Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

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 September 30, 2026
	Total		Level 1		Level 2		Level 3
Deferred compensation plan assets ($26,959 included in restricted cash and $75,585 in other assets)	$	102,544	$	70,143	$	—	$	32,401

Interest rate swaps and caps designated as a hedge (included in other assets)	44,051		—		44,051		—

Interest rate caps not designated as a hedge (included in other assets)	1,987		—		1,987		—
Total assets	$	148,582	$	70,143	$	46,038	$	32,401

Mandatorily redeemable instruments (included in other liabilities)	$	49,489	$	49,489	$	—	$	—

Interest rate caps not designated as a hedge (included in other liabilities)	1,740		—		1,740		—
Total liabilities	$	51,229	$	49,489	$	1,740	$	—

(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 September 30, 2026		For the Nine Months Ended September 30, 2026

Beginning balance	$	36,007	$	40,586
Purchases	2,871		7,526
Sales	(999)		(8,561)
Realized and unrealized losses	(6,477)		(9,740)
Other, net	999		2,590
Ending balance	$	32,401	$	32,401

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 September 30, 2026		For the Nine Months Ended September 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 September 30, 2026 and December 31, 2025.


(Amounts in thousands)	As of September 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	$	17,365	$	—	$	2,119
Unsecured term loan	750,000			4.12%		(3)	3,519		3,522		—
Unsecured revolving credit facility(4)	575,000			3.74%		08/27	8,728		5,208		—
One Park Avenue mortgage loan	500,000		(5)	4.52%		07/27	6,112		4,189		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	3,164		—		736
1290 Avenue of the Americas mortgage loan	200,000		(6)	4.58%	(7)	09/27	2,627		1,047		—
435 Seventh Avenue mortgage loan(8)							—		—		238
Interest rate caps:
Unsecured term loan (effective 10/26)	600,000			(3)		10/27	1,271		—		—
Unsecured revolving credit facility (effective 10/26)	343,000			(4)		10/27	728		—		—
Various mortgage loans							537		19		—
							$	44,051	$	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)Our $850,000 unsecured term loan, which matures in February 2031, is hedged by interest rate swaps and an interest rate cap. In October 2026, $500,000 of the swaps expired, and that amount, together with $100,000 previously floating, became subject to a 4.75% SOFR strike rate cap entered into on September 29, 2026, which expires in October 2027. The term loan’s swapped, capped and floating balances are summarized below.


	Swapped Balance		All-In Swapped Rate	Capped Balance		Floating 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%	600,000		200,000
08/27 through 10/27	—		—%	600,000		250,000

(4)Of the $918,000 outstanding under our unsecured revolving credit facility, $575,000 is hedged by the interest rate swap shown above. On September 29, 2026, we entered into a 4.75% SOFR strike rate cap on the remaining $343,000, effective October 2026 and expiring October 2027.

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.60% as of September 30, 2026) and has a 5.20% SOFR strike rate cap in place until February 2028.

(6)The remaining $750,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.62% (5.44% as of September 30, 2026) and has a 4.00% SOFR strike rate cap in place until November 2026.

(7)The variable rate spread will increase by 25 basis points in November 2026.

(8)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 September 30, 2026 and December 31, 2025.


(Amounts in thousands)	As of September 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	$	17,365	$	—	$	2,119
Unsecured term loan	750,000			4.12%		(3)	3,519		3,522		—
Unsecured revolving credit facility(4)	575,000			3.74%		08/27	8,728		5,208		—
One Park Avenue mortgage loan	500,000		(5)	4.52%		07/27	6,112		4,189		—
100 West 33rd Street mortgage loan	480,000			5.26%		06/27	3,164		—		736
1290 Avenue of the Americas mortgage loan	200,000		(6)	4.58%	(7)	09/27	2,627		1,047		—
435 Seventh Avenue mortgage loan(8)							—		—		238
Interest rate caps:
Unsecured term loan (effective 10/26)	600,000			(3)		10/27	1,271		—		—
Unsecured revolving credit facility (effective 10/26)	343,000			(4)		10/27	728		—		—
Various mortgage loans							537		19		—
							$	44,051	$	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.


	Swapped Balance		All-In Swapped Rate	Capped Balance		Floating 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%	600,000		200,000
08/27 through 10/27	—		—%	600,000		250,000

(5)The remaining $25,000 mortgage loan balance bears interest at a floating rate of SOFR plus 1.78% (5.60% as of September 30, 2026) and has a 5.20% SOFR strike rate cap in place until February 2028.

(7)The variable rate spread will increase by 25 basis points in November 2026.

(8)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 September 30, 2026					As of December 31, 2025
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Cash equivalents	$	410,668		$	411,000	$	508,812		$	509,000
Debt:
Mortgages payable	$	4,869,543		$	4,662,000	$	4,944,037		$	4,754,000
Senior unsecured notes	850,000			781,000		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)	$	7,211,000	$	7,214,457	(1)	$	6,988,000

______________________

(1)Excludes $39,231 and $28,829 of deferred financing costs, net and other as of September 30, 2026 and December 31, 2025, respectively.

- 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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