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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of Assets and Liabilities Measures on Recurring Basis, Fair Value 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 June 30, 2023
TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($30,384 included in restricted cash and $68,666 in other assets)
$99,050 $60,397 $— $38,653 
Loans receivable ($52,094 included in investments in partially owned entities and $4,455 in other assets)
56,549 — — 56,549 
Interest rate swaps and caps (included in other assets)242,379 — 242,379 — 
Total assets$397,978 $60,397 $242,379 $95,202 
Mandatorily redeemable instruments (included in other liabilities)$49,383 $49,383 $— $— 
Interest rate swaps (included in other liabilities)1,280 — 1,280 — 
Total liabilities$50,663 $49,383 $1,280 $— 
(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 $— $— 
____________________
(1)During the six months ended June 30, 2023, we realized proceeds of $477,000 from maturing U.S. Treasury bills.
Schedule of Changes In Fair Value of Loans Receivable
The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture.
(Amounts in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
2023202220232022
Beginning balance$— $13,402 $— $7,730 
Previously recorded unrealized loss on exited investments— 53,724 247,575 59,396 
Realized loss on exited investments— (53,724)(247,575)(53,724)
Net unrealized loss on held investments— (6,800)— (6,800)
Dispositions— (5,672)— (5,672)
Ending balance$— $930 $— $930 
Schedule of Derivative Assets at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2023 and December 31, 2022.
(Amounts in thousands)As of June 30, 2023As of December 31, 2022
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value Asset
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
2.29%05/24$36,414 $— $49,888 
Forward swap (effective 05/24)840,000 
(1)
6.03%05/26— 1,280 — 
770 Broadway mortgage loan700,000 4.98%07/2733,320 — 29,226 
PENN 11 mortgage loan500,000 2.22%03/2417,471 — 26,587 
Unsecured revolving credit facility575,000 3.87%08/2727,738 — 24,457 
Unsecured term loan(2)
800,000 4.04%(2)24,001 — 21,024 
100 West 33rd Street mortgage loan480,000 5.06%06/2711,203 — 6,886 
888 Seventh Avenue mortgage loan200,000 
(3)
4.76%09/277,880 — 6,544 
4 Union Square South mortgage loan99,100 
(4)
3.74%01/253,916 — 4,050 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (5)11/2566,456 — 7,590 
One Park Avenue mortgage loan525,000 (6)03/2510,870 — 5,472 
Various mortgage loans3,110 — 2,080 
$242,379 $1,280 $183,804 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan. In March 2023, we entered into the forward swap arrangement detailed above.
(2)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan. In February 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, which are detailed below:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 10/23$800,000 4.04%$— 
10/23 through 07/25700,000 4.52%100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 4.03%750,000 

(3)The remaining $67,000 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.96% as of June 30, 2023).
(4)The remaining $20,900 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.66% as of June 30, 2023).
(5)Current SOFR cap strike rate of 3.89%. In June 2023, we entered into a forward cap arrangement which is effective upon the November 2023 expiration of the current in-place cap and expires in November 2025. The forward cap has a SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests. See Note 9 - Debt for further information.
(6)Current SOFR cap strike rate of 3.89%. In March 2023, we entered into a forward cap arrangement which is effective upon the March 2024 expiration of the current in-place cap and expires in March 2025. The forward cap has a SOFR strike rate of 3.89%.
Schedule of Derivative Liabilities at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2023 and December 31, 2022.
(Amounts in thousands)As of June 30, 2023As of December 31, 2022
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value Asset
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
2.29%05/24$36,414 $— $49,888 
Forward swap (effective 05/24)840,000 
(1)
6.03%05/26— 1,280 — 
770 Broadway mortgage loan700,000 4.98%07/2733,320 — 29,226 
PENN 11 mortgage loan500,000 2.22%03/2417,471 — 26,587 
Unsecured revolving credit facility575,000 3.87%08/2727,738 — 24,457 
Unsecured term loan(2)
800,000 4.04%(2)24,001 — 21,024 
100 West 33rd Street mortgage loan480,000 5.06%06/2711,203 — 6,886 
888 Seventh Avenue mortgage loan200,000 
(3)
4.76%09/277,880 — 6,544 
4 Union Square South mortgage loan99,100 
(4)
3.74%01/253,916 — 4,050 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (5)11/2566,456 — 7,590 
One Park Avenue mortgage loan525,000 (6)03/2510,870 — 5,472 
Various mortgage loans3,110 — 2,080 
$242,379 $1,280 $183,804 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan. In March 2023, we entered into the forward swap arrangement detailed above.
(2)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan. In February 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, which are detailed below:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 10/23$800,000 4.04%$— 
10/23 through 07/25700,000 4.52%100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 4.03%750,000 

(3)The remaining $67,000 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.96% as of June 30, 2023).
(4)The remaining $20,900 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.66% as of June 30, 2023).
(5)Current SOFR cap strike rate of 3.89%. In June 2023, we entered into a forward cap arrangement which is effective upon the November 2023 expiration of the current in-place cap and expires in November 2025. The forward cap has a SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests. See Note 9 - Debt for further information.
(6)Current SOFR cap strike rate of 3.89%. In March 2023, we entered into a forward cap arrangement which is effective upon the March 2024 expiration of the current in-place cap and expires in March 2025. The forward cap has a SOFR strike rate of 3.89%.
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, 2023As of December 31, 2022
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$810,395 $810,000 $402,903 $403,000 
Debt:
Mortgages payable$5,761,815 $5,592,000 $5,877,615 $5,697,000 
Senior unsecured notes1,200,000 1,016,000 1,200,000 1,021,000 
Unsecured term loan800,000 800,000 800,000 800,000 
Unsecured revolving credit facilities575,000 575,000 575,000 575,000 
Total$8,336,815 
(1)
$7,983,000 $8,452,615 
(1)
$8,093,000 
____________________
(1)Excludes $59,960 and $63,572 of deferred financing costs, net and other as of June 30, 2023 and December 31, 2022, respectively.
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,
2023202220232022
Beginning balance$40,627 $44,526 $38,916 $45,016 
Purchases202 2,104 845 2,947 
Sales(2,372)(1,880)(2,878)(2,787)
Realized and unrealized (losses) gains(758)(858)355 (2,098)
Other, net954 263 1,415 1,077 
Ending balance$38,653 $44,155 $38,653 $44,155 
Loans Receivable  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of Fair Value Inputs Quantitative Information Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these loans receivable.
Unobservable Quantitative InputAs of June 30, 2023As of December 31, 2022
Discount rates7.5%7.5%
Terminal capitalization rates5.5%5.5%
Schedule of Changes In Fair Value of Loans Receivable
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,
2023202220232022
Beginning balance$55,269 $50,848 $54,397 $50,182 
Interest accrual1,280 1,198 2,563 2,397 
Paydowns— — (411)(533)
Ending balance$56,549 $52,046 $56,549 $52,046 
Real Estate Investments  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of 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.
As of 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%