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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
    Debt consisted of the following as of December 31, 2021 and 2020 (amounts in thousands)
As of December 31, 2021
Principal Balance as
of December 31, 2021		Principal Balance as
of December 31, 2020		Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt
Metro Center$85,032 $87,382 3.59 %3.68 %11/5/2024
10 Union Square50,000 50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
First Stamford Place(3)
180,000 180,000 4.28 %4.77 %7/1/2027
1010 Third Avenue and 77 West 55th Street36,670 37,477 4.01 %4.23 %1/5/2028
250 West 57th Street180,000 180,000 2.83 %3.23 %12/1/2030
10 Bank Street31,091 32,025 4.23 %4.37 %6/1/2032
383 Main Avenue30,000 30,000 4.44 %4.56 %6/30/2032
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 — 
70.0% of LIBOR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B8,650 — 
LIBOR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 — 
70.0% of LIBOR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B19,250 — 
LIBOR plus 2.45%
3.85 %11/1/2033
Total fixed rate mortgage debt968,793 786,884 
Senior unsecured notes: (4)
   Series A100,000 100,000 3.93 %3.96 %3/27/2025
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E 160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
Unsecured revolving credit facility (4)
— — 
LIBOR plus 1.30%
— %3/31/2025
Unsecured term loan facility (4)
215,000 215,000 
LIBOR plus 1.20%
3.57 %3/19/2025
Unsecured term loan facility (4)
175,000 175,000 
LIBOR plus 1.50%
3.68 %12/31/2026
Total principal2,333,793 2,151,884 
Deferred financing costs, net(14,881)(15,235)
Unamortized debt discount(8,547)— 
Total$2,310,365 $2,136,649 
______________

(1)The effective rate is the yield as of December 31, 2021, including the effects of debt issuance costs and interest rate swaps.
(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, 2021, we were in compliance with all debt covenants.
Principal Payments
    Aggregate required principal payments at December 31, 2021 are as follows (amounts in thousands):
 
YearAmortizationMaturitiesTotal
2022$7,689 $— $7,689 
202310,130 — 10,130 
202410,424 77,675 88,099 
20258,523 315,000 323,523 
20269,030 225,000 234,030 
Thereafter39,968 1,630,354 1,670,322 
Total principal maturities$85,764 $2,248,029 $2,333,793 
Deferred Financing Costs
    Deferred financing costs, net, consisted of the following at December 31, 2021 and 2020 (amounts in thousands):     
20212020
Financing costs$44,637 $35,365 
Less: accumulated amortization(22,525)(17,998)
Total deferred financing costs, net$22,112 $17,367 
    Amortization expense related to deferred financing costs was $4.5 million, $4.1 million, and $3.8 million, for the years ended December 31, 2021, 2020 and 2019, respectively, and was included in interest expense.

Mortgage Debt
Mortgage debt of $30.0 million on our 383 Main Avenue property in Norwalk, Connecticut was in default as of December 31, 2021. We had suspended debt service as of November 1, 2021 and we identified this action as an indicator of impairment. We concluded that the cost basis of the asset exceeds its fair value when considering our reduced holding period given our new intent to transfer property ownership to the lender. We believe this action is in the best interest of our shareholders given the challenging fundamentals of the Norwalk, CT submarket. During the quarter, we had incurred an $7.7 million impairment charge on the same property. Refer to Note 2 Summary of Significant Accounting Policies.

Except as noted above, we are not in default on any of our loan agreements.

On December 22, 2021, we acquired two multifamily assets, the Victory (561 10th Avenue) and 345 East 94th Street. In connection with this acquisition, we assumed $134.0 million of debt on the Victory, which matures in November 2033 and has an effective interest rate of 3.85%, and $52 million of debt on 345 East 94th Street, which matures in November 2030 and has an effective interest rate of 3.56%.

Unsecured Revolving Credit and Term Loan Facilities
    On March 31, 2021, through our Operating Partnership, we entered into a second amendment to an existing credit agreement ("Amended Credit Agreement") that will govern an amended senior unsecured credit facility (the “Credit Facility”) with Bank of America, N.A., as administrative agent, and Bank of America, Wells Fargo Bank, National Association, Capital One, National Association and JPMorgan Chase Bank, N.A., as co-syndication agents, and the lenders and the letter of credit issuers party thereto. The Amended Credit Agreement amends the amended and restated credit agreement dated August 29, 2017, as amended, by and among the parties named therein.

The Credit Facility is in the initial maximum principal amount of up to $1.065 billion, which consists of a $850.0 million revolving credit facility and a $215.0 million term loan facility. We borrowed the term loan facility in full in August 2017. We may request the Credit Facility be increased through one or more increases in the revolving credit facility or one or more increases in the term loan facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $1.50 billion. The Credit Facility will be used for our working capital needs and for other general corporate purposes. As of December 31, 2021, we had no borrowings under the revolving credit facility and $215.0 million under the term loan facility.
The revolving credit facility matures on March 31, 2025. We have the option to extend the initial term for up to two additional 6-month periods, subject to certain conditions, including the payment of an extension fee equal to 0.0625% and 0.075% of the then outstanding commitments under the revolving credit facility on the first and the second extensions, respectively. The term loan facility matures on March 19, 2025. We may prepay the loans under the Credit Facility at any
time in whole or in part, subject to reimbursement of the lenders’ breakage and redeployment costs in the case of prepayment of Eurodollar Rate borrowings.

On March 19, 2020, we entered into a senior unsecured term loan facility (the “Term Loan Facility”) with Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Securities, LLC as sole bookrunner, Wells Fargo Securities, LLC, Capital One, National Association, U.S. Bank National Association and SunTrust Robinson Humphrey, Inc. as Joint Lead Arrangers, Capital One, National Association, as syndication agent, U.S. Bank National Association and Truist Bank, as documentation agents, and the lenders party thereto.

The Term Loan Facility is in the original principal amount of $175 million which we borrowed in full at closing. We may request the Term Loan Facility be increased through one or more increases or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $225 million. As of December 31, 2021, our borrowings amounted to $175.0 million under the Term Loan Facility.

The Term Loan Facility matures on December 31, 2026. We may prepay loans under the Term Loan Facility at any time in whole or in part, subject to reimbursement of the lenders’ breakage and redeployment costs in the case of prepayment of Eurodollar rate borrowings.

The terms of both the Credit Facility and the Term Loan Facility include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of loan documents, loss of real estate investment trust qualification, and occurrence of a change of control. As of December 31, 2021, we were in compliance with the covenants under the Credit Facility and the Term Loan Facility.

Senior Unsecured Notes Exchangeable

    During August 2014, we issued $250.0 million principal amount of 2.625% Exchangeable Senior Notes (“2.625% Exchangeable Senior Notes”) due August 15, 2019. The 2.625% Exchangeable Senior Notes were exchangeable into cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at our election. On August 15, 2019, we settled the principal amount of the 2.625% Exchangeable Senior Notes in cash.

For the year ended December 31, 2019, total interest expense related to the 2.625% Exchangeable Senior Notes was $6.1 million, consisting of (i) contractual interest expense of $4.1 million, (ii) additional non-cash interest expense of $1.6 million, related to the accretion of the debt discount, and (iii) amortization of deferred financing costs of $0.4 million.

Senior Unsecured Notes

The terms of the senior unsecured notes include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, the occurrence of certain change of control transactions and loss of real estate investment trust qualification. As of December 31, 2021, we were in compliance with the covenants under the outstanding Senior Unsecured Notes.