Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets measured at fair value on our consolidated balance sheet as of September 30, 2023 consisted 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 September 30, 2023.

	As of September 30, 2023
(Amounts in thousands)	Total		Level 1		Level 2		Level 3
Interest rate derivatives (included in other assets)	$	33,694	$	—	$	33,694	$	—

Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2022 consisted 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
Investments in U.S. Treasury bills	$	266,963	$	266,963	$	—	$	—
Interest rate derivatives (included in other assets)	29,351		—		29,351		—
	$	296,314	$	266,963	$	29,351	$	—

Schedule of Interest Rate Derivatives

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 September 30, 2023 and December 31, 2022, respectively.

		Fair Value as of				As of September 30, 2023
(Amounts in thousands)		September 30, 2023		December 31, 2022		Notional Amount		Rate	Expiration Date
Interest rate swap related to:
	731 Lexington Avenue mortgage loan, retail condominium	$	22,249	$	26,718	$	300,000	1.76%	05/25
Interest rate caps related to:
	Rego Park II shopping center mortgage loan	2,764		2,622		202,544		(1)	11/24
	731 Lexington Avenue mortgage loan, office condominium	8,681		11		500,000		(2)	06/24
Included in other assets		$	33,694	$	29,351

(1)SOFR cap strike rate of 4.15%.

(2)In June 2023, we purchased an interest rate cap for $11,258, which capped LIBOR at 6.00% through July 15, 2023 and caps the Prime Rate (8.50% as of September 30, 2023) at 6.00% through loan maturity. See Note 7 - Mortgages Payable for further information.

Schedule of Fair Value, by Balance Sheet Grouping

The table below summarizes the carrying amount and fair value of these financial instruments as of September 30, 2023 and December 31, 2022.

	As of September 30, 2023				As of December 31, 2022
(Amounts in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash equivalents	$	356,391	$	356,391	$	47,852	$	47,852
Liabilities:
Mortgages payable (excluding deferred debt issuance costs, net)	$	1,096,544	$	1,064,832	$	1,096,544	$	1,061,221