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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Fair value, schedule of assets and liabilities measures on recurring basis 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, 2021
 TotalLevel 1Level 2Level 3
Real estate fund investments$7,730 $— $— $7,730 
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in other assets)
110,174 65,158 — 45,016 
Loans receivable ($46,444 included in investments in partially owned entities and $3,738 in other assets)
50,182 — — 50,182 
Interest rate swaps and caps (included in other assets)18,929 — 18,929 — 
Total assets$187,015 $65,158 $18,929 $102,928 
Mandatorily redeemable instruments (included in other liabilities)$49,659 $49,659 $— $— 
Interest rate swaps (included in other liabilities)32,837 — 32,837 — 
Total liabilities$82,496 $49,659 $32,837 $— 
(Amounts in thousands)As of December 31, 2020
 TotalLevel 1Level 2Level 3
Real estate fund investments$3,739 $— $— $3,739 
Deferred compensation plan assets ($10,813 included in restricted cash and $94,751 in other assets)
105,564 65,636 — 39,928 
Loans receivable ($43,008 included in investments in partially owned entities and $4,735 in other assets)
47,743 — — 47,743 
Interest rate swaps (included in other assets)17 — 17 — 
Total assets$157,063 $65,636 $17 $91,410 
Mandatorily redeemable instruments (included in other liabilities)$50,002 $50,002 $— $— 
Interest rate swaps (included in other liabilities)66,033 — 66,033 — 
Total liabilities$116,035 $50,002 $66,033 $— 
Schedule of derivative assets at fair value
The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.
(Amounts in thousands)As of December 31, 2021
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap(1)
$11,814 $840,000 
(2)
L+193
2.04%2.26%5/24
PENN 11 mortgage loan interest rate swap(3)
6,565 500,000 
L+195
2.05%2.23%3/24
Various interest rate caps550 1,650,000 
$18,929 $2,990,000 
Included in other liabilities:
Unsecured term loan interest rate swap$28,976 $750,000 (4)
L+100
1.10%3.87%10/23
33-00 Northern Boulevard mortgage loan interest rate swap3,861 100,000 
L+180
1.91%4.14%1/25
$32,837 $850,000 
______________________________________________
(1)    Entered into on May 15, 2021.
(2)    Represents our 70.0% share of the $1.2 billion mortgage loan.
(3)    Entered into on March 7, 2021.
(4)    Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.

(Amounts in thousands)As of December 31, 2020
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
Various interest rate caps$17 $175,000 
Included in other liabilities:
Unsecured term loan interest rate swap$57,723 $750,000 (1)
L+100
1.15%3.87%10/23
33-00 Northern Boulevard mortgage loan interest rate swap8,310 100,000 
L+180
1.95%4.14%1/25
$66,033 $850,000 
______________________________________
(1)    Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
Schedule of derivative liabilities at fair value
The following tables summarize our consolidated derivative instruments, all of which hedge variable rate debt, as of December 31, 2021 and 2020, respectively.
(Amounts in thousands)As of December 31, 2021
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
555 California Street mortgage loan interest rate swap(1)
$11,814 $840,000 
(2)
L+193
2.04%2.26%5/24
PENN 11 mortgage loan interest rate swap(3)
6,565 500,000 
L+195
2.05%2.23%3/24
Various interest rate caps550 1,650,000 
$18,929 $2,990,000 
Included in other liabilities:
Unsecured term loan interest rate swap$28,976 $750,000 (4)
L+100
1.10%3.87%10/23
33-00 Northern Boulevard mortgage loan interest rate swap3,861 100,000 
L+180
1.91%4.14%1/25
$32,837 $850,000 
______________________________________________
(1)    Entered into on May 15, 2021.
(2)    Represents our 70.0% share of the $1.2 billion mortgage loan.
(3)    Entered into on March 7, 2021.
(4)    Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.

(Amounts in thousands)As of December 31, 2020
Variable Rate
Hedged ItemFair ValueNotional AmountSpread over LIBORInterest RateSwapped RateExpiration Date
Included in other assets:
Various interest rate caps$17 $175,000 
Included in other liabilities:
Unsecured term loan interest rate swap$57,723 $750,000 (1)
L+100
1.15%3.87%10/23
33-00 Northern Boulevard mortgage loan interest rate swap8,310 100,000 
L+180
1.95%4.14%1/25
$66,033 $850,000 
______________________________________
(1)    Remaining $50,000 balance of our unsecured term loan bears interest at a floating rate of LIBOR plus 1.00%.
Fair value measurements, nonrecurring
(Amounts in thousands)As of December 31, 2020
 TotalLevel 1Level 2Level 3
Real estate assets$191,116 $— $— $191,116 
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, 2021As of December 31, 2020
 Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Cash equivalents$1,346,684 $1,347,000 $1,476,427 $1,476,000 
Debt:  
Mortgages payable$6,099,215 $6,052,000 $5,608,458 $5,612,000 
Senior unsecured notes1,200,000 1,230,000 450,000 476,000 
Unsecured term loan800,000 800,000 800,000 800,000 
Unsecured revolving credit facilities575,000 575,000 575,000 575,000 
Total$8,674,215 
(1)
$8,657,000 $7,433,458 
(1)
$7,463,000 
____________________
(1)Excludes $58,268 and $34,462 of deferred financing costs, net and other as of December 31, 2021 and 2020, respectively.
Real estate fund investments  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Fair value inputs quantitative information Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate fund investments.
RangeWeighted Average
(based on fair value of assets)
Unobservable Quantitative InputDecember 31, 2021December 31, 2020December 31, 2021December 31, 2020
Discount rates
12.0% to 15.0%
7.6% to 15.0%
13.2%12.7%
Terminal capitalization rates
5.5% to 8.8%
5.5% to 10.3%
7.4%7.9%
Summary of changes in level 3 plan assets
The table below summarizes the changes in the fair value of real estate fund investments that are classified as Level 3.
(Amounts in thousands)For the Year Ended December 31,
 20212020
Beginning balance$3,739 $222,649 
Dispositions(5,104)— 
Purchases/additional fundings4,474 7,197 
Net unrealized income (loss) on held investments3,257 (226,107)
Net realized income on exited investments1,364 — 
Ending balance$7,730 $3,739 
Deferred Compensation Plan Assets  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of carrying amounts and fair values of financial instruments
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,
 20212020
Beginning balance$39,928 $32,435 
Purchases5,705 8,766 
Sales(4,766)(5,467)
Realized and unrealized gains2,250 808 
Other, net1,899 3,386 
Ending balance$45,016 $39,928 
Loans Receivable  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Fair value inputs quantitative information Significant unobservable quantitative inputs in the table on the following page were utilized in determining the fair value of these loans receivable.
13.     Fair Value Measurements - continued
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued
Loans Receivable - continued
RangeWeighted Average
(based on fair value of investments)
Unobservable Quantitative InputDecember 31, 2021December 31, 2020December 31, 2021December 31, 2020
Discount rates
 6.5%
 6.5%
6.5 %6.5 %
Terminal capitalization rates5.0%5.0%5.0 %5.0 %
Summary of changes in level 3 plan assets The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
For the Year Ended December 31,
(Amounts in thousands)20212020
Beginning balance$47,743 $59,251 
Credit losses— (13,369)
Interest accrual 3,714 2,461 
Paydowns(1,275)(600)
Ending balance$50,182 $47,743