Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Long-Term Debt

Debt consisted of the following as of September 30, 2017 and December 31, 2016 (amounts in thousands):

	Principal Balance						As of September 30, 2017
	September 30, 2017			December 31, 2016			Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
1333 Broadway	$	66,872		$	67,656		6.32	%	3.73	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	66,909			67,714			6.12	%	3.37	%	2/5/2018
(second lien mortgage loan)	9,226			9,389			3.35	%	3.36	%	2/5/2018
111 West 33rd Street
(first lien mortgage loan)	74,356			75,261			6.01	%	3.32	%	4/5/2018
(second lien mortgage loan)	9,405			9,509			6.56	%	3.62	%	4/5/2018
1350 Broadway	37,302			37,764			5.87	%	3.71	%	4/5/2018
Metro Center	94,464			95,985			3.59	%	3.66	%	11/5/2024
10 Union Square	50,000			50,000			3.70	%	3.97	%	4/1/2026
1542 Third Avenue	30,000			17,795			4.29	%	4.68	%	5/1/2027
First Stamford Place(3)	180,000			235,067			4.28	%	4.67	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	39,885			26,502			4.01	%	4.45	%	1/5/2028
10 Bank Street	34,802			31,544			4.23	%	4.54	%	6/1/2032
383 Main Avenue	30,000			28,654			4.44	%	4.77	%	6/30/2032
Total mortgage debt	723,221			752,840
Senior unsecured notes - exchangeable	250,000			250,000			2.63	%	3.93	%	8/15/2019
Senior unsecured notes:(6)
Series A	100,000			100,000			3.93	%	4.00	%	3/27/2025
Series B	125,000			125,000			4.09	%	4.17	%	3/27/2027
Series C	125,000			125,000			4.18	%	4.26	%	3/27/2030
Unsecured revolving credit facility(6)	—			—			(4)		(4)		8/29/2021
Unsecured term loan facility(6)	265,000			265,000			(5)		(5)		8/29/2022
Total principal	1,588,221			1,617,840
Unamortized premiums, net of unamortized discount	(2,301		)	905
Deferred financing costs, net	(8,630		)	(6,414		)
Total	$	1,577,290		$	1,612,331

______________

(1) The effective rate is the yield as of September 30, 2017, 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) Represents a $164 million mortgage loan bearing interest of 4.09% and a $16 million loan bearing interest at 6.25%.

(4) At September 30, 2017, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at September 30, 2017 was 2.33%.

(5) The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.20%. 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. The rate at September 30, 2017 was 3.35%.

(6) At September 30, 2017, we were in compliance with all debt covenants.

Aggregate Required Principal Payments

Aggregate required principal payments at September 30, 2017 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2017	$	1,983	$	—	$	1,983
2018	4,417		262,210		266,627
2019	3,790		250,000		253,790
2020	3,938		—		3,938
2021	4,090		—		4,090
Thereafter	43,407		1,014,386		1,057,793
Total	$	61,625	$	1,526,596	$	1,588,221

Deferred Financing Costs, Net

Deferred costs, net, consisted of the following as of September 30, 2017 and December 31, 2016 (amounts in thousands):

	September 30, 2017			December 31, 2016
Leasing costs	$	158,780		$	140,325
Acquired in-place lease value and deferred leasing costs	244,829			253,113
Acquired above-market leases	70,290			74,770
	473,899			468,208
Less: accumulated amortization	(214,466		)	(195,617		)
Total deferred costs, net, excluding net deferred financing costs	$	259,433		$	272,591

Deferred financing costs, net, consisted of the following at September 30, 2017 and December 31, 2016 (amounts in thousands):

	September 30, 2017			December 31, 2016
Financing costs	$	23,333		$	23,145
Less: accumulated amortization	(6,004		)	(12,241		)
Total deferred financing costs, net	$	17,329		$	10,904