Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:

(Amounts in thousands)	Weighted Average Interest Rate as of December 31, 2024(1)		Balance as of December 31,
			2024		2023
Mortgages Payable:
Fixed rate(2)	4.63%		$	4,591,400	$	4,518,200
Variable rate(3)	6.01%	(4)	1,115,776		1,211,415
Total	4.90%		5,707,176		5,729,615
Deferred financing costs, net and other			(31,162)		(41,595)
Total, net			$	5,676,014	$	5,688,020
Unsecured Debt:
Senior unsecured notes	3.02%		$	1,200,000	$	1,200,000
Deferred financing costs, net and other			(4,086)		(6,127)
Senior unsecured notes, net			1,195,914		1,193,873
Unsecured term loan	4.67%		800,000		800,000
Deferred financing costs, net and other			(4,052)		(5,441)
Unsecured term loan, net			795,948		794,559
Unsecured revolving credit facilities	3.88%		575,000		575,000
Total, net			$	2,566,862	$	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 December 31, 2024, $960,000 of our variable rate debt was subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.79% and a weighted average remaining term of four months.

(4)Includes additional 3.00% default interest on the 606 Broadway mortgage loan.

Schedule of Principal Maturities of Mortgages Payable and Unsecured Debt

As of December 31, 2024, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are presented below. The below excludes the $74,119,000 mortgage loan on 606 Broadway which is in maturity default. See above for further details.

(Amounts in thousands)	Mortgages Payable		Unsecured Debt
Year Ended December 31,
2025	$	878,057	$	450,000	(1)
2026	525,000		400,000
2027	1,580,000		1,375,000
2028	2,300,000		—
2029	—		—
Thereafter	350,000		350,000

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(1) We repaid our $450,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.