Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

7. Debt

On September 27, 2023, a joint venture in which we have a 31.1% interest, completed a $232,050,000 refinancing of 300 Mission Street, a 655,000 square foot Class A office building in San Francisco. The interest-only loan bears a fixed rate of 4.50% and matures in October 2026. The loan replaces the previous $273,000,000 loan that bore interest at 3.65% and was scheduled to mature in October 2023.

The following table summarizes our consolidated outstanding debt.

	Maturity	Fixed/	Interest Rate as of			As of December 31,
(Amounts in thousands)	Date	Variable Rate	December 31, 2023			2023			2022
Notes and mortgages payable:
1633 Broadway (1)	Dec-2029	Fixed		2.99	%	$	1,250,000		$	1,250,000
One Market Plaza (1)	Feb-2024 (2)	Fixed		4.03	%		975,000			975,000
1301 Avenue of the Americas
	Aug-2026	Fixed (3)		2.49	%		500,000			500,000
	Aug-2026	SOFR + 368 bps (4)		8.18	%		360,000			360,000
				4.87	%		860,000			860,000
31 West 52nd Street	Jun-2026	Fixed		3.80	%		500,000			500,000
300 Mission Street (1)	Oct-2026	Fixed		4.50	%		232,050			273,000
Total notes and mortgages payable				3.88	%		3,817,050			3,858,000
Less: unamortized deferred financing costs							(13,566	)		(17,682	)
Total notes and mortgages payable, net						$	3,803,484		$	3,840,318
$750 Million Revolving    Credit Facility	Mar-2026	SOFR + 135 bps	n/a			$	-		$	-

(1)Our ownership interests in 1633 Broadway, One Market Plaza and 300 Mission Street are 90.0%, 49.0% and 31.1%, respectively.

(2)This loan was modified and extended on February 1, 2024. See Note 22, Subsequent Events for detail.

(3)Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 8, Derivative Instruments and Hedging Activities. On June 16, 2023, we amended the loans to replace LIBOR with SOFR, effective July 7, 2023.

(4)Represents variable rate loans, where SOFR has been capped at 4.5% through August 2024. See Note 8, Derivative Instruments and Hedging Activities. On June 16, 2023, we amended the loans to replace LIBOR with SOFR, effective July 7, 2023.

The following table summarizes the principal repayments required for the next five years and thereafter in connection with our consolidated notes and mortgages payable and revolving credit facility as of December 31, 2023.

				Notes and			Revolving
(Amounts in thousands)	Total			Mortgages Payable			Credit Facility
2024	$	975,000	(1)	$	975,000	(1)	$	-
2025		-			-			-
2026		1,592,050			1,592,050			-
2027		-			-			-
2028		-			-			-
Thereafter		1,250,000			1,250,000			-

(1)Represents the mortgage loan at One Market Plaza, which was modified and extended on February 1, 2024. See Note 22, Subsequent Events for detail.