XML 67 R68.htm IDEA: XBRL DOCUMENT v2.4.0.8
Mortgages and Other Loans Payable (Details) (USD $)
3 Months Ended 3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2014
609 Partners, LLC
Dec. 31, 2013
609 Partners, LLC
Mar. 31, 2014
609 Partners, LLC
Series E preferred units
Mar. 31, 2014
125 Park Avenue
Dec. 31, 2013
125 Park Avenue
Mar. 31, 2014
711 Third Avenue
Dec. 31, 2013
711 Third Avenue
Mar. 31, 2014
625 Madison Avenue
Dec. 31, 2013
625 Madison Avenue
Mar. 31, 2014
500 West Putnam
Dec. 31, 2013
500 West Putnam
Mar. 31, 2014
420 Lexington Avenue
Dec. 31, 2013
420 Lexington Avenue
Mar. 31, 2014
Landmark Square
Dec. 31, 2013
Landmark Square
Mar. 31, 2014
485 Lexington Avenue
Dec. 31, 2013
485 Lexington Avenue
Mar. 31, 2014
120 West 45th Street
Dec. 31, 2013
120 West 45th Street
Mar. 31, 2014
762 Madison Avenue
Dec. 31, 2013
762 Madison Avenue
Mar. 31, 2014
2 Herald Square
Dec. 31, 2013
2 Herald Square
Mar. 31, 2014
885 Third Avenue
Dec. 31, 2013
885 Third Avenue
Mar. 31, 2014
Other loan payable
Dec. 31, 2013
Other loan payable
Mar. 31, 2014
One Madison Avenue
Dec. 31, 2013
One Madison Avenue
Mar. 31, 2014
100 Church
Dec. 31, 2013
100 Church
Mar. 31, 2014
919 Third Avenue
Dec. 31, 2013
919 Third Avenue
Mar. 31, 2014
400 East 57th Street
Dec. 31, 2013
400 East 57th Street
Mar. 31, 2014
400 East 58th Street
Dec. 31, 2013
400 East 58th Street
Mar. 31, 2014
1515 Broadway
Dec. 31, 2013
1515 Broadway
Mar. 31, 2014
220 East 42nd Street
Dec. 31, 2013
220 East 42nd Street
Mar. 31, 2014
Master repurchase agreement
Dec. 31, 2013
Master repurchase agreement
Mar. 31, 2014
16 Court Street
Dec. 31, 2013
16 Court Street
Mar. 31, 2014
180 Maiden Lane
Dec. 31, 2013
180 Maiden Lane
Mar. 31, 2014
248-252 Bedford Avenue
Dec. 31, 2013
248-252 Bedford Avenue
Mar. 31, 2014
LIBOR
Minimum
Master repurchase agreement
Mar. 31, 2014
LIBOR
Maximum
Master repurchase agreement
Mortgages and Other Loans Payable                                                                                                          
Interest rate, fixed rate debt (as a percent)     5.00% [1],[2]     5.75% [1]   4.99% [1]   7.27% [1]   5.52% [1]   7.15% [1]   4.00% [1]   5.61% [1]   6.12% [1]   3.75% [1]   5.36% [1]   6.26% [1]   8.00% [1],[3]   5.91% [1]   4.68% [1]   5.12% [1],[4]   4.13% [1]   4.13% [1]   3.93% [1]                          
Interest rate, floating rate debt (as a percent)                                                                                   1.76% [1]   3.37% [1],[5]   4.00% [1]   2.35% [1],[6]   2.42% [1]      
Total fixed rate debt $ 4,122,502,000 $ 4,130,629,000 $ 23,000 [2] $ 23,000 [2]   $ 146,250,000 $ 146,250,000 $ 120,000,000 $ 120,000,000 $ 119,373,000 $ 120,830,000 $ 23,392,000 $ 23,529,000 $ 182,233,000 $ 182,641,000 $ 82,505,000 $ 82,909,000 $ 450,000,000 $ 450,000,000 $ 170,000,000 $ 170,000,000 $ 8,169,000 $ 8,211,000 $ 191,250,000 $ 191,250,000 $ 267,650,000 $ 267,650,000 $ 50,000,000 [3] $ 50,000,000 [3] $ 581,940,000 $ 587,336,000 $ 230,000,000 $ 230,000,000 $ 500,000,000 [4] $ 500,000,000 [4] $ 69,802,000 $ 70,000,000 $ 29,915,000 $ 30,000,000 $ 900,000,000 $ 900,000,000                        
Total floating rate debt 848,520,000 729,949,000                                                                               275,000,000 275,000,000 212,216,000 [5] 91,000,000 [5] 78,768,000 79,243,000 260,536,000 [6] 262,706,000 [6] 22,000,000 22,000,000    
Total mortgages and other loans payable 4,971,022,000 4,860,578,000                                                                                                      
Preferred Units, shares issued (shares)         63,900,000                                                                                                
Preferred Units (as a percent)         5.00%                                                                                                
Preferred Units, liquidation preference (in dollars per share)         $ 1.00                                                                                                
Preferred Units, shares outstanding (shares)         22,658                                                                                                
Interest in property (as a percent)                                                                   51.00%                                      
Maximum borrowing capacity 300,000,000                                                                                                        
Interest rate added to base rate (as a percent)                                                                                                       2.50% 3.25%
Gross book value of the properties and debt and preferred equity investments collateralizing the mortgages and other loans payable $ 8,000,000,000 $ 8,000,000,000                                                                                                      
[1] Effective weighted average interest rate for the three months ended March 31, 2014, taking into account interest rate hedges in effect during the period.
[2] As part of an acquisition, the Operating Partnership issued 63.9 million units of its 5.0% Series E preferred units, or the Series E units, with a liquidation preference of $1.00 per unit. As of March 31, 2014, 22,658 Series E units remained outstanding. In April 2014, these Series E units were subsequently canceled.
[3] This loan is secured by a portion of a preferred equity investment.
[4] We own a 51.0% controlling interest in the joint venture that is the borrower on this loan.
[5] The Master Repurchase Agreement, as amended in December 2013, or MRA, provides us an ability to sell certain debt investments in exchange for cash with a simultaneous agreement to repurchase the same debt investments at a certain date or on demand. This MRA has a maximum facility capacity of $300.0 million and bears interest ranging from 250 and 325 basis points over one-month LIBOR depending on the pledged collateral.
[6] In connection with this consolidated joint venture obligation, we executed a master lease agreement. Our partner has executed a contribution agreement to reflect its pro rata share of the obligation under the master lease.