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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Fair value, schedule of assets and liabilities measures on recurring basis The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy as of December 31, 2019 and 2018, respectively.
 
(Amounts in thousands)
As of December 31, 2019
 
Total
 
Level 1
 
Level 2
 
Level 3
Marketable securities
$
33,313

 
$
33,313

 
$

 
$

Real estate fund investments
222,649

 

 

 
222,649

Deferred compensation plan assets ($11,819 included in restricted cash and $91,954 in other assets)
103,773

 
71,338

 

 
32,435

Interest rate swaps (included in other assets)
4,327

 

 
4,327

 

Total assets
$
364,062

 
$
104,651

 
$
4,327

 
$
255,084

 
 
 
 
 
 
 
 
Mandatorily redeemable instruments (included in other liabilities)
$
50,561

 
$
50,561

 
$

 
$

Interest rate swaps (included in other liabilities)
40,354

 

 
40,354

 

Total liabilities
$
90,915

 
$
50,561

 
$
40,354

 
$

(Amounts in thousands)
As of December 31, 2018
 
Total
 
Level 1
 
Level 2
 
Level 3
Marketable securities
$
152,198

 
$
152,198

 
$

 
$

Real estate fund investments
318,758

 

 

 
318,758

Deferred compensation plan assets ($8,402 included in restricted cash and $88,122 in other assets)
96,524

 
58,716

 

 
37,808

Interest rate swaps (included in other assets)
27,033

 

 
27,033

 

Total assets
$
594,513

 
$
210,914

 
$
27,033

 
$
356,566

 
 
 
 
 
 
 
 
Mandatorily redeemable instruments (included in other liabilities)
$
50,561

 
$
50,561

 
$

 
$

Interest rate swaps (included in other liabilities)
15,236

 

 
15,236

 

Total liabilities
$
65,797

 
$
50,561

 
$
15,236

 
$


Fair value measurements, nonrecurring
(Amounts in thousands)
As of December 31, 2018
 
Total
 
Level 1
 
Level 2
 
Level 3
Real estate asset
$
14,971

 
$

 
$

 
$
14,971


Schedule of carrying amounts and fair values of financial instruments The table below summarizes the carrying amounts and fair value of these financial instruments as of December 31, 2019 and 2018.
(Amounts in thousands)
As of December 31, 2019
 
As of December 31, 2018
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash equivalents
$
1,276,815

 
$
1,277,000

 
$
261,981

 
$
262,000

Debt:
 
 
 
 
 
 
 
Mortgages payable
$
5,670,016

 
$
5,714,000

 
$
8,215,847

 
$
8,179,000

Senior unsecured notes
450,000

 
468,000

 
850,000

 
847,000

Unsecured term loan
750,000

 
750,000

 
750,000

 
750,000

Unsecured revolving credit facilities
575,000

 
575,000

 
80,000

 
80,000

Total
$
7,445,016

(1) 
$
7,507,000

 
$
9,895,847

(1) 
$
9,856,000


____________________
(1)
Excludes $38,407 and $59,226 of deferred financing costs, net and other as of December 31, 2019 and 2018 respectively.
Schedule of Derivative Assets at Fair Value
The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2019.
(Amounts in thousands)
 
As of December 31, 2019
 
 
 
 
 
 
Variable Rate
 
 
 
 
Hedged Item (Interest rate swaps)
 
Fair Value
 
Notional Amount
 
Spread over LIBOR
 
Interest Rate
 
Swapped Rate
 
Expiration Date
Included in other assets:
 
 
 
 
 
 
 
 
 
 
 
 
770 Broadway mortgage loan
 
$
4,045

 
$
700,000

 
L+175
 
3.46%
 
2.56%
 
9/20
888 Seventh Avenue mortgage loan
 
218

 
375,000

 
L+170
 
3.44%
 
3.25%
 
12/20
Other
 
64

 
175,000

 
 
 
 
 
 
 
 
 
 
$
4,327

 
$
1,250,000

 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Included in other liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured term loan
 
$
36,809

 
$
750,000

 
L+100
 
2.80%
 
3.87%
 
10/23
33-00 Northern Boulevard mortgage loan
 
3,545

 
100,000

 
L+180
 
3.52%
 
4.14%
 
1/25
 
 
$
40,354

 
$
850,000

 
 
 
 
 
 
 
 

Schedule of Derivative Liabilities at Fair Value
The following table summarizes our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2019.
(Amounts in thousands)
 
As of December 31, 2019
 
 
 
 
 
 
Variable Rate
 
 
 
 
Hedged Item (Interest rate swaps)
 
Fair Value
 
Notional Amount
 
Spread over LIBOR
 
Interest Rate
 
Swapped Rate
 
Expiration Date
Included in other assets:
 
 
 
 
 
 
 
 
 
 
 
 
770 Broadway mortgage loan
 
$
4,045

 
$
700,000

 
L+175
 
3.46%
 
2.56%
 
9/20
888 Seventh Avenue mortgage loan
 
218

 
375,000

 
L+170
 
3.44%
 
3.25%
 
12/20
Other
 
64

 
175,000

 
 
 
 
 
 
 
 
 
 
$
4,327

 
$
1,250,000

 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Included in other liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured term loan
 
$
36,809

 
$
750,000

 
L+100
 
2.80%
 
3.87%
 
10/23
33-00 Northern Boulevard mortgage loan
 
3,545

 
100,000

 
L+180
 
3.52%
 
4.14%
 
1/25
 
 
$
40,354

 
$
850,000

 
 
 
 
 
 
 
 

Real estate fund investments  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Fair value inputs quantitative information Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments as of December 31, 2019 and 2018.
 
Range
 
Weighted Average
(based on fair value of investments)
Unobservable Quantitative Input
December 31, 2019
 
December 31, 2018
 
December 31, 2019
 
December 31, 2018
Discount rates
8.2% to 12.0%
 
10.0% to 15.0%
 
9.3%
 
13.4%
Terminal capitalization rates
4.6% to 8.2%
 
5.4% to 7.7%
 
5.3%
 
5.7%

Summary of changes in level 3 plan assets
The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3, for the years ended December 31, 2019 and 2018
(Amounts in thousands)
For the Year Ended December 31,
 
2019
 
2018
Beginning balance
$
318,758

 
$
354,804

Net unrealized loss on held investments
(106,109
)
 
(83,794
)
Purchases/additional fundings
10,000

 
68,950

Dispositions

 
(20,290
)
Net realized loss on exited investments

 
(912
)
Ending balance
$
222,649

 
$
318,758


Deferred Compensation Plan Assets  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of carrying amounts and fair values of financial instruments
The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3, for the years ended December 31, 2019 and 2018.
(Amounts in thousands)
For the Year Ended December 31,
 
2019
 
2018
Beginning balance
$
37,808

 
$
40,128

Sales
(27,053
)
 
(12,621
)
Purchases
18,494

 
9,183

Realized and unrealized gains (losses)
1,947

 
(274
)
Other, net
1,239

 
1,392

Ending balance
$
32,435

 
$
37,808