Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-term debt

Debt consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands):

	Principal Balance						As of March 31, 2020
	March 31, 2020			December 31, 2019			Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
Metro Center	$	89,090		$	89,650		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	%	4.75	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	38,061			38,251			4.01	%	4.23	%	1/5/2028
10 Bank Street	32,700			32,920			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	609,851			610,821
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			160,000			4.26	%	4.27	%	3/22/2030
Series F	175,000			175,000			4.44	%	4.45	%	3/22/2033
Series G	100,000			—			3.61	%	4.90	%	3/17/2032
Series H	75,000			—			3.73	%	5.00	%	3/17/2035
Unsecured revolving credit facility (4)	550,000			—			LIBOR plus 1.10%		3.48	%	8/29/2021
Unsecured term loan facility (4)	215,000			265,000			LIBOR plus 1.20%		3.39	%	3/19/2025
Unsecured term loan facility (4)	175,000			—			LIBOR plus 1.50%		3.87	%	12/31/2026
Total principal	2,524,851			1,675,821
Deferred financing costs, net	(14,082		)	(7,247		)
Total	$	2,510,769		$	1,668,574

______________

(1) The effective rate is the yield as of March 31, 2020 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

(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 March 31, 2020, we were in compliance with all debt covenants.

Aggregate required principal payments

Aggregate required principal payments at March 31, 2020 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2020	$	2,967	$	—	$	2,967
2021	4,090		550,000		554,090
2022	5,628		—		5,628
2023	7,876		—		7,876
2024	7,958		77,675		85,633
Thereafter	25,909		1,842,748		1,868,657
Total	$	54,428	$	2,470,423	$	2,524,851

Deferred financing costs, net

Deferred costs, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands):  

	March 31, 2020			December 31, 2019
Leasing costs	$	200,792		$	199,033
Acquired in-place lease value and deferred leasing costs	193,478			200,296
Acquired above-market leases	44,813			49,213
	439,083			448,542
Less: accumulated amortization	(220,505		)	(224,598		)
Total deferred costs, net, excluding net deferred financing costs	$	218,578		$	223,944

Deferred financing costs, net, consisted of the following at March 31, 2020 and December 31, 2019 (amounts in thousands):

	March 31, 2020			December 31, 2019
Financing costs	$	28,839		$	25,315
Less: accumulated amortization	(14,757		)	(13,863		)
Total deferred financing costs, net	$	14,082		$	11,452