each of the years ended December 31, 2015 , 2014 and 2013 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 9 . STOCK-BASED COMPENSATION Our Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights , deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado, and any other person or entity as designated by the Omnibus Stock Plan Comm ittee of our Board of Directors . A s of December 31, 2015 , there were 6,881 DSUs outstanding and 887,859 shares were available for future grant . We account for all stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation . In May 2015, we granted each of the members of our Board of Directors 176 DSUs with a grant date fair value of $56,250 per grant, or $450,000 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 Director. The DSUs entitle the holders to receive shares of the Company's common stock without the payment of any consideration. The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company's Board of Directors. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10 . COMMITMENTS AND CONTINGENCIES Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property , 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 ($348,000 effective January 1, 2016) 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 January 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 mortga ge loans are non-recourse to us and contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements , we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance 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 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. The amount or range of reasonable possible losses, if any, cannot be estimated. 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 s ale 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 issued and outstanding as of December 31, 2015 . Other In October 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional $20,300,000 of transfer taxes (including interest and penalties) in connection with the sale of Kings Plaza in November 2012. We believe that the NYC DOF's claim is without merit and intend to vigorously contest this assessment. We have determined that the likelihood of a loss related to this issue is not probable and, after consultation with legal counsel, that the outcome of this assessment is not expected to have a material adverse effect on our financial position, results of operations or cash flows. In October 2015, we entered into a settlement agreement with a former bankrupt tenant at our Rego Park I property . During the fou r th quarter of 2015, we received approximately $2, 1 00,000 from the bankruptcy estate, which is included as “ interest and other income, net” in our consolidated statement of income for the year ended December 31, 2015. 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 effect on our financial position, results of operations or cash flows. |
Multiemployer Benefit Plans
Multiemployer Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Multiemployer Benefit Plans [Abstract] | |
Multiemployer Benefit Plans | 11 . MULTIEMPLOYER BENEFIT PLANS Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that ( i ) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our subsidiaries may be required to bear their pro rata share of unfunded obligations. If a participating subsidiar y withdraw s from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2015 , our subsidiaries' participation in these plans were not significant to our consolidated financial statements . In the years ended December 31, 2015 , 2014 and 2013 our subsidiaries contributed $144 ,000, $ 1 44 ,000 and $ 138 ,000 , respectively , towards Multiemployer Pension Plans . Our subsidiaries' contributions did not represent more tha n 5% of total employer contributions in any of these plans for the years ended December 31, 2015 , 2014 and 2013 . Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2015, 2014 and 2013 our subsidiaries contributed $554 ,000 , $ 533 ,000 and $ 499 ,000 , respectively, towards these plans . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 (including DSUs ) outstanding during the period . Diluted income per share is determined using the weighted average shares of common stock (including DSUs ) 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 years ended December 31, 2015, 2014 and 2013. For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2015 2014 2013 Income from continuing operations $ 76,907 $ 67,396 $ 54,663 Income from discontinued operations - 529 2,252 Net income – basic and diluted $ 76,907 $ 67,925 $ 56,915 Weighted average shares outstanding – basic and diluted 5,112,352 5,110,628 5,109,055 Income from continuing operations $ 15.04 $ 13.19 $ 10.70 Income from discontinued operations - 0.10 0.44 Net income per common share – basic and diluted $ 15.04 $ 13.29 $ 11.14 |
Summary Of Quarterly Results (U
Summary Of Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Quarterly Results (Unaudited) [Abstract] | |
Summary of Quarterly Results (Unaudited) | 13 . SUMMARY OF QUARTERLY RESULTS (UNAUDITED) Net Income Per Common Share (1) (Amounts in thousands, except per share amounts) Revenues Net Income Basic Diluted 2015 December 31 $ 52,819 $ 23,572 $ 4.61 $ 4.61 September 30 52,414 18,172 3.55 3.55 June 30 50,646 17,341 3.39 3.39 March 31 52,036 17,822 3.49 3.49 2014 December 31 $ 51,286 $ 18,161 $ 3.55 $ 3.55 September 30 50,077 17,692 3.46 3.46 June 30 49,983 16,828 3.29 3.29 March 31 49,468 15,244 2.98 2.98 _______________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying accounts | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II: Valuation and Qualifying Accounts [Abstract] | |
Schedule II: Valuation and Qualifying Accounts | ALEXANDER’S, INC. AND SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Amounts in thousands) Column A Column B Column C Column D Column E Additions: Deductions: Balance at Charged Uncollectible Balance Beginning Against Accounts at End Description of Year Operations Written Off of Year Allowance for doubtful accounts: Year Ended December 31, 2015 $ 1,544 $ (314) $ (312) $ 918 Year Ended December 31, 2014 $ 1,993 $ 705 $ (1,154) $ 1,544 Year Ended December 31, 2013 $ 2,219 $ 348 $ (574) $ 1,993 |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
Schedule III: Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation | ALEXANDER’S, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Amounts in thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H COLUMN I Gross Amount at Which Carried at Close of Period Depreciation Initial Cost to Company (2) Costs Development Accumulated in Latest Buildings Capitalized Buildings and Depreciation Income and Leasehold Subsequent and Leasehold Construction and Date of Date Statement Description Encumbrances (1) Land Improvements to Acquisition Land Improvements In Progress Total (3) Amortization Construction Acquired (2) is Computed New York, NY Rego Park I $ 78,246 $ 1,647 $ 8,953 $ 51,942 $ 1,647 $ 60,512 $ 383 $ 62,542 $ 29,377 1959 1992 3-39 years Rego Park II 263,341 3,127 1,467 385,499 3,127 386,582 384 390,093 63,373 2009 1992 3-40 years The Alexander apartment tower - - - 117,788 - 111,027 6,761 117,788 1,856 N/A 1992 3-39 years Rego Park III - 779 - 2,462 779 504 1,958 3,241 158 N/A 1992 5-15 years Flushing - - 1,660 (107) - 1,553 - 1,553 850 1975 (4) 1992 N/A Lexington Avenue 650,000 14,432 12,355 415,547 27,497 414,837 - 442,334 129,919 2003 1992 9-39 years Paramus, NJ 68,000 1,441 - 10,313 11,754 - - 11,754 - N/A 1992 N/A Other Properties - 167 1,804 (1,804) 167 - - 167 - N/A 1992 N/A TOTAL $ 1,059,587 $ 21,593 $ 26,239 $ 981,640 $ 44,971 $ 975,015 $ 9,486 $ 1,029,472 $ 225,533 __________________________ (1) Excludes deferred debt issuance costs, net of $6,325. (2) Initial cost is as of May 15, 1992 (the date on which the Company commenced its real estate operations). (3) The net basis of the Company’s assets and liabilities for tax purposes is approximately $200,876,000 lower than the amount reported for financial statement purposes. (4) Represents the date the lease was acquired. ALEXANDER’S, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Amounts in thousands) December 31, 2015 2014 2013 REAL ESTATE: Balance at beginning of period $ 993,927 $ 919,576 $ 911,792 Changes during the period: Land - - - Buildings and leasehold improvements 112,538 4,043 5,072 Development and construction in progress (65,803) 70,365 2,712 1,040,662 993,984 919,576 Less: Fully depreciated assets (11,190) (57) - Balance at end of period $ 1,029,472 $ 993,927 $ 919,576 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 210,025 $ 185,375 $ 160,826 Additions charged to operating expenses 26,698 24,707 24,549 236,723 210,082 185,375 Less: Fully depreciated assets (11,190) (57) - Balance at end of period $ 225,533 $ 210,025 $ 185,375 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to current year presentation. |
Recently Issued Accounting Literature | 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 Accounting 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 results and operations would 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 for individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is 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 interim and annual reporting periods in fiscal years that begin after Dec ember 15, 2017 . 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 beginning after December 15, 2015. We elected to early adopt ASU 2015-03 effective as of December 31, 2015 with retrospective application to our December 31, 2014 consolidating balance sheet. The effect of the adoption of ASU 2015-03 was to reclassify deferred debt issuance costs , net of accumulated amortization, of approximately $4,824,000 as of December 31, 2014 from “deferred debt issuance costs” to a contra account as a deduction from the related mortgages payable . There was no effect on our consolidated statements of income. In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements. |
Real Estate | Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2015 and 2014, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $803,939 ,000 a nd $783,902,000, respectively. Maintenance and repairs are expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a prop erty to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. 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 TCO . General and administrative costs are expensed as incurred. Our properties and related intangible assets, including properties to be developed in the future and currently under development, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property's carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. |
Cash and Cash Equivalents | Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value, due to their short-term maturities . The majority of our cash and cash equivalents consist of ( i ) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, (iii) money market funds , which invest in United States Treasury Bills and (i v ) certificates of deposit placed through an account registry service (“CDARS”) . To date we have not experienced any losses on our invested cash. |
Short Term Investments | Short-term Investments – Short-term investments consist of United States Treasury Bills with original maturities greater than three but less than six months. These highly l iquid investments are classified as available-for-sale and are presented at fair value on our consolidated balance sheets . Unrealized gains and losses resulting from these investments are included in “other comprehensive income” and are recognized in earnings only upon the expiration of the investments. |
Restricted Cash | Restricted Cash – Restricted cash primarily consists of cash held in a non-interest bearing escrow account in connection with our Rego Park I 100% cash collateralized mortgage, as well as security deposits and other cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements . |
Marketable Securities | Marketable Securities – Our marketable securities consist of common shares of The Macerich Company (NYSE: MAC) (“ Macerich ”), which are classified as available-for-sale. Available-for-sale securities are presented at fair value on our consolidated balance sheet s . Unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive income” and are recognized in earnings only upon the sale of the securities. We evaluate our marketable securities for impairment at the end of each reporting period. If investments have unrealized losses, we evaluate the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold our investment for a reasonable period of time sufficient for us to recover our cost basis, as well as the near-term prospects for the investment in relation to the severity and duration of the decline. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts – We periodically evaluate the collect i bility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ($918 ,000 and $ 1,544 ,000 as of December 31, 2015 and 2014 , respectively) for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates. |
Deferred Charges | Deferred Charges – Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct costs related to leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. |
Revenue Recognition | Revenue Recognition – We have the following revenue sources and revenue recognition policies: Base Rent – revenue arising from tenant leases . These rents are recognized over the non-cancelable term of the related leases on a straight-line basis , which includes the effects of rent steps and free rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Percentage Rent – revenue arising from retail tenant leases that is contingent upon the sales of tenants exceeding defined thresholds . These rents are recognized only after the contingency has been removed (i.e., when tenant sales threshold s have been achieved). Expense Reimbursements – revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective properties . This revenue is accrued in the same periods as the expenses are incurred. Parking Income – revenue arising from the rental of parking space at our properties . This income is recognized as cash is received. |
Income Taxes | Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90 % of our taxable income to stockholders each year. We distribute to our stockholders 100 % of our taxable income and therefore, no provision for Federal income taxes is required . Dividends distributed for the year ended December 31, 2015 were characterized, for federal income taxes, as 97.3% ordinary income and 2.7% long-term capital gain income. Dividends distributed for the year s ended December 31, 2014 and 2013 were categorized, for federal income tax purposes, as ordinary income. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Reconciliation Of Net Income Attributable To Common Stockholders To Estimated Taxable Income | (Unaudited and in thousands) Year Ended December 31, 2015 2014 2013 Net income $ 76,907 $ 67,925 $ 56,915 Straight-line rent adjustments (1,418) (2,538) (3,707) Depreciation and amortization timing differences 2,477 2,283 2,134 Reversal of liability for income taxes - (420) (206) Other 751 765 (2,186) Estimated taxable income $ 78,717 $ 68,015 $ 52,950 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Fees to Vornado | Year Ended December 31, (Amounts in thousands) 2015 2014 2013 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 2,435 3,394 - Leasing fees 2,950 1,430 1,126 Property management fees and payments for cleaning, engineering and security services 3,614 3,658 3,415 $ 11,799 $ 11,282 $ 7,341 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Mortgages Payable [Abstract] | |
Summary of Notes and Mortgages Payable | Interest Rate at Balance at December 31, (Amounts in thousands) Maturity (1) December 31, 2015 2015 2014 First mortgages secured by: Rego Park I shopping center (100% cash Mar. 2016 0.40 % $ 78,246 $ 78,246 collateralized) (2) Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 2.27 % 263,341 266,534 731 Lexington Avenue, office space (4) Mar. 2021 1.28 % 300,000 300,000 731 Lexington Avenue, retail space Aug. 2022 1.67 % 350,000 (5) 320,000 Total 1,059,587 1,032,780 Deferred debt issuance costs, net of accumulated amortization of $4,267 and $11,295, respectively (6,325) (4,824) $ 1,053,262 $ 1,027,956 ___________________ (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended for one year from March 10, 2015. (3) This loan bears interest at LIBOR plus 1.85%. (4) This loan bears interest at LIBOR plus 0.95%. (5) This loan bears interest at LIBOR plus 1.40%. |
Schedule of Maturities of Long-term Debt | (Amounts in thousands) Year Ending December 31, Amount 2016 $ 81,686 2017 3,707 2018 324,194 2019 - 2020 - Thereafter 650,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 43,191 $ 43,191 $ - $ - Total assets $ 43,191 $ 43,191 $ - $ - 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 | As of December 31, 2015 As of December 31, 2014 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 226,476 $ 226,476 $ 111,590 $ 111,590 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,059,587 $ 1,054,000 $ 1,032,780 $ 1,025,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule Of Future Minimum Payments Receivable For Operating Leases | (Amounts in thousands) Year Ending December 31, Amount 2016 $ 139,327 2017 137,695 2018 137,799 2019 136,879 2020 133,507 Thereafter 950,523 |
Schedule of Future Minimum Rental Payments for Operating Leases | (Amounts in thousands) Year Ending December 31, Amount 2016 $ 700 2017 792 2018 800 2019 800 2020 800 Thereafter 4,866 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2015 2014 2013 Income from continuing operations $ 76,907 $ 67,396 $ 54,663 Income from discontinued operations - 529 2,252 Net income – basic and diluted $ 76,907 $ 67,925 $ 56,915 Weighted average shares outstanding – basic and diluted 5,112,352 5,110,628 5,109,055 Income from continuing operations $ 15.04 $ 13.19 $ 10.70 Income from discontinued operations - 0.10 0.44 Net income per common share – basic and diluted $ 15.04 $ 13.29 $ 11.14 |
Summary Of Quarterly results (T
Summary Of Quarterly results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Quarterly Results (Unaudited) [Abstract] | |
Summary of Quarterly Results (Unaudited) | Net Income Per Common Share (1) (Amounts in thousands, except per share amounts) Revenues Net Income Basic Diluted 2015 December 31 $ 52,819 $ 23,572 $ 4.61 $ 4.61 September 30 52,414 18,172 3.55 3.55 June 30 50,646 17,341 3.39 3.39 March 31 52,036 17,822 3.49 3.49 2014 December 31 $ 51,286 $ 18,161 $ 3.55 $ 3.55 September 30 50,077 17,692 3.46 3.46 June 30 49,983 16,828 3.29 3.29 March 31 49,468 15,244 2.98 2.98 _______________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. |
Organization (Details)
Organization (Details) ft² in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015ft²aaptunitspropertySegment | Dec. 31, 2001a | |
Operating Properties [Abstract] | |||
Number of properties in greater New York City metropolitan area (in property) | property | 7 | ||
Number of Reportable Segments | Segment | 1 | ||
Toys R Us/ Babies R Us [Member] | |||
Operating Properties [Abstract] | |||
Vornado's ownership interest in tenants | 33.33% | ||
731 Lexington Avenue [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 1,311 | ||
731 Lexington Avenue [Member] | Office Space [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 889 | ||
731 Lexington Avenue [Member] | Retail Space [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 174 | ||
731 Lexington Avenue [Member] | Retail Space [Member] | Tenant Occupant [Member] | Home Depot [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 83 | ||
731 Lexington Avenue [Member] | Retail Space [Member] | Tenant Occupant [Member] | Container Store [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 34 | ||
731 Lexington Avenue [Member] | Retail Space [Member] | Tenant Occupant [Member] | Hennes Mauritz [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 27 | ||
731 Lexington Avenue [Member] | Residential Space [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Number of units in real estate property (in units) | aptunits | 105 | ||
Area of property (in square feet) | 248 | ||
Rego Park I [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 343 | ||
Rego Park I [Member] | Tenant Occupant [Member] | Sears [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 195 | ||
Rego Park I [Member] | Tenant Occupant [Member] | Burlington Coat Factory [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 50 | ||
Rego Park I [Member] | Tenant Occupant [Member] | Bed Bath Beyond [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 46 | ||
Rego Park I [Member] | Tenant Occupant [Member] | Marshalls [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 36 | ||
Rego Park II [Member] | Retail Space [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 609 | ||
Rego Park II [Member] | Retail Space [Member] | Tenant Occupant [Member] | Costco [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 145 | ||
Rego Park II [Member] | Retail Space [Member] | Tenant Occupant [Member] | Century 21 [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 135 | ||
Rego Park II [Member] | Retail Space [Member] | Tenant Occupant [Member] | Kohls [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 133 | ||
Rego Park II [Member] | Retail Space [Member] | Tenant Occupant [Member] | Toys R Us/ Babies R Us [Member] | Anchor [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 47 | ||
Rego Park II [Member] | The Alexander apartment tower [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Number of units in real estate property (in units) | aptunits | 312 | ||
Area of property (in square feet) | 255 | ||
Real Estate Property Percentage In Service | 93.00% | ||
Number of units leased (in units) | aptunits | 84 | ||
Rego Park II [Member] | The Alexander apartment tower [Member] | Operating Property [Member] | Scenario Forecast [Member] | |||
Operating Properties [Abstract] | |||
Real Estate Property Percentage In Service | 7.00% | ||
Paramus [Member] | Tenant Occupant [Member] | Ikea [Member] | |||
Operating Properties [Abstract] | |||
Area Of Land (in acre) | a | 30.3 | ||
Paramus [Member] | Tenant Occupant [Member] | Ikea [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area Of Land (in acre) | a | 30.3 | ||
Flushing [Member] | Tenant Occupant [Member] | New World Mall Llc [Member] | Operating Property [Member] | |||
Operating Properties [Abstract] | |||
Area of property (in square feet) | 167 | ||
Rego Park III [Member] | Properties to be developed [Member] | |||
Operating Properties [Abstract] | |||
Area Of Land (in acre) | a | 3.2 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | ||
Real estate, net | $ 803,939 | $ 783,902 |
Allowance For Doubtful Accounts [Abstract] | ||
Allowance for doubtful accounts (in US dollars) | 918 | 1,544 |
Recently Issued Accounting Literature [Abstract] | ||
Deferred debt issuance costs, net | $ 6,325 | $ 4,824 |
Maximum [Member] | ||
Cash and Cash Equivalents [Abstract] | ||
Cash And Cash Equivalent Maturity Maximum | 3 months | |
Short-term Investments [Abstract] | ||
Short Term Investments Maturity Period | 6 months | |
Minimum [Member] | ||
Short-term Investments [Abstract] | ||
Short Term Investments Maturity Period | 3 months | |
Rego Park I [Member] | ||
Real Estate Properties [Line Items] | ||
Percentage of cash mortgage collateralized | 100.00% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax Treatment Of Dividend [Line Items] | |||||||||||
Real Estate Investment Trust Distributable Income Policy (in percentage) | 90.00% | ||||||||||
Internal Taxable Income Distribution Policy (in percentage) | 100.00% | ||||||||||
Differences Between Book and Tax Basis | $ 200,876 | $ 200,876 | |||||||||
Reconciliation of Net Income to Estimated Taxable Income [Abstract] | |||||||||||
Net income attributable to Alexander's | $ 23,572 | $ 18,172 | $ 17,341 | $ 17,822 | $ 18,161 | $ 17,692 | $ 16,828 | $ 15,244 | 76,907 | $ 67,925 | $ 56,915 |
Straight-line rent adjustments | (1,418) | (2,538) | (3,707) | ||||||||
Depreciation and amortization timing differences | 2,477 | 2,283 | 2,134 | ||||||||
Reversal of income tax liability | 0 | (420) | (206) | ||||||||
Other | 751 | 765 | (2,186) | ||||||||
Estimated taxable income | $ 78,717 | $ 68,015 | $ 52,950 | ||||||||
Ordinary Income [Member] | |||||||||||
Tax Treatment Of Dividend [Line Items] | |||||||||||
Payments Of Dividends Net Percent | 97.30% | ||||||||||
Long Term Capital Gain [Member] | |||||||||||
Tax Treatment Of Dividend [Line Items] | |||||||||||
Payments Of Dividends Net Percent | 2.70% |
Related Party Transactions (Det
Related Party Transactions (Details) | Dec. 22, 2014USD ($) | Dec. 31, 2015USD ($)$ / ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Management and Development Agreements [Abstract] | ||||
Property Management and Development Fee agreement | 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) $289,000, 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. The payment of development fees for The Alexander apartment tower is due on substantial completion of the construction, as defined. | |||
Leasing Agreement [Abstract] | ||||
Leasing service fee payable, description | 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. | |||
Mr. Roth, David Mandelbaum, and Russell B. Wight, Jr. | ||||
Related Party Transaction [Line Items] | ||||
Ownership Interest in the Company | 26.30% | |||
IP & Partners Through Vornado | ||||
Related Party Transaction [Line Items] | ||||
Ownership Interest in the Company | 2.20% | |||
Vornado [Member] | ||||
Related Party Transaction [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 32.40% | |||
Management and Development Agreements [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 | |||
Summary of fees to Vornado | ||||
Fees to related party (in US dollars) | $ 11,799,000 | $ 11,282,000 | $ 7,341,000 | |
Vornado [Member] | 731 Lexington Avenue [Member] | Office And Retail Space [Member] | ||||
Management and Development Agreements [Abstract] | ||||
Property Management Fee Agreement Price Per Square Foot | $ / ft² | 0.5 | |||
Vornado [Member] | 731 Lexington Avenue [Member] | Common Area [Member] | ||||
Management and Development Agreements [Abstract] | ||||
Property Management Fee Agreement Value (in US dollars) | $ 289,000 | |||
Property Management Fee Escalation Percentage Per Annum | 3.00% | |||
Vornado [Member] | Rego Park II [Member] | Retail Space [Member] | ||||
Management and Development Agreements [Abstract] | ||||
Property Management Fee Agreement Percentage Of Income | 2.00% | |||
Vornado [Member] | Company Management Fees [Member] | ||||
Summary of fees to Vornado | ||||
Fees to related party (in US dollars) | $ 2,800,000 | 2,800,000 | 2,800,000 | |
Vornado [Member] | Development fees [Member] | ||||
Management and Development Agreements [Abstract] | ||||
Development fee as percentage of development costs | 6.00% | |||
Summary of fees to Vornado | ||||
Fees to related party (in US dollars) | $ 2,435,000 | 3,394,000 | 0 | |
Fees owed (in US dollars) | $ 5,795,000 | 3,394,000 | ||
Vornado [Member] | 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) | $ 2,950,000 | 1,430,000 | 1,126,000 | |
Fees owed (in US dollars) | 2,473,000 | |||
Vornado [Member] | Property Management Fees [Member] | ||||
Summary of fees to Vornado | ||||
Fees to related party (in US dollars) | 3,614,000 | 3,658,000 | $ 3,415,000 | |
Fees owed (in US dollars) | $ 283,000 | $ 528,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | Nov. 28, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disposal Group Income And Expenses | ||||
Income from discontinued operations | $ 0 | $ 529 | $ 2,252 | |
Kings Plaza Regional Shopping Center [Member] | ||||
Disposal Group Income And Expenses | ||||
Income from discontinued operations | $ 529 | $ 2,252 | ||
Kings Plaza Regional Shopping Center [Member] | Macerich [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Real Estate Property Sold Gross | $ 751,000 | |||
Proceeds from sale of real estate | 479,000 | |||
Common Stock From Sale of Real Estate | 30,000 | |||
Deferred net gain on disposal of property | $ 2,348 |
Marketable Securities (Details)
Marketable Securities (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2015USD ($) | Dec. 31, 2015USD ($)specialdividends$ / sharesshares | Dec. 31, 2015USD ($)specialdividends$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Investment Holdings [Line Items] | ||||
Fair Value | $ 43,191 | $ 43,191 | $ 44,646 | |
Macerich interest [Member] | ||||
Investment Holdings [Line Items] | ||||
Macerich Common Shares | shares | 535,265 | 535,265 | 535,265 | |
Economic basis per share (in dollars per share) | $ / shares | $ 56.05 | $ 56.05 | ||
GAAP Cost | $ 30,000 | $ 30,000 | ||
Fair Value | $ 43,191 | $ 43,191 | $ 44,646 | |
Closing share price (in dollars per share) | $ / shares | $ 80.69 | $ 80.69 | $ 83.41 | |
Unrealized gain (loss) | $ (1,455) | $ 13,124 | ||
Number Of Special Dividends | specialdividends | 2 | 2 | ||
Special Dividends Per Share | $ / shares | $ 2 | |||
Investment Income Dividend | $ 2,141 |
Mortgages Payable (Details)
Mortgages Payable (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2015USD ($)Extensions | Feb. 28, 2014USD ($)Extensions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | ||||
Deferred debt issuance costs, net of accumulated amortization of $4,267 and $11,295, respectively | $ (6,325,000) | $ (4,824,000) | ||
Notes Payable (in US dollars) | 1,053,262,000 | 1,027,956,000 | ||
Deferred debt issuance costs, accumulated amortization (in US dollars) | 4,267,000 | 11,295,000 | ||
Net carrying value of real estate collaterizing the debt | 684,054,000 | |||
Repayments of Long-term Debt [Abstract] | ||||
2,016 | 81,686,000 | |||
2,017 | 3,707,000 | |||
2,018 | 324,194,000 | |||
2,019 | 0 | |||
2,020 | 0 | |||
Thereafter | 650,000,000 | |||
Mortgages [Member] | Secured [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable Gross | 1,059,587,000 | 1,032,780,000 | ||
Deferred debt issuance costs, net of accumulated amortization of $4,267 and $11,295, respectively | (6,325,000) | (4,824,000) | ||
Notes Payable (in US dollars) | $ 1,053,262,000 | 1,027,956,000 | ||
Rego Park I [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of cash mortgage collateralized | 100.00% | |||
Rego Park I [Member] | Mortgages [Member] | Secured [Member] | Shopping center [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable (in US dollars) | $ 78,246,000 | 78,246,000 | ||
Maturity date | 2016-03 | |||
Percentage of cash mortgage collateralized | 100.00% | |||
Interest rate (in percentage) | 0.40% | |||
Rego Park II [Member] | Mortgages [Member] | Secured [Member] | Shopping center [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable (in US dollars) | $ 263,341,000 | 266,534,000 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Basis spread over LIBOR (in percentage) | 1.85% | |||
Maturity date | 2018-11 | |||
Interest rate (in percentage) | 2.27% | |||
731 Lexington Avenue [Member] | Mortgages [Member] | Secured [Member] | Office Space [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable (in US dollars) | $ 300,000,000 | $ 300,000,000 | 300,000,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | ||
Basis spread over LIBOR (in percentage) | 0.95% | 0.95% | ||
Maturity date | 2017-03 | 2021-03 | ||
Number Of Extensions Available | Extensions | 4 | |||
Term of extension available | 1 year | |||
Interest rate (in percentage) | 1.28% | |||
Derivative Liability Notional Amount | $ 300,000,000 | |||
Derivative cap interest rate, LIBOR | 6.00% | |||
731 Lexington Avenue [Member] | Mortgages [Member] | Secured [Member] | Shopping center [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable (in US dollars) | $ 350,000,000 | $ 350,000,000 | 320,000,000 | |
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | ||
Basis spread over LIBOR (in percentage) | 1.40% | 1.40% | ||
Maturity date | 2020-08 | 2022-08 | ||
Number Of Extensions Available | Extensions | 2 | |||
Term of extension available | 1 year | |||
Interest rate (in percentage) | 1.67% | |||
Paramus Property [Member] | Mortgages [Member] | Secured [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable (in US dollars) | $ 68,000,000 | $ 68,000,000 | ||
Maturity date | 2018-10 | |||
Interest rate (in percentage) | 2.90% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | $ 43,191 | $ 44,646 |
Short-term Investments | 0 | 24,998 |
Interest rate cap (included in other assets) | 11 | |
Total assets | 43,191 | 69,655 |
Liabilities measured at fair value | 0 | 0 |
Carrying Reported Amount Fair Value Disclosure [Member] | ||
Assets | ||
Cash Equivalents | 226,476 | 111,590 |
Liabilities | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 1,059,587 | 1,032,780 |
Estimate Of Fair Value Fair Value Disclosure [Member] | ||
Assets | ||
Cash Equivalents | 226,476 | 111,590 |
Liabilities | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 1,054,000 | 1,025,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | 43,191 | 44,646 |
Short-term Investments | 24,998 | |
Interest rate cap (included in other assets) | 0 | |
Total assets | 43,191 | 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) | 11 | |
Total assets | 0 | 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 | |
Total assets | $ 0 | $ 0 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2016USD ($)ft²leases | Oct. 31, 2014ft² | Dec. 31, 2015USD ($)options | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)options | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
as Lessor [Abstract] | |||||||||||||
Additional Rent Based on Percentage of Tenant's sales | $ 94,000 | $ 108,000 | $ 416,000 | ||||||||||
Real estate revenue, net (in dollars) | $ 52,819,000 | $ 52,414,000 | $ 50,646,000 | $ 52,036,000 | $ 51,286,000 | $ 50,077,000 | $ 49,983,000 | $ 49,468,000 | 207,915,000 | 200,814,000 | 196,459,000 | ||
Lessee [Abstract] | |||||||||||||
Rent expense | 746,000 | 746,000 | 746,000 | ||||||||||
Leasing Fees [Member] | Vornado [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Fees owed (in US dollars) | $ 2,473,000 | $ 2,473,000 | |||||||||||
Subsequent Event [Member] | Leasing Fees [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Fees owed (in US dollars) | $ 8,916,000 | ||||||||||||
Subsequent Event [Member] | Leasing Fees [Member] | Vornado [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Fees owed (in US dollars) | 1,716,000 | ||||||||||||
Subsequent Event [Member] | Leasing Fees [Member] | Third party Broker [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Fees owed (in US dollars) | $ 7,200,000 | ||||||||||||
Minimum [Member] | |||||||||||||
Leases Lease Terms [Abstract] | |||||||||||||
Lease term range as Lessor | 5 years | ||||||||||||
Maximum [Member] | |||||||||||||
Leases Lease Terms [Abstract] | |||||||||||||
Lease term range as Lessor | 25 years | ||||||||||||
Customer Concentration Risk [Member] | Bloomberg [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Percentage Of Minimum Revenue Threshold Contributed By One Tenant (in percentage) | 10.00% | ||||||||||||
Customer Concentration Risk [Member] | Bloomberg [Member] | Sales Revenue Services Net [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Real estate revenue, net (in dollars) | $ 94,468,000 | $ 91,109,000 | $ 88,164,000 | ||||||||||
Percentage Rent Contributed By Tenant | 45.00% | 45.00% | 45.00% | ||||||||||
Flushing Property [Member] | |||||||||||||
Lessee [Abstract] | |||||||||||||
Leases Expiration Date | 2,027 | ||||||||||||
Flushing Property [Member] | Ten Year Extension Option [Member] | |||||||||||||
Lessee [Abstract] | |||||||||||||
Number Of Extension Options | options | 1 | 1 | |||||||||||
Lease Extension Period Maximum | 10 years | ||||||||||||
731 Lexington Avenue [Member] | Bloomberg [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Area of property (in square feet) | ft² | 192,000 | ||||||||||||
Lease renewal term | 5 years | ||||||||||||
Lessee [Abstract] | |||||||||||||
Leases Expiration Date | December 2,015 | ||||||||||||
731 Lexington Avenue [Member] | Bloomberg [Member] | Subsequent Event [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Area of property (in square feet) | ft² | 697,000 | ||||||||||||
Lease renewal term | 10 years | ||||||||||||
Letter of credit issued by customer | $ 200,000,000 | ||||||||||||
Lessee [Abstract] | |||||||||||||
Leases Expiration Date | February 2,029 | ||||||||||||
731 Lexington Avenue [Member] | Ten Year Extension Option [Member] | Bloomberg [Member] | Subsequent Event [Member] | |||||||||||||
as Lessor [Abstract] | |||||||||||||
Number Of Leases | leases | 1 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,016 | $ 139,327 |
2,017 | 137,695 |
2,018 | 137,799 |
2,019 | 136,879 |
2,020 | 133,507 |
Thereafter | 950,523 |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,016 | 700 |
2,017 | 792 |
2,018 | 800 |
2,019 | 800 |
2,020 | 800 |
Thereafter | $ 4,866 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expense recognized in connection with the issuance of Deferred Stock Units (in US dollars) | $ 600,000 | $ 394,000 | $ 394,000 | |
Deferred Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future grant under the plan | 887,859 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Number | 6,881 | |||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Per Director (in shares) | 176 | |||
Expense recognized in connection with the issuance of Deferred Stock Units (in US dollars) | $ 450,000 | |||
Expense per grant recognized in connection with the issuance of Deferred Stock Units (in US dollars) | $ 56,250 | |||
Deferred Stock Units [Member] | Newly Appointed Director [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) | 468 | |||
Expense recognized in connection with the issuance of Deferred Stock Units (in US dollars) | $ 150,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Oct. 15, 2015USD ($) | Jun. 24, 2014USD ($) | Feb. 28, 2014Fires | Dec. 31, 2015USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2001a |
Paramus Property [Abstract] | |||||||||
Mortgages payable, net of deferred debt issuance costs | $ 1,053,262,000 | $ 1,053,262,000 | $ 1,027,956,000 | ||||||
Letters Of Credit [Abstract] | |||||||||
Standby letters of credit, outstanding | 2,074,000 | 2,074,000 | |||||||
Letters Of Credit Issued | 2,074,000 | 2,074,000 | |||||||
Kings Plaza Regional Shopping Center [Member] | |||||||||
Loss Contingency [Abstract] | |||||||||
Loss Contingency, Damages Sought, Value | $ 20,300,000 | ||||||||
Paramus Property [Member] | Tenant Occupant [Member] | Ikea [Member] | |||||||||
Paramus Property [Abstract] | |||||||||
Area Of Land (in acre) | a | 30.3 | ||||||||
Mortgages payable, net of deferred debt issuance costs | $ 68,000,000 | $ 68,000,000 | |||||||
Fixed interest rate on the debt (in percentage) | 2.90% | 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] | |||||||||
Loss Contingency [Abstract] | |||||||||
Proceeds from Legal Settlements | $ 2,100,000 | ||||||||
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 | ||||||||
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] | |||||||||
Deductible | $ 275,000 | $ 275,000 | |||||||
Self Insured Responsibility (in percentage) | 15.00% | 15.00% | |||||||
Federal Government Responsibility (in percentage) | 85.00% | 85.00% | |||||||
NBCR [Member] | Subsequent Event [Member] | |||||||||
Insurance [Abstract] | |||||||||
Deductible | $ 348,000 | ||||||||
Self Insured Responsibility (in percentage) | 16.00% | ||||||||
Federal Government Responsibility (in percentage) | 84.00% |
Multiemployer Benefit Plans (De
Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plans Period Contributions Significance Of Contributions | false | ||
Multiemployer Pension Plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 144 | $ 144 | $ 138 |
Multiemployer Health Plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Period Contributions | $ 554 | $ 533 | $ 499 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 76,907 | $ 67,396 | $ 54,663 | ||||||||
Income from discontinued operations | 0 | 529 | 2,252 | ||||||||
Net income - basic and diluted | $ 23,572 | $ 18,172 | $ 17,341 | $ 17,822 | $ 18,161 | $ 17,692 | $ 16,828 | $ 15,244 | $ 76,907 | $ 67,925 | $ 56,915 |
Weighted average shares outstanding - basic and diluted (in shares) | 5,112,352 | 5,110,628 | 5,109,055 | ||||||||
Income from continuing operations (in dollars per share) | $ 15.04 | $ 13.19 | $ 10.70 | ||||||||
Income from discontinued operations (in dollars per share) | 0 | 0.10 | 0.44 | ||||||||
Net income per common share- basic and diluted (in dollars per share) | $ 15.04 | $ 13.29 | $ 11.14 |
Summary Of Quarterly Results 47
Summary Of Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Quarterly Results (Unaudited) [Abstract] | |||||||||||
Revenues | $ 52,819 | $ 52,414 | $ 50,646 | $ 52,036 | $ 51,286 | $ 50,077 | $ 49,983 | $ 49,468 | $ 207,915 | $ 200,814 | $ 196,459 |
Net income - basic and diluted | $ 23,572 | $ 18,172 | $ 17,341 | $ 17,822 | $ 18,161 | $ 17,692 | $ 16,828 | $ 15,244 | $ 76,907 | $ 67,925 | $ 56,915 |
Net Income Per Common Share - Basic (in dollars per share) | $ 4.61 | $ 3.55 | $ 3.39 | $ 3.49 | $ 3.55 | $ 3.46 | $ 3.29 | $ 2.98 | |||
Net Income Per Common Share - Diluted (in dollars per share) | $ 4.61 | $ 3.55 | $ 3.39 | $ 3.49 | $ 3.55 | $ 3.46 | $ 3.29 | $ 2.98 |
Schedule II_ Valuation and Qu48
Schedule II: Valuation and Qualifying accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 1,544 | $ 1,993 | $ 2,219 |
Additions: Charged Against Operations | (314) | 705 | 348 |
Deductions: Uncollectible Accounts Written Off | (312) | (1,154) | (574) |
Balance at End of Year | $ 918 | $ 1,544 | $ 1,993 |
Schedule III_ Real estate and49
Schedule III: Real estate and Accumulated depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,059,587 | |||
Initial cost of Land | 21,593 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 26,239 | |||
Costs capitalized subsequent to acquisition | 981,640 | |||
Carrying amount of Land | 44,971 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 975,015 | |||
Construction in progress | 9,486 | |||
Total | 1,029,472 | $ 993,927 | $ 919,576 | $ 911,792 |
Accumulated depreciation and amortization | 225,533 | 210,025 | $ 185,375 | $ 160,826 |
Deferred debt issuance costs, net | 6,325 | $ 4,824 | ||
Differences Between Book and Tax Basis | 200,876 | |||
Rego Park I [Member] | New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 78,246 | |||
Initial cost of Land | 1,647 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 8,953 | |||
Costs capitalized subsequent to acquisition | 51,942 | |||
Carrying amount of Land | 1,647 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 60,512 | |||
Construction in progress | 383 | |||
Total | 62,542 | |||
Accumulated depreciation and amortization | $ 29,377 | |||
Date of construction | 1,959 | |||
Date acquired | 1,992 | |||
Rego Park I [Member] | Maximum [Member] | New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
Rego Park I [Member] | Minimum [Member] | New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Rego Park II [Member] | New York [Member] | Apartment Tower [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost of Land | 0 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 0 | |||
Costs capitalized subsequent to acquisition | 117,788 | |||
Carrying amount of Land | 0 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 111,027 | |||
Construction in progress | 6,761 | |||
Total | 117,788 | |||
Accumulated depreciation and amortization | $ 1,856 | |||
Date acquired | 1,992 | |||
Rego Park II [Member] | New York [Member] | Retail Space [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 263,341 | |||
Initial cost of Land | 3,127 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 1,467 | |||
Costs capitalized subsequent to acquisition | 385,499 | |||
Carrying amount of Land | 3,127 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 386,582 | |||
Construction in progress | 384 | |||
Total | 390,093 | |||
Accumulated depreciation and amortization | $ 63,373 | |||
Date of construction | 2,009 | |||
Date acquired | 1,992 | |||
Rego Park II [Member] | Maximum [Member] | New York [Member] | Apartment Tower [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
Rego Park II [Member] | Maximum [Member] | New York [Member] | Retail Space [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Rego Park II [Member] | Minimum [Member] | New York [Member] | Apartment Tower [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Rego Park II [Member] | Minimum [Member] | New York [Member] | Retail Space [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Rego Park III [Member] | New York [Member] | Retail Space [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost of Land | 779 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 0 | |||
Costs capitalized subsequent to acquisition | 2,462 | |||
Carrying amount of Land | 779 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 504 | |||
Construction in progress | 1,958 | |||
Total | 3,241 | |||
Accumulated depreciation and amortization | $ 158 | |||
Date acquired | 1,992 | |||
Rego Park III [Member] | Maximum [Member] | New York [Member] | Retail Space [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Rego Park III [Member] | Minimum [Member] | New York [Member] | Retail Space [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Flushing Property [Member] | New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost of Land | 0 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 1,660 | |||
Costs capitalized subsequent to acquisition | (107) | |||
Carrying amount of Land | 0 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 1,553 | |||
Construction in progress | 0 | |||
Total | 1,553 | |||
Accumulated depreciation and amortization | $ 850 | |||
Date of construction | 1,975 | |||
Date acquired | 1,992 | |||
Lexington Avenue Property [Member] | New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 650,000 | |||
Initial cost of Land | 14,432 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 12,355 | |||
Costs capitalized subsequent to acquisition | 415,547 | |||
Carrying amount of Land | 27,497 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 414,837 | |||
Construction in progress | 0 | |||
Total | 442,334 | |||
Accumulated depreciation and amortization | $ 129,919 | |||
Date of construction | 2,003 | |||
Date acquired | 1,992 | |||
Lexington Avenue Property [Member] | Maximum [Member] | New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
Lexington Avenue Property [Member] | Minimum [Member] | New York [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 9 years | |||
Paramus Property [Member] | New Jersey [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 68,000 | |||
Initial cost of Land | 1,441 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 0 | |||
Costs capitalized subsequent to acquisition | 10,313 | |||
Carrying amount of Land | 11,754 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 0 | |||
Construction in progress | 0 | |||
Total | 11,754 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 1,992 | |||
Other Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost of Land | 167 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 1,804 | |||
Costs capitalized subsequent to acquisition | (1,804) | |||
Carrying amount of Land | 167 | |||
Carring amount of Building, Leaseholds and Leasehold improvements | 0 | |||
Construction in progress | 0 | |||
Total | 167 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 1,992 |
Schedule III_ Rollforward of Re
Schedule III: Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Balance at beginning of period | $ 993,927 | $ 919,576 | $ 911,792 |
Subtotal real estate | 1,040,662 | 993,984 | 919,576 |
Less: Fully depreciated assets | (11,190) | (57) | 0 |
Balance at end of the period | 1,029,472 | 993,927 | 919,576 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | 210,025 | 185,375 | 160,826 |
Additions charged to operating expenses | 26,698 | 24,707 | 24,549 |
Subtotal of accumulated depreciation | 236,723 | 210,082 | 185,375 |
Less: Fully depreciated assets | (11,190) | (57) | 0 |
Balance at end of the period | 225,533 | 210,025 | 185,375 |
Land [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate, Improvements | 0 | 0 | 0 |
Buildings and leasehold improvements [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate, Improvements | 112,538 | 4,043 | 5,072 |
Development and construction in progress [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate, Improvements | $ (65,803) | $ 70,365 | $ 2,712 |