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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Aggregate the Fair Values of these Financial Assets and Liabilities 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, 2023
 TotalLevel 1Level 2Level 3
Deferred compensation plan assets ($26,363 included in restricted cash and $78,883 in other assets)
$105,246 $58,956 $— $46,290 
Loans receivable (included in investments in partially owned entities)32,984 — — 32,984 
Interest rate swaps and caps designated as a hedge (included in other assets)138,772 — 138,772 — 
Interest rate caps not designated as a hedge (included in other assets)4,154 — 4,154 — 
Total assets$281,156 $58,956 $142,926 $79,274 
Mandatorily redeemable instruments (included in other liabilities)$49,386 $49,386 $— $— 
Interest rate swaps designated as a hedge (included in other liabilities)7,239 — 7,239 — 
Interest rate caps not designated as a hedge (included in other liabilities)4,092 — 4,092 — 
Total liabilities$60,717 $49,386 $11,331 $— 
(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 designated as a hedge (included in other assets)183,804 — 183,804 — 
Interest rate caps not designated as a hedge (included in other assets)5,994 — 5,994 — 
Total assets$812,479 $529,368 $189,798 $93,313 
Mandatorily redeemable instruments (included in other liabilities)$49,383 $49,383 $— $— 
Interest rate caps not designated as a hedge (included in other liabilities)2,741 — 2,741 — 
Total liabilities$52,124 $49,383 $2,741 $— 
____________________
(1)During the year ended December 31, 2023, we realized proceeds of $477,000 from maturing U.S. Treasury bills.
Schedule of Changes in Fair Value of Deferred Compensation 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 Year Ended December 31,
 20232022
Beginning balance$38,916 $45,016 
Purchases7,855 4,507 
Sales(5,080)(9,941)
Realized and unrealized gains (losses)982 (3,781)
Other, net3,617 3,115 
Ending balance$46,290 $38,916 
Schedule of Fair Value Inputs Quantitative Information Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these loans receivable.
As of
December 31, 2023December 31, 2022
Unobservable quantitative inputs (range and weighted average):
Discount rates8.0%7.5%
Terminal capitalization rates
5.5%
5.5%
The fair value of these assets was measured using discounted cash flow analyses and level 3 inputs. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of these real estate assets.
As of
December 31, 2023December 31, 2022
Unobservable Quantitative InputRangeWeighted AverageRangeWeighted Average
Discount rates
7.50% - 8.00%
7.99%
7.50% - 8.00%
7.52%
Terminal capitalization rates
5.50%
5.50%
4.75% - 5.50%
4.78%
Schedule of Changes In Fair Value of Loans Receivable
The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture.
(Amounts in thousands)For the Year Ended December 31,
 20232022
Beginning balance$— $7,730 
Previously recorded unrealized loss on exited investments247,575 59,396 
Net realized loss on exited investments(245,714)(54,255)
Net unrealized loss on held investments— (7,730)
Dispositions(1,861)(5,141)
Ending balance$— $— 
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
(Amounts in thousands)For the Year Ended December 31,
20232022
Beginning balance$54,397 $50,182 
Credit losses(26,155)(1)— 
Interest accrual 5,153 4,748 
Paydowns(411)(533)
Ending balance$32,984 $54,397 
____________________
(1)Includes a $21,114 impairment loss on advances made for our interest in a joint venture, resulting from a decline in the value of the underlying building. The loss was included in “income (loss) from partially owned entities” on our consolidated statements of income for the year ended December 31, 2023.
Schedule of Derivative Assets at Fair Value
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2023 and 2022, respectively.
(Amounts in thousands)As of December 31, 2023As of
December 31,
2022
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value Asset
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
2.29%05/24$15,494 $— $49,888 
Forward swap (effective 05/24)840,000 
(1)
6.03%05/26— 6,091 — 
770 Broadway mortgage loan700,000 4.98%07/2720,306 — 29,226 
PENN 11 mortgage loan:
In-place swap500,000 2.22%03/244,702 — 26,587 
Forward swap (effective 03/24)250,000 
(2)
6.34%10/25— 1,148 — 
Unsecured revolving credit facility575,000 3.87%08/2717,064 — 24,457 
Unsecured term loan(3)
700,000 4.52%(3)11,089 — 21,024 
100 West 33rd Street mortgage loan480,000 5.06%06/273,550 — 6,886 
888 Seventh Avenue mortgage loan200,000 
(4)
4.76%09/274,340 — 6,544 
4 Union Square South mortgage loan98,200 
(5)
3.74%01/252,327 — 4,050 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (6)11/2553,784 — 7,590 
One Park Avenue mortgage loan525,000 (7)03/255,297 — 5,472 
Various mortgage loans819 — 2,080 
$138,772 $7,239 $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)In January 2024, we entered into a forward swap arrangement for the remaining $250,000 balance of the $500,000 PENN 11 mortgage loan which is effective upon the March 2024 expiration of the current in-place swap. Together with the forward swap above, the loan will bear interest at an all-in swapped rate of 6.28% effective March 2024 through October 2025.
(3)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 07/25$700,000 4.52%$100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 4.03%750,000 
2022 includes the fair value of a $100,000 notional swap which expired in October 2023.
(4)The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.14% as of December 31, 2023).
(5)The remaining $21,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.84% as of December 31, 2023).
(6)Current SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 was attributable to noncontrolling interests. See Note 9 - Debt for further information.
(7)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 December 31, 2023 and 2022, respectively.
(Amounts in thousands)As of December 31, 2023As of
December 31,
2022
Notional AmountAll-In Swapped RateSwap/Cap Expiration DateFair Value AssetFair Value LiabilityFair Value Asset
Interest rate swaps:
555 California Street mortgage loan:
In-place swap$840,000 
(1)
2.29%05/24$15,494 $— $49,888 
Forward swap (effective 05/24)840,000 
(1)
6.03%05/26— 6,091 — 
770 Broadway mortgage loan700,000 4.98%07/2720,306 — 29,226 
PENN 11 mortgage loan:
In-place swap500,000 2.22%03/244,702 — 26,587 
Forward swap (effective 03/24)250,000 
(2)
6.34%10/25— 1,148 — 
Unsecured revolving credit facility575,000 3.87%08/2717,064 — 24,457 
Unsecured term loan(3)
700,000 4.52%(3)11,089 — 21,024 
100 West 33rd Street mortgage loan480,000 5.06%06/273,550 — 6,886 
888 Seventh Avenue mortgage loan200,000 
(4)
4.76%09/274,340 — 6,544 
4 Union Square South mortgage loan98,200 
(5)
3.74%01/252,327 — 4,050 
Interest rate caps:
1290 Avenue of the Americas mortgage loan950,000 (6)11/2553,784 — 7,590 
One Park Avenue mortgage loan525,000 (7)03/255,297 — 5,472 
Various mortgage loans819 — 2,080 
$138,772 $7,239 $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)In January 2024, we entered into a forward swap arrangement for the remaining $250,000 balance of the $500,000 PENN 11 mortgage loan which is effective upon the March 2024 expiration of the current in-place swap. Together with the forward swap above, the loan will bear interest at an all-in swapped rate of 6.28% effective March 2024 through October 2025.
(3)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in December 2027. The impact of these interest rate swap arrangements is detailed below:
Swapped BalanceAll-In Swapped RateUnswapped Balance
(bears interest at S+129)
Through 07/25$700,000 4.52%$100,000 
07/25 through 10/26550,000 4.35%250,000 
10/26 through 08/2750,000 4.03%750,000 
2022 includes the fair value of a $100,000 notional swap which expired in October 2023.
(4)The remaining $59,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (7.14% as of December 31, 2023).
(5)The remaining $21,800 mortgage loan balance bears interest at a floating rate of SOFR plus 1.50% (6.84% as of December 31, 2023).
(6)Current SOFR strike rate of 1.00%. In connection with the arrangement, we made a $63,100 up-front payment, of which $18,930 was attributable to noncontrolling interests. See Note 9 - Debt for further information.
(7)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%.
Fair Value Measurements on a Nonrecurring Basis
During the years ended December 31, 2023 and 2022, we recognized impairment losses on certain real estate investments. The following table sets forth the details of our impairment losses.

(Amounts in thousands)As of and For The Years Ended
December 31, 2023December 31, 2022
Aggregate Fair ValueImpairment LossesAggregate Fair ValueImpairment Losses
Consolidated real estate assets$55,097 $45,007 
(1)
$80,008 $19,098 
Investments in partially owned entities21,473 29,344 
(2)
2,272,320 583,212 
(3)
$76,570 $74,351 $2,352,328 $602,310 
________________________________________
(1)Includes $22,176 attributable to noncontrolling interests.
(2)Excludes a $21,114 impairment loss on advances made for our interest in a joint venture.
(3)Includes $6,822 attributable to noncontrolling interests.
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, 2023As of December 31, 2022
 Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Cash equivalents$825,720 $826,000 $402,903 $403,000 
Debt:  
Mortgages payable$5,729,615 $5,569,000 $5,877,615 $5,697,000 
Senior unsecured notes1,200,000 1,069,000 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$8,304,615 
(1)
$8,013,000 $8,452,615 
(1)
$8,093,000 
________________________________________
(1)Excludes $53,163 and $63,572 of deferred financing costs, net and other as of December 31, 2023 and 2022, respectively.