Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-06064 | |
Entity Registrant Name | ALEXANDERS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0100517 | |
Entity Address, Address Line One | 210 Route 4 East, | |
Entity Address, City or Town | Paramus, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07652 | |
City Area Code | (201) | |
Local Phone Number | 587-8541 | |
Title of 12(b) Security | Common Stock, $1 par value per share | |
Trading Symbol | ALX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,107,290 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000003499 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Real estate, at cost: | ||
Land | $ 44,971 | $ 44,971 |
Buildings and leasehold improvements | 985,369 | 984,053 |
Development and construction in progress | 17,626 | 12,318 |
Total | 1,047,966 | 1,041,342 |
Accumulated depreciation and amortization | (330,955) | (324,499) |
Real estate, net | 717,011 | 716,843 |
Cash and cash equivalents | 438,342 | 298,063 |
Restricted cash | 16,304 | 15,914 |
Marketable securities | 3,014 | 14,409 |
Tenant and other receivables | 4,867 | 6,092 |
Receivable arising from the straight-lining of rents | 164,441 | 166,376 |
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $31,581 and $32,374, respectively | 40,083 | 41,123 |
Other assets | 19,373 | 6,691 |
Total assets | 1,403,435 | 1,265,511 |
LIABILITIES AND EQUITY | ||
Mortgages payable, net of deferred debt issuance costs | 1,117,879 | 970,961 |
Amounts due to Vornado | 970 | 1,426 |
Accounts payable and accrued expenses | 41,811 | 31,756 |
Other liabilities | 7,697 | 7,853 |
Total liabilities | 1,168,357 | 1,011,996 |
Commitments and contingencies | ||
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none | 0 | 0 |
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares | 5,173 | 5,173 |
Additional capital | 32,365 | 32,365 |
Retained earnings | 197,932 | 216,394 |
Accumulated other comprehensive loss | (24) | (49) |
Equity before treasury stock | 235,446 | 253,883 |
Treasury stock: 66,160 shares, at cost | (368) | (368) |
Total equity | 235,078 | 253,515 |
Total liabilities and equity | $ 1,403,435 | $ 1,265,511 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Unamortized leasing fees to Vornado | $ 31,581 | $ 32,374 |
Preferred stock: par value per share (in usd per share) | $ 1 | $ 1 |
Preferred stock: authorized shares (in shares) | 3,000,000 | 3,000,000 |
Preferred stock: issued shares (in shares) | 0 | 0 |
Preferred stock: outstanding shares (in shares) | 0 | 0 |
Common stock: par value per share (in usd per share) | $ 1 | $ 1 |
Common stock: authorized shares (in shares) | 10,000,000 | 10,000,000 |
Common stock: issued shares (in shares) | 5,173,450 | 5,173,450 |
Common stock: outstanding shares (in shares) | 5,107,290 | 5,107,290 |
Treasury stock: shares (in shares) | 66,160 | 66,160 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES | ||
Rental revenues | $ 54,110 | $ 56,778 |
EXPENSES | ||
Operating, including fees to Vornado of $1,383 and $1,249, respectively | (21,753) | (21,849) |
Depreciation and amortization | (7,909) | (7,828) |
General and administrative, including management fees to Vornado of $595 in each period | (1,451) | (1,245) |
Total expenses | (31,113) | (30,922) |
Interest and other income, net | 1,543 | 2,130 |
Interest and debt expense | (8,573) | (10,159) |
Change in fair value of marketable securities | (11,395) | 38 |
Net income | $ 4,572 | $ 17,865 |
Net income per common share - basic and diluted (in usd per share) | $ 0.89 | $ 3.49 |
Weighted average shares outstanding - basic and diluted (in shares) | 5,118,698 | 5,117,347 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Fees to Vornado | $ 1,383 | $ 1,249 |
Management fees to Vornado | $ 595 | $ 595 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,572 | $ 17,865 |
Other comprehensive income: | ||
Change in fair value of interest rate cap | 25 | 13 |
Comprehensive income | $ 4,597 | $ 17,878 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning Balance, Shares at Dec. 31, 2018 | 5,173,000 | |||||
Beginning Balance, Value at Dec. 31, 2018 | $ 285,092 | $ 5,173 | $ 31,971 | $ 248,443 | $ (127) | $ (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 17,865 | 17,865 | ||||
Dividends paid | (23,028) | (23,028) | ||||
Change in fair value of interest rate cap | 13 | 13 | ||||
Ending Balance, Shares at Mar. 31, 2019 | 5,173,000 | |||||
Ending Balance, Value at Mar. 31, 2019 | $ 279,942 | $ 5,173 | 31,971 | 243,280 | (114) | (368) |
Beginning Balance, Shares at Dec. 31, 2019 | 5,173,450 | 5,173,000 | ||||
Beginning Balance, Value at Dec. 31, 2019 | $ 253,515 | $ 5,173 | 32,365 | 216,394 | (49) | (368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,572 | 4,572 | ||||
Dividends paid | (23,034) | (23,034) | ||||
Change in fair value of interest rate cap | $ 25 | 25 | ||||
Ending Balance, Shares at Mar. 31, 2020 | 5,173,450 | 5,173,000 | ||||
Ending Balance, Value at Mar. 31, 2020 | $ 235,078 | $ 5,173 | $ 32,365 | $ 197,932 | $ (24) | $ (368) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per common share (in usd per share) | $ 4.5 | $ 4.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 4,572 | $ 17,865 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, including amortization of debt issuance costs | 9,202 | 9,118 |
Straight-lining of rental income | 1,935 | 645 |
Change in fair value of marketable securities | 11,395 | (38) |
Changes in operating assets and liabilities: | ||
Tenant and other receivables, net | 1,225 | (1,123) |
Other assets | (12,707) | 13,340 |
Amounts due to Vornado | (597) | 710 |
Accounts payable and accrued expenses | 10,166 | 7,717 |
Other liabilities | (156) | (151) |
Net cash provided by operating activities | 25,035 | 48,083 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Construction in progress and real estate additions | (6,961) | (1,816) |
Net cash used in investing activities | (6,961) | (1,816) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (23,034) | (23,028) |
Debt issuance costs | (79) | 0 |
Proceeds from borrowing | 145,708 | 0 |
Net cash provided by (used in) financing activities | 122,595 | (23,028) |
Net increase in cash and cash equivalents and restricted cash | 140,669 | 23,239 |
Cash and cash equivalents and restricted cash at beginning of period | 313,977 | 289,495 |
Cash and cash equivalents and restricted cash at end of period | 454,646 | 312,734 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents at beginning of period | 298,063 | 283,056 |
Restricted cash at beginning of period | 15,914 | 6,439 |
Cash and cash equivalents and restricted cash at beginning of period | 313,977 | 289,495 |
Cash and cash equivalents at end of period | 438,342 | 302,944 |
Restricted cash at end of period | 16,304 | 9,790 |
Cash and cash equivalents and restricted cash at end of period | 454,646 | 312,734 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest | 7,805 | 8,965 |
NON-CASH TRANSACTIONS | ||
Liability for real estate additions, including $146 and $24 for development fees due to Vornado in 2020 and 2019, respectively | 3,209 | 829 |
Write-off of fully amortized and/or depreciated assets | 367 | 0 |
Lease liability arising from the recognition of right-of-use asset | 0 | 5,428 |
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment | $ 0 | $ 1,466 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Liability for real estate additions due to Vornado | $ 3,209 | $ 829 |
Development fees | Vornado | ||
Liability for real estate additions due to Vornado | $ 146 | $ 24 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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. |
COVID-19 Pandemic
COVID-19 Pandemic | 3 Months Ended |
Mar. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Pandemic | COVID-19 Pandemic In December 2019, a novel strain of coronavirus (“COVID-19”) was identified in Wuhan, China and by March 11, 2020, the World Health Organization had declared it a global pandemic. Many states in the U.S., including New York and New Jersey, have implemented stay-at-home orders for all “non-essential” business and activity in an aggressive effort to curb the spread of the virus. Consequently, the U.S. economy has suffered and there has been significant volatility in the financial markets. Many U.S. industries and businesses have been negatively affected and millions of people have filed for unemployment. Our properties, which are all located in the greater New York City metropolitan area, have been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to help curb the spread. • Based on their percentage of the Company’s monthly revenue, approximately 21% of our retail tenants have closed their stores and approximately 12% have not paid their April 2020 rent. While we believe our tenants are required to pay rent under their leases, we are considering temporary rent relief on a case-by-case basis. • The office space at our 731 Lexington Avenue property remains open and our tenant, Bloomberg L.P. (“Bloomberg”) continues to pay rent. • Rent collections at our residential property, The Alexander apartment tower, have not been significantly impacted to date. • |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment. |
Recently Issued Accounting Lite
Recently Issued Accounting Literature | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Literature | Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of the guidance and our options related to the practical expedients. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent abatements would be recognized as reductions to revenue during the period in which they were granted. Rent deferrals would result in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. We are currently evaluating our options related to this policy election. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Our rental revenues include revenues from the leasing of space to tenants at our properties and revenues from parking and tenant services. We have the following revenue recognition policies: • Lease revenues from the leasing of space to tenants at our properties. Revenues derived from base rent are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the underlying asset is available for use by the lessee. 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. Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease components (base and variable rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursement of real estate taxes and insurance expenses from our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. • Parking revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). • Tenant services is revenue arising from sub-metered electric, elevator and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC 606. The following is a summary of revenue sources for the three months ended March 31, 2020 and 2019. Three Months Ended March 31, (Amounts in thousands) 2020 2019 Lease revenues $ 51,986 $ 54,496 Parking revenue 1,304 1,495 Tenant services 820 787 Rental revenues $ 54,110 $ 56,778 The components of lease revenues for the three months ended March 31, 2020 and 2019 are as follows: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Fixed lease revenues $ 34,149 $ 35,729 Variable lease revenues 17,837 18,767 Lease revenues $ 51,986 $ 54,496 5. Revenue Recognition - continued Bloomberg accounted for revenue of $27,115,000 and $27,004,000 for the three months ended March 31, 2020 and 2019, respectively, representing approximately 50% and 48% of our total revenues in each period, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Vornado As of March 31, 2020 , Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable. Management and Development Agreements We pay Vornado an annual management fee equal to the sum of (i) $2,800,000 , (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $324,000 , escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined. Leasing and Other Agreements Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers. Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. We also have agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. The following is a summary of fees to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2020 2019 Company management fees $ 700 $ 657 Development fees 146 24 Leasing fees 50 737 Property management, cleaning, engineering and security fees 1,306 1,147 $ 2,202 $ 2,565 As of March 31, 2020 , the amounts due to Vornado were $705,000 for management, property management, cleaning, engineering and security fees; $215,000 for development fees; and $50,000 for leasing fees. As of December 31, 2019, the amounts due to Vornado were $795,000 for management, property management, cleaning, engineering and security fees; $563,000 for leasing fees; and $68,000 for development fees. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities As of March 31, 2020 and December 31, 2019, we owned 535,265 common shares of The Macerich Company (“Macerich”) (NYSE: MAC). These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of March 31, 2020 and December 31, 2019, the fair value of these shares was $3,014,000 and $14,409,000 , respectively, based on Macerich’s closing share price of $5.63 per share and $26.92 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 on our consolidated balance sheets and gains and losses resulting from the mark-to-market of these securities are recognized in current period earnings. |
Mortgages Payable
Mortgages Payable | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | Mortgages Payable On December 12, 2018, we completed a refinancing of our Rego Park II shopping center in the amount of $252,544,000 . The loan is at LIBOR plus 1.35% ( 2.29% as of March 31, 2020) and matures in December 2025. As of December 31, 2019, we had a participation in the mortgage in the amount of $195,708,000 which for GAAP purposes was netted against the mortgage balance. On February 14, 2020, we reduced our participation in the mortgage loan to $50,000,000 and received cash proceeds of approximately $145,000,000 . Therefore, the balance sheet amount of the mortgage loan was $202,544,000 and $56,836,000 as of March 31, 2020 and December 31, 2019, respectively. The following is a summary of our outstanding mortgages payable as of March 31, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down. Balance at (Amounts in thousands) Maturity Interest Rate at March 31, 2020 March 31, 2020 December 31, 2019 First mortgages secured by: 731 Lexington Avenue, retail condominium (1) Aug. 2020 2.78% $ 350,000 $ 350,000 Paramus Oct. 2021 4.72% 68,000 68,000 731 Lexington Avenue, office condominium (2) Jun. 2024 1.61% 500,000 500,000 Rego Park II shopping center (3) Dec. 2025 2.29% 202,544 56,836 Total 1,120,544 974,836 Deferred debt issuance costs, net of accumulated amortization of $15,651 and $14,362, respectively (2,665 ) (3,875 ) $ 1,117,879 $ 970,961 (1) Interest at LIBOR plus 1.40% . Maturity is August 2020 plus two one-year renewal options subject to financial covenants which we will not satisfy. (2) Interest at LIBOR plus 0.90% . Maturity represents the extended maturity based on our unilateral right to extend. (3) Interest at LIBOR plus 1.35% . The amount of this loan is net of our loan participation of $50,000 and $195,708 as of March 31, 2020 and December 31, 2019, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. 9. Fair Value Measurements - continued Financial Assets and Liabilities Measured at Fair Value Financial assets measured at fair value on our consolidated balance sheets as of March 31, 2020 and December 31, 2019, 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 was insignificant as of March 31, 2020 and December 31, 2019. There were no financial liabilities measured at fair value as of March 31, 2020 and December 31, 2019. As of March 31, 2020 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 3,014 $ 3,014 $ — $ — As of December 31, 2019 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 14,409 $ 14,409 $ — $ — Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2020 and December 31, 2019. As of March 31, 2020 As of December 31, 2019 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash equivalents $ 403,335 $ 403,335 $ 263,688 $ 263,688 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,120,544 $ 1,107,000 $ 974,836 $ 974,000 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, 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 Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $268,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our mortgage loans are non-recourse to us and contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Paramus In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease contains a purchase option in October 2021 for $75,000,000 . The property is encumbered by a $ 68,000,000 interest-only mortgage loan with a fixed rate of 4.72% , which matures in October 2021. The annual triple-net rent is the sum of $700,000 plus the amount of interest on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000 . If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $ 68,000,000 over the remaining 20 -year lease term. Rego Park I Litigation In June 2014, Sears Roebuck and Co. (“Sears”) filed a lawsuit in the Supreme Court of the State of New York against Vornado and us (and certain of our subsidiaries) with regard to the 195,000 square foot store that Sears leased at our Rego Park I property alleging that the defendants are liable for harm that Sears has suffered as a result of (a) water intrusions into the premises, (b) two fires in February 2014 that caused damages to those premises, and (c) alleged violations of the Americans with Disabilities Act in the premises’ parking garage. Sears 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 $4,000,000 and future damages it estimated would not be less than $25,000,000 . 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 reasonably possible losses, if any, is not expected to be greater than $650,000 . On October 15, 2018, Sears filed for Chapter 11 bankruptcy relief resulting in an automatic stay of this case. 10. Commitments and Contingencies - continued Kings Plaza Transfer Tax In 2012, we sold the Kings Plaza Regional Shopping Center (“Kings Plaza”) and paid real property transfer taxes to New York City in connection with the sale. In 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional New York City real property transfer tax amount, including interest. In 2014, in a case with similar facts, the NYC DOF issued a Notice of Determination to a Vornado joint venture assessing an additional New York City real property transfer tax amount, including interest. In January 2017, a New York City administrative law judge made a determination upholding the Vornado joint venture’s position that such additional real property transfer taxes were not due. On February 16, 2018, the New York City Tax Appeals Tribunal (the “Tribunal”) overturned the January 2017 determination. The Vornado joint venture appealed the Tribunal’s decision to the Appellate Division of the Supreme Court of the State of New York and on April 25, 2019, the Tribunal’s decision was unanimously upheld. The Vornado joint venture filed a motion to reargue the Appellate Division’s decision or for leave to appeal to the New York State Court of Appeals. On December 12, 2019, that motion was denied and the case can no longer be appealed. Based on the precedent of the Tribunal’s decision, we paid the potential additional real property transfer taxes of $23,797,000 ( $15,874,000 of real property transfer tax and $7,923,000 of interest) on April 5, 2018. We are currently evaluating our options relating to this matter. Letters of Credit Approximately $1,030,000 of standby letters of credit were issued and outstanding as of March 31, 2020 . Other |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2020 and 2019. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2020 2019 Net income $ 4,572 $ 17,865 Weighted average shares outstanding – basic and diluted 5,118,698 5,117,347 Net income per common share – basic and diluted $ 0.89 $ 3.49 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment. |
Recently Issued Accounting Literature | In March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of the guidance and our options related to the practical expedients. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent abatements would be recognized as reductions to revenue during the period in which they were granted. Rent deferrals would result in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. We are currently evaluating our options related to this policy election. |
Revenue Recognition | Our rental revenues include revenues from the leasing of space to tenants at our properties and revenues from parking and tenant services. We have the following revenue recognition policies: • Lease revenues from the leasing of space to tenants at our properties. Revenues derived from base rent are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the underlying asset is available for use by the lessee. 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. Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease components (base and variable rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursement of real estate taxes and insurance expenses from our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. • Parking revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). • Tenant services is revenue arising from sub-metered electric, elevator and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC 606. |
Marketable Securities | Available-for-sale securities are presented at fair value on our consolidated balance sheets and gains and losses resulting from the mark-to-market of these securities are recognized in current period earnings. |
Fair Value Measurement | ASC 820 defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following is a summary of revenue sources for the three months ended March 31, 2020 and 2019. Three Months Ended March 31, (Amounts in thousands) 2020 2019 Lease revenues $ 51,986 $ 54,496 Parking revenue 1,304 1,495 Tenant services 820 787 Rental revenues $ 54,110 $ 56,778 |
Components of Lease Revenue | The components of lease revenues for the three months ended March 31, 2020 and 2019 are as follows: Three Months Ended March 31, (Amounts in thousands) 2020 2019 Fixed lease revenues $ 34,149 $ 35,729 Variable lease revenues 17,837 18,767 Lease revenues $ 51,986 $ 54,496 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Fees to Vornado | The following is a summary of fees to Vornado under the various agreements discussed above. Three Months Ended March 31, (Amounts in thousands) 2020 2019 Company management fees $ 700 $ 657 Development fees 146 24 Leasing fees 50 737 Property management, cleaning, engineering and security fees 1,306 1,147 $ 2,202 $ 2,565 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Mortgages Payable | The following is a summary of our outstanding mortgages payable as of March 31, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down. Balance at (Amounts in thousands) Maturity Interest Rate at March 31, 2020 March 31, 2020 December 31, 2019 First mortgages secured by: 731 Lexington Avenue, retail condominium (1) Aug. 2020 2.78% $ 350,000 $ 350,000 Paramus Oct. 2021 4.72% 68,000 68,000 731 Lexington Avenue, office condominium (2) Jun. 2024 1.61% 500,000 500,000 Rego Park II shopping center (3) Dec. 2025 2.29% 202,544 56,836 Total 1,120,544 974,836 Deferred debt issuance costs, net of accumulated amortization of $15,651 and $14,362, respectively (2,665 ) (3,875 ) $ 1,117,879 $ 970,961 (1) Interest at LIBOR plus 1.40% . Maturity is August 2020 plus two one-year renewal options subject to financial covenants which we will not satisfy. (2) Interest at LIBOR plus 0.90% . Maturity represents the extended maturity based on our unilateral right to extend. (3) Interest at LIBOR plus 1.35% . The amount of this loan is net of our loan participation of $50,000 and $195,708 as of March 31, 2020 and December 31, 2019, respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value | Financial assets measured at fair value on our consolidated balance sheets as of March 31, 2020 and December 31, 2019, 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 was insignificant as of March 31, 2020 and December 31, 2019. There were no financial liabilities measured at fair value as of March 31, 2020 and December 31, 2019. As of March 31, 2020 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 3,014 $ 3,014 $ — $ — As of December 31, 2019 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 14,409 $ 14,409 $ — $ — |
Financial Assets and Liabilities Not Measured at Fair Value | The table below summarizes the carrying amounts and fair values of these financial instruments as of March 31, 2020 and December 31, 2019. As of March 31, 2020 As of December 31, 2019 (Amounts in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash equivalents $ 403,335 $ 403,335 $ 263,688 $ 263,688 Liabilities: Mortgages payable (excluding deferred debt issuance costs, net) $ 1,120,544 $ 1,107,000 $ 974,836 $ 974,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three months ended March 31, 2020 and 2019. Three Months Ended March 31, (Amounts in thousands, except share and per share amounts) 2020 2019 Net income $ 4,572 $ 17,865 Weighted average shares outstanding – basic and diluted 5,118,698 5,117,347 Net income per common share – basic and diluted $ 0.89 $ 3.49 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Mar. 31, 2020property |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of properties in greater New York City metropolitan area (property) | 7 |
COVID-19 Pandemic - Narrative (
COVID-19 Pandemic - Narrative (Details) - COVID-19 | 1 Months Ended | 3 Months Ended |
Apr. 30, 2020 | Mar. 31, 2020 | |
Unusual or Infrequent Item, or Both [Line Items] | ||
Percentage of retail tenants that have closed their stores | 21.00% | |
Subsequent Event | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Percent of retail tenants that have not paid rent | 12.00% |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Lease revenues | $ 51,986 | $ 54,496 |
Rental revenues | 54,110 | 56,778 |
Parking revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,304 | 1,495 |
Tenant services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 820 | $ 787 |
Revenue Recognition - Component
Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Fixed lease revenues | $ 34,149 | $ 35,729 |
Variable lease revenues | 17,837 | 18,767 |
Lease revenues | $ 51,986 | $ 54,496 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Rental revenues | $ 54,110 | $ 56,778 |
Customer Concentration Risk | Revenue | Bloomberg | ||
Disaggregation of Revenue [Line Items] | ||
Rental revenues | $ 27,115 | $ 27,004 |
Percentage rent contributed by tenant | 50.00% | 48.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Vornado | 3 Months Ended | |
Mar. 31, 2020USD ($)$ / ft² | Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | ||
Management fee agreement value | $ 2,800,000 | |
Property Management Fees | Rego Park II | Retail Space | ||
Related Party Transaction [Line Items] | ||
Property management fee agreement percentage of income | 2.00% | |
Property Management Fees | 731 Lexington Avenue | Office and Retail Space | ||
Related Party Transaction [Line Items] | ||
Property management fee agreement, price per square foot | $ / ft² | 0.50 | |
Property Management Fees | 731 Lexington Avenue | Common Area | ||
Related Party Transaction [Line Items] | ||
Property management fee agreement value | $ 324,000 | |
Property management fee escalation percentage per annum | 3.00% | |
Development fees | ||
Related Party Transaction [Line Items] | ||
Development fee as percentage of development costs | 6.00% | |
Amounts due to related party | $ 215,000 | $ 68,000 |
Leasing fees | ||
Related Party Transaction [Line Items] | ||
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% | |
Percentage commissions on sale of assets under fifty million | 3.00% | |
Asset sale commission threshold | $ 50,000,000 | |
Percentage commissions on sale of assets over fifty million | 1.00% | |
Amounts due to related party | $ 50,000 | 563,000 |
Management, property management, cleaning, engineering and security fees | ||
Related Party Transaction [Line Items] | ||
Amounts due to related party | $ 705,000 | $ 795,000 |
Vornado | Alexander's Inc. | ||
Related Party Transaction [Line Items] | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 32.40% |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Fees to related party | $ 2,202 | $ 2,565 |
Company management fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 700 | 657 |
Development fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 146 | 24 |
Leasing fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | 50 | 737 |
Property management, cleaning, engineering and security fees | ||
Related Party Transaction [Line Items] | ||
Fees to related party | $ 1,306 | $ 1,147 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Economic basis per share (in usd per share) | $ 56.05 | |
Economic cost | $ 30,000 | |
Fair value | $ 3,014 | $ 14,409 |
Macerich | ||
Investment Holdings [Line Items] | ||
Closing share price (in usd per share) | $ 5.63 | $ 26.92 |
Common Stock | ||
Investment Holdings [Line Items] | ||
Macerich common shares (shares) | 535,265 | 535,265 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Detail) $ in Thousands | Feb. 14, 2020USD ($) | Dec. 12, 2018USD ($) | Mar. 31, 2020USD ($)option | Dec. 31, 2019USD ($) |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgages payable, net of deferred debt issuance costs | $ 1,117,879 | $ 970,961 | ||
Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgages payable, net of deferred debt issuance costs | $ 1,117,879 | 970,961 | ||
731 Lexington Avenue | Retail Site | Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (in percentage) | 2.78% | |||
Maturity date | Aug. 1, 2020 | |||
Debt instrument, description of variable rate basis | LIBOR | |||
Number of renewal options | option | 2 | |||
731 Lexington Avenue | Retail Site | Mortgages | LIBOR | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread over LIBOR | 1.40% | |||
Length of renewal term | 1 year | |||
731 Lexington Avenue | Office Space | Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (in percentage) | 1.61% | |||
Maturity date | Jun. 1, 2024 | |||
Debt instrument, description of variable rate basis | LIBOR | |||
731 Lexington Avenue | Office Space | Mortgages | LIBOR | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread over LIBOR | 0.90% | |||
Rego Park II | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (in percentage) | 2.29% | |||
Loan participation balance | $ 50,000 | |||
Proceeds from notes payable | $ 145,000 | |||
Rego Park II | Retail Site | Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgages payable, net of deferred debt issuance costs | $ 252,544 | |||
Interest rate (in percentage) | 2.29% | |||
Maturity date | Dec. 1, 2025 | |||
Loan participation balance | 195,708 | |||
Mortgages payable, net of loan participation | $ 202,544 | 56,836 | ||
Debt instrument, description of variable rate basis | LIBOR | |||
Rego Park II | Retail Site | Mortgages | LIBOR | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread over LIBOR | 1.35% | 1.35% | ||
Participation Agreement | Rego Park II | Retail Site | Mortgages | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Loan participation balance | $ 50,000 | $ 195,708 |
Mortgages Payable - Summary of
Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 12, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Notes payable | $ 1,117,879 | $ 970,961 | |
Rego Park II | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (in percentage) | 2.29% | ||
Mortgages | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Mortgage payable gross | $ 1,120,544 | 974,836 | |
Deferred debt issuance costs, net of accumulated amortization of $15,651 and $14,362, respectively | (2,665) | (3,875) | |
Notes payable | 1,117,879 | 970,961 | |
Deferred debt issuance costs, accumulated amortization | $ 15,651 | 14,362 | |
Mortgages | 731 Lexington Avenue | Retail Space | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Maturity date | Aug. 1, 2020 | ||
Interest rate (in percentage) | 2.78% | ||
Mortgage payable gross | $ 350,000 | 350,000 | |
Mortgages | 731 Lexington Avenue | Office Space | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Maturity date | Jun. 1, 2024 | ||
Interest rate (in percentage) | 1.61% | ||
Mortgage payable gross | $ 500,000 | 500,000 | |
Mortgages | Paramus | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Maturity date | Oct. 1, 2021 | ||
Interest rate (in percentage) | 4.72% | ||
Mortgage payable gross | $ 68,000 | 68,000 | |
Mortgages | Rego Park II | Retail Space | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Maturity date | Dec. 1, 2025 | ||
Interest rate (in percentage) | 2.29% | ||
Mortgage payable gross | $ 202,544 | $ 56,836 | |
Notes payable | $ 252,544 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - Marketable securities - Recurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 3,014 | $ 14,409 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,014 | 14,409 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 0 | $ 0 |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Amount | ||
Assets: | ||
Cash equivalents | $ 403,335 | $ 263,688 |
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 1,120,544 | 974,836 |
Fair Value | Level 1 | ||
Assets: | ||
Cash equivalents | 403,335 | 263,688 |
Fair Value | Level 2 | ||
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | $ 1,107,000 | $ 974,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ft² in Thousands | Apr. 05, 2018USD ($) | Mar. 31, 2016USD ($) | Feb. 28, 2014ft²fire | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2001a |
Loss Contingencies [Line Items] | |||||||
Mortgages payable, net of deferred debt issuance costs | $ 1,117,879,000 | $ 970,961,000 | |||||
Real property transfer tax | $ 23,797,000 | ||||||
Additional real property transfer tax expense | 15,874,000 | ||||||
Real property transfer tax interest | $ 7,923,000 | ||||||
Standby letters of credit, outstanding | 1,030,000 | ||||||
Rego Park I | Sears | |||||||
Loss Contingencies [Line Items] | |||||||
Area of property (in sqft.) | ft² | 195 | ||||||
Number of fires | fire | 2 | ||||||
Rego Park I | Sears | Estimated Future Damages | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages sought, value | $ 650,000 | ||||||
Rego Park I | Sears | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages sought, value | 4,000,000 | ||||||
Rego Park I | Sears | Minimum | Estimated Future Damages | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, damages sought, value | 25,000,000 | ||||||
Rego Park I | Sears | Maximum | Estimated Future Damages | |||||||
Loss Contingencies [Line Items] | |||||||
Reasonably possible losses | $ 650,000 | ||||||
Tenant Occupant | Paramus | IKEA | |||||||
Loss Contingencies [Line Items] | |||||||
Area of land (in acres) | a | 30.3 | ||||||
Fixed interest rate on the debt | 4.72% | ||||||
Triple-net rent, annual amount | $ 700,000 | ||||||
Mortgages payable, net of deferred debt issuance costs | $ 68,000,000 | ||||||
Debt instrument maturity date | Oct. 1, 2021 | ||||||
Forecast | Tenant Occupant | Paramus | IKEA | |||||||
Loss Contingencies [Line Items] | |||||||
Lease purchase option amount | $ 75,000,000 | ||||||
Purchase option not exercised amount included in triple net rent over remainder of lease | 68,000,000 | ||||||
Purchase option exercised, net cash proceeds from sale of land | 7,000,000 | ||||||
Purchase option exercised, gain on sale of land | $ 60,000,000 | ||||||
Lease term range as Lessor | 20 years | ||||||
Loan amortization period | 20 years | ||||||
All Risk Property and Rental Value | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance maximum coverage per occurrence | $ 1,700,000,000 | ||||||
Terrorism Coverage Including NBCR | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance maximum coverage per occurrence | 1,700,000,000 | ||||||
Insurance maximum coverage in aggregate | $ 1,700,000,000 | ||||||
NBCR | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance coverage end date | Dec. 1, 2027 | ||||||
Federal government responsibility | 80.00% | ||||||
NBCR | FNSIC | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance deductible | $ 268,000 | ||||||
Self insured responsibility | 20.00% | ||||||
General Liability | |||||||
Loss Contingencies [Line Items] | |||||||
Insurance maximum coverage per occurrence | $ 300,000,000 | ||||||
Insurance maximum coverage per property | $ 300,000,000 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount (shares) | 0 | 0 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 4,572 | $ 17,865 |
Weighted average shares outstanding - basic and diluted (in shares) | 5,118,698 | 5,117,347 |
Net income per common share - basic and diluted (in usd per share) | $ 0.89 | $ 3.49 |