XML 74 R46.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
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.
(Amounts in thousands)As of December 31, 2020
 TotalLevel 1Level 2Level 3
Real estate fund investments$3,739 $— $— $3,739 
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets)
105,564 65,636 — 39,928 
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets)
47,743 — — 47,743 
Interest rate caps (included in other assets)17 — 17 — 
Total assets$157,063 $65,636 $17 $91,410 
Mandatorily redeemable instruments (included in other liabilities)$50,002 $50,002 $— $— 
Interest rate swaps (included in other liabilities)66,033 — 66,033 — 
Total liabilities$116,035 $50,002 $66,033 $— 
(Amounts in thousands)As of December 31, 2019
 TotalLevel 1Level 2Level 3
Marketable securities$33,313 $33,313 $— $— 
Real estate fund investments222,649 — — 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 $— 
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, 2020 and 2019, respectively.
(Amounts in thousands)As of December 31, 2020
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Interest rate caps (included in other assets):
Various$17 $175,000 
Interest rate swaps (included in other liabilities):
Unsecured term loan$57,723 $750,000 (1)
L+100
1.15%3.87%10/23
33-00 Northern Boulevard mortgage loan8,310 100,000 
L+180
1.95%4.14%1/25
$66,033 $850,000 
________________________________________
(1)Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
(Amounts in thousands)As of December 31, 2019
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Interest rate swaps (included in other assets):
770 Broadway loan$4,045 $700,000 
L+175
3.46%2.56%9/20
888 Seventh Avenue mortgage loan218 375,000 
L+170
3.44%3.25%12/20
4,263 1,075,000 
Interest rate caps (included in other assets):
Various64 175,000 
$4,327 $1,250,000 
Interest rate swaps (included in other liabilities):
Unsecured term loan$36,809 $750,000 
L+100
2.80%3.87%10/23
33-00 Northern Boulevard mortgage loan3,545 100,000 
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, 2020 and 2019, respectively.
(Amounts in thousands)As of December 31, 2020
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Interest rate caps (included in other assets):
Various$17 $175,000 
Interest rate swaps (included in other liabilities):
Unsecured term loan$57,723 $750,000 (1)
L+100
1.15%3.87%10/23
33-00 Northern Boulevard mortgage loan8,310 100,000 
L+180
1.95%4.14%1/25
$66,033 $850,000 
________________________________________
(1)Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
(Amounts in thousands)As of December 31, 2019
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Interest rate swaps (included in other assets):
770 Broadway loan$4,045 $700,000 
L+175
3.46%2.56%9/20
888 Seventh Avenue mortgage loan218 375,000 
L+170
3.44%3.25%12/20
4,263 1,075,000 
Interest rate caps (included in other assets):
Various64 175,000 
$4,327 $1,250,000 
Interest rate swaps (included in other liabilities):
Unsecured term loan$36,809 $750,000 
L+100
2.80%3.87%10/23
33-00 Northern Boulevard mortgage loan3,545 100,000 
L+180
3.52%4.14%1/25
$40,354 $850,000 
Fair value measurements, nonrecurring
(Amounts in thousands)As of December 31, 2020
 TotalLevel 1Level 2Level 3
Real estate assets$191,116 $— $— $191,116 
(Amounts in thousands)As of September 30, 2020
TotalLevel 1Level 2Level 3
Investment in Fifth Avenue and Times Square JV$2,811,374 $— $— $2,811,374 
Schedule of carrying amounts and fair values of financial instruments The table below summarizes the carrying amounts and fair value of these financial instruments.
(Amounts in thousands)As of December 31, 2020As of December 31, 2019
 Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Cash equivalents$1,476,427 $1,476,000 $1,276,815 $1,277,000 
Debt:  
Mortgages payable$5,608,458 $5,612,000 $5,670,016 $5,714,000 
Senior unsecured notes450,000 476,000 450,000 468,000 
Unsecured term loan800,000 800,000 750,000 750,000 
Unsecured revolving credit facilities575,000 575,000 575,000 575,000 
Total$7,433,458 
(1)
$7,463,000 $7,445,016 
(1)
$7,507,000 
____________________
(1)Excludes $34,462 and $38,407 of deferred financing costs, net and other as of December 31, 2020 and 2019 respectively.
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.
RangeWeighted Average
(based on fair value of assets)
Unobservable Quantitative InputDecember 31, 2020December 31, 2019December 31, 2020December 31, 2019
Discount rates
7.6% to 15.0%
8.6% to 12.0%
12.7%9.9%
Terminal capitalization rates
5.5% to 10.3%
4.9% to 8.2%
7.9%5.9%
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.
(Amounts in thousands)For the Year Ended December 31,
 20202019
Beginning balance$222,649 $318,758 
Net unrealized loss on held investments(226,107)(106,109)
Purchases/additional fundings7,197 10,000 
Ending balance$3,739 $222,649 
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.
(Amounts in thousands)For the Year Ended December 31,
 20202019
Beginning balance$32,435 $37,808 
Sales(5,467)(27,053)
Purchases8,766 18,494 
Realized and unrealized gains808 1,947 
Other, net3,386 1,239 
Ending balance$39,928 $32,435 
Loans Receivable  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Fair value inputs quantitative information Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable.
14.     Fair Value Measurements - continued
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued
Loans Receivable - continued
December 31, 2020
Unobservable Quantitative InputRangeWeighted Average (based on fair value of investments)
Discount rates
 6.5%
6.5 %
Terminal capitalization rates5.0%5.0 %
Summary of changes in level 3 plan assets
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
(Amounts in thousands)For the Year Ended December 31, 2020
Beginning balance$59,251 
Credit losses(13,369)
Interest accrual 2,461 
Paydowns(600)
Ending balance$47,743