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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alexanders Inc | NYSE:ALX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-3.25 | -1.50% | 214.00 | 220.29 | 214.00 | 220.29 | 4,308 | 18:24:18 |
|
☑
|
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:
|
001-06064
|
Delaware
|
|
51-0100517
|
||
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
||
|
|
|
|
|
210 Route 4 East,
|
Paramus,
|
New Jersey
|
|
07652
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(201)
|
587-8541
|
N/A
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $1 par value per share
|
|
ALX
|
|
New York Stock Exchange
|
☑
|
Large Accelerated Filer
|
☐
|
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, 2019 and December 31, 2018
|
|
|
|
|
|
Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2019 and 2018
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2019 and 2018
|
|
|
|
|
|
Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2019 and 2018
|
|
|
|
|
|
Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2019 and 2018
|
|
|
|
|
|
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, 2019
|
|
December 31, 2018
|
||||
Real estate, at cost:
|
|
|
|
|
||||
Land
|
|
$
|
44,971
|
|
|
$
|
44,971
|
|
Buildings and leasehold improvements
|
|
980,956
|
|
|
978,474
|
|
||
Development and construction in progress
|
|
8,556
|
|
|
4,246
|
|
||
Total
|
|
1,034,483
|
|
|
1,027,691
|
|
||
Accumulated depreciation and amortization
|
|
(311,036
|
)
|
|
(297,421
|
)
|
||
Real estate, net
|
|
723,447
|
|
|
730,270
|
|
||
Cash and cash equivalents
|
|
283,948
|
|
|
283,056
|
|
||
Restricted cash
|
|
5,374
|
|
|
6,439
|
|
||
Marketable securities
|
|
17,926
|
|
|
23,166
|
|
||
Tenant and other receivables
|
|
4,727
|
|
|
4,075
|
|
||
Receivable arising from the straight-lining of rents
|
|
167,476
|
|
|
168,789
|
|
||
Deferred leasing costs, net, including unamortized leasing fees to Vornado
of $32,046 and $31,039, respectively
|
|
41,239
|
|
|
40,669
|
|
||
Other assets
|
|
32,334
|
|
|
29,085
|
|
||
|
|
$
|
1,276,471
|
|
|
$
|
1,285,549
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Mortgages payable, net of deferred debt issuance costs
|
|
$
|
968,386
|
|
|
$
|
965,826
|
|
Amounts due to Vornado
|
|
3,416
|
|
|
708
|
|
||
Accounts payable and accrued expenses
|
|
27,899
|
|
|
30,889
|
|
||
Other liabilities
|
|
8,160
|
|
|
3,034
|
|
||
Total liabilities
|
|
1,007,861
|
|
|
1,000,457
|
|
||
|
|
|
|
|
||||
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
|
|
5,173
|
|
|
5,173
|
|
||
Additional capital
|
|
32,365
|
|
|
31,971
|
|
||
Retained earnings
|
|
231,535
|
|
|
248,443
|
|
||
Accumulated other comprehensive loss
|
|
(95
|
)
|
|
(127
|
)
|
||
|
|
268,978
|
|
|
285,460
|
|
||
Treasury stock: 66,160 shares, at cost
|
|
(368
|
)
|
|
(368
|
)
|
||
Total equity
|
|
268,610
|
|
|
285,092
|
|
||
|
|
$
|
1,276,471
|
|
|
$
|
1,285,549
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
REVENUES
|
|
|
|
|
|
|
|
|
||||||||
Rental revenues
|
|
$
|
55,932
|
|
|
$
|
58,253
|
|
|
$
|
112,710
|
|
|
$
|
116,133
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Operating, including fees to Vornado of $1,371, $1,109, $2,620 and $2,275, respectively
|
|
(21,667
|
)
|
|
(21,511
|
)
|
|
(43,516
|
)
|
|
(43,788
|
)
|
||||
Depreciation and amortization
|
|
(7,869
|
)
|
|
(8,700
|
)
|
|
(15,697
|
)
|
|
(16,983
|
)
|
||||
General and administrative, including management fees to Vornado of $595 and $1,190 in each three and six month period, respectively
|
|
(1,893
|
)
|
|
(1,690
|
)
|
|
(3,138
|
)
|
|
(2,952
|
)
|
||||
Total expenses
|
|
(31,429
|
)
|
|
(31,901
|
)
|
|
(62,351
|
)
|
|
(63,723
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Interest and other income, net
|
|
2,223
|
|
|
1,730
|
|
|
4,353
|
|
|
4,768
|
|
||||
Interest and debt expense
|
|
(10,165
|
)
|
|
(10,945
|
)
|
|
(20,324
|
)
|
|
(20,774
|
)
|
||||
Change in fair value of marketable securities
|
|
(5,278
|
)
|
|
433
|
|
|
(5,240
|
)
|
|
(4,737
|
)
|
||||
Income from continuing operations
|
|
11,283
|
|
|
17,570
|
|
|
29,148
|
|
|
31,667
|
|
||||
Loss from discontinued operations (see Note 7)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,797
|
)
|
||||
Net income
|
|
$
|
11,283
|
|
|
$
|
17,570
|
|
|
$
|
29,148
|
|
|
$
|
7,870
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income per common share – basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
2.20
|
|
|
$
|
3.43
|
|
|
$
|
5.70
|
|
|
$
|
6.19
|
|
Loss from discontinued operations (see Note 7)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.65
|
)
|
||||
Net income per common share
|
|
$
|
2.20
|
|
|
$
|
3.43
|
|
|
$
|
5.70
|
|
|
$
|
1.54
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
|
5,118,030
|
|
|
5,116,657
|
|
|
5,117,690
|
|
|
5,116,321
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
|
$
|
11,283
|
|
|
$
|
17,570
|
|
|
$
|
29,148
|
|
|
$
|
7,870
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Change in fair value of interest rate cap
|
|
19
|
|
|
(52
|
)
|
|
32
|
|
|
(4
|
)
|
||||
Comprehensive income
|
|
$
|
11,302
|
|
|
$
|
17,518
|
|
|
$
|
29,180
|
|
|
$
|
7,866
|
|
|
|
|
|
Additional
Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Treasury
Stock |
|
Total Equity
|
|||||||||||||||
|
Common Stock
|
||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
||||||||||||||||||||||||
Three Months Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, March 31, 2019
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
31,971
|
|
|
$
|
243,280
|
|
|
$
|
(114
|
)
|
|
$
|
(368
|
)
|
|
$
|
279,942
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,283
|
|
|
—
|
|
|
—
|
|
|
11,283
|
|
||||||
Dividends paid ($4.50 per common share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,028
|
)
|
|
—
|
|
|
—
|
|
|
(23,028
|
)
|
||||||
Change in fair value of interest rate cap
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
||||||
Deferred stock unit grants
|
|
—
|
|
|
—
|
|
|
394
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
394
|
|
||||||
Balance, June 30, 2019
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
32,365
|
|
|
$
|
231,535
|
|
|
$
|
(95
|
)
|
|
$
|
(368
|
)
|
|
$
|
268,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, March 31, 2018
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
31,577
|
|
|
$
|
274,977
|
|
|
$
|
(78
|
)
|
|
$
|
(368
|
)
|
|
$
|
311,281
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,570
|
|
|
—
|
|
|
—
|
|
|
17,570
|
|
||||||
Dividends paid ($4.50 per common share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,022
|
)
|
|
—
|
|
|
—
|
|
|
(23,022
|
)
|
||||||
Change in fair value of interest rate cap
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
(52
|
)
|
||||||
Deferred stock unit grants
|
|
—
|
|
|
—
|
|
|
394
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
394
|
|
||||||
Balance, June 30, 2018
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
31,971
|
|
|
$
|
269,525
|
|
|
$
|
(130
|
)
|
|
$
|
(368
|
)
|
|
$
|
306,171
|
|
|
|
|
|
Additional
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive Income (Loss)
|
|
Treasury
Stock
|
|
Total Equity
|
|||||||||||||||
|
|
Common Stock
|
|
||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Six Months Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, December 31, 2018
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
31,971
|
|
|
$
|
248,443
|
|
|
$
|
(127
|
)
|
|
$
|
(368
|
)
|
|
$
|
285,092
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,148
|
|
|
—
|
|
|
—
|
|
|
29,148
|
|
||||||
Dividends paid ($9.00 per common share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,056
|
)
|
|
—
|
|
|
—
|
|
|
(46,056
|
)
|
||||||
Change in fair value of interest rate cap
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
||||||
Deferred stock unit grants
|
|
—
|
|
|
—
|
|
|
394
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
394
|
|
||||||
Balance, June 30, 2019
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
32,365
|
|
|
$
|
231,535
|
|
|
$
|
(95
|
)
|
|
$
|
(368
|
)
|
|
$
|
268,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, December 31, 2017
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
31,577
|
|
|
$
|
302,543
|
|
|
$
|
5,030
|
|
|
$
|
(368
|
)
|
|
$
|
343,955
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,870
|
|
|
—
|
|
|
—
|
|
|
7,870
|
|
||||||
Dividends paid ($9.00 per common share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,044
|
)
|
|
—
|
|
|
—
|
|
|
(46,044
|
)
|
||||||
Cumulative effect of change in accounting principle
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,156
|
|
|
(5,156
|
)
|
|
—
|
|
|
—
|
|
||||||
Change in fair value of interest rate cap
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
Deferred stock unit grants
|
|
|
|
|
|
|
|
394
|
|
|
|
|
|
|
|
|
|
|
|
394
|
|
||||||
Balance, June 30, 2018
|
|
5,173
|
|
|
$
|
5,173
|
|
|
$
|
31,971
|
|
|
$
|
269,525
|
|
|
$
|
(130
|
)
|
|
$
|
(368
|
)
|
|
$
|
306,171
|
|
1.
|
Organization
|
2.
|
Basis of Presentation
|
3.
|
Recently Issued Accounting Literature
|
3.
|
Recently Issued Accounting Literature - continued
|
4.
|
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.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Amounts in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Lease revenues
|
|
$
|
53,834
|
|
|
$
|
55,906
|
|
|
$
|
108,330
|
|
|
$
|
111,520
|
|
Parking revenue
|
|
1,361
|
|
|
1,408
|
|
|
2,856
|
|
|
2,715
|
|
||||
Tenant services
|
|
737
|
|
|
939
|
|
|
1,524
|
|
|
1,898
|
|
||||
Rental revenues
|
|
$
|
55,932
|
|
|
$
|
58,253
|
|
|
$
|
112,710
|
|
|
$
|
116,133
|
|
(Amounts in thousands)
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
Fixed lease revenues
|
|
$
|
35,903
|
|
|
$
|
71,632
|
|
Variable lease revenues
|
|
17,931
|
|
|
36,698
|
|
||
Lease revenues
|
|
$
|
53,834
|
|
|
$
|
108,330
|
|
5.
|
Related Party Transactions
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Amounts in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Company management fees
|
|
$
|
700
|
|
|
$
|
700
|
|
|
$
|
1,400
|
|
|
$
|
1,400
|
|
Development fees
|
|
5
|
|
|
2
|
|
|
29
|
|
|
9
|
|
||||
Leasing fees
|
|
2,017
|
|
|
—
|
|
|
2,746
|
|
|
—
|
|
||||
Property management, cleaning, engineering and security fees
|
|
1,297
|
|
|
939
|
|
|
2,444
|
|
|
1,965
|
|
||||
|
|
$
|
4,019
|
|
|
$
|
1,641
|
|
|
$
|
6,619
|
|
|
$
|
3,374
|
|
6.
|
Marketable Securities
|
7.
|
Discontinued Operations
|
8.
|
Significant Tenant
|
9.
|
Mortgages Payable
|
|
|
|
|
|
|
Balance at
|
||||||
(Amounts in thousands)
|
|
Maturity
|
|
Interest Rate at June 30, 2019
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
First mortgages secured by:
|
|
|
|
|
|
|
|
|
||||
Paramus
|
|
Oct. 2021
|
|
4.72%
|
|
$
|
68,000
|
|
|
$
|
68,000
|
|
731 Lexington Avenue, retail condominium
(1)
|
|
Aug. 2022
|
|
3.83%
|
|
350,000
|
|
|
350,000
|
|
||
731 Lexington Avenue, office condominium
(2)
|
|
Jun. 2024
|
|
3.29%
|
|
500,000
|
|
|
500,000
|
|
||
Rego Park II shopping center
(3)
|
|
Dec. 2025
|
|
3.75%
|
|
56,836
|
|
|
56,836
|
|
||
Total
|
|
974,836
|
|
|
974,836
|
|
||||||
Deferred debt issuance costs, net of accumulated amortization of $11,786 and $9,212, respectively
|
|
|
|
|
|
(6,450
|
)
|
|
(9,010
|
)
|
||
|
|
|
|
|
|
$
|
968,386
|
|
|
$
|
965,826
|
|
(1)
|
Interest at
LIBOR
plus
1.40%
. Maturity date represents the extended maturity based on our conditional right to extend.
|
(2)
|
Interest at
LIBOR
plus
0.90%
. Maturity date represents the extended maturity based on our unilateral right to extend.
|
(3)
|
Interest at
LIBOR
plus
1.35%
. The amount of this loan is net of our
$195,708
loan participation (see Note 2 -
Basis of Presentation
).
|
10.
|
Stock-Based Compensation
|
11.
|
Fair Value Measurements
|
|
|
As of June 30, 2019
|
||||||||||||||
(Amounts in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Marketable securities
|
|
$
|
17,926
|
|
|
$
|
17,926
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
As of December 31, 2018
|
||||||||||||||
(Amounts in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Marketable securities
|
|
$
|
23,166
|
|
|
$
|
23,166
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
As of June 30, 2019
|
|
As of December 31, 2018
|
||||||||||||
(Amounts in thousands)
|
|
Carrying Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
$
|
248,850
|
|
|
$
|
248,850
|
|
|
$
|
173,858
|
|
|
$
|
173,858
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Mortgages payable (excluding deferred debt issuance costs, net)
|
|
$
|
974,836
|
|
|
$
|
972,000
|
|
|
$
|
974,836
|
|
|
$
|
969,000
|
|
12.
|
Leases
|
|
|
Under ASC 842
|
||
(Amounts in thousands)
|
|
As of June 30, 2019
|
||
For the remainder of 2019
|
|
$
|
69,688
|
|
For the year ending December 31,
|
|
|
||
2020
|
|
135,749
|
|
|
2021
|
|
126,736
|
|
|
2022
|
|
119,393
|
|
|
2023
|
|
120,756
|
|
|
2024
|
|
128,928
|
|
|
Thereafter
|
|
586,226
|
|
|
|
Under ASC 840
|
||
(Amounts in thousands)
|
|
As of December 31, 2018
|
||
For the year ending December 31,
|
|
|
||
2019
|
|
$
|
138,784
|
|
2020
|
|
131,647
|
|
|
2021
|
|
120,450
|
|
|
2022
|
|
111,532
|
|
|
2023
|
|
111,962
|
|
|
Thereafter
|
|
671,111
|
|
12.
|
Leases - continued
|
|
|
Under ASC 842
|
||
(Amounts in thousands)
|
|
As of June 30, 2019
|
||
For the remainder of 2019
|
|
$
|
400
|
|
For the year ending December 31,
|
|
|
||
2020
|
|
800
|
|
|
2021
|
|
800
|
|
|
2022
|
|
800
|
|
|
2023
|
|
800
|
|
|
2024
|
|
800
|
|
|
Thereafter
|
|
1,600
|
|
|
Total undiscounted cash flows
|
|
6,000
|
|
|
Present value discount
|
|
(861
|
)
|
|
Lease liability as of June 30, 2019
|
|
$
|
5,139
|
|
|
|
Under ASC 840
|
||
(Amounts in thousands)
|
|
As of December 31, 2018
|
||
For the year ending December 31,
|
|
|
||
2019
|
|
$
|
800
|
|
2020
|
|
800
|
|
|
2021
|
|
800
|
|
|
2022
|
|
800
|
|
|
2023
|
|
800
|
|
|
Thereafter
|
|
2,467
|
|
13.
|
Commitments and Contingencies
|
13.
|
Commitments and Contingencies - continued
|
14.
|
Earnings Per Share
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Amounts in thousands, except share and per share amounts)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income from continuing operations
|
|
$
|
11,283
|
|
|
$
|
17,570
|
|
|
$
|
29,148
|
|
|
$
|
31,667
|
|
Loss from discontinued operations (see Note 7)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,797
|
)
|
||||
Net income
|
|
$
|
11,283
|
|
|
$
|
17,570
|
|
|
$
|
29,148
|
|
|
$
|
7,870
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic and diluted
|
|
5,118,030
|
|
|
5,116,657
|
|
|
5,117,690
|
|
|
5,116,321
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
2.20
|
|
|
$
|
3.43
|
|
|
$
|
5.70
|
|
|
$
|
6.19
|
|
Loss from discontinued operations (see Note 7)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.65
|
)
|
||||
Net income per common share – basic and diluted
|
|
$
|
2.20
|
|
|
$
|
3.43
|
|
|
$
|
5.70
|
|
|
$
|
1.54
|
|
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)
|
|
2019
|
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
|
$
|
11,283
|
|
|
|
$
|
17,570
|
|
|
$
|
29,148
|
|
|
$
|
7,870
|
|
Depreciation and amortization of real property
|
|
7,744
|
|
|
|
8,568
|
|
|
15,448
|
|
|
16,719
|
|
||||
Change in fair value of marketable securities
|
|
5,278
|
|
|
|
(433
|
)
|
|
5,240
|
|
|
4,737
|
|
||||
FFO (non-GAAP)
|
|
$
|
24,305
|
|
|
|
$
|
25,705
|
|
|
$
|
49,836
|
|
|
$
|
29,326
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FFO per diluted share (non-GAAP)
|
|
$
|
4.75
|
|
|
|
$
|
5.02
|
|
|
$
|
9.74
|
|
|
$
|
5.73
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares used in computing FFO per diluted share
|
|
5,118,030
|
|
|
|
5,116,657
|
|
|
5,117,690
|
|
|
5,116,321
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
|
2019
|
|
2018
|
||||||||||||
(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
|
|
$
|
906,836
|
|
|
3.53%
|
|
$
|
9,068
|
|
|
$
|
906,836
|
|
|
3.55%
|
Fixed Rate
|
|
68,000
|
|
|
4.72%
|
|
—
|
|
|
68,000
|
|
|
4.72%
|
|||
|
|
$
|
974,836
|
|
|
3.61%
|
|
$
|
9,068
|
|
|
$
|
974,836
|
|
|
3.64%
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total effect on diluted earnings per share
|
|
|
|
|
|
$
|
1.77
|
|
|
|
|
|
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
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.INS
|
-
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
101.SCH
|
-
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
101.CAL
|
-
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
101.DEF
|
-
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
101.LAB
|
-
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
101.PRE
|
-
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
ALEXANDER’S, INC.
|
|
|
(Registrant)
|
|
|
|
Date: July 29, 2019
|
By:
|
/s/ Matthew Iocco
|
|
|
Matthew Iocco
|
|
|
Chief Financial Officer (duly authorized officer and principal financial and accounting officer)
|
1 Year Alexanders Chart |
1 Month Alexanders Chart |
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