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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of Assets and Liabilities Measures on Recurring Basis, Fair Value 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 September 30, 2023
TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($27,094 included in restricted cash and $73,392 in other assets)
$100,486 $54,799 $— $45,687 
Loans receivable ($53,096 included in investments in partially owned entities and $4,745 in other assets)
57,841 — — 57,841 
Interest rate swaps and caps (included in other assets)260,747 — 260,747 — 
Total assets$419,074 $54,799 $260,747 $103,528 
Mandatorily redeemable instruments (included in other liabilities)$49,383 $49,383 $— $— 
(Amounts in thousands)As of December 31, 2022
TotalLevel 1Level 2Level 3
Investments in U.S. Treasury bills(1)
$471,962 $471,962 $— $— 
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in other assets)
96,322 57,406 — 38,916 
Loans receivable ($50,091 included in investments in partially owned entities and $4,306 in other assets)
54,397 — — 54,397 
Interest rate swaps and caps (included in other assets)183,804 — 183,804 — 
Total assets$806,485 $529,368 $183,804 $93,313 
Mandatorily redeemable instruments (included in other liabilities)$49,383 $49,383 $— $— 
____________________
(1)During the nine months ended September 30, 2023, we realized proceeds of $477,000 from maturing U.S. Treasury bills.
Schedule of Changes In Fair Value of Loans Receivable
The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture.
(Amounts in thousands)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Beginning balance$— $930 $— $7,730 
Net realized gain (loss) on exited investments1,861 — (245,714)(53,724)
Dispositions(1,861)— (1,861)(5,672)
Previously recorded unrealized loss on exited investments— — 247,575 59,396 
Net unrealized loss on held investments— — — (6,800)
Ending balance$— $930 $— $930 
Schedule of Derivative Assets at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of September 30, 2023 and December 31, 2022.
(Amounts in thousands)As of September 30, 2023As of
December 31,
2022
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value Asset
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
2.29%05/24$26,672 $49,888 
Forward swap (effective 05/24)840,000 
(1)
6.03%05/266,627 — 
770 Broadway mortgage loan700,000 4.98%07/2740,782 29,226 
PENN 11 mortgage loan500,000 2.22%03/2411,305 26,587 
Unsecured revolving credit facility575,000 3.87%08/2734,358 24,457 
Unsecured term loan(2)
800,000 4.04%(2)27,249 21,024 
100 West 33rd Street mortgage loan480,000 5.06%06/2716,907 6,886 
888 Seventh Avenue mortgage loan200,000 
(3)
4.76%09/2710,293 6,544 
4 Union Square South mortgage loan98,650 
(4)
3.74%01/253,552 4,050 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (5)11/2570,599 7,590 
One Park Avenue mortgage loan525,000 (6)03/2510,169 5,472 
Various mortgage loans2,234 2,080 
$260,747 $183,804 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan. In March 2023, we entered into the forward swap arrangement detailed above.
(2)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan. In February 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, which are detailed below:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 10/23$800,000 4.04%$— 
10/23 through 07/25700,000 4.52%100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 4.03%750,000 

(3)The remaining $63,400 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of September 30, 2023).
(4)The remaining $21,350 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of September 30, 2023).
(5)Current SOFR cap strike rate of 3.89%. In June 2023, we entered into a forward cap arrangement which is effective upon the November 2023 expiration of the current in-place cap and expires in November 2025. The forward cap has a SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests. See Note 10 - Debt for further information.
(6)Current SOFR cap strike rate of 3.89%. In March 2023, we entered into a forward cap arrangement which is effective upon the March 2024 expiration of the current in-place cap and expires in March 2025. The forward cap has a SOFR strike rate of 3.89%.
Schedule of Derivative Liabilities at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of September 30, 2023 and December 31, 2022.
(Amounts in thousands)As of September 30, 2023As of
December 31,
2022
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value Asset
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
2.29%05/24$26,672 $49,888 
Forward swap (effective 05/24)840,000 
(1)
6.03%05/266,627 — 
770 Broadway mortgage loan700,000 4.98%07/2740,782 29,226 
PENN 11 mortgage loan500,000 2.22%03/2411,305 26,587 
Unsecured revolving credit facility575,000 3.87%08/2734,358 24,457 
Unsecured term loan(2)
800,000 4.04%(2)27,249 21,024 
100 West 33rd Street mortgage loan480,000 5.06%06/2716,907 6,886 
888 Seventh Avenue mortgage loan200,000 
(3)
4.76%09/2710,293 6,544 
4 Union Square South mortgage loan98,650 
(4)
3.74%01/253,552 4,050 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (5)11/2570,599 7,590 
One Park Avenue mortgage loan525,000 (6)03/2510,169 5,472 
Various mortgage loans2,234 2,080 
$260,747 $183,804 
____________________
(1)Represents our 70.0% share of the $1.2 billion mortgage loan. In March 2023, we entered into the forward swap arrangement detailed above.
(2)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan. In February 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan, which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, which are detailed below:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 10/23$800,000 4.04%$— 
10/23 through 07/25700,000 4.52%100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 4.03%750,000 

(3)The remaining $63,400 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.13% as of September 30, 2023).
(4)The remaining $21,350 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.83% as of September 30, 2023).
(5)Current SOFR cap strike rate of 3.89%. In June 2023, we entered into a forward cap arrangement which is effective upon the November 2023 expiration of the current in-place cap and expires in November 2025. The forward cap has a SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 is attributable to noncontrolling interests. See Note 10 - Debt for further information.
(6)Current SOFR cap strike rate of 3.89%. In March 2023, we entered into a forward cap arrangement which is effective upon the March 2024 expiration of the current in-place cap and expires in March 2025. The forward cap has a SOFR strike rate of 3.89%.
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 September 30, 2023As of December 31, 2022
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Cash equivalents$797,773 $798,000 $402,903 $403,000 
Debt:
Mortgages payable$5,758,215 $5,610,000 $5,877,615 $5,697,000 
Senior unsecured notes1,200,000 1,021,000 1,200,000 1,021,000 
Unsecured term loan800,000 800,000 800,000 800,000 
Unsecured revolving credit facilities575,000 575,000 575,000 575,000 
Total$8,333,215 
(1)
$8,006,000 $8,452,615 
(1)
$8,093,000 
____________________
(1)Excludes $55,880 and $63,572 of deferred financing costs, net and other as of September 30, 2023 and December 31, 2022, respectively.
Deferred Compensation Plan Assets  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of Changes in Fair Value of Plan Assets
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 Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Beginning balance$38,653 $44,155 $38,916 $45,016 
Purchases6,022 522 6,867 3,469 
Sales(912)(504)(3,790)(3,291)
Realized and unrealized gains (losses) 1,012 574 1,367 (1,524)
Other, net912 164 2,327 1,241 
Ending balance$45,687 $44,911 $45,687 $44,911 
Loans Receivable  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of Fair Value Inputs Quantitative Information Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these loans receivable.
As of
September 30, 2023December 31, 2022
Unobservable Quantitative InputRangeWeighted Average
(based on fair value of investments)		RangeWeighted Average
(based on fair value of investments)
Discount rates7.5%7.5%7.5%7.5%
Terminal capitalization rates
5.5% - 6.25%
5.6%5.5%5.5%
Schedule of Changes In Fair Value of Loans Receivable
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
(Amounts in thousands)For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Beginning balance$56,549 $52,046 $54,397 $50,182 
Interest accrual1,292 1,205 3,855 3,602 
Paydowns— — (411)(533)
Ending balance$57,841 $53,251 $57,841 $53,251 
Real Estate Investments  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation  
Schedule of Fair Value Inputs Quantitative Information Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate assets.
As of December 31, 2022
Unobservable Quantitative InputRangeWeighted Average
(based on fair value of investments)
Discount rates
7.50% - 8.00%
7.52%
Terminal capitalization rates
4.75% - 5.50%
4.78%