QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from: | to |
Commission File Number: |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||
(Address of principal executive offices) | (Zip Code) |
N/A |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
☑ | ☐ | Accelerated Filer | |
☐ | Non-Accelerated Filer | Smaller Reporting Company | |
Emerging Growth Company |
Page Number | ||
PART I. | Financial Information | |
Item 1. | Financial Statements: | |
Consolidated Balance Sheets (Unaudited) as of June 30, 2020 and December 31, 2019 | ||
Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2020 and 2019 | ||
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2020 and 2019 | ||
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2020 and 2019 | ||
Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2020 and 2019 | ||
Notes to Consolidated Financial Statements (Unaudited) | ||
Report of Independent Registered Public Accounting Firm | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |
Item 4. | Controls and Procedures | |
PART II. | Other Information | |
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | Exhibits | |
Exhibit Index | ||
Signatures |
ASSETS | June 30, 2020 | December 31, 2019 | ||||||
Real estate, at cost: | ||||||||
Land | $ | $ | ||||||
Buildings and leasehold improvements | ||||||||
Development and construction in progress | ||||||||
Total | ||||||||
Accumulated depreciation and amortization | ( | ) | ( | ) | ||||
Real estate, net | ||||||||
Cash and cash equivalents | ||||||||
Restricted cash | ||||||||
Marketable securities | ||||||||
Tenant and other receivables | ||||||||
Receivable arising from the straight-lining of rents | ||||||||
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $30,771 and $32,374, respectively | ||||||||
Other assets | ||||||||
$ | $ |
LIABILITIES AND EQUITY | ||||||||
Mortgages payable, net of deferred debt issuance costs | $ | $ | ||||||
Amounts due to Vornado | ||||||||
Accounts payable and accrued expenses | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies | ||||||||
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none | ||||||||
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares | ||||||||
Additional capital | ||||||||
Retained earnings | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Treasury stock: 66,160 shares, at cost | ( | ) | ( | ) | ||||
Total equity | ||||||||
$ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
REVENUES | ||||||||||||||||
Rental revenues | $ | $ | $ | $ | ||||||||||||
EXPENSES | ||||||||||||||||
Operating, including fees to Vornado of $1,235, $1,371, $2,618 and $2,620 respectively | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
General and administrative, including management fees to Vornado of $595 and $1,190 in each three and six month period, respectively | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest and other income, net | ||||||||||||||||
Interest and debt expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Change in fair value of marketable securities | ( | ) | ( | ) | ( | ) | ||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Net income per common share - basic and diluted | $ | $ | $ | $ | ||||||||||||
Weighted average shares outstanding |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Change in fair value of interest rate cap | ( | ) | ||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Additional Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Equity | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||
Dividends paid ($4.50 per common share) | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||
Change in fair value of interest rate cap | — | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||
Deferred stock unit grants | — | — | — | — | — | ||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||
Dividends paid ($4.50 per common share) | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||
Change in fair value of interest rate cap | — | — | — | — | — | ||||||||||||||||||||||
Deferred stock unit grants | — | — | — | — | — | ||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
Additional Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Equity | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||
Dividends paid ($9.00 per common share) | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||
Change in fair value of interest rate cap | — | — | — | — | — | ||||||||||||||||||||||
Deferred stock unit grants | — | — | — | — | — | ||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||
Dividends paid ($9.00 per common share) | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||
Change in fair value of interest rate cap | — | — | — | — | — | ||||||||||||||||||||||
Deferred stock unit grants | — | — | — | — | — | ||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ |
Six Months Ended June 30, | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | 2020 | 2019 | |||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization, including amortization of debt issuance costs | |||||||
Straight-lining of rental income | |||||||
Write-off of tenant receivables | |||||||
Stock-based compensation | |||||||
Change in fair value of marketable securities | |||||||
Dividends received in stock | ( | ) | |||||
Changes in operating assets and liabilities: | |||||||
Tenant and other receivables | ( | ) | ( | ) | |||
Other assets | ( | ) | |||||
Amounts due to Vornado | ( | ) | |||||
Accounts payable and accrued expenses | ( | ) | |||||
Other liabilities | ( | ) | ( | ) | |||
Net cash provided by operating activities | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Construction in progress and real estate additions | ( | ) | ( | ) | |||
Net cash used in investing activities | ( | ) | ( | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Dividends paid | ( | ) | ( | ) | |||
Debt issuance costs | ( | ) | ( | ) | |||
Proceeds from borrowing | |||||||
Net cash provided by (used in) financing activities | ( | ) | |||||
Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ) | |||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ | |||||
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |||||||
Cash and cash equivalents at beginning of period | $ | $ | |||||
Restricted cash at beginning of period | |||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | $ | |||||
Cash and cash equivalents at end of period | $ | $ | |||||
Restricted cash at end of period | |||||||
Cash and cash equivalents and restricted cash at end of period | $ | $ | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||
Cash payments for interest | $ | $ | |||||
NON-CASH TRANSACTIONS | |||||||
Liability for real estate additions, including $269 and $29 for development fees due to Vornado in 2020 and 2019, respectively | $ | $ | |||||
Write-off of fully amortized and/or depreciated assets | |||||||
Lease liability arising from the recognition of right-of-use asset | |||||||
Reclassification of prepaid real estate taxes to construction in progress for property in redevelopment |
1. | Organization |
2. | COVID-19 Pandemic |
3. | Basis of Presentation |
3. | Basis of Presentation - continued |
4. | Recently Issued Accounting Literature |
5. | Revenue Recognition |
• | 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. |
Revenue Recognition - continued |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Amounts in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Lease revenues | $ | $ | $ | $ | ||||||||||||
Parking revenue | ||||||||||||||||
Tenant services | ||||||||||||||||
Rental revenues | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Amounts in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Fixed lease revenues | $ | $ | $ | $ | ||||||||||||
Variable lease revenues | ||||||||||||||||
Lease revenues | $ | $ | $ | $ |
6. | Related Party Transactions |
6. | Related Party Transactions - continued |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Amounts in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Company management fees | $ | $ | $ | $ | ||||||||||||
Development fees | ||||||||||||||||
Leasing fees | ||||||||||||||||
Property management, cleaning, engineering and security fees | ||||||||||||||||
$ | $ | $ | $ |
7. | Marketable Securities |
8. | Mortgages Payable |
8. | Mortgages Payable - continued |
Balance at | ||||||||||||
(Amounts in thousands) | Maturity | Interest Rate at June 30, 2020 | June 30, 2020 | December 31, 2019 | ||||||||
First mortgages secured by: | ||||||||||||
731 Lexington Avenue, retail condominium(1) | Aug. 05, 2020 | $ | $ | |||||||||
Paramus | Oct. 04, 2021 | |||||||||||
731 Lexington Avenue, office condominium(2) | Jun. 11, 2024 | |||||||||||
Rego Park II shopping center(3) | Dec. 12, 2025 | |||||||||||
Total | ||||||||||||
Deferred debt issuance costs, net of accumulated amortization of $16,605 and $14,362, respectively | ( | ) | ( | ) | ||||||||
$ | $ |
(1) | Interest at |
(2) | Interest at |
(3) | Interest at |
9. | Stock-Based Compensation |
10. | Fair Value Measurements |
10. | Fair Value Measurements - continued |
As of June 30, 2020 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | $ | $ | $ |
As of December 31, 2019 | ||||||||||||||||
(Amounts in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Marketable securities | $ | $ | $ | $ |
As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||
(Amounts in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||||
Mortgages payable (excluding deferred debt issuance costs, net) | $ | $ | $ | $ |
11. | Commitments and Contingencies |
11. | Commitments and Contingencies - continued |
12. | Earnings Per Share |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(Amounts in thousands, except share and per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Weighted average shares outstanding – basic and diluted | ||||||||||||||||
Net income per common share – basic and diluted | $ | $ | $ | $ |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(Amounts in thousands, except share and per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $ | 12,331 | $ | 11,283 | $ | 16,903 | $ | 29,148 | |||||||||
Depreciation and amortization of real property | 7,501 | 7,744 | 15,278 | 15,448 | |||||||||||||
Change in fair value of marketable securities | (1,837 | ) | 5,278 | 9,558 | 5,240 | ||||||||||||
FFO (non-GAAP) | $ | 17,995 | $ | 24,305 | $ | 41,739 | $ | 49,836 | |||||||||
FFO per diluted share (non-GAAP) | $ | 3.51 | $ | 4.75 | $ | 8.15 | $ | 9.74 | |||||||||
Weighted average shares used in computing FFO per diluted share | 5,120,548 | 5,118,030 | 5,119,623 | 5,117,690 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
2020 | 2019 | |||||||||||||||
(Amounts in thousands, except per share amounts) | June 30, Balance | Weighted Average Interest Rate | Effect of 1% Change in Base Rates | December 31, Balance | Weighted Average Interest Rate | |||||||||||
Variable Rate | $ | 1,052,544 | 1.33% | $ | 10,525 | $ | 906,836 | 2.85% | ||||||||
Fixed Rate | 68,000 | 4.72% | — | 68,000 | 4.72% | |||||||||||
$ | 1,120,544 | 1.54% | $ | 10,525 | $ | 974,836 | 2.98% | |||||||||
Total effect on diluted earnings per share | $ | 2.06 |
Item 4. | Controls and Procedures |
PART II. | OTHER INFORMATION |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 1A. | Risk Factors - continued |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Exhibit No. | |||
- | Letter regarding unaudited interim financial information | ||
- | Rule 13a-14 (a) Certification of the Chief Executive Officer | ||
- | Rule 13a-14 (a) Certification of the Chief Financial Officer | ||
- | Section 1350 Certification of the Chief Executive Officer | ||
- | Section 1350 Certification of the Chief Financial Officer | ||
101 | - | The following financial information from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) consolidated balance sheets, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of changes in equity, (v) consolidated statements of cash flows and (vi) the notes to the consolidated financial statements | |
104 | - | The cover page from the Alexander’s, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 formatted as iXBRL and contained in Exhibit 101 |
ALEXANDER’S, INC. | ||
(Registrant) | ||
Date: August 3, 2020 | By: | /s/ Matthew Iocco |
Matthew Iocco | ||
Chief Financial Officer (duly authorized officer and principal financial and accounting officer) |
1. | I have reviewed this Quarterly Report on Form 10‑Q of Alexander’s, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
August 3, 2020 | |
/s/ Steven Roth | |
Steven Roth | |
Chairman of the Board and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10‑Q of Alexander’s, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure control and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
August 3, 2020 | |
/s/ Matthew Iocco | |
Matthew Iocco | |
Chief Financial Officer |
August 3, 2020 | /s/ Steven Roth | |
Name: | Steven Roth | |
Title: | Chairman of the Board and Chief Executive Officer |
August 3, 2020 | /s/ Matthew Iocco | |
Name: | Matthew Iocco | |
Title: | Chief Financial Officer |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Unamortized leasing fees to Vornado | $ 30,771 | $ 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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
REVENUES | ||||
Rental revenues | $ 45,478 | $ 55,932 | $ 99,588 | $ 112,710 |
EXPENSES | ||||
Operating, including fees to Vornado of $1,235, $1,371, $2,618 and $2,620 respectively | (19,778) | (21,667) | (41,531) | (43,516) |
Depreciation and amortization | (7,633) | (7,869) | (15,542) | (15,697) |
General and administrative, including management fees to Vornado of $595 and $1,190 in each period | (2,111) | (1,893) | (3,562) | (3,138) |
Total expenses | (29,522) | (31,429) | (60,635) | (62,351) |
Interest and other income, net | 710 | 2,223 | 2,253 | 4,353 |
Interest and debt expense | (6,172) | (10,165) | (14,745) | (20,324) |
Change in fair value of marketable securities | 1,837 | (5,278) | (9,558) | (5,240) |
Net income | $ 12,331 | $ 11,283 | $ 16,903 | $ 29,148 |
Net income per common share - basic and diluted (in usd per share) | $ 2.41 | $ 2.20 | $ 3.30 | $ 5.70 |
Weighted average shares outstanding - basic and diluted (in shares) | 5,120,548 | 5,118,030 | 5,119,623 | 5,117,690 |
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Statement [Abstract] | ||||
Fees to Vornado | $ 1,235 | $ 1,371 | $ 2,618 | $ 2,620 |
Management fees to Vornado | $ 595 | $ 595 | $ 1,190 | $ 1,190 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
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Jun. 30, 2020 |
Jun. 30, 2019 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,331 | $ 11,283 | $ 16,903 | $ 29,148 |
Other comprehensive (loss) income: | ||||
Change in fair value of interest rate cap | (4) | 19 | 21 | 32 |
Comprehensive income | $ 12,327 | $ 11,302 | $ 16,924 | $ 29,180 |
Consolidated Statements of Changes in Equity (Unaudited) - Parenthetical - $ / shares |
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Jun. 30, 2020 |
Jun. 30, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||||
Dividends per common share (in usd per share) | $ 4.5 | $ 4.5 | $ 9 | $ 9 |
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
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Jun. 30, 2019 |
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Liability for real estate additions due to Vornado | $ 3,289 | $ 791 |
Development fees | Vornado | ||
Liability for real estate additions due to Vornado | $ 269 | $ 29 |
Organization |
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Jun. 30, 2020 | |
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.
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COVID-19 Pandemic |
6 Months Ended |
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Jun. 30, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Pandemic | COVID-19 Pandemic In December 2019, a novel strain of coronavirus (“COVID-19”) was identified in Wuhan, China and by March 11, 2020, the World Health Organization had declared it a global pandemic. Many states in the U.S., including New York and New Jersey, implemented stay-at-home orders for all “non-essential” business and activity in an aggressive effort to curb the spread of the virus. In June 2020, the New York City metropolitan area began a phased re-opening of the businesses that were previously ordered to close, with limitations on occupancy and certain other restrictions. It is uncertain as to how long these restrictions will continue or if additional restrictions or closures will be imposed. As a result of the COVID-19 pandemic, the U.S. economy has suffered and there has been significant volatility in the financial markets. Many U.S. industries and businesses have been negatively affected and millions of people have filed for unemployment. Our properties, which are all located in the greater New York City metropolitan area, have been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to help curb the spread of the virus. Other than grocery stores and other “essential” businesses, all of our retail tenants closed their stores in March 2020 and although substantially all have re-opened in the latter part of June 2020, when the phased re-opening began, there are limitations on occupancy and other restrictions that limit their ability to resume full operations. Because certain of our redevelopment projects are deemed “non-essential,” they were temporarily paused in March 2020 due to New York State executive orders and resumed under updated safety guidelines once the orders were lifted in June 2020. 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 89% of rent billed for the quarter ended June 30, 2020 (92% 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 76% for our retail tenants (83% including rent deferrals) and approximately 96% for our residential tenants. Based on our assessment of the probability of collecting the rent for certain tenants, we have written off as uncollectible $1,022,000 resulting in a reduction of rental revenues during the three and six months ended June 30, 2020. In addition, we have written off receivables arising from the straight-lining of rents of $4,247,000 related to these tenants resulting in a reduction of rental revenues during the three and six months ended June 30, 2020. Prospectively, revenue recognition for these tenants will be based on actual amounts received.
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Basis of Presentation |
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Jun. 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 six months ended June 30, 2020 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.
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Recently Issued Accounting Literature |
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Jun. 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. During the three months ended June 30, 2020, in limited circumstances, we granted temporary rent deferrals and rent abatements to certain tenants. 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.
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Revenue Recognition |
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Revenue Recognition | 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:
The following is a summary of revenue sources for the three and six months ended June 30, 2020 and 2019.
The components of lease revenues for the three and six months ended June 30, 2020 and 2019 are as follows:
Bloomberg accounted for revenue of $53,180,000 and $53,676,000 for the six months ended June 30, 2020 and 2019, respectively, representing approximately 53% 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.
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Related Party Transactions |
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Related Party Transactions | Related Party Transactions Vornado As of June 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.
As of June 30, 2020, the amounts due to Vornado were $659,000 for management, property management, cleaning, engineering and security fees and $337,000 for development 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.
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Marketable Securities |
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Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities As of June 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 June 30, 2020 and December 31, 2019, the fair value of these shares was $5,065,000 and $14,409,000, respectively, based on Macerich’s closing share price of $8.97 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.
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Mortgages Payable |
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Mortgages Payable | Mortgages Payable On December 12, 2018, we completed a refinancing of our Rego Park II shopping center in the amount of $252,544,000. The loan is at LIBOR plus 1.35% (1.53% as of June 30, 2020) and matures in December 2025. As of December 31, 2019, we had a participation in the mortgage in the amount of $195,708,000 which for GAAP purposes was netted against the mortgage balance. On February 14, 2020, we reduced our participation in the mortgage loan to $50,000,000 and received cash proceeds of approximately $145,000,000. Therefore, the balance sheet amount of the mortgage loan was $202,544,000 and $56,836,000 as of June 30, 2020 and December 31, 2019, respectively.
The following is a summary of our outstanding mortgages payable as of June 30, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down.
(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 June 30, 2020 and December 31, 2019, respectively.
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Stock-Based Compensation |
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Jun. 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 June 30, 2020, there were 14,916 DSUs outstanding and 490,871 shares were available for future grant under the Plan.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value.
Financial Assets and Liabilities Measured at Fair Value Financial assets measured at fair value on our consolidated balance sheets as of June 30, 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 June 30, 2020 and December 31, 2019. There were no financial liabilities measured at fair value as of June 30, 2020 and December 31, 2019.
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 June 30, 2020 and December 31, 2019.
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Commitments and Contingencies |
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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. 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 June 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.
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and six months ended June 30, 2020 and 2019.
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Basis of Presentation (Policies) |
6 Months Ended | ||||||||||||
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Jun. 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 six months ended June 30, 2020 are not necessarily indicative of the operating results for the full year. We operate in one reportable segment.
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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. During the three months ended June 30, 2020, in limited circumstances, we granted temporary rent deferrals and rent abatements to certain tenants. 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.
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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:
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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.
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following is a summary of revenue sources for the three and six months ended June 30, 2020 and 2019.
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Components of Lease Revenue | The components of lease revenues for the three and six months ended June 30, 2020 and 2019 are as follows:
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Related Party Transactions (Tables) |
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fees to Vornado | The following is a summary of fees to Vornado under the various agreements discussed above.
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Mortgages Payable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Outstanding Mortgages Payable | The following is a summary of our outstanding mortgages payable as of June 30, 2020 and December 31, 2019. We may refinance our maturing debt as it comes due or choose to pay it down.
(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 June 30, 2020 and December 31, 2019, respectively.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value | Financial assets measured at fair value on our consolidated balance sheets as of June 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 June 30, 2020 and December 31, 2019. There were no financial liabilities measured at fair value as of June 30, 2020 and December 31, 2019.
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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 June 30, 2020 and December 31, 2019.
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 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 six months ended June 30, 2020 and 2019.
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Organization - Additional Information (Detail) |
Jun. 30, 2020
property
|
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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) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Unusual or Infrequent Item, or Both [Line Items] | |||
Reduction of rental revenues | $ 1,022 | $ 0 | |
COVID-19 | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Rent collected, percent | 89.00% | ||
Rent collected & deferred, percent | 92.00% | ||
Reduction of rental revenues | $ 1,022 | 1,022 | |
Write-off of rent receivable | $ 4,247 | $ 4,247 | |
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 | 76.00% | ||
Rent collected & deferred, percent | 83.00% | ||
Residential | Alexander Apartment Tower | COVID-19 | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Rent collected, percent | 96.00% |
Basis of Presentation - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Lease revenues | $ 44,099 | $ 53,834 | $ 96,085 | $ 108,330 |
Rental revenues | 45,478 | 55,932 | 99,588 | 112,710 |
Parking revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 636 | 1,361 | 1,940 | 2,856 |
Tenant services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 743 | $ 737 | $ 1,563 | $ 1,524 |
Revenue Recognition - Components of Lease Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenue from Contract with Customer [Abstract] | ||||
Fixed lease revenues | $ 33,590 | $ 35,903 | $ 67,739 | $ 71,632 |
Variable lease revenues | 10,509 | 17,931 | 28,346 | 36,698 |
Lease revenues | $ 44,099 | $ 53,834 | $ 96,085 | $ 108,330 |
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Rental revenues | $ 45,478 | $ 55,932 | $ 99,588 | $ 112,710 |
Customer Concentration Risk | Revenue | Bloomberg | ||||
Disaggregation of Revenue [Line Items] | ||||
Rental revenues | $ 53,180 | $ 53,676 | ||
Percentage rent contributed by tenant | 53.00% | 48.00% |
Related Party Transactions - Summary of Fees to Vornado (Detail) - Vornado - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Related Party Transaction [Line Items] | ||||
Fees to related party | $ 1,970 | $ 4,019 | $ 4,172 | $ 6,619 |
Company management fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 700 | 700 | 1,400 | 1,400 |
Development fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 122 | 5 | 268 | 29 |
Leasing fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | 9 | 2,017 | 59 | 2,746 |
Property management, cleaning, engineering and security fees | ||||
Related Party Transaction [Line Items] | ||||
Fees to related party | $ 1,139 | $ 1,297 | $ 2,445 | $ 2,444 |
Marketable Securities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Investment Holdings [Line Items] | ||
Fair value | $ 5,065 | $ 14,409 |
Macerich | ||
Investment Holdings [Line Items] | ||
Closing share price (in usd per share) | $ 8.97 | $ 26.92 |
Common Stock | ||
Investment Holdings [Line Items] | ||
Macerich common shares (shares) | 564,612 | 535,265 |
Stock-Based Compensation - Additional Information (Detail) - 2016 Omnibus Stock Plan - USD ($) |
1 Months Ended | |
---|---|---|
May 31, 2020 |
Jun. 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 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 5,065 | $ 14,409 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 5,065 | 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 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Carrying Amount | ||
Assets: | ||
Cash equivalents | $ 406,109 | $ 263,688 |
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | 1,120,544 | 974,836 |
Fair Value | Level 1 | ||
Assets: | ||
Cash equivalents | 406,109 | 263,688 |
Fair Value | Level 2 | ||
Liabilities: | ||
Mortgages payable (excluding deferred debt issuance costs, net) | $ 1,098,000 | $ 974,000 |
Earnings Per Share - Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 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 | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 12,331 | $ 11,283 | $ 16,903 | $ 29,148 |
Weighted average shares outstanding - basic and diluted (in shares) | 5,120,548 | 5,118,030 | 5,119,623 | 5,117,690 |
Net income per common share - basic and diluted (in usd per share) | $ 2.41 | $ 2.20 | $ 3.30 | $ 5.70 |
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