Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Schedule of Debt

				Interest
(Amounts in thousands)				Rate at	Balance at
				June 30,	June 30,		December 31,
Notes and mortgages payable:			Maturity (1)	2012	2012		2011
Fixed rate:
	New York:
		Two Penn Plaza	03/18	5.13%	$	425,000	$	425,000
		1290 Avenue of the Americas	01/13	5.97%		410,841		413,111
		770 Broadway	03/16	5.65%		353,000		353,000
		888 Seventh Avenue	01/16	5.71%		318,554		318,554
		350 Park Avenue(2)	01/17	3.75%		300,000		430,000
		909 Third Avenue	04/15	5.64%		201,237		203,217
		828-850 Madison Avenue Condominium - retail	06/18	5.29%		80,000		80,000
		510 5th Avenue - retail	01/16	5.60%		31,495		31,732
	Washington, DC:
		Skyline Properties(3)	02/17	5.74%		684,598		678,000
		River House Apartments	04/15	5.43%		195,546		195,546
		2121 Crystal Drive	03/23	5.51%		150,000		150,000
		Bowen Building	06/16	6.14%		115,022		115,022
		1215 Clark Street, 200 12th Street and 251 18th Street	01/25	7.09%		107,097		108,423
		West End 25	06/21	4.88%		101,671		101,671
		Universal Buildings	04/14	6.47%		95,755		98,239
		Reston Executive I, II, and III	01/13	5.57%		93,000		93,000
		2011 Crystal Drive	08/17	7.30%		80,023		80,486
		1550 and 1750 Crystal Drive	11/14	7.08%		75,254		76,624
		220 20th Street	02/18	4.61%		74,437		75,037
		1235 Clark Street(4)	07/12	6.75%		50,786		51,309
		2231 Crystal Drive	08/13	7.08%		42,581		43,819
		1225 Clark Street	08/13	7.08%		25,470		26,211
		1750 Pennsylvania Avenue	n/a	n/a		-		44,330
	Retail:
		Cross-collateralized mortgages on 40 strip shopping centers	09/20	4.22%		579,350		585,398
		Montehiedra Town Center	07/16	6.04%		120,000		120,000
		Broadway Mall	07/13	5.30%		86,479		87,750
		North Bergen (Tonnelle Avenue)	01/18	4.59%		75,000		75,000
		Las Catalinas Mall	11/13	6.97%		55,022		55,912
		Other	06/14-05/36	5.12%-7.30%		87,452		88,237
	Merchandise Mart:
		Merchandise Mart	12/16	5.57%		550,000		550,000
	Other:
		555 California Street	09/21	5.10%		600,000		600,000
		Borgata Land	02/21	5.14%		60,000		60,000
Total fixed rate notes and mortgages payable				5.44%	$	6,224,670	$	6,414,628
___________________
		See notes on page 22.

					Interest
(Amounts in thousands)					Rate at	Balance at
				Spread over	June 30,	June 30,		December 31,
Notes and mortgages payable:			Maturity (1)	LIBOR	2012	2012		2011
Variable rate:
	New York:
		Eleven Penn Plaza	01/19	L+235	2.59%	$	330,000	$	330,000
		100 West 33rd Street - office & retail(5)	03/17	L+250	2.74%		325,000		232,000
		4 Union Square South - retail	04/14	L+325	3.49%		75,000		75,000
		435 Seventh Avenue - retail(6)	08/14	L+300 (6)	5.00%		51,093		51,353
		866 UN Plaza	05/16	L+125	1.49%		44,978		44,978
	Washington, DC:
		2101 L Street	02/13	L+120	1.42%		148,125		150,000
		River House Apartments	04/18	n/a (7)	1.62%		64,000		64,000
		2200/2300 Clarendon Boulevard	01/15	L+75	0.99%		50,359		53,344
		1730 M and 1150 17th Street	06/14	L+140	1.65%		43,581		43,581
	Retail:
		Green Acres Mall	02/13	L+140	1.64%		308,825		325,045
		Bergen Town Center	03/13	L+150	1.74%		282,312		283,590
		San Jose Strip Center	03/13	L+400	4.25%		109,072		112,476
		Beverly Connection (8)	09/14	L+425 (8)	4.75%		100,000		100,000
		Cross-collateralized mortgages on 40 strip
		shopping centers (9)	09/20	L+136 (9)	2.36%		60,000		60,000
		Other	11/12	L+375	3.99%		19,427		19,876
	Other:
		220 Central Park South	10/13	L+275	2.99%		123,750		123,750
	Total variable rate notes and mortgages payable				2.48%		2,135,522		2,068,993
	Total notes and mortgages payable				4.68%	$	8,360,192	$	8,483,621
Senior unsecured notes:
	Senior unsecured notes due 2015		04/15		4.25%	$	499,545	$	499,462
	Senior unsecured notes due 2039 (10)		10/39		7.88%		460,000		460,000
	Senior unsecured notes due 2022		01/22		5.00%		398,290		398,199
	Total senior unsecured notes				5.70%	$	1,357,835	$	1,357,661
Unsecured revolving credit facilities:
	$1.25 billion unsecured revolving credit facility		11/16	L+125	1.47%	$	500,000	$	138,000
	$1.25 billion unsecured revolving credit facility
		($22,195 reserved for outstanding letters of credit)	06/16	L+135	-		-		-
	Total unsecured revolving credit facilities				1.47%	$	500,000	$	138,000
3.88% exchangeable senior debentures(11)			n/a		n/a	$	-	$	497,898
2.85% convertible senior debentures(11)			n/a		n/a	$	-	$	10,168
	See notes on the following page.

Notes to preceding tabular information (amounts in thousands):
(1)	Represents the extended maturity for certain loans in which we have the unilateral right, ability and intent to extend.
(2)	On January 9, 2012, we completed a $300,000 refinancing of this property. The five-year fixed rate loan bears interest at 3.75% and amortizes based on a 30-year schedule beginning in the third year. The proceeds of the new loan and $132,000 of existing cash were used to repay the existing loan and closing costs.
(3)	In the first quarter of 2012, we notified the lender that due to scheduled lease expirations resulting primarily from the effects of the Base Realignment and Closure statute, the Skyline properties had a 26% vacancy rate, which is expected to increase and, accordingly, cash flows are expected to decrease. As a result, our subsidiary that owns these properties does not have and is not expected to have for some time sufficient funds to pay all of its current obligations, including interest payments to the lender. Based on the projected vacancy and the significant amount of capital required to re-tenant these properties, at our request, the mortgage loan was transferred to the special servicer. In the second quarter of 2012, we entered into a forbearance agreement with the special servicer to apply cash flows of the property, before interest on the loan, towards the repayment of $4,000 of tenant improvements and leasing commissions we recently funded in connection with a new lease at these properties. The forbearance agreement provides that until the earlier of (i) the full repayment to us of that capital or (ii) December 1, 2012, any interest shortfall will be deferred and not give rise to a loan default. The deferred interest will be added to the principal balance of the loan and, as of June 30, 2012, amounted to $6,598. We continue to negotiate with the special servicer to restructure the terms of the loan.
(4)	On July 11, 2012, upon maturity, we repaid this loan.
(5)	On March 5, 2012, we completed a $325,000 refinancing of this property. The three-year loan bears interest at LIBOR plus 2.50% and has two one-year extension options. We retained net proceeds of approximately $87,000, after repaying the existing loan and closing costs.
(6)	LIBOR floor of 2.00%.
(7)	Interest at the Freddie Mac Reference Note Rate plus 1.53%.
(8)	LIBOR floor of 0.50%.
(9)	LIBOR floor of 1.00%.
(10)	May be redeemed at our option in whole or in part beginning on October 1, 2014, at a price equal to the principal amount plus accrued interest.
(11)	In April 2012, we redeemed all of the outstanding exchangeable and convertible senior debentures at par, for an aggregate of $510,215 in cash.