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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022
TotalLevel 1Level 2Level 3
Investments in U.S. Treasury bills (1)
$494,045 $494,045 $— $— 
Real estate fund investments930 — — 930 
Deferred compensation plan assets ($5,040 included in restricted cash and $91,162 in other assets)
96,202 52,047 — 44,155 
Loans receivable ($48,299 included in investments in partially owned entities and $3,747 in other assets)
52,046 — — 52,046 
Interest rate swaps and caps (included in other assets)74,039 — 74,039 — 
Total assets$717,262 $546,092 $74,039 $97,131 
Mandatorily redeemable instruments (included in other liabilities)$49,383 $49,383 $— $— 
Interest rate swaps (included in other liabilities)1,756 — 1,756 — 
Total liabilities$51,139 $49,383 $1,756 $— 
(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 six months ended June 30, 2022, we purchased $794,793 in U.S. Treasury bills with an aggregate par value of $800,000 and realized proceeds of $300,000 from maturing U.S. Treasury bills. As of June 30, 2022, our investments in U.S. Treasury bills have an aggregate amortized cost of $496,650 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 June 30, 2022 and December 31, 2021.
(Amounts in thousands)As of June 30, 2022
Variable Rate
Hedged Item Fair ValueNotional AmountSpread over LIBOR/SOFRInterest RateSwapped RateExpiration Date
Included in other assets:
Interest rate swaps:
555 California Street mortgage loan $42,763 $840,000 
(1)
L+193
3.26%2.26%5/24
PENN 11 mortgage loan 23,609 500,000 
L+195
3.07%2.23%3/24
Unsecured term loan2,497 750,000 
(2)
S+130
2.83%4.05%10/23
4 Union Square South mortgage loan1,613 100,000 
(3)
L+140
2.46%3.74%1/25
Various interest rate caps3,557 1,650,000 
$74,039 $3,840,000 
Included in other liabilities:
770 Broadway mortgage loan interest rate swap$1,756 $350,000 
(4)
S+225
3.75%5.11%7/27
____________________
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 
(3)
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 SOFR plus 1.30%.
(3)Upon the sale of 33-00 Northern Boulevard in June 2022, the $100,000 corporate-level interest rate swap was reallocated and now hedges the interest rate on $100,000 of the 4 Union Square South mortgage loan through January 2025. The remaining $20,000 mortgage loan balance bears interest at a floating rate of LIBOR plus 1.40%.
(4)Upon the June 28, 2022 refinancing of the mortgage loan, the interest rate on $350,000 of the loan was swapped to a fixed rate of 5.11% and on July 22, 2022, the interest rate on the remaining $350,000 was swapped to a fixed rate of 4.85%. The swaps result in a blended fixed interest rate of 4.98% through July 2027.
Schedule of derivative liabilities at fair value
The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of June 30, 2022 and December 31, 2021.
(Amounts in thousands)As of June 30, 2022
Variable Rate
Hedged Item Fair ValueNotional AmountSpread over LIBOR/SOFRInterest RateSwapped RateExpiration Date
Included in other assets:
Interest rate swaps:
555 California Street mortgage loan $42,763 $840,000 
(1)
L+193
3.26%2.26%5/24
PENN 11 mortgage loan 23,609 500,000 
L+195
3.07%2.23%3/24
Unsecured term loan2,497 750,000 
(2)
S+130
2.83%4.05%10/23
4 Union Square South mortgage loan1,613 100,000 
(3)
L+140
2.46%3.74%1/25
Various interest rate caps3,557 1,650,000 
$74,039 $3,840,000 
Included in other liabilities:
770 Broadway mortgage loan interest rate swap$1,756 $350,000 
(4)
S+225
3.75%5.11%7/27
____________________
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 
(3)
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 SOFR plus 1.30%.
(3)Upon the sale of 33-00 Northern Boulevard in June 2022, the $100,000 corporate-level interest rate swap was reallocated and now hedges the interest rate on $100,000 of the 4 Union Square South mortgage loan through January 2025. The remaining $20,000 mortgage loan balance bears interest at a floating rate of LIBOR plus 1.40%.
(4)Upon the June 28, 2022 refinancing of the mortgage loan, the interest rate on $350,000 of the loan was swapped to a fixed rate of 5.11% and on July 22, 2022, the interest rate on the remaining $350,000 was swapped to a fixed rate of 4.85%. The swaps result in a blended fixed interest rate of 4.98% through July 2027.
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 June 30, 2022As of December 31, 2021
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$504,097 $504,000 $1,346,684 $1,347,000 
Debt:
Mortgages payable$5,888,415 $5,779,000 $6,099,215 $6,052,000 
Senior unsecured notes1,200,000 1,087,000 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$8,463,415 
(1)
$8,241,000 $8,674,215 
(1)
$8,657,000 
____________________
(1)Excludes $70,684 and $58,268 of deferred financing costs, net and other as of June 30, 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 InputJune 30, 2022December 31, 2021June 30, 2022December 31, 2021
Discount rates
12.0% to 13.0%
12.0% to 15.0%
12.6%13.2%
Terminal capitalization rates
5.5% to 9.4%
5.5% to 8.8%
7.6%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 June 30,For the Six Months Ended June 30,
2022202120222021
Beginning balance$13,402 $3,739 $7,730 $3,739 
Previously recorded unrealized loss on exited investments53,724 — 59,396 — 
Realized loss on exited investments(53,724)— (53,724)— 
Net unrealized loss on held investments(6,800)(295)(6,800)(789)
Dispositions(5,672)— (5,672)— 
Purchases/additional fundings— 295 — 789 
Ending balance$930 $3,739 $930 $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 June 30,For the Six Months Ended June 30,
2022202120222021
Beginning balance$44,526 $41,639 $45,016 $39,928 
Purchases2,104 2,564 2,947 3,013 
Sales(1,880)(544)(2,787)(689)
Realized and unrealized (losses) gains(858)969 (2,098)2,262 
Other, net263 227 1,077 341 
Ending balance$44,155 $44,855 $44,155 $44,855 
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 InputJune 30, 2022December 31, 2021June 30, 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 June 30,For the Six Months Ended June 30,
2022202120222021
Beginning balance$50,848 $48,209 $50,182 $47,743 
Interest accrual1,198 867 2,397 1,708 
Paydowns— (300)(533)(675)
Ending balance$52,046 $48,776 $52,046 $48,776