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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Trading Symbol	ALX
Entity Registrant Name	ALEXANDERS INC
Entity Central Index Key	0000003499
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		5,107,290

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate, at cost:
Land	$ 44,971	$ 44,971
Buildings and leasehold improvements	987,507	985,800
Development and construction in progress	3,071	2,780
Total	1,035,549	1,033,551
Accumulated depreciation and amortization	(266,624)	(252,737)
Real estate, net	768,925	780,814
Cash and cash equivalents	466,456	288,926
Restricted cash	84,567	85,752
Marketable securities	31,077	37,918
Tenant and other receivables, net of allowance for doubtful accounts of $1,870 and $1,473, respectively	2,776	3,056
Receivable arising from the straight-lining of rents	176,861	179,010
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $35,163 and $36,960, respectively	46,106	48,387
Other assets	53,487	27,367
Total assets	1,630,255	1,451,230
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,239,729	1,052,359
Amounts due to Vornado	551	897
Accounts payable and accrued expenses	41,865	42,200
Other liabilities	2,915	2,929
Total liabilities	1,285,060	1,098,385
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	0	0
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 and, 5,106,196 shares, respectively	5,173	5,173
Additional capital	31,577	31,189
Retained earnings	307,848	308,995
Accumulated other comprehensive income	965	7,862
Equity before treasury stock	345,563	353,219
Treasury stock: 66,160 shares and 67,254 shares respectively, at cost	(368)	(374)
Total equity	345,195	352,845
Total liabilities and equity	$ 1,630,255	$ 1,451,230

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,870	$ 1,473
Unamortized leasing fees to Vornado	$ 35,163	$ 36,960
Preferred stock: par value per share	$ 1.00	$ 1.00
Preferred stock: authorized shares	3,000,000	3,000,000
Preferred stock: issued shares	0	0
Preferred stock: outstanding shares	0	0
Common stock: par value per share	$ 1.00	$ 1.00
Common stock: authorized shares	10,000,000	10,000,000
Common stock: issued shares	5,173,450	5,173,450
Common stock: outstanding shares	5,107,290	5,106,196
Treasury stock: shares	66,160	67,254

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES
Property rentals	$ 38,264	$ 38,878	$ 76,537	$ 75,531
Expense reimbursements	18,926	18,127	37,882	37,032
Total revenues	57,190	57,005	114,419	112,563
EXPENSES
Operating, including fees to Vornado of $1,091, $1,048, $2,219 and $2,309, respectively	20,744	19,334	41,665	38,988
Depreciation and amortization	8,138	9,367	16,183	17,700
General and administrative, including management fees to Vornado of $595 and $1,190 in each three and six month period, respectively	1,696	1,825	2,852	3,060
Total expenses	30,578	30,526	60,700	59,748
OPERATING INCOME	26,612	26,479	53,719	52,815
Interest and other income, net	1,297	775	2,024	1,866
Interest and debt expense	(7,255)	(5,455)	(13,415)	(10,861)
Income before income taxes	20,654	21,799	42,328	43,820
Income tax benefit (expense)	6	(32)	(1)	(34)
Net income	$ 20,660	$ 21,767	$ 42,327	$ 43,786
Net income per common share - basic and diluted	$ 4.04	$ 4.26	$ 8.28	$ 8.56
Weighted average shares outstanding - basic and diluted	5,115,320	5,113,844	5,115,012	5,113,461
Dividends per common share	$ 4.25	$ 4.00	$ 8.50	$ 8.00

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Fees to Vornado	$ 1,091	$ 1,048	$ 2,219	$ 2,309
Management fees to Vornado	$ 595	$ 595	$ 1,190	$ 1,190

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 20,660	$ 21,767	$ 42,327	$ 43,786
Other comprehensive (loss) income:
Change in unrealized net gain on available-for-sale securities	(3,394)	3,292	(6,841)	2,515
Change in value of interest rate cap	(112)	27	(56)	43
Comprehensive income	$ 17,154	$ 25,086	$ 35,430	$ 46,344

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Beginning Balance, Value at Dec. 31, 2015	$ 352,880	$ 5,173	$ 30,739	$ 304,340	$ 13,002	$ (374)
Beginning Balance, Shares at Dec. 31, 2015		5,173,000
Net income	43,786			43,786
Dividends paid	(40,905)			(40,905)
Change in unrealized net gain on available-for-sale securities	2,515				2,515
Change in value of interest rate cap	43				43
Deferred stock unit grants	450		450
Ending Balance, Value at Jun. 30, 2016	358,769	$ 5,173	31,189	307,221	15,560	(374)
Ending Balance, Shares at Jun. 30, 2016		5,173,000
Beginning Balance, Value at Dec. 31, 2016	$ 352,845	$ 5,173	31,189	308,995	7,862	(374)
Beginning Balance, Shares at Dec. 31, 2016	5,173,450	5,173,000
Net income	$ 42,327			42,327
Dividends paid	(43,474)			(43,474)
Change in unrealized net gain on available-for-sale securities	(6,841)				(6,841)
Change in value of interest rate cap	(56)				(56)
Deferred stock unit grants	394		394
Other			(6)			6
Ending Balance, Value at Jun. 30, 2017	$ 345,195	$ 5,173	$ 31,577	$ 307,848	$ 965	$ (368)
Ending Balance, Shares at Jun. 30, 2017	5,173,450	5,173,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 42,327	$ 43,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	17,334	18,981
Straight-lining of rental income	2,149	910
Stock-based compensation expense	394	450
Changes in operating assets and liabilities:
Tenant and other receivables, net	280	1,495
Other assets	(26,191)	(34,112)
Amounts due to Vornado	(319)	(1,607)
Accounts payable and accrued expenses	(155)	2,851
Other liabilities	(14)	(15)
Net cash provided by operating activities	35,805	32,739
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(2,205)	(11,146)
Net cash used in investing activities	(2,205)	(11,146)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(301,819)	(1,687)
Proceeds from borrowing	500,000	0
Dividends paid	(43,474)	(40,905)
Debt issuance costs	(11,962)	(16)
Net cash provided by (used in) financing activities	142,745	(42,608)
Net increase (decrease) in cash and cash equivalents and restricted cash	176,345	(21,015)
Cash and cash equivalents and restricted cash at beginning of period	374,678	344,656
Cash and cash equivalents and restricted cash at end of period	551,023	323,641
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	288,926	259,349
Restricted cash at beginning of period	85,752	85,307
Cash and cash equivalents and restricted cash at beginning of period	374,678	344,656
Cash and cash equivalents at end of period	466,456	235,753
Restricted cash at end of period	84,567	87,888
Cash and cash equivalents and restricted cash at end of period	551,023	323,641
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	11,758	9,496
NON-CASH TRANSACTIONS
Liability for real estate additions, including $27 and $74 for development fees due to Vornado in 2017 and 2016, respectively	115	1,401
Write-off of fully amortized and/or depreciated assets	4,265	1,591
Change in unrealized net gain on available-for-sale securities	$ (6,841)	$ 2,515

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Liability for real estate additions due to Vornado	$ 115	$ 1,401
Development Fees [Member] \| Vornado [Member]
Liability for real estate additions due to Vornado	$ 27	$ 74

Organization

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1.	Organization

Alexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have seven properties in the greater New York City metropolitan area.

Basis of Presentation

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

2.	Basis of Presentation

The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q 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, 2016, 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 six months ended June 30, 2017 are not necessarily indicative of the operating results for the full year.

We operate in one reportable segment.

Recently Issued Accounting Literature

6 Months Ended

Jun. 30, 2017

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Literature

3.	Recently Issued Accounting Literature

In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standard effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have progressed with our project plan for adopting this standard, including gathering and evaluating the inventory of our revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of the update (“ASU 2016-02”) Leases with no impact on “total revenues.” We also expect this standard will have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements.

In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments. ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. While the adoption of this standard requires us to continue to measure “marketable securities” at fair value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income.”

In February 2016, the FASB issued an update ASU 2016-02 establishing ASC Topic 842, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. ASU 2016-02 will more significantly impact the accounting for leases in which we are a lessee. Upon adoption of this standard, we will be required to record a right-of-use asset and lease liability for our Flushing property ground lease, equal to the present value of the remaining minimum lease payments. We also expect that this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases with no impact on “total revenues.” In particular, items such as reimbursable real estate taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as certain reimbursable operating expenses, will be presented in “expense reimbursements” on our consolidated statements of income.

In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The adoption of this update as of January 1, 2017, did not have any impact on our consolidated financial statements.

In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows. ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017. The adoption of this update did not have a material impact on our consolidated financial statements.

In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-18 effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, the consolidated statements of cash flows present a reconciliation of the changes in cash and cash equivalents and restricted cash. Restricted cash primarily consists of cash held in a non-interest bearing escrow account in connection with our Rego Park I 100% cash collateralized mortgage, as well as security deposits and other cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.

In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets. ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We expect to utilize the modified retrospective method of adoption. The adoption of this standard is not expected to have an impact on our consolidated financial statements.

Related Party Transactions

6 Months Ended

Jun. 30, 2017

Related Party Transactions

4.	Related Party Transactions

Vornado

As of June 30, 2017, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $306,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. Vornado is also entitled to a development fee equal to 6% of development costs, as defined.

Leasing Agreements

Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers. Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.

Other Agreements

We also have agreements with Building Maintenance Services, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2017		2016		2017		2016
Company management fees	$	700	$	700	$	1,400	$	1,400
Development fees		4		75		32		119
Leasing fees		4		833		15		7,291
Property management fees and payments for cleaning and security services		953		915		1,941		2,030

	$	1,661	$	2,523	$	3,388	$	10,840

As of June 30, 2017, the amounts due to Vornado were $27,000 for development fees; $523,000 for management, property management, cleaning and security fees; and $1,000 for leasing fees. As of December 31, 2016, the amounts due to Vornado were $54,000 for development fees; $428,000 for management, property management, cleaning and security fees; and $415,000 for leasing fees. In January 2016, we paid an $8,916,000 leasing commission related to the Bloomberg lease amendment, of which $7,200,000 was to a third party broker and $1,716,000 was to Vornado. In March 2016, we paid Vornado a development fee of $5,784,000 related to The Alexander apartment tower.

Toys “R” Us (“Toys”)

As of June 30, 2017, our affiliate, Vornado owned 32.5% of Toys. Toys leases approximately 47,000 square feet of retail space at our Rego Park II shopping center. Joseph Macnow, Vornado’s Executive Vice President and Chief Financial Officer and Wendy A. Silverstein, a member of our Board of Directors, represent Vornado as members of Toys’ Board of Directors. We recognized $1,334,000 and $1,309,000 of revenue related to the space leased by Toys during the six months ended June 30, 2017 and 2016, respectively.

Marketable Securities

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

5.	Marketable Securities

As of June 30, 2017 and December 31, 2016, we owned 535,265 common shares of The Macerich Company (“Macerich”) (NYSE: MAC). These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of June 30, 2017 and December 31, 2016, the fair value of these shares was $31,077,000 and $37,918,000, respectively, based on Macerich’s closing share price of $58.06 per share and $70.84 per share, respectively. These shares are included in “marketable securities” on our consolidated balance sheets and are classified as available-for-sale. Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive (loss) income.”

Significant Tenants

6 Months Ended

Jun. 30, 2017

Risks and Uncertainties [Abstract]

Significant Tenants

6.	Significant Tenants

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $52,187,000 and $52,217,000 for the six months ended June 30, 2017 and 2016, respectively, representing approximately 46% of our total revenues in each period. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

7.	Stock-Based Compensation

We account for stock-based compensation in accordance with ASC 718. Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified 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 2017, we granted each of the members of our Board of Directors 183 DSUs with a grant date fair value of $56,250 per grant, or $394,000 in the aggregate. The DSUs entitle the holders to receive shares of the Company’s common stock without the payment of any consideration. The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors. As of June 30, 2017, there were 8,692 DSUs outstanding and 497,095 shares were available for future grant under the Plan.

Mortgages Payable

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Mortgages Payable

8.	Mortgages Payable

In June 2017, we completed a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% and matures in June 2020, with four one-year extension options. In connection therewith, we purchased an interest rate cap with a notional amount of $500,000,000 that caps LIBOR at a rate of 6.0%. The property was previously encumbered by a $300,000,000 interest-only mortgage at LIBOR plus 0.95% which was scheduled to mature in March 2021.

The following is a summary of our outstanding mortgages payable as of June 30, 2017 and December 31, 2016.


				Balance at
(Amounts in thousands)	Maturity⁽¹⁾		Interest Rate at June 30, 2017	June 30, 2017		December 31, 2016
First mortgages secured by:
Rego Park I shopping center (100% cash collateralized)⁽²⁾		Mar. 2018	0.35%	$	78,246	$	78,246
Paramus		Oct. 2018	2.90%		68,000		68,000
Rego Park II shopping center⁽³⁾		Nov. 2018	3.08%		258,082		259,901
731 Lexington Avenue, retail space⁽⁴⁾		Aug. 2022	2.48%		350,000		350,000
731 Lexington Avenue, office space⁽⁵⁾		Jun. 2024	2.06%		500,000		300,000

Total					1,254,328		1,056,147
Deferred debt issuance costs, net of accumulated amortization of $3,710 and $6,824 respectively					(14,599)		(3,788)

				$	1,239,729	$	1,052,359

(1)	Represents the extended maturity where we have the unilateral right to extend.

(2)	Extended in March 2016 for two years.

(3)	Interest at LIBOR plus 1.85%.

(4)	Interest at LIBOR plus 1.40%.

(5)	Interest at LIBOR plus 0.90%.

Fair Value Measurements

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

9.	Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value.

Financial Assets and Liabilities Measured at Fair Value

Financial assets measured at fair value on our consolidated balance sheets as of June 30, 2017 and December 31, 2016, consist of marketable securities, which are presented in the table below based on their level in the fair value hierarchy, and an interest rate cap, which fair value was insignificant as of June 30, 2017 and December 31, 2016. There were no financial liabilities measured at fair value as of June 30, 2017 and December 31, 2016.


	As of June 30, 2017
(Amounts in thousands)	Total		Level 1		Level 2			Level 3
Marketable securities	$	31,077	$	31,077		$	-		$	-


	As of December 31, 2016
(Amounts in thousands)	Total		Level 1		Level 2			Level 3
Marketable securities	$	37,918	$	37,918		$	-		$	-

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist. The fair value of cash equivalents is classified as Level 1 and the fair values of mortgages payable are classified as Level 2. The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2017 and December 31, 2016.


	As of June 30, 2017						As of December 31, 2016
(Amounts in thousands)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Assets:
Cash equivalents		$	431,280		$	431,280		$	256,370		$	256,370


Liabilities:
Mortgages payable (excluding deferred debt issuance costs)		$	1,254,328		$	1,245,000		$	1,056,147		$	1,045,000

- 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

Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

Commitments and Contingencies

Insurance

We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties.

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2020. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $293,000 deductible and 17% of the balance of a covered loss, and the Federal government is responsible for the remaining 83% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for deductibles and losses in excess of our insurance coverage, which could be material.

Our mortgage loans are non-recourse to us and contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties.

Tenant Matters

In April 2017, Sears closed its 195,000 square foot store it leases from us at our Rego Park I property. Annual revenue, including reimbursements, is approximately $10,337,000, under a lease which expires in March of 2021. In its 2016 annual report on Form 10-K, Sears indicated that substantial doubt exists related to its ability to continue as a going concern. There is a straight-line rent receivable of approximately $4,460,000 and unamortized deferred leasing costs of approximately $468,000 on our consolidated balance sheet as of June 30, 2017 which we will continue to assess for recoverability.

Rego Park I Litigation

On June 24, 2014, Sears Roebuck and Co. (“Sears”) filed a lawsuit in the Supreme Court of the State of New York against Vornado and us (and certain of our subsidiaries) with regard to space that Sears leases at our Rego Park I property alleging that the defendants are liable for harm that Sears has suffered as a result of (a) water intrusions into the premises, (b) two fires in February 2014 that caused damages to those premises, and (c) alleged violations of the Americans with Disabilities Act in the premises’ parking garage. Sears asserted various causes of actions for damages and sought to compel compliance with landlord’s obligations to repair the premises and to provide security, and to compel us to abate a nuisance that Sears claims was a cause of the water intrusions into its premises. In addition to injunctive relief, Sears sought, among other things, damages of not less than $4 million and future damages it estimated would not be less than $25 million. In March 2016, Sears withdrew its claim for future damages leaving a remaining claim for property damages, which we estimate to be approximately $650,000 based on information provided by Sears. We intend to defend the remaining claim vigorously. The amount or range of reasonably possible losses, if any, is not expected to be greater than $650,000.

Paramus

In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures in October 2018. The annual triple-net rent is the sum of $700,000 plus the amount of debt service on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term.

Letters of Credit

Approximately $2,074,000 of standby letters of credit were outstanding as of June 30, 2017.

Other

On October 15, 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional $22,070,000 of transfer taxes (including interest and penalties as of June 30, 2017) in connection with the sale of Kings Plaza Regional Shopping Center in November 2012. We believe that the NYC DOF’s claim is without merit and intend to vigorously contest this assessment. We have determined that the likelihood of a loss related to this issue is not probable and, after consultation with legal counsel, that the outcome of this assessment is not expected to have a material adverse effect on our financial position, results of operations or cash flows.

There are various other legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

11.

Earnings Per Share

The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and six months ended June 30, 2017 and 2016.


	Three Months Ended June 30,						Six Months Ended June 30,
(Amounts in thousands, except share and per share amounts)	2017			2016			2017			2016
Net income		$	20,660		$	21,767		$	42,327		$	43,786


Weighted average shares outstanding – basic and diluted			5,115,320			5,113,844			5,115,012			5,113,461


Net income per common share – basic and diluted		$	4.04		$	4.26		$	8.28		$	8.56

Subsequent Event

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Event

12.

Subsequent Event

On July 28, 2017, we entered into a participation and servicing agreement with the lender on our Rego Park II shopping center loan. We invested $200,000,000 as a participant in the loan, receiving interest of LIBOR plus 1.60%, currently 2.83%. The loan matures in November 2018.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q 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, 2016, 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 six months ended June 30, 2017 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.
Revenue Recognition	In May 2014, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2014-09”) establishing Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASU 2014-09, as amended by subsequent ASUs on the topic, establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. This standard, which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017, requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. When adopting this standard, we are permitted to use either the full retrospective method or the modified retrospective method. We will adopt this standard effective as of January 1, 2018 and currently expect to utilize the modified retrospective method of adoption. We have progressed with our project plan for adopting this standard, including gathering and evaluating the inventory of our revenue streams. We expect this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases upon the adoption of the update (“ASU 2016-02”) Leases with no impact on “total revenues.” We also expect this standard will have an impact on the timing of gains on certain sales of real estate. We are continuing to evaluate the impact of this standard on our consolidated financial statements.
Fair value of financial instruments	In January 2016, the FASB issued an update (“ASU 2016-01”) Recognition and Measurement of Financial Assets and Financial Liabilities to ASC Topic 825, Financial Instruments. ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. While the adoption of this standard requires us to continue to measure “marketable securities” at fair value at each reporting date, the changes in fair value will be recognized in current period earnings as opposed to “other comprehensive income.”
Lessee Leases	In February 2016, the FASB issued an update ASU 2016-02 establishing ASC Topic 842, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. Lessees will recognize expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements, including the timing of adopting this standard. ASU 2016-02 will more significantly impact the accounting for leases in which we are a lessee. Upon adoption of this standard, we will be required to record a right-of-use asset and lease liability for our Flushing property ground lease, equal to the present value of the remaining minimum lease payments. We also expect that this standard will have an impact on the presentation of certain lease and non-lease components of revenue from leases with no impact on “total revenues.” In particular, items such as reimbursable real estate taxes and insurance expenses, will be presented in “property rentals” and non-lease components, such as certain reimbursable operating expenses, will be presented in “expense reimbursements” on our consolidated statements of income.
Share-based Compensation, Option and Incentive Plans	In March 2016, the FASB issued an update (“ASU 2016-09”) Improvements to Employee Share-Based Payment Accounting to ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. The adoption of this update as of January 1, 2017, did not have any impact on our consolidated financial statements.
Cash and Cash Equivalents	In August 2016, the FASB issued an update (“ASU 2016-15”) Classification of Certain Cash Receipts and Cash Payments to ASC Topic 230, Statement of Cash Flows. ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-15 effective January 1, 2017. The adoption of this update did not have a material impact on our consolidated financial statements.
Restricted Cash	In November 2016, the FASB issued an update (“ASU 2016-18”) Restricted Cash to ASC Topic 230, Statement of Cash Flows. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted. We elected to early adopt ASU 2016-18 effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, the consolidated statements of cash flows present a reconciliation of the changes in cash and cash equivalents and restricted cash. Restricted cash primarily consists of cash held in a non-interest bearing escrow account in connection with our Rego Park I 100% cash collateralized mortgage, as well as security deposits and other cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements.
Recently Issued Accounting Literature	In February 2017, the FASB issued an update (“ASU 2017-05”) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets to ASC Subtopic 610-20, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets. ASU 2017-05 clarifies the scope of recently established guidance on nonfinancial asset derecognition as well as the accounting for partial sales of nonfinancial assets. This update conforms the derecognition guidance on nonfinancial assets with the model for transactions in ASC 606. ASU 2017-05 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We expect to utilize the modified retrospective method of adoption. The adoption of this standard is not expected to have an impact on our consolidated financial statements.
Marketable Securities	Available-for-sale securities are presented at fair value and unrealized gains and losses resulting from the mark-to-market of these securities are included in “other comprehensive (loss) income.”
Fair Value Measurement	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.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2017

Summary of Fees to Vornado

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2017		2016		2017		2016
Company management fees	$	700	$	700	$	1,400	$	1,400
Development fees		4		75		32		119
Leasing fees		4		833		15		7,291
Property management fees and payments for cleaning and security services		953		915		1,941		2,030

	$	1,661	$	2,523	$	3,388	$	10,840

Mortgages Payable (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary of Outstanding Mortgages Payable

The following is a summary of our outstanding mortgages payable as of June 30, 2017 and December 31, 2016.


				Balance at
(Amounts in thousands)	Maturity⁽¹⁾		Interest Rate at June 30, 2017	June 30, 2017		December 31, 2016
First mortgages secured by:
Rego Park I shopping center (100% cash collateralized)⁽²⁾		Mar. 2018	0.35%	$	78,246	$	78,246
Paramus		Oct. 2018	2.90%		68,000		68,000
Rego Park II shopping center⁽³⁾		Nov. 2018	3.08%		258,082		259,901
731 Lexington Avenue, retail space⁽⁴⁾		Aug. 2022	2.48%		350,000		350,000
731 Lexington Avenue, office space⁽⁵⁾		Jun. 2024	2.06%		500,000		300,000

Total					1,254,328		1,056,147
Deferred debt issuance costs, net of accumulated amortization of $3,710 and $6,824 respectively					(14,599)		(3,788)

				$	1,239,729	$	1,052,359

(1)	Represents the extended maturity where we have the unilateral right to extend.

(2)	Extended in March 2016 for two years.

(3)	Interest at LIBOR plus 1.85%.

(4)	Interest at LIBOR plus 1.40%.

(5)	Interest at LIBOR plus 0.90%.

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value


	As of June 30, 2017
(Amounts in thousands)	Total		Level 1		Level 2			Level 3
Marketable securities	$	31,077	$	31,077		$	-		$	-


	As of December 31, 2016
(Amounts in thousands)	Total		Level 1		Level 2			Level 3
Marketable securities	$	37,918	$	37,918		$	-		$	-

Financial Assets and Liabilities Not Measured at Fair Value

The table below summarizes the carrying amounts and fair value of these financial instruments as of June 30, 2017 and December 31, 2016.


	As of June 30, 2017						As of December 31, 2016
(Amounts in thousands)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Assets:
Cash equivalents		$	431,280		$	431,280		$	256,370		$	256,370


Liabilities:
Mortgages payable (excluding deferred debt issuance costs)		$	1,254,328		$	1,245,000		$	1,056,147		$	1,045,000

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,						Six Months Ended June 30,
(Amounts in thousands, except share and per share amounts)	2017			2016			2017			2016
Net income		$	20,660		$	21,767		$	42,327		$	43,786


Weighted average shares outstanding – basic and diluted			5,115,320			5,113,844			5,115,012			5,113,461


Net income per common share – basic and diluted		$	4.04		$	4.26		$	8.28		$	8.56

Organization - Additional Information (Detail)	Jun. 30, 2017 Property
Operating Property [Member]
Real Estate Properties [Line Items]
Number of properties in greater New York City metropolitan area	7

Basis of Presentation - Additional Information (Detail)	6 Months Ended
Basis of Presentation - Additional Information (Detail)	Jun. 30, 2017 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	1

Recently Issued Accounting Literature - Additional Information (Detail)	Jun. 30, 2017
Rego Park I [Member]
New Accounting Pronouncement Early Adoption [Line Items]
Percentage of cash mortgage collateralized	100.00%

Related Party Transactions - Additional Information (Detail) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2016 USD ($)	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) ft² $ / ft²	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)
Related Party Transaction [Line Items]
Property rentals		$ 38,264	$ 38,878	$ 76,537	$ 75,531
Bloomberg [Member] \| Lease Amendment [Member]
Related Party Transaction [Line Items]
Leasing commission	$ 8,916
Bloomberg [Member] \| Lease Amendment [Member] \| Third Party Broker [Member]
Related Party Transaction [Line Items]
Leasing commission	7,200
Rego Park II [Member] \| Retail Space [Member] \| Toys R Us [Member]
Related Party Transaction [Line Items]
Area of property \| ft²		47		47
Property rentals				$ 1,334	$ 1,309
Vornado [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent		32.40%		32.40%
Management fee agreement value				$ 2,800
Vornado [Member] \| Toys R Us [Member]
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent		32.50%		32.50%
Vornado [Member] \| Bloomberg [Member] \| Lease Amendment [Member]
Related Party Transaction [Line Items]
Leasing commission	$ 1,716
Vornado [Member] \| Leasing Fees [Member]
Related Party Transaction [Line Items]
Lease fee percentage of rent one to ten years				3.00%
Lease fee percentage of rent eleven to twenty years				2.00%
Lease fee percentage of rent twenty first to thirty years				1.00%
Percentage increase lease fee if broker used				1.00%
Asset sale commission threshold				$ 50,000
Percentage commissions on sale of assets under fifty million				3.00%
Percentage commissions on sale of assets over fifty million				1.00%
Amount Due to / (Fees paid to) related party		$ 1		$ 1		$ 415
Vornado [Member] \| Property Management Fees and Payments for Cleaning and Security Services [Member] \| Rego Park II [Member] \| Retail Space [Member]
Related Party Transaction [Line Items]
Property management fee agreement percentage of income				2.00%
Vornado [Member] \| Property Management Fees and Payments for Cleaning and Security Services [Member] \| 731 Lexington Avenue [Member] \| Office and Retail Space [Member]
Related Party Transaction [Line Items]
Property management fee agreement price per square foot \| $ / ft²				0.50
Vornado [Member] \| Property Management Fees and Payments for Cleaning and Security Services [Member] \| 731 Lexington Avenue [Member] \| Common Area [Member]
Related Party Transaction [Line Items]
Property management fee agreement value				$ 306
Property management fee escalation percentage per annum				3.00%
Vornado [Member] \| Development Fees [Member]
Related Party Transaction [Line Items]
Development fee as percentage of development costs				6.00%
Amount Due to / (Fees paid to) related party		27		$ 27		54
Vornado [Member] \| Development Fees [Member] \| Alexander Apartment Tower [Member]
Related Party Transaction [Line Items]
Amount Due to / (Fees paid to) related party							$ 5,784
Vornado [Member] \| Management, Property Management, Cleaning and Security Fees [Member]
Related Party Transaction [Line Items]
Amount Due to / (Fees paid to) related party		$ 523		$ 523		$ 428

Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Fees to related party	$ 1,661	$ 2,523	$ 3,388	$ 10,840
Company Management Fees [Member]
Related Party Transaction [Line Items]
Fees to related party	700	700	1,400	1,400
Development Fees [Member]
Related Party Transaction [Line Items]
Fees to related party	4	75	32	119
Leasing Fees [Member]
Related Party Transaction [Line Items]
Fees to related party	4	833	15	7,291
Property Management Fees and Payments for Cleaning and Security Services [Member]
Related Party Transaction [Line Items]
Fees to related party	$ 953	$ 915	$ 1,941	$ 2,030

Marketable Securities - Additional Information (Detail) - Macerich Interest [Member] - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Macerich common shares	535,265	535,265
Economic basis per share	$ 56.05
GAAP cost	$ 30,000
Fair value	$ 31,077	$ 37,918
Closing share price	$ 58.06	$ 70.84

Significant Tenants - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate Properties [Line Items]
Real estate revenue, net	$ 57,190	$ 57,005	$ 114,419	$ 112,563
Customer Concentration Risk [Member] \| Sales Revenue Services Net [Member]
Real Estate Properties [Line Items]
Percentage of minimum revenue threshold contributed by one tenant			10.00%
Bloomberg [Member] \| Customer Concentration Risk [Member] \| Sales Revenue Services Net [Member]
Real Estate Properties [Line Items]
Real estate revenue, net			$ 52,187	$ 52,217
Percentage rent contributed by tenant			46.00%	46.00%

Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended
	May 31, 2017	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant under the plan		497,095
Share based compensation arrangement By share based payment award equity instruments other than options outstanding number		8,692
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share based payment award non option equity instruments granted per director	183
Share based compensation arrangement by share based payment award non option equity instruments grant date fair value per grant	$ 56,250
Share based compensation arrangement By share based payment award non option equity instruments grant date fair value total	$ 394,000

Mortgages Payable - Additional Information (Detail)	1 Months Ended	5 Months Ended	6 Months Ended
Mortgages Payable - Additional Information (Detail)	Jun. 30, 2017 USD ($)	May 31, 2017 USD ($)	Jun. 30, 2017 USD ($) Option	Dec. 31, 2016 USD ($)
Mortgage Loans on Real Estate [Line Items]
Notes Payable	$ 1,239,729,000		$ 1,239,729,000	$ 1,052,359,000
Mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable	1,239,729,000		1,239,729,000	$ 1,052,359,000
731 Lexington Avenue [Member] \| Office Space [Member] \| Mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Notes Payable	$ 500,000,000	$ 300,000,000	$ 500,000,000
Debt Instrument, Description of Variable Rate Basis		LIBOR	LIBOR
Debt instrument maturity date	Jun. 11, 2024	Mar. 11, 2021	Jun. 11, 2024
Derivative Liability Notional Amount	$ 500,000,000		$ 500,000,000
Number of one-year extension options \| Option			4
731 Lexington Avenue [Member] \| Office Space [Member] \| Mortgages [Member] \| LIBOR [Member]
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR	0.90%	0.95%	0.90%
Derivative cap interest rate, LIBOR	6.00%		6.00%

Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2017	May 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Notes payable	$ 1,239,729		$ 1,239,729	$ 1,052,359
Mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross	1,254,328		1,254,328	1,056,147
Deferred debt issuance costs, net of accumulated amortization of $3,710 and $6,824 respectively	(14,599)		(14,599)	(3,788)
Notes payable	$ 1,239,729		$ 1,239,729	1,052,359
Mortgages [Member] \| Rego Park I [Member] \| Retail Space [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity date			Mar. 12, 2018
Interest rate (in percentage)	0.35%		0.35%
Mortgage payable gross	$ 78,246		$ 78,246	78,246
Mortgages [Member] \| Rego Park II [Member] \| Retail Space [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity date			Nov. 30, 2018
Interest rate (in percentage)	3.08%		3.08%
Mortgage payable gross	$ 258,082		$ 258,082	259,901
Mortgages [Member] \| 731 Lexington Avenue [Member] \| Retail Space [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity date			Aug. 05, 2022
Interest rate (in percentage)	2.48%		2.48%
Mortgage payable gross	$ 350,000		$ 350,000	350,000
Mortgages [Member] \| 731 Lexington Avenue [Member] \| Office Space [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity date	Jun. 11, 2024	Mar. 11, 2021	Jun. 11, 2024
Interest rate (in percentage)	2.06%		2.06%
Mortgage payable gross	$ 500,000		$ 500,000	300,000
Notes payable	$ 500,000	$ 300,000	$ 500,000
Mortgages [Member] \| Paramus [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity date			Oct. 05, 2018
Interest rate (in percentage)	2.90%		2.90%
Mortgage payable gross	$ 68,000		$ 68,000	$ 68,000

Mortgages Payable - Summary of Outstanding Mortgages Payable (Parenthetical) (Detail) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2017	May 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Rego Park I [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of cash mortgage collateralized	100.00%		100.00%
Mortgages [Member]
Mortgage Loans on Real Estate [Line Items]
Deferred debt issuance costs, accumulated amortization	$ 3,710		$ 3,710	$ 6,824
Mortgages [Member] \| Retail Space [Member] \| Rego Park I [Member]
Mortgage Loans on Real Estate [Line Items]
Percentage of cash mortgage collateralized	100.00%		100.00%
Mortgage loan extension date			2016-03
Duration of mortgage loan extension			2 years
Mortgages [Member] \| Retail Space [Member] \| Rego Park II [Member] \| LIBOR [Member]
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR			1.85%
Mortgages [Member] \| Retail Space [Member] \| 731 Lexington Avenue [Member]
Mortgage Loans on Real Estate [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR
Mortgages [Member] \| Retail Space [Member] \| 731 Lexington Avenue [Member] \| LIBOR [Member]
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR			1.40%
Mortgages [Member] \| Office Space [Member] \| 731 Lexington Avenue [Member]
Mortgage Loans on Real Estate [Line Items]
Debt Instrument, Description of Variable Rate Basis		LIBOR	LIBOR
Mortgages [Member] \| Office Space [Member] \| 731 Lexington Avenue [Member] \| LIBOR [Member]
Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR	0.90%	0.95%	0.90%

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 31,077	$ 37,918
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	31,077	37,918
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Amount [Member]
Assets:
Cash equivalents	$ 431,280	$ 256,370
Liabilities:
Mortgages payable (excluding deferred debt issuance costs)	1,254,328	1,056,147
Fair Value [Member] \| Level 1 [Member]
Assets:
Cash equivalents	431,280	256,370
Fair Value [Member] \| Level 2 [Member]
Liabilities:
Mortgages payable (excluding deferred debt issuance costs)	$ 1,245,000	$ 1,045,000

Commitments and Contingencies - Additional Information (Detail)		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 24, 2014 USD ($)	Mar. 31, 2016 USD ($)	Feb. 28, 2014 Fires	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2001 a
Loss Contingencies [Line Items]
Insurance Maximum Coverage Per occurrence				$ 300,000,000		$ 300,000,000
Insurance Maximum Coverage Per Property						300,000,000
Annual property rental				38,264,000	$ 38,878,000	76,537,000	$ 75,531,000
Deferred leasing cost, net				46,106,000		46,106,000			$ 48,387,000
Mortgages payable, net of deferred debt issuance costs				1,239,729,000		1,239,729,000			$ 1,052,359,000
Standby letters of credit, outstanding				$ 2,074,000		$ 2,074,000
Rego Park I [Member] \| Sears [Member]
Loss Contingencies [Line Items]
Area of property \| ft²				195,000		195,000
Annual property rental						$ 10,337,000
Straight line rent receivable						4,460,000
Deferred leasing cost, net				$ 468,000		$ 468,000
Lease expiration date						2021-03
Number of fires \| Fires			2
Rego Park I [Member] \| Sears [Member] \| Estimated Future Damages [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value		$ 650,000
Rego Park I [Member] \| Sears [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 4,000,000
Rego Park I [Member] \| Sears [Member] \| Minimum [Member] \| Estimated Future Damages [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 25,000,000
Rego Park I [Member] \| Sears [Member] \| Maximum [Member] \| Estimated Future Damages [Member]
Loss Contingencies [Line Items]
Reasonably possible losses				650,000		$ 650,000
Paramus [Member] \| IKEA [Member] \| Tenant Occupant [Member]
Loss Contingencies [Line Items]
Area of land \| a										30.3
Mortgages payable, net of deferred debt issuance costs				$ 68,000,000		$ 68,000,000
Fixed interest rate on the debt				2.90%		2.90%
Debt instrument maturity date						2018-10
Triple-net rent, annual amount						$ 700,000
Paramus [Member] \| Scenario, Forecast [Member] \| IKEA [Member] \| Tenant Occupant [Member]
Loss Contingencies [Line Items]
Lease purchase option amount								$ 75,000,000
Loan Amortization Period								20 years
Lease term range as Lessor								20 years
Purchase option not exercised amount included in triple net rent over remainder of lease								$ 68,000,000
Purchase option exercised, gain on sale of land								60,000,000
Purchase option exercised, net cash proceeds from sale of land								$ 7,000,000
The Kings Plaza Regional Shopping Center [Member]
Loss Contingencies [Line Items]
Loss contingency, damages sought, value						22,070,000
All Risk Property and Rental Value [Member]
Loss Contingencies [Line Items]
Insurance Maximum Coverage Per occurrence				$ 1,700,000,000		1,700,000,000
Terrorism Coverage Including NBCR [Member]
Loss Contingencies [Line Items]
Insurance Maximum Coverage Per occurrence				$ 1,700,000,000		1,700,000,000
Insurance maximum coverage in aggregate						$ 1,700,000,000
NBCR [Member]
Loss Contingencies [Line Items]
Insurance coverage end date						2020-12
Self insured responsibility				17.00%		17.00%
Federal government responsibility				83.00%		83.00%
NBCR [Member] \| FNSIC [Member]
Loss Contingencies [Line Items]
Insurance deductible						$ 293,000

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 20,660	$ 21,767	$ 42,327	$ 43,786
Weighted average shares outstanding - basic and diluted	5,115,320	5,113,844	5,115,012	5,113,461
Net income per common share - basic and diluted	$ 4.04	$ 4.26	$ 8.28	$ 8.56

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - Participation Agreement [Member] - Rego Park II [Member]	Jul. 28, 2017 USD ($)
Subsequent Event [Line Items]
Investment as a participant in the loan	$ 200,000,000
Debt Instrument, Description of Variable Rate Basis	LIBOR
Interest rate (in percentage)	2.83%
Loan maturity date	2018-11
LIBOR [Member]
Subsequent Event [Line Items]
Basis spread over LIBOR	1.60%