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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Fair value, schedule of assets and liabilities measures on recurring basis The tables on the following page, aggregate the fair values of these financial assets and liabilities by their levels in the fair value hierarchy.
14.    Fair Value Measurements - continued
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued
(Amounts in thousands)As of March 31, 2022
TotalLevel 1Level 2Level 3
Investments in U.S. Treasury bills (1)
$645,360 $645,360 $— $— 
Real estate fund investments13,402 — — 13,402 
Deferred compensation plan assets ($9,084 included in restricted cash and $98,086 in other assets)
107,170 62,644 — 44,526 
Loans receivable ($47,372 included in investments in partially owned entities and $3,476 in other assets)
50,848 — — 50,848 
Interest rate swaps and caps (included in other assets)59,739 — 59,739 — 
Total assets$876,519 $708,004 $59,739 $108,776 
Mandatorily redeemable instruments (included in other liabilities)$49,775 $49,775 $— $— 
Interest rate swaps (included in other liabilities)7,737 — 7,737 — 
Total liabilities$57,512 $49,775 $7,737 $— 
(Amounts in thousands)As of December 31, 2021
TotalLevel 1Level 2Level 3
Real estate fund investments$7,730 $— $— $7,730 
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets)
110,174 65,158 — 45,016 
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets)
50,182 — — 50,182 
Interest rate swaps and caps (included in other assets)18,929 — 18,929 — 
Total assets$187,015 $65,158 $18,929 $102,928 
Mandatorily redeemable instruments (included in other liabilities)
$49,659 $49,659 $— $— 
Interest rate swaps (included in other liabilities)32,837 — 32,837 — 
Total liabilities$82,496 $49,659 $32,837 $— 
____________________
(1)During the three months ended March 31, 2022, we purchased $645,920 in U.S. Treasury bills with an aggregate par value of $650,000. As of March 31, 2022, our investments in U.S. Treasury bills have an aggregate amortized cost of $646,049 and have remaining maturities of less than one year.
Schedule of derivative assets at fair value
The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of March 31, 2022 and December 31, 2021.
(Amounts in thousands)As of March 31, 2022
Variable Rate
Hedged Item Fair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap$36,322 $840,000 
(1)
L+193
2.33%2.26%5/24
PENN 11 mortgage loan interest rate swap19,825 500,000 
L+195
2.24%2.23%3/24
33-00 Northern Boulevard mortgage loan interest rate swap296 100,000 
L+180
2.11%4.14%1/25
Various interest rate caps3,296 1,650,000 
$59,739 $3,090,000 
Included in other liabilities:
Unsecured term loan interest rate swap$7,737 $750,000 
(2)
L+100
1.45%3.87%10/23
____________________
See notes below.


(Amounts in thousands)As of December 31, 2021
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap$11,814 $840,000 
(1)
L+193
2.04%2.26%5/24
PENN 11 mortgage loan interest rate swap6,565 500,000 
L+195
2.05%2.23%3/24
Various interest rate caps550 1,650,000 
$18,929 $2,990,000 
Included in other liabilities:
Unsecured term loan interest rate swap$28,976 $750,000 (2)
L+100
1.10%3.87%10/23
33-00 Northern Boulevard mortgage loan interest rate swap3,861 100,000 
L+180
1.91%4.14%1/25
$32,837 $850,000 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan.
(2)Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
Schedule of derivative liabilities at fair value
The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of March 31, 2022 and December 31, 2021.
(Amounts in thousands)As of March 31, 2022
Variable Rate
Hedged Item Fair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap$36,322 $840,000 
(1)
L+193
2.33%2.26%5/24
PENN 11 mortgage loan interest rate swap19,825 500,000 
L+195
2.24%2.23%3/24
33-00 Northern Boulevard mortgage loan interest rate swap296 100,000 
L+180
2.11%4.14%1/25
Various interest rate caps3,296 1,650,000 
$59,739 $3,090,000 
Included in other liabilities:
Unsecured term loan interest rate swap$7,737 $750,000 
(2)
L+100
1.45%3.87%10/23
____________________
See notes below.


(Amounts in thousands)As of December 31, 2021
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap$11,814 $840,000 
(1)
L+193
2.04%2.26%5/24
PENN 11 mortgage loan interest rate swap6,565 500,000 
L+195
2.05%2.23%3/24
Various interest rate caps550 1,650,000 
$18,929 $2,990,000 
Included in other liabilities:
Unsecured term loan interest rate swap$28,976 $750,000 (2)
L+100
1.10%3.87%10/23
33-00 Northern Boulevard mortgage loan interest rate swap3,861 100,000 
L+180
1.91%4.14%1/25
$32,837 $850,000 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan.
(2)Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
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 March 31, 2022As of December 31, 2021
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$588,242 $588,000 $1,346,684 $1,347,000 
Debt:
Mortgages payable$6,093,815 $5,997,000 $6,099,215 $6,052,000 
Senior unsecured notes1,200,000 1,152,000 1,200,000 1,230,000 
Unsecured term loan800,000 800,000 800,000 800,000 
Unsecured revolving credit facilities575,000 575,000 575,000 575,000 
Total$8,668,815 
(1)
$8,524,000 $8,674,215 
(1)
$8,657,000 
____________________
(1)Excludes $54,746 and $58,268 of deferred financing costs, net and other as of March 31, 2022 and December 31, 2021, 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 InputMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021
Discount rates
11.8% to 13.0%
12.0% to 15.0%
12.5%13.2%
Terminal capitalization rates
5.5% to 9.1%
5.5% to 8.8%
7.5%7.4%
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 Three Months Ended March 31,
20222021
Beginning balance$7,730 $3,739 
Purchases/additional fundings— 494 
Net unrealized income (loss) on held investments5,672 (494)
Ending balance$13,402 $3,739 
Deferred Compensation Plan Assets  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of changes in fair value of plan assets
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 Three Months Ended March 31,
20222021
Beginning balance$45,016 $39,928 
Purchases843 449 
Sales(907)(145)
Realized and unrealized (losses) gains(1,240)1,293 
Other, net814 114 
Ending balance$44,526 $41,639 
Loans Receivable  
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 loans receivable.
RangeWeighted Average
(based on fair value of investments)
Unobservable Quantitative InputMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021
Discount rates6.5%6.5%6.5%6.5%
Terminal capitalization rates5.0%5.0%5.0%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 Three Months Ended March 31,
20222021
Beginning balance$50,182 $47,743 
Interest accrual1,199 841 
Paydowns(533)(375)
Ending balance$50,848 $48,209