ALEXANDERS INC, 10-Q filed on May 01, 2023
 | XBRL Documents
v3.23.1
Cover
 3 Months Ended
Mar. 31, 2023
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2023
Document Transition Report false
Entity File Number 001-06064
Entity Registrant Name ALEXANDERS INC
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 51-0100517
Entity Address, Address Line One 210 Route 4 East,
Entity Address, City or Town Paramus,
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07652
City Area Code (201)
Local Phone Number 587-8541
Title of 12(b) Security Common Stock, $1 par value per share
Trading Symbol ALX
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 5,107,290
Amendment Flag false
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q1
Entity Central Index Key 0000003499
Current Fiscal Year End Date --12-31
v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Real estate, at cost:    
Land $ 32,271 $ 33,050
Buildings and leasehold improvements 1,025,226 1,029,504
Development and construction in progress 10,144 22,044
Total 1,067,641 1,084,598
Accumulated depreciation and amortization (398,242) (396,268)
Real estate, net 669,399 688,330
Cash and cash equivalents 356,507 194,933
Restricted cash 20,369 19,545
Investments in U.S. Treasury bills 99,780 266,963
Tenant and other receivables 5,664 4,705
Receivable arising from the straight-lining of rents 125,430 127,497
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $21,388 and $22,174, respectively 27,441 28,490
Asset held for sale 13,794 0
Other assets 59,375 67,313
Total assets 1,377,759 1,397,776
LIABILITIES AND EQUITY    
Mortgages payable, net of deferred debt issuance costs 1,091,438 1,091,051
Amounts due to Vornado 675 801
Accounts payable and accrued expenses 43,908 48,785
Other liabilities 20,729 20,640
Total liabilities 1,156,750 1,161,277
Commitments and contingencies
Preferred stock: $1.00 par value per share; authorized, 3,000,000 shares; issued and outstanding, none 0 0
Common stock: $1.00 par value per share; authorized, 10,000,000 shares; issued, 5,173,450 shares; outstanding, 5,107,290 shares 5,173 5,173
Additional capital 33,865 33,865
Retained earnings 160,397 172,243
Accumulated other comprehensive income 21,942 25,586
Equity before treasury stock 221,377 236,867
Treasury stock: 66,160 shares, at cost (368) (368)
Total equity 221,009 236,499
Total liabilities and equity $ 1,377,759 $ 1,397,776
v3.23.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Unamortized leasing fees to Vornado $ 21,388 $ 22,174
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
v3.23.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
REVENUES    
Rental revenues $ 52,941 $ 49,215
EXPENSES    
Operating, including fees to Vornado of $1,539 and $1,378, respectively (24,944) (21,542)
Depreciation and amortization (7,478) (7,351)
General and administrative, including management fees to Vornado of $610 in each period (1,359) (1,469)
Total expenses (33,781) (30,362)
Interest and other income 4,319 94
Interest and debt expense (12,253) (4,415)
Net income $ 11,226 $ 14,532
Net income per common share - basic (in usd per share) $ 2.19 $ 2.84
Net income per common share - diluted (in usd per share) $ 2.19 $ 2.84
Weighted average shares outstanding - basic (in shares) 5,127,086 5,124,478
Weighted average shares outstanding - diluted (in shares) 5,127,086 5,124,478
v3.23.1
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]    
Fees to vornado $ 1,539 $ 1,378
Management fees to Vornado $ 610 $ 610
v3.23.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 11,226 $ 14,532
Other comprehensive (loss) income:    
Change in fair value of interest rate derivatives and other (3,644) 11,727
Comprehensive income $ 7,582 $ 26,259
v3.23.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Capital
Retained Earnings
Accumulated  Other Comprehensive Income
Treasury Stock
Beginning Balance, Shares at Dec. 31, 2021   5,173,000        
Beginning Balance, value at Dec. 31, 2021 $ 252,589 $ 5,173 $ 33,415 $ 206,875 $ 7,494 $ (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 14,532     14,532    
Dividends paid ($4.50 per common share) (23,060)     (23,060)    
Change in fair value of interest rate derivatives and other 11,727       11,727  
Ending Balance, Shares at Mar. 31, 2022   5,173,000        
Ending Balance, value at Mar. 31, 2022 $ 255,788 $ 5,173 33,415 198,347 19,221 (368)
Beginning Balance, Shares at Dec. 31, 2022 5,173,450 5,173,000        
Beginning Balance, value at Dec. 31, 2022 $ 236,499 $ 5,173 33,865 172,243 25,586 (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 11,226     11,226    
Dividends paid ($4.50 per common share) (23,072)     (23,072)    
Change in fair value of interest rate derivatives and other $ (3,644)       (3,644)  
Ending Balance, Shares at Mar. 31, 2023 5,173,450 5,173,000        
Ending Balance, value at Mar. 31, 2023 $ 221,009 $ 5,173 $ 33,865 $ 160,397 $ 21,942 $ (368)
v3.23.1
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Dividends per common share (in usd per share) $ 4.50 $ 4.50
v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 11,226 $ 14,532
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including amortization of debt issuance costs 7,899 7,762
Straight-lining of rents 2,067 2,139
Other non-cash adjustments 1,741 0
Change in operating assets and liabilities:    
Tenant and other receivables (959) 610
Other assets 2,959 11,445
Amounts due to Vornado (128) 1,195
Accounts payable and accrued expenses (4,063) (5,522)
Other liabilities (6) 24
Net cash provided by operating activities 20,736 32,185
CASH FLOWS FROM INVESTING ACTIVITIES    
Construction in progress and real estate additions (2,060) (1,158)
Proceeds from maturities of U.S. Treasury bills 166,832 0
Net cash provided by (used in) investing activities 164,772 (1,158)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid (23,072) (23,060)
Debt issuance costs (38) 0
Net cash used in financing activities (23,110) (23,060)
Net increase in cash and cash equivalents and restricted cash 162,398 7,967
Cash and cash equivalents and restricted cash at beginning of period 214,478 483,505
Cash and cash equivalents and restricted cash at end of period 376,876 491,472
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 194,933 463,539
Restricted cash at beginning of period 19,545 19,966
Cash and cash equivalents and restricted cash at beginning of period 214,478 483,505
Cash and cash equivalents at end of period 356,507 472,484
Restricted cash at end of period 20,369 18,988
Cash and cash equivalents and restricted cash at end of period 376,876 491,472
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest, net of amounts capitalized in 2022 11,476 3,728
NON-CASH TRANSACTIONS    
Liability for real estate additions, including $3 for development fees due to Vornado in 2022 1,481 1,232
Write-off of fully depreciated assets 4,044 0
Reclassification of asset held for sale $ 13,794 $ 0
v3.23.1
Consolidated Statements of Cash Flows (Parenthetical)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
Liability for real estate additions $ 1,232
Development fees | Vornado  
Liability for real estate additions $ 3
v3.23.1
Organization
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization OrganizationAlexander’s, Inc. (NYSE: ALX) is a real estate investment trust (“REIT”), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to “we,” “us,” “our,” “Company” and “Alexander’s” refer to Alexander’s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (“Vornado”) (NYSE: VNO). We have six properties in New York City.
v3.23.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2023
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 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 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, 2022, 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 months ended March 31, 2023 are not necessarily indicative of the operating results for the full year.
We operate in one reportable segment.
v3.23.1
Recently Issued Accounting Literature
 3 Months Ended
Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recently Issued Accounting Literature Recently Issued Accounting LiteratureIn March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848 (“ASC 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 have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022 the FASB issued accounting standard update 2022-06 that defers the sunset of ASC 848 from December 31, 2022 to December 31, 2024. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
v3.23.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following is a summary of revenue sources for the three months ended March 31, 2023 and 2022.
For the Three Months Ended March 31,
(Amounts in thousands)20232022
Lease revenues$51,036 $46,808 
Parking revenue1,096 1,228 
Tenant services809 1,179 
Rental revenues$52,941 $49,215 
The components of lease revenues for the three months ended March 31, 2023 and 2022 are as follows:
For the Three Months Ended March 31,
(Amounts in thousands)20232022
Fixed lease revenues$34,724 $32,203 
Variable lease revenues16,312 14,605 
Lease revenues$51,036 $46,808 

Bloomberg L.P. (“Bloomberg”) accounted for revenue of $29,516,000 and $27,518,000 for the three months ended March 31, 2023 and 2022, respectively, representing approximately 56% of our rental revenues in each period. No other tenant accounted for more than 10% of our rental 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.
v3.23.1
Asset Held For Sale
 3 Months Ended
Mar. 31, 2023
Assets Held For Sale [Abstract]  
Assets Held For Sale Asset Held For Sale
On March 8, 2023, we entered into an agreement to sell the Rego Park III land parcel in Queens, New York, for $71,060,000 inclusive of consideration for Brownfield tax benefits and reimbursement of costs for plans, specifications and improvements to date. The sale, which is subject to customary closing conditions, is expected to be completed in the second quarter of 2023. The financial statement gain will be approximately $54,000,000.
As of March 31, 2023, the $13,794,000 carrying value of the property was classified as "Asset held for sale" on our consolidated balance sheets.
v3.23.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Vornado
As of March 31, 2023, 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) $354,000, 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 incurred to Vornado under the various agreements discussed above.
 For the Three Months Ended March 31,
(Amounts in thousands)20232022
Company management fees$700 $700 
Development fees— 3 
Leasing fees41 1,318 
Property management, cleaning, engineering and security fees
1,409 1,269 
$2,150 $3,290 
As of March 31, 2023, the amounts due to Vornado were $675,000 for management, property management, cleaning, engineering and security fees. As of December 31, 2022, the amounts due to Vornado were $742,000 for management, property management, cleaning, engineering and security fees and $59,000 for leasing fees.
v3.23.1
Mortgages Payable
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Mortgages Payable Mortgages Payable
The following is a summary of our outstanding mortgages payable as of March 31, 2023 and December 31, 2022. We may refinance our maturing debt as it comes due or choose to pay it down.
  Interest Rate at March 31, 2023Balance at
(Amounts in thousands)MaturityMarch 31, 2023December 31, 2022
First mortgages secured by:
731 Lexington Avenue, office condominium (1)(2)
Jun. 11, 20245.58%$500,000 $500,000 
731 Lexington Avenue, retail condominium (1)(3)
Aug. 05, 20251.76%300,000 300,000 
Rego Park II shopping center (1)(4)
Dec. 12, 20255.60%202,544 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total1,096,544 1,096,544 
Deferred debt issuance costs, net of accumulated amortization of $16,458 and $16,071, respectively
(5,106)(5,493)
$1,091,438 $1,091,051 
(1)Interest rate listed represents the rate in effect as of March 31, 2023 based on LIBOR or SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)Interest at LIBOR plus 0.90% (LIBOR capped at a rate of 6.00% through June 2023). Maturity represents the extended maturity based on our one-year as-of right extension option. The interest rate of the loan will be equal to the Prime rate (8.00% as of March 31, 2023) during the one-year extension period beginning June 2023.
(3)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(4)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).
v3.23.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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 sheet as of March 31, 2023 consist of U.S. Treasury bills (classified as available-for-sale) and interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2023.
 As of March 31, 2023
TotalLevel 1Level 2Level 3
(Amounts in thousands)
Investments in U.S. Treasury bills(1)
$99,780 $99,780 $— $— 
Interest rate derivatives (included in other assets)24,657 — 24,657 — 
$124,437 $99,780 $24,657 $— 
(1)As of March 31, 2023, our investments in U.S. Treasury bills have an aggregate accreted value of $99,881 prior to being marked to fair value and have remaining maturities of less than one year. During the three months ended March 31, 2023, we realized proceeds of $170,000 from maturing U.S. Treasury bills.
8.Fair Value Measurements - continued
Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2022 consist of U.S. Treasury bills (classified as available for-sale) and interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2022. 
 As of December 31, 2022
(Amounts in thousands)TotalLevel 1Level 2Level 3
Investments in U.S. Treasury bills(1)
$266,963 $266,963 $— $— 
Interest rate derivatives (included in other assets)29,351 — 29,351 — 
$296,314 $266,963 $29,351 $— 
(1)During the year ended December 31, 2022, we purchased $364,238 in U.S. Treasury bills with an aggregate par value of $370,000 and realized proceeds of $100,000 from maturing U.S. Treasury bills. As of December 31, 2022 our investments in U.S. Treasury bills had an aggregate accreted value of $267,809 prior to being marked to fair value and had remaining maturities of less than one year.
Interest Rate Derivatives
We recognize the fair value of all interest rate derivatives in “other assets” or “other liabilities” on our consolidated balance sheets and since all of our interest rate derivatives have been designated as cash flow hedges, changes in the fair value are recognized in other comprehensive income. The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2023 and December 31, 2022, respectively.
Fair Value as ofAs of March 31, 2023
(Amounts in thousands)March 31, 2023December 31, 2022Notional AmountSwapped RateExpiration Date
Interest rate swap related to:
731 Lexington Avenue mortgage loan, retail condominium$22,453 $26,718 $300,000 1.76%05/25
Interest rate caps related to:
Rego Park II shopping center mortgage loan2,196 2,622 202,544 (1)11/24
731 Lexington Avenue mortgage loan, office condominium8 11 500,000 (2)06/23
Included in other assets$24,657 $29,351 
(1)SOFR cap strike rate of 4.15%
(2)LIBOR cap strike rate of 6.00%
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 amount and fair value of these financial instruments as of March 31, 2023 and December 31, 2022.

 As of March 31, 2023As of December 31, 2022
(Amounts in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Assets:
Cash equivalents
$208,596 $208,596 $47,852 $47,852 
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)$1,096,544 $1,071,540 $1,096,544 $1,061,221 
v3.23.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2023
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 $30,000,000 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 and excluding communicable disease coverage.
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 $298,000 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.
The principal amounts of our mortgage loans are non-recourse to us and the loans 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.
Letters of Credit
Approximately $900,000 of standby letters of credit were issued and outstanding as of March 31, 2023.
Other
There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.
v3.23.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share.  Basic income per share is determined using the weighted average shares of common stock (including deferred stock units) outstanding during the period.  Diluted income per share is determined using the weighted average shares of common stock (including deferred stock units) 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 months ended March 31, 2023 and 2022.
 For the Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)
20232022
Net income $11,226 $14,532 
Weighted average shares outstanding – basic and diluted
5,127,086 5,124,478 
Net income per common share – basic and diluted$2.19 $2.84 
v3.23.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2023
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 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 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, 2022, 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 months ended March 31, 2023 are not necessarily indicative of the operating results for the full year.
We operate in one reportable segment.
Recently Issued Accounting Literature In March 2020, the Financial Accounting Standards Board (“FASB”) issued an update (“ASU 2020-04”) establishing Accounting Standards Codification (“ASC”) Topic 848 (“ASC 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 have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In December 2022 the FASB issued accounting standard update 2022-06 that defers the sunset of ASC 848 from December 31, 2022 to December 31, 2024. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
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 as well as certain U.S. Treasury securities that are highly liquid and are actively traded in secondary markets; 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.
v3.23.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following is a summary of revenue sources for the three months ended March 31, 2023 and 2022.
For the Three Months Ended March 31,
(Amounts in thousands)20232022
Lease revenues$51,036 $46,808 
Parking revenue1,096 1,228 
Tenant services809 1,179 
Rental revenues$52,941 $49,215 
Schedule of Components of Lease Revenue
The components of lease revenues for the three months ended March 31, 2023 and 2022 are as follows:
For the Three Months Ended March 31,
(Amounts in thousands)20232022
Fixed lease revenues$34,724 $32,203 
Variable lease revenues16,312 14,605 
Lease revenues$51,036 $46,808 
v3.23.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Schedule of Fees to Vornado
The following is a summary of fees incurred to Vornado under the various agreements discussed above.
 For the Three Months Ended March 31,
(Amounts in thousands)20232022
Company management fees$700 $700 
Development fees— 3 
Leasing fees41 1,318 
Property management, cleaning, engineering and security fees
1,409 1,269 
$2,150 $3,290 
v3.23.1
Mortgages Payable (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following is a summary of our outstanding mortgages payable as of March 31, 2023 and December 31, 2022. We may refinance our maturing debt as it comes due or choose to pay it down.
  Interest Rate at March 31, 2023Balance at
(Amounts in thousands)MaturityMarch 31, 2023December 31, 2022
First mortgages secured by:
731 Lexington Avenue, office condominium (1)(2)
Jun. 11, 20245.58%$500,000 $500,000 
731 Lexington Avenue, retail condominium (1)(3)
Aug. 05, 20251.76%300,000 300,000 
Rego Park II shopping center (1)(4)
Dec. 12, 20255.60%202,544 202,544 
The Alexander apartment towerNov. 01, 20272.63%94,000 94,000 
Total1,096,544 1,096,544 
Deferred debt issuance costs, net of accumulated amortization of $16,458 and $16,071, respectively
(5,106)(5,493)
$1,091,438 $1,091,051 
(1)Interest rate listed represents the rate in effect as of March 31, 2023 based on LIBOR or SOFR as of contractual reset date plus contractual spread, adjusted for hedging instruments as applicable.
(2)Interest at LIBOR plus 0.90% (LIBOR capped at a rate of 6.00% through June 2023). Maturity represents the extended maturity based on our one-year as-of right extension option. The interest rate of the loan will be equal to the Prime rate (8.00% as of March 31, 2023) during the one-year extension period beginning June 2023.
(3)Interest at SOFR plus 1.51% which was swapped to a fixed rate of 1.76% through May 2025.
(4)Interest at SOFR plus 1.45% (SOFR is capped at a rate of 4.15% through November 2024).
v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2023 consist of U.S. Treasury bills (classified as available-for-sale) and interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2023.
 As of March 31, 2023
TotalLevel 1Level 2Level 3
(Amounts in thousands)
Investments in U.S. Treasury bills(1)
$99,780 $99,780 $— $— 
Interest rate derivatives (included in other assets)24,657 — 24,657 — 
$124,437 $99,780 $24,657 $— 
(1)As of March 31, 2023, our investments in U.S. Treasury bills have an aggregate accreted value of $99,881 prior to being marked to fair value and have remaining maturities of less than one year. During the three months ended March 31, 2023, we realized proceeds of $170,000 from maturing U.S. Treasury bills.
8.Fair Value Measurements - continued
Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2022 consist of U.S. Treasury bills (classified as available for-sale) and interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2022. 
 As of December 31, 2022
(Amounts in thousands)TotalLevel 1Level 2Level 3
Investments in U.S. Treasury bills(1)
$266,963 $266,963 $— $— 
Interest rate derivatives (included in other assets)29,351 — 29,351 — 
$296,314 $266,963 $29,351 $— 
(1)During the year ended December 31, 2022, we purchased $364,238 in U.S. Treasury bills with an aggregate par value of $370,000 and realized proceeds of $100,000 from maturing U.S. Treasury bills. As of December 31, 2022 our investments in U.S. Treasury bills had an aggregate accreted value of $267,809 prior to being marked to fair value and had remaining maturities of less than one year.
Schedule of Fair Value, by Balance Sheet Grouping The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2023 and December 31, 2022, respectively.
Fair Value as ofAs of March 31, 2023
(Amounts in thousands)March 31, 2023December 31, 2022Notional AmountSwapped RateExpiration Date
Interest rate swap related to:
731 Lexington Avenue mortgage loan, retail condominium$22,453 $26,718 $300,000 1.76%05/25
Interest rate caps related to:
Rego Park II shopping center mortgage loan2,196 2,622 202,544 (1)11/24
731 Lexington Avenue mortgage loan, office condominium8 11 500,000 (2)06/23
Included in other assets$24,657 $29,351 
(1)SOFR cap strike rate of 4.15%
(2)LIBOR cap strike rate of 6.00%
Schedule of Fair Value, by Balance Sheet Grouping The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2023 and December 31, 2022.
 As of March 31, 2023As of December 31, 2022
(Amounts in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Assets:
Cash equivalents
$208,596 $208,596 $47,852 $47,852 
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)$1,096,544 $1,071,540 $1,096,544 $1,061,221 
v3.23.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted There were no potentially dilutive securities outstanding during the three months ended March 31, 2023 and 2022.
 For the Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)
20232022
Net income $11,226 $14,532 
Weighted average shares outstanding – basic and diluted
5,127,086 5,124,478 
Net income per common share – basic and diluted$2.19 $2.84 
v3.23.1
Organization (Details)
Mar. 31, 2023
property
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of properties 6
v3.23.1
Basis of Presentation (Details)
 3 Months Ended
Mar. 31, 2023
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
v3.23.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Lease revenues $ 51,036 $ 46,808
Rental revenues 52,941 49,215
Parking revenue    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer 1,096 1,228
Tenant services    
Disaggregation of Revenue [Line Items]    
Revenue from contract with customer $ 809 $ 1,179
v3.23.1
Revenue Recognition - Components of Lease Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]    
Fixed lease revenues $ 34,724 $ 32,203
Variable lease revenues 16,312 14,605
Lease revenues $ 51,036 $ 46,808
v3.23.1
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Rental revenues $ 52,941 $ 49,215
Customer Concentration Risk | Revenue | Bloomberg    
Disaggregation of Revenue [Line Items]    
Rental revenues $ 29,516 $ 27,518
Percentage rent contributed by tenant 56.00% 56.00%
v3.23.1
Asset Held For Sale (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 08, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Assets Held For Sale [Line Items]        
Asset held for sale     $ 13,794 $ 0
Rego Park III Land Parcel        
Assets Held For Sale [Line Items]        
Proceeds from sale of real estate $ 71,060      
Asset held for sale     $ 13,794  
Rego Park III Land Parcel | Forecast        
Assets Held For Sale [Line Items]        
Gain on sale of assets   $ 54,000    
v3.23.1
Related Party Transactions - Additional Information (Details) - Vornado
 3 Months Ended
Mar. 31, 2023
USD ($)
$ / ft²
Dec. 31, 2022
USD ($)
Related Party Transaction [Line Items]    
Management fee agreement value $ 2,800,000  
Property Management Fees | Rego Park II | Retail Space    
Related Party Transaction [Line Items]    
Property management fee, percent fee 2.00%  
Property Management Fees | 731 Lexington Avenue | Office and Retail Space    
Related Party Transaction [Line Items]    
Property management fee agreement, price per square foot | $ / ft² 0.50  
Property Management Fees | 731 Lexington Avenue | Common Area    
Related Party Transaction [Line Items]    
Property management fee agreement value $ 354,000  
Property management fee escalation percentage per annum 3.00%  
Development fees    
Related Party Transaction [Line Items]    
Development fee as percentage of development costs 6.00%  
Leasing fees    
Related Party Transaction [Line Items]    
Lease fee percentage of rent one to ten years 3.00%  
Lease fee percentage of rent eleven to twenty years 2.00%  
Lease fee percentage of rent twenty first to thirty years 1.00%  
Percentage increase lease fee if broker used 1.00%  
Percentage commissions on sale of assets under fifty million 3.00%  
Asset sale commission threshold $ 50,000,000  
Percentage commissions on sale of assets over fifty million 1.00%  
Amounts due   $ 59,000
Management, property management, cleaning, engineering and security fees    
Related Party Transaction [Line Items]    
Amounts due $ 675,000 $ 742,000
Alexander's Inc. | Vornado    
Related Party Transaction [Line Items]    
Ownership percentage by noncontrolling owners 32.40%  
v3.23.1
Related Party Transactions - Summary of Fees to Vornado (Details) - Vornado - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Related Party Transaction [Line Items]    
Fees to related party $ 2,150 $ 3,290
Company management fees    
Related Party Transaction [Line Items]    
Fees to related party 700 700
Development fees    
Related Party Transaction [Line Items]    
Fees to related party 0 3
Leasing fees    
Related Party Transaction [Line Items]    
Fees to related party 41 1,318
Property management, cleaning, engineering and security fees    
Related Party Transaction [Line Items]    
Fees to related party $ 1,409 $ 1,269
v3.23.1
Mortgages Payable - Summary of Outstanding Mortgages Payable (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Notes Payable (in US dollars) $ 1,091,438 $ 1,091,051
Mortgages    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Notes payable, gross 1,096,544 1,096,544
Deferred debt issuance costs, net of accumulated amortization of $16,458 and $16,071, respectively (5,106) (5,493)
Notes Payable (in US dollars) 1,091,438 1,091,051
Deferred debt issuance costs, accumulated amortization $ 16,458 16,071
Mortgages | 731 Lexington Avenue | Office Space    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Interest rate 5.58%  
Notes payable, gross $ 500,000 500,000
Mortgages | 731 Lexington Avenue | Office Space | LIBOR    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Basis spread over LIBOR or SOFR 0.90%  
Mortgages | 731 Lexington Avenue | Office Space | LIBOR | Maximum    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Interest cap rate 6.00%  
Mortgages | 731 Lexington Avenue | Office Space | Prime Rate    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Interest rate 8.00%  
Extension period 1 year  
Mortgages | 731 Lexington Avenue | Retail Space    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Interest rate 1.76%  
Notes payable, gross $ 300,000 300,000
Mortgages | 731 Lexington Avenue | Retail Space | Secured Overnight Financing Rate (SOFR)    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Basis spread over LIBOR or SOFR 1.51%  
Mortgages | Rego Park II | Retail Space    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Interest rate 5.60%  
Notes payable, gross $ 202,544 202,544
Mortgages | Rego Park II | Retail Space | Secured Overnight Financing Rate (SOFR)    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Basis spread over LIBOR or SOFR 1.45%  
Mortgages | Rego Park II | Retail Space | Secured Overnight Financing Rate (SOFR) | Maximum    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Interest cap rate 4.15%  
Mortgages | The Alexander apartment tower | Retail Space    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Interest rate 2.63%  
Notes payable, gross $ 94,000 $ 94,000
v3.23.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
ASSETS      
Proceeds from maturities of U.S. Treasury bills $ 166,832 $ 0  
Investments in U.S. Treasury bills 99,780   $ 266,963
US Treasury Bill Securities      
ASSETS      
Accreted value 99,881   267,809
Proceeds from maturities of U.S. Treasury bills 170,000    
Purchase of U.S. Treasury bills     364,238
Investments in U.S. Treasury bills     370,000
Proceeds from U.S. Treasuries     100,000
Recurring      
ASSETS      
Total assets 124,437   296,314
Recurring | US Treasury Bill Securities      
ASSETS      
Investments in U.S. Treasury bills 99,780   266,963
Recurring | Interest rate swap      
ASSETS      
Interest rate derivatives (included in other assets) 24,657   29,351
Recurring | Level 1      
ASSETS      
Total assets 99,780   266,963
Recurring | Level 1 | US Treasury Bill Securities      
ASSETS      
Investments in U.S. Treasury bills 99,780   266,963
Recurring | Level 1 | Interest rate swap      
ASSETS      
Interest rate derivatives (included in other assets) 0   0
Recurring | Level 2      
ASSETS      
Total assets 24,657   29,351
Recurring | Level 2 | US Treasury Bill Securities      
ASSETS      
Investments in U.S. Treasury bills 0   0
Recurring | Level 2 | Interest rate swap      
ASSETS      
Interest rate derivatives (included in other assets) 24,657   29,351
Recurring | Level 3      
ASSETS      
Total assets 0   0
Recurring | Level 3 | US Treasury Bill Securities      
ASSETS      
Investments in U.S. Treasury bills 0   0
Recurring | Level 3 | Interest rate swap      
ASSETS      
Interest rate derivatives (included in other assets) $ 0   $ 0
v3.23.1
Fair Value Measurements - Summarizes Of Interest Rate Derivatives (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Included in other assets $ 24,657 $ 29,351
Interest rate swap | Designated as Hedging Instrument | 731 Lexington Avenue mortgage loan, retail condominium    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Included in other assets 22,453 26,718
Notional Amount $ 300,000  
Swapped Rate 1.76%  
Interest rate swap | Designated as Hedging Instrument | Rego Park II shopping center mortgage loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Included in other assets $ 2,196 2,622
Notional Amount 202,544  
Interest rate swap | Designated as Hedging Instrument | 731 Lexington Avenue mortgage loan, office condominium    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Included in other assets 8 $ 11
Notional Amount $ 500,000  
Interest rate swap | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) | Rego Park II shopping center mortgage loan    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest cap rate 4.15%  
Interest rate swap | Designated as Hedging Instrument | LIBOR | 731 Lexington Avenue mortgage loan, office condominium    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest cap rate 6.00%  
v3.23.1
Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Carrying Amount    
Assets:    
Cash equivalents $ 208,596 $ 47,852
Liabilities:    
Mortgages payable (excluding deferred debt issuance costs, net) 1,096,544 1,096,544
Level 1 | Fair Value    
Assets:    
Cash equivalents 208,596 47,852
Level 2 | Fair Value    
Liabilities:    
Mortgages payable (excluding deferred debt issuance costs, net) $ 1,071,540 $ 1,061,221
v3.23.1
Commitments and Contingencies (Details)
 3 Months Ended
Mar. 31, 2023
USD ($)
Loss Contingencies [Line Items]  
Standby letters of credit, outstanding $ 900,000
All Risk Property and Rental Value  
Loss Contingencies [Line Items]  
Insurance maximum coverage per incident 1,700,000,000
Terrorism Coverage Including NBCR  
Loss Contingencies [Line Items]  
Insurance maximum coverage per incident 1,700,000,000
Insurance maximum coverage in aggregate $ 1,700,000,000
NBCR  
Loss Contingencies [Line Items]  
Federal government responsibility (in percentage) 80.00%
NBCR | FNSIC  
Loss Contingencies [Line Items]  
Insurance deductible $ 298,000
Self insured responsibility (in percentage) 20.00%
General Liability  
Loss Contingencies [Line Items]  
Insurance maximum coverage per property $ 300,000,000
Insurance maximum coverage per incident 300,000,000
Disease Coverage  
Loss Contingencies [Line Items]  
Insurance maximum coverage per incident $ 30,000,000
v3.23.1
Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Potentially dilutive securities outstanding 0 0
v3.23.1
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Net income $ 11,226 $ 14,532
Weighted average shares outstanding - basic (in shares) 5,127,086 5,124,478
Weighted average shares outstanding - diluted (in shares) 5,127,086 5,124,478
Net income per common share - basic (in usd per share) $ 2.19 $ 2.84
Net income per common share - diluted (in usd per share) $ 2.19 $ 2.84

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