Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our debt:

(Amounts in thousands)	Weighted Average Interest Rate as of September 30, 2023(1)		Balance as of
			September 30, 2023		December 31, 2022
Mortgages Payable:
Fixed rate		3.63%	$	3,568,650	$	3,570,000
Variable rate(2)		5.87%	2,189,565		2,307,615
Total		4.48%	5,758,215		5,877,615
Deferred financing costs, net and other			(43,454)		(48,597)
Total, net			$	5,714,761	$	5,829,018
Unsecured Debt:
Senior unsecured notes		3.02%	$	1,200,000	$	1,200,000
Deferred financing costs, net and other			(6,638)		(8,168)
Senior unsecured notes, net			1,193,362		1,191,832
Unsecured term loan		4.04%	800,000		800,000
Deferred financing costs, net and other			(5,788)		(6,807)
Unsecured term loan, net			794,212		793,193
Unsecured revolving credit facilities		3.87%	575,000		575,000
Total, net			$	2,562,574	$	2,560,025

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(1)Represents the interest rate in effect as of September 30, 2023 based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 15 - Fair Value Measurements for further information on our consolidated hedging instruments.

(2)As of September 30, 2023, $2,009,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.17% and a weighted average remaining term of 7 months. These amounts exclude the 1290 Avenue of the Americas interest rate cap discussed above, which is effective November 2023.