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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	ALEXANDERS INC
Entity Central Index Key	0000003499
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		5,107,290
Entity Public Float			$ 890,370,000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Trading Symbol	alx

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate, at cost:
Land	$ 44,971	$ 44,971
Buildings and leasehold improvements	988,846	985,800
Development and construction in progress	3,551	2,780
Total	1,037,368	1,033,551
Accumulated depreciation and amortization	(283,044)	(252,737)
Real estate, net	754,324	780,814
Cash and cash equivalents	307,536	288,926
Restricted cash	85,743	85,752
Rego Park II loan participation	198,537	0
Marketable securities	35,156	37,918
Tenant and other receivables, net of allowance for doubtful accounts of $1,501 and $1,473, respectively	2,693	3,056
Receivable arising from the straight-lining of rents	174,713	179,010
Deferred lease and other property costs, net, including unamortized leasing fees to Vornado of $35,152 and $36,960, respectively	45,790	48,387
Other assets	27,903	27,367
Assets	1,632,395	1,451,230
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,240,222	1,052,359
Amounts due to Vornado	2,490	897
Accounts payable and accrued expenses	42,827	42,200
Other liabilities	2,901	2,929
Total liabilities	1,288,440	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, respectively	5,173	5,173
Additional capital	31,577	31,189
Retained earnings	302,543	308,995
Accumulated other comprehensive income	5,030	7,862
Equity before treasury stock	344,323	353,219
Treasury stock: 66,160 and 67,254 shares, respectively, at cost	(368)	(374)
Total equity	343,955	352,845
Total liabilities and equity	$ 1,632,395	$ 1,451,230

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Tenant and other receivables, net of allowance for doubtful accounts of $1,501 and $1,473, respectively	$ 1,501	$ 1,473
Unamortized leasing fees to Vornado	$ 35,152	$ 36,960
Preferred stock: par value per share (in dollars per share)	$ 1	$ 1
Preferred stock: authorized shares	3,000,000	3,000,000
Preferred stock: issued shares	0	0
Preferred stock: outstanding shares	0	0
Common stock: par value per share (in dollars per share)	$ 1	$ 1
Common stock: authorized shares	10,000,000	10,000,000
Common stock: issued shares	5,173,450	5,173,450
Common stock: outstanding shares	5,107,290	5,106,196
Treasury stock: shares	66,160	67,254

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES
Property rentals	$ 152,857	$ 151,444	$ 138,688
Expense reimbursements	77,717	75,492	69,227
Total revenues	230,574	226,936	207,915
EXPENSES
Operating, including fees to Vornado of $4,671, $4,590, and $4,476, respectively	85,127	82,232	76,218
Depreciation and amortization	34,925	33,807	31,086
General and administrative, including management fees to Vornado of $2,380 in each year	5,252	5,436	5,406
Total expenses	125,304	121,475	112,710
OPERATING INCOME	105,270	105,461	95,205
Interest and other income, net	6,716	3,305	5,949
Interest and debt expense	(31,474)	(22,241)	(24,239)
Income before income taxes	80,512	86,525	76,915
Income tax expense	(3)	(48)	(8)
Net income	$ 80,509	$ 86,477	$ 76,907
Net income per common share - basic and diluted (in dollars per share)	$ 15.74	$ 16.91	$ 15.04
Weighted average shares outstanding - basic and diluted (in shares)	5,115,501	5,114,084	5,112,352

Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Fees to Vornado	$ 4,671	$ 4,590	$ 4,476
Management fees to Vornado	$ 2,380	$ 2,380	$ 2,380

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 80,509	$ 86,477	$ 76,907
Other comprehensive (loss) income:
Change in unrealized net gain on available-for-sale securities	(2,762)	(5,273)	(1,455)
Change in value of interest rate cap	(70)	133	0
Comprehensive income	$ 77,677	$ 81,337	$ 75,452

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Balance at Dec. 31, 2014	$ 348,399	$ 5,173	$ 30,139	$ 299,004	$ 14,457	$ (374)
Balance (in shares) at Dec. 31, 2014		5,173,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76,907			76,907
Dividends paid	(71,571)			(71,571)
Change in unrealized net gain on available-for-sale securities	(1,455)				(1,455)
Change in value of interest rate cap	0
Deferred stock unit grant	600		600
Balance (in shares) at Dec. 31, 2015		5,173,000
Balance at Dec. 31, 2015	352,880	$ 5,173	30,739	304,340	13,002	(374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	86,477			86,477
Dividends paid	(81,822)			(81,822)
Change in unrealized net gain on available-for-sale securities	(5,273)				(5,273)
Change in value of interest rate cap	133				133
Deferred stock unit grant	$ 450		450
Balance (in shares) at Dec. 31, 2016	5,173,450	5,173,000
Balance at Dec. 31, 2016	$ 352,845	$ 5,173	31,189	308,995	7,862	(374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80,509			80,509
Dividends paid	(86,961)			(86,961)
Change in unrealized net gain on available-for-sale securities	(2,762)				(2,762)
Change in value of interest rate cap	(70)				(70)
Deferred stock unit grant	394		394
Other	$ 0		(6)			6
Balance (in shares) at Dec. 31, 2017	5,173,450	5,173,000
Balance at Dec. 31, 2017	$ 343,955	$ 5,173	$ 31,577	$ 302,543	$ 5,030	$ (368)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 80,509	$ 86,477	$ 76,907
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	38,681	36,374	33,671
Straight-lining of rental income	4,297	2,347	(1,418)
Stock-based compensation expense	394	450	600
Change in operating assets and liabilities:
Tenant and other receivables, net	363	958	(1,801)
Other assets	(2,627)	(9,894)	(4,777)
Amounts due to Vornado	1,626	(1,913)	2,228
Accounts payable and accrued expenses	211	16,049	822
Other liabilities	(28)	(28)	(31)
Net cash provided by operating activities	123,426	130,820	106,201
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(3,434)	(15,506)	(50,121)
Rego Park II loan participation payment	(200,000)	0	0
Proceeds from maturing short-term investments	0	0	24,998
Principal repayment proceeds from Rego Park II loan participation	1,463	0	0
Net cash used in investing activities	(201,971)	(15,506)	(25,123)
CASH FLOWS FROM FINANCING ACTIVITIES
Debt repayments	(303,707)	(3,440)	(323,193)
Proceeds from borrowing	500,000	0	350,000
Dividends paid	(86,961)	(81,822)	(71,571)
Debt issuance costs	(12,186)	(30)	(4,075)
Net cash provided by (used in) financing activities	97,146	(85,292)	(48,839)
Net increase in cash and cash equivalents and restricted cash	18,601	30,022	32,239
Cash and cash equivalents and restricted cash at beginning of year	374,678	344,656	312,417
Cash and cash equivalents and restricted cash at end of year	393,279	374,678	344,656
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of year	288,926	259,349	227,815
Restricted cash at beginning of year	85,752	85,307	84,602
Cash and cash equivalents and restricted cash at beginning of year	374,678	344,656	312,417
Cash and cash equivalents at end of year	307,536	288,926	259,349
Restricted cash at end of year	85,743	85,752	85,307
Cash and cash equivalents and restricted cash at end of year	393,279	374,678	344,656
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest, excluding capitalized interest of $1,486 in 2015	26,994	19,517	22,354
NON-CASH TRANSACTIONS
Liability for real estate additions, including $21, $54 and $5,795 due to Vornado	705	322	10,139
Write-off of fully amortized and/or depreciated assets	4,265	1,691	20,786
Change in unrealized net gain on available-for-sale securities	$ (2,762)	$ (5,273)	$ (1,455)

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash paid for interest, capitalized			$ 1,486
Liability for real estate additions	$ 705	$ 322	10,139
Vornado
Liability for real estate additions	$ 21	$ 54	$ 5,795

Organization

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

ORGANIZATION

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

We have seven properties in the greater New York City metropolitan area consisting of:

Operating properties

•

731 Lexington Avenue, a 1,311,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59^th Street, Third Avenue and East 58^th Street in Manhattan. The building contains 889,000 and 174,000 of net rentable square feet of office and retail space, respectively, which we own, and 248,000 square feet of residential space consisting of 105 condominium units, which we sold. Bloomberg L.P. (“Bloomberg”) occupies all of the office space. The Home Depot (83,000 square feet), The Container Store (34,000 square feet) and Hennes & Mauritz (27,000 square feet) are the principal retail tenants;

•

Rego Park I, a 343,000 square foot shopping center, located on Queens Boulevard and 63^rd Road in Queens. The center is anchored by a 195,000 square foot Sears department store, a 50,000 square foot Burlington, a 46,000 square foot Bed Bath & Beyond and a 36,000 square foot Marshalls. On April 4, 2017, Sears closed its store at the property. Annual revenue from Sears is approximately $10,600,000, under a lease which expires in March 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;

•

Rego Park II, a 609,000 square foot shopping center, adjacent to the Rego Park I shopping center in Queens. The center is anchored by a 145,000 square foot Costco, a 135,000 square foot Century 21 and a 133,000 square foot Kohl’s. In addition, 47,000 square feet is leased to Toys “R” Us/Babies “R” Us (“Toys”), a one-third owned affiliate of Vornado. On September 18, 2017, Toys filed for Chapter 11 bankruptcy relief;


•	The Alexander apartment tower, located above our Rego Park II shopping center, contains 312 units aggregating 255,000 square feet and is 94.6% leased as of December 31, 2017;


•	Paramus, located at the intersection of Routes 4 and 17 in Paramus, New Jersey, consists of 30.3 acres of land that is leased to IKEA Property, Inc.; and


•	Flushing, a 167,000 square foot building, located at Roosevelt Avenue and Main Street in Queens, that is sub-leased to New World Mall LLC for the remainder of our ground lease term.

Property to be developed


•	Rego Park III, a 140,000 square foot land parcel adjacent to the Rego Park II shopping center in Queens, at the intersection of Junction Boulevard and the Horace Harding Service Road.

We have determined that our properties have similar economic characteristics and meet the criteria that permit the properties to be aggregated into one reportable segment (the leasing, management, development and redeveloping of properties in the greater New York City metropolitan area). Our chief operating decision-maker assesses and measures segment operating results based on a performance measure referred to as net operating income at the individual operating segment. Net operating income for each property represents net rental revenues less operating expenses.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation – The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to current year presentation.

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. We adopted this standard effective January 1, 2018 using the modified retrospective approach, which requires applying the new standard to all existing contracts not yet completed as of the effective date and recording a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. We have completed our evaluation of the standard’s impact on our revenue streams. The adoption of this standard is not expected to have a material impact 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 (“ASC 825”). 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. We adopted this standard effective January 1, 2018 using the modified retrospective approach. 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 (loss) income.” As a result, on January 1, 2018 we recorded an increase to retained earnings of $5,156,000 to recognize the unrealized gains previously recorded within “accumulated other comprehensive income.” Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other income, net.”

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 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. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. 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, and will continue to recognize expense on a straight-line basis upon adoption of this standard. ASU 2016-02 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 using the modified retrospective approach and will elect to use the practical expedients provided by this standard.

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 was 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 a material impact on our consolidated financial statements.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

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 standard 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. The adoption of this standard on January 1, 2018 is not expected to have an impact on our consolidated financial statements.

In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The adoption of this standard on January 1, 2019 is not expected to have a material impact on our consolidated financial statements.

Real Estate – Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2017 and 2016, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $754,324,000 and $780,814,000, respectively. Maintenance and repairs are expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Our properties and related intangible assets, including properties to be developed in the future, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.

Cash and Cash Equivalents – Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, (iii) money market funds, which invest in United States Treasury Bills and (iv) certificates of deposit placed through an account registry service (“CDARS”). To date we have not experienced any losses on our invested cash.

Short-term Investments – Short-term investments consist of United States Treasury Bills with original maturities greater than three but less than six months. These highly liquid investments are classified as available-for-sale and are presented at fair value on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from these investments were included in “other comprehensive (loss) income.” Effective January 1, 2018, changes in the fair value of these investments are recognized in current period earnings in accordance with ASC 825.

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.

Marketable Securities – Our marketable securities consist of common shares of The Macerich Company (NYSE: MAC) (“Macerich”), which are classified as available-for-sale. Available-for-sale securities are presented at fair value on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from the mark-to-market of these securities were included in “other comprehensive (loss) income.” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. We evaluate our marketable securities for impairment at the end of each reporting period. If investments have unrealized losses, we evaluate the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold our investment for a reasonable period of time sufficient for us to recover our cost basis, as well as the near-term prospects for the investment in relation to the severity and duration of the decline.

Allowance for Doubtful Accounts – We periodically evaluate the collectibility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ($1,501,000 and $1,473,000 as of December 31, 2017 and 2016, respectively) for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates.

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Deferred Charges – Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct costs related to leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.

Revenue Recognition – We have the following revenue sources and revenue recognition policies:

Base Rent – revenue arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis, which includes the effects of rent steps and free rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.

Percentage Rent – revenue arising from retail tenant leases that is contingent upon the sales of tenants exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved).

Expense Reimbursements – revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective properties. This revenue is recognized in the same periods as the expenses are incurred.

Parking Income – revenue arising from the rental of parking space at our properties. This income is recognized as the service is provided.

Income Taxes – We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2017 were characterized, for federal income taxes, as 99.5% ordinary income and 0.5% long-term capital gain income. Dividends distributed for the year ended December 31, 2016 were characterized, for federal income taxes, as 97.7% ordinary income and 2.3% long-term capital gain income. Dividends distributed for the year ended December 31, 2015 were categorized, for federal income tax purposes, as 97.3% ordinary income and 2.7% long-term capital gain income.

The following table reconciles our net income to estimated taxable income for the years ended December 31, 2017, 2016 and 2015.



(Unaudited and in thousands)	Year Ended December 31,
	2017			2016			2015
Net income	$	80,509		$	86,477		$	76,907
Straight-line rent adjustments	4,250			2,347			(1,418		)
Depreciation and amortization timing differences	3,084			(14,534		)	2,477
Other	(343		)	2,975			751
Estimated taxable income	$	87,500		$	77,265		$	78,717

As of December 31, 2017, the net basis of our assets and liabilities for tax purposes are approximately $199,268,000 lower than the amount reported for financial statement purposes.

Rego Park II Loan Participation	12 Months Ended
Rego Park II Loan Participation	Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]
Rego Park II Loan Participation	REGO PARK II LOAN PARTICIPATION On July 28, 2017, we entered into a participation and servicing agreement with the lender on our Rego Park II shopping center loan, which matures on November 30, 2018. We invested $200,000,000 to participate in the loan and are entitled to interest at LIBOR plus 1.60% (3.17% as of December 31, 2017). The investment is presented as “Rego Park II loan participation” on our consolidated balance sheet as of December 31, 2017 and interest earned is recognized as “interest and other income, net” in our consolidated statement of income for the year ended December 31, 2017.

Related Party Transactions

12 Months Ended

Dec. 31, 2017

Related Party Transactions

RELATED PARTY TRANSACTIONS

Vornado

As of December 31, 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.

Steven Roth is the Chairman of our Board of Directors and Chief Executive Officer, the Managing General Partner of Interstate Properties (“Interstate”), a New Jersey general partnership, and the Chairman of the Board of Trustees and Chief Executive Officer of Vornado. As of December 31, 2017, Mr. Roth, Interstate and its other two general partners, David Mandelbaum and Russell B. Wight, Jr. (who are also directors of the Company and trustees of Vornado) owned, in the aggregate, 26.2% of our outstanding common stock, in addition to the 2.3% they indirectly own through Vornado. Joseph Macnow, our Treasurer, is the Executive Vice President - Chief Financial Officer and Chief Administrative Officer of Vornado. Matthew Iocco, our Chief Financial Officer, is the Executive Vice President - Chief Accounting Officer of Vornado.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue, and (iv) $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 and Other Agreements

Vornado also provides us with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the eleventh through the twentieth year of a lease term, and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the payment of rents by tenants. In the event third-party real estate brokers are used, the fees to Vornado increase by 1% and Vornado is responsible for the fees to the third-party real estate brokers.

Vornado is also entitled to a commission upon the sale of any of our assets equal to 3% of gross proceeds, as defined, for asset sales less than $50,000,000 and 1% of gross proceeds, as defined, for asset sales of $50,000,000 or more.

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

ALEXANDER’S, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. RELATED PARTY TRANSACTIONS - continued

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



	Year Ended December 31,
(Amounts in thousands)	2017		2016		2015
Company management fees	$	2,800	$	2,800	$	2,800
Development fees	29		194		2,435
Leasing fees	1,829		7,401		2,950
Property management, cleaning, engineering
and security fees	4,114		4,033		3,614
	$	8,772	$	14,428	$	11,799

As of December 31, 2017, the amounts due to Vornado were $1,811,000 for leasing fees; $658,000 for management, property management, cleaning, engineering and security fees; and $21,000 for development fees. As of December 31, 2016, the amounts due to Vornado were $428,000 for management, property management, cleaning, engineering and security fees; $415,000 for leasing fees; and $54,000 for development fees. In January 2016, we paid an $8,916,000 leasing commission related to a lease amendment signed with Bloomberg, 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

Our affiliate, Vornado, owns 32.5% of Toys. Joseph Macnow, Vornado’s Executive Vice President - Chief Financial Officer and Chief Administrative Officer and Wendy A. Silverstein, a member of our Board of Directors, represent Vornado as members of Toys’ Board of Directors. Toys leases 47,000 square feet of retail space at our Rego Park II shopping center ($2,600,000 of annual revenue). On September 18, 2017, Toys filed for Chapter 11 bankruptcy relief. There are $694,000 of tenant improvements, $257,000 of unamortized deferred leasing costs and $544,000 of receivables arising from the straight-lining of rent on our consolidated balance sheet related to the Toys lease as of December 31, 2017.

Marketable Securities	12 Months Ended
Marketable Securities	Dec. 31, 2017
Marketable Securities [Abstract]
Marketable Securities	MARKETABLE SECURITIES As of December 31, 2017 and 2016, we owned 535,265 common shares of Macerich. These shares have an economic cost of $56.05 per share, or $30,000,000 in the aggregate. As of December 31, 2017 and 2016, the fair value of these shares was $35,156,000 and $37,918,000, respectively, based on Macerich’s closing share price of $65.68 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 on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from the mark-to-market of these securities were included in “other comprehensive (loss) income.” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. Other comprehensive (loss) income includes unrealized losses of $2,762,000, $5,273,000 and $1,455,000 for the years ended December 31, 2017, 2016 and 2015, respectively. In October 2015, we recognized $2,141,000 of dividend income as a result of a special dividend declared by Macerich, which is included as a component of “interest and other income, net,” in our consolidated statement of income for the year ended December 31, 2015.

Mortgages Payable

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Mortgages Payable

MORTGAGES PAYABLE

On June 1, 2017, we completed a $500,000,000 refinancing of the office portion of 731 Lexington Avenue. The interest-only loan is at LIBOR plus 0.90% and matures in June 2020, with four one-year 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. We may refinance our maturing debt as it comes due or choose to repay it.



			Interest Rate at December 31, 2017	Balance at December 31,
(Amounts in thousands)		Maturity⁽¹⁾	Interest Rate at December 31, 2017	2017			2016
First mortgages secured by:
	Rego Park I shopping center (100% cash	Mar. 2018	0.35%	$	78,246		$	78,246
	collateralized)
	Paramus	Oct. 2018	2.90%	68,000			68,000
	Rego Park II shopping center⁽²⁾	Nov. 2018	3.42%	256,194			259,901
	731 Lexington Avenue, retail space⁽³⁾	Aug. 2022	2.78%	350,000			350,000
	731 Lexington Avenue, office space⁽⁴⁾	Jun. 2024	2.38%	500,000			300,000
	Total			1,252,440			1,056,147
	Deferred debt issuance costs, net of accumulated
	amortization of $6,315 and $6,824, respectively			(12,218		)	(3,788		)
				$	1,240,222		$	1,052,359

(1)	Represents the extended maturity where we have the unilateral right to extend.
(2)	This loan bears interest at LIBOR plus 1.85%. See page for details of our Rego Park II loan participation.
(3)	This loan bears interest at LIBOR plus 1.40%.
(4)	This loan bears interest at LIBOR plus 0.90%.

All of our debt is secured by mortgages and/or pledges of the stock of the subsidiaries holding the properties. The net carrying value of real estate collateralizing the debt amounted to $640,025,000 as of December 31, 2017. Our existing financing documents contain covenants that limit our ability to incur additional indebtedness on these properties, and in certain circumstances, provide for lender approval of tenants’ leases and yield maintenance to prepay them. As of December 31, 2017, the principal repayments for the next five years and thereafter are as follows:



(Amounts in thousands)
Year Ending December 31,	Amount
2018	$	402,440
2019	—
2020	—
2021	—
2022	350,000
Thereafter	500,000

Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurement 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 December 31, 2017 and 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 December 31, 2017 and 2016. There were no financial liabilities measured at fair value as of December 31, 2017 and 2016.



	As of December 31, 2017
(Amounts in thousands)	Total		Level 1		Level 2	Level 3
Marketable securities	$	35,156	$	35,156	—	—

	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, the Rego Park II loan participation 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 values of the Rego Park II loan participation and our mortgages payable are calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and are classified as Level 2. The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2017 and 2016.



	As of December 31, 2017				As of December 31, 2016
	Carrying		Fair		Carrying		Fair
(Amounts in thousands)	Amount		Value		Amount		Value
Assets:
Cash equivalents	$	273,914	$	273,914	$	256,370	$	256,370
Rego Park II loan participation	198,537		198,000		—		—
	472,451		471,914		256,370		256,370
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,252,440	$	1,239,000	$	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

Leases

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Leases

LEASES

As Lessor

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

Future base rental revenue under these non-cancelable operating leases is as follows:



(Amounts in thousands)

Year Ending December 31,	Amount
2018	$	144,712
2019	138,649
2020	136,536
2021	119,962
2022	111,533
Thereafter	783,019

These future minimum amounts do not include additional rents based on a percentage of retail tenants’ sales. These rents were $174,000, $182,000 and $94,000, respectively, for the years ended December 31, 2017, 2016 and 2015.

Bloomberg accounted for revenue of $105,224,000, $104,590,000 and $94,468,000, in the years ended December 31, 2017, 2016 and 2015, respectively, representing approximately 46%, 46% and 45% of our total revenues in each year, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

As Lessee

We are a tenant under a long-term ground lease at our Flushing property, which expires in 2027 and has one 10-year extension option. Future lease payments under this operating lease, excluding the extension option, are as follows:



(Amounts in thousands)

Year Ending December 31,	Amount
2018	$	800
2019	800
2020	800
2021	800
2022	800
Thereafter	3,267

Rent expense was $746,000 in each of the years ended December 31, 2017, 2016 and 2015.

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	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. On May 18, 2017, we granted each of the members of our Board of Directors 183 DSUs with a grant date fair value of $56,250 per grant, or $394,000 in the aggregate. The DSUs entitle the holders to receive shares of the Company’s common stock without the payment of any consideration. The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors. As of December 31, 2017, there were 8,692 DSUs outstanding and 497,095 shares were available for future grant under the Plan.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties. Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance 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 ($306,000 effective January 1, 2018) and 17% of the balance (18% effective January 1, 2018) of a covered loss, and the Federal government is responsible for the remaining 83% (82% effective January 1, 2018) 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. Further, if lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance our properties. Tenant Matters On April 4, 2017, Sears closed its 195,000 square foot store at our Rego Park I property. Annual revenue from Sears is approximately $10,600,000, under a lease which expires in March 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 are $3,865,000 of receivables arising from the straight-lining of rent and $406,000 of unamortized deferred leasing costs on our consolidated balance sheet related to the Sears lease as of December 31, 2017 which we will continue to assess for recoverability. On September 19, 2017, the bankruptcy court approved the terms of an order stipulation between Le Cirque, a restaurant operator which leases 13,000 square feet at our 731 Lexington Avenue property (approximately $1,200,000 of annual revenue), and the Company which terminated the lease on January 5, 2018 (original lease expiration was May 2021). As a result, we began accelerating depreciation and amortization of approximately $2,780,000 of tenant improvements and deferred leasing costs over the new lease term, of which approximately $2,650,000 was recognized in the year ended December 31, 2017 and approximately $130,000 will be recognized in the quarter ending March 31, 2018. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 10. COMMITMENTS AND CONTINGENCIES - continued Rego Park I Litigation In June 2014, Sears Roebuck and Co. (“Sears”) filed a lawsuit in the Supreme Court of the State of New York against Vornado and us (and certain of our subsidiaries) with regard to space that Sears leases at our Rego Park I property alleging that the defendants are liable for harm that Sears has suffered as a result of (a) water intrusions into the premises, (b) two fires in February 2014 that caused damages to those premises, and (c) alleged violations of the Americans with Disabilities Act in the premises’ parking garage. Sears asserted various causes of actions for damages and sought to compel compliance with landlord’s obligations to repair the premises and to provide security, and to compel us to abate a nuisance that Sears claims was a cause of the water intrusions into its premises. In addition to injunctive relief, Sears sought, among other things, damages of not less than $4 million and future damages it estimated would not be less than $25 million. In March 2016, Sears withdrew its claim for future damages leaving a remaining claim for property damages, which we estimate to be approximately $650,000 based on information provided by Sears. We intend to defend the remaining claim vigorously. The amount or range of reasonably possible losses, if any, is not expected to be greater than $650,000. Paramus In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease has a purchase option in 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 2.90%, which matures on October 5, 2018. The annual triple-net 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 years lease term. Letters of Credit Approximately $1,474,000 of standby letters of credit were issued and outstanding as of December 31, 2017. Other In October 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional $22,910,000 of transfer taxes (including interest and penalties as of December 31, 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. We received approximately $396,000, $825,000 and $2,100,000 from bankruptcy recoveries during the years ended December 31, 2017, 2016 and 2015, respectively, which is included as “interest and other income, net” in our consolidated statements of income. 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.

Multiemployer Benefit Plans	12 Months Ended
Multiemployer Benefit Plans	Dec. 31, 2017
Multiemployer Plans [Abstract]
Multiemployer Benefit Plans	MULTIEMPLOYER BENEFIT PLANS Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining agreements. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 11. MULTIEMPLOYER BENEFIT PLANS - continued Multiemployer Pension Plans Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their contributions, each of our subsidiaries may be required to bear their pro rata share of unfunded obligations. If a participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31, 2017, our subsidiaries’ participation in these plans were not significant to our consolidated financial statements. In the years ended December 31, 2017, 2016 and 2015 our subsidiaries contributed $162,000, $147,000 and $144,000, respectively, towards Multiemployer Pension Plans. Our subsidiaries’ contributions did not represent more than 5% of total employer contributions in any of these plans for the years ended December 31, 2017, 2016 and 2015. Multiemployer Health Plans Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired employees. In the years ended December 31, 2017, 2016 and 2015 our subsidiaries contributed $619,000, $539,000 and $554,000, respectively, towards these plans.

Earnings Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock (including DSUs) outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the years ended December 31, 2017, 2016 and 2015.



	For the Year Ended December 31,
(Amounts in thousands, except share and per share amounts)	2017		2016		2015
Net income	$	80,509	$	86,477	$	76,907

Weighted average shares outstanding – basic and diluted	5,115,501		5,114,084		5,112,352

Net income per common share – basic and diluted	$	15.74	$	16.91	$	15.04

Summary Of Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Summary of Quarterly Results (Unaudited)

SUMMARY OF QUARTERLY RESULTS (UNAUDITED)



						Net Income Per Common Share⁽¹⁾
	(Amounts in thousands, except per share amounts)	Revenues		Net Income		Basic		Diluted
	2017
	December 31	$	58,061	$	17,883	$	3.50	$	3.50
	September 30	58,094		20,299		3.97		3.97
	June 30	57,190		20,660		4.04		4.04
	March 31	57,229		21,667		4.24		4.24

	2016
	December 31	$	57,253	$	21,655	$	4.23	$	4.23
	September 30	57,120		21,036		4.11		4.11
	June 30	57,005		21,767		4.26		4.26
	March 31	55,558		22,019		4.31		4.31
_______________________
(1)	The total for the year may differ from the sum of the quarters as a result of weighting.

Schedule II: Valuation and Qualifying accounts

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule II: Valuation and Qualifying Accounts



ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
(Amounts in thousands)

Column A	Column B		Column C			Column D			Column E
Description	Balance at Beginning of Year		Additions: Charged Against Operations			Deductions: Uncollectible Accounts Written Off			Balance
Allowance for doubtful accounts:
Year Ended December 31, 2017	$	1,473	$	53		$	(25	)	$	1,501

Year Ended December 31, 2016	$	918	$	557		$	(2	)	$	1,473

Year Ended December 31, 2015	$	1,544	$	(314	)	$	(312	)	$	918

Schedule III: Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III: Real Estate and Accumulated Depreciation



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

December 31, 2017
(Amounts in thousands)

COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E								COLUMN F		COLUMN G	COLUMN H	COLUMN I
										Gross Amount at Which												Life on which Depreciation in Latest Income Statement is Computed
			Initial Cost to Company(2)				Costs Capitalized Subsequent to Acquisition			Carried at Close of Period								Accumulated Depreciation and Amortization
					Buildings and Leasehold Improvements							Buildings and Leasehold Improvements		Development and Construction In Progress
																				Date of Construction	Date Acquired⁽²⁾
Description	Encumbrances⁽¹⁾		Land							Land						Total⁽³⁾				Date of Construction	Date Acquired⁽²⁾
New York, NY
Rego Park I	$	78,246	$	1,647	$	8,953	$	53,390		$	1,647	$	62,268	$	75	$	63,990	$	33,073	1959	1992	3-39 years
Rego Park II	256,194		3,127		1,467		388,890			3,127		390,118		239		393,484		83,963		2009	1992	3-40 years
The Alexander apartment tower	—		—		—		119,112			—		119,112		—		119,112		9,856		2016	1992	3-39 years
Rego Park III	—		779		—		3,740			779		503		3,237		4,519		228		N/A	1992	5-15 years
Flushing	—		—		1,660		(107		)	—		1,553		—		1,553		968		1975⁽⁴⁾	1992	N/A
Lexington Avenue	850,000		14,432		12,355		416,002			27,497		415,292		—		442,789		154,956		2003	1992	9-39 years
Paramus, NJ	68,000		1,441		—		10,313			11,754		—		—		11,754		—		N/A	1992	N/A

Other Properties	—		167		1,804		(1,804		)	167		—		—		167		—		N/A	1992	N/A
TOTAL	$	1,252,440	$	21,593	$	26,239	$	989,536		$	44,971	$	988,846	$	3,551	$	1,037,368	$	283,044

(1) Excludes deferred debt issuance costs, net of $12,218.
(2) Initial cost is as of May 15, 1992 (the date on which the Company commenced its real estate operations).
(3) The net basis of the Company’s assets and liabilities for tax purposes is approximately $199,268 lower than the amount reported for financial statement purposes.
(4) Represents the date the lease was acquired.



ALEXANDER’S, INC. AND SUBSIDIARIES
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
	December 31,
	2017		2016			2015
REAL ESTATE:
Balance at beginning of period	$	1,033,551	$	1,029,472		$	993,927
Changes during the period:
Land	—		—			—
Buildings and leasehold improvements	3,046		12,464			112,538
Development and construction in progress	771		(6,706		)	(65,803		)
	1,037,368		1,035,230			1,040,662
Less: Fully depreciated assets	—		(1,679		)	(11,190		)
Balance at end of period	$	1,037,368	$	1,033,551		$	1,029,472
ACCUMULATED DEPRECIATION:
Balance at beginning of period	$	252,737	$	225,533		$	210,025
Additions charged to operating expenses	30,307		28,883			26,698
	283,044		254,416			236,723
Less: Fully depreciated assets	—		(1,679		)	(11,190		)
Balance at end of period	$	283,044	$	252,737		$	225,533

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements include our accounts and those of our consolidated subsidiaries. All intercompany amounts have been eliminated. Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain prior year balances have been reclassified in order to conform to current year presentation.
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. We adopted this standard effective January 1, 2018 using the modified retrospective approach, which requires applying the new standard to all existing contracts not yet completed as of the effective date and recording a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. We have completed our evaluation of the standard’s impact on our revenue streams. The adoption of this standard is not expected to have a material impact 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 (“ASC 825”). 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. We adopted this standard effective January 1, 2018 using the modified retrospective approach. 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 (loss) income.” As a result, on January 1, 2018 we recorded an increase to retained earnings of $5,156,000 to recognize the unrealized gains previously recorded within “accumulated other comprehensive income.” Subsequent changes in the fair value of our marketable securities will be recorded to “interest and other income, net.” 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 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. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. We are currently evaluating the overall impact of the adoption of ASU 2016-02 on our consolidated financial statements and believe that the standard will more significantly impact the accounting for leases in which we are a lessee. 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, and will continue to recognize expense on a straight-line basis upon adoption of this standard. ASU 2016-02 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2018, with early adoption permitted. We will adopt this standard effective January 1, 2019 using the modified retrospective approach and will elect to use the practical expedients provided by this standard. 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 was 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 a material impact on our consolidated financial statements. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued 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 standard 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. The adoption of this standard on January 1, 2018 is not expected to have an impact on our consolidated financial statements. In August 2017, the FASB issued an update (“ASU 2017-12”) Targeted Improvements to Accounting for Hedging Activities to ASC Topic 815, Derivatives and Hedging (“ASC 815”). ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815. The update is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting and increase transparency as to the scope and results of hedge programs. ASU 2017-12 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The adoption of this standard on January 1, 2019 is not expected to have a material impact on our consolidated financial statements.
Real Estate	Real estate is carried at cost, net of accumulated depreciation and amortization. As of December 31, 2017 and 2016, the carrying amount of our real estate, net of accumulated depreciation and amortization, was $754,324,000 and $780,814,000, respectively. Maintenance and repairs are expensed as incurred. Depreciation requires an estimate by management of the useful life of each property and improvement as well as an allocation of the costs associated with a property to its various components. We capitalize all property operating expenses directly associated with and attributable to, the development and construction of a project, including interest expense. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use, which is typically evidenced by the receipt of a temporary certificate of occupancy. General and administrative costs are expensed as incurred. ALEXANDER’S, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued Our properties and related intangible assets, including properties to be developed in the future, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Estimates of future cash flows are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. For our development properties, estimates of future cash flows also include all future expenditures necessary to develop the asset, including interest payments that will be capitalized as part of the cost of the asset. An impairment loss is recognized only if the carrying amount of the asset is not recoverable and is measured based on the excess of the property’s carrying amount over its estimated fair value. If our estimates of future cash flows, anticipated holding periods, or fair values change, based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. Estimates of future cash flows are subjective and are based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
Cash and Cash Equivalents	Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less and are carried at cost, which approximates fair value, due to their short-term maturities. The majority of our cash and cash equivalents consist of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance Corporation limit, (ii) United States Treasury Bills, (iii) money market funds, which invest in United States Treasury Bills and (iv) certificates of deposit placed through an account registry service (“CDARS”). To date we have not experienced any losses on our invested cash.
Short-term Investments	Short-term investments consist of United States Treasury Bills with original maturities greater than three but less than six months. These highly liquid investments are classified as available-for-sale and are presented at fair value on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from these investments were included in “other comprehensive (loss) income.” Effective January 1, 2018, changes in the fair value of these investments are recognized in current period earnings in accordance with ASC 825.
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.
Marketable Securities	Our marketable securities consist of common shares of The Macerich Company (NYSE: MAC) (“Macerich”), which are classified as available-for-sale. Available-for-sale securities are presented at fair value on our consolidated balance sheets. Prior to January 1, 2018, unrealized gains and losses resulting from the mark-to-market of these securities were included in “other comprehensive (loss) income.” Effective January 1, 2018, changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. We evaluate our marketable securities for impairment at the end of each reporting period. If investments have unrealized losses, we evaluate the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In our evaluation, we consider our ability and intent to hold our investment for a reasonable period of time sufficient for us to recover our cost basis, as well as the near-term prospects for the investment in relation to the severity and duration of the decline.
Allowance for Doubtful Accounts	We periodically evaluate the collectibility of amounts due from tenants, including the receivable arising from the straight-lining of rents, and maintain an allowance for doubtful accounts ($1,501,000 and $1,473,000 as of December 31, 2017 and 2016, respectively) for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We exercise judgment in establishing these allowances and consider payment history and current credit status in developing these estimates.
Deferred Charges	Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest and debt expense. Direct costs related to leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.
Revenue Recognition	We have the following revenue sources and revenue recognition policies: Base Rent – revenue arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis, which includes the effects of rent steps and free rent abatements under the leases. We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Percentage Rent – revenue arising from retail tenant leases that is contingent upon the sales of tenants exceeding defined thresholds. These rents are recognized only after the contingency has been removed (i.e., when tenant sales thresholds have been achieved). Expense Reimbursements – revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective properties. This revenue is recognized in the same periods as the expenses are incurred. Parking Income – revenue arising from the rental of parking space at our properties. This income is recognized as the service is provided.
Income Taxes	We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856 – 860 of the Internal Revenue Code of 1986, as amended (the “Code”). In order to maintain our qualification as a REIT under the Code, we must distribute at least 90% of our taxable income to stockholders each year. We distribute to our stockholders 100% of our taxable income and therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2017 were characterized, for federal income taxes, as 99.5% ordinary income and 0.5% long-term capital gain income. Dividends distributed for the year ended December 31, 2016 were characterized, for federal income taxes, as 97.7% ordinary income and 2.3% long-term capital gain income. Dividends distributed for the year ended December 31, 2015 were categorized, for federal income tax purposes, as 97.3% ordinary income and 2.7% long-term capital gain income.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Reconciliation Of Net Income Attributable To Common Stockholders To Estimated Taxable Income

The following table reconciles our net income to estimated taxable income for the years ended December 31, 2017, 2016 and 2015.



(Unaudited and in thousands)	Year Ended December 31,
	2017			2016			2015
Net income	$	80,509		$	86,477		$	76,907
Straight-line rent adjustments	4,250			2,347			(1,418		)
Depreciation and amortization timing differences	3,084			(14,534		)	2,477
Other	(343		)	2,975			751
Estimated taxable income	$	87,500		$	77,265		$	78,717

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Fees to Vornado

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



	Year Ended December 31,
(Amounts in thousands)	2017		2016		2015
Company management fees	$	2,800	$	2,800	$	2,800
Development fees	29		194		2,435
Leasing fees	1,829		7,401		2,950
Property management, cleaning, engineering
and security fees	4,114		4,033		3,614
	$	8,772	$	14,428	$	11,799

Mortgages Payable (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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



			Interest Rate at December 31, 2017	Balance at December 31,
(Amounts in thousands)		Maturity⁽¹⁾	Interest Rate at December 31, 2017	2017			2016
First mortgages secured by:
	Rego Park I shopping center (100% cash	Mar. 2018	0.35%	$	78,246		$	78,246
	collateralized)
	Paramus	Oct. 2018	2.90%	68,000			68,000
	Rego Park II shopping center⁽²⁾	Nov. 2018	3.42%	256,194			259,901
	731 Lexington Avenue, retail space⁽³⁾	Aug. 2022	2.78%	350,000			350,000
	731 Lexington Avenue, office space⁽⁴⁾	Jun. 2024	2.38%	500,000			300,000
	Total			1,252,440			1,056,147
	Deferred debt issuance costs, net of accumulated
	amortization of $6,315 and $6,824, respectively			(12,218		)	(3,788		)
				$	1,240,222		$	1,052,359

(1)	Represents the extended maturity where we have the unilateral right to extend.
(2)	This loan bears interest at LIBOR plus 1.85%. See page for details of our Rego Park II loan participation.
(3)	This loan bears interest at LIBOR plus 1.40%.
(4)	This loan bears interest at LIBOR plus 0.90%.

Schedule of Maturities of Long-term Debt

As of December 31, 2017, the principal repayments for the next five years and thereafter are as follows:



(Amounts in thousands)
Year Ending December 31,	Amount
2018	$	402,440
2019	—
2020	—
2021	—
2022	350,000
Thereafter	500,000

- 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)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis



	As of December 31, 2017
(Amounts in thousands)	Total		Level 1		Level 2	Level 3
Marketable securities	$	35,156	$	35,156	—	—

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

Fair Value, by Balance Sheet Grouping

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



	As of December 31, 2017				As of December 31, 2016
	Carrying		Fair		Carrying		Fair
(Amounts in thousands)	Amount		Value		Amount		Value
Assets:
Cash equivalents	$	273,914	$	273,914	$	256,370	$	256,370
Rego Park II loan participation	198,537		198,000		—		—
	472,451		471,914		256,370		256,370
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,252,440	$	1,239,000	$	1,056,147	$	1,045,000

Leases (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Schedule Of Future Minimum Payments Receivable For Operating Leases

Future base rental revenue under these non-cancelable operating leases is as follows:



(Amounts in thousands)

Year Ending December 31,	Amount
2018	$	144,712
2019	138,649
2020	136,536
2021	119,962
2022	111,533
Thereafter	783,019

Schedule of Future Minimum Rental Payments for Operating Leases

Future lease payments under this operating lease, excluding the extension option, are as follows:



(Amounts in thousands)

Year Ending December 31,	Amount
2018	$	800
2019	800
2020	800
2021	800
2022	800
Thereafter	3,267

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	For the Year Ended December 31,
(Amounts in thousands, except share and per share amounts)	2017		2016		2015
Net income	$	80,509	$	86,477	$	76,907

Weighted average shares outstanding – basic and diluted	5,115,501		5,114,084		5,112,352

Net income per common share – basic and diluted	$	15.74	$	16.91	$	15.04

Summary Of Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Data [Abstract]

Summary of Quarterly Results (Unaudited)



						Net Income Per Common Share⁽¹⁾
	(Amounts in thousands, except per share amounts)	Revenues		Net Income		Basic		Diluted
	2017
	December 31	$	58,061	$	17,883	$	3.50	$	3.50
	September 30	58,094		20,299		3.97		3.97
	June 30	57,190		20,660		4.04		4.04
	March 31	57,229		21,667		4.24		4.24

	2016
	December 31	$	57,253	$	21,655	$	4.23	$	4.23
	September 30	57,120		21,036		4.11		4.11
	June 30	57,005		21,767		4.26		4.26
	March 31	55,558		22,019		4.31		4.31
_______________________
(1)	The total for the year may differ from the sum of the quarters as a result of weighting.

Organization (Details) $ in Thousands	12 Months Ended
Organization (Details) $ in Thousands	Dec. 31, 2017 USD ($) ft² a property aptunits segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Apr. 04, 2017 ft²
Operating Properties
Number of properties \| property	7
Property rentals \| $	$ 152,857	$ 151,444	$ 138,688
Number of segments \| segment	1
Rego Park I \| Sears
Operating Properties
Area of property (in square feet)				195,000
Maturity date	Mar. 01, 2020
Property rentals \| $	$ 10,600
Rego Park II \| Anchor
Operating Properties
Area of property (in square feet)	609,000
Rego Park II \| Retail space \| Toys R Us/ Babies R Us
Operating Properties
Area of property (in square feet)	47,000
Operating property \| 731 Lexington Avenue
Operating Properties
Area of property (in square feet)	1,311,000
Operating property \| 731 Lexington Avenue \| Office space
Operating Properties
Area of property (in square feet)	889,000
Operating property \| 731 Lexington Avenue \| Retail space
Operating Properties
Area of property (in square feet)	174,000
Operating property \| 731 Lexington Avenue \| Retail space \| Tenant Occupant \| Home Depot
Operating Properties
Area of property (in square feet)	83,000
Operating property \| 731 Lexington Avenue \| Retail space \| Tenant Occupant \| Container Store
Operating Properties
Area of property (in square feet)	34,000
Operating property \| 731 Lexington Avenue \| Retail space \| Tenant Occupant \| Hennes Mauritz
Operating Properties
Area of property (in square feet)	27,000
Operating property \| 731 Lexington Avenue \| Residence space
Operating Properties
Area of property (in square feet)	248,000
Number of property units \| aptunits	105
Operating property \| Rego Park I
Operating Properties
Area of property (in square feet)	343,000
Operating property \| Rego Park I \| Tenant Occupant \| Anchor \| Sears
Operating Properties
Area of property (in square feet)	195,000
Operating property \| Rego Park I \| Tenant Occupant \| Anchor \| Burlington Coat Factory
Operating Properties
Area of property (in square feet)	50,000
Operating property \| Rego Park I \| Tenant Occupant \| Anchor \| Bed Bath and Beyond
Operating Properties
Area of property (in square feet)	46,000
Operating property \| Rego Park I \| Tenant Occupant \| Anchor \| Marshalls
Operating Properties
Area of property (in square feet)	36,000
Operating property \| Rego Park II \| Tenant Occupant \| Anchor \| Costco
Operating Properties
Area of property (in square feet)	145,000
Operating property \| Rego Park II \| Tenant Occupant \| Anchor \| Century 21
Operating Properties
Area of property (in square feet)	135,000
Operating property \| Rego Park II \| Tenant Occupant \| Anchor \| Kohl's
Operating Properties
Area of property (in square feet)	133,000
Operating property \| Alexander apartment tower
Operating Properties
Area of property (in square feet)	255,000
Number of property units \| aptunits	312
Real estate property percentage leased	94.60%
Operating property \| Paramus \| Tenant Occupant \| Ikea
Operating Properties
Area of land \| a	30.3
Operating property \| Flushing property
Operating Properties
Area of property (in square feet)	167,000
Properties to be developed \| Rego Park III
Operating Properties
Area of land	140,000

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jan. 01, 2018	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 302,543		$ 308,995
Real estate, net	$ 754,324		780,814
Cash and cash equivalent maturity maximum	3 months
Percentage of cash mortgage collateralized	100.00%
Allowance for doubtful accounts	$ 1,501		$ 1,473
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 5,156

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Tax Treatment Of Dividend
Internal taxable income distribution policy (in percentage)									100.00%
Differences between book and tax basis	$ 199,268								$ 199,268
Reconciliation of Net Income to Estimated Taxable Income
Net income	$ 17,883	$ 20,299	$ 20,660	$ 21,667	$ 21,655	$ 21,036	$ 21,767	$ 22,019	80,509	$ 86,477	$ 76,907
Straight-line rent adjustments									4,250	2,347	(1,418)
Depreciation and amortization timing differences									3,084	(14,534)	2,477
Other									(343)	2,975	751
Estimated taxable income									$ 87,500	$ 77,265	$ 78,717
Minimum
Tax Treatment Of Dividend
Real estate investment trust distributable income policy (in percentage)									90.00%
Ordinary Income
Tax Treatment Of Dividend
Payments of dividends net percent									99.50%	97.70%	97.30%
Long Term Capital Gain
Tax Treatment Of Dividend
Payments of dividends net percent									0.50%	2.30%	2.70%

Rego Park II Loan Participation - (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 28, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment In Loan Participation [Line Items]
Loan participation payment		$ 200,000	$ 0	$ 0
Participation Agreement \| Rego Park II
Investment In Loan Participation [Line Items]
Loan participation payment	$ 200,000
Interest rate		3.17%
LIBOR \| Participation Agreement \| Rego Park II
Investment In Loan Participation [Line Items]
Basis spread over LIBOR	1.60%

Related Party Transactions (Details) ft² in Thousands	1 Months Ended	12 Months Ended
Related Party Transactions (Details) ft² in Thousands	Jan. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) ft² $ / ft²	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)
Leasing Agreements
Receivable arising from the straight-lining of rents		$ 174,713,000	$ 179,010,000
Toys R Us/ Babies R Us
Leasing Agreements
Tenant improvements		694,000
Deferred leasing costs		257,000
Receivable arising from the straight-lining of rents		$ 544,000
Rego Park II \| Retail space \| Toys R Us/ Babies R Us
Leasing Agreements
Area of property (in square feet) \| ft²		47
Annual revenue attributable to tenant		$ 2,600,000
Development fees \| Alexander apartment tower
Leasing Agreements
Fees paid				$ 5,784,000
Vornado
Related Party Transaction
Noncontrolling interest, ownership percentage by parent		32.40%
Management and Development Agreements
Management fee agreement value		$ 2,800,000
Vornado \| Toys R Us/ Babies R Us
Related Party Transaction
Noncontrolling interest, ownership percentage by parent		32.50%
Vornado \| Property Management Fees \| Rego Park II
Management and Development Agreements
Property management fee, percent fee		2.00%
Vornado \| Property Management Fees \| 731 Lexington Avenue
Management and Development Agreements
Property management fee agreement price per square foot \| $ / ft²		0.50
Vornado \| Property Management Fees \| 731 Lexington Avenue \| Common Area
Management and Development Agreements
Property management fee agreement value		$ 306,000
Property management fee escalation percentage per annum		3.00%
Vornado \| Development fees
Leasing Agreements
Fees paid		$ 21,000	54,000
Vornado \| Development fees \| Alexander apartment tower
Management and Development Agreements
Property development fee escalation percentage per annum		6.00%
Vornado \| Leasing fees
Leasing Agreements
Lease fee percentage of rent one to ten years		3.00%
Lease fee percentage of rent eleven to twenty years		2.00%
Lease fee percentage of rent twenty first to thirty years		1.00%
Percentage increase lease fee if broker used		1.00%
Percentage commissions on sale of assets under fifty million		3.00%
Asset sale commission threshold		$ 50,000,000
Percentage commissions on sale of assets over fifty million		1.00%
Fees paid		$ 1,811,000	415,000
Vornado \| Management, property management, cleaning and security fees
Leasing Agreements
Fees paid		$ 658,000	$ 428,000
Mr. Roth, Interstate, David Mandelbaum, and Russell B. Wight, Jr.
Related Party Transaction
Noncontrolling interest, ownership percentage by parent		26.20%
IP & Partners Through Vornado
Related Party Transaction
Noncontrolling interest, ownership percentage by parent		2.30%
Lease Amendment \| Bloomberg
Leasing Agreements
Leasing commissions expense	$ 8,916,000
Lease Amendment \| Bloomberg \| Vornado
Leasing Agreements
Leasing commissions expense	1,716,000
Third Party Broker \| Lease Amendment \| Bloomberg
Leasing Agreements
Leasing commissions expense	$ 7,200,000

Related Party Transactions (Fees to Vornado) (Details) - Vornado - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of fees to Vornado
Fees to related party	$ 8,772	$ 14,428	$ 11,799
Company management fees
Summary of fees to Vornado
Fees to related party	2,800	2,800	2,800
Development fees
Summary of fees to Vornado
Fees to related party	29	194	2,435
Leasing fees
Summary of fees to Vornado
Fees to related party	1,829	7,401	2,950
Property management fees and payments for cleaning, engineering and security services
Summary of fees to Vornado
Fees to related party	$ 4,114	$ 4,033	$ 3,614

Marketable Securities (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Marketable Securities [Abstract]
Investment owned, balance, shares		535,265	535,265
Economic basis per share (in dollars per share)		$ 56.05
Available-for-sale securities, amortized cost basis		$ 30,000
Fair value		$ 35,156	$ 37,918
Closing share price (in dollars per share)		$ 65.68	$ 70.84
Change in unrealized net loss on available-for-sale securities		$ 2,762	$ 5,273	$ 1,455
Investment income, dividend	$ 2,141

Mortgages Payable (Narrative) (Details)		5 Months Ended
Mortgages Payable (Narrative) (Details)	Jun. 01, 2017 USD ($) option	May 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Mortgages payable, net of deferred debt issuance costs			$ 1,240,222,000	$ 1,052,359,000
731 Lexington Avenue \| Office space \| Mortgages
Debt Instrument [Line Items]
Mortgages payable, net of deferred debt issuance costs	$ 500,000,000	$ 300,000,000
Maturity date	Jun. 01, 2020
Number of one year extension options \| option	4
Derivative liability, notional amount	$ 500,000,000
731 Lexington Avenue \| Office space \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread over LIBOR	0.90%	0.95%
Derivative, cap interest rate	6.00%

Mortgages Payable (Outstanding mortgages payable) (Details) - USD ($) $ in Thousands		5 Months Ended	12 Months Ended
	Jun. 01, 2017	May 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate
Percentage of cash mortgage collateralized			100.00%
Deferred debt issuance costs, net of accumulated amortization of $6,315 and $6,824, respectively			$ (12,218)
Notes Payable (in US dollars)			1,240,222	$ 1,052,359
Mortgages \| 731 Lexington Avenue \| Office space
Mortgage Loans on Real Estate
Maturity date	Jun. 01, 2020
Notes Payable (in US dollars)	$ 500,000	$ 300,000
Mortgages \| 731 Lexington Avenue \| Office space \| LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR	0.90%	0.95%
Mortgages \| Secured loan
Mortgage Loans on Real Estate
Notes payable, gross			1,252,440	1,056,147
Deferred debt issuance costs, net of accumulated amortization of $6,315 and $6,824, respectively			(12,218)	(3,788)
Notes Payable (in US dollars)			1,240,222	1,052,359
Deferred debt issuance costs, accumulated amortization			$ 6,315	$ 6,824
Mortgages \| Secured loan \| Rego Park I
Mortgage Loans on Real Estate
Maturity date			Mar. 10, 2018
Interest rate			0.35%
Percentage of cash mortgage collateralized			100.00%	100.00%
Notes payable, gross			$ 78,246	$ 78,246
Mortgages \| Secured loan \| Paramus
Mortgage Loans on Real Estate
Maturity date			Oct. 05, 2018
Interest rate			2.90%
Notes payable, gross			$ 68,000	68,000
Mortgages \| Secured loan \| Rego Park II
Mortgage Loans on Real Estate
Maturity date			Nov. 30, 2018
Interest rate			3.42%
Notes payable, gross			$ 256,194	259,901
Mortgages \| Secured loan \| Rego Park II \| LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR			1.85%
Mortgages \| Secured loan \| 731 Lexington Avenue \| Retail space
Mortgage Loans on Real Estate
Maturity date			Aug. 05, 2022
Interest rate			2.78%
Notes payable, gross			$ 350,000	350,000
Mortgages \| Secured loan \| 731 Lexington Avenue \| Retail space \| LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR			1.40%
Mortgages \| Secured loan \| 731 Lexington Avenue \| Office space
Mortgage Loans on Real Estate
Maturity date			Jun. 11, 2024
Interest rate			2.38%
Notes payable, gross			$ 500,000	$ 300,000
Mortgages \| Secured loan \| 731 Lexington Avenue \| Office space \| LIBOR
Mortgage Loans on Real Estate
Basis spread over LIBOR			0.90%

Mortgages Payable (Principal repayments for the next five years) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Debt Disclosure [Abstract]
Net carrying value of real estate collateralizing the debt	$ 640,025
Repayments of Long-term Debt
2018	402,440
2019	0
2020	0
2021	0
2022	350,000
Thereafter	$ 500,000

Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value) (Details) - Recurring - Marketable securities - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Net Asset (Liability) [Abstract]
Marketable securities	$ 35,156	$ 37,918
Level 1
Fair Value, Net Asset (Liability) [Abstract]
Marketable securities	35,156	37,918
Level 2
Fair Value, Net Asset (Liability) [Abstract]
Marketable securities	0	0
Level 3
Fair Value, Net Asset (Liability) [Abstract]
Marketable securities	$ 0	$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Fair Value Measurements (Financial Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount
Assets
Cash equivalents	$ 273,914	$ 256,370
Rego Park II loan participation	198,537	0
Assets	472,451	256,370
Liabilities [Abstract]
Mortgages payable	1,252,440	1,056,147
Fair Value
Assets
Cash equivalents	273,914	256,370
Assets	471,914	256,370
Liabilities [Abstract]
Mortgages payable	1,239,000	1,045,000
Level 2 \| Fair Value
Assets
Rego Park II loan participation	$ 198,000	$ 0

Leases (Narratives) (Details) $ in Thousands	3 Months Ended								12 Months Ended
Leases (Narratives) (Details) $ in Thousands	Dec. 31, 2017 USD ($) option	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) option	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
As Lessor
Additional rent based on percentage of tenant's sales									$ 174	$ 182	$ 94
Revenues	$ 58,061	$ 58,094	$ 57,190	$ 57,229	$ 57,253	$ 57,120	$ 57,005	$ 55,558	$ 230,574	226,936	207,915
Minimum
Leases Lease Terms
Lease term range as Lessor									5 years
Maximum
Leases Lease Terms
Lease term range as Lessor									25 years
Alexander apartment tower \| Residence space \| Minimum
Leases Lease Terms
Lease term range as Lessor									1 year
Alexander apartment tower \| Residence space \| Maximum
Leases Lease Terms
Lease term range as Lessor									2 years
Flushing property
As Lessee
Rent expense									$ 746	746	746
Flushing property \| Ten year extension option
As Lessee
Lease extension period									10 years
Number of extension options \| option	1								1
Customer Concentration Risk \| Bloomberg \| Sales Revenue Services Net
As Lessor
Revenues									$ 105,224	$ 104,590	$ 94,468
Percentage rent contributed by tenant									46.00%	46.00%	45.00%

Leases (Leases Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Operating Leases, Future Minimum Payments Receivable
2018	$ 144,712
2019	138,649
2020	136,536
2021	119,962
2022	111,533
Thereafter	783,019
Operating Leases, Future Minimum Payments Due
2018	800
2019	800
2020	800
2021	800
2022	800
Thereafter	$ 3,267

Stock-Based Compensation (Details) - USD ($)	May 18, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Non-option equity instruments, outstanding, number (in shares)		8,692
Shares available for future grant under the plan (in shares)		497,095
Director
Share-based Compensation Arrangement by Share-based Payment Award
Non-option equity instruments granted per director (in shares)	183
Non-option equity instruments grant date fair value per grant	$ 56,250
Non-option equity instruments grant date fair value per grant total	$ 394,000

Commitments and Contingencies (Insurance) (Details) - USD ($)		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017
Insurance
Insurance maximum coverage per incident		$ 300,000,000
Insurance maximum coverage per property		300,000,000
All Risk Property And Rental Value
Insurance
Insurance maximum coverage per incident		1,700,000,000.0
Terrorism Coverage Including NBCR
Insurance
Insurance maximum coverage per incident		$ 1,700,000,000.0
Insurance coverage end date		Dec. 01, 2020
Insurance maximum coverage in aggregate		$ 1,700,000,000.0
FNSIC \| NBCR
Insurance
Insurance deductible		$ 293,000
Self Insured Responsibility (in percentage)		17.00%
Federal Government Responsibility (in percentage)		83.00%
FNSIC \| NBCR \| Subsequent Event
Insurance
Insurance deductible	$ 306,000
Self Insured Responsibility (in percentage)	18.00%
Federal Government Responsibility (in percentage)	82.00%

Commitments and Contingencies (Litigation and contingencies) (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($)	Feb. 28, 2014 fire	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 19, 2017 ft²	Apr. 04, 2017 ft²	Dec. 31, 2001 a
Commitments And Contingencies Disclosure
Property rentals						$ 152,857,000	$ 151,444,000	$ 138,688,000
Straight line rent adjustments						(4,250,000)	(2,347,000)	1,418,000
Unamortized deferred leasing costs				$ 45,790,000		45,790,000	48,387,000
Depreciation and amortization						34,925,000	33,807,000	31,086,000
Mortgages payable, carrying value				1,240,222,000		1,240,222,000	1,052,359,000
Standby letters of credit, outstanding				1,474,000		1,474,000
Proceeds from legal settlements						396,000	$ 825,000	$ 2,100,000
Rego Park I \| Sears
Commitments And Contingencies Disclosure
Area of property (in square feet) \| ft²										195,000
Property rentals						$ 10,600,000
Lease termination date						Mar. 01, 2021
Straight line rent adjustments						$ 3,865,000
Unamortized deferred leasing costs				406,000		$ 406,000
Number of fires \| fire		2
Maturity date						Mar. 01, 2020
731 Lexington Avenue \| Le Cirque
Commitments And Contingencies Disclosure
Area of property (in square feet) \| ft²									13,000
Property rentals						$ 1,200,000
Lease termination date						Jan. 05, 2018
Original lease termination date						May 01, 2021
Lease, cost						$ 2,780,000
Depreciation and amortization				$ 2,650,000
731 Lexington Avenue \| Le Cirque \| Forecast
Commitments And Contingencies Disclosure
Depreciation and amortization			$ 130,000
Paramus \| Ikea \| Tenant Occupant
Commitments And Contingencies Disclosure
Area of land \| a											30.3
Debt instrument, interest rate, stated percentage				2.90%		2.90%
Triple-net rent, annual amount						$ 700,000
Maturity date						Oct. 05, 2018
Mortgages payable, carrying value				$ 68,000,000		$ 68,000,000
Paramus \| Ikea \| Forecast \| Tenant Occupant
Commitments And Contingencies Disclosure
Property purchase option exercisable by lessee					$ 75,000,000
Purchase option not exercised amount included in triple net rent over remainder of lease					68,000,000
Purchase option exercised, net cash proceeds from sale of land					7,000,000
Gain (loss) on disposition of real estate, discontinued operations					$ 60,000,000
Lease term range as Lessor					20 years
Loan amortization period					20 years
The Kings Plaza Regional Shopping Center
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value						$ 22,910,000
Minimum
Commitments And Contingencies Disclosure
Lease term range as Lessor						5 years
Minimum \| Rego Park I \| Sears
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value						$ 4,000,000
Maximum
Commitments And Contingencies Disclosure
Lease term range as Lessor						25 years
Estimated Future Damages \| Rego Park I \| Sears
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value	$ 650,000
Estimated Future Damages \| Minimum \| Rego Park I \| Sears
Commitments And Contingencies Disclosure
Loss contingency, damages sought, value						$ 25,000,000
Estimated Future Damages \| Maximum \| Rego Park I \| Sears
Commitments And Contingencies Disclosure
Loss contingency, estimate of possible loss				$ 650,000		$ 650,000

Multiemployer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Multiemployer Plans
Multiemployer plans, period contributions, significance of contributions	false
Multiemployer Pension Plans
Multiemployer Plans
Multiemployer Plan, Contributions by Employer	$ 162	$ 147	$ 144
Multiemployer Health Plans
Multiemployer Plans
Multiemployer Plan, Contributions by Employer	$ 619	$ 539	$ 554

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 17,883	$ 20,299	$ 20,660	$ 21,667	$ 21,655	$ 21,036	$ 21,767	$ 22,019	$ 80,509	$ 86,477	$ 76,907
Weighted average shares outstanding - basic and diluted (in shares)									5,115,501	5,114,084	5,112,352
Net income per common share - basic and diluted (in dollars per share)									$ 15.74	$ 16.91	$ 15.04

Summary Of Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Revenues	$ 58,061	$ 58,094	$ 57,190	$ 57,229	$ 57,253	$ 57,120	$ 57,005	$ 55,558	$ 230,574	$ 226,936	$ 207,915
Net income	$ 17,883	$ 20,299	$ 20,660	$ 21,667	$ 21,655	$ 21,036	$ 21,767	$ 22,019	$ 80,509	$ 86,477	$ 76,907
Net Income Per Common Share - Basic (in dollars per share)	$ 3.50	$ 3.97	$ 4.04	$ 4.24	$ 4.23	$ 4.11	$ 4.26	$ 4.31
Net Income Per Common Share - Diluted (in dollars per share)	$ 3.50	$ 3.97	$ 4.04	$ 4.24	$ 4.23	$ 4.11	$ 4.26	$ 4.31

Schedule II: Valuation and Qualifying accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 1,473	$ 918	$ 1,544
Additions: Charged Against Operations	53	557	(314)
Deductions: Uncollectible Accounts Written Off	(25)	(2)	(312)
Balance at End of Year	$ 1,501	$ 1,473	$ 918

Schedule III: Real estate and Accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REAL ESTATE:
Encumbrances	$ 1,252,440
Initial cost of Land	21,593
Initial cost of Building, Leaseholds and Leasehold improvements	26,239
Costs capitalized subsequent to acquisition	989,536
Carrying amount of Land	44,971
Carrying amount of Buildings and Leasehold improvements	988,846
Development and Construction in progress	3,551
Total	1,037,368	$ 1,033,551	$ 1,029,472	$ 993,927
Accumulated Depreciation and Amortization	283,044	$ 252,737	$ 225,533	$ 210,025
Deferred debt issuance costs, net	12,218
Differences between book and tax basis	199,268
Other Properties
REAL ESTATE:
Encumbrances	0
Initial cost of Land	167
Initial cost of Building, Leaseholds and Leasehold improvements	1,804
Costs capitalized subsequent to acquisition	(1,804)
Carrying amount of Land	167
Carrying amount of Buildings and Leasehold improvements	0
Development and Construction in progress	0
Total	167
Accumulated Depreciation and Amortization	$ 0
Date acquired	1992
New York \| Rego Park I
REAL ESTATE:
Encumbrances	$ 78,246
Initial cost of Land	1,647
Initial cost of Building, Leaseholds and Leasehold improvements	8,953
Costs capitalized subsequent to acquisition	53,390
Carrying amount of Land	1,647
Carrying amount of Buildings and Leasehold improvements	62,268
Development and Construction in progress	75
Total	63,990
Accumulated Depreciation and Amortization	$ 33,073
Date of construction	1959
Date acquired	1992
New York \| Rego Park I \| Minimum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	3 years
New York \| Rego Park I \| Maximum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	39 years
New York \| Rego Park II \| Retail space
REAL ESTATE:
Encumbrances	$ 256,194
Initial cost of Land	3,127
Initial cost of Building, Leaseholds and Leasehold improvements	1,467
Costs capitalized subsequent to acquisition	388,890
Carrying amount of Land	3,127
Carrying amount of Buildings and Leasehold improvements	390,118
Development and Construction in progress	239
Total	393,484
Accumulated Depreciation and Amortization	$ 83,963
Date of construction	2009
Date acquired	1992
New York \| Rego Park II \| Retail space \| Minimum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	3 years
New York \| Rego Park II \| Retail space \| Maximum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	40 years
New York \| Alexander apartment tower
REAL ESTATE:
Encumbrances	$ 0
Initial cost of Land	0
Initial cost of Building, Leaseholds and Leasehold improvements	0
Costs capitalized subsequent to acquisition	119,112
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	119,112
Development and Construction in progress	0
Total	119,112
Accumulated Depreciation and Amortization	$ 9,856
Date of construction	2016
Date acquired	1992
New York \| Alexander apartment tower \| Minimum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	3 years
New York \| Alexander apartment tower \| Maximum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	39 years
New York \| Rego Park III
REAL ESTATE:
Encumbrances	$ 0
Initial cost of Land	779
Initial cost of Building, Leaseholds and Leasehold improvements	0
Costs capitalized subsequent to acquisition	3,740
Carrying amount of Land	779
Carrying amount of Buildings and Leasehold improvements	503
Development and Construction in progress	3,237
Total	4,519
Accumulated Depreciation and Amortization	$ 228
Date acquired	1992
New York \| Rego Park III \| Minimum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	5 years
New York \| Rego Park III \| Maximum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	15 years
New York \| Flushing property
REAL ESTATE:
Encumbrances	$ 0
Initial cost of Land	0
Initial cost of Building, Leaseholds and Leasehold improvements	1,660
Costs capitalized subsequent to acquisition	(107)
Carrying amount of Land	0
Carrying amount of Buildings and Leasehold improvements	1,553
Development and Construction in progress	0
Total	1,553
Accumulated Depreciation and Amortization	$ 968
Date of construction	1975
Date acquired	1992
New York \| Lexington Avenue
REAL ESTATE:
Encumbrances	$ 850,000
Initial cost of Land	14,432
Initial cost of Building, Leaseholds and Leasehold improvements	12,355
Costs capitalized subsequent to acquisition	416,002
Carrying amount of Land	27,497
Carrying amount of Buildings and Leasehold improvements	415,292
Development and Construction in progress	0
Total	442,789
Accumulated Depreciation and Amortization	$ 154,956
Date of construction	2003
Date acquired	1992
New York \| Lexington Avenue \| Minimum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	9 years
New York \| Lexington Avenue \| Maximum
REAL ESTATE:
Property, Plant and Equipment, Useful Life	39 years
New Jersey \| Paramus
REAL ESTATE:
Encumbrances	$ 68,000
Initial cost of Land	1,441
Initial cost of Building, Leaseholds and Leasehold improvements	0
Costs capitalized subsequent to acquisition	10,313
Carrying amount of Land	11,754
Carrying amount of Buildings and Leasehold improvements	0
Development and Construction in progress	0
Total	11,754
Accumulated Depreciation and Amortization	$ 0
Date acquired	1992

Schedule III: Real Estate and Accumulated Depreciation (Rollforward of Real Estate and Accumulated Deprecation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REAL ESTATE:
Balance at beginning of period	$ 1,033,551	$ 1,029,472	$ 993,927
Subtotal real estate	1,037,368	1,035,230	1,040,662
Less: Fully depreciated assets	0	(1,679)	(11,190)
Balance at end of the period	1,037,368	1,033,551	1,029,472
ACCUMULATED DEPRECIATION:
Balance at beginning of period	252,737	225,533	210,025
Additions charged to operating expenses	30,307	28,883	26,698
Subtotal of accumulated depreciation	283,044	254,416	236,723
Less: Fully depreciated assets	0	(1,679)	(11,190)
Balance at end of the period	283,044	252,737	225,533
Land
REAL ESTATE:
Changes during the period	0	0	0
Buildings and leasehold improvements
REAL ESTATE:
Changes during the period	3,046	12,464	112,538
Development and construction in progress
REAL ESTATE:
Changes during the period	$ 771
Changes during the period		$ (6,706)	$ (65,803)