Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following as of September 30, 2016 and December 31, 2015 (amounts in thousands):

							As of September 30, 2016
	Principal Balance as of September 30, 2016			Principal Balance as of December 31, 2015			Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
10 Bank Street	$	31,715		$	32,214		5.72	%	6.22	%	6/1/2017
1542 Third Avenue	17,906			18,222			5.90	%	6.61	%	6/1/2017
First Stamford Place	236,030			238,765			5.65	%	6.17	%	7/5/2017
1010 Third Avenue and 77 West 55th Street	26,646			27,064			5.69	%	6.39	%	7/5/2017
383 Main Avenue	28,811			29,269			5.59	%	6.04	%	7/5/2017
1333 Broadway	67,909			68,646			6.32	%	3.76	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	67,974			68,732			6.12	%	3.41	%	2/5/2018
(second lien mortgage loan)	9,442			9,600			3.35	%	3.36	%	2/5/2018
112 West 34th Street
(first lien mortgage loan)	75,554			76,406			6.01	%	3.36	%	4/5/2018
(second lien mortgage loan)	9,543			9,640			6.56	%	3.67	%	4/5/2018
1350 Broadway	37,913			38,348			5.87	%	3.74	%	4/5/2018
Metro Center	96,483			97,950			3.59	%	3.66	%	11/5/2024
10 Union Square (3)	50,000			20,289			3.70	%	4.00	%	4/1/2026
Total mortgage debt	755,926			735,145
Senior unsecured notes - exchangeable	250,000			250,000			2.63	%	3.93	%	8/15/2019
Senior unsecured notes:
Series A	100,000			100,000			3.93	%	4.02	%	3/27/2025
Series B	125,000			125,000			4.09	%	4.18	%	3/27/2027
Series C	125,000			125,000			4.18	%	4.27	%	3/27/2030
Unsecured revolving credit facility	—			40,000			(4)		(4)		1/23/2019
Unsecured term loan facility	265,000			265,000			(5)		(5)		8/24/2022
Total principal	1,620,926			1,640,145
Unamortized premiums, net of unamortized discount	1,974			5,181
Deferred financing costs, net	(7,067		)	(12,910		)
Total	$	1,615,833		$	1,632,416

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(1) The effective rate is the yield as of September 30, 2016, including the effects of debt issuance costs and the amortization of the fair value of debt adjustment.

(2) Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.

(3) The mortgage loan collateralized by 10 Union Square was refinanced in March 2016.

(4) At September 30, 2016, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at September 30, 2016 was 1.68%.

(5) The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at September 30, 2016 was 2.13%. Pursuant to a forward interest rate swap agreement, the LIBOR rate is fixed at 2.1485% for the period beginning on August 31, 2017 through maturity.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at September 30, 2016 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2016	$	3,086	$	—	$	3,086
2017	9,904		336,009		345,913
2018	2,880		262,210		265,090
2019	2,188		250,000		252,188
2020	2,268		—		2,268
Thereafter	9,706		742,675		752,381
Total	$	30,032	$	1,590,894	$	1,620,926

Schedule of Deferred Costs, Net

Deferred costs, net consisted of the following as of September 30, 2016 and December 31, 2015 (amounts in thousands):

	September 30, 2016			December 31, 2015
Leasing costs	$	137,925		$	121,864
Acquired in-place lease value and deferred leasing costs	258,880			285,902
Acquired above-market leases	76,532			81,680
	473,337			489,446
Less: accumulated amortization	(190,773		)	(178,767		)
Total deferred costs, net, excluding net deferred financing costs	$	282,564		$	310,679

Deferred financing costs, net, consisted of the following at September 30, 2016 and December 31, 2015 (amounts in thousands):

	September 30, 2016			December 31, 2015
Financing costs	$	23,044		$	20,882
Less: accumulated amortization	(10,949		)	(7,972		)
Total deferred financing costs, net	$	12,095		$	12,910