Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($16,400 included in restricted cash and $94,744 in other assets)	$	111,144	$	67,045	$	—	$	44,099
Loans receivable ($32,984 included in investments in partially owned entities and $54,708 in other assets)	87,692		—		—		87,692
Interest rate swaps and caps designated as a hedge (included in other assets)	56,037		—		56,037		—
Interest rate caps not designated as a hedge (included in other assets)	779		—		779		—
Total assets	$	255,652	$	67,045	$	56,816	$	131,791

Mandatorily redeemable instruments (included in other liabilities)	$	49,589	$	49,589	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	2,103		—		2,103		—
Interest rate caps not designated as a hedge (included in other liabilities)	557		—		557		—
Total liabilities	$	52,249	$	49,589	$	2,660	$	—

(Amounts in thousands)	As of December 31, 2024
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($8,958 included in restricted cash and $105,622 in other assets)	$	114,580	$	70,025	$	—	$	44,555
Loans receivable ($32,984 included in investments in partially owned entities and $52,335 in other assets)	85,319		—		—		85,319
Interest rate swaps and caps designated as a hedge (included in other assets)	88,982		—		88,982		—
Interest rate caps not designated as a hedge (included in other assets)	1,040		—		1,040		—
Total assets	$	289,921	$	70,025	$	90,022	$	129,874

Mandatorily redeemable instruments (included in other liabilities)	$	49,684	$	49,684	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	1,023		—		1,023		—
Interest rate caps not designated as a hedge (included in other liabilities)	1,040		—		1,040		—
Total liabilities	$	51,747	$	49,684	$	2,063	$	—

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 March 31, 2025

Beginning balance	$	44,555

Sales	(724)
Realized and unrealized losses	(456)
Other, net	724
Ending balance	$	44,099

Schedule of Changes in Fair Value

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 March 31, 2025

Beginning balance	$	85,319
Funding	1,217
Interest accrual	1,156


Ending balance(1)	$	87,692

____________________

(1)The fair value for $32,984 of the balance was determined by using a discounted cash flow model and Level 3 inputs, which include a terminal capitalization rate of 5.5% and a discount rate of 8.0% as of March 31, 2025. The terminal capitalization rate and discount rate disclosed reflect both the range and the weighted average. The fair value for the remaining balance at March 31, 2025 was based on comparable sales data.

Schedule of Derivative Assets at Fair Value

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2025 and December 31, 2024.


(Amounts in thousands)	As of March 31, 2025									As of December 31, 2024
	Notional Amount			All-In Swapped Rate	Swap/Cap Expiration Date	Fair Value Asset		Fair Value Liability		Fair Value Asset		Fair Value Liability
Interest rate swaps:
555 California Street mortgage loan	$	840,000	(1)	6.03%	05/26	$	—	$	1,149	$	765	$	—
770 Broadway mortgage loan	700,000			4.98%	07/27	13,911		—		21,332		—
PENN 11 mortgage loan	500,000			6.28%	10/25	—		231		17		282
Unsecured revolving credit facility	575,000			3.88%	08/27	12,056		—		18,510		—
Unsecured term loan	700,000			4.53%	(2)	6,218		—		10,128		—
100 West 33rd Street mortgage loan	480,000			5.26%	06/27	2,535		—		6,808		—
888 Seventh Avenue mortgage loan	200,000		(3)	4.76%	09/27	3,104		—		5,249		—
435 Seventh Avenue mortgage loan	75,000			6.96%	04/26	—		723		—		741
4 Union Square South mortgage loan(4)						—		—		12		—
Interest rate caps:
1290 Avenue of the Americas mortgage loan	950,000			(5)	11/25	18,197		—		25,673		—
Various mortgage loans						16		—		488		—
						$	56,037	$	2,103	$	88,982	$	1,023

____________________

(1)Represents our 70.0% share of the $1.2 billion mortgage loan.

(2)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 Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+130)
Through 07/25	$	700,000	4.53%	$	100,000
07/25 through 10/26	550,000		4.36%	250,000
10/26 through 08/27	50,000		4.04%	750,000

(3)The remaining $53,688 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.12% as of March 31, 2025).

(4)On January 3, 2025, the $100,000 notional interest rate swap expired.

(5)SOFR cap strike rate of 1.00%.

Schedule of Derivative Liabilities at Fair Value

The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of March 31, 2025 and December 31, 2024.


(Amounts in thousands)	As of March 31, 2025									As of December 31, 2024
	Notional Amount			All-In Swapped Rate	Swap/Cap Expiration Date	Fair Value Asset		Fair Value Liability		Fair Value Asset		Fair Value Liability
Interest rate swaps:
555 California Street mortgage loan	$	840,000	(1)	6.03%	05/26	$	—	$	1,149	$	765	$	—
770 Broadway mortgage loan	700,000			4.98%	07/27	13,911		—		21,332		—
PENN 11 mortgage loan	500,000			6.28%	10/25	—		231		17		282
Unsecured revolving credit facility	575,000			3.88%	08/27	12,056		—		18,510		—
Unsecured term loan	700,000			4.53%	(2)	6,218		—		10,128		—
100 West 33rd Street mortgage loan	480,000			5.26%	06/27	2,535		—		6,808		—
888 Seventh Avenue mortgage loan	200,000		(3)	4.76%	09/27	3,104		—		5,249		—
435 Seventh Avenue mortgage loan	75,000			6.96%	04/26	—		723		—		741
4 Union Square South mortgage loan(4)						—		—		12		—
Interest rate caps:
1290 Avenue of the Americas mortgage loan	950,000			(5)	11/25	18,197		—		25,673		—
Various mortgage loans						16		—		488		—
						$	56,037	$	2,103	$	88,982	$	1,023

____________________

(1)Represents our 70.0% share of the $1.2 billion mortgage loan.


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+130)
Through 07/25	$	700,000	4.53%	$	100,000
07/25 through 10/26	550,000		4.36%	250,000
10/26 through 08/27	50,000		4.04%	750,000

(3)The remaining $53,688 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (6.12% as of March 31, 2025).

(4)On January 3, 2025, the $100,000 notional interest rate swap expired.

(5)SOFR cap strike rate of 1.00%.

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 March 31, 2025					As of December 31, 2024
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	477,672		$	478,000	$	639,366		$	639,000
Debt:
Mortgages payable	$	5,702,807		$	5,515,000	$	5,707,176		$	5,486,000
Senior unsecured notes	750,000			684,000		1,200,000			1,129,000
Unsecured term loan	800,000			800,000		800,000			800,000
Unsecured revolving credit facilities	575,000			575,000		575,000			575,000
Total	$	7,827,807	(1)	$	7,574,000	$	8,282,176	(1)	$	7,990,000

____________________

(1)Excludes $35,711 and $39,300 of deferred financing costs, net and other as of March 31, 2025 and December 31, 2024, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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