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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets measured at fair value on our consolidated balance sheet as of March 31, 2023 consist of U.S. Treasury bills (classified as available-for-sale) and interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of March 31, 2023.
|  | As of March 31, 2023
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
(Amounts in thousands) |  |  |  |  |  |  |  |
Investments in U.S. Treasury bills(1) |  | $ | 99,780 |  |  | $ | 99,780 |  |  | $ | — |  |  | $ | — |
Interest rate derivatives (included in other assets) |  | 24,657 |  |  | — |  |  | 24,657 |  |  | — |
|  | $ | 124,437 |  |  | $ | 99,780 |  |  | $ | 24,657 |  |  | $ | — |
(1)As of March 31, 2023, our investments in U.S. Treasury bills have an aggregate accreted value of $99,881 prior to being marked to fair value and have remaining maturities of less than one year. During the three months ended March 31, 2023, we realized proceeds of $170,000 from maturing U.S. Treasury bills. 8.Fair Value Measurements - continued Financial assets measured at fair value on our consolidated balance sheet as of December 31, 2022 consist of U.S. Treasury bills (classified as available for-sale) and interest rate derivatives which are presented in the table below based on their level in the fair value hierarchy. There were no financial liabilities measured at fair value as of December 31, 2022.
|  |  |  | As of December 31, 2022
(Amounts in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | Investments in U.S. Treasury bills(1) |  | $ | 266,963 |  |  | $ | 266,963 |  |  | $ | — |  |  | $ | — |
|  | Interest rate derivatives (included in other assets) |  | 29,351 |  |  | — |  |  | 29,351 |  |  | — |
|  |  |  | $ | 296,314 |  |  | $ | 266,963 |  |  | $ | 29,351 |  |  | $ | — |
(1)During the year ended December 31, 2022, we purchased $364,238 in U.S. Treasury bills with an aggregate par value of $370,000 and realized proceeds of $100,000 from maturing U.S. Treasury bills. As of December 31, 2022 our investments in U.S. Treasury bills had an aggregate accreted value of $267,809 prior to being marked to fair value and had remaining maturities of less than one year.
Schedule of Fair Value, by Balance Sheet Grouping | The table below summarizes our interest rate derivatives, all of which hedge the interest rate risk attributable to the variable rate debt noted as of March 31, 2023 and December 31, 2022, respectively.
|  |  |  | Fair Value as of |  | As of March 31, 2023
(Amounts in thousands) |  | March 31, 2023 |  | December 31, 2022 |  | Notional Amount |  | Swapped Rate |  | Expiration Date
Interest rate swap related to: |  |  |  |  |  |  |  |  |  |
|  | 731 Lexington Avenue mortgage loan, retail condominium |  | $ | 22,453 |  |  | $ | 26,718 |  |  | $ | 300,000 |  |  | 1.76% |  | 05/25
Interest rate caps related to: |  |  |  |  |  |  |  |  |  |
|  | Rego Park II shopping center mortgage loan |  | 2,196 |  |  | 2,622 |  |  | 202,544 |  |  | (1) |  | 11/24
|  | 731 Lexington Avenue mortgage loan, office condominium |  | 8 |  |  | 11 |  |  | 500,000 |  |  | (2) |  | 06/23
Included in other assets |  | $ | 24,657 |  |  | $ | 29,351 |  |  |  |  |  |  |
(1)SOFR cap strike rate of 4.15% (2)LIBOR cap strike rate of 6.00%
Schedule of Fair Value, by Balance Sheet Grouping | The table below summarizes the carrying amount and fair value of these financial instruments as of March 31, 2023 and December 31, 2022.
|  | As of March 31, 2023 |  | As of December 31, 2022
(Amounts in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 208,596 |  |  | $ | 208,596 |  |  | $ | 47,852 |  |  | $ | 47,852 |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable (excluding deferred debt issuance costs, net) |  | $ | 1,096,544 |  |  | $ | 1,071,540 |  |  | $ | 1,096,544 |  |  | $ | 1,061,221 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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