Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:

(Amounts in thousands)	Weighted Average Interest Rate as of June 30, 2024(1)		Balance as of
			June 30, 2024		December 31, 2023
Mortgages Payable:
Fixed rate(2)		4.62%	$	4,592,300	$	4,518,200
Variable rate(3)		6.17%	1,116,619		1,211,415
Total		4.93%	5,708,919		5,729,615
Deferred financing costs, net and other			(36,833)		(41,595)
Total, net			$	5,672,086	$	5,688,020
Unsecured Debt:
Senior unsecured notes		3.02%	$	1,200,000	$	1,200,000
Deferred financing costs, net and other			(5,106)		(6,127)
Senior unsecured notes, net			1,194,894		1,193,873
Unsecured term loan		4.79%	800,000		800,000
Deferred financing costs, net and other			(4,746)		(5,441)
Unsecured term loan, net			795,254		794,559
Unsecured revolving credit facilities		3.88%	575,000		575,000
Total, net			$	2,565,148	$	2,563,432

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(1)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 14 - Fair Value Measurements for further information on our consolidated hedging instruments.

(2)Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.

(3)Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of June 30, 2024, $1,034,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average SOFR strike rate of 4.74% and a weighted average remaining term of ten months.