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Fair Value Measurements (Tables)

6 Months Ended

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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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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