Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Long-term debt

Debt consisted of the following as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	Principal Balance						As of September 30, 2018
	September 30, 2018			December 31, 2017			Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
Metro Center	$	92,372		$	93,948		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			30,000			4.29	%	4.53	%	5/1/2027
First Stamford Place(3)	180,000			180,000			4.28	%	4.44	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	39,177			39,710			4.01	%	4.20	%	1/5/2028
10 Bank Street	33,988			34,602			4.23	%	4.35	%	6/1/2032
383 Main Avenue	30,000			30,000			4.44	%	4.55	%	6/30/2032
1333 Broadway	160,000			66,602			4.21	%	4.26	%	2/5/2033
1400 Broadway
(first lien mortgage loan)	—			66,632			—		—		—
(second lien mortgage loan)	—			9,172			—		—		—
111 West 33rd Street
(first lien mortgage loan)	—			74,045			—		—		—
(second lien mortgage loan)	—			9,369			—		—		—
1350 Broadway	—			37,144			—		—		—
Total mortgage debt	615,537			721,224
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	%	3.96	%	3/27/2025
Series B	125,000			125,000			4.09	%	4.12	%	3/27/2027
Series C	125,000			125,000			4.18	%	4.21	%	3/27/2030
Series D	115,000			115,000			4.08	%	4.11	%	1/22/2028
Series E	160,000			—			4.26	%	4.27	%	3/22/2030
Series F	175,000			—			4.44	%	4.45	%	3/22/2033
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	1,930,537			1,701,224
Unamortized discount, net of unamortized premium	(2,315		)	(3,370		)
Deferred financing costs, net	(9,538		)	(9,133		)
Total	$	1,918,684		$	1,688,721

______________

(1) The effective rate is the yield as of September 30, 2018, 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 at 4.09% and a $16 million loan bearing interest at 6.25%.

(4) At September 30, 2018, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at September 30, 2018 was 3.36%.

(5) The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.20%. Pursuant to an interest rate swap agreement, the LIBOR rate is fixed at 2.1485% through maturity. The rate at September 30, 2018 was 3.35%.

(6) At September 30, 2018, we were in compliance with all debt covenants.

Aggregate required principal payments

Aggregate required principal payments at September 30, 2018 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2018	$	925	$	—	$	925
2019	3,790		250,000		253,790
2020	3,938		—		3,938
2021	4,090		—		4,090
2022	5,628		265,000		270,628
Thereafter	41,744		1,355,422		1,397,166
Total	$	60,115	$	1,870,422	$	1,930,537

Deferred financing costs, net

Deferred costs, net, consisted of the following as of September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018			December 31, 2017
Leasing costs	$	171,865		$	164,751
Acquired in-place lease value and deferred leasing costs	218,810			237,364
Acquired above-market leases	53,208			67,415
	443,883			469,530
Less: accumulated amortization	(206,210		)	(215,102		)
Total deferred costs, net, excluding net deferred financing costs	$	237,673		$	254,428

Deferred financing costs, net, consisted of the following at September 30, 2018 and December 31, 2017 (amounts in thousands):

	September 30, 2018			December 31, 2017
Financing costs	$	25,312		$	24,446
Less: accumulated amortization	(9,006		)	(7,039		)
Total deferred financing costs, net	$	16,306		$	17,407