Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Financial assets measured at fair value on our consolidated balance sheets as of December 31, 2022 consist of U.S. Treasury bills (classified as available for-sale) and interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | (Amounts in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | | Investments in U.S. Treasury bills(1) | | $ | 266,963 | | | $ | 266,963 | | | $ | — | | | $ | — | | | Interest rate derivatives (included in other assets) | | 29,351 | | | — | | | 29,351 | | | — | | | | | $ | 296,314 | | | $ | 266,963 | | | $ | 29,351 | | | $ | — | | | | | | | | | | | | | (1) | | During the year ended December 31, 2022, we purchased $364,238 in U.S. Treasury bills with an aggregate par value of $370,000 and realized proceeds of $100,000 from maturing U.S. Treasury bills. As of December 31, 2022 our investments in U.S. Treasury bills have an aggregate accreted value of $267,809 prior to being marked to fair value and have remaining maturities of less than one year. |
Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2021 consist of interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2021. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2021 | | (Amounts in thousands) | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Interest rate derivatives (included in other assets) | $ | 7,545 | | | $ | — | | | $ | 7,545 | | | $ | — | |
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| Schedule of Derivative Assets at Fair Value |
The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of December 31, 2022 and 2021, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Asset as of December 31, | | As of December 31, 2022 | | | | | (Amounts in thousands) | | 2022 | | 2021 | | Notional Amount | | Swapped Rate | | Expiration Date | | Interest rate swap related to: | | | | | | | | | | | | | 731 Lexington Avenue mortgage loan, retail condominium | | $ | 26,718 | | | $ | 7,545 | | | $ | 300,000 | | | 1.76% | | 05/25 | | Interest rate caps related to: | | | | | | | | | | | | | Rego Park II shopping center mortgage loan | | 2,622 | | | — | | | 202,544 | | | (1) | | 11/24 | | | 731 Lexington Avenue mortgage loan, office condominium | | 11 | | | — | | | 500,000 | | | (2) | | 06/23 | | Included in other assets | | $ | 29,351 | | | $ | 7,545 | | | | | | | | | | | | | | | | | | | | | | (1) | | | SOFR cap strike rate of 4.15% | | | | | | | | | | | | (2) | | | LIBOR cap strike rate of 6.00% | | | | | | | | | | |
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| Fair Value, by Balance Sheet Grouping |
The table below summarizes the carrying amount and fair value of these financial instruments as of December 31, 2022 and 2021. | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | As of December 31, 2021 | | | Carrying | | Fair | | Carrying | | Fair | | (Amounts in thousands) | Amount | | Value | | Amount | | Value | | Assets: | | | | | | | | | Cash equivalents | $ | 47,852 | | | $ | 47,852 | | | $ | 427,601 | | | $ | 427,601 | | | Liabilities: | | | | | | | | | Mortgages payable (excluding deferred debt issuance costs, net) | $ | 1,096,544 | | | $ | 1,061,221 | | | $ | 1,096,544 | | | $ | 1,064,122 | |
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