0000003499-24-000007 | 10-K | XBRL Viewer

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

The following is a summary of revenue sources for the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(Amounts in thousands)	2023		2022		2021
Lease revenues	$	216,468	$	197,230	$	198,109
Parking revenue	4,456		4,897		4,407
Tenant services	4,038		3,687		3,632
Rental revenues	$	224,962	$	205,814	$	206,148

Components of lease Revenues

The components of lease revenues for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
(Amounts in thousands)	2023		2022		2021
Fixed lease revenues	$	147,569	$	135,668	$	129,509
Variable lease revenues	68,899		61,562		68,600
Lease revenues	$	216,468	$	197,230	$	198,109

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Discontinued operations	$ 2,348
Development fees	1,445
Vornado
Development fees	$ 141

Schedule III: Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 1,096,544
Initial cost of Land	19,206
Initial cost of Building and Leasehold improvements	24,435
Costs capitalized subsequent to acquisition	1,022,979
Carrying amount of Land	32,271
Carrying amount of Buildings and Leasehold improvements	1,034,068
Development and Construction in progress	281
Total	1,066,620	$ 1,084,598	$ 1,069,426	$ 1,071,043
Accumulated Depreciation and Amortization	415,903	$ 396,268	$ 370,557	$ 350,122
Deferred debt issuance costs, net	3,993
Net basis difference of assets and liabilities between tax basis and GAAP basis	145,246
New York \| Rego Park I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	0
Initial cost of Land	1,647
Initial cost of Building and Leasehold improvements	8,953
Costs capitalized subsequent to acquisition	93,138
Carrying amount of Land	1,647
Carrying amount of Buildings and Leasehold improvements	102,091
Development and Construction in progress	0
Total	103,738
Accumulated Depreciation and Amortization	$ 47,931
Date of Construction	1959
Date acquired	1992
New York \| Rego Park I \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
New York \| Rego Park I \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years
New York \| Rego Park II \| Retail space
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 202,544
Initial cost of Land	3,127
Initial cost of Building and Leasehold improvements	1,467
Costs capitalized subsequent to acquisition	390,267
Carrying amount of Land	3,127
Carrying amount of Buildings and Leasehold improvements	391,453
Development and Construction in progress	281
Total	394,861
Accumulated Depreciation and Amortization	$ 135,791
Date of Construction	2009
Date acquired	1992
New York \| Rego Park II \| Retail space \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
New York \| Rego Park II \| Retail space \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	40 years
New York \| The Alexander apartment tower
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 94,000
Initial cost of Land	0
Initial cost of Building and Leasehold improvements	0
Costs capitalized subsequent to acquisition	115,074
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	115,074
Development and Construction in progress	0
Total	115,074
Accumulated Depreciation and Amortization	$ 27,036
Date of Construction	2016
Date acquired	1992
New York \| The Alexander apartment tower \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	3 years
New York \| The Alexander apartment tower \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years
New York \| Flushing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial cost of Land	0
Initial cost of Building and Leasehold improvements	1,660
Costs capitalized subsequent to acquisition	(107)
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	1,553
Development and Construction in progress	0
Total	1,553
Accumulated Depreciation and Amortization	$ 1,324
Date of Construction	1975
Date acquired	1992
New York \| Lexington Avenue
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Encumbrances	$ 800,000
Initial cost of Land	14,432
Initial cost of Building and Leasehold improvements	12,355
Costs capitalized subsequent to acquisition	424,607
Carrying amount of Land	27,497
Carrying amount of Buildings and Leasehold improvements	423,897
Development and Construction in progress	0
Total	451,394
Accumulated Depreciation and Amortization	$ 203,821
Date of Construction	2003
Date acquired	1992
New York \| Lexington Avenue \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	9 years
New York \| Lexington Avenue \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Life on which Depreciation in Latest Income Statement is Computed	39 years

Cover - USD ($) $ in Thousands	12 Months Ended
Cover - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 390,771
Entity Common Stock, Shares Outstanding		5,107,290
Documents Incorporated by Reference	Part III: Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 23, 2024.
Entity Central Index Key	0000003499
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Mortgages Payable - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 15, 2023	Jun. 30, 2023	Dec. 31, 2023	Jun. 09, 2023
Mortgage Loans on Real Estate
Net carrying value of real estate collateralizing the debt			$ 594,681
731 Lexington Avenue
Mortgage Loans on Real Estate
Payments for derivative instrument		$ 11,258
731 Lexington Avenue \| Mortgages
Mortgage Loans on Real Estate
Mortgage loans, extension option				1 year
Mortgage loans				$ 500,000
731 Lexington Avenue \| Mortgages \| LIBOR
Mortgage Loans on Real Estate
Basis spread	0.90%
Interest cap rate	6.00%
731 Lexington Avenue \| Mortgages \| Prime Rate
Mortgage Loans on Real Estate
Basis spread			8.50%
Interest cap rate		6.00%

Earnings Per Share - Schedule of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Income from continuing operations	$ 102,413	$ 57,632	$ 130,582
Income from discontinued operations (see Note 8)	0	0	2,348
Net income	$ 102,413	$ 57,632	$ 132,930
Weighted average shares outstanding - basic (in shares)	5,129,330	5,126,100	5,123,613
Weighted average shares outstanding - diluted (in shares)	5,129,330	5,126,100	5,123,613
Income from continuing operations, basic (usd per share)	$ 19.97	$ 11.24	$ 25.48
Income from continuing operations, diluted (usd per share)	19.97	11.24	25.48
Income from discontinued operations (see Note 8), basic (usd per share)	0	0	0.46
Income from discontinued operations (see Note 8), diluted (usd per share)	0	0	0.46
Net income per common share, basic (usd per share)	19.97	11.24	25.94
Net income per common share, diluted (in dollars per share)	$ 19.97	$ 11.24	$ 25.94

Related Party Transactions - Summary of Fees to Vornado (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Fees to related party	$ 10,729	$ 10,093	$ 11,331
Company management fees
Related Party Transaction [Line Items]
Fees to related party	2,800	2,800	2,800
Development fees
Related Party Transaction [Line Items]
Fees to related party	0	3	141
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	1,213	1,378	1,800
Commissions on sales of real estate
Related Party Transaction [Line Items]
Fees to related party	711	0	1,050
Property management, cleaning, engineering, parking and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 6,005	$ 5,912	$ 5,540

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Recently Issued Accounting Literature - In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform, and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “ASC 848”). ASC 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which was issued to defer the sunset date of ASC 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. As of December 31, 2023, we have transitioned all of our LIBOR-indexed debt and derivatives and, for our derivatives in hedge accounting relationships, utilized the elective relief in ASC 848, allowing for the continuation of hedge accounting through the transition process. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements. Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2023 and 2022, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $650,717,000 and $688,330,000, respectively. Maintenance and repairs are generally expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred. Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset, including an estimated terminal value calculated using an appropriate capitalization rate. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Revenue Recognition – Rental revenues include revenues from the leasing of space at our properties to tenants, tenant services and parking garage revenues.We have the following revenue recognition policies: •Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). ◦Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. ◦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. •Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received. Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) money market funds, which invest in U.S. Treasury bills and (iii) certificates of deposit placed through an account registry service (“CDARS”). To date we have not experienced any losses on our invested cash. Restricted Cash – Restricted cash primarily consists of security deposits and other cash escrowed under loan and interest rate derivative agreements, including for debt service, real estate taxes, property insurance and capital improvements. Investments in U.S. Treasury Bills – Treasury bills are short-term debt obligations with maturities of one year or less backed by the U.S. Treasury Department. Treasury bills yield no interest, but are issued at a discount on their redemption prices. We classify our investments in U.S. Treasury bills as available-for-sale debt investments, recorded at fair value with any changes in fair value during the period recorded in other comprehensive income. These investments are considered Level 1 within the fair value hierarchy as they are highly liquid and are traded in an active secondary market. We use quoted market prices to determine the fair value of our investments in U.S. Treasury bills. Deferred Charges – Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 41.5% ordinary income and 58.5% of long-term capital gain income. Dividends distributed for the year ended December 31, 2022 were characterized, for federal income tax purposes, as 100% ordinary income. Dividends distributed for the year ended December 31, 2021 were characterized, for federal income tax purposes, as 58.3% ordinary income and 41.7% of long-term capital gain income. The estimated taxable income attributable to our common stockholders (unaudited) for the years ended December 31, 2023, 2022 and 2021 was approximately $98,555,000, $64,960,000, and $101,184,000, respectively. The book to tax differences between net income and estimated taxable income primarily result from differences in the income recognition or deductibility of depreciation and amortization, gains or losses from the sale of real estate and other capital transactions, straight-line rent adjustments, the change in fair value of marketable securities and income from discontinued operations. As of December 31, 2023, the net basis of our assets and liabilities for tax reporting purposes was approximately $145,246,000 lower than the amount reported for financial statement purposes.

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

5. RELATED PARTY TRANSACTIONS

Vornado

As of December 31, 2023, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2023, Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.0% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado.

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) $365,000, 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 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. In addition, we have an agreement with a wholly owned subsidiary of Vornado to manage the parking garages at our Rego Park I and Rego Park II properties.

The following is a summary of fees earned by Vornado under the various agreements discussed above.


	Year Ended December 31,
(Amounts in thousands)	2023		2022		2021
Company management fees	$	2,800	$	2,800	$	2,800
Development fees	—		3		141
Leasing fees	1,213		1,378		1,800
Commissions on sales of real estate	711		—		1,050
Property management, cleaning, engineering, parking and security fees	6,005		5,912		5,540
	$	10,729	$	10,093	$	11,331

As of December 31, 2023, the amounts due to Vornado were $646,000 for management, property management, cleaning, engineering and security fees and $69,000 for leasing fees. As of December 31, 2022, the amounts due to Vornado were $742,000 for management, property management, cleaning, engineering and security fees and $59,000 for leasing fees.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 102,413	$ 57,632	$ 132,930
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	34,605	31,454	34,592
Net gains on sale of real estate (2021 includes $2,348 from discontinued operations)	(53,952)	0	(72,298)
Straight-lining of rents	2,631	7,960	9,817
Stock-based compensation expense	450	450	450
Change in fair value of marketable securities	0	0	(3,482)
Interest rate cap premium amortization	7,770	0	0
Other non-cash adjustments	(1,559)	(2,928)	0
Change in operating assets and liabilities:
Tenant and other receivables	(572)	1,680	1,731
Other assets	14,141	2,782	3,099
Amounts due to Vornado	(60)	40	(211)
Accounts payable and accrued expenses	3,263	3,141	12,501
Other liabilities	(19)	338	(664)
Net cash provided by operating activities	109,111	102,549	118,465
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(4,681)	(14,386)	(19,520)
Purchase of U.S. Treasury bills	0	(364,238)	0
Proceeds from maturities of U.S. Treasury bills	264,881	99,358	0
Proceeds from sales of real estate	67,821	0	81,871
Purchase of interest rate cap	(11,258)	0	0
Proceeds from interest rate cap	5,049	0	0
Return of short-term investment	0	0	3,600
Proceeds from sale of marketable securities	0	0	9,506
Net cash provided by (used in) investing activities	321,812	(279,266)	75,457
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(92,320)	(92,264)	(92,220)
Debt issuance costs	(104)	(46)	(74)
Debt repayments	0	0	(68,000)
Net cash used in financing activities	(92,424)	(92,310)	(160,294)
Net increase (decrease) in cash and cash equivalents and restricted cash	338,499	(269,027)	33,628
Cash and cash equivalents and restricted cash at beginning of year	214,478	483,505	449,877
Cash and cash equivalents and restricted cash at end of year	552,977	214,478	483,505
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year	194,933	463,539	428,710
Restricted cash at beginning of year	19,545	19,966	21,167
Cash and cash equivalents and restricted cash at beginning of year	214,478	483,505	449,877
Cash and cash equivalents at end of year	531,855	194,933	463,539
Restricted cash at end of year	21,122	19,545	19,966
Cash and cash equivalents and restricted cash at end of year	552,977	214,478	483,505
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest (net of amounts capitalized)	53,975	25,934	18,568
NON-CASH TRANSACTIONS
Write-off of fully depreciated assets	8,097	23	5,628
Liability for real estate additions, including $141 for development fees due to Vornado in 2021	1,969	2,254	1,445
Additional estimated lease liability arising from the recognition of right-of-use asset	$ 0	$ 16,099	$ 0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
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, of which the first $30,000,000 includes communicable disease coverage, 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 and excluding communicable disease coverage. 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 $316,000 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 loans contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Letters of Credit Approximately $900,000 of standby letters of credit were issued and outstanding as of December 31, 2023. Other There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

Commitments and Contingencies - Insurance (Details)	12 Months Ended
Commitments and Contingencies - Insurance (Details)	Dec. 31, 2023 USD ($)
All Risk Property And Rental Value
Insurance
Insurance maximum coverage per incident	$ 1,700,000,000
Terrorism Coverage Including NBCR
Insurance
Insurance maximum coverage per incident	1,700,000,000
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Insurance
Federal government responsibility (in percentage)	80.00%
NBCR \| FNSIC
Insurance
Insurance deductible	$ 316,000
Self insured responsibility (in percentage)	20.00%
General Liability
Insurance
Insurance maximum coverage per property	$ 300,000,000
Insurance maximum coverage per incident	300,000,000
Disease Coverage
Insurance
Insurance maximum coverage per incident	$ 30,000,000

Real Estate Sales (Details) $ in Thousands				12 Months Ended
Real Estate Sales (Details) $ in Thousands	May 19, 2023 USD ($)	Oct. 04, 2021 USD ($) a	Jun. 04, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Proceeds from sales of real estate				$ 67,821	$ 0	$ 81,871
Gains on sale of real estate				$ 53,952	$ 0	$ 69,950
Rego Park III Land Parcel
Real Estate [Line Items]
Proceeds from sales of real estate	$ 71,060
Net proceeds from sale of land	67,821
Gains on sale of real estate	$ 53,952
Bronx Land Parcel
Real Estate [Line Items]
Proceeds from sales of real estate			$ 9,291
Gains on sale of real estate			9,124
Proceeds from sale of land, excluding disposal cost			$ 10,000
IKEA \| Tenant Occupant \| Paramus
Real Estate [Line Items]
Net proceeds from sale of land		$ 4,580
Gains on sale of real estate		60,826
Proceeds from sale of land, excluding disposal cost		$ 75,000
Area of land \| a		30.3
Repayments of mortgage loan		$ 68,000

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Rental revenues	$ 224,962	$ 205,814	$ 206,148
EXPENSES
Operating, including fees to Vornado of $6,480, $6,037 and $5,952, respectively	(101,210)	(90,446)	(91,089)
Depreciation and amortization	(32,898)	(29,797)	(32,938)
General and administrative, including management fees to Vornado of $2,440, $2,440 and $2,380, respectively	(6,341)	(6,106)	(5,924)
Total expenses	(140,449)	(126,349)	(129,951)
Interest and other income	22,245	6,769	639
Interest and debt expense	(58,297)	(28,602)	(19,686)
Change in fair value of marketable securities	0	0	3,482
Net gains on sale of real estate	53,952	0	69,950
Income from continuing operations	102,413	57,632	130,582
Income from discontinued operations (see Note 8)	0	0	2,348
Net income	$ 102,413	$ 57,632	$ 132,930
Income per common share - basic and diluted:
Income from continuing operations, basic (usd per share)	$ 19.97	$ 11.24	$ 25.48
Income from continuing operations, diluted (usd per share)	19.97	11.24	25.48
Income from discontinued operations (see Note 8), basic (usd per share)	0	0	0.46
Income from discontinued operations (see Note 8), diluted (usd per share)	0	0	0.46
Net income per common share, diluted (in dollars per share)	19.97	11.24	25.94
Net income per common share, basic (usd per share)	$ 19.97	$ 11.24	$ 25.94
Weighted average shares outstanding - basic (in shares)	5,129,330	5,126,100	5,123,613
Weighted average shares outstanding - diluted (in shares)	5,129,330	5,126,100	5,123,613

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Future Undiscounted Cash Flows for Operating Leases

Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:


(Amounts in thousands)	As of December 31, 2023
For the year ending December 31,
2024	$	157,833
2025	129,407
2026	125,014
2027	122,495
2028	130,203
Thereafter	190,503

Future Lease Payments for Operating Lease

Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:


(Amounts in thousands)	As of December 31, 2023
For the year ending December 31,
2024	$	800
2025	800
2026	800
2027	2,707
2028	2,880
Thereafter	23,280
Total undiscounted cash flows	31,267
Present value discount	(10,815)
Lease liability as of December 31, 2023	$	20,452

Related Party Transactions - Narrative (Details)	12 Months Ended
Related Party Transactions - Narrative (Details)	Dec. 31, 2023 USD ($) $ / ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 10,729,000	$ 10,093,000	$ 11,331,000
Leasing Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	1,213,000	1,378,000	$ 1,800,000
Vornado
Related Party Transaction [Line Items]
Other liabilities	715,000	801,000
Vornado \| Management and Development Agreement
Related Party Transaction [Line Items]
Annual management fee	$ 2,800,000
Vornado \| Management and Development Agreement \| 731 Lexington Avenue \| Office and Retail Space
Related Party Transaction [Line Items]
Property management fee agreement, price per square foot \| $ / ft²	0.50
Vornado \| Percentage of gross revenue \| Rego Park II \| Retail Site
Related Party Transaction [Line Items]
Property management fee, percent fee	2.00%
Vornado \| Base management fee \| 731 Lexington Avenue \| Common Area
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 365,000
Vornado \| Escalating annualized management fee \| 731 Lexington Avenue \| Common Area
Related Party Transaction [Line Items]
Property management fee, percent fee	3.00%
Vornado \| Development fee \| 731 Lexington Avenue
Related Party Transaction [Line Items]
Property management fee, percent fee	6.00%
Vornado \| 3% of rent for the first ten years
Related Party Transaction [Line Items]
Service fees, rate	3.00%
Vornado \| 2% of rent for the eleventh through the twentieth year
Related Party Transaction [Line Items]
Service fees, rate	2.00%
Vornado \| 1% of rent for the twenty-first through thirtieth year
Related Party Transaction [Line Items]
Service fees, rate	1.00%
Vornado \| 1% increase in fee if third party is used
Related Party Transaction [Line Items]
Service fees, rate	1.00%
Vornado \| 3% of gross proceeds used for commission for sales less than $50,000,000
Related Party Transaction [Line Items]
Related party transaction, rate	3.00%
Asset sale commission threshold	$ 50,000,000
Vornado \| 1% of gross proceeds used for commission for sales greater than $50,000,000
Related Party Transaction [Line Items]
Related party transaction, rate	1.00%
Asset sale commission threshold	$ 50,000,000
Vornado \| Management Property Management Cleaning Engineering and Security Fees
Related Party Transaction [Line Items]
Other liabilities	646,000	742,000
Vornado \| Leasing Fees
Related Party Transaction [Line Items]
Other liabilities	$ 69,000	$ 59,000
Vornado \| Alexander's Inc. \| Vornado
Related Party Transaction [Line Items]
Parent ownership	32.40%
Director \| Alexander's Inc. \| Mr. Roth, Interstate, David Mandelbaum and Russell B, Wight, Jr.
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	26.00%
Indirectly through Vornado \| Alexander's Inc. \| Directors indirect through Vornado
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	2.30%

Fair Value Measurements - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Jul. 15, 2023	Dec. 31, 2022
Fair Value Measurements
Included in other assets		$ 22,608		$ 29,351
731 Lexington Avenue
Fair Value Measurements
Payments for derivative instrument	$ 11,258
LIBOR \| 731 Lexington Avenue \| Mortgages
Fair Value Measurements
Interest cap rate			6.00%
Prime Rate \| 731 Lexington Avenue \| Mortgages
Fair Value Measurements
Interest cap rate	6.00%
731 Lexington Avenue mortgage loan, retail condominium \| Interest rate derivatives (included in other assets) \| Designated as Hedging Instrument
Fair Value Measurements
Included in other assets		16,315		26,718
Notional Amount		$ 300,000
Swapped Rate		1.76%
Rego Park II shopping center mortgage loan \| Interest rate derivatives (included in other assets) \| Designated as Hedging Instrument
Fair Value Measurements
Included in other assets		$ 1,370		2,622
Notional Amount		$ 202,544
Rego Park II shopping center mortgage loan \| Interest Rate Contract \| Designated as Hedging Instrument \| SOFR
Fair Value Measurements
Interest cap rate		4.15%
731 Lexington Avenue mortgage loan, office condominium \| Interest rate derivatives (included in other assets) \| Designated as Hedging Instrument
Fair Value Measurements
Included in other assets		$ 4,923		$ 11
Notional Amount		$ 500,000
731 Lexington Avenue mortgage loan, office condominium \| Interest Rate Contract \| Designated as Hedging Instrument \| Prime Rate
Fair Value Measurements
Interest rate		8.50%

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		5,173,000
Beginning balance at Dec. 31, 2020	$ 203,228	$ 5,173	$ 32,965	$ 166,165	$ (707)	$ (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	132,930			132,930
Dividends paid ($18.00 per common share)	(92,220)			(92,220)
Change in fair value of interest rate derivatives and other	8,201				8,201
Deferred stock unit grants	450		450
Ending balance (in shares) at Dec. 31, 2021		5,173,000
Ending balance at Dec. 31, 2021	252,589	$ 5,173	33,415	206,875	7,494	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,632			57,632
Dividends paid ($18.00 per common share)	(92,264)			(92,264)
Change in fair value of interest rate derivatives and other	18,092				18,092
Deferred stock unit grants	$ 450		450
Ending balance (in shares) at Dec. 31, 2022	5,173,450	5,173,000
Ending balance at Dec. 31, 2022	$ 236,499	$ 5,173	33,865	172,243	25,586	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	102,413			102,413
Dividends paid ($18.00 per common share)	(92,320)			(92,320)
Change in fair value of interest rate derivatives and other	(9,385)				(9,385)
Deferred stock unit grants	$ 450		450
Ending balance (in shares) at Dec. 31, 2023	5,173,450	5,173,000
Ending balance at Dec. 31, 2023	$ 237,657	$ 5,173	$ 34,315	$ 182,336	$ 16,201	$ (368)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Stock-Based Compensation (Details) - 2016 Omnibus Stock Plan - Director - Deferred Stock Units - USD ($)	1 Months Ended
	May 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Non-option equity instruments granted per director (in shares)	449
Non option equity instruments market value	$ 75,000
Non-option equity instruments grant date fair value per grant	56,250
Non-option equity instruments grant date fair value per grant total	$ 450,000
Non-option equity instruments, outstanding, number (in shares)		23,388
Shares available for future grant under the plan (in shares)		482,399

Marketable Securities	12 Months Ended
Marketable Securities	Dec. 31, 2023
Marketable Securities [Abstract]
Marketable Securities	MARKETABLE SECURITIES In December 2021, we sold our 564,612 common shares of The Macerich Company (“Macerich”), realizing cash proceeds of $9,506,000. These shares were received in connection with the sale of Kings Plaza Regional Shopping Center (“Kings Plaza”) to Macerich in 2012. The gains and losses resulting from the mark-to-market of these securities during 2021 were presented as “change in fair value of marketable securities” on our consolidated statement of income.

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 19,540	$ 22,174
Preferred stock: par value per share (in usd per share)	$ 1.00	$ 1.00
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)	$ 1.00	$ 1.00
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

Summary of Significant Accounting Policies - Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Real estate, net	$ 650,717	$ 688,330

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The following is a summary of revenue sources for the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(Amounts in thousands)	2023		2022		2021
Lease revenues	$	216,468	$	197,230	$	198,109
Parking revenue	4,456		4,897		4,407
Tenant services	4,038		3,687		3,632
Rental revenues	$	224,962	$	205,814	$	206,148

The components of lease revenues for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
(Amounts in thousands)	2023		2022		2021
Fixed lease revenues	$	147,569	$	135,668	$	129,509
Variable lease revenues	68,899		61,562		68,600
Lease revenues	$	216,468	$	197,230	$	198,109

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Mortgages Payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Mortgages Payable

MORTGAGES PAYABLE

On June 9, 2023, we exercised our remaining one-year extension option on the $500,000,000 interest-only mortgage loan on the office condominium of our 731 Lexington Avenue property. The interest rate on the loan remained at LIBOR plus 0.90% through July 15, 2023 and currently bears interest at the Prime Rate (8.50% as of December 31, 2023) through loan maturity on June 11, 2024. In June 2023, we purchased an interest rate cap for $11,258,000, which capped LIBOR at 6.00% through July 15, 2023 and caps the Prime Rate at 6.00% through loan maturity.

6. MORTGAGES PAYABLE - continued

The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.


			Interest Rate at December 31, 2023	Balance at December 31,
(Amounts in thousands)		Maturity		2023		2022
First mortgages secured by:
731 Lexington Avenue, office condominium(1)		Jun. 11, 2024	6.00%	$	500,000	$	500,000
731 Lexington Avenue, retail condominium(2)(3)		Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center(2)(4)		Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower		Nov. 01, 2027	2.63%	94,000		94,000
Total				1,096,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $17,639 and $16,071, respectively				(3,993)		(5,493)

				$	1,092,551	$	1,091,051

(1)	Interest at the Prime Rate (capped at 6.00% through loan maturity).
(2)	Interest rate listed represents the rate in effect as of December 31, 2023 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(3)	Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(4)	Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

The net carrying value of real estate collateralizing the debt amounted to $594,681,000 as of December 31, 2023. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. As of December 31, 2023, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:


(Amounts in thousands)
Year Ending December 31,	Amount
2024	$	500,000
2025	502,544
2026	—
2027	94,000
2028	—
Thereafter	—

Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Mortgages Payable

The following is a summary of our outstanding mortgages payable. We may refinance our maturing debt as it comes due or choose to repay it.


			Interest Rate at December 31, 2023	Balance at December 31,
(Amounts in thousands)		Maturity		2023		2022
First mortgages secured by:
731 Lexington Avenue, office condominium(1)		Jun. 11, 2024	6.00%	$	500,000	$	500,000
731 Lexington Avenue, retail condominium(2)(3)		Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center(2)(4)		Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower		Nov. 01, 2027	2.63%	94,000		94,000
Total				1,096,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $17,639 and $16,071, respectively				(3,993)		(5,493)

				$	1,092,551	$	1,091,051

(1)	Interest at the Prime Rate (capped at 6.00% through loan maturity).
(2)	Interest rate listed represents the rate in effect as of December 31, 2023 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(3)	Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(4)	Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

Schedule of Principal Repayments

As of December 31, 2023, the principal repayments (based on the extended loan maturity dates) for the next five years and thereafter are as follows:


(Amounts in thousands)
Year Ending December 31,	Amount
2024	$	500,000
2025	502,544
2026	—
2027	94,000
2028	—
Thereafter	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(Amounts in thousands, except share and per share amounts)	2023		2022		2021
Income from continuing operations	$	102,413	$	57,632	$	130,582
Income from discontinued operations (see Note 8)	—		—		2,348
Net income	$	102,413	$	57,632	$	132,930

Weighted average shares outstanding – basic and diluted	5,129,330		5,126,100		5,123,613

Income from continuing operations	$	19.97	$	11.24	$	25.48
Income from discontinued operations (see Note 8)	—		—		0.46
Net income per common share – basic and diluted	$	19.97	$	11.24	$	25.94

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) option	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2022 option
Lessee, Lease, Description [Line Items]
Right-of-use asset	$ 17,522
Lease liability	$ 20,452
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities
Operating leases, rent expense	$ 2,161	$ 2,161	$ 746
Operating lease, payments	$ 800	$ 800	$ 800
Flushing
Lessee, Lease, Description [Line Items]
Number of extension options (option) \| option	1			1
Lessee, operating lease, renewal term (years)	10 years			10 years
Right-of-use asset	$ 16,000
Lease liability	$ 16,000
Weighted average discount rate (percentage)	5.86%

Mortgages Payable - Schedule of Outstanding Mortgages Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Mortgage Loans on Real Estate
Deferred debt issuance costs, net of accumulated amortization of $17,639 and $16,071, respectively	$ (3,993)
Notes payable	1,092,551		$ 1,091,051
Mortgages
Mortgage Loans on Real Estate
Deferred debt issuance costs, accumulated amortization	17,639		16,071
Total	1,096,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $17,639 and $16,071, respectively	(3,993)		(5,493)
Notes payable	$ 1,092,551		1,091,051
Mortgages \| 731 Lexington Avenue \| Prime Rate
Mortgage Loans on Real Estate
Interest cap rate		6.00%
Basis spread	8.50%
Mortgages \| 731 Lexington Avenue \| Office space
Mortgage Loans on Real Estate
Interest rate	6.00%
Total	$ 500,000		500,000
Mortgages \| 731 Lexington Avenue \| Office space \| Prime Rate
Mortgage Loans on Real Estate
Interest cap rate	6.00%
Mortgages \| 731 Lexington Avenue \| Retail space
Mortgage Loans on Real Estate
Interest rate	1.76%
Total	$ 300,000		300,000
Derivative, Swaption Interest Rate	1.76%
Mortgages \| 731 Lexington Avenue \| Retail space \| SOFR
Mortgage Loans on Real Estate
Basis spread	1.51%
Mortgages \| Rego Park II \| Retail space
Mortgage Loans on Real Estate
Interest rate	5.60%
Total	$ 202,544		202,544
Mortgages \| Rego Park II \| Retail space \| SOFR
Mortgage Loans on Real Estate
Interest cap rate	4.15%
Basis spread	1.45%
Mortgages \| The Alexander apartment tower \| Apartment Building
Mortgage Loans on Real Estate
Interest rate	2.63%
Total	$ 94,000		$ 94,000

Revenue Recognition - Summary of Revenue Sources (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Lease revenues	$ 216,468	$ 197,230	$ 198,109
Rental revenues	224,962	205,814	206,148
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4,456	4,897	4,407
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 4,038	$ 3,687	$ 3,632

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Leases - Future Undiscounted Cash Flows for Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 157,833
2025	129,407
2026	125,014
2027	122,495
2028	130,203
Thereafter	$ 190,503

Schedule III: Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III: Real Estate and Accumulated Depreciation


ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2023
(Amounts in thousands)

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E								COLUMN F		COLUMN G	COLUMN H	COLUMN I
									Gross Amount at Which												Life on which Depreciation in Latest Income Statement is Computed
			Initial Cost to Company(1)				Costs Capitalized Subsequent to Acquisition		Carried at Close of Period								Accumulated Depreciation and Amortization
					Buildings and Leasehold Improvements						Buildings and Leasehold Improvements		Development and Construction In Progress
																			Date of Construction	Date Acquired(1)
Description	Encumbrances(2)		Land						Land						Total(3)
Rego Park I	$	—	$	1,647	$	8,953	$	93,138	$	1,647	$	102,091	$	—	$	103,738	$	47,931	1959	1992	3-39 years
Rego Park II	202,544		3,127		1,467		390,267		3,127		391,453		281		394,861		135,791		2009	1992	3-40 years
The Alexander apartment tower	94,000		—		—		115,074		—		115,074		—		115,074		27,036		2016	1992	3-39 years
Flushing	—		—		1,660		(107)		—		1,553		—		1,553		1,324		1975(4)	1992	N/A
Lexington Avenue	800,000		14,432		12,355		424,607		27,497		423,897		—		451,394		203,821		2003	1992	9-39 years
TOTAL	$	1,096,544	$	19,206	$	24,435	$	1,022,979	$	32,271	$	1,034,068	$	281	$	1,066,620	$	415,903

(1) Initial cost is as of May 15, 1992 (the date on which the Company commenced its real estate operations).
(2) Excludes deferred debt issuance costs, net of $3,993.
(3) The net basis of the Company’s assets and liabilities for tax purposes is approximately $145,246 lower than the amount reported for financial statement purposes.
(4) Represents the date the lease was acquired.


ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
	December 31,
	2023		2022		2021
REAL ESTATE:
Balance at beginning of period	$	1,084,598	$	1,069,426	$	1,071,043
Additions during the period:
Land	—		—		—
Buildings and leasehold improvements	2,959		15,002		5,842
Development and construction in progress	1,346		193		10,090
	1,088,903		1,084,621		1,086,975
Less:
Assets sold	(14,186)		—		(11,921)
Assets written-off	(8,097)		(23)		(5,628)
Balance at end of period	$	1,066,620	$	1,084,598	$	1,069,426

ACCUMULATED DEPRECIATION:
Balance at beginning of period	$	396,268	$	370,557	$	350,122
Depreciation expense	28,137		25,734		26,063
	424,405		396,291		376,185
Less:
Accumulated depreciation on assets sold	(405)		—		—
Accumulated depreciation on assets written-off	(8,097)		(23)		(5,628)
Balance at end of period	$	415,903	$	396,268	$	370,557

Fair Value Measurements - Summary of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Assets:
Cash equivalents	$ 363,535	$ 47,852
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	1,096,544	1,096,544
Level 1 \| Fair Value
Assets:
Cash equivalents	363,535	47,852
Level 2 \| Fair Value
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 1,071,887	$ 1,061,221

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Fees to Vornado

The following is a summary of fees earned by Vornado under the various agreements discussed above.


	Year Ended December 31,
(Amounts in thousands)	2023		2022		2021
Company management fees	$	2,800	$	2,800	$	2,800
Development fees	—		3		141
Leasing fees	1,213		1,378		1,800
Commissions on sales of real estate	711		—		1,050
Property management, cleaning, engineering, parking and security fees	6,005		5,912		5,540
	$	10,729	$	10,093	$	11,331

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income Per Share


	Year Ended December 31,
(Amounts in thousands, except share and per share amounts)	2023		2022		2021
Income from continuing operations	$	102,413	$	57,632	$	130,582
Income from discontinued operations (see Note 8)	—		—		2,348
Net income	$	102,413	$	57,632	$	132,930

Weighted average shares outstanding – basic and diluted	5,129,330		5,126,100		5,123,613

Income from continuing operations	$	19.97	$	11.24	$	25.48
Income from discontinued operations (see Note 8)	—		—		0.46
Net income per common share – basic and diluted	$	19.97	$	11.24	$	25.94

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Recently Issued Accounting Literature	Recently Issued Accounting Literature - In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform, and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “ASC 848”). ASC 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which was issued to defer the sunset date of ASC 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. As of December 31, 2023, we have transitioned all of our LIBOR-indexed debt and derivatives and, for our derivatives in hedge accounting relationships, utilized the elective relief in ASC 848, allowing for the continuation of hedge accounting through the transition process. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The update also requires disclosure regarding the chief operating decision maker and expands the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.
Real Estate	Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2023 and 2022, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $650,717,000 and $688,330,000, respectively. Maintenance and repairs are generally expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred. Our properties are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset, including an estimated terminal value calculated using an appropriate capitalization rate. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
Revenue Recognition	Rental revenues include revenues from the leasing of space at our properties to tenants, tenant services and parking garage revenues.We have the following revenue recognition policies: •Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of common area maintenance expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC Topic 842, Leases (“ASC 842”). ◦Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. ◦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. •Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). •Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide parking services to customers, are recognized as the services are transferred in accordance with ASC 606. We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available information about the financial condition of the tenant, and other factors. Tenant receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company will limit future rental revenues to cash received.
Cash and Cash Equivalents	Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when purchased and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) money market funds, which invest in U.S. Treasury bills and (iii) certificates of deposit placed through an account registry service (“CDARS”). To date we have not experienced any losses on our invested cash.
Restricted Cash	Restricted cash primarily consists of security deposits and other cash escrowed under loan and interest rate derivative agreements, including for debt service, real estate taxes, property insurance and capital improvements.
Investments in U.S Treasury Bills	Treasury bills are short-term debt obligations with maturities of one year or less backed by the U.S. Treasury Department. Treasury bills yield no interest, but are issued at a discount on their redemption prices. We classify our investments in U.S. Treasury bills as available-for-sale debt investments, recorded at fair value with any changes in fair value during the period recorded in other comprehensive income. These investments are considered Level 1 within the fair value hierarchy as they are highly liquid and are traded in an active secondary market. We use quoted market prices to determine the fair value of our investments in U.S. Treasury bills.
Deferred Charges	Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.
Income Taxes	We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2023 were characterized, for federal income tax purposes, as 41.5% ordinary income and 58.5% of long-term capital gain income. Dividends distributed for the year ended December 31, 2022 were characterized, for federal income tax purposes, as 100% ordinary income. Dividends distributed for the year ended December 31, 2021 were characterized, for federal income tax purposes, as 58.3% ordinary income and 41.7% of long-term capital gain income.
Fair Value Measurements	ASC Topic 820, 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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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.
Stock-based Compensation	We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado.

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado. In May 2023, we granted each of the members of our Board of Directors 449 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $450,000 in the aggregate, in accordance with ASC 718. 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 December 31, 2023, there were 23,388 DSUs outstanding and 482,399 shares were available for future grant under the Plan.

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2023
Multiemployer Plan, Pension, Significant [Abstract]
Multiemployer Benefit Plans	MULTIEMPLOYER BENEFIT PLANS Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our subsidiaries may be required to bear their pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2023, our subsidiaries’ participation in these plans were not significant to our consolidated financial statements. In the years ended December 31, 2023, 2022 and 2021 our subsidiaries contributed $215,000, $178,000 and $217,000, respectively, towards Multiemployer Pension Plans. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2023, 2022 and 2021. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2023, 2022 and 2021 our subsidiaries contributed $1,005,000, $839,000 and $748,000, respectively, towards these plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating fees to Vorando	$ 101,210	$ 90,446	$ 91,089
General and administrative, including management fees	6,341	6,106	5,924
Vornado
Operating fees to Vorando	6,480	6,037	5,952
General and administrative, including management fees	$ 2,440	$ 2,440	$ 2,380

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 32,271	$ 33,050
Buildings and leasehold improvements	1,034,068	1,029,504
Development and construction in progress	281	22,044
Total	1,066,620	1,084,598
Accumulated depreciation and amortization	(415,903)	(396,268)
Real estate, net	650,717	688,330
Cash and cash equivalents	531,855	194,933
Restricted cash	21,122	19,545
Investments in U.S. Treasury bills	0	266,963
Tenant and other receivables	6,076	4,705
Receivable arising from the straight-lining of rents	124,866	127,497
Deferred lease costs, net, including unamortized leasing fees to Vornado of $19,540 and $22,174, respectively	24,888	28,490
Other assets	44,156	67,313
Assets	1,403,680	1,397,776
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,092,551	1,091,051
Accounts payable and accrued expenses	51,750	48,785
Total liabilities	1,166,023	1,161,277
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	34,315	33,865
Retained earnings	182,336	172,243
Accumulated other comprehensive income	16,201	25,586
Equity before treasury stock	238,025	236,867
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	237,657	236,499
Total liabilities and equity	1,403,680	1,397,776
Vornado
LIABILITIES AND EQUITY
Other liabilities	715	801
Nonrelated party
LIABILITIES AND EQUITY
Other liabilities	$ 21,007	$ 20,640

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation	DISCONTINUED OPERATIONS In 2012, when we sold Kings Plaza to Macerich, $2,348,000 of the financial statement gain was deferred since a portion of the sales price was received in Macerich common shares. In December 2021, we recognized the $2,348,000 gain upon the disposition of our Macerich common shares. As the results related to Kings Plaza were previously classified as discontinued operations, we have classified the gain as “income from discontinued operations” on our consolidated statement of income for the year ended December 31, 2021 in accordance with the provisions of ASC Topic 360, Property, Plant and Equipment.

Real Estate Sales	12 Months Ended
Real Estate Sales	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Sales	REAL ESTATE SALES On May 19, 2023, we sold the Rego Park III land parcel in Queens, New York, for $71,060,000 inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. Net proceeds from the sale were $67,821,000 after closing costs and the financial statement gain was $53,952,000. On June 4, 2021, we sold a parcel of land in the Bronx, New York for $10,000,000. Net proceeds from the sale were $9,291,000 after closing costs and the financial statement gain was $9,124,000. On October 4, 2021, we sold 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc., the tenant at the property, for $75,000,000, pursuant to the tenant’s purchase option contained in the lease. Net proceeds from the sale were $4,580,000 after closing costs and the repayment of the $68,000,000 mortgage loan. The financial statement gain was $60,826,000.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York

Leases - Lessor (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lessor (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Revenues	$ 224,962	$ 205,814	$ 206,148
Revenue Benchmark \| Bloomberg \| Customer Concentration Risk
Lessor, Lease, Description [Line Items]
Revenues	$ 120,351	$ 115,129	$ 113,140
Percentage rent contributed by tenant	54.00%	56.00%	55.00%
Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)	5 years
Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)	25 years
The Alexander apartment tower \| Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)	1 year
The Alexander apartment tower \| Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, term (years)	2 years

Commitments and Contingencies - Litigation and contingencies (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Standby letters of credit, outstanding	$ 900

Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations (see Note 8)		$ 0	$ 0	$ 2,348
Kings Plaza Regional Shopping Center \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred gain on sale of property					$ 2,348
Income from discontinued operations (see Note 8)	$ 2,348

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Organization	12 Months Ended
Organization	Dec. 31, 2023
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 five properties in New York City consisting of: Operating properties •731 Lexington Avenue, a 1,079,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 939,000 and 140,000 of rentable square feet of office and retail space, respectively. Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet) is the principal retail tenant; •Rego Park I, a 338,000 square foot shopping center, is located on Queens Boulevard and 63rd Road in Queens. The center is anchored by a 50,000 square foot Burlington and a 36,000 square foot Marshalls. On December 3, 2022, IKEA closed its 112,000 square foot store at our Rego Park I property under a lease that was set to expire in December 2030. The lease included a right to terminate effective no earlier than March 16, 2026, subject to payment of rent through the termination date and an additional termination payment equal to the lesser of $10,000,000 or the amount of rent due under the remaining term. On September 27, 2023, we entered into a lease modification agreement with IKEA which accelerates its lease termination date to April 1, 2024. Under the lease modification agreement, IKEA will pay its remaining rent due through March 16, 2026 and the $10,000,000 termination payment over the modified lease term; •Rego Park II, a 616,000 square foot shopping center, is located adjacent to the Rego Park I shopping center in Queens. The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl’s, which has been subleased; •Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subleased to New World Mall LLC. The property is ground leased through January 2027 with one 10-year extension option; and •The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet. We have determined that our properties have similar economic characteristics and meet the criteria that permit the properties to be aggregated into one reportable segment (the leasing, management, development and redeveloping of properties in New York City). Our chief operating decision-maker assesses and measures segment operating results based on a performance measure referred to as net operating income at the individual operating segment. Net operating income for each property represents net rental revenues less operating expenses.

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in usd per share)	$ 18.00	$ 18.00	$ 18.00

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

As Lessor

We lease space to tenants under operating leases in an office building and in retail centers. The rental terms range from approximately 5 to 25 years. The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. We also lease residential space at The Alexander apartment tower which generally have a 1 or 2 year lease terms.

Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:


(Amounts in thousands)	As of December 31, 2023
For the year ending December 31,
2024	$	157,833
2025	129,407
2026	125,014
2027	122,495
2028	130,203
Thereafter	190,503

These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales.

Bloomberg accounted for revenue of $120,351,000, $115,129,000, and $113,140,000 in the years ended December 31, 2023, 2022 and 2021, respectively, representing approximately 54%, 56% and 55% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental 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.

10. LEASES - continued

As Lessee

We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2027 and has one 10-year extension option. In January 2022, New World Mall LLC, the subtenant at the property, exercised its one remaining 10-year extension option through January 2037. As a result of the subtenant exercising its extension option, we were required by GAAP to remeasure our ground lease liability based upon an estimate of lease payments to be made during the 10-year extension period of our ground lease resulting in an incremental right-of-use asset and lease liability of approximately $16,000,000. The discount rate applied in the remeasurement of the lease liability was based on the incremental borrowing rate (“IBR”) of 5.86% at the time of the remeasurement. We considered the general economic environment and factored in various Company specific adjustments to arrive at the IBR. As of December 31, 2023, the remaining right-of-use asset of $17,522,000 and lease liability of $20,452,000, are included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet.

Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:


(Amounts in thousands)	As of December 31, 2023
For the year ending December 31,
2024	$	800
2025	800
2026	800
2027	2,707
2028	2,880
Thereafter	23,280
Total undiscounted cash flows	31,267
Present value discount	(10,815)
Lease liability as of December 31, 2023	$	20,452

We recognize rent expense as a component of “operating” expenses on our consolidated statements of income on a straight-line basis. Rent expense was $2,161,000, $2,161,000 and $746,000 in each of the years ended December 31, 2023, 2022 and 2021, respectively. Cash paid for rent expense was $800,000 in each of the years ended December 31, 2023, 2022 and 2021, respectively.

Leases

LEASES

As Lessor

Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:


(Amounts in thousands)	As of December 31, 2023
For the year ending December 31,
2024	$	157,833
2025	129,407
2026	125,014
2027	122,495
2028	130,203
Thereafter	190,503

These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales.

10. LEASES - continued

As Lessee

Future lease payments under this operating lease, including our estimated payments during the extension period, are as follows:


(Amounts in thousands)	As of December 31, 2023
For the year ending December 31,
2024	$	800
2025	800
2026	800
2027	2,707
2028	2,880
Thereafter	23,280
Total undiscounted cash flows	31,267
Present value discount	(10,815)
Lease liability as of December 31, 2023	$	20,452

Mortgages Payable - Schedule of Principal Repayments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 500,000
2025	502,544
2026	0
2027	94,000
2028	0
Thereafter	$ 0

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Investments in U.S. Treasury bills		$ 266,963
Interest rate derivatives (included in other assets)	$ 22,608	29,351
Total assets		296,314
Level 1
Fair Value Measurements
Investments in U.S. Treasury bills		266,963
Interest rate derivatives (included in other assets)	0	0
Total assets		266,963
Level 2
Fair Value Measurements
Investments in U.S. Treasury bills		0
Interest rate derivatives (included in other assets)	22,608	29,351
Total assets		29,351
Level 3
Fair Value Measurements
Investments in U.S. Treasury bills		0
Interest rate derivatives (included in other assets)	$ 0	0
Total assets		$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 102,413	$ 57,632	$ 132,930
Other comprehensive (loss) income:
Change in fair value of interest rate derivatives and other	(9,385)	18,092	8,201
Comprehensive income	$ 93,028	$ 75,724	$ 141,131

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2023 consist of interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2023.


		As of December 31, 2023
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Interest rate derivatives (included in other assets)	$	22,608	$	—	$	22,608	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2022 consist of U.S. Treasury bills (classified as available for-sale) and interest rate derivatives, which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2022.


		As of December 31, 2022
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Investments in U.S. Treasury bills	$	266,963	$	266,963	$	—	$	—
	Interest rate derivatives (included in other assets)	29,351		—		29,351		—
		$	296,314	$	266,963	$	29,351	$	—

Schedule of Interest Rate Derivatives

The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of December 31, 2023 and 2022, respectively.


		Fair Value Asset as of December 31,				As of December 31, 2023

(Amounts in thousands)		2023		2022		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	16,315	$	26,718	$	300,000	1.76%	5/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	1,370		2,622		202,544		(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	4,923		11		500,000		(2)	06/24
Included in other assets		$	22,608	$	29,351

(1)	SOFR cap strike rate of 4.15%.
(2)	In June 2023, we purchased an interest rate cap for $11,258, which capped LIBOR at 6.00% through July 15, 2023 and caps the Prime Rate (8.50% as of December 31, 2023) at 6.00% through loan maturity. See Note 6 - Mortgages Payable for further information.

Summary of Carrying Amount and Fair Value of Financial Instruments

The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2023 and 2022.


	As of December 31, 2023				As of December 31, 2022
	Carrying		Fair		Carrying		Fair
(Amounts in thousands)	Amount		Value		Amount		Value
Assets:
Cash equivalents	$	363,535	$	363,535	$	47,852	$	47,852
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,096,544	$	1,071,887	$	1,096,544	$	1,061,221

Schedule III: Real Estate and Accumulated Depreciation - Rollforward of Real Estate and Accumulated Deprecation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REAL ESTATE:
Balance at beginning of period	$ 1,084,598	$ 1,069,426	$ 1,071,043
Changes during the period	1,088,903	1,084,621	1,086,975
Assets sold	(14,186)	0	(11,921)
Assets written-off	(8,097)	(23)	(5,628)
Balance at end of period	1,066,620	1,084,598	1,069,426
ACCUMULATED DEPRECIATION:
Balance at beginning of period	396,268	370,557	350,122
Depreciation expense	28,137	25,734	26,063
Subtotal of accumulated depreciation	424,405	396,291	376,185
Accumulated depreciation on assets sold	(405)	0	0
Accumulated depreciation on assets written-off	(8,097)	(23)	(5,628)
Balance at end of period	415,903	396,268	370,557
Land
REAL ESTATE:
Changes during the period	0	0	0
Buildings and leasehold improvements
REAL ESTATE:
Changes during the period	2,959	15,002	5,842
Development and construction in progress
REAL ESTATE:
Changes during the period	$ 1,346	$ 193	$ 10,090

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Potentially dilutive securities outstanding	0	0	0

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

ASC Topic 820, 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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value.

Financial Assets and Liabilities Measured at Fair Value


		As of December 31, 2023
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Interest rate derivatives (included in other assets)	$	22,608	$	—	$	22,608	$	—


		As of December 31, 2022
(Amounts in thousands)		Total		Level 1		Level 2		Level 3
	Investments in U.S. Treasury bills	$	266,963	$	266,963	$	—	$	—
	Interest rate derivatives (included in other assets)	29,351		—		29,351		—
		$	296,314	$	266,963	$	29,351	$	—

Interest Rate Derivatives

We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of December 31, 2023 and 2022, respectively.


		Fair Value Asset as of December 31,				As of December 31, 2023

(Amounts in thousands)		2023		2022		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	16,315	$	26,718	$	300,000	1.76%	5/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	1,370		2,622		202,544		(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	4,923		11		500,000		(2)	06/24
Included in other assets		$	22,608	$	29,351

(1)	SOFR cap strike rate of 4.15%.
(2)	In June 2023, we purchased an interest rate cap for $11,258, which capped LIBOR at 6.00% through July 15, 2023 and caps the Prime Rate (8.50% as of December 31, 2023) at 6.00% through loan maturity. See Note 6 - Mortgages Payable for further information.

9. FAIR VALUE MEASUREMENTS - continued

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 amount and fair value of these financial instruments as of December 31, 2023 and 2022.


	As of December 31, 2023				As of December 31, 2022
	Carrying		Fair		Carrying		Fair
(Amounts in thousands)	Amount		Value		Amount		Value
Assets:
Cash equivalents	$	363,535	$	363,535	$	47,852	$	47,852
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,096,544	$	1,071,887	$	1,096,544	$	1,061,221

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Multiemployer Pension Plans
Multiemployer Plans
Multiemployer plan, contributions by employer	$ 215	$ 178	$ 217
Multiemployer Health Plans
Multiemployer Plans
Multiemployer plan, contributions by employer	$ 1,005	$ 839	$ 748

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue Recognition - Components of lease Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 147,569	$ 135,668	$ 129,509
Variable lease revenues	68,899	61,562	68,600
Lease revenues	$ 216,468	$ 197,230	$ 198,109

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax Treatment Of Dividend
Internal taxable income distribution policy (in percentage)	100.00%
Estimated taxable income net	$ 98,555	$ 64,960	$ 101,184
Net basis difference of assets and liabilities between tax basis and GAAP basis	$ 145,246
Ordinary Income
Tax Treatment Of Dividend
Payments of dividends net percent	41.50%	100.00%	58.30%
Long Term Capital Gain
Tax Treatment Of Dividend
Payments of dividends net percent	58.50%		41.70%

Leases - Future Lease Payments for Operating Lease (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 800
2025	800
2026	800
2027	2,707
2028	2,880
Thereafter	23,280
Total undiscounted cash flows	31,267
Present value discount	(10,815)
Lease liability as of December 31, 2023	$ 20,452

Organization (Details) ft² in Thousands, $ in Millions			12 Months Ended
Organization (Details) ft² in Thousands, $ in Millions	Sep. 27, 2023 USD ($)	Dec. 03, 2022 USD ($) ft²	Dec. 31, 2023 ft² property extension unit segment
Operating Properties
Number of properties \| property			5
Number of segments \| segment			1
731 Lexington Avenue
Operating Properties
Area of property (in square feet)			1,079
731 Lexington Avenue \| Office space
Operating Properties
Area of property (in square feet)			939
731 Lexington Avenue \| Retail space
Operating Properties
Area of property (in square feet)			140
731 Lexington Avenue \| Retail space \| Tenant Occupant \| Home Depot
Operating Properties
Area of property (in square feet)			83
Rego Park I
Operating Properties
Area of property (in square feet)			338
Rego Park I \| IKEA
Operating Properties
Area of property (in square feet)		112
Payment for termination of lease \| $	$ 10	$ 10
Rego Park I \| Burlington Coat Factory
Operating Properties
Area of property (in square feet)			50
Rego Park I \| Marshalls
Operating Properties
Area of property (in square feet)			36
Rego Park II
Operating Properties
Area of property (in square feet)			616
Rego Park II \| Costco
Operating Properties
Area of property (in square feet)			145
Rego Park II \| Kohl's
Operating Properties
Area of property (in square feet)			133
Flushing
Operating Properties
Area of property (in square feet)			167
Number of extensions \| extension			1
Length of extension			10 years
The Alexander apartment tower
Operating Properties
Area of property (in square feet)			255
Number of property units \| unit			312

Marketable Securities (Details) $ in Thousands	1 Months Ended
Marketable Securities (Details) $ in Thousands	Dec. 31, 2021 USD ($) shares
Marketable Securities [Abstract]
Number of shares sold (shares) \| shares	564,612
Cash proceeds \| $	$ 9,506