0000003499-24-000041 | 10-Q | XBRL Viewer

Real Estate Sale	9 Months Ended
Real Estate Sale	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Sale	Real Estate Sale 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.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fees to Vornado

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2024		2023		2024		2023
Company management fees	$	700	$	700	$	2,100	$	2,100
Development fees	192		—		318		—
Leasing fees	—		974		5,555		1,144
Commission on sale of real estate	—		—		—		711
Property management, cleaning, engineering, parking and security fees	1,688		1,442		4,537		4,401
	$	2,580	$	3,116	$	12,510	$	8,356

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 6,678	$ 10,754	$ 31,167	$ 86,127
Other comprehensive loss:
Change in fair value of interest rate derivatives and other	(5,408)	(1,486)	(9,308)	(2,020)
Comprehensive income	$ 1,270	$ 9,268	$ 21,859	$ 84,107

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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 deferred stock units) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2024 and 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	6,678	$	10,754	$	31,167	$	86,127

Weighted average shares outstanding - basic and diluted	5,133,534		5,130,678		5,132,043		5,128,875

Net income per common share - basic and diluted	$	1.30	$	2.10	$	6.07	$	16.79

Related Party Transactions - Additional Information (Details)	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Apr. 30, 2024	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / ft²	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Fees to related party	$ 2,580,000	$ 3,116,000			$ 12,510,000	$ 8,356,000
Property Management Fees
Related Party Transaction [Line Items]
Fees to related party	1,688,000	1,442,000			4,537,000	4,401,000
Development fees
Related Party Transaction [Line Items]
Fees to related party	192,000	0			318,000	0
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	0	$ 974,000			5,555,000	$ 1,144,000
Related Party
Related Party Transaction [Line Items]
Management fee agreement value					2,800,000
Other liabilities	943,000			$ 943,000	$ 943,000		$ 715,000
Related Party \| Property Management Fees \| Rego Park II \| Retail Space
Related Party Transaction [Line Items]
Property management fee, percent fee					2.00%
Related Party \| Property Management Fees \| 731 Lexington Avenue \| Office and Retail Space
Related Party Transaction [Line Items]
Property management fee agreement, price per square foot \| $ / ft²					0.50
Related Party \| Property Management Fees \| 731 Lexington Avenue \| Common Area
Related Party Transaction [Line Items]
Property management fee escalation percentage per annum					3.00%
Related Party \| Management And Development Agreement, Base Management Fee \| 731 Lexington Avenue \| Common Area
Related Party Transaction [Line Items]
Fees to related party					$ 376,000
Related Party \| Development fees
Related Party Transaction [Line Items]
Development fee as percentage of development costs					6.00%
Other liabilities	192,000			$ 192,000	$ 192,000
Related Party \| Leasing fees
Related Party Transaction [Line Items]
Lease fee percentage of rent one to ten years					3.00%
Lease fee percentage of rent eleven to twenty years					2.00%
Lease fee percentage of rent twenty first to thirty years					1.00%
Percentage increase lease fee if broker used			1.00%
Percentage of third-party lease commission				33.333%
Percentage commissions on sale of assets under fifty million					3.00%
Asset sale commission threshold					$ 50,000,000
Percentage commissions on sale of assets over fifty million					1.00%
Other liabilities	17,000			$ 17,000	$ 17,000		69,000
Related Party \| Management, property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Other liabilities	$ 734,000			$ 734,000	$ 734,000		$ 646,000
Alexander's Inc. \| Vornado \| Related Party
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	32.40%			32.40%	32.40%

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
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 2024, we granted each of the members of our Board of Directors 357 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 September 30, 2024, there were 26,244 DSUs outstanding and 479,543 shares were available for future grant under the Plan.

Fair Value Measurements - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Assets:
Cash equivalents	$ 41,901	$ 363,535
Level 1 \| Fair Value
Assets:
Cash equivalents	41,901	363,535
Level 2 \| Carrying Amount
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	996,544	1,096,544
Level 2 \| Fair Value
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 1,010,684	$ 1,071,887

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following is a summary of revenue sources for the three and nine months ended September 30, 2024 and 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2024		2023		2024		2023
Lease revenues	$	53,244	$	52,954	$	163,878	$	155,502
Parking revenue	1,168		1,090		3,483		3,300
Tenant services	1,263		1,369		3,103		3,225
Rental revenues	$	55,675	$	55,413	$	170,464	$	162,027

The components of lease revenues for the three and nine months ended September 30, 2024 and 2023 are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2024		2023		2024		2023
Fixed lease revenues	$	35,608	$	34,926	$	112,542	$	104,489
Variable lease revenues	17,636		18,028		51,336		51,013
Lease revenues	$	53,244	$	52,954	$	163,878	$	155,502

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $93,179,000 and $89,863,000 for the nine months ended September 30, 2024 and 2023, respectively, representing approximately 55% of our rental revenues in each period. 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.

On May 3, 2024, Alexander’s and Bloomberg entered into an agreement to extend the leases covering approximately 947,000 square feet at our 731 Lexington Avenue property that were scheduled to expire in February 2029 for a term of eleven years to February 2040. Upon execution of this lease extension, we paid a $32,000,000 leasing commission, of which $26,500,000 was to a third-party broker and $5,500,000 was to Vornado.

In connection with the lease extension, Bloomberg is entitled to a $113,618,000 tenant fund which is accounted for as a lease incentive under GAAP. Accordingly, during the second quarter of 2024, we recorded a deferred lease incentive asset of $113,618,000, which is amortized as a reduction to rental revenues over the remaining term of the lease, and a corresponding liability. These amounts are included in “Deferred leasing costs, net” and “Lease incentive liability,” respectively, on our consolidated balance sheet as of September 30, 2024.

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 accelerated its lease termination date to April 1, 2024. During the fourth quarter of 2023 and the first quarter of 2024, IKEA paid its remaining rent obligation through March 16, 2026 and the $10,000,000 termination payment.

- 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

Revenue Recognition - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Lease revenues	$ 53,244	$ 52,954	$ 163,878	$ 155,502
Rental revenues	55,675	55,413	170,464	162,027
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,168	1,090	3,483	3,300
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 1,263	$ 1,369	$ 3,103	$ 3,225

- 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.

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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).

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands, except share and per share amounts)	2024		2023		2024		2023
Net income	$	6,678	$	10,754	$	31,167	$	86,127

Weighted average shares outstanding - basic and diluted	5,133,534		5,130,678		5,132,043		5,128,875

Net income per common share - basic and diluted	$	1.30	$	2.10	$	6.07	$	16.79

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 31,167	$ 86,127
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	28,470	24,771
Net gain on sale of real estate	0	(53,952)
Straight-lining of rents	11,880	5,949
Interest rate cap premium amortization	6,213	4,049
Stock-based compensation expense	450	450
Other non-cash adjustments	(1,664)	1,295
Change in operating assets and liabilities:
Tenant and other receivables	529	(951)
Other assets	(161,750)	(1,377)
Amounts due to Vornado	36	725
Accounts payable and accrued expenses	(5,639)	(2,705)
Lease incentive liability	113,618	0
Other liabilities	(14)	(14)
Net cash provided by operating activities	23,296	64,367
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(9,836)	(3,796)
Proceeds from maturities of U.S. Treasury bills	0	264,881
Proceeds from sale of real estate	0	67,821
Proceeds from interest rate cap	6,563	1,889
Purchase of interest rate cap	0	(11,258)
Net cash (used in) provided by investing activities	(3,273)	319,537
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(500,000)	0
Proceeds from borrowing	400,000	0
Dividends paid	(69,277)	(69,232)
Debt issuance costs	(6,547)	(69)
Net cash used in financing activities	(175,824)	(69,301)
Net (decrease) increase in cash and cash equivalents and restricted cash	(155,801)	314,603
Cash and cash equivalents and restricted cash at beginning of period	552,977	214,478
Cash and cash equivalents and restricted cash at end of period	397,176	529,081
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	531,855	194,933
Restricted cash at beginning of period	21,122	19,545
Cash and cash equivalents and restricted cash at beginning of period	552,977	214,478
Cash and cash equivalents at end of period	354,817	507,918
Restricted cash at end of period	42,359	21,163
Cash and cash equivalents and restricted cash at end of period	397,176	529,081
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	51,426	38,399
NON-CASH TRANSACTIONS
Liability for real estate additions, including $192 for development fees due to Vornado in 2024	6,143	652
Write-off of fully depreciated assets	$ 1,760	$ 5,964

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 6,678	$ 10,754	$ 31,167	$ 86,127
Weighted average shares outstanding - basic (in shares)	5,133,534	5,130,678	5,132,043	5,128,875
Weighted average shares outstanding - diluted (in shares)	5,133,534	5,130,678	5,132,043	5,128,875
Net income per common share - basic (in usd per share)	$ 1.30	$ 2.10	$ 6.07	$ 16.79
Net income per common share - diluted (in usd per share)	$ 1.30	$ 2.10	$ 6.07	$ 16.79

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

Related Party Transactions - Schedule of Fees to Vornado (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Fees to related party	$ 2,580	$ 3,116	$ 12,510	$ 8,356
Company management fees
Related Party Transaction [Line Items]
Fees to related party	700	700	2,100	2,100
Development fees
Related Party Transaction [Line Items]
Fees to related party	192	0	318	0
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	0	974	5,555	1,144
Commission on sale of real estate
Related Party Transaction [Line Items]
Fees to related party	0	0	0	711
Property management, cleaning, engineering, parking and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 1,688	$ 1,442	$ 4,537	$ 4,401

Commitments and Contingencies (Details)	9 Months Ended
Commitments and Contingencies (Details)	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Standby letters of credit, outstanding	$ 900,000
All Risk Property and Rental Value
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	1,700,000,000
Terrorism Coverage Including NBCR
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	1,700,000,000
Insurance maximum coverage in aggregate	$ 1,700,000,000
NBCR
Loss Contingencies [Line Items]
Federal government responsibility (in percentage)	80.00%
NBCR \| FNSIC
Loss Contingencies [Line Items]
Insurance deductible	$ 316,000
Self insured responsibility (in percentage)	20.00%
General Liability
Loss Contingencies [Line Items]
Insurance maximum coverage per property	$ 300,000,000
Insurance maximum coverage per incident	300,000,000
Disease Coverage
Loss Contingencies [Line Items]
Insurance maximum coverage per incident	$ 30,000,000

Organization (Details)	Sep. 30, 2024 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties	5

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.

Revenue Recognition - Schedule of Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 35,608	$ 34,926	$ 112,542	$ 104,489
Variable lease revenues	17,636	18,028	51,336	51,013
Lease revenues	$ 53,244	$ 52,954	$ 163,878	$ 155,502

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.
Recently Issued Accounting Literature	In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.
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 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.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 22,497	$ 19,540
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

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Rental revenues	$ 55,675	$ 55,413	$ 170,464	$ 162,027
EXPENSES
Operating, including fees to Vornado of $1,828, $1,557, $4,932 and $4,780, respectively	(26,446)	(25,593)	(76,700)	(75,355)
Depreciation and amortization	(7,972)	(7,933)	(26,146)	(23,492)
General and administrative, including management fees to Vornado of $610, $610, $1,830 and $1,830, respectively	(1,423)	(1,580)	(5,058)	(4,845)
Total expenses	(35,841)	(35,106)	(107,904)	(103,692)
Interest and other income	6,105	6,622	20,321	15,464
Interest and debt expense	(19,261)	(16,175)	(51,714)	(41,624)
Net gain on sale of real estate	0	0	0	53,952
Net income	$ 6,678	$ 10,754	$ 31,167	$ 86,127
Net income per common share - basic (in usd per share)	$ 1.30	$ 2.10	$ 6.07	$ 16.79
Net income per common share - diluted (in usd per share)	$ 1.30	$ 2.10	$ 6.07	$ 16.79
Weighted average shares outstanding - basic (in shares)	5,133,534	5,130,678	5,132,043	5,128,875
Weighted average shares outstanding - diluted (in shares)	5,133,534	5,130,678	5,132,043	5,128,875

Revenue Recognition - Additional Information (Details) ft² in Thousands			3 Months Ended		6 Months Ended	9 Months Ended
	May 03, 2024 USD ($) ft²	Dec. 03, 2022 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Rental revenues			$ 55,675,000	$ 55,413,000		$ 170,464,000	$ 162,027,000
Incentive from lessor			$ 113,618,000			113,618,000			$ 0
Bloomberg \| 731 Lexington Avenue Property
Disaggregation of Revenue [Line Items]
Area of property (in sqft.) \| ft²	947
Term	11 years
Payments for lease commissions	$ 32,000,000
Incentive from lessor	113,618,000
Deferred lease incentive asset								$ 113,618,000
Bloomberg \| 731 Lexington Avenue Property \| Third Party Broker
Disaggregation of Revenue [Line Items]
Payments for lease commissions	26,500,000
Bloomberg \| 731 Lexington Avenue Property \| Vornado
Disaggregation of Revenue [Line Items]
Payments for lease commissions	$ 5,500,000
IKEA \| Rego Park 1 Property
Disaggregation of Revenue [Line Items]
Area of property (in sqft.) \| ft²		112
Payment for termination of lease		$ 10,000,000			$ 10,000,000
Customer concentration \| Revenue \| Bloomberg
Disaggregation of Revenue [Line Items]
Rental revenues						$ 93,179,000	$ 89,863,000
Percentage rent contributed by tenant						55.00%	55.00%

Mortgages Payable - Schedule of Long -term Debt Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes payable	$ 987,978	$ 1,092,551
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes payable, gross	996,544	1,096,544
Deferred debt issuance costs, net of accumulated amortization of $6,589 and $17,639, respectively	(8,566)	(3,993)
Deferred debt issuance costs, accumulated amortization	$ 6,589	17,639
Mortgages \| 731 Lexington Avenue \| Office Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	5.04%
Notes payable, gross	$ 400,000	500,000
Mortgages \| 731 Lexington Avenue \| Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	1.76%
Notes payable, gross	$ 300,000	300,000
Rate	1.51%
Swapped fixed rate	1.76%
Mortgages \| Rego Park II \| Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	5.60%
Notes payable, gross	$ 202,544	202,544
Mortgages \| Rego Park II \| Retail Space \| SOFR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Rate	1.45%
Mortgages \| Rego Park II \| Retail Space \| SOFR capped rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Rate	4.15%
Mortgages \| The Alexander apartment tower \| Apartment tower
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest rate	2.63%
Notes payable, gross	$ 94,000	$ 94,000

Cover	9 Months Ended
Cover	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-06064
Entity Registrant Name	ALEXANDERS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0100517
Entity Address, Address Line One	210 Route 4 East,
Entity Address, City or Town	Paramus,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07652
City Area Code	(201)
Local Phone Number	587-8541
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	ALX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	5,107,290
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000003499
Current Fiscal Year End Date	--12-31

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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 September 30, 2024. 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.

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Vornado

As of September 30, 2024, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $376,000, 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. Under the agreements in effect prior to May 1, 2024, in the event third-party real estate brokers were used, the fees to Vornado increased by 1% and Vornado was responsible for the fees to the third-party real estate brokers (“Third-Party Lease Commissions”). On May 1, 2024, our Board of Directors approved amendments to the leasing agreements, subject to applicable lender consents, pursuant to which the Company is responsible for any Third-Party Lease Commissions and, in such circumstances, Vornado’s fee is one-third of the applicable Third-Party Lease Commission.

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 LLC, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower. 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.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2024		2023		2024		2023
Company management fees	$	700	$	700	$	2,100	$	2,100
Development fees	192		—		318		—
Leasing fees	—		974		5,555		1,144
Commission on sale of real estate	—		—		—		711
Property management, cleaning, engineering, parking and security fees	1,688		1,442		4,537		4,401
	$	2,580	$	3,116	$	12,510	$	8,356

As of September 30, 2024, the amounts due to Vornado were $734,000 for management, property management, cleaning, engineering and security fees, $192,000 for development fees and $17,000 for leasing fees. 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.

- 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.

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+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following is a summary of revenue sources for the three and nine months ended September 30, 2024 and 2023.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2024		2023		2024		2023
Lease revenues	$	53,244	$	52,954	$	163,878	$	155,502
Parking revenue	1,168		1,090		3,483		3,300
Tenant services	1,263		1,369		3,103		3,225
Rental revenues	$	55,675	$	55,413	$	170,464	$	162,027

Schedule of Components of Lease Revenue

The components of lease revenues for the three and nine months ended September 30, 2024 and 2023 are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Amounts in thousands)	2024		2023		2024		2023
Fixed lease revenues	$	35,608	$	34,926	$	112,542	$	104,489
Variable lease revenues	17,636		18,028		51,336		51,013
Lease revenues	$	53,244	$	52,954	$	163,878	$	155,502

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning balance, (in shares) at Dec. 31, 2022		5,173,000
Beginning balance, value at Dec. 31, 2022	$ 236,499	$ 5,173	$ 33,865	$ 172,243	$ 25,586	$ (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	86,127			86,127
Dividends paid	(69,232)			(69,232)
Change in fair value of interest rate derivatives and other	(2,020)				(2,020)
Deferred stock unit grants	450		450
Ending balance, (in shares) at Sep. 30, 2023		5,173,000
Ending balance, value at Sep. 30, 2023	251,824	$ 5,173	34,315	189,138	23,566	(368)
Beginning balance, (in shares) at Jun. 30, 2023		5,173,000
Beginning balance, value at Jun. 30, 2023	265,644	$ 5,173	34,315	201,472	25,052	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,754			10,754
Dividends paid	(23,088)			(23,088)
Change in fair value of interest rate derivatives and other	(1,486)				(1,486)
Ending balance, (in shares) at Sep. 30, 2023		5,173,000
Ending balance, value at Sep. 30, 2023	$ 251,824	$ 5,173	34,315	189,138	23,566	(368)
Beginning balance, (in shares) at Dec. 31, 2023	5,173,450	5,173,000
Beginning balance, value at Dec. 31, 2023	$ 237,657	$ 5,173	34,315	182,336	16,201	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,167			31,167
Dividends paid	(69,277)			(69,277)
Change in fair value of interest rate derivatives and other	(9,308)				(9,308)
Deferred stock unit grants	$ 450		450
Ending balance, (in shares) at Sep. 30, 2024	5,173,450	5,173,000
Ending balance, value at Sep. 30, 2024	$ 190,689	$ 5,173	34,765	144,226	6,893	(368)
Beginning balance, (in shares) at Jun. 30, 2024		5,173,000
Beginning balance, value at Jun. 30, 2024	212,520	$ 5,173	34,765	160,649	12,301	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,678			6,678
Dividends paid	(23,101)			(23,101)
Change in fair value of interest rate derivatives and other	$ (5,408)				(5,408)
Ending balance, (in shares) at Sep. 30, 2024	5,173,450	5,173,000
Ending balance, value at Sep. 30, 2024	$ 190,689	$ 5,173	$ 34,765	$ 144,226	$ 6,893	$ (368)

- Definition

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

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- Definition

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

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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Mortgages Payable - Additional Information (Detail) - 731 Lexington Avenue - USD ($)		1 Months Ended
	Jun. 11, 2024	Jul. 15, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 29, 2024	Jun. 09, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Payments for derivative instrument			$ 11,258,000
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage loans, extension option	4 months					1 year
Mortgage loans	$ 490,000,000			$ 400,000,000	$ 490,000,000	$ 500,000,000
Paydown	$ 10,000,000
Fixed interest rate				5.04%
Mortgages \| LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Rate		0.90%
Interest cap rate		6.00%
Mortgages \| Prime Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest cap rate	6.00%

Real Estate Sale (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Real Estate Sale (Details) - USD ($) $ in Thousands	May 19, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Line Items]
Proceeds from sale of real estate				$ 0	$ 67,821
Net gain on sale of real estate		$ 0	$ 0	$ 0	$ 53,952
Rego Park III land parcel
Real Estate [Line Items]
Proceeds from sale of real estate	$ 71,060
Net proceeds from sale of land	67,821
Net gain on sale of real estate	$ 53,952

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 32,271	$ 32,271
Buildings and leasehold improvements	1,038,569	1,034,068
Development and construction in progress	8,030	281
Total	1,078,870	1,066,620
Accumulated depreciation and amortization	(436,619)	(415,903)
Real estate, net	642,251	650,717
Cash and cash equivalents	354,817	531,855
Restricted cash	42,359	21,122
Tenant and other receivables	4,748	6,076
Receivable arising from the straight-lining of rents	112,986	124,866
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $22,497 and $19,540, respectively	163,860	24,888
Other assets	43,948	44,156
Total assets	1,364,969	1,403,680
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	987,978	1,092,551
Accounts payable and accrued expenses	50,443	51,750
Lease incentive liability	113,618	0
Total liabilities	1,174,280	1,166,023
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	34,765	34,315
Retained earnings	144,226	182,336
Accumulated other comprehensive income	6,893	16,201
Equity before treasury stock	191,057	238,025
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	190,689	237,657
Total liabilities and equity	1,364,969	1,403,680
Related Party
LIABILITIES AND EQUITY
Amounts due to Vornado	943	715
Other liabilities	943	715
Nonrelated Party
LIABILITIES AND EQUITY
Amounts due to Vornado	21,298	21,007
Other liabilities	$ 21,298	$ 21,007

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Potentially dilutive securities outstanding (in shares)	0	0	0	0

Stock-Based Compensation (Details) - Director - 2016 Omnibus Stock Plan - Deferred Stock Units - USD ($)	1 Months Ended
	May 31, 2024	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity instruments granted per director (in shares)	357
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 total	$ 450,000
Non option equity instruments, outstanding, number (in shares)		26,244
Shares available for future grant under the plan (in shares)		479,543

Recently Issued Accounting Literature	9 Months Ended
Recently Issued Accounting Literature	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (g)(2)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 9: 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 12: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets measured at fair value on our consolidated balance sheet as of September 30, 2024 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 September 30, 2024.


	As of September 30, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	7,087	$	—	$	7,087	$	—

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	$	—

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 September 30, 2024 and December 31, 2023, respectively.


		Fair Value as of				As of September 30, 2024
(Amounts in thousands)		September 30, 2024		December 31, 2023		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	6,890	$	16,315	$	300,000	1.76%	05/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	197		1,370		$	202,544	(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	—		4,923		N/A		N/A	N/A
Included in other assets		$	7,087	$	22,608

(1)SOFR cap strike rate of 4.15%.

Schedule 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 September 30, 2024 and December 31, 2023, respectively.


	As of September 30, 2024				As of December 31, 2023
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	41,901	$	41,901	$	363,535	$	363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	996,544	$	1,010,684	$	1,096,544	$	1,071,887

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	$ 7,087	$ 22,608
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	7,087	22,608
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivatives (included in other assets)	$ 0	$ 0

Fair Value Measurements - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 7,087	$ 22,608
Interest rate swap \| Designated as Hedging Instrument \| 731 Lexington Avenue mortgage loan, retail condominium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	6,890	16,315
Notional Amount	$ 300,000
Swapped Rate	1.76%
Interest rate swap \| Designated as Hedging Instrument \| Rego Park II shopping center mortgage loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 197	1,370
Notional Amount	$ 202,544
Interest cap rate	4.15%
Interest rate swap \| Designated as Hedging Instrument \| 731 Lexington Avenue mortgage loan, office condominium
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Included in other assets	$ 0	$ 4,923

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 4.50	$ 4.50	$ 13.50	$ 13.50

Mortgages Payable (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following is a summary of our outstanding mortgages payable as of September 30, 2024 and December 31, 2023. We may refinance our maturing debt as it comes due or choose to pay it down.


		Interest Rate at September 30, 2024	Balance at
(Amounts in thousands)	Maturity		September 30, 2024		December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 9, 2028	5.04%	$	400,000	$	500,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			996,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $6,589 and $17,639, respectively			(8,566)		(3,993)
			$	987,978	$	1,092,551

(1)Interest rate listed represents the rate in effect as of September 30, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.

(3)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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 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 September 30, 2024
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	7,087	$	—	$	7,087	$	—


	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	$	—

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 September 30, 2024 and December 31, 2023, respectively.


		Fair Value as of				As of September 30, 2024
(Amounts in thousands)		September 30, 2024		December 31, 2023		Notional Amount		Swapped Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	6,890	$	16,315	$	300,000	1.76%	05/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	197		1,370		$	202,544	(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	—		4,923		N/A		N/A	N/A
Included in other assets		$	7,087	$	22,608

(1)SOFR cap strike rate of 4.15%.

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 September 30, 2024 and December 31, 2023, respectively.


	As of September 30, 2024				As of December 31, 2023
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	41,901	$	41,901	$	363,535	$	363,535
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	996,544	$	1,010,684	$	1,096,544	$	1,071,887

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Basis of Presentation (Details)	9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

CCONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating fees to Vornado	$ 26,446	$ 25,593	$ 76,700	$ 75,355
Management fees	1,423	1,580	5,058	4,845
Related Party
Operating fees to Vornado	1,828	1,557	4,932	4,780
Management fees	$ 610	$ 610	$ 1,830	$ 1,830

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Development fees	$ 6,143
Related Party
Development fees	$ 192

Mortgages Payable

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

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 then at the Prime Rate through loan maturity on June 11, 2024. In addition, in June 2023, we purchased an interest rate cap for $11,258,000, which capped LIBOR at 6.00% through July 15, 2023 and then the Prime Rate at 6.00% through loan maturity. On June 11, 2024, we entered into a four-month extension of the loan and simultaneously paid down the principal balance by $10,000,000 to $490,000,000.

On September 30, 2024, we entered into a new $400,000,000 mortgage loan on the office condominium portion of 731 Lexington Avenue. The interest-only loan has a fixed rate of 5.04% and matures in October 2028. The loan is prepayable, at the Company’s option, with no penalty, beginning in October 2026. The new loan replaces the previous $490,000,000 loan that bore interest at the Prime Rate and was scheduled to mature in October 2024.

The following is a summary of our outstanding mortgages payable as of September 30, 2024 and December 31, 2023. We may refinance our maturing debt as it comes due or choose to pay it down.


		Interest Rate at September 30, 2024	Balance at
(Amounts in thousands)	Maturity		September 30, 2024		December 31, 2023
First mortgages secured by:
731 Lexington Avenue, office condominium	Oct. 9, 2028	5.04%	$	400,000	$	500,000
731 Lexington Avenue, retail condominium (1)(2)	Aug. 05, 2025	1.76%	300,000		300,000
Rego Park II shopping center (1)(3)	Dec. 12, 2025	5.60%	202,544		202,544
The Alexander apartment tower	Nov. 01, 2027	2.63%	94,000		94,000
Total			996,544		1,096,544
Deferred debt issuance costs, net of accumulated amortization of $6,589 and $17,639, respectively			(8,566)		(3,993)
			$	987,978	$	1,092,551

(1)Interest rate listed represents the rate in effect as of September 30, 2024 based on SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.

(2)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.

(3)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).

Organization	9 Months Ended
Organization	Sep. 30, 2024
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.