Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long Term 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 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	%	4.77	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	36,670		37,477		4.01	%	4.23	%	1/5/2028
250 West 57th Street	180,000		180,000		2.83	%	3.23	%	12/1/2030
10 Bank Street	31,091		32,025		4.23	%	4.37	%	6/1/2032
383 Main Avenue	30,000		30,000		4.44	%	4.56	%	6/30/2032
1333 Broadway	160,000		160,000		4.21	%	4.29	%	2/5/2033
345 East 94th Street - Series A	43,600		—		70.0% of LIBOR plus 0.95%		3.56	%	11/1/2030
345 East 94th Street - Series B	8,650		—		LIBOR plus 2.24%		3.56	%	11/1/2030
561 10th Avenue - Series A	114,500		—		70.0% of LIBOR plus 1.07%		3.85	%	11/1/2033
561 10th Avenue - Series B	19,250		—		LIBOR plus 2.45%		3.85	%	11/1/2033
Total fixed rate mortgage debt	968,793		786,884
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		100,000		3.61	%	4.89	%	3/17/2032
Series H	75,000		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 principal	2,333,793		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.

Schedule of Maturities of Long-term Debt Principal Payments

Aggregate required principal payments at December 31, 2021 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2022	$	7,689	$	—	$	7,689
2023	10,130		—		10,130
2024	10,424		77,675		88,099
2025	8,523		315,000		323,523
2026	9,030		225,000		234,030
Thereafter	39,968		1,630,354		1,670,322
Total principal maturities	$	85,764	$	2,248,029	$	2,333,793

Schedule of Deferred Financing Costs, Net

Deferred costs, net, consisted of the following at December 31, 2021 and 2020 (amounts in thousands):      

	2021		2020
Leasing costs	$	211,189	$	203,905
Acquired in-place lease value and deferred leasing costs	166,491		181,336
Acquired above-market leases	33,289		40,398
	410,969		425,639
Less: accumulated amortization	(215,764)		(223,918)
Total deferred costs, net, excluding net deferred financing costs	$	195,205	$	201,721

Deferred financing costs, net, consisted of the following at December 31, 2021 and 2020 (amounts in thousands):     

	2021		2020
Financing costs	$	44,637	$	35,365
Less: accumulated amortization	(22,525)		(17,998)
Total deferred financing costs, net	$	22,112	$	17,367