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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate, at cost:    
Land $ 30,624 $ 32,271
Buildings and leasehold improvements 973,785 1,069,350
Development and construction in progress 0 2,150
Total 1,004,409 1,103,771
Accumulated depreciation and amortization (435,752) (473,141)
Real estate, net 568,657 630,630
Cash and cash equivalents 303,312 128,167
Restricted cash 55,033 64,058
Tenant and other receivables 3,004 4,109
Receivable arising from the straight-lining of rents 109,644 109,078
Deferred leasing costs, net, including unamortized leasing fees to Vornado of $20,044 and $20,649, respectively 146,922 152,914
Other assets 16,492 21,752
Assets 1,203,064 1,110,708
LIABILITIES AND EQUITY    
Mortgages payable, net of deferred debt issuance costs 834,572 829,451
Accounts payable and accrued expenses 28,076 36,538
Lease incentive liability 93,722 113,618
Total liabilities 979,441 1,001,552
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 35,815 35,159
Retained earnings 183,001 69,201
Accumulated other comprehensive income (loss) 2 (9)
Equity before treasury stock 223,991 109,524
Treasury stock: 66,160 shares, at cost (368) (368)
Total equity 223,623 109,156
Total liabilities and equity 1,203,064 1,110,708
Related Party    
LIABILITIES AND EQUITY    
Amounts due to Vornado 1,044 134
Nonrelated Party    
LIABILITIES AND EQUITY    
Amounts due to Vornado $ 22,027 $ 21,811