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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2026
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 June 30, 2026
| Total |  | Level 1 |  | Level 2 |  | Level 3
Deferred compensation plan assets ($15,967 included in restricted cash and $82,779 in other assets) | $ | 98,746 |  |  | $ | 62,739 |  |  | $ | — |  |  | $ | 36,007 |
Interest rate swaps and caps designated as a hedge (included in other assets) | 33,908 |  |  | — |  |  | 33,908 |  |  | — |
Interest rate caps not designated as a hedge (included in other assets) | 1,202 |  |  | — |  |  | 1,202 |  |  | — |
Total assets | $ | 133,856 |  |  | $ | 62,739 |  |  | $ | 35,110 |  |  | $ | 36,007 |
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,571 |  |  | $ | 49,571 |  |  | $ | — |  |  | $ | — |
Interest rate caps not designated as a hedge (included in other liabilities) | 1,061 |  |  | — |  |  | 1,061 |  |  | — |
Total liabilities | $ | 50,632 |  |  | $ | 49,571 |  |  | $ | 1,061 |  |  | $ | — |
(Amounts in thousands) | As of December 31, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
Deferred compensation plan assets ($17,590 included in restricted cash and $96,188 in other assets) | $ | 113,778 |  |  | $ | 73,192 |  |  | $ | — |  |  | $ | 40,586 |
Loans receivable (included in other assets) | 107,166 |  |  | — |  |  | — |  |  | 107,166 |
Interest rate swaps and caps designated as a hedge (included in other assets) | 13,985 |  |  | — |  |  | 13,985 |  |  | — |
Interest rate caps not designated as a hedge (included in other assets) | 42 |  |  | — |  |  | 42 |  |  | — |
Total assets | $ | 234,971 |  |  | $ | 73,192 |  |  | $ | 14,027 |  |  | $ | 147,752 |
Mandatorily redeemable instruments (included in other liabilities) | $ | 49,465 |  |  | $ | 49,465 |  |  | $ | — |  |  | $ | — |
Interest rate swaps designated as a hedge (included in other liabilities) | 3,093 |  |  | — |  |  | 3,093 |  |  | — |
Total liabilities | $ | 52,558 |  |  | $ | 49,465 |  |  | $ | 3,093 |  |  | $ | — |
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 Three Months Ended June 30, 2026 |  | For the Six Months Ended June 30, 2026
Beginning balance | $ | 40,924 |  |  | $ | 40,586 |
Purchases | 318 |  |  | 4,655 |
Sales | (2,334) |  |  | (7,562) |
Realized and unrealized losses | (3,787) |  |  | (3,263) |
Other, net | 886 |  |  | 1,591 |
Ending balance | $ | 36,007 |  |  | $ | 36,007 |
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 June 30, 2026 |  |  | For the Six Months Ended June 30, 2026 |
Beginning balance | $ | — |  |  |  | $ | 107,166 |  |
Repayments(1) | — |  |  |  | (107,337) |  | (1)
Interest accrual | — |  |  |  | 171 |  |
Ending balance | $ | — |  |  |  | $ | — |  |
__________________________ (1)In January 2026, we acquired 3 East 54th Street and the outstanding loan balance, including default interest and advances, was credited towards the purchase price. See Note 6 - Acquisitions for further details.
Schedule of Derivative Assets at Fair Value | The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2026 and December 31, 2025.
(Amounts in thousands) |  | As of June 30, 2026 |  |  |  | As of December 31, 2025
|  | Notional Amount |  | All-In Swapped Rate |  | Swap/Cap Expiration Date |  | Fair Value Asset |  |  |  | Fair Value Asset |  | Fair Value Liability
Interest rate swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |
555 California Street mortgage loan |  | $ | 840,000 |  | (1) | 5.56% | (2) | 05/28 |  | $ | 10,244 |  |  |  |  | $ | — |  |  | $ | 2,119 |
Unsecured term loan |  | 750,000 |  |  | 4.12% |  | (3) |  | 4,256 |  |  |  |  | 3,522 |  |  | — |
Unsecured revolving credit facility |  | 575,000 |  |  | 3.74% |  | 08/27 |  | 8,113 |  |  |  |  | 5,208 |  |  | — |
One Park Avenue mortgage loan |  | 500,000 |  | (4) | 4.52% |  | 07/27 |  | 6,124 |  |  |  |  | 4,189 |  |  | — |
100 West 33rd Street mortgage loan |  | 480,000 |  |  | 5.26% |  | 06/27 |  | 2,485 |  |  |  |  | — |  |  | 736 |
1290 Avenue of the Americas mortgage loan |  | 200,000 |  | (5) | 4.58% | (6) | 09/27 |  | 2,289 |  |  |  |  | 1,047 |  |  | — |
435 Seventh Avenue mortgage loan(7) |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  | 238 |
Interest rate caps: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Various mortgage loans |  |  |  |  |  |  |  | 397 |  |  |  |  | 19 |  |  | — |
|  |  |  |  |  |  |  | $ | 33,908 |  |  |  |  | $ | 13,985 |  |  | $ | 3,093 |
______________________ (1)Represents our 70.0% share of the $1.2 billion mortgage loan. (2)The variable rate spread will increase by 25 basis points in May 2027. (3)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in February 2031. The impact of these interest rate swap arrangements is detailed below:
|  | Swapped Balance |  | All-In Swapped Rate |  | Unswapped Balance (bears interest at S+115)
Through 10/26 |  | $ | 750,000 |  |  | 4.12% |  | $ | 100,000 |
10/26 through 07/27 |  | 250,000 |  |  | 3.89% |  | 600,000 |
07/27 through 08/27 |  | 50,000 |  |  | 3.89% |  | 800,000 |
(4)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.41% as of June 30, 2026) and has a 5.20% SOFR strike rate cap in place until February 2028. (5)The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.25% as of June 30, 2026) and has a 4.00% SOFR strike rate cap in place until November 2026. (6)The variable rate spread will increase by 25 basis points in November 2026. (7)On April 5, 2026, the $75,000 notional interest rate swap expired.
Schedule of Derivative Liabilities at Fair Value | The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of June 30, 2026 and December 31, 2025.
(Amounts in thousands) |  | As of June 30, 2026 |  |  |  | As of December 31, 2025
|  | Notional Amount |  | All-In Swapped Rate |  | Swap/Cap Expiration Date |  | Fair Value Asset |  |  |  | Fair Value Asset |  | Fair Value Liability
Interest rate swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |
555 California Street mortgage loan |  | $ | 840,000 |  | (1) | 5.56% | (2) | 05/28 |  | $ | 10,244 |  |  |  |  | $ | — |  |  | $ | 2,119 |
Unsecured term loan |  | 750,000 |  |  | 4.12% |  | (3) |  | 4,256 |  |  |  |  | 3,522 |  |  | — |
Unsecured revolving credit facility |  | 575,000 |  |  | 3.74% |  | 08/27 |  | 8,113 |  |  |  |  | 5,208 |  |  | — |
One Park Avenue mortgage loan |  | 500,000 |  | (4) | 4.52% |  | 07/27 |  | 6,124 |  |  |  |  | 4,189 |  |  | — |
100 West 33rd Street mortgage loan |  | 480,000 |  |  | 5.26% |  | 06/27 |  | 2,485 |  |  |  |  | — |  |  | 736 |
1290 Avenue of the Americas mortgage loan |  | 200,000 |  | (5) | 4.58% | (6) | 09/27 |  | 2,289 |  |  |  |  | 1,047 |  |  | — |
435 Seventh Avenue mortgage loan(7) |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  | 238 |
Interest rate caps: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Various mortgage loans |  |  |  |  |  |  |  | 397 |  |  |  |  | 19 |  |  | — |
|  |  |  |  |  |  |  | $ | 33,908 |  |  |  |  | $ | 13,985 |  |  | $ | 3,093 |
______________________ (1)Represents our 70.0% share of the $1.2 billion mortgage loan. (2)The variable rate spread will increase by 25 basis points in May 2027. (3)Represents the aggregate fair value of various interest rate swap arrangements to hedge interest payments on our unsecured term loan, which matures in February 2031. The impact of these interest rate swap arrangements is detailed below:
|  | Swapped Balance |  | All-In Swapped Rate |  | Unswapped Balance (bears interest at S+115)
Through 10/26 |  | $ | 750,000 |  |  | 4.12% |  | $ | 100,000 |
10/26 through 07/27 |  | 250,000 |  |  | 3.89% |  | 600,000 |
07/27 through 08/27 |  | 50,000 |  |  | 3.89% |  | 800,000 |
(4)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.41% as of June 30, 2026) and has a 5.20% SOFR strike rate cap in place until February 2028. (5)The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.25% as of June 30, 2026) and has a 4.00% SOFR strike rate cap in place until November 2026. (6)The variable rate spread will increase by 25 basis points in November 2026. (7)On April 5, 2026, the $75,000 notional interest rate swap expired.
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 June 30, 2026 |  | As of December 31, 2025
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Cash equivalents | $ | 504,815 |  |  | $ | 505,000 |  |  | $ | 508,812 |  |  | $ | 509,000 |
Debt: |  |  |  |  |  |  |
Mortgages payable | $ | 4,869,543 |  |  | $ | 4,671,000 |  |  | $ | 4,944,037 |  |  | $ | 4,754,000 |
Senior unsecured notes | 850,000 |  |  | 824,000 |  |  | 750,000 |  |  | 714,000 |
Unsecured term loan | 850,000 |  |  | 850,000 |  |  | 800,000 |  |  | 800,000 |
Unsecured revolving credit facilities | 918,000 |  |  | 918,000 |  |  | 720,420 |  |  | 720,000 |
Total | $ | 7,487,543 |  | (1) | $ | 7,263,000 |  |  | $ | 7,214,457 |  | (1) | $ | 6,988,000 |
______________________ (1)Excludes $42,843 and $28,829 of deferred financing costs, net and other as of June 30, 2026 and December 31, 2025, respectively.

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