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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | LEASES As Lessor We lease space to tenants under operating leases in an office building and in retail centers. The rental terms range from approximately 5 to 25 years. The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. We also lease residential space at The Alexander apartment tower with 1 or 2 year lease terms. We have elected to account for lease revenues (including fixed and variable rent) and the reimbursement of common area maintenance expenses as a single lease component presented as “rental revenues” on our consolidated statements of income. Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:
(Amounts in thousands) |  | As of December 31, 2020
For the year ending December 31, |  |
2021 |  | $ | 132,812 |
2022 |  | 126,002 |
2023 |  | 127,115 |
2024 |  | 135,274 |
2025 |  | 124,595 |
Thereafter |  | 475,364 |
These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales. Bloomberg accounted for revenue of $109,066,000, $109,113,000, and $107,356,000 in the years ended December 31, 2020, 2019 and 2018, respectively, representing approximately 55%, 48% and 46% of our total revenues in each year, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. As Lessee We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2027 and has one 10-year extension option. On January 1, 2019, we recorded a right-of-use asset and lease liability related to this ground lease equal to the present value of the remaining minimum lease payments. As of December 31, 2020, the right-of-use asset of $3,974,000 and the lease liability of $4,236,000, are included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet. The discount rate applied to measure the right-of-use asset and lease liability is based on the incremental borrowing rate (“IBR”) for the property of 4.53%. We considered the general economic environment and factored in various financing and asset specific adjustments so that the IBR was appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, the lease term assumption determined under ASC Topic 840, Leases was carried forward and applied in calculating our lease liability recorded under ASC 842. 10. LEASES - continued Future lease payments under this operating lease, excluding the extension option, are as follows:
(Amounts in thousands) |  | As of December 31, 2020
For the year ending December 31, |  |
2021 |  | $ | 800 |
2022 |  | 800 |
2023 |  | 800 |
2024 |  | 800 |
2025 |  | 800 |
Thereafter |  | 800 |
Total undiscounted cash flows |  | 4,800 |
Present value discount |  | (564) |
Lease liability as of December 31, 2020 |  | $ | 4,236 |
We recognize rent expense as a component of “operating” expenses on our consolidated statements of income on a straight-line basis. Rent expense was $746,000 in each of the years ended December 31, 2020, 2019 and 2018, respectively. Cash paid for rent expense was $800,000 in each of the years ended December 31, 2020, 2019 and 2018, respectively.
Leases | LEASES As Lessor We lease space to tenants under operating leases in an office building and in retail centers. The rental terms range from approximately 5 to 25 years. The leases provide for the payment of fixed base rents payable monthly in advance as well as reimbursements of real estate taxes, insurance and maintenance costs. Retail leases may also provide for the payment by the lessee of additional rents based on a percentage of their sales. We also lease residential space at The Alexander apartment tower with 1 or 2 year lease terms. We have elected to account for lease revenues (including fixed and variable rent) and the reimbursement of common area maintenance expenses as a single lease component presented as “rental revenues” on our consolidated statements of income. Future undiscounted cash flows under our contractual non-cancelable operating leases are as follows:
(Amounts in thousands) |  | As of December 31, 2020
For the year ending December 31, |  |
2021 |  | $ | 132,812 |
2022 |  | 126,002 |
2023 |  | 127,115 |
2024 |  | 135,274 |
2025 |  | 124,595 |
Thereafter |  | 475,364 |
These amounts do not include reimbursements or additional rents based on a percentage of retail tenants’ sales. Bloomberg accounted for revenue of $109,066,000, $109,113,000, and $107,356,000 in the years ended December 31, 2020, 2019 and 2018, respectively, representing approximately 55%, 48% and 46% of our total revenues in each year, respectively. No other tenant accounted for more than 10% of our total revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data. As Lessee We are the lessee under a ground lease at our Flushing property, classified as an operating lease, which expires in 2027 and has one 10-year extension option. On January 1, 2019, we recorded a right-of-use asset and lease liability related to this ground lease equal to the present value of the remaining minimum lease payments. As of December 31, 2020, the right-of-use asset of $3,974,000 and the lease liability of $4,236,000, are included in “other assets” and “other liabilities,” respectively, on our consolidated balance sheet. The discount rate applied to measure the right-of-use asset and lease liability is based on the incremental borrowing rate (“IBR”) for the property of 4.53%. We considered the general economic environment and factored in various financing and asset specific adjustments so that the IBR was appropriate to the intended use of the underlying lease. As we did not elect to apply hindsight, the lease term assumption determined under ASC Topic 840, Leases was carried forward and applied in calculating our lease liability recorded under ASC 842. 10. LEASES - continued Future lease payments under this operating lease, excluding the extension option, are as follows:
(Amounts in thousands) |  | As of December 31, 2020
For the year ending December 31, |  |
2021 |  | $ | 800 |
2022 |  | 800 |
2023 |  | 800 |
2024 |  | 800 |
2025 |  | 800 |
Thereafter |  | 800 |
Total undiscounted cash flows |  | 4,800 |
Present value discount |  | (564) |
Lease liability as of December 31, 2020 |  | $ | 4,236 |
We recognize rent expense as a component of “operating” expenses on our consolidated statements of income on a straight-line basis. Rent expense was $746,000 in each of the years ended December 31, 2020, 2019 and 2018, respectively. Cash paid for rent expense was $800,000 in each of the years ended December 31, 2020, 2019 and 2018, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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