Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Long-term debt

Debt consisted of the following as of June 30, 2019 and December 31, 2018 (amounts in thousands):

	Principal Balance						As of June 30, 2019
	June 30, 2019			December 31, 2018			Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
Metro Center	$	90,754		$	91,838		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	%	4.42	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	38,627			38,995			4.01	%	4.20	%	1/5/2028
10 Bank Street	33,354			33,779			4.23	%	4.36	%	6/1/2032
383 Main Avenue	30,000			30,000			4.44	%	4.55	%	6/30/2032
1333 Broadway	160,000			160,000			4.21	%	4.29	%	2/5/2033
Total mortgage debt	612,735			614,612
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			160,000			4.26	%	4.27	%	3/22/2030
Series F	175,000			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	1,927,735			1,929,612
Unamortized discount, net of unamortized premium	(312		)	(1,647		)
Deferred financing costs, net	(8,018		)	(9,032		)
Total	$	1,919,405		$	1,918,933

______________

(1) The effective rate is the yield as of June 30, 2019, 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 June 30, 2019, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at June 30, 2019 was 3.50%.

(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 June 30, 2019 was 3.35%.

(6)

At June 30, 2019, we were in compliance with all debt covenants.

Aggregate required principal payments

Aggregate required principal payments at June 30, 2019 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2019	$	1,913	$	250,000	$	251,913
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	$	57,313	$	1,870,422	$	1,927,735

Deferred financing costs, net

Deferred costs, net, consisted of the following as of June 30, 2019 and December 31, 2018 (amounts in thousands):  

	June 30, 2019			December 31, 2018
Leasing costs	$	182,975		$	178,120
Acquired in-place lease value and deferred leasing costs	210,006			214,550
Acquired above-market leases	50,749			52,136
	443,730			444,806
Less: accumulated amortization	(220,177		)	(209,839		)
Total deferred costs, net, excluding net deferred financing costs	$	223,553		$	234,967

Deferred financing costs, net, consisted of the following at June 30, 2019 and December 31, 2018 (amounts in thousands):

	June 30, 2019			December 31, 2018
Financing costs	$	25,315		$	25,315
Less: accumulated amortization	(12,067		)	(10,027		)
Total deferred financing costs, net	$	13,248		$	15,288