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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Aggregate the Fair Values of these Financial Assets and Liabilities 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, 2024
TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($4,840 included in restricted cash and $103,713 in other assets)
$108,553 $60,595 $— $47,958 
Loans receivable (included in investments in partially owned entities)32,984 — — 32,984 
Interest rate swaps and caps designated as a hedge (included in other assets)158,305 — 158,305 — 
Interest rate caps not designated as a hedge (included in other assets)6,860 — 6,860 — 
Total assets$306,702 $60,595 $165,165 $80,942 
Mandatorily redeemable instruments (included in other liabilities)$49,383 $49,383 $— $— 
Sold interest rate caps not designated as a hedge (included in other liabilities)6,842 — 6,842 — 
Interest rate swaps designated as a hedge (included in other liabilities)369 — 369 — 
Total liabilities$56,594 $49,383 $7,211 $— 
(Amounts in thousands)As of December 31, 2023
TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($26,363 included in restricted cash and $78,883 in other assets)
$105,246 $58,956 $— $46,290 
Loans receivable (included in investments in partially owned entities)32,984 — — 32,984 
Interest rate swaps and caps designated as a hedge (included in other assets)138,772 — 138,772 — 
Interest rate caps not designated as a hedge (included in other assets)4,154 — 4,154 — 
Total assets$281,156 $58,956 $142,926 $79,274 
Mandatorily redeemable instruments (included in other liabilities)$49,386 $49,386 $— $— 
Interest rate swaps designated as a hedge (included in other liabilities)7,239 — 7,239 — 
Sold interest rate caps not designated as a hedge (included in other liabilities)4,092 — 4,092 — 
Total liabilities$60,717 $49,386 $11,331 $— 
Schedule of Changes in Fair Value of Deferred Compensation 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, 2024For the Six Months Ended June 30, 2024
Beginning balance$48,544 $46,290 
Purchases424 1,542 
Sales(1,387)(3,263)
Realized and unrealized (losses) gains(1,010)1,262 
Other, net1,387 2,127 
Ending balance$47,958 $47,958 
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, 2024 and December 31, 2023.
(Amounts in thousands)As of June 30, 2024As of December 31, 2023
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value AssetFair Value Liability
Interest rate swaps:
555 California Street mortgage loan$840,000 
(1)
6.03%05/26$8,331 $— $15,494 
(2)
$6,091 
770 Broadway mortgage loan700,000 4.98%07/2729,934 — 20,306 — 
PENN 11 mortgage loan500,000 
(3)
6.28%10/253,485 — 4,702 1,148 
Unsecured revolving credit facility575,000 3.88%08/2725,373 — 17,064 — 
Unsecured term loan700,000 4.53%(4)18,349 — 11,089 — 
100 West 33rd Street mortgage loan480,000 5.26%06/2711,498 — 3,550 — 
888 Seventh Avenue mortgage loan200,000 
(5)
4.76%09/277,431 — 4,340 — 
4 Union Square South mortgage loan97,300 
(6)
3.74%01/251,440 — 2,327 — 
435 Seventh Avenue mortgage loan(7)
75,000 6.96%04/26— 369 — — 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (8)11/2547,621 — 53,784 — 
One Park Avenue mortgage loan525,000 (9)03/254,422 — 5,297 — 
Various mortgage loans421 — 819 — 
$158,305 $369 $138,772 $7,239 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan.
(2)Represents the fair value of the interest rate swap arrangement that expired in May 2024.
(3)In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.
(4)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below:
Swapped BalanceAll-In Swapped Rate
Unswapped Balance
(bears interest at S+130)
10/23 through 07/25700,000 4.53%100,000 
07/25 through 10/26550,000 4.36%250,000 
10/26 through 08/2750,000 4.04%750,000 

(5)The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of June 30, 2024).
(6)The remaining $22,700 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of June 30, 2024).
(7)Entered into in May 2024.
(8)SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests.
(9)SOFR cap 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, 2024 and December 31, 2023.
(Amounts in thousands)As of June 30, 2024As of December 31, 2023
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value AssetFair Value Liability
Interest rate swaps:
555 California Street mortgage loan$840,000 
(1)
6.03%05/26$8,331 $— $15,494 
(2)
$6,091 
770 Broadway mortgage loan700,000 4.98%07/2729,934 — 20,306 — 
PENN 11 mortgage loan500,000 
(3)
6.28%10/253,485 — 4,702 1,148 
Unsecured revolving credit facility575,000 3.88%08/2725,373 — 17,064 — 
Unsecured term loan700,000 4.53%(4)18,349 — 11,089 — 
100 West 33rd Street mortgage loan480,000 5.26%06/2711,498 — 3,550 — 
888 Seventh Avenue mortgage loan200,000 
(5)
4.76%09/277,431 — 4,340 — 
4 Union Square South mortgage loan97,300 
(6)
3.74%01/251,440 — 2,327 — 
435 Seventh Avenue mortgage loan(7)
75,000 6.96%04/26— 369 — — 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (8)11/2547,621 — 53,784 — 
One Park Avenue mortgage loan525,000 (9)03/254,422 — 5,297 — 
Various mortgage loans421 — 819 — 
$158,305 $369 $138,772 $7,239 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan.
(2)Represents the fair value of the interest rate swap arrangement that expired in May 2024.
(3)In January 2024, we entered into an interest rate swap arrangement for $250,000 of the $500,000 PENN 11 mortgage loan. Together with the existing swap arrangement the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.
(4)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below:
Swapped BalanceAll-In Swapped Rate
Unswapped Balance
(bears interest at S+130)
10/23 through 07/25700,000 4.53%100,000 
07/25 through 10/26550,000 4.36%250,000 
10/26 through 08/2750,000 4.04%750,000 

(5)The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of June 30, 2024).
(6)The remaining $22,700 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of June 30, 2024).
(7)Entered into in May 2024.
(8)SOFR cap strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment in November 2023, of which $18,930 was attributable to noncontrolling interests.
(9)SOFR cap strike rate of 3.89%.
Schedule of Fair Value Inputs Quantitative Information The fair values of these assets were measured using discounted cash flow analyses and the significant unobservable quantitative inputs in the table below.
As of December 31, 2023
Unobservable Quantitative InputRangeWeighted Average
(based on fair value of investments)
Discount rates
7.50% - 8.00%
7.99%
Terminal capitalization rates
5.50%
5.50%
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, 2024As of December 31, 2023
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$720,167 $720,000 $825,720 $826,000 
Debt:
Mortgages payable$5,708,919 $5,532,000 $5,729,615 $5,569,000 
Senior unsecured notes1,200,000 1,090,000 1,200,000 1,069,000 
Unsecured term loan800,000 800,000 800,000 800,000 
Unsecured revolving credit facilities575,000 575,000 575,000 575,000 
Total$8,283,919 
(1)
$7,997,000 $8,304,615 
(1)
$8,013,000 
____________________
(1)Excludes $46,685 and $53,163 of deferred financing costs, net and other as of June 30, 2024 and December 31, 2023, respectively.