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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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 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, 2022
 TotalLevel 1Level 2Level 3
Investments in U.S. Treasury bills (1)
$471,962 $471,962 $— $— 
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets)
96,322 57,406 — 38,916 
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets)
54,397 — — 54,397 
Interest rate swaps and caps (included in other assets)183,804 — 183,804 — 
Total assets$806,485 $529,368 $183,804 $93,313 
Mandatorily redeemable instruments (included in other 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 (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 year ended December 31, 2022, we purchased $1,066,096 in U.S. Treasury bills with an aggregate par value of $1,077,000 and realized net proceeds of $600,000 from maturing U.S. Treasury bills. As of December 31, 2022, our investments in U.S. Treasury bills have an aggregate accreted cost of $473,171 and have remaining maturities of less than one year.
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, 2022As of December 31, 2021
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$402,903 $403,000 $1,346,684 $1,347,000 
Debt:  
Mortgages payable$5,877,615 $5,697,000 $6,099,215 $6,052,000 
Senior unsecured notes1,200,000 1,021,000 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$8,452,615 
(1)
$8,093,000 $8,674,215 
(1)
$8,657,000 
________________________________________
(1)Excludes $63,572 and $58,268 of deferred financing costs, net and other as of December 31, 2022 and 2021, respectively.
Summary of Changes In Fair Value of Real Estate Fund Investments
The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture.
(Amounts in thousands)For the Year Ended December 31,
 20222021
Beginning balance$7,730 $3,739 
Previously recorded unrealized loss on exited investments59,396 — 
Realized (loss) income on exited investments(54,255)1,364 
Net unrealized (loss) income on held investments(7,730)3,257 
Dispositions(5,141)(5,104)
Purchases/additional fundings— 4,474 
Ending balance$— $7,730 
Schedule of Derivative Assets at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2022 and 2021, respectively.
(Amounts in thousands)Fair Value
Asset (Liability) as of
December 31,As of December 31, 2022
20222021Notional AmountAll-In Swapped RateSwap Expiration Date
Interest Rate Swaps:
555 California Street mortgage loan$49,888 $11,814 $840,000 
(1)
2.26%05/24
770 Broadway mortgage loan29,226 — 700,000 4.98%07/27
PENN 11 mortgage loan26,587 6,565 500,000 2.22%03/24
Unsecured revolving credit facility24,457 — 575,000 3.88%08/27
Unsecured term loan14,694 (28,976)800,000 4.05%(2)
100 West 33rd Street mortgage loan6,886 — 480,000 5.06%06/27
888 Seventh Avenue mortgage loan6,544 — 200,000 
(3)
4.76%09/27
Unsecured term loan (effective October 2023)6,330 — 500,000 4.39%10/26
4 Union Square South mortgage loan4,050 (3,861)100,000 
(4)
3.74%01/25
Interest Rate Caps:
1290 Avenue of the Americas mortgage loan7,590 411 950,000 
(5)
11/23
One Park Avenue mortgage loan5,472 — 525,000 (6)03/24
Various mortgage loans2,080 139 
Included in other assets$183,804 $18,929 
Included in other liabilities$— $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.
(3)The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (5.92% as of December 31, 2022).
(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% (5.62% as of December 31, 2022).
(5)LIBOR cap strike rate of 4.00%.
(6)SOFR cap strike rate of 4.39%. In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.
Schedule of Derivative Liabilities at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2022 and 2021, respectively.
(Amounts in thousands)Fair Value
Asset (Liability) as of
December 31,As of December 31, 2022
20222021Notional AmountAll-In Swapped RateSwap Expiration Date
Interest Rate Swaps:
555 California Street mortgage loan$49,888 $11,814 $840,000 
(1)
2.26%05/24
770 Broadway mortgage loan29,226 — 700,000 4.98%07/27
PENN 11 mortgage loan26,587 6,565 500,000 2.22%03/24
Unsecured revolving credit facility24,457 — 575,000 3.88%08/27
Unsecured term loan14,694 (28,976)800,000 4.05%(2)
100 West 33rd Street mortgage loan6,886 — 480,000 5.06%06/27
888 Seventh Avenue mortgage loan6,544 — 200,000 
(3)
4.76%09/27
Unsecured term loan (effective October 2023)6,330 — 500,000 4.39%10/26
4 Union Square South mortgage loan4,050 (3,861)100,000 
(4)
3.74%01/25
Interest Rate Caps:
1290 Avenue of the Americas mortgage loan7,590 411 950,000 
(5)
11/23
One Park Avenue mortgage loan5,472 — 525,000 (6)03/24
Various mortgage loans2,080 139 
Included in other assets$183,804 $18,929 
Included in other liabilities$— $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.
(3)The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (5.92% as of December 31, 2022).
(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% (5.62% as of December 31, 2022).
(5)LIBOR cap strike rate of 4.00%.
(6)SOFR cap strike rate of 4.39%. In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.
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,
 20222021
Beginning balance$45,016 $39,928 
Purchases4,507 5,705 
Sales(9,941)(4,766)
Realized and unrealized (losses) gains(3,781)2,250 
Other, net3,115 1,899 
Ending balance$38,916 $45,016 
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.
As of December 31,
Unobservable Quantitative Input20222021
Discount rates
 7.5%
6.5%
Terminal capitalization rates5.5%5.0%
Summary of Changes In Fair Value of Real Estate Fund Investments
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
For the Year Ended December 31,
(Amounts in thousands)20222021
Beginning balance$50,182 $47,743 
Interest accrual 4,748 3,714 
Paydowns(533)(1,275)
Ending balance$54,397 $50,182 
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 assets.
December 31, 2022
Unobservable Quantitative InputRangeWeighted Average
(based on fair value of investments)
Discount rates
7.50% - 8.00%
7.52%
Terminal capitalization rates
4.75% - 5.50%
4.78%