Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ALX | |
Entity Registrant Name | ALEXANDERS INC | |
Entity Central Index Key | 3,499 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,107,290 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Real estate, at cost: | ||
Land | $ 44,971 | $ 44,971 |
Buildings and leasehold improvements | 988,261 | 985,800 |
Development and construction in progress | 3,276 | 2,780 |
Total | 1,036,508 | 1,033,551 |
Accumulated depreciation and amortization | (273,898) | (252,737) |
Real estate, net | 762,610 | 780,814 |
Cash and cash equivalents | 280,010 | 288,926 |
Restricted cash | 84,504 | 85,752 |
Rego Park II loan participation | 199,275 | 0 |
Marketable securities | 29,424 | 37,918 |
Tenant and other receivables, net of allowance for doubtful accounts of $1,476 and $1,473, respectively | 4,003 | 3,056 |
Receivable arising from the straight-lining of rents | 175,787 | 179,010 |
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $34,251 and $36,960, respectively | 44,951 | 48,387 |
Other assets | 41,493 | 27,367 |
Total assets | 1,622,057 | 1,451,230 |
LIABILITIES AND EQUITY | ||
Mortgages payable, net of deferred debt issuance costs | 1,240,069 | 1,052,359 |
Amounts due to Vornado | 533 | 897 |
Accounts payable and accrued expenses | 36,461 | 42,200 |
Other liabilities | 2,908 | 2,929 |
Total liabilities | 1,279,971 | 1,098,385 |
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 and, 5,106,196 shares, respectively | 5,173 | 5,173 |
Additional capital | 31,577 | 31,189 |
Retained earnings | 306,403 | 308,995 |
Accumulated other comprehensive (loss) income | (699) | 7,862 |
Equity before treasury stock | 342,454 | 353,219 |
Treasury stock: 66,160 shares and 67,254 shares respectively, at cost | (368) | (374) |
Total equity | 342,086 | 352,845 |
Total liabilities and equity | $ 1,622,057 | $ 1,451,230 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,476 | $ 1,473 |
Unamortized leasing fees to Vornado | $ 34,251 | $ 36,960 |
Preferred stock: par value 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 | $ 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 | 5,107,290 | 5,106,196 |
Treasury stock: shares | 66,160 | 67,254 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES | ||||
Property rentals | $ 37,970 | $ 37,598 | $ 114,507 | $ 113,129 |
Expense reimbursements | 20,124 | 19,522 | 58,006 | 56,554 |
Total revenues | 58,094 | 57,120 | 172,513 | 169,683 |
EXPENSES | ||||
Operating, including fees to Vornado of $1,146, $1,082, $3,365 and $3,389, respectively | 21,272 | 21,714 | 62,937 | 60,702 |
Depreciation and amortization | 8,430 | 8,045 | 24,613 | 25,745 |
General and administrative, including management fees to Vornado of $595 and $1,785 in each three and nine month period, respectively | 1,228 | 1,225 | 4,080 | 4,285 |
Total expenses | 30,930 | 30,984 | 91,630 | 90,732 |
OPERATING INCOME | 27,164 | 26,136 | 80,883 | 78,951 |
Interest and other income, net | 2,081 | 522 | 4,105 | 2,388 |
Interest and debt expense | (8,940) | (5,615) | (22,355) | (16,476) |
Income before income taxes | 20,305 | 21,043 | 62,633 | 64,863 |
Income tax expense | (6) | (7) | (7) | (41) |
Net income | $ 20,299 | $ 21,036 | $ 62,626 | $ 64,822 |
Net income per common share - basic and diluted | $ 3.97 | $ 4.11 | $ 12.24 | $ 12.68 |
Weighted average shares outstanding - basic and diluted | 5,115,982 | 5,114,701 | 5,115,339 | 5,113,877 |
Dividends per common share | $ 4.25 | $ 4 | $ 12.75 | $ 12 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Fees to Vornado | $ 1,146 | $ 1,082 | $ 3,365 | $ 3,389 |
Management fees to Vornado | $ 595 | $ 595 | $ 1,785 | $ 1,785 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 20,299 | $ 21,036 | $ 62,626 | $ 64,822 |
Other comprehensive (loss) income: | ||||
Change in unrealized net gain or loss on available-for-sale securities | (1,653) | (2,419) | (8,494) | 96 |
Change in value of interest rate cap | (11) | 37 | (67) | 80 |
Comprehensive income | $ 18,635 | $ 18,654 | $ 54,065 | $ 64,998 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance, Value at Dec. 31, 2015 | $ 352,880 | $ 5,173 | $ 30,739 | $ 304,340 | $ 13,002 | $ (374) |
Beginning Balance, Shares at Dec. 31, 2015 | 5,173,000 | |||||
Net income | 64,822 | 64,822 | ||||
Dividends paid | (61,363) | (61,363) | ||||
Change in unrealized net gain or loss on available-for-sale securities | 96 | 96 | ||||
Change in value of interest rate cap | 80 | 80 | ||||
Deferred stock unit grants | 450 | 450 | ||||
Ending Balance, Value at Sep. 30, 2016 | 356,965 | $ 5,173 | 31,189 | 307,799 | 13,178 | (374) |
Ending Balance, Shares at Sep. 30, 2016 | 5,173,000 | |||||
Beginning Balance, Value at Dec. 31, 2016 | $ 352,845 | $ 5,173 | 31,189 | 308,995 | 7,862 | (374) |
Beginning Balance, Shares at Dec. 31, 2016 | 5,173,450 | 5,173,000 | ||||
Net income | $ 62,626 | 62,626 | ||||
Dividends paid | (65,218) | (65,218) | ||||
Change in unrealized net gain or loss on available-for-sale securities | (8,494) | (8,494) | ||||
Change in value of interest rate cap | (67) | (67) | ||||
Deferred stock unit grants | 394 | 394 | ||||
Other | 0 | (6) | 6 | |||
Ending Balance, Value at Sep. 30, 2017 | $ 342,086 | $ 5,173 | $ 31,577 | $ 306,403 | $ (699) | $ (368) |
Ending Balance, Shares at Sep. 30, 2017 | 5,173,450 | 5,173,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 62,626 | $ 64,822 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, including amortization of debt issuance costs | 27,049 | 27,666 |
Straight-lining of rental income | 3,223 | 1,594 |
Stock-based compensation expense | 394 | 450 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables, net | (947) | 1,081 |
Other assets | (14,209) | (23,088) |
Amounts due to Vornado | (334) | (1,951) |
Accounts payable and accrued expenses | (5,571) | 11,346 |
Other liabilities | (21) | (22) |
Net cash provided by operating activities | 72,210 | 81,898 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Construction in progress and real estate additions | (3,155) | (13,441) |
Rego Park II loan participation payment | (200,000) | 0 |
Principal repayment proceeds from Rego Park II loan participation | 725 | 0 |
Net cash used in investing activities | (202,430) | (13,441) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Debt repayments | (302,754) | (2,555) |
Proceeds from borrowing | 500,000 | 0 |
Dividends paid | (65,218) | (61,363) |
Debt issuance costs | (11,972) | (16) |
Net cash provided by (used in) financing activities | 120,056 | (63,934) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (10,164) | 4,523 |
Cash and cash equivalents and restricted cash at beginning of period | 374,678 | 344,656 |
Cash and cash equivalents and restricted cash at end of period | 364,514 | 349,179 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents at beginning of period | 288,926 | 259,349 |
Restricted cash at beginning of period | 85,752 | 85,307 |
Cash and cash equivalents and restricted cash at beginning of period | 374,678 | 344,656 |
Cash and cash equivalents at end of period | 280,010 | 264,147 |
Restricted cash at end of period | 84,504 | 85,032 |
Cash and cash equivalents and restricted cash at end of period | 364,514 | 349,179 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash payments for interest | 19,358 | 14,469 |
NON-CASH TRANSACTIONS | ||
Liability for real estate additions, including $24 and $92 for development fees due to Vornado in 2017 and 2016, respectively | 124 | 1,053 |
Write-off of fully amortized and/or depreciated assets | 4,265 | 1,691 |
Change in unrealized net gain or loss on available-for-sale securities | $ (8,494) | $ 96 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Liability for real estate additions due to Vornado | $ 124 | $ 1,053 |
Development Fees [Member] | Vornado [Member] | ||
Liability for real estate additions due to Vornado | $ 24 | $ 92 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q 10-K We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2017 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 | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Literature | 3. Recently Issued Accounting Literature In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) Revenue from Contracts with Customers 2014-09, 2016-02 Leases 2014-09, non-lease In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities , Financial Instruments 2016-01 2016-01 In February 2016, the FASB issued an update ASU 2016-02 Leases 2016-02 right-of-use 2016-02 right-of-use non-lease non-lease 2014-09. 2016-02 In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation 2016-09 2016-09 In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments Statement of Cash Flows 2016-15 zero-coupon 2016-15 2016-15 In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash Statement of Cash Flows 2016-18 2016-18 2016-18 non-interest In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets 2017-05 2017-05 In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities Derivatives and Hedging 2017-12 2017-12 |
Rego Park II Loan Participation
Rego Park II Loan Participation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Rego Park II Loan Participation | 4. Rego Park II Loan Participation On July 28, 2017, we entered into a participation and servicing agreement with the lender on our Rego Park II shopping center loan, which matures on November 30, 2018. We paid $200,000,000 to participate in the loan and are entitled to interest of LIBOR plus 1.60% (2.84% as of September 30, 2017). The investment is presented as “Rego Park II loan participation” on our consolidated balance sheet as of September 30, 2017 and interest earned is recognized as “interest and other income, net” in our consolidated statements of income for the three and nine months ended September 30, 2017. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions Vornado As of September 30, 2017, 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) $306,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined. Leasing Agreements Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers. Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more. 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 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 Nine Months Ended (Amounts in thousands) 2017 2016 2017 2016 Company management fees $ 700 $ 700 $ 2,100 $ 2,100 Development fees - 44 32 163 Leasing fees 3 106 18 7,397 Property management fees and payments for cleaning and security services 1,006 938 2,947 2,969 $ 1,709 $ 1,788 $ 5,097 $ 12,629 As of September 30, 2017, the amounts due to Vornado were $24,000 for development fees; $507,000 for management, property management, cleaning and security fees; and $2,000 for leasing fees. 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. In January 2016, we paid an $8,916,000 leasing commission related to the Bloomberg L.P. (“Bloomberg”) lease amendment, of which $7,200,000 was to a third party broker and $1,716,000 was to Vornado. In March 2016, we paid Vornado a development fee of $5,784,000 related to The Alexander apartment tower. Toys “R” Us (“Toys”) Our affiliate, Vornado, owns 32.5% of Toys. Joseph Macnow, Vornado’s Executive Vice President and Chief Financial Officer and Wendy A. Silverstein, a member of our Board of Directors, represent Vornado as members of Toys’ Board of Directors. Toys leases 47,000 square feet of retail space at our Rego Park II shopping center ($2,700,000 of annual revenue). On September 18, 2017, Toys filed for Chapter 11 bankruptcy relief. There are $1,617,000 of unamortized assets on our consolidated balance sheet related to the Toys lease as of September 30, 2017, including tenant improvements, deferred leasing costs and receivables arising from the straight-lining of rent. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 6. Marketable Securities As of September 30, 2017 and December 31, 2016, 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 September 30, 2017 and December 31, 2016, the fair value of these shares was $29,424,000 and $37,918,000, respectively, based on Macerich’s closing share price of $54.97 per share and $70.84 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 mark-to-market |
Significant Tenant
Significant Tenant | 9 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Significant Tenant | 7. Significant Tenant Bloomberg accounted for revenue of $78,786,000 and $78,567,000 for the nine months ended September 30, 2017 and 2016, respectively, representing approximately 46% of our total revenues in each period. 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. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation We account for stock-based compensation in accordance with ASC 718. Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified On May 18, 2017, we granted each of the members of our Board of Directors 183 DSUs with a grant date fair value of $56,250 per grant, or $394,000 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. As of September 30, 2017, there were 8,692 DSUs outstanding and 497,095 shares were available for future grant under the Plan. |
Mortgages Payable
Mortgages Payable | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | 9. Mortgages Payable On June 1, 2017, we completed a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% and matures in June 2020, with four one-year The following is a summary of our outstanding mortgages payable as of September 30, 2017 and December 31, 2016. Balance at (Amounts in thousands) Maturity (1) Interest Rate at September 30, December 31, First mortgages secured by: Rego Park I shopping center (100% cash (2) Mar. 2018 0.35% $ 78,246 $ 78,246 Paramus Oct. 2018 2.90% 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 3.09% 257,147 259,901 731 Lexington Avenue, retail space (4) Aug. 2022 2.63% 350,000 350,000 731 Lexington Avenue, office space (5) Jun. 2024 2.14% 500,000 300,000 Total 1,253,393 1,056,147 Deferred debt issuance costs, net of accumulated amortization of $4,995 and $6,824 respectively (13,324) (3,788) $ 1,240,069 $ 1,052,359 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended in March 2016 for two years. (3) Interest at LIBOR plus 1.85%. See page 10 for details of our Rego Park II loan participation. (4) Interest at LIBOR plus 1.40%. (5) Interest at LIBOR plus 0.90%. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures Financial Assets and Liabilities Measured at Fair Value Financial assets measured at fair value on our consolidated balance sheets as of September 30, 2017 and December 31, 2016, 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 September 30, 2017 and December 31, 2016. There were no financial liabilities measured at fair value as of September 30, 2017 and December 31, 2016. As of September 30, 2017 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 29,424 $ 29,424 $ - $ - As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 37,918 $ 37,918 $ - $ - 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 the Rego Park II loan participation, mortgages payable, and cash equivalents. The fair values of the Rego Park II loan participation and mortgages payable are 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 are classified as Level 2. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and is classified as Level 1. The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2017 and December 31, 2016. As of September 30, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Fair Value Carrying Fair Value Assets: Rego Park II loan participation $ 199,275 $ 199,275 $ - $ - Cash equivalents 246,541 246,541 256,370 256,370 $ 445,816 $ 445,816 $ 256,370 $ 256,370 Liabilities: Mortgages payable (excluding deferred debt issuance costs) $ 1,253,393 $ 1,241,000 $ 1,056,147 $ 1,045,000 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all-risk sub-limits Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $293,000 deductible and 17% of the balance of a covered loss, and the Federal government is responsible for the remaining 83% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material. Our mortgage loans are non-recourse Tenant Matters On April 4, 2017, Sears closed its 195,000 square foot store it leases from us at our Rego Park I property. Annual revenue is approximately $10,337,000, under a lease which expires in March of 2021. In its 2016 annual report on Form 10-K, On September 19, 2017, the bankruptcy court approved the terms of an order stipulation between Le Cirque, a restaurant operator which leases 13,000 square feet at our 731 Lexington Avenue property (approximately $1,200,000 of annual revenue), and the Company which terminates the lease on January 5, 2018 (original lease expiration was May of 2021). As a result, we began accelerating depreciation and amortization of approximately $2,780,000 of tenant improvements and deferred leasing costs over the new lease term, of which approximately $280,000 was recognized in the quarter ended September 30, 2017 and approximately $2,370,000 and $130,000 will be recognized in the quarters ending December 31, 2017 and March 31, 2018, respectively. 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 space that Sears leases 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 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 reasonably 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 on October 5, 2018. The annual triple-net triple-net 20-year Letters of Credit Approximately $1,474,000 of standby letters of credit were outstanding as of September 30, 2017. Other In October 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional $22,490,000 of transfer taxes (including interest and penalties as of September 30, 2017) in connection with the sale of Kings Plaza Regional Shopping Center in November 2012. We believe that the NYC DOF’s claim is without merit and intend to vigorously contest this assessment. We have determined that the likelihood of a loss related to this issue is not probable and, after consultation with legal counsel, that the outcome of this assessment is not expected to have a material adverse effect on our financial position, results of operations or cash flows. There are various other legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 12. Earnings Per Share The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2017 and 2016. Three Months Ended Nine Months Ended (Amounts in thousands, except share and per share amounts) 2017 2016 2017 2016 Net income $ 20,299 $ 21,036 $ 62,626 $ 64,822 Weighted average shares outstanding – basic and diluted 5,115,982 5,114,701 5,115,339 5,113,877 Net income per common share – basic and diluted $ 3.97 $ 4.11 $ 12.24 $ 12.68 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [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 10-K We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment. |
Revenue Recognition | In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) Revenue from Contracts with Customers 2014-09, 2016-02 Leases 2014-09, non-lease |
Fair value of financial instruments | In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities , Financial Instruments 2016-01 2016-01 |
Lessee Leases | In February 2016, the FASB issued an update ASU 2016-02 Leases 2016-02 right-of-use 2016-02 right-of-use non-lease non-lease 2014-09. 2016-02 |
Share-based Compensation, Option and Incentive Plans | In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation 2016-09 2016-09 |
Cash and Cash Equivalents | In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments Statement of Cash Flows 2016-15 zero-coupon 2016-15 2016-15 |
Restricted Cash | In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash Statement of Cash Flows 2016-18 2016-18 2016-18 non-interest |
Recently Issued Accounting Literature | In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets 2017-05 2017-05 |
Hedging Activities | In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities Derivatives and Hedging 2017-12 2017-12 |
Marketable Securities | Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market |
Fair Value Measurement | ASC 820, Fair Value Measurements and Disclosures |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Nine Months Ended (Amounts in thousands) 2017 2016 2017 2016 Company management fees $ 700 $ 700 $ 2,100 $ 2,100 Development fees - 44 32 163 Leasing fees 3 106 18 7,397 Property management fees and payments for cleaning and security services 1,006 938 2,947 2,969 $ 1,709 $ 1,788 $ 5,097 $ 12,629 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Mortgages Payable | The following is a summary of our outstanding mortgages payable as of September 30, 2017 and December 31, 2016. Balance at (Amounts in thousands) Maturity (1) Interest Rate at September 30, December 31, First mortgages secured by: Rego Park I shopping center (100% cash (2) Mar. 2018 0.35% $ 78,246 $ 78,246 Paramus Oct. 2018 2.90% 68,000 68,000 Rego Park II shopping center (3) Nov. 2018 3.09% 257,147 259,901 731 Lexington Avenue, retail space (4) Aug. 2022 2.63% 350,000 350,000 731 Lexington Avenue, office space (5) Jun. 2024 2.14% 500,000 300,000 Total 1,253,393 1,056,147 Deferred debt issuance costs, net of accumulated amortization of $4,995 and $6,824 respectively (13,324) (3,788) $ 1,240,069 $ 1,052,359 (1) Represents the extended maturity where we have the unilateral right to extend. (2) Extended in March 2016 for two years. (3) Interest at LIBOR plus 1.85%. See page 10 for details of our Rego Park II loan participation. (4) Interest at LIBOR plus 1.40%. (5) Interest at LIBOR plus 0.90%. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value | As of September 30, 2017 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 29,424 $ 29,424 $ - $ - As of December 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Marketable securities $ 37,918 $ 37,918 $ - $ - |
Financial Assets and Liabilities Not Measured at Fair Value | The table below summarizes the carrying amounts and fair value of these financial instruments as of September 30, 2017 and December 31, 2016. As of September 30, 2017 As of December 31, 2016 (Amounts in thousands) Carrying Fair Value Carrying Fair Value Assets: Rego Park II loan participation $ 199,275 $ 199,275 $ - $ - Cash equivalents 246,541 246,541 256,370 256,370 $ 445,816 $ 445,816 $ 256,370 $ 256,370 Liabilities: Mortgages payable (excluding deferred debt issuance costs) $ 1,253,393 $ 1,241,000 $ 1,056,147 $ 1,045,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Nine Months Ended (Amounts in thousands, except share and per share amounts) 2017 2016 2017 2016 Net income $ 20,299 $ 21,036 $ 62,626 $ 64,822 Weighted average shares outstanding – basic and diluted 5,115,982 5,114,701 5,115,339 5,113,877 Net income per common share – basic and diluted $ 3.97 $ 4.11 $ 12.24 $ 12.68 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Sep. 30, 2017Property |
Operating Property [Member] | |
Real Estate Properties [Line Items] | |
Number of properties in greater New York City metropolitan area | 7 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Reportable Segments | 1 |
Recently Issued Accounting Li29
Recently Issued Accounting Literature - Additional Information (Detail) | Sep. 30, 2017 |
Rego Park I [Member] | |
New Accounting Pronouncement Early Adoption [Line Items] | |
Percentage of cash mortgage collateralized | 100.00% |
Rego Park II Loan Participati30
Rego Park II Loan Participation - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Investment In Loan Participation [Line Items] | |||
Rego Park II loan participation payment | $ 200,000 | $ 0 | |
Participation Agreement [Member] | Rego Park II [Member] | |||
Investment In Loan Participation [Line Items] | |||
Rego Park II loan participation payment | $ 200,000 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Interest rate (in percentage) | 2.84% | ||
Loan maturity date | Nov. 30, 2018 | ||
Participation Agreement [Member] | Rego Park II [Member] | LIBOR [Member] | |||
Investment In Loan Participation [Line Items] | |||
Basis spread over LIBOR | 1.60% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ft² in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Jan. 31, 2016USD ($) | Sep. 30, 2017USD ($)ft²$ / ft² | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | |
Toys R Us [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease arrangements, unamortized assets | $ 1,617 | |||
Bloomberg [Member] | Lease Amendment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Leasing commission | $ 8,916 | |||
Bloomberg [Member] | Lease Amendment [Member] | Third Party Broker [Member] | ||||
Related Party Transaction [Line Items] | ||||
Leasing commission | 7,200 | |||
Rego Park II [Member] | Retail Space [Member] | Toys R Us [Member] | ||||
Related Party Transaction [Line Items] | ||||
Area of property | ft² | 47 | |||
Annual revenue from leased property | $ 2,700 | |||
Vornado [Member] | ||||
Related Party Transaction [Line Items] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 32.40% | |||
Management fee agreement value | $ 2,800 | |||
Vornado [Member] | Toys R Us [Member] | ||||
Related Party Transaction [Line Items] | ||||
Noncontrolling interest, ownership percentage by parent | 32.50% | |||
Vornado [Member] | Bloomberg [Member] | Lease Amendment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Leasing commission | $ 1,716 | |||
Vornado [Member] | Leasing Fees [Member] | ||||
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% | |||
Asset sale commission threshold | $ 50,000 | |||
Percentage commissions on sale of assets under fifty million | 3.00% | |||
Percentage commissions on sale of assets over fifty million | 1.00% | |||
Amount Due to / (Fees paid to) related party | $ 2 | $ 415 | ||
Vornado [Member] | Property Management Fees and Payments for Cleaning and Security Services [Member] | Rego Park II [Member] | Retail Space [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee agreement percentage of income | 2.00% | |||
Vornado [Member] | Property Management Fees and Payments for Cleaning and Security Services [Member] | 731 Lexington Avenue [Member] | Office and Retail Space [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee agreement price per square foot | $ / ft² | 0.50 | |||
Vornado [Member] | Property Management Fees and Payments for Cleaning and Security Services [Member] | 731 Lexington Avenue [Member] | Common Area [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fee agreement value | $ 306 | |||
Property management fee escalation percentage per annum | 3.00% | |||
Vornado [Member] | Development Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Development fee as percentage of development costs | 6.00% | |||
Amount Due to / (Fees paid to) related party | $ 24 | 54 | ||
Vornado [Member] | Development Fees [Member] | Alexander Apartment Tower [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount Due to / (Fees paid to) related party | $ 5,784 | |||
Vornado [Member] | Management, Property Management, Cleaning and Security Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount Due to / (Fees paid to) related party | $ 507 | $ 428 |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
Fees to related party | $ 1,709 | $ 1,788 | $ 5,097 | $ 12,629 |
Company Management Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 700 | 700 | 2,100 | 2,100 |
Development Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 0 | 44 | 32 | 163 |
Leasing Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 3 | 106 | 18 | 7,397 |
Property Management Fees and Payments for Cleaning and Security Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | $ 1,006 | $ 938 | $ 2,947 | $ 2,969 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - Macerich Interest [Member] - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investment Holdings [Line Items] | ||
Macerich common shares | 535,265 | 535,265 |
Economic basis per share | $ 56.05 | |
GAAP cost | $ 30,000 | |
Fair value | $ 29,424 | $ 37,918 |
Closing share price | $ 54.97 | $ 70.84 |
Significant Tenant - Additional
Significant Tenant - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Real Estate Properties [Line Items] | ||||
Real estate revenue, net | $ 58,094 | $ 57,120 | $ 172,513 | $ 169,683 |
Customer Concentration Risk [Member] | Sales Revenue Services Net [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percentage of minimum revenue threshold contributed by one tenant | 10.00% | |||
Bloomberg [Member] | Customer Concentration Risk [Member] | Sales Revenue Services Net [Member] | ||||
Real Estate Properties [Line Items] | ||||
Real estate revenue, net | $ 78,786 | $ 78,567 | ||
Percentage rent contributed by tenant | 46.00% | 46.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | May 18, 2017 | Sep. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grant under the plan | 497,095 | |
Share based compensation arrangement By share based payment award equity instruments other than options outstanding number | 8,692 | |
Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation arrangement by share based payment award non option equity instruments granted per director | 183 | |
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 | $ 394,000 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Detail) | Jun. 01, 2017USD ($)Option | May 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable | $ 1,240,069,000 | $ 1,052,359,000 | ||
Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable | $ 1,240,069,000 | $ 1,052,359,000 | ||
731 Lexington Avenue [Member] | Office Space [Member] | Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Notes Payable | $ 500,000,000 | $ 300,000,000 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | LIBOR | |
Debt instrument maturity date | Jun. 11, 2024 | Mar. 11, 2021 | Jun. 11, 2024 | |
Derivative Liability Notional Amount | $ 500,000,000 | |||
Number of one-year extension options | Option | 4 | |||
Maturity date without factoring the 4 - one year extension options | 2020-06 | |||
731 Lexington Avenue [Member] | Office Space [Member] | Mortgages [Member] | LIBOR [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread over LIBOR | 0.90% | 0.95% | 0.90% | |
Derivative cap interest rate, LIBOR | 6.00% |
Mortgages Payable - Summary of
Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands | Jun. 01, 2017 | May 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||||
Notes payable | $ 1,240,069 | $ 1,052,359 | ||
Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage payable gross | 1,253,393 | 1,056,147 | ||
Deferred debt issuance costs, net of accumulated amortization of $4,995 and $6,824 respectively | (13,324) | (3,788) | ||
Notes payable | $ 1,240,069 | 1,052,359 | ||
Mortgages [Member] | Rego Park I [Member] | Retail Space [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Maturity date | Mar. 12, 2018 | |||
Interest rate (in percentage) | 0.35% | |||
Mortgage payable gross | $ 78,246 | 78,246 | ||
Mortgages [Member] | Rego Park II [Member] | Retail Space [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Maturity date | Nov. 30, 2018 | |||
Interest rate (in percentage) | 3.09% | |||
Mortgage payable gross | $ 257,147 | 259,901 | ||
Mortgages [Member] | 731 Lexington Avenue [Member] | Retail Space [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Maturity date | Aug. 5, 2022 | |||
Interest rate (in percentage) | 2.63% | |||
Mortgage payable gross | $ 350,000 | 350,000 | ||
Mortgages [Member] | 731 Lexington Avenue [Member] | Office Space [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Maturity date | Jun. 11, 2024 | Mar. 11, 2021 | Jun. 11, 2024 | |
Interest rate (in percentage) | 2.14% | |||
Mortgage payable gross | $ 500,000 | 300,000 | ||
Notes payable | $ 500,000 | $ 300,000 | ||
Mortgages [Member] | Paramus [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Maturity date | Oct. 5, 2018 | |||
Interest rate (in percentage) | 2.90% | |||
Mortgage payable gross | $ 68,000 | $ 68,000 |
Mortgages Payable - Summary o38
Mortgages Payable - Summary of Outstanding Mortgages Payable (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 01, 2017 | May 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Rego Park I [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of cash mortgage collateralized | 100.00% | |||
Mortgages [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Deferred debt issuance costs, accumulated amortization | $ 4,995 | $ 6,824 | ||
Mortgages [Member] | Retail Space [Member] | Rego Park I [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Percentage of cash mortgage collateralized | 100.00% | |||
Mortgage loan extension date | 2016-03 | |||
Duration of mortgage loan extension | 2 years | |||
Mortgages [Member] | Retail Space [Member] | Rego Park II [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Mortgages [Member] | Retail Space [Member] | Rego Park II [Member] | LIBOR [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread over LIBOR | 1.85% | |||
Mortgages [Member] | Retail Space [Member] | 731 Lexington Avenue [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Mortgages [Member] | Retail Space [Member] | 731 Lexington Avenue [Member] | LIBOR [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread over LIBOR | 1.40% | |||
Mortgages [Member] | Office Space [Member] | 731 Lexington Avenue [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | LIBOR | |
Mortgages [Member] | Office Space [Member] | 731 Lexington Avenue [Member] | LIBOR [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread over LIBOR | 0.90% | 0.95% | 0.90% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 29,424 | $ 37,918 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 29,424 | 37,918 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Fin41
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | ||
Assets: | ||
Rego Park II loan participation | $ 199,275 | $ 0 |
Cash equivalents | 246,541 | 256,370 |
Assets | 445,816 | 256,370 |
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs) | 1,253,393 | 1,056,147 |
Fair Value [Member] | ||
Assets: | ||
Assets | 445,816 | 256,370 |
Fair Value [Member] | Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 246,541 | 256,370 |
Fair Value [Member] | Level 2 [Member] | ||
Assets: | ||
Rego Park II loan participation | 199,275 | 0 |
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs) | $ 1,241,000 | $ 1,045,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016USD ($) | Jun. 30, 2014USD ($) | Feb. 28, 2014Fires | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2001a | |
Loss Contingencies [Line Items] | ||||||||||||
Insurance Maximum Coverage Per occurrence | $ 300,000,000 | |||||||||||
Insurance Maximum Coverage Per Property | 300,000,000 | |||||||||||
Annual property rental | $ 37,970,000 | $ 37,598,000 | 114,507,000 | $ 113,129,000 | ||||||||
Deferred leasing cost, net | 44,951,000 | 44,951,000 | $ 48,387,000 | |||||||||
Depreciation and amortization | 8,430,000 | $ 8,045,000 | 24,613,000 | $ 25,745,000 | ||||||||
Mortgages payable, net of deferred debt issuance costs | 1,240,069,000 | 1,240,069,000 | $ 1,052,359,000 | |||||||||
Standby letters of credit, outstanding | $ 1,474,000 | $ 1,474,000 | ||||||||||
Rego Park I [Member] | Sears [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Area of property | ft² | 195,000 | 195,000 | ||||||||||
Annual property rental | $ 10,337,000 | |||||||||||
Straight line rent receivable | 4,160,000 | |||||||||||
Deferred leasing cost, net | $ 437,000 | $ 437,000 | ||||||||||
Lease expiration date | 2021-03 | |||||||||||
Number of fires | Fires | 2 | |||||||||||
Rego Park I [Member] | Sears [Member] | Estimated Future Damages [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, damages sought, value | $ 650,000 | |||||||||||
Rego Park I [Member] | Sears [Member] | Minimum [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, damages sought, value | $ 4,000,000 | |||||||||||
Rego Park I [Member] | Sears [Member] | Minimum [Member] | Estimated Future Damages [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, damages sought, value | $ 25,000,000 | |||||||||||
Rego Park I [Member] | Sears [Member] | Maximum [Member] | Estimated Future Damages [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Reasonably possible losses | 650,000 | $ 650,000 | ||||||||||
Paramus [Member] | IKEA [Member] | Tenant Occupant [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Area of land | a | 30.3 | |||||||||||
Mortgages payable, net of deferred debt issuance costs | $ 68,000,000 | $ 68,000,000 | ||||||||||
Fixed interest rate on the debt | 2.90% | 2.90% | ||||||||||
Debt instrument maturity date | Oct. 5, 2018 | |||||||||||
Triple-net rent, annual amount | $ 700,000 | |||||||||||
Paramus [Member] | Scenario, Forecast [Member] | IKEA [Member] | Tenant Occupant [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Lease purchase option amount | $ 75,000,000 | |||||||||||
Loan Amortization Period | 20 years | |||||||||||
Lease term range as Lessor | 20 years | |||||||||||
Purchase option not exercised amount included in triple net rent over remainder of lease | $ 68,000,000 | |||||||||||
Purchase option exercised, gain on sale of land | 60,000,000 | |||||||||||
Purchase option exercised, net cash proceeds from sale of land | $ 7,000,000 | |||||||||||
The Kings Plaza Regional Shopping Center [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, damages sought, value | $ 22,490,000 | |||||||||||
731 Lexington Avenue [Member] | Le Cirque [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Area of property | ft² | 13,000 | 13,000 | ||||||||||
Annual property rental | $ 1,200,000 | |||||||||||
Depreciation and amortization | $ 280,000 | |||||||||||
Order stipulation terms approval date | Sep. 19, 2017 | |||||||||||
Original lease expiration date | 2021-05 | |||||||||||
Lease expiration date | Jan. 5, 2018 | |||||||||||
Lease arrangements, unamortized assets | $ 2,780,000 | |||||||||||
731 Lexington Avenue [Member] | Scenario, Forecast [Member] | Le Cirque [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Depreciation and amortization | $ 130,000 | $ 2,370,000 | ||||||||||
All Risk Property and Rental Value [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Insurance Maximum Coverage Per occurrence | 1,700,000,000 | |||||||||||
Terrorism Coverage Including NBCR [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Insurance Maximum Coverage Per occurrence | 1,700,000,000 | |||||||||||
Insurance maximum coverage in aggregate | $ 1,700,000,000 | |||||||||||
NBCR [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Insurance coverage end date | 2020-12 | |||||||||||
Self insured responsibility | 17.00% | 17.00% | ||||||||||
Federal government responsibility | 83.00% | 83.00% | ||||||||||
NBCR [Member] | FNSIC [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Insurance deductible | $ 293,000 |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 20,299 | $ 21,036 | $ 62,626 | $ 64,822 |
Weighted average shares outstanding - basic and diluted | 5,115,982 | 5,114,701 | 5,115,339 | 5,113,877 |
Net income per common share - basic and diluted | $ 3.97 | $ 4.11 | $ 12.24 | $ 12.68 |