Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 5,107,290 | ||
Entity Public Float | $ 861,304,000 | ||
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, 2016 | Dec. 31, 2015 |
Real estate, at cost: | ||
Land | $ 44,971 | $ 44,971 |
Buildings and leasehold improvements | 985,800 | 975,015 |
Development and construction in progress | 2,780 | 9,486 |
Total | 1,033,551 | 1,029,472 |
Accumulated depreciation and amortization | (252,737) | (225,533) |
Real estate, net | 780,814 | 803,939 |
Cash and cash equivalents | 288,926 | 259,349 |
Restricted cash | 85,752 | 85,307 |
Marketable securities | 37,918 | 43,191 |
Tenant and other receivables, net of allowance for doubtful accounts of $1,473 and $918, respectively | 3,056 | 4,014 |
Receivable arising from the straight-lining of rents | 179,010 | 181,357 |
Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $36,960 and $33,482, respectively | 48,387 | 45,840 |
Other assets | 27,367 | 24,811 |
Total assets | 1,451,230 | 1,447,808 |
LIABILITIES AND EQUITY | ||
Mortgages payable, net of deferred debt issuance costs | 1,052,359 | 1,053,262 |
Amounts due to Vornado | 897 | 8,551 |
Accounts payable and accrued expenses | 42,200 | 30,158 |
Other liabilities | 2,929 | 2,957 |
Total liabilities | 1,098,385 | 1,094,928 |
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 | 31,189 | 30,739 |
Retained earnings | 308,995 | 304,340 |
Accumulated other comprehensive income | 7,862 | 13,002 |
Equity before treasury stock | 353,219 | 353,254 |
Treasury stock: 67,254 shares, at cost | (374) | (374) |
Total equity | 352,845 | 352,880 |
Total liabilities and equity | $ 1,451,230 | $ 1,447,808 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Allowance for doubtful accounts (in US dollars) | $ 1,473 | $ 918 |
Unamortized leasing fees to Vornado (in US dollars) | $ 36,960 | $ 33,482 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Property rentals | $ 151,444 | $ 138,688 | $ 136,628 |
Expense reimbursements | 75,492 | 69,227 | 64,186 |
Total revenues | 226,936 | 207,915 | 200,814 |
EXPENSES | |||
Operating, including fees to Vornado of $4,590, $4,476, and $4,516, respectively | 82,232 | 76,218 | 69,897 |
Depreciation and amortization | 33,807 | 31,086 | 29,196 |
General and administrative, including management fees to Vornado of $2,380 in each year | 5,436 | 5,406 | 5,032 |
Total expenses | 121,475 | 112,710 | 104,125 |
OPERATING INCOME | 105,461 | 95,205 | 96,689 |
Interest and other income, net | 3,305 | 5,949 | 2,434 |
Interest and debt expense | (22,241) | (24,239) | (32,068) |
Income before income taxes | 86,525 | 76,915 | 67,055 |
Income tax (expense) benefit | (48) | (8) | 341 |
Income from continuing operations | 86,477 | 76,907 | 67,396 |
Income from discontinued operations | 0 | 0 | 529 |
Net income | $ 86,477 | $ 76,907 | $ 67,925 |
Income per common share- basic and diluted: | |||
Income from continuing operations (in dollars per share) | $ 16.91 | $ 15.04 | $ 13.19 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.1 |
Net income per common share (in dollars per share) | $ 16.91 | $ 15.04 | $ 13.29 |
Weighted average shares outstanding (in shares) | 5,114,084 | 5,112,352 | 5,110,628 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Income | |||
Fees to Vornado | $ 4,590 | $ 4,476 | $ 4,516 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income | |||
Net income | $ 86,477 | $ 76,907 | $ 67,925 |
Other comprehensive (loss) income: | |||
Change in unrealized net gain on available-for-sale securities | (5,273) | (1,455) | 13,124 |
Change in value of interest rate cap | 133 | 0 | (189) |
Comprehensive income | $ 81,337 | $ 75,452 | $ 80,860 |
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, 2013 | $ 333,581 | $ 5,173 | $ 29,745 | $ 297,515 | $ 1,522 | $ (374) |
Opening Balance (in shares) at Dec. 31, 2013 | 5,173,000 | |||||
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 | 5,173,000 | |||||
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) |
Net income | 86,477 | 86,477 | ||||
Dividends paid | (81,822) | (81,822) | ||||
Change in unrealized net gain on available-for-sale securities | (5,273) | (5,273) | ||||
Change in value of interest rate cap | 133 | 133 | ||||
Deferred stock unit grant | $ 450 | 450 | ||||
Closing Balance (in shares) at Dec. 31, 2016 | 5,173,450 | 5,173,000 | ||||
Closing Balance, at Dec. 31, 2016 | $ 352,845 | $ 5,173 | $ 31,189 | $ 308,995 | $ 7,862 | $ (374) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 86,477 | $ 76,907 | $ 67,925 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization, including amortization of debt issuance costs | 36,374 | 33,671 | 31,919 |
Straight-lining of rental income | 2,347 | (1,418) | (2,538) |
Stock-based compensation expense | 450 | 600 | 394 |
Reversal of income tax liability | 0 | 0 | (420) |
Change in operating assets and liabilities: | |||
Tenant and other receivables, net | 958 | (1,801) | 712 |
Other assets | (9,894) | (4,777) | (4,334) |
Amounts due to Vornado | (1,913) | 2,228 | (42,779) |
Accounts payable and accrued expenses | 16,049 | 822 | (1,373) |
Other liabilities | (28) | (31) | (19) |
Net cash provided by operating activities | 130,820 | 106,201 | 49,487 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Construction in progress and real estate additions | (15,506) | (50,121) | (61,964) |
Proceeds from maturing (purchases of) short-term investments | 0 | 24,998 | (24,998) |
Restricted cash | (445) | (705) | 5,442 |
Net cash used in investing activities | (15,951) | (25,828) | (81,520) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Debt repayments | (3,440) | (323,193) | (317,179) |
Proceeds from borrowing | 0 | 350,000 | 300,000 |
Dividends paid | (81,822) | (71,571) | (66,436) |
Debt issuance costs | (30) | (4,075) | (4,255) |
Net cash used in financing activities | (85,292) | (48,839) | (87,870) |
Net increase (decrease) in cash and cash equivalents | 29,577 | 31,534 | (119,903) |
Cash and cash equivalents at beginning of year | 259,349 | 227,815 | 347,718 |
Cash and cash equivalents at end of year | 288,926 | 259,349 | 227,815 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest, excluding capitalized interest of $1,486 in 2015 | 19,517 | 22,354 | 30,656 |
NON-CASH TRANSACTIONS | |||
Liability for real estate additions, including $54 and $5,795 due to Vornado in 2016 and 2015, respectively | 322 | 10,139 | 13,529 |
Write-off of fully amortized and/or depreciated assets | $ 1,691 | $ 20,786 | $ 10,626 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash paid for interest, capitalized | $ 1,486 | |
Liability for real estate additions due to Vornado | $ 322 | 10,139 |
Vornado | ||
Liability for real estate additions due to Vornado | $ 54 | $ 5,795 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
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 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 condomi nium 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 an d a 36,000 square foot Marshalls. In January 2017, Sears announced that it plans to close its store in the second quarter of 2017. Under the terms of the lease, Sears is obligated to pay rent through lease expiration in March of 2021; Rego Park II , a 609,000 square f oot shopping center, adjacent to the Rego Park I shopping center 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 and is 98.1 % leased as of December 31, 2016; Par amus , 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. Property to be developed Rego Park III , a 140,000 square foot 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 operatin g 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, 2016 | |
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 a nd 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 Account ing Literature – In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). 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 promise d 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. In August 2015, the FASB issued an update (“ ASU 2015-14”) to ASC 606, Deferral of the Effective Date , which defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017. In March 2016, the FASB issued an update (“ASU 2016-08”) to ASC 606, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to ASC 606 , Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB i ssued an update (“ASU 2016-12”) to ASC 606, Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. We are permitted to use either the retrospective or the modified r etrospective method when adopting these standards. We are e valuat ing t he impact of the adoption of these standards on our consolidated financial statements , and have not yet concluded on the method of adoption. 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. In February 2016, the FASB issued (“ASU 2016-02”) Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to r ecord a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 will more significantly impact the accounting for leases in which we are a lessee. We will be required to record a right-of-use asset and lease liability for our Flushing property ground lease upon adoption of this standard. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation—Stock Compe nsation (“ASC 718”). ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flo ws. ASU 2016-09 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 2016-09 on our consolidated financial statements. In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business c ombination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) be neficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2 017, with early adoption permitted. The adoption of this update is not expected to have a significant impact on our consolidated financial statements. In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restrict ed cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. In January 2017, the FASB issued an update (“ASU 2017-01”) Clarifying the Definition of a Business to ASC Topic 805, Business Combinations . ASU 2017-01 provides a screen to determine when an asset acquired or group of assets acquired is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a g roup of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. ASU 2017-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We have elected to early adopt this standard, effective as of October 1, 2016, for all future acquisitions. The adoption of this standard will result in less real estate acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. There was no impact of the adoption of this standard in the fourth quarter of 2016, as there have been no acquisitions. Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2016 and 2015 , the carrying amount of our real estate, net of accumulated depreciation and amortization, was $ 780,814 ,000 a nd $ 803,939,000 , 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 property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the de velopment 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 temporary certificate of occupancy. 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 dev elopment, 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 undisco unted 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 ou r 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 t he 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 mar ket 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 regard ing 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 e quivalents 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) depos its 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 (iv) certificates of deposit placed thro ugh 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 liquid investments are classified as available-for-sale and are presented at fair value on our consolidated balance shee ts. 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 impro vements. 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 consolidat ed balance sheets. 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 f or 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 collectibility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ($ 1,473 ,000 and $ 918 ,000 as of December 31, 2016 and 2015 , 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 his tory 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 activ ities 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 th e 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 lea ses 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 t enant 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 recognized in the same periods as the expenses are incurred. Parking Income – revenue arising fr om the rental of parking space at our properties . This income is recognized as the service is provided. 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, n o provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2016 were characterized, for federal income taxes, as 97.7 % ordinary income and 2.3 % long-term capital gain income. Dividends distributed for the ye ar 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 ended December 31, 2014 were categorized, for federal income tax purposes, as o rdinary income. The following table reconciles our net inco me to estimated taxable income for the years ended December 31, 2016 , 2015 and 2014 . (Unaudited and in thousands) Year Ended December 31, 2016 2015 2014 Net income $ 86,477 $ 76,907 $ 67,925 Straight-line rent adjustments 2,347 (1,418) (2,538) Depreciation and amortization timing differences (14,534) 2,477 2,283 Reversal of liability for income taxes - - (420) Other 2,975 751 765 Estimated taxable income $ 77,265 $ 78,717 $ 68,015 As of December 31, 2016 , the net basis of our assets and liabilities for tax purposes are approximately $ 208,622 ,000 lower than the amount r eported for financial statement purposes. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. RELATED PARTY TRANSACTIONS Vornado As of December 31, 2016 , 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 P artner 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, 2016 , 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 common 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 Agreemen ts 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) $ 297 ,000 , escalating at 3 % per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6 % of development costs, as defined. Leasing Agreements Vornado also provides us with leasing services for a fee of 3 % of rent for the first ten years of a lease term, 2 % of rent for the eleventh through the twentieth year of a lease term, and 1 % of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In t he 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 % o f 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 was 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 co mmissions 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 Park 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) 2016 2015 2014 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 194 2,435 3,394 Leasing fees 7,401 2,950 1,430 Property management fees and payments for cleaning, engineering and security services 4,033 3,614 3,658 $ 14,428 $ 11,799 $ 11,282 As of December 31, 2016, the amounts due to Vornado were $ 54,000 for development fees; $ 428,000 for management, property management, cleaning and security fees; and $ 415,000 for leasing fees. As of December 31, 2015, the amounts due to Vornado were $ 5,795,000 for development fees; $ 283,000 for management, property management and cleaning fees; and $ 2,473,000 for leasing fees. In March 2016, we paid Vornado a development fee of $ 5,784,000 related to The Alexander apartment tower. Toys “R” Us (“Toys”) As of December 31, 2016, our affiliate, Vornado owned 32.5 % of Toys. Toys leases approximately 47,000 square feet of retail space at our Rego Park II shopping center. Joseph Macnow, our Executive Vice President and Chief Financial Officer, and Vornado’s Executive Vice President - Finance and Chief Administrative Officer and Wendy A. Silverstein, a member of our Board of Directors, represent Vornado as members of Toys’ Board of Directors. During the year ended December 31, 2016, we recognized $ 2,675,000 of revenue related to the space leased by Toys. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
Marketable Securities | 4. MARKETABLE SECURITIES As of December 31, 2016 and 2015 , we owned 535,265 Macerich common shares, which were received in connection with the sale of Kings Plaza Regional Shopping Center (“Kings Plaza”) to Macerich in 2012. These shares have an economic cost of $ 56.05 per share, or $30,000,000 in the aggregate. As of December 31, 2016 and 2015 , the fair value of these shares were $ 37,918 ,000 and $ 43,191 ,000, respectively, based on Macerich’s closing share price of $ 70.84 per share and $ 80.69 per share, respectively. These shares are included in “marketable securities” on our consolidated balance sheets and are classified as available-for-sale. Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to- market of these securities are included in “other comprehensive income.” Other comprehensive income includes unrealized losses of $ 5,273 ,000 and $ 1,455 ,000 for the years ended December 31, 2016 and 2015 , respectively. In October 2015, we recognized $ 2,141 ,000 of dividend income as a result of a special dividend declared by Macerich, which is included as a component of “interest and other income, net,” in our consolidated statement of income for the year ended December 31, 2015. |
Mortgages Payable
Mortgages Payable | 12 Months Ended |
Dec. 31, 2016 | |
Mortgages Payable [Abstract] | |
Mortgages Payable | ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. MORTGAGES PAYABLE 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, 2016 2016 2015 First mortgages secured by: Rego Park I shopping center (100% cash Mar. 2018 0.35 % $ 78,246 $ 78,246 collateralized) (2) Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 2.62 % 259,901 263,341 731 Lexington Avenue, office space (4) Mar. 2021 1.65 % 300,000 300,000 731 Lexington Avenue, retail space (5) Aug. 2022 2.05 % 350,000 350,000 Total 1,056,147 1,059,587 Deferred debt issuance costs, net of accumulated amortization of $6,824 and $4,267, respectively (3,788) (6,325) $ 1,052,359 $ 1,053,262 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended for two years from March 2016. (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 $ 663,274 ,000 as of December 31, 2016 . 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 Dece mber 31, 2016 , the principal repayments for the next five years and thereafter are as follows: (Amounts in thousands) Year Ending December 31, Amount 2017 $ 3,707 2018 402,440 2019 - 2020 - 2021 300,000 Thereafter 350,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 6. 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 v alue 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 – observa ble 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 i nputs 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 credi t risk in our assessment of fair value. Financial Assets and Liabilities Measured at Fair Value Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2016 and 2015 consist of marketable securities, which are presented in the table below, based on their level in the fair value hierarchy, and an interest rate cap which fair value is insignificant, as of December 31, 2016 and 2015. There were no financial liabilities measured at fair value as of December 31, 2016 and 2015 . As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 37,918 $ 37,918 $ - $ - As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 43,191 $ 43,191 $ - $ - 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, 2016 and 2015 . As of December 31, 2016 As of December 31, 2015 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 256,370 $ 256,370 $ 226,476 $ 226,476 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,056,147 $ 1,045,000 $ 1,059,587 $ 1,054,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | 7. 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. We also lease residential space at The Alexander apartment tower with one or two year lease terms. Future base rental revenue under these non-cancelable operating leases is as follows: (Amounts in thousands) Year Ending December 31, Amount 2017 $ 145,464 2018 139,371 2019 136,370 2020 134,689 2021 118,062 Thereafter 845,921 These future minimum amounts do not include additional rents based on a percentage of retail tenants’ sales. For the years ended December 31, 2016 , 2015 , and 2014 , these rents were $ 182 ,000 , $ 94 ,000 , and $ 108 ,000 , respectively. Bloomberg accounted for $ 104,590 ,000 , $ 94,468 ,000 and $ 91,109 ,000 , r epresenting approximately 46 %, 45 % and 45 % of our total revenues in each of the years ended December 31, 2016 , 2015 and 2014 , resp ectively. No other tenant accounted for more than 10 % of our total 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 f inancial 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 B loomberg from other private sources, as well as publicly available data. In January 2016, we entered into a lease amendment with Bloomberg which extends the lease term related to 192,000 square feet of office space at ou r 731 Lexington Avenue property 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, we paid an $ 8,916,000 leasing commis sion of which $ 7,200,000 was to a third party broker and $ 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 this operating lease, excluding the extension option, are as follows: (Amounts in thousands) Year Ending December 31, Amount 2017 $ 792 2018 800 2019 800 2020 800 2021 800 Thereafter 4,067 Rent expense was $ 746 ,000 in each of the years ended December 31, 2016 , 2015 and 2014 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 8. STOCK-BASED COMPENSATION Our 2016 Omnibus Stock Plan, which was adopted in May 2016 replacing the expiring 2006 Omnibus Stock Plan, provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado, and any other person or entity as designated by the Omnibus Stock Plan Committee of our Board of Directors. As of December 31, 2016 , there were 8,505 DSUs outstanding and 498,376 shares were available for future grant under the 2016 Omnibus Stock Plan. We account for all stock-based compensation in accordance with ASC 718. In May 2016, we granted each of the members of our Board of Directors 203 DSUs with a grant date fair value of $ 56,250 per grant, or $ 450,000 in the aggregate. 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, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9 . 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 N BCR acts) is up to $ 1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $ 348 ,000 deductible ($ 293 ,000 effective January 1, 2017) and 16 % of the balance ( 17 % effective January 1, 2017) of a covered loss, and the Federal government is responsible for the remaining 84 % ( 83 % effective January 1, 2017) of a covere d 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 co mmercially 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 insu rance. 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 s ubsidiaries) with regard to space that Sears leases at our Rego Park I property alleging 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 asserted various causes of actions for damages and sought 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 sought, among other things, damages of not less than $4 million and future damages it estimated would not be less than $25 million. In March 2016, Sears withdrew its claim for future damages leaving a remaining claim for property damages, which we estimate to be approximately $650,000 based on information provided by Sears. We intend to defend the remaining claim vigorously. The amount or range of reasonable possible losses, if any , is not expected to be greater than $650,000. 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, 2016 . Other In October 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Deter mination to us assessing an additional $ 21,300 ,000 of transfer taxes (including interest and penalties as of December 31, 2016) in connection with the sale of Kings Plaza in 2012. We believe that the NYC DOF’s claim is without merit and intend to vigorousl y 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 finan cial position, results of operations or cash flows. During the years ended December 31, 2016 and 2015, we received approximately $ 825 ,000 and $ 2, 100 ,000 from bankruptcy recoveries, respectively, which is included as “ interest and other income, net” in ou r consolidated statement s of income. 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 op eration s or cash flows. |
Multiemployer Benefit Plans
Multiemployer Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Multiemployer Benefit Plans [Abstract] | |
Multiemployer Benefit Plans | 10 . 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 particip ating 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 subsidiary withdraws from a plan in which it part icipates, it may be subject to a withdrawal liability. As of December 31, 2016 , our subsidiaries’ participation in these plans were not significant to our consolidated financial statements. In the years ended December 31, 2016 , 2015 and 2014 our subsidiaries contributed $ 147 ,000 , $ 144 ,000 and $ 144 ,000, respectively, towards Multiemployer Pension Plans. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended Dece mber 31, 2016 , 2015 and 2014 . 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, 2016 , 2015 and 2014 our subsidiaries contributed $ 539 ,000 , $ 554 ,000 and $ 533 ,000, respectively, towards these plans. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share | |
Earnings Per Share | 11. 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 pos sible. There were no potentially dilutive securities outstanding during the years ended December 31, 2016 , 2015 and 2014 . For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2016 2015 2014 Income from continuing operations $ 86,477 $ 76,907 $ 67,396 Income from discontinued operations - - 529 Net income – basic and diluted $ 86,477 $ 76,907 $ 67,925 Weighted average shares outstanding – basic and diluted 5,114,084 5,112,352 5,110,628 Income from continuing operations $ 16.91 $ 15.04 $ 13.19 Income from discontinued operations - - 0.10 Net income per common share – basic and diluted $ 16.91 $ 15.04 $ 13.29 |
Summary Of Quarterly Results (U
Summary Of Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Quarterly Results (Unaudited) | |
Summary of Quarterly Results (Unaudited) | 12 . SUMMARY OF QUARTERLY RESULTS (UNAUDITED) Net Income Per Common Share (1) (Amounts in thousands, except per share amounts) Revenues Net Income Basic Diluted 2016 December 31 $ 57,253 $ 21,655 $ 4.23 $ 4.23 September 30 57,120 21,036 4.11 4.11 June 30 57,005 21,767 4.26 4.26 March 31 55,558 22,019 4.31 4.31 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 _______________________ (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, 2016 | |
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, 2016 $ 918 $ 557 $ (2) $ 1,473 Year Ended December 31, 2015 $ 1,544 $ (314) $ (312) $ 918 Year Ended December 31, 2014 $ 1,993 $ 705 $ (1,154) $ 1,544 |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (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 Life on 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 $ 52,368 $ 1,647 $ 61,285 $ 36 $ 62,968 $ 31,212 1959 1992 3-39 years Rego Park II 259,901 3,127 1,467 386,655 3,127 387,999 123 391,249 73,186 2009 1992 3-40 years The Alexander apartment tower - - - 119,105 - 119,105 - 119,105 6,081 2016 1992 3-39 years Rego Park III - 779 - 3,124 779 503 2,621 3,903 198 N/A 1992 5-15 years Flushing - - 1,660 (107) - 1,553 - 1,553 909 1975 (4) 1992 N/A Lexington Avenue 650,000 14,432 12,355 416,065 27,497 415,355 - 442,852 141,151 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 $ 1,056,147 $ 21,593 $ 26,239 $ 985,719 $ 44,971 $ 985,800 $ 2,780 $ 1,033,551 $ 252,737 __________________________ (1) Excludes deferred debt issuance costs, net of $3,788. (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 $208,622 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, 2016 2015 2014 REAL ESTATE: Balance at beginning of period $ 1,029,472 $ 993,927 $ 919,576 Changes during the period: Land - - - Buildings and leasehold improvements 12,464 112,538 4,043 Development and construction in progress (6,706) (65,803) 70,365 1,035,230 1,040,662 993,984 Less: Fully depreciated assets (1,679) (11,190) (57) Balance at end of period $ 1,033,551 $ 1,029,472 $ 993,927 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 225,533 $ 210,025 $ 185,375 Additions charged to operating expenses 28,883 26,698 24,707 254,416 236,723 210,082 Less: Fully depreciated assets (1,679) (11,190) (57) Balance at end of period $ 252,737 $ 225,533 $ 210,025 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 a nd 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 Account ing Literature – In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update ("ASU 2014-09") establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). 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 promise d 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. In August 2015, the FASB issued an update (“ ASU 2015-14”) to ASC 606, Deferral of the Effective Date , which defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017. In March 2016, the FASB issued an update (“ASU 2016-08”) to ASC 606, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to ASC 606 , Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB i ssued an update (“ASU 2016-12”) to ASC 606, Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. We are permitted to use either the retrospective or the modified r etrospective method when adopting these standards. We are e valuat ing t he impact of the adoption of these standards on our consolidated financial statements , and have not yet concluded on the method of adoption. 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. In February 2016, the FASB issued (“ASU 2016-02”) Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to r ecord a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 will more significantly impact the accounting for leases in which we are a lessee. We will be required to record a right-of-use asset and lease liability for our Flushing property ground lease upon adoption of this standard. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation—Stock Compe nsation (“ASC 718”). ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flo ws. ASU 2016-09 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 2016-09 on our consolidated financial statements. In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows . ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business c ombination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) be neficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2 017, with early adoption permitted. The adoption of this update is not expected to have a significant impact on our consolidated financial statements. In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restrict ed cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. In January 2017, the FASB issued an update (“ASU 2017-01”) Clarifying the Definition of a Business to ASC Topic 805, Business Combinations . ASU 2017-01 provides a screen to determine when an asset acquired or group of assets acquired is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a g roup of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. ASU 2017-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We have elected to early adopt this standard, effective as of October 1, 2016, for all future acquisitions. The adoption of this standard will result in less real estate acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. There was no impact of the adoption of this standard in the fourth quarter of 2016, as there have been no acquisitions. |
Real Estate | Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2016 and 2015 , the carrying amount of our real estate, net of accumulated depreciation and amortization, was $ 780,814 ,000 a nd $ 803,939,000 , 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 property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the de velopment 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 temporary certificate of occupancy. 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 dev elopment, 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 undisco unted 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 ou r 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 t he 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 mar ket 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 regard ing 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 e quivalents 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) depos its 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 (iv) certificates of deposit placed thro ugh 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 liquid investments are classified as available-for-sale and are presented at fair value on our consolidated balance shee ts. 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 impro vements. |
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 consolidat ed balance sheets. 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 f or 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 collectibility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ($ 1,473 ,000 and $ 918 ,000 as of December 31, 2016 and 2015 , 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 his tory 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 activ ities 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 th e 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 lea ses 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 t enant 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 recognized in the same periods as the expenses are incurred. Parking Income – revenue arising fr om the rental of parking space at our properties . This income is recognized as the service is provided. |
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, n o provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2016 were characterized, for federal income taxes, as 97.7 % ordinary income and 2.3 % long-term capital gain income. Dividends distributed for the ye ar 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 ended December 31, 2014 were categorized, for federal income tax purposes, as o rdinary income. |
Fair Value Measurement | 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 v alue 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 – observa ble 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 i nputs 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 credi t risk in our assessment of fair value. |
Share-based Compensation, Option and Incentive Plans | 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. |
Income Per Share | 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 pos sible. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Net income $ 86,477 $ 76,907 $ 67,925 Straight-line rent adjustments 2,347 (1,418) (2,538) Depreciation and amortization timing differences (14,534) 2,477 2,283 Reversal of liability for income taxes - - (420) Other 2,975 751 765 Estimated taxable income $ 77,265 $ 78,717 $ 68,015 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Summary of Fees to Vornado | Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Company management fees $ 2,800 $ 2,800 $ 2,800 Development fees 194 2,435 3,394 Leasing fees 7,401 2,950 1,430 Property management fees and payments for cleaning, engineering and security services 4,033 3,614 3,658 $ 14,428 $ 11,799 $ 11,282 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgages Payable [Abstract] | |
Summary of Notes and Mortgages Payable | Interest Rate at Balance at December 31, (Amounts in thousands) Maturity (1) December 31, 2016 2016 2015 First mortgages secured by: Rego Park I shopping center (100% cash Mar. 2018 0.35 % $ 78,246 $ 78,246 collateralized) (2) Paramus Oct. 2018 2.90 % 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 2.62 % 259,901 263,341 731 Lexington Avenue, office space (4) Mar. 2021 1.65 % 300,000 300,000 731 Lexington Avenue, retail space (5) Aug. 2022 2.05 % 350,000 350,000 Total 1,056,147 1,059,587 Deferred debt issuance costs, net of accumulated amortization of $6,824 and $4,267, respectively (3,788) (6,325) $ 1,052,359 $ 1,053,262 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended for two years from March 2016. (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 2017 $ 3,707 2018 402,440 2019 - 2020 - 2021 300,000 Thereafter 350,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 37,918 $ 37,918 $ - $ - As of December 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 43,191 $ 43,191 $ - $ - |
Fair Value, by Balance Sheet Grouping | As of December 31, 2016 As of December 31, 2015 Carrying Fair Carrying Fair (Amounts in thousands) Amount Value Amount Value Assets: Cash equivalents $ 256,370 $ 256,370 $ 226,476 $ 226,476 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,056,147 $ 1,045,000 $ 1,059,587 $ 1,054,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule Of Future Minimum Payments Receivable For Operating Leases | (Amounts in thousands) Year Ending December 31, Amount 2017 $ 145,464 2018 139,371 2019 136,370 2020 134,689 2021 118,062 Thereafter 845,921 |
Schedule of Future Minimum Rental Payments for Operating Leases | (Amounts in thousands) Year Ending December 31, Amount 2017 $ 792 2018 800 2019 800 2020 800 2021 800 Thereafter 4,067 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share | |
Schedule of Earnings Per Share, Basic and Diluted | For the Year Ended December 31, (Amounts in thousands, except share and per share amounts) 2016 2015 2014 Income from continuing operations $ 86,477 $ 76,907 $ 67,396 Income from discontinued operations - - 529 Net income – basic and diluted $ 86,477 $ 76,907 $ 67,925 Weighted average shares outstanding – basic and diluted 5,114,084 5,112,352 5,110,628 Income from continuing operations $ 16.91 $ 15.04 $ 13.19 Income from discontinued operations - - 0.10 Net income per common share – basic and diluted $ 16.91 $ 15.04 $ 13.29 |
Summary Of Quarterly results (T
Summary Of Quarterly results (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Quarterly Results (Unaudited) | |
Summary of Quarterly Results (Unaudited) | Net Income Per Common Share (1) (Amounts in thousands, except per share amounts) Revenues Net Income Basic Diluted 2016 December 31 $ 57,253 $ 21,655 $ 4.23 $ 4.23 September 30 57,120 21,036 4.11 4.11 June 30 57,005 21,767 4.26 4.26 March 31 55,558 22,019 4.31 4.31 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 _______________________ (1) The total for the year may differ from the sum of the quarters as a result of weighting. |
Organization (Details)
Organization (Details) | 12 Months Ended | |
Dec. 31, 2016aft²Segmentaptunitsproperty | Dec. 31, 2001a | |
Operating Properties | ||
Number of properties in greater New York City metropolitan area (in property) | property | 7 | |
Number of Reportable Segments | Segment | 1 | |
Rego Park II | Retail space | Toys R Us/ Babies R Us | ||
Operating Properties | ||
Area of property (in square feet) | 47,000 | |
Paramus | Tenant Occupant | Ikea | ||
Operating Properties | ||
Area Of Land | a | 30.3 | |
Operating property | 731 Lexington Avenue | ||
Operating Properties | ||
Area of property (in square feet) | 1,311,000 | |
Operating property | 731 Lexington Avenue | Office space | ||
Operating Properties | ||
Area of property (in square feet) | 889,000 | |
Operating property | 731 Lexington Avenue | Office space | Tenant Occupant | Bloomberg | ||
Operating Properties | ||
Area of property (in square feet) | 889,000 | |
Operating property | 731 Lexington Avenue | Retail space | ||
Operating Properties | ||
Area of property (in square feet) | 174,000 | |
Operating property | 731 Lexington Avenue | Retail space | Tenant Occupant | Home Depot | ||
Operating Properties | ||
Area of property (in square feet) | 83,000 | |
Operating property | 731 Lexington Avenue | Retail space | Tenant Occupant | Container store | ||
Operating Properties | ||
Area of property (in square feet) | 34,000 | |
Operating property | 731 Lexington Avenue | Retail space | Tenant Occupant | Hennes Mauritz | ||
Operating Properties | ||
Area of property (in square feet) | 27,000 | |
Operating property | 731 Lexington Avenue | Residence space | ||
Operating Properties | ||
Area of property (in square feet) | 248,000 | |
Number of units in real estate property (in units) | aptunits | 105 | |
Operating property | Rego Park I | ||
Operating Properties | ||
Area of property (in square feet) | 343,000 | |
Operating property | Rego Park I | Tenant Occupant | Anchor | Sears | ||
Operating Properties | ||
Area of property (in square feet) | 195,000 | |
Operating property | Rego Park I | Tenant Occupant | Anchor | Burlington Coat Factory | ||
Operating Properties | ||
Area of property (in square feet) | 50,000 | |
Operating property | Rego Park I | Tenant Occupant | Anchor | Bed Bath and Beyond | ||
Operating Properties | ||
Area of property (in square feet) | 46,000 | |
Operating property | Rego Park I | Tenant Occupant | Anchor | Marshalls | ||
Operating Properties | ||
Area of property (in square feet) | 36,000 | |
Operating property | Rego Park II | ||
Operating Properties | ||
Area of property (in square feet) | 609,000 | |
Operating property | Rego Park II | Tenant Occupant | Anchor | Costco | ||
Operating Properties | ||
Area of property (in square feet) | 145,000 | |
Operating property | Rego Park II | Tenant Occupant | Anchor | Century 21 | ||
Operating Properties | ||
Area of property (in square feet) | 135,000 | |
Operating property | Rego Park II | Tenant Occupant | Anchor | Kohl's | ||
Operating Properties | ||
Area of property (in square feet) | 133,000 | |
Operating property | Rego Park II | Tenant Occupant | Anchor | Toys R Us/ Babies R Us | ||
Operating Properties | ||
Area of property (in square feet) | 47,000 | |
Operating property | Paramus | ||
Operating Properties | ||
Area Of Land | a | 30.3 | |
Operating property | Paramus | Tenant Occupant | Ikea | ||
Operating Properties | ||
Area Of Land | a | 30.3 | |
Operating property | Flushing property | ||
Operating Properties | ||
Area of property (in square feet) | 167,000 | |
Operating property | Flushing property | Tenant Occupant | New World Mall LLC | ||
Operating Properties | ||
Area of property (in square feet) | 167,000 | |
Operating property | Alexander apartment tower | ||
Operating Properties | ||
Area of property (in square feet) | 255,000 | |
Number of units in real estate property (in units) | aptunits | 312 | |
Real Estate Property Percentage Leased | 98.10% | |
Properties to be developed | Rego Park III | ||
Operating Properties | ||
Area Of Land | 140,000 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties | ||
Real estate, net | $ 780,814 | $ 803,939 |
Allowance For Doubtful Accounts | ||
Allowance for doubtful accounts (in US dollars) | $ 1,473 | $ 918 |
Maximum | ||
Cash and Cash Equivalents | ||
Cash And Cash Equivalent Maturity Maximum | 3 months | |
Rego Park I | ||
Real Estate Properties | ||
Percentage of cash mortgage collateralized | 100.00% |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Treatment Of Dividend | |||||||||||
Internal Taxable Income Distribution Policy (in percentage) | 100.00% | ||||||||||
Differences Between Book and Tax Basis | $ 208,622 | $ 208,622 | |||||||||
Reconciliation of Net Income to Estimated Taxable Income | |||||||||||
Net income | $ 21,655 | $ 21,036 | $ 21,767 | $ 22,019 | $ 23,572 | $ 18,172 | $ 17,341 | $ 17,822 | 86,477 | $ 76,907 | $ 67,925 |
Straight-lining of rental income | 2,347 | (1,418) | (2,538) | ||||||||
Depreciation and amortization timing differences | (14,534) | 2,477 | 2,283 | ||||||||
Reversal of income tax liability | 0 | 0 | (420) | ||||||||
Other | 2,975 | 751 | 765 | ||||||||
Estimated taxable income | $ 77,265 | $ 78,717 | $ 68,015 | ||||||||
Minimum | |||||||||||
Tax Treatment Of Dividend | |||||||||||
Real Estate Investment Trust Distributable Income Policy (in percentage) | 90.00% | ||||||||||
Ordinary Income | |||||||||||
Tax Treatment Of Dividend | |||||||||||
Payments Of Dividends Net Percent | 97.70% | 97.30% | 100.00% | ||||||||
Long Term Capital Gain | |||||||||||
Tax Treatment Of Dividend | |||||||||||
Payments Of Dividends Net Percent | 2.30% | 2.70% | 0.00% |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | ||||
Dec. 22, 2014USD ($) | Dec. 21, 2014USD ($) | Dec. 31, 2016USD ($)ft²$ / ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | |
Other Agreements | ||||||
Property rentals | $ 151,444,000 | $ 138,688,000 | $ 136,628,000 | |||
Rego Park II | Retail space | Toys R Us/ Babies R Us | ||||||
Other Agreements | ||||||
Area of property (in square feet) | ft² | 47,000 | |||||
Property rentals | $ 2,675,000 | |||||
Vornado | ||||||
Related Party Transaction | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 32.40% | |||||
Management and Development Agreements | ||||||
Management Fee Agreement Value (in US dollars) | $ 2,800,000 | |||||
Vornado | Toys R Us/ Babies R Us | ||||||
Other Agreements | ||||||
Related Party's Ownership Interest In Tenants | 32.50% | |||||
Vornado | Development fees | ||||||
Management and Development Agreements | ||||||
Development fee as percentage of development costs | 6.00% | |||||
Other Agreements | ||||||
Fees paid (in US dollars) | $ 54,000 | 5,795,000 | ||||
Vornado | Development fees | Alexander apartment tower | ||||||
Other Agreements | ||||||
Fees paid (in US dollars) | $ 5,784,000 | |||||
Vornado | Leasing Fees | ||||||
Leasing Agreements | ||||||
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% | |||||
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 | |||||
Repayment of leasing costs (in US Dollars) | $ 40,353,000 | |||||
Other Agreements | ||||||
Fees paid (in US dollars) | $ 415,000 | 2,473,000 | ||||
Vornado | Leasing Fees | LIBOR | ||||||
Leasing Agreements | ||||||
Debt Instrument, Description of Variable Rate Basis | one-year LIBOR | |||||
Basis spread over LIBOR | 1.00% | |||||
Vornado | Property Management Fees | 731 Lexington Avenue | Office And Retail Space | ||||||
Management and Development Agreements | ||||||
Property Management Fee Agreement Price Per Square Foot | $ / ft² | 0.5 | |||||
Vornado | Property Management Fees | 731 Lexington Avenue | Common Area | ||||||
Management and Development Agreements | ||||||
Property Management Fee Agreement Value (in US dollars) | $ 297,000 | |||||
Property Management Fee Escalation Percentage Per Annum | 3.00% | |||||
Vornado | Property Management Fees | Rego Park II | Retail space | ||||||
Management and Development Agreements | ||||||
Property Management Fee Agreement Percentage Of Income | 2.00% | |||||
Vornado | Management, property management, cleaning and security fees | ||||||
Other Agreements | ||||||
Fees paid (in US dollars) | $ 428,000 | $ 283,000 | ||||
Mr. Roth, Interstate, David Mandelbaum, and Russell B. Wight, Jr. | ||||||
Related Party Transaction | ||||||
Ownership Interest in the Company | 26.30% | |||||
IP & Partners Through Vornado | ||||||
Related Party Transaction | ||||||
Ownership Interest in the Company | 2.20% |
Related Party Transactions (Fee
Related Party Transactions (Fees to Vornado) (Details) - Vornado - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of fees to Vornado | |||
Fees to related party (in US dollars) | $ 14,428 | $ 11,799 | $ 11,282 |
Company management fees | |||
Summary of fees to Vornado | |||
Fees to related party (in US dollars) | 2,800 | 2,800 | 2,800 |
Development fees | |||
Summary of fees to Vornado | |||
Fees to related party (in US dollars) | 194 | 2,435 | 3,394 |
Leasing Fees | |||
Summary of fees to Vornado | |||
Fees to related party (in US dollars) | 7,401 | 2,950 | 1,430 |
Property Management Fees | |||
Summary of fees to Vornado | |||
Fees to related party (in US dollars) | $ 4,033 | $ 3,614 | $ 3,658 |
Marketable Securities (Details)
Marketable Securities (Details) - Macerich interest - USD ($) | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment holdings | |||
Macerich Common Shares | 535,265 | 535,265 | |
Economic basis per share (in dollars per share) | $ 56.05 | ||
GAAP Cost | $ 30,000,000 | ||
Fair Value | $ 37,918,000 | $ 43,191,000 | |
Closing share price (in dollars per share) | $ 70.84 | $ 80.69 | |
Unrealized gain (loss) | $ (5,273,000) | $ (1,455,000) | |
Investment Income Dividend | $ 2,141,000 | $ 2,141,000 |
Mortgages Payable (Outstanding
Mortgages Payable (Outstanding mortgages payable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Loans on Real Estate | |||
Deferred debt issuance costs, net of accumulated amortization of $6,824 and $4,267, respectively | $ (3,788) | ||
Notes Payable (in US dollars) | $ 1,052,359 | $ 1,053,262 | |
Rego Park I | |||
Mortgage Loans on Real Estate | |||
Percentage of cash mortgage collateralized | 100.00% | ||
Mortgages | Secured loan | |||
Mortgage Loans on Real Estate | |||
Notes Payable Gross | $ 1,056,147 | 1,059,587 | |
Deferred debt issuance costs, net of accumulated amortization of $6,824 and $4,267, respectively | (3,788) | (6,325) | |
Notes Payable (in US dollars) | 1,052,359 | 1,053,262 | |
Deferred debt issuance costs, accumulated amortization (in US dollars) | $ 6,824 | 4,267 | |
Mortgages | Secured loan | Rego Park I | Retail space | |||
Mortgage Loans on Real Estate | |||
Maturity date | Mar. 10, 2018 | ||
Interest rate (in percentage) | 0.35% | ||
Percentage of cash mortgage collateralized | 100.00% | ||
Notes Payable (in US dollars) | $ 78,246 | 78,246 | |
Duration Of Mortgage Loan Extension | 2 years | ||
Mortgages | Secured loan | Rego Park II | Retail space | |||
Mortgage Loans on Real Estate | |||
Maturity date | Nov. 30, 2018 | ||
Interest rate (in percentage) | 2.62% | ||
Notes Payable (in US dollars) | $ 259,901 | 263,341 | |
Mortgages | Secured loan | Rego Park II | Retail space | LIBOR | |||
Mortgage Loans on Real Estate | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Basis spread over LIBOR (in percentage) | 1.85% | ||
Mortgages | Secured loan | 731 Lexington Avenue | Office space | |||
Mortgage Loans on Real Estate | |||
Maturity date | Mar. 11, 2021 | ||
Interest rate (in percentage) | 1.65% | ||
Notes Payable (in US dollars) | $ 300,000 | 300,000 | |
Mortgages | Secured loan | 731 Lexington Avenue | Office space | LIBOR | |||
Mortgage Loans on Real Estate | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Basis spread over LIBOR (in percentage) | 0.95% | ||
Mortgages | Secured loan | 731 Lexington Avenue | Retail space | |||
Mortgage Loans on Real Estate | |||
Maturity date | Aug. 31, 2022 | ||
Interest rate (in percentage) | 2.05% | ||
Notes Payable (in US dollars) | $ 350,000 | 350,000 | |
Mortgages | Secured loan | 731 Lexington Avenue | Retail space | LIBOR | |||
Mortgage Loans on Real Estate | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Basis spread over LIBOR (in percentage) | 1.40% | ||
Mortgages | Secured loan | Paramus | |||
Mortgage Loans on Real Estate | |||
Maturity date | Oct. 5, 2018 | ||
Interest rate (in percentage) | 2.90% | ||
Notes Payable (in US dollars) | $ 68,000 | $ 68,000 |
Mortgages Payable (Principal re
Mortgages Payable (Principal repayments for the next five years) (Details) | Dec. 31, 2016USD ($) |
Mortgages Payable [Abstract] | |
Net carrying value of real estate collaterizing the debt | $ 663,274,000 |
Repayments of Long-term Debt | |
2,017 | 3,707,000 |
2,018 | 402,440,000 |
2,019 | 0 |
2,020 | 0 |
2,021 | 300,000,000 |
Thereafter | $ 350,000,000 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value) (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | $ 37,918 | $ 43,191 |
Level 1 | ||
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | 37,918 | 43,191 |
Level 2 | ||
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | 0 | 0 |
Level 3 | ||
Financial Assets And Liabilities Measured At Fair Value | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements (Fina41
Fair Value Measurements (Financial Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Amount | ||
Assets | ||
Cash Equivalents | $ 256,370 | $ 226,476 |
Liabilities | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 1,056,147 | 1,059,587 |
Fair Value | Level 1 | ||
Assets | ||
Cash Equivalents | 256,370 | 226,476 |
Fair Value | Level 2 | ||
Liabilities | ||
Mortgages payable (excluding deferred debt issuance costs, net) | $ 1,045,000 | $ 1,054,000 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016USD ($)ft² | Dec. 31, 2016USD ($)options | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)options | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
As Lessor | ||||||||||||
Additional Rent Based on Percentage of Tenant's sales | $ 182,000 | $ 94,000 | $ 108,000 | |||||||||
Real estate revenue, net (in dollars) | $ 57,253,000 | $ 57,120,000 | $ 57,005,000 | $ 55,558,000 | $ 52,819,000 | $ 52,414,000 | $ 50,646,000 | $ 52,036,000 | 226,936,000 | 207,915,000 | 200,814,000 | |
Leasing Fees | Vornado | ||||||||||||
As Lessor | ||||||||||||
Fees paid (in US dollars) | $ 415,000 | $ 2,473,000 | $ 415,000 | 2,473,000 | ||||||||
Minimum | ||||||||||||
Leases Lease Terms | ||||||||||||
Lease term range as Lessor | 5 years | |||||||||||
Maximum | ||||||||||||
Leases Lease Terms | ||||||||||||
Lease term range as Lessor | 25 years | |||||||||||
Flushing property | ||||||||||||
As Lessee | ||||||||||||
Rent expense | $ 746,000 | 746,000 | 746,000 | |||||||||
Flushing property | Ten year extension option | ||||||||||||
As Lessee | ||||||||||||
Lease expiration year | 2,027 | |||||||||||
Number Of Extension Options | options | 1 | 1 | ||||||||||
Lease extension period | 10 years | |||||||||||
731 Lexington Avenue | Office space | Bloomberg | Initial Lease Agreement | ||||||||||||
As Lessor | ||||||||||||
Area of property (in square feet) | ft² | 697,000 | |||||||||||
As Lessee | ||||||||||||
Leases Expiration Date | Feb. 28, 2029 | |||||||||||
Lease extension period | 10 years | |||||||||||
731 Lexington Avenue | Office space | Bloomberg | Lease Amendment | ||||||||||||
As Lessor | ||||||||||||
Area of property (in square feet) | ft² | 192,000 | |||||||||||
Letter of credit issued by customer | $ 200,000,000 | |||||||||||
As Lessee | ||||||||||||
Leases Expiration Date | Feb. 28, 2029 | |||||||||||
Lease extension period | 10 years | |||||||||||
731 Lexington Avenue | Office space | Bloomberg | Lease Amendment | Leasing Fees | ||||||||||||
As Lessor | ||||||||||||
Fees paid (in US dollars) | $ 8,916,000 | |||||||||||
731 Lexington Avenue | Office space | Bloomberg | Lease Amendment | Leasing Fees | Third party Broker | ||||||||||||
As Lessor | ||||||||||||
Fees paid (in US dollars) | 7,200,000 | |||||||||||
731 Lexington Avenue | Office space | Bloomberg | Lease Amendment | Leasing Fees | Vornado | ||||||||||||
As Lessor | ||||||||||||
Fees paid (in US dollars) | $ 1,716,000 | |||||||||||
Alexander apartment tower | Residence space | Minimum | ||||||||||||
Leases Lease Terms | ||||||||||||
Lease term range as Lessor | 1 year | |||||||||||
Alexander apartment tower | Residence space | Maximum | ||||||||||||
Leases Lease Terms | ||||||||||||
Lease term range as Lessor | 2 years | |||||||||||
Customer Concentration Risk | Bloomberg | ||||||||||||
As Lessor | ||||||||||||
Percentage Of Minimum Revenue Threshold Contributed By One Tenant (in percentage) | 10.00% | |||||||||||
Customer Concentration Risk | Bloomberg | Sales Revenue Services Net | ||||||||||||
As Lessor | ||||||||||||
Real estate revenue, net (in dollars) | $ 104,590,000 | $ 94,468,000 | $ 91,109,000 | |||||||||
Percentage Rent Contributed By Tenant | 46.00% | 45.00% | 45.00% |
Leases (Leases Future Minimum P
Leases (Leases Future Minimum Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable | |
2,017 | $ 145,464 |
2,018 | 139,371 |
2,019 | 136,370 |
2,020 | 134,689 |
2,021 | 118,062 |
Thereafter | 845,921 |
Operating Leases, Future Minimum Payments Due | |
2,017 | 792 |
2,018 | 800 |
2,019 | 800 |
2,020 | 800 |
2,021 | 800 |
Thereafter | $ 4,067 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Deferred Stock Units - USD ($) | 1 Months Ended | |
May 31, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Shares available for future grant under the plan | 498,376 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Number | 8,505 | |
Director | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Per Director (in shares) | 203 | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grant Date Fair Value Per Grant | $ 56,250 | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grant Date Fair Value Total | $ 450,000 |
Commitments and Contingencies (
Commitments and Contingencies (Insurance) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2017 | |
General Liability | ||
Insurance | ||
Insurance Maximum Coverage Per Incident | $ 300,000,000 | |
Insurance Maximum Coverage Per Property | 300,000,000 | |
All Risk Property And Rental Value | ||
Insurance | ||
Insurance Maximum Coverage Per Incident | 1,700,000,000 | |
FNSIC | Terrorism Coverage Including NBCR | ||
Insurance | ||
Insurance Maximum Coverage Per Incident | 1,700,000,000 | |
Insurance Maximum Coverage In Aggregate | $ 1,700,000,000 | |
Insurance Coverage End Date | December 2,020 | |
FNSIC | NBCR | ||
Insurance | ||
Insurance Deductible | $ 348,000 | |
Self Insured Responsibility (in percentage) | 16.00% | |
Federal Government Responsibility (in percentage) | 84.00% | |
FNSIC | NBCR | Subsequent Event | ||
Insurance | ||
Insurance Deductible | $ 293,000 | |
Self Insured Responsibility (in percentage) | 17.00% | |
Federal Government Responsibility (in percentage) | 83.00% |
Commitments and Contingencies46
Commitments and Contingencies (Litigation and contingencies) (Details) | Oct. 15, 2015USD ($) | Jun. 24, 2014USD ($) | Feb. 28, 2014Fires | Mar. 31, 2016USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2001a |
Paramus Property | ||||||||
Mortgages payable, net of deferred debt issuance costs | $ 1,052,359,000 | $ 1,053,262,000 | ||||||
Letters Of Credit | ||||||||
Standby letters of credit, outstanding | 2,074,000 | |||||||
Letters Of Credit Issued | $ 2,074,000 | |||||||
Minimum | ||||||||
Paramus Property | ||||||||
Lease term range as Lessor | 5 years | |||||||
Maximum | ||||||||
Paramus Property | ||||||||
Lease term range as Lessor | 25 years | |||||||
Rego Park I | ||||||||
Loss Contingency | ||||||||
Proceeds from Legal Settlements | $ 825,000 | $ 2,100,000 | ||||||
Rego Park I | Sears | ||||||||
Loss Contingency | ||||||||
Number Of Fires | Fires | 2 | |||||||
Rego Park I | Sears | Minimum | ||||||||
Loss Contingency | ||||||||
Loss Contingency, Damages Sought, Value | $ 4,000,000 | |||||||
Rego Park I | Sears | Minimum | Estimated Future Damages | ||||||||
Loss Contingency | ||||||||
Loss Contingency, Damages Sought, Value | $ 25,000,000 | |||||||
Rego Park I | Sears | Forecast | ||||||||
Loss Contingency | ||||||||
Loss Contingency, Damages Sought, Value | $ 650,000 | |||||||
Rego Park I | Sears | Forecast | Maximum | ||||||||
Loss Contingency | ||||||||
Estimate of possible loss | 650,000 | |||||||
Paramus | Tenant Occupant | Ikea | ||||||||
Paramus Property | ||||||||
Area Of Land | a | 30.3 | |||||||
Mortgages payable, net of deferred debt issuance costs | $ 68,000,000 | |||||||
Fixed interest rate on the debt (in percentage) | 2.90% | |||||||
Debt Instrument Maturity Date String | Oct. 1, 2018 | |||||||
Triple-net rent, annual amount | $ 700,000 | |||||||
Paramus | Tenant Occupant | Ikea | Forecast | ||||||||
Paramus Property | ||||||||
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 | |||||||
Lease term range as Lessor | 20 years | |||||||
The Kings Plaza Regional Shopping Center | ||||||||
Loss Contingency | ||||||||
Loss Contingency, Damages Sought, Value | $ 21,300,000 |
Multiemployer Benefit Plans (De
Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Multiemployer Plans | |||
Multiemployer Plans Period Contributions Significance Of Contributions | false | ||
Multiemployer Pension Plans | |||
Multiemployer Plans | |||
Multiemployer Plan, Period Contributions | $ 147 | $ 144 | $ 144 |
Multiemployer Health Plans | |||
Multiemployer Plans | |||
Multiemployer Plan, Period Contributions | $ 539 | $ 554 | $ 533 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share | |||||||||||
Income from continuing operations | $ 86,477 | $ 76,907 | $ 67,396 | ||||||||
Income from discontinued operations | 0 | 0 | 529 | ||||||||
Net income - basic and diluted | $ 21,655 | $ 21,036 | $ 21,767 | $ 22,019 | $ 23,572 | $ 18,172 | $ 17,341 | $ 17,822 | $ 86,477 | $ 76,907 | $ 67,925 |
Weighted average shares outstanding - basic and diluted (in shares) | 5,114,084 | 5,112,352 | 5,110,628 | ||||||||
Income from continuing operations (in dollars per share) | $ 16.91 | $ 15.04 | $ 13.19 | ||||||||
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.1 | ||||||||
Net income per common share- basic and diluted (in dollars per share) | $ 16.91 | $ 15.04 | $ 13.29 | ||||||||
Earnings Per Share Potentially Dilutive Securities | no | no | no |
Summary Of Quarterly Results 49
Summary Of Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Quarterly Results (Unaudited) | |||||||||||
Revenues | $ 57,253 | $ 57,120 | $ 57,005 | $ 55,558 | $ 52,819 | $ 52,414 | $ 50,646 | $ 52,036 | $ 226,936 | $ 207,915 | $ 200,814 |
Net income - basic and diluted | $ 21,655 | $ 21,036 | $ 21,767 | $ 22,019 | $ 23,572 | $ 18,172 | $ 17,341 | $ 17,822 | $ 86,477 | $ 76,907 | $ 67,925 |
Net Income Per Common Share - Basic (in dollars per share) | $ 4.23 | $ 4.11 | $ 4.26 | $ 4.31 | $ 4.61 | $ 3.55 | $ 3.39 | $ 3.49 | |||
Net Income Per Common Share - Diluted (in dollars per share) | $ 4.23 | $ 4.11 | $ 4.26 | $ 4.31 | $ 4.61 | $ 3.55 | $ 3.39 | $ 3.49 |
Schedule II_ Valuation and Qu50
Schedule II: Valuation and Qualifying accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 918 | $ 1,544 | $ 1,993 |
Additions: Charged Against Operations | 557 | (314) | 705 |
Deductions: Uncollectible Accounts Written Off | (2) | (312) | (1,154) |
Balance at End of Year | $ 1,473 | $ 918 | $ 1,544 |
Schedule III_ Rollforward of Re
Schedule III: Rollforward of Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of carrying amount of real estate investments rollforward | |||
Balance at beginning of period | $ 1,029,472 | $ 993,927 | $ 919,576 |
Subtotal real estate | 1,035,230 | 1,040,662 | 993,984 |
Less: Fully depreciated assets | (1,679) | (11,190) | (57) |
Balance at end of the period | 1,033,551 | 1,029,472 | 993,927 |
Reconciliation of Real Estate Accumulated Depreciation | |||
Balance at beginning of period | 225,533 | 210,025 | 185,375 |
Additions charged to operating expenses | 28,883 | 26,698 | 24,707 |
Subtotal of accumulated depreciation | 254,416 | 236,723 | 210,082 |
Less: Fully depreciated assets | (1,679) | (11,190) | (57) |
Balance at end of the period | 252,737 | 225,533 | 210,025 |
Land | |||
Reconciliation of carrying amount of real estate investments rollforward | |||
Real Estate, Improvements | 0 | 0 | 0 |
Buildings and leasehold improvements | |||
Reconciliation of carrying amount of real estate investments rollforward | |||
Real Estate, Improvements | 12,464 | 112,538 | 4,043 |
Development and construction in progress | |||
Reconciliation of carrying amount of real estate investments rollforward | |||
Real Estate, Improvements | $ (6,706) | $ (65,803) | $ 70,365 |
Schedule III_ Real estate and52
Schedule III: Real estate and Accumulated depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of carrying amount of real estate investments rollforward | ||||
Encumbrances | $ 1,056,147 | |||
Initial cost of Land | 21,593 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 26,239 | |||
Costs capitalized subsequent to acquisition | 985,719 | |||
Carrying amount of Land | 44,971 | |||
Carring amount of Buildings and Leasehold improvements | 985,800 | |||
Development and Construction in progress | 2,780 | |||
Total | 1,033,551 | $ 1,029,472 | $ 993,927 | $ 919,576 |
Accumulated depreciation and amortization | 252,737 | $ 225,533 | $ 210,025 | $ 185,375 |
Deferred debt issuance costs, net | 3,788 | |||
Differences Between Book and Tax Basis | 208,622 | |||
All other properties | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
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 Buildings and Leasehold improvements | 0 | |||
Development and Construction in progress | 0 | |||
Total | 167 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 1,992 | |||
New York | Rego Park I | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Encumbrances | $ 78,246 | |||
Initial cost of Land | 1,647 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 8,953 | |||
Costs capitalized subsequent to acquisition | 52,368 | |||
Carrying amount of Land | 1,647 | |||
Carring amount of Buildings and Leasehold improvements | 61,285 | |||
Development and Construction in progress | 36 | |||
Total | 62,968 | |||
Accumulated depreciation and amortization | $ 31,212 | |||
Date of construction | 1,959 | |||
Date acquired | 1,992 | |||
New York | Rego Park I | Minimum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
New York | Rego Park I | Maximum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
New York | Rego Park II | Retail space | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Encumbrances | $ 259,901 | |||
Initial cost of Land | 3,127 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 1,467 | |||
Costs capitalized subsequent to acquisition | 386,655 | |||
Carrying amount of Land | 3,127 | |||
Carring amount of Buildings and Leasehold improvements | 387,999 | |||
Development and Construction in progress | 123 | |||
Total | 391,249 | |||
Accumulated depreciation and amortization | $ 73,186 | |||
Date of construction | 2,009 | |||
Date acquired | 1,992 | |||
New York | Rego Park II | Retail space | Minimum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
New York | Rego Park II | Retail space | Maximum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
New York | Alexander apartment tower | Residence space | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Encumbrances | $ 0 | |||
Initial cost of Land | 0 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 0 | |||
Costs capitalized subsequent to acquisition | 119,105 | |||
Carrying amount of Land | 0 | |||
Carring amount of Buildings and Leasehold improvements | 119,105 | |||
Development and Construction in progress | 0 | |||
Total | 119,105 | |||
Accumulated depreciation and amortization | $ 6,081 | |||
Date of construction | 2,016 | |||
Date acquired | 1,992 | |||
New York | Alexander apartment tower | Residence space | Minimum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
New York | Alexander apartment tower | Residence space | Maximum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
New York | Rego Park III | Retail space | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Encumbrances | $ 0 | |||
Initial cost of Land | 779 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 0 | |||
Costs capitalized subsequent to acquisition | 3,124 | |||
Carrying amount of Land | 779 | |||
Carring amount of Buildings and Leasehold improvements | 503 | |||
Development and Construction in progress | 2,621 | |||
Total | 3,903 | |||
Accumulated depreciation and amortization | $ 198 | |||
Date acquired | 1,992 | |||
New York | Rego Park III | Retail space | Minimum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
New York | Rego Park III | Retail space | Maximum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
New York | Flushing property | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
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 Buildings and Leasehold improvements | 1,553 | |||
Development and Construction in progress | 0 | |||
Total | 1,553 | |||
Accumulated depreciation and amortization | $ 909 | |||
Date of construction | 1,975 | |||
Date acquired | 1,992 | |||
New York | Lexington Avenue | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Encumbrances | $ 650,000 | |||
Initial cost of Land | 14,432 | |||
Initial cost of Building, Leaseholds and Leasehold improvements | 12,355 | |||
Costs capitalized subsequent to acquisition | 416,065 | |||
Carrying amount of Land | 27,497 | |||
Carring amount of Buildings and Leasehold improvements | 415,355 | |||
Development and Construction in progress | 0 | |||
Total | 442,852 | |||
Accumulated depreciation and amortization | $ 141,151 | |||
Date of construction | 2,003 | |||
Date acquired | 1,992 | |||
New York | Lexington Avenue | Minimum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 9 years | |||
New York | Lexington Avenue | Maximum | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
New Jersey | Paramus | ||||
Reconciliation of carrying amount of real estate investments rollforward | ||||
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 Buildings and Leasehold improvements | 0 | |||
Development and Construction in progress | 0 | |||
Total | 11,754 | |||
Accumulated depreciation and amortization | $ 0 | |||
Date acquired | 1,992 |