Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

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

							As of December 31, 2018
	Principal Balance as of December 31, 2018			Principal Balance as of December 31, 2017			Stated Rate		Effective Rate(1)		Maturity Date(2)
Fixed rate mortgage debt
Metro Center	$	91,838		$	93,948		3.59	%	3.68	%	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	%	4.45	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	38,995			39,710			4.01	%	4.22	%	1/5/2028
10 Bank Street	33,779			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	%	4.29	%	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	614,612			721,224
Senior unsecured notes - exchangeable	250,000			250,000			2.63	%	3.93	%	8/15/2019
Senior unsecured notes: (4)
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 (4)	—			—			(5)		(5)		8/29/2021
Unsecured term loan facility (4)	265,000			265,000			(6)		(6)		8/29/2022
Total principal	1,929,612			1,701,224
Unamortized (discount) premiums, net of unamortized premiums (discount)	(1,647		)	(3,370		)
Deferred financing costs, net	(9,032		)	(9,133		)
Total	$	1,918,933		$	1,688,721

______________

(1) The effective rate is the yield as of December 31, 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 of 4.09% and a $16 million loan bearing interest at 6.25%.

(4) At December 31, 2018, we were in compliance with all debt covenants.

(5) At December 31, 2018, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at December 31, 2018 was 3.60%.

(6) 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 December 31, 2018 was 3.35%.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at December 31, 2018 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2019	$	3,790	$	250,000	$	253,790
2020	3,938		—		3,938
2021	4,090		—		4,090
2022	5,628		265,000		270,628
2023	7,876		—		7,876
Thereafter	33,868		1,355,422		1,389,290
Total principal maturities	$	59,190	$	1,870,422	$	1,929,612

Schedule of Deferred Costs, Net

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

	2018			2017
Leasing costs	$	178,120		$	164,751
Acquired in-place lease value and deferred leasing costs	214,550			237,364
Acquired above-market leases	52,136			67,415
	444,806			469,530
Less: accumulated amortization	(209,839		)	(215,102		)
Total deferred costs, net, excluding net deferred financing costs	$	234,967		$	254,428

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

	2018			2017
Financing costs	$	25,315		$	24,446
Less: accumulated amortization	(10,027		)	(7,039		)
Total deferred financing costs, net	$	15,288		$	17,407