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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2023 consist of 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 June 30, 2023.
|  | As of June 30, 2023
(Amounts in thousands) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Interest rate derivatives (included in other assets) |  | $ | 38,407 |  |  | $ | — |  |  | $ | 38,407 |  |  | $ | — |
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 | $ | 266,963 |  |  | $ | 266,963 |  |  | $ | — |  |  | $ | — |
Interest rate derivatives (included in other assets) | 29,351 |  |  | — |  |  | 29,351 |  |  | — |
| $ | 296,314 |  |  | $ | 266,963 |  |  | $ | 29,351 |  |  | $ | — |
Schedule of Interest Rate Derivatives | 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 June 30, 2023 and December 31, 2022, respectively.
|  |  |  | Fair Value as of |  | As of June 30, 2023
(Amounts in thousands) |  | June 30, 2023 |  | December 31, 2022 |  | Notional Amount |  | Swapped Rate |  | Expiration Date
Interest rate swap related to: |  |  |  |  |  |  |  |  |  |
|  | 731 Lexington Avenue mortgage loan, retail condominium |  | $ | 24,189 |  |  | $ | 26,718 |  |  | $ | 300,000 |  |  | 1.76% |  | 05/25
Interest rate caps related to: |  |  |  |  |  |  |  |  |  |
|  | Rego Park II shopping center mortgage loan |  | 3,106 |  |  | 2,622 |  |  | 202,544 |  |  | (1) |  | 11/24
|  | 731 Lexington Avenue mortgage loan, office condominium |  | 11,112 |  |  | 11 |  |  | 500,000 |  |  | (2) |  | 06/24
Included in other assets |  | $ | 38,407 |  |  | $ | 29,351 |  |  |  |  |  |  |
(1)SOFR cap strike rate of 4.15%. (2)In June 2023, we purchased an interest rate cap for $11,258, which capped LIBOR at 6.00% through July 15, 2023 and then the Prime Rate (8.25% as of June 30, 2023) at 6.00% through loan maturity. See Note 7 - Mortgages Payable for further information.
Schedule of Fair Value, by Balance Sheet Grouping | The table below summarizes the carrying amount and fair value of these financial instruments as of June 30, 2023 and December 31, 2022.
|  | As of June 30, 2023 |  | As of December 31, 2022
(Amounts in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 366,143 |  |  | $ | 366,143 |  |  | $ | 47,852 |  |  | $ | 47,852 |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable (excluding deferred debt issuance costs, net) |  | $ | 1,096,544 |  |  | $ | 1,054,151 |  |  | $ | 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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