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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 30, 2022
TotalLevel 1Level 2Level 3
Investments in U.S. Treasury bills (1)
$445,165 $445,165 $— $— 
Real estate fund investments930 — — 930 
Deferred compensation plan assets ($6,434 included in restricted cash and $89,247 in other assets)
95,681 50,770 — 44,911 
Loans receivable ($49,227 included in investments in partially owned entities and $4,024 in other assets)
53,251 — — 53,251 
Interest rate swaps and caps (included in other assets)189,891 — 189,891 — 
Total assets$784,918 $495,935 $189,891 $99,092 
Mandatorily redeemable instruments (included in other liabilities)$49,383 $49,383 $— $— 
Total liabilities$49,383 $49,383 $— $— 
(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 nine months ended September 30, 2022, we purchased $794,793 in U.S. Treasury bills with an aggregate par value of $800,000 and realized proceeds of $350,000 from maturing U.S. Treasury bills. As of September 30, 2022, our investments in U.S. Treasury bills have an aggregate amortized cost of $448,196 and have remaining maturities of less than one year.
Schedule of derivative assets at fair value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of September 30, 2022 and December 31, 2021.
(Amounts in thousands)Fair Value
Asset (Liability) as of		As of September 30, 2022
September 30, 2022December 31, 2021Notional AmountAll-In Swapped RateSwap Expiration Date
Interest rate swaps:
555 California Street mortgage loan$53,160 $11,814 $840,000 
(1)
2.26%05/24
770 Broadway mortgage loan32,010 — 700,000 4.98%07/27
PENN 11 mortgage loan28,555 6,565 500,000 2.23%03/24
Unsecured revolving credit facility26,759 — 575,000 3.88%08/27
Unsecured term loan13,706 (28,976)800,000 4.05%
(2)
Unsecured term loan (effective October 2023)8,864 — 500,000 4.39%10/26
100 West 33rd Street mortgage loan8,053 — 480,000 5.06%06/27
888 Seventh Avenue mortgage loan7,231 — 200,000 
(3)
4.66%09/27
4 Union Square South mortgage loan3,960 (3,861)100,000 
(4)
3.74%01/25
Interest rate caps:
1290 Avenue of the Americas mortgage loan6,304 411 950,000 
(5)
11/23
Various mortgage loans1,289 139 
Included in other assets$189,891 $18,929 
Included in other liabilities$— $32,837 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan.
(2)Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027. In September 2022, we entered into a forward swap (presented above) for $500,000 of the $800,000 unsecured term loan through October 2026, effective upon the October 2023 expiration of the $750,000 swap arrangement. Together with the existing $50,000 swap arrangement, commencing October 2023, $550,000 of the loan will bear interest at a blended fixed rate of 4.36%. The unswapped balance of the loan will bear interest at a floating rate of SOFR plus 1.30%.
(3)The remaining $83,200 amortizing mortgage loan balance bears interest at a floating rate of LIBOR plus 1.70%.
(4)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 SOFR plus 1.50%. The entire $120,000 will float thereafter for the duration of the loan.
(5)LIBOR cap strike rate of 4.00%.
14.    Fair Value Measurements - continued
Schedule of derivative liabilities at fair value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of September 30, 2022 and December 31, 2021.
(Amounts in thousands)Fair Value
Asset (Liability) as of		As of September 30, 2022
September 30, 2022December 31, 2021Notional AmountAll-In Swapped RateSwap Expiration Date
Interest rate swaps:
555 California Street mortgage loan$53,160 $11,814 $840,000 
(1)
2.26%05/24
770 Broadway mortgage loan32,010 — 700,000 4.98%07/27
PENN 11 mortgage loan28,555 6,565 500,000 2.23%03/24
Unsecured revolving credit facility26,759 — 575,000 3.88%08/27
Unsecured term loan13,706 (28,976)800,000 4.05%
(2)
Unsecured term loan (effective October 2023)8,864 — 500,000 4.39%10/26
100 West 33rd Street mortgage loan8,053 — 480,000 5.06%06/27
888 Seventh Avenue mortgage loan7,231 — 200,000 
(3)
4.66%09/27
4 Union Square South mortgage loan3,960 (3,861)100,000 
(4)
3.74%01/25
Interest rate caps:
1290 Avenue of the Americas mortgage loan6,304 411 950,000 
(5)
11/23
Various mortgage loans1,289 139 
Included in other assets$189,891 $18,929 
Included in other liabilities$— $32,837 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan.
(2)Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027. In September 2022, we entered into a forward swap (presented above) for $500,000 of the $800,000 unsecured term loan through October 2026, effective upon the October 2023 expiration of the $750,000 swap arrangement. Together with the existing $50,000 swap arrangement, commencing October 2023, $550,000 of the loan will bear interest at a blended fixed rate of 4.36%. The unswapped balance of the loan will bear interest at a floating rate of SOFR plus 1.30%.
(3)The remaining $83,200 amortizing mortgage loan balance bears interest at a floating rate of LIBOR plus 1.70%.
(4)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 SOFR plus 1.50%. The entire $120,000 will float thereafter for the duration of the loan.
(5)LIBOR cap strike rate of 4.00%.
14.    Fair Value Measurements - continued
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 September 30, 2022As of December 31, 2021
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$440,151 $440,000 $1,346,684 $1,347,000 
Debt:
Mortgages payable$5,883,015 $5,697,000 $6,099,215 $6,052,000 
Senior unsecured notes1,200,000 1,024,000 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$8,458,015 
(1)
$8,096,000 $8,674,215 
(1)
$8,657,000 
____________________
(1)Excludes $67,077 and $58,268 of deferred financing costs, net and other as of September 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 InputSeptember 30, 2022December 31, 2021September 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 9.5%
5.5% to 8.8%
7.7%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 September 30,For the Nine Months Ended September 30,
2022202120222021
Beginning balance$930 $3,739 $7,730 $3,739 
Previously recorded unrealized loss on exited investments— — 59,396 — 
Realized loss on exited investments— — (53,724)— 
Net unrealized loss on held investments— — (6,800)(789)
Dispositions— — (5,672)— 
Purchases/additional fundings— — — 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 September 30,For the Nine Months Ended September 30,
2022202120222021
Beginning balance$44,155 $44,855 $45,016 $39,928 
Purchases522 2,154 3,469 5,167 
Sales(504)(1,547)(3,291)(2,236)
Realized and unrealized gains (losses)574 (69)(1,524)2,193 
Other, net164 1,176 1,241 1,517 
Ending balance$44,911 $46,569 $44,911 $46,569 
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 InputSeptember 30, 2022December 31, 2021September 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 September 30,For the Nine Months Ended September 30,
2022202120222021
Beginning balance$52,046 $48,776 $50,182 $47,743 
Interest accrual1,205 894 3,602 2,602 
Paydowns— (300)(533)(975)
Ending balance$53,251 $49,370 $53,251 $49,370