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Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2025
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($17,590 included in restricted cash and $96,188 in other assets)	$	113,778	$	73,192	$	—	$	40,586
Loans receivable (included in other assets)	107,166		—		—		107,166
Interest rate swaps and caps designated as a hedge (included in other assets)	13,985		—		13,985		—

Interest rate caps not designated as a hedge (included in other assets)	42		—		42		—
Total assets	$	234,971	$	73,192	$	14,027	$	147,752

Mandatorily redeemable instruments (included in other liabilities)	$	49,465	$	49,465	$	—	$	—
Interest rate swaps designated as a hedge (included in other liabilities)	3,093		—		3,093		—

Total liabilities	$	52,558	$	49,465	$	3,093	$	—


(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 (included in investments in partially owned entities)	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 Year Ended December 31,
	2025		2024
Beginning balance	$	44,555	$	46,290
Purchases	2,126		1,718
Sales	(10,109)		(9,051)
Realized and unrealized losses	(1,407)		(2,282)
Other, net	5,421		7,880
Ending balance	$	40,586	$	44,555

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 Year Ended December 31,
	2025		2024
Beginning balance	$	85,319	$	32,984
Investment in loan receivable	35,000		50,000
Paydowns	(32,984)		(571)
Interest accrual	11,275		2,906
Funding	8,556		—
Ending balance(1)	$	107,166	$	85,319

____________________________

(1)Represents the 3 East 54th Street loan balance. On January 7, 2026, we closed on the acquisition of 3 East 54th Street and the loan balance was credited towards the purchase price. See Note - 24 Subsequent Events for further details.

Schedule of Derivative Assets at Fair Value

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


(Amounts in thousands)	As of December 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:
In-place swap	$	840,000	(1)	6.03%		05/26	$	—	$	1,160	$	765	$	—
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	—		959		—		—
Unsecured term loan(3)	750,000			4.22%		(4)	3,522		—		16,217		—
Unsecured revolving credit facility	575,000			3.84%		08/27	5,208		—		18,510		—
One Park Avenue mortgage loan(3)	500,000		(5)	3.95%		07/27	4,189		—		15,243		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	—		736		6,808		—
1290 Avenue of the Americas mortgage loan(6)	200,000			4.58%		09/27	1,047		—		5,249		—
435 Seventh Avenue mortgage loan	75,000			6.96%		04/26	—		238		—		741
PENN 11 mortgage loan(7)							—		—		17		282
4 Union Square South mortgage loan(8)							—		—		12		—
Interest rate caps:
Various mortgage loans							19		—		26,161		—
							$	13,985	$	3,093	$	88,982	$	1,023

________________________________________

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

(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.

(3)The $700,000 corporate-level interest rate swap previously allocated to the 770 Broadway mortgage loan (see Note 5 - 770 Broadway) has been reallocated and now hedges $500,000 of the One Park Avenue mortgage loan and $200,000 of the unsecured term loan. The December 31, 2024 fair value is presented based on the current period reallocation.

(4)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in February 2031 (see Note 24 - Subsequent Events). The impact of these interest rate swap arrangements is detailed below:


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+125)

Through 10/26	$	750,000	4.22%	$	50,000
10/26 through 07/27	250,000		3.99%	550,000
07/27 through 08/27	50,000		3.99%	750,000

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (4.97% as of December 31, 2025) and has a 4.39% SOFR strike rate cap.

(6)The $200,000 corporate level interest swap previously allocated to the 888 Seventh Avenue mortgage loan has been reallocated and now hedges the 1290 Avenue of the Americas mortgage loan. The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.37% as of December 31, 2025) and has a 4.00% SOFR strike rate cap.

(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (See Note 9 - Debt).

(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 9 - Debt).

Schedule of Derivative Liabilities at Fair Value

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


(Amounts in thousands)	As of December 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:
In-place swap	$	840,000	(1)	6.03%		05/26	$	—	$	1,160	$	765	$	—
Forward swap (effective 05/26)	840,000			5.56%	(2)	05/28	—		959		—		—
Unsecured term loan(3)	750,000			4.22%		(4)	3,522		—		16,217		—
Unsecured revolving credit facility	575,000			3.84%		08/27	5,208		—		18,510		—
One Park Avenue mortgage loan(3)	500,000		(5)	3.95%		07/27	4,189		—		15,243		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	—		736		6,808		—
1290 Avenue of the Americas mortgage loan(6)	200,000			4.58%		09/27	1,047		—		5,249		—
435 Seventh Avenue mortgage loan	75,000			6.96%		04/26	—		238		—		741
PENN 11 mortgage loan(7)							—		—		17		282
4 Union Square South mortgage loan(8)							—		—		12		—
Interest rate caps:
Various mortgage loans							19		—		26,161		—
							$	13,985	$	3,093	$	88,982	$	1,023

________________________________________

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

(2)Reflects the May 2026 increase in variable rate spread to S+230. The variable rate spread will further increase to S+255 in May 2027.


	Swapped Balance		All-In Swapped Rate	Unswapped Balance (bears interest at S+125)

Through 10/26	$	750,000	4.22%	$	50,000
10/26 through 07/27	250,000		3.99%	550,000
07/27 through 08/27	50,000		3.99%	750,000

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.22% (4.97% as of December 31, 2025) and has a 4.39% SOFR strike rate cap.

(7)In July 2025, we completed a $450,000 refinancing of PENN 11 at a fixed rate of 6.35% (See Note 9 - Debt).

(8)In August 2025, we completed a $120,000 refinancing of 4 Union Square South at a fixed rate of 5.64% (see Note 9 - Debt).

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 December 31, 2025					As of December 31, 2024
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	508,812		$	509,000	$	639,366		$	639,000
Debt:
Mortgages payable	$	4,944,037		$	4,754,000	$	5,707,176		$	5,486,000
Senior unsecured notes	750,000			714,000		1,200,000			1,129,000
Unsecured term loan	800,000			800,000		800,000			800,000
Unsecured revolving credit facilities	720,420			720,000		575,000			575,000
Total	$	7,214,457	(1)	$	6,988,000	$	8,282,176	(1)	$	7,990,000

________________________________________

(1)Excludes $28,829 and $39,300 of deferred financing costs, net and other as of December 31, 2025 and 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.

+ References + Details