0000003499-20-000034 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-06064
Entity Registrant Name	ALEXANDERS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0100517
Entity Address, Address Line One	210 Route 4 East,
Entity Address, City or Town	Paramus,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07652
City Area Code	(201)
Local Phone Number	587-8541
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	ALX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,107,290
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000003499
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate, at cost:
Land	$ 44,971	$ 44,971
Buildings and leasehold improvements	986,589	984,053
Development and construction in progress	33,437	12,318
Total	1,064,997	1,041,342
Accumulated depreciation and amortization	(343,984)	(324,499)
Real estate, net	721,013	716,843
Cash and cash equivalents	355,712	298,063
Restricted cash	14,066	15,914
Marketable securities	3,834	14,409
Tenant and other receivables	6,856	6,092
Receivable arising from the straight-lining of rents	148,070	166,376
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $30,073 and $32,374, respectively	38,097	41,123
Other assets	40,257	6,691
Total assets	1,327,905	1,265,511
LIABILITIES AND EQUITY
Mortgages payable, net of deferred debt issuance costs	1,066,403	970,961
Amounts due to Vornado	1,178	1,426
Accounts payable and accrued expenses	44,435	31,756
Other liabilities	7,378	7,853
Total liabilities	1,119,394	1,011,996
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none	0	0
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares	5,173	5,173
Additional capital	32,965	32,365
Retained earnings	170,783	216,394
Accumulated other comprehensive loss	(42)	(49)
Equity before treasury stock	208,879	253,883
Treasury stock: 66,160 shares, at cost	(368)	(368)
Total equity	208,511	253,515
Total liabilities and equity	$ 1,327,905	$ 1,265,511

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Unamortized leasing fees to Vornado	$ 30,073	$ 32,374
Preferred stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Preferred stock: authorized shares (in shares)	3,000,000	3,000,000
Preferred stock: issued shares (in shares)	0	0
Preferred stock: outstanding shares (in shares)	0	0
Common stock: par value per share (in usd per share)	$ 1.00	$ 1.00
Common stock: authorized shares (in shares)	10,000,000	10,000,000
Common stock: issued shares (in shares)	5,173,450	5,173,450
Common stock: outstanding shares (in shares)	5,107,290	5,107,290
Treasury stock: shares (in shares)	66,160	66,160

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES
Rental revenues	$ 43,499	$ 57,760	$ 143,087	$ 170,470
EXPENSES
Operating, including fees to Vornado of $1,177, $1,310, $3,795 and $3,930 respectively	(22,448)	(23,389)	(63,979)	(66,905)
Depreciation and amortization	(7,587)	(7,831)	(23,129)	(23,528)
General and administrative, including management fees to Vornado of $595 and $1,785 in each three and nine month period, respectively	(1,386)	(1,333)	(4,948)	(4,471)
Total expenses	(31,421)	(32,553)	(92,056)	(94,904)
Interest and other income, net	220	2,075	2,473	6,428
Interest and debt expense	(4,463)	(9,772)	(19,208)	(30,096)
Change in fair value of marketable securities	(1,231)	(1,017)	(10,789)	(6,257)
Net income	$ 6,604	$ 16,493	$ 23,507	$ 45,641
Net income per common share - basic and diluted (in usd per share)	$ 1.29	$ 3.22	$ 4.59	$ 8.92
Weighted average shares outstanding - basic and diluted (in shares)	5,122,206	5,118,698	5,120,490	5,118,030

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Fees to Vornado	$ 1,177	$ 1,310	$ 3,795	$ 3,930
Management fees to Vornado	$ 595	$ 1,785	$ 595	$ 1,785

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 6,604	$ 16,493	$ 23,507	$ 45,641
Other comprehensive (loss) income:
Change in fair value of interest rate cap	(14)	22	7	54
Comprehensive income	$ 6,590	$ 16,515	$ 23,514	$ 45,695

- Definition

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

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+ Details

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning Balance, Shares at Dec. 31, 2018		5,173,000
Beginning Balance, Value at Dec. 31, 2018	$ 285,092	$ 5,173	$ 31,971	$ 248,443	$ (127)	$ (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,641			45,641
Dividends paid	(69,090)			(69,090)
Change in fair value of interest rate cap	54				54
Deferred stock unit grants	394		394
Ending Balance, Shares at Sep. 30, 2019		5,173,000
Ending Balance, Value at Sep. 30, 2019	262,091	$ 5,173	32,365	224,994	(73)	(368)
Beginning Balance, Shares at Jun. 30, 2019		5,173,000
Beginning Balance, Value at Jun. 30, 2019	268,610	$ 5,173	32,365	231,535	(95)	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,493			16,493
Dividends paid	(23,034)			(23,034)
Change in fair value of interest rate cap	22				22
Ending Balance, Shares at Sep. 30, 2019		5,173,000
Ending Balance, Value at Sep. 30, 2019	$ 262,091	$ 5,173	32,365	224,994	(73)	(368)
Beginning Balance, Shares at Dec. 31, 2019	5,173,450	5,173,000
Beginning Balance, Value at Dec. 31, 2019	$ 253,515	$ 5,173	32,365	216,394	(49)	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,507			23,507
Dividends paid	(69,118)			(69,118)
Change in fair value of interest rate cap	7				7
Deferred stock unit grants	$ 600		600
Ending Balance, Shares at Sep. 30, 2020	5,173,450	5,173,000
Ending Balance, Value at Sep. 30, 2020	$ 208,511	$ 5,173	32,965	170,783	(42)	(368)
Beginning Balance, Shares at Jun. 30, 2020		5,173,000
Beginning Balance, Value at Jun. 30, 2020	224,971	$ 5,173	32,965	187,229	(28)	(368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,604			6,604
Dividends paid	(23,050)			(23,050)
Change in fair value of interest rate cap	$ (14)				(14)
Ending Balance, Shares at Sep. 30, 2020	5,173,450	5,173,000
Ending Balance, Value at Sep. 30, 2020	$ 208,511	$ 5,173	$ 32,965	$ 170,783	$ (42)	$ (368)

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in usd per share)	$ 4.50	$ 4.50	$ 13.50	$ 13.50

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 23,507	$ 45,641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs	25,554	27,401
Straight-lining of rental income	18,306	1,950
Write-off of tenant receivables	4,122	0
Stock-based compensation	600	394
Change in fair value of marketable securities	10,789	6,257
Dividends received in stock	(214)	0
Changes in operating assets and liabilities:
Tenant and other receivables	(4,886)	(1,549)
Other assets	(33,731)	7,957
Amounts due to Vornado	(697)	3,981
Accounts payable and accrued expenses	12,646	8,375
Other liabilities	(475)	(454)
Net cash provided by operating activities	55,521	99,953
CASH FLOWS FROM INVESTING ACTIVITIES
Construction in progress and real estate additions	(23,630)	(6,566)
Net cash used in investing activities	(23,630)	(6,566)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(69,118)	(69,090)
Debt issuance costs	(2,680)	(15)
Proceeds from borrowing	145,708	0
Debt repayments	(50,000)	0
Net cash provided by (used in) financing activities	23,910	(69,105)
Net increase in cash and cash equivalents and restricted cash	55,801	24,282
Cash and cash equivalents and restricted cash at beginning of period	313,977	289,495
Cash and cash equivalents and restricted cash at end of period	369,778	313,777
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	298,063	283,056
Restricted cash at beginning of period	15,914	6,439
Cash and cash equivalents and restricted cash at beginning of period	313,977	289,495
Cash and cash equivalents at end of period	355,712	304,229
Restricted cash at end of period	14,066	9,548
Cash and cash equivalents and restricted cash at end of period	369,778	313,777
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	17,959	26,898
NON-CASH TRANSACTIONS
Liability for real estate additions, including $456 and $18 for development fees due to Vornado in 2020 and 2019, respectively	3,622	233
Write-off of fully depreciated assets	457	0
Lease liability arising from the recognition of right-of-use asset	0	5,428
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment	$ 0	$ 1,466

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Liability for real estate additions due to Vornado	$ 3,622	$ 233
Development fees \| Vornado
Liability for real estate additions due to Vornado	$ 456	$ 18

Organization	9 Months Ended
Organization	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationAlexander’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.

COVID-19 Pandemic	9 Months Ended
COVID-19 Pandemic	Sep. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
COVID-19 Pandemic	COVID-19 Pandemic Our business has been adversely affected by the ongoing COVID-19 pandemic. In March 2020, our “non-essential” retail tenants were ordered to temporarily close and although substantially all re-opened in the latter part of June 2020, there are limitations on occupancy and other restrictions that affect their ability to resume full operations. In limited circumstances, we have agreed to and may continue to agree to rent deferrals and abatements for certain of our tenants. We have made the policy election available to us based on the Financial Accounting Standards Board’s (“FASB”) guidance for leases during the COVID-19 pandemic, which allows us to continue recognizing rental revenue for rent deferral agreements and to recognize rent abatements as a reduction to rental revenue in the period granted. See Note 4 - Recently Issued Accounting Literature for additional information. Overall, we have collected approximately 95% of rent billed for the quarter ended September 30, 2020 (96% including rent deferrals under agreements which generally require repayment in monthly installments over a period of time not to exceed twelve months), including 100% for our office tenant, approximately 87% for our retail tenants (89% including rent deferrals) and approximately 97% for our residential tenants. On September 10, 2020, Century 21, which leases 135,000 square feet at our Rego Park II shopping center ($6,400,000 of annual revenue), filed for Chapter 11 bankruptcy. There are $1,619,000 of unamortized deferred leasing costs on our consolidated balance sheet related to Century 21 as of September 30, 2020. Based on our assessment of the probability of collecting rent from certain tenants, we have written off as uncollectible $3,100,000 and $4,122,000 for the three and nine months ended September 30, 2020, respectively, resulting in a reduction of rental revenues during these periods. Of these amounts, $2,716,000 in each period is attributable to Century 21. In addition, we have written off receivables arising from the straight-lining of rents related to these tenants of $6,590,000 and $10,837,000 for the three and nine months ended September 30, 2020, respectively, resulting in a reduction of rental revenues during these periods. Of these amounts, $5,919,000 in each period is attributable to Century 21. Prospectively, revenue recognition for these tenants will be based on actual amounts received.

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.

Recently Issued Accounting Literature	9 Months Ended
Recently Issued Accounting Literature	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Literature	Recently Issued Accounting Literature In March 2020, the FASB issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of the guidance and our options related to the practical expedients. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications when total cash flows resulting from the modified contract are “substantially the same or less” than the cash flows in the original contract. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. In limited circumstances, we granted temporary rent deferrals and rent abatements to certain tenants as a result of the COVID-19 pandemic. We have made a policy election in accordance with the Staff Q&A allowing us to not account for these rent concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to “tenant and other receivables” during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. See Note 2 - COVID-19 Pandemic for further details.

- Definition

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

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+ Details

Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Our rental revenues include revenues from the leasing of space to tenants at our properties and revenues from parking and tenant services. We have the following revenue recognition policies:

•Lease revenues from the leasing of space to tenants at our properties. Revenues derived from base rent are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the underlying asset is available for use by the lessee. 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. Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease components (base and variable rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursement of real estate taxes and insurance expenses from our operating lease agreements and account for the components as a single lease component in accordance with ASC 842.

•Parking revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

•Tenant services is revenue arising from sub-metered electric, elevator and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC 606.

The following is a summary of revenue sources for the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2020		2019		2020		2019
Lease revenues	$	41,394	$	55,267	$	137,479	$	163,597
Parking revenue	1,106		1,366		3,046		4,222
Tenant services	999		1,127		2,562		2,651
Rental revenues	$	43,499	$	57,760	$	143,087	$	170,470

5.Revenue Recognition - continued

The components of lease revenues for the three and nine months ended September 30, 2020 and 2019 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2020		2019		2020		2019
Fixed lease revenues	$	33,609	$	36,025	$	101,348	$	107,657
Variable lease revenues	7,785		19,242		36,131		55,940
Lease revenues	$	41,394	$	55,267	$	137,479	$	163,597

Bloomberg accounted for revenue of $80,696,000 and $81,314,000 for the nine months ended September 30, 2020 and 2019, respectively, representing approximately 56% and 48% of our total revenues in each period, 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

Vornado

As of September 30, 2020, Vornado owned 32.4% of our outstanding common stock. We are managed by, and our properties are leased and developed by, Vornado, pursuant to the agreements described below, which expire in March of each year and are automatically renewable.

Management and Development Agreements

We pay Vornado an annual management fee equal to the sum of (i) $2,800,000, (ii) 2% of gross revenue from the Rego Park II shopping center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731 Lexington Avenue and (iv) $334,000, 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 LLC, a wholly owned subsidiary of Vornado, to supervise (i) cleaning, engineering and security services at our 731 Lexington Avenue property and (ii) security services at our Rego Park I and Rego Park II properties and The Alexander apartment tower.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2020		2019		2020		2019
Company management fees	$	700	$	700	$	2,100	$	2,100
Development fees	188		—		456		29
Leasing fees	113		1,422		172		4,168
Property management, cleaning, engineering and security fees	1,074		1,239		3,519		3,683
	$	2,075	$	3,361	$	6,247	$	9,980

6.Related Party Transactions - continued

As of September 30, 2020, the amounts due to Vornado were $644,000 for management, property management, cleaning, engineering and security fees; $524,000 for development fees; and $10,000 for leasing fees. As of December 31, 2019, the amounts due to Vornado were $795,000 for management, property management, cleaning, engineering and security fees; $563,000 for leasing fees; and $68,000 for development fees.

Marketable Securities	9 Months Ended
Marketable Securities	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable SecuritiesAs of September 30, 2020 and December 31, 2019, we owned 564,612 and 535,265 common shares, respectively, of The Macerich Company (“Macerich”) (NYSE: MAC). The increase in shares owned was due to a dividend received in stock from Macerich during the three months ended June 30, 2020. As of September 30, 2020 and December 31, 2019, the fair value of these shares was $3,834,000 and $14,409,000, respectively, based on Macerich’s closing share price of $6.79 per share and $26.92 per share, respectively. These shares are presented at fair value as “marketable securities” on our consolidated balance sheets and the gains and losses resulting from the mark-to-market of these securities are recognized in current period earnings.

Mortgages Payable

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Mortgages Payable

On February 14, 2020, we reduced our participation in our Rego Park II shopping center loan to $50,000,000 and received cash proceeds of approximately $145,000,000.

On September 14, 2020, we amended and extended the $350,000,000 mortgage loan on the retail condominium of our 731 Lexington Avenue property. Under the terms of the amendment, we paid down the loan by $50,000,000 to $300,000,000, extended the maturity date to August 2025 and guaranteed the interest payments and certain leasing costs. The principal of the loan is non-recourse to us. The interest-only loan remains at the same rate, LIBOR plus 1.40% (1.56% as of September 30, 2020).

On October 23, 2020, we completed a financing of The Alexander apartment tower in the amount of $94,000,000. The interest-only loan has a fixed rate of 2.63% and matures in November 2027.

The following is a summary of our outstanding mortgages payable as of September 30, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down.


			Balance at
(Amounts in thousands)	Maturity	Interest Rate at September 30, 2020	September 30, 2020		December 31, 2019
First mortgages secured by:
Paramus	Oct. 04, 2021	4.72%	$	68,000	$	68,000
731 Lexington Avenue, office condominium(1)	Jun. 11, 2024	1.05%	500,000		500,000
731 Lexington Avenue, retail condominium(2)	Aug. 05, 2025	1.56%	300,000		350,000
Rego Park II shopping center(3)	Dec. 12, 2025	1.50%	202,544		56,836
Total			1,070,544		974,836
Deferred debt issuance costs, net of accumulated amortization of $12,701 and $14,362, respectively			(4,141)		(3,875)
			$	1,066,403	$	970,961

(1)Interest at LIBOR plus 0.90%. Maturity represents the extended maturity based on our unilateral right to extend.

(2)Interest at LIBOR plus 1.40%.

(3)Interest at LIBOR plus 1.35%. The amount of this loan is net of our loan participation of $50,000 and $195,708 as of September 30, 2020 and December 31, 2019, respectively.

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We account for stock-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). Our 2016 Omnibus Stock Plan (the “Plan”) provides for grants of incentive and non-qualified stock options, restricted stock, stock appreciation rights, deferred stock units (“DSUs”) and performance shares, as defined, to the directors, officers and employees of the Company and Vornado. In May 2020, we granted each of the members of our Board of Directors 329 DSUs with a market value of $75,000 per grant. The grant date fair value of these awards was $56,250 per grant, or $450,000 in the aggregate, in accordance with ASC 718. In addition, 876 DSUs, constituting an initial award with a market value of $200,000, were granted to a newly appointed Director. The grant date fair value of this award was $150,000 in accordance with ASC 718. The DSUs entitle the holders to receive shares of the Company’s common stock without the payment of any consideration. The DSUs vested immediately and accordingly, were expensed on the date of grant, but the shares of common stock underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Company’s Board of Directors. As of September 30, 2020, there were 14,916 DSUs outstanding and 490,871 shares were available for future grant under the Plan.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; 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 September 30, 2020 and December 31, 2019, consist of marketable securities, which are presented in the table below based on their level in the fair value hierarchy, and an interest rate cap, which fair value was insignificant as of September 30, 2020 and December 31, 2019. There were no financial liabilities measured at fair value as of September 30, 2020 and December 31, 2019.


	As of September 30, 2020
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	3,834	$	3,834	$	—	$	—


	As of December 31, 2019
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	14,409	$	14,409	$	—	$	—

10.Fair Value Measurements - continued

Financial Assets and Liabilities not Measured at Fair Value

Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents and mortgages payable. Cash equivalents are carried at cost, which approximates fair value due to their short-term maturities and are classified as Level 1. The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist, and is classified as Level 2. The table below summarizes the carrying amounts and fair values of these financial instruments as of September 30, 2020 and December 31, 2019.


	As of September 30, 2020				As of December 31, 2019
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	318,260	$	318,260	$	263,688	$	263,688
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,070,544	$	1,032,000	$	974,836	$	974,000

- Definition

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

+ References + Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which the first $1,000,000 includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties. Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a $268,000 deductible and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism or other events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material. Our mortgage loans are non-recourse to us and contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the future. If lenders insist on greater coverage than we are able to obtain, it could adversely affect our ability to finance or refinance our properties. Paramus In 2001, we leased 30.3 acres of land located in Paramus, New Jersey to IKEA Property, Inc. The lease contains a purchase option in October 2021 for $75,000,000. The property is encumbered by a $68,000,000 interest-only mortgage loan with a fixed rate of 4.72%, which matures in October 2021. The annual triple-net rent is the sum of $700,000 plus the amount of interest on the mortgage loan. If the purchase option is exercised, we will receive net cash proceeds of approximately $7,000,000 and recognize a gain on sale of land of approximately $60,000,000. If the purchase option is not exercised, the triple-net rent for the last 20 years would include debt service sufficient to fully amortize $68,000,000 over the remaining 20-year lease term. 11.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 the 195,000 square foot store that Sears leased 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 $4,000,000 and future damages it estimated would not be less than $25,000,000. 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. On October 15, 2018, Sears filed for Chapter 11 bankruptcy relief resulting in an automatic stay of this case. Kings Plaza Transfer Tax In 2012, we sold the Kings Plaza Regional Shopping Center (“Kings Plaza”) and paid real property transfer taxes to New York City in connection with the sale. In 2015, the New York City Department of Finance (“NYC DOF”) issued a Notice of Determination to us assessing an additional New York City real property transfer tax amount, including interest. In 2014, in a case with similar facts, the NYC DOF issued a Notice of Determination to a Vornado joint venture assessing an additional New York City real property transfer tax amount, including interest. In January 2017, a New York City administrative law judge made a determination upholding the Vornado joint venture’s position that such additional real property transfer taxes were not due. On February 16, 2018, the New York City Tax Appeals Tribunal (the “Tribunal”) overturned the January 2017 determination. The Vornado joint venture appealed the Tribunal’s decision to the Appellate Division of the Supreme Court of the State of New York and on April 25, 2019, the Tribunal’s decision was unanimously upheld. The Vornado joint venture filed a motion to reargue the Appellate Division’s decision or for leave to appeal to the New York State Court of Appeals. On December 12, 2019, that motion was denied and the case can no longer be appealed. Based on the precedent of the Tribunal’s decision, we paid the potential additional real property transfer taxes of $23,797,000 ($15,874,000 of real property transfer tax and $7,923,000 of interest) on April 5, 2018. We are currently evaluating our options relating to this matter. Letters of Credit Approximately $1,030,000 of standby letters of credit were issued and outstanding as of September 30, 2020. Other There are various other legal actions against us in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareThe following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands, except share and per share amounts)	2020		2019		2020		2019
Net income	$	6,604	$	16,493	$	23,507	$	45,641

Weighted average shares outstanding – basic and diluted	5,122,206		5,118,698		5,120,490		5,118,030

Net income per common share – basic and diluted	$	1.29	$	3.22	$	4.59	$	8.92

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited and include the accounts of Alexander’s and its consolidated subsidiaries. All intercompany amounts have been eliminated. In our opinion, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and changes in cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC. We have made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.
Recently Issued Accounting Literature	In March 2020, the FASB issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of the guidance and our options related to the practical expedients. In April 2020, the FASB issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications when total cash flows resulting from the modified contract are “substantially the same or less” than the cash flows in the original contract. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. In limited circumstances, we granted temporary rent deferrals and rent abatements to certain tenants as a result of the COVID-19 pandemic. We have made a policy election in accordance with the Staff Q&A allowing us to not account for these rent concessions as lease modifications. Accordingly, rent abatements are recognized as reductions to “rental revenues” during the period in which they were granted. Rent deferrals result in an increase to “tenant and other receivables” during the deferral period with no impact on rental revenue recognition. For any concessions that do not meet the guidance contained in the Q&A, the modification guidance in accordance with ASC 842 will be applied. See Note 2 - COVID-19 Pandemic for further details.
Revenue Recognition	Our rental revenues include revenues from the leasing of space to tenants at our properties and revenues from parking and tenant services. We have the following revenue recognition policies: •Lease revenues from the leasing of space to tenants at our properties. Revenues derived from base rent are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements. We commence rental revenue recognition when the underlying asset is available for use by the lessee. 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. Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area maintenance expenses are generally recognized in the same period as the related expenses are incurred. As lessor, we have elected to combine the lease components (base and variable rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursement of real estate taxes and insurance expenses from our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. •Parking revenue arising from the rental of parking spaces at our properties. This income is recognized as the services are transferred in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). •Tenant services is revenue arising from sub-metered electric, elevator and other services provided to tenants at their request. This revenue is recognized as the services are transferred in accordance with ASC 606.
Marketable Securities	These shares are presented at fair value as “marketable securities” on our consolidated balance sheets and the gains and losses resulting from the mark-to-market of these securities are recognized in current period earnings.
Fair Value Measurement	ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following is a summary of revenue sources for the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2020		2019		2020		2019
Lease revenues	$	41,394	$	55,267	$	137,479	$	163,597
Parking revenue	1,106		1,366		3,046		4,222
Tenant services	999		1,127		2,562		2,651
Rental revenues	$	43,499	$	57,760	$	143,087	$	170,470

Components of Lease Revenue

The components of lease revenues for the three and nine months ended September 30, 2020 and 2019 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2020		2019		2020		2019
Fixed lease revenues	$	33,609	$	36,025	$	101,348	$	107,657
Variable lease revenues	7,785		19,242		36,131		55,940
Lease revenues	$	41,394	$	55,267	$	137,479	$	163,597

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Fees to Vornado

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands)	2020		2019		2020		2019
Company management fees	$	700	$	700	$	2,100	$	2,100
Development fees	188		—		456		29
Leasing fees	113		1,422		172		4,168
Property management, cleaning, engineering and security fees	1,074		1,239		3,519		3,683
	$	2,075	$	3,361	$	6,247	$	9,980

Mortgages Payable (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Outstanding Mortgages Payable

The following is a summary of our outstanding mortgages payable as of September 30, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down.


			Balance at
(Amounts in thousands)	Maturity	Interest Rate at September 30, 2020	September 30, 2020		December 31, 2019
First mortgages secured by:
Paramus	Oct. 04, 2021	4.72%	$	68,000	$	68,000
731 Lexington Avenue, office condominium(1)	Jun. 11, 2024	1.05%	500,000		500,000
731 Lexington Avenue, retail condominium(2)	Aug. 05, 2025	1.56%	300,000		350,000
Rego Park II shopping center(3)	Dec. 12, 2025	1.50%	202,544		56,836
Total			1,070,544		974,836
Deferred debt issuance costs, net of accumulated amortization of $12,701 and $14,362, respectively			(4,141)		(3,875)
			$	1,066,403	$	970,961

(1)Interest at LIBOR plus 0.90%. Maturity represents the extended maturity based on our unilateral right to extend.

(2)Interest at LIBOR plus 1.40%.

(3)Interest at LIBOR plus 1.35%. The amount of this loan is net of our loan participation of $50,000 and $195,708 as of September 30, 2020 and December 31, 2019, respectively.

- Definition

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

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value


	As of September 30, 2020
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	3,834	$	3,834	$	—	$	—


	As of December 31, 2019
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Marketable securities	$	14,409	$	14,409	$	—	$	—

Financial Assets and Liabilities Not Measured at Fair Value

The table below summarizes the carrying amounts and fair values of these financial instruments as of September 30, 2020 and December 31, 2019.


	As of September 30, 2020				As of December 31, 2019
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Assets:
Cash equivalents	$	318,260	$	318,260	$	263,688	$	263,688
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,070,544	$	1,032,000	$	974,836	$	974,000

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands, except share and per share amounts)	2020		2019		2020		2019
Net income	$	6,604	$	16,493	$	23,507	$	45,641

Weighted average shares outstanding – basic and diluted	5,122,206		5,118,698		5,120,490		5,118,030

Net income per common share – basic and diluted	$	1.29	$	3.22	$	4.59	$	8.92

Organization - Additional Information (Detail)	Sep. 30, 2020 property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties in greater New York City metropolitan area (property)	7

COVID-19 Pandemic - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 10, 2020 ft²	Dec. 31, 2019 USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Deferred leasing costs	$ 38,097	$ 38,097			$ 41,123
Reduction of rental revenues		4,122	$ 0
COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	95.00%
Rent collected & deferred, percent	96.00%
Reduction of rental revenues	$ 3,100	4,122
Write-off of rent receivable	$ 6,590	10,837
Office \| 731 Lexington Avenue \| COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	100.00%
Retail \| COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	87.00%
Rent collected & deferred, percent	89.00%
Residential \| Alexander Apartment Tower \| COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Rent collected, percent	97.00%
Century 21 \| COVID-19
Unusual or Infrequent Item, or Both [Line Items]
Reduction of rental revenues	$ 2,716	2,716
Write-off of rent receivable	5,919	5,919
Century 21 \| Rego Park II
Unusual or Infrequent Item, or Both [Line Items]
Area of property (in sqft.) \| ft²				135
Annualized revenue		6,400
Deferred leasing costs	$ 1,619	$ 1,619

Basis of Presentation - Additional Information (Detail)	9 Months Ended
Basis of Presentation - Additional Information (Detail)	Sep. 30, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Lease revenues	$ 41,394	$ 55,267	$ 137,479	$ 163,597
Rental revenues	43,499	57,760	143,087	170,470
Parking revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,106	1,366	3,046	4,222
Tenant services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 999	$ 1,127	$ 2,562	$ 2,651

- Definition

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

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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Fixed lease revenues	$ 33,609	$ 36,025	$ 101,348	$ 107,657
Variable lease revenues	7,785	19,242	36,131	55,940
Lease revenues	$ 41,394	$ 55,267	$ 137,479	$ 163,597

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Rental revenues	$ 43,499	$ 57,760	$ 143,087	$ 170,470
Customer Concentration Risk \| Revenue \| Bloomberg
Disaggregation of Revenue [Line Items]
Rental revenues			$ 80,696	$ 81,314
Percentage rent contributed by tenant			56.00%	48.00%

- Definition

+ References

+ Details

Related Party Transactions - Additional Information (Detail) - Vornado	9 Months Ended
	Sep. 30, 2020 USD ($) $ / ft²	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Management fee agreement value	$ 2,800,000
Property Management Fees \| Rego Park II \| Retail Space
Related Party Transaction [Line Items]
Property management fee agreement percentage of income	2.00%
Property Management Fees \| 731 Lexington Avenue \| Office and Retail Space
Related Party Transaction [Line Items]
Property management fee agreement, price per square foot \| $ / ft²	0.50
Property Management Fees \| 731 Lexington Avenue \| Common Area
Related Party Transaction [Line Items]
Property management fee agreement value	$ 334,000
Property management fee escalation percentage per annum	3.00%
Development fees
Related Party Transaction [Line Items]
Development fee as percentage of development costs	6.00%
Amounts due to related party	$ 524,000	$ 68,000
Leasing fees
Related Party Transaction [Line Items]
Lease fee percentage of rent one to ten years	3.00%
Lease fee percentage of rent eleven to twenty years	2.00%
Lease fee percentage of rent twenty first to thirty years	1.00%
Percentage increase lease fee if broker used	1.00%
Percentage 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%
Amounts due to related party	$ 10,000	563,000
Management, property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Amounts due to related party	$ 644,000	$ 795,000
Vornado \| Alexander's Inc.
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	32.40%

Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Fees to related party	$ 2,075	$ 3,361	$ 6,247	$ 9,980
Company management fees
Related Party Transaction [Line Items]
Fees to related party	700	700	2,100	2,100
Development fees
Related Party Transaction [Line Items]
Fees to related party	188	0	456	29
Leasing fees
Related Party Transaction [Line Items]
Fees to related party	113	1,422	172	4,168
Property management, cleaning, engineering and security fees
Related Party Transaction [Line Items]
Fees to related party	$ 1,074	$ 1,239	$ 3,519	$ 3,683

Marketable Securities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Fair value	$ 3,834	$ 14,409
Macerich
Investment Holdings [Line Items]
Closing share price (in usd per share)	$ 6.79	$ 26.92
Common Stock
Investment Holdings [Line Items]
Macerich common shares (shares)	564,612	535,265

Mortgages Payable - Additional Information (Detail) - USD ($) $ in Thousands			9 Months Ended
	Sep. 14, 2020	Feb. 14, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 23, 2020	Sep. 13, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Repayments of long-term debt			$ 50,000	$ 0
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross			1,070,544				$ 974,836
Rego Park II \| Retail Space \| Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan participation balance		$ 50,000
Proceeds from notes payable		$ 145,000
Mortgage payable gross			$ 202,544				56,836
Interest rate (in percentage)			1.50%
Maturity date			Dec. 12, 2025
Debt instrument, description of variable rate basis			LIBOR
Rego Park II \| Retail Space \| Mortgages \| LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR			1.35%
731 Lexington Avenue \| Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Repayments of long-term debt	$ 50,000
731 Lexington Avenue \| Retail Space \| Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross	$ 300,000		$ 300,000			$ 350,000	350,000
Basis spread over LIBOR	1.40%
Interest rate (in percentage)			1.56%
Maturity date			Aug. 05, 2025
Debt instrument, description of variable rate basis			LIBOR
731 Lexington Avenue \| Retail Space \| Mortgages \| LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR			1.40%
731 Lexington Avenue \| Office Space \| Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross			$ 500,000				500,000
Interest rate (in percentage)			1.05%
Maturity date			Jun. 11, 2024
Debt instrument, description of variable rate basis			LIBOR
731 Lexington Avenue \| Office Space \| Mortgages \| LIBOR
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread over LIBOR			0.90%
Participation Agreement \| Rego Park II \| Retail Space \| Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan participation balance			$ 50,000				$ 195,708
Subsequent Event \| The Alexander \| Apartment Building \| Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross					$ 94,000
Interest rate (in percentage)					2.63%

Mortgages Payable - Summary of Outstanding Mortgages Payable (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 14, 2020	Sep. 13, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Notes payable	$ 1,066,403			$ 970,961
Mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgage payable gross	1,070,544			974,836
Deferred debt issuance costs, net of accumulated amortization of $12,701 and $14,362, respectively	(4,141)			(3,875)
Notes payable	1,066,403			970,961
Deferred debt issuance costs, accumulated amortization	$ 12,701			14,362
Mortgages \| Paramus
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Oct. 04, 2021
Interest rate (in percentage)	4.72%
Mortgage payable gross	$ 68,000			68,000
Mortgages \| 731 Lexington Avenue \| Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Aug. 05, 2025
Interest rate (in percentage)	1.56%
Mortgage payable gross	$ 300,000	$ 300,000	$ 350,000	350,000
Mortgages \| 731 Lexington Avenue \| Office Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Jun. 11, 2024
Interest rate (in percentage)	1.05%
Mortgage payable gross	$ 500,000			500,000
Mortgages \| Rego Park II \| Retail Space
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity date	Dec. 12, 2025
Interest rate (in percentage)	1.50%
Mortgage payable gross	$ 202,544			$ 56,836

Stock-Based Compensation - Additional Information (Detail) - 2016 Omnibus Stock Plan - USD ($)	1 Months Ended
	May 31, 2020	Sep. 30, 2020
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non option equity instruments granted per director (in shares)	329
Non option equity instruments market value	$ 75,000
Non option equity instruments grant date fair value per grant	56,250
Non option equity instruments grant date fair value total	$ 450,000
Non option equity instruments, outstanding, number (in shares)		14,916
Shares available for future grant under the plan (in shares)		490,871
Newly Appointed Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional non option equity instruments granted per director (in shares)	876
Additional non option equity instruments market value	$ 200,000
Additional non option equity instruments grant date fair value total	$ 150,000

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Detail) - Marketable securities - Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 3,834	$ 14,409
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	3,834	14,409
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 0	$ 0

Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount
Assets:
Cash equivalents	$ 318,260	$ 263,688
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	1,070,544	974,836
Fair Value \| Level 1
Assets:
Cash equivalents	318,260	263,688
Fair Value \| Level 2
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$ 1,032,000	$ 974,000

Commitments and Contingencies - Additional Information (Detail) ft² in Thousands		1 Months Ended			9 Months Ended
	Apr. 05, 2018 USD ($)	Oct. 31, 2021 USD ($)	Mar. 31, 2016 USD ($)	Feb. 28, 2014 fire	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2014 ft²	Dec. 31, 2001 a
Loss Contingencies [Line Items]
Mortgages payable, net of deferred debt issuance costs					$ 1,066,403,000	$ 970,961,000
Real property transfer tax	$ 23,797,000
Additional real property transfer tax expense	15,874,000
Real property transfer tax interest	$ 7,923,000
Standby letters of credit, outstanding					1,030,000
Rego Park I \| Sears
Loss Contingencies [Line Items]
Area of property (in sqft.) \| ft²							195
Number of fires \| fire				2
Rego Park I \| Sears \| Estimated Future Damages
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 650,000
Rego Park I \| Sears \| Minimum
Loss Contingencies [Line Items]
Loss contingency, damages sought, value					4,000,000
Rego Park I \| Sears \| Minimum \| Estimated Future Damages
Loss Contingencies [Line Items]
Loss contingency, damages sought, value					25,000,000
Rego Park I \| Sears \| Maximum \| Estimated Future Damages
Loss Contingencies [Line Items]
Reasonably possible losses					$ 650,000
Tenant Occupant \| Paramus \| IKEA
Loss Contingencies [Line Items]
Area of land (in acres) \| a								30.3
Fixed interest rate on the debt					4.72%
Debt instrument maturity date					Oct. 04, 2021
Triple-net rent, annual amount					$ 700,000
Mortgages payable, net of deferred debt issuance costs					68,000,000
Forecast \| Tenant Occupant \| Paramus \| IKEA
Loss Contingencies [Line Items]
Lease purchase option amount		$ 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
Purchase option exercised, gain on sale of land		$ 60,000,000
Lease term range as Lessor		20 years
Loan amortization period		20 years
All Risk Property and Rental Value
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence					1,700,000,000
Terrorism Coverage Including NBCR
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence					1,700,000,000
Insurance maximum coverage in aggregate					$ 1,700,000,000
NBCR
Loss Contingencies [Line Items]
Insurance coverage end date					Dec. 01, 2027
Federal government responsibility					80.00%
NBCR \| FNSIC
Loss Contingencies [Line Items]
Insurance deductible					$ 268,000
Self insured responsibility					20.00%
General Liability
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence					$ 300,000,000
Insurance maximum coverage per property					300,000,000
Disease Coverage
Loss Contingencies [Line Items]
Insurance maximum coverage per occurrence					$ 1,000,000

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (shares)	0	0	0	0

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income	$ 6,604	$ 16,493	$ 23,507	$ 45,641
Weighted average shares outstanding - basic and diluted (in shares)	5,122,206	5,118,698	5,120,490	5,118,030
Net income per common share - basic and diluted (in usd per share)	$ 1.29	$ 3.22	$ 4.59	$ 8.92

- Definition

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

+ References

+ Details