Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

7.Debt

On February 1, 2024, we, together with our joint venture partner, modified and extended the existing mortgage loan at One Market Plaza, a 1.6 million square-foot two-building trophy asset in San Francisco, California. The existing $975,000,000 loan, which bore interest at a fixed rate of 4.03%, was scheduled to mature on February 6, 2024. In connection with the modification, the loan balance was reduced to $850,000,000, following a $125,000,000 paydown by the joint venture, of which our 49.0% share was $61,250,000. The modified loan bears interest at a fixed rate of 4.08%, matures in February 2027 and has an option to extend for an additional year, subject to certain conditions.

The following table summarizes our consolidated outstanding debt.

			Interest Rate
	Maturity	Fixed/	as of			As of
(Amounts in thousands)	Date	Variable Rate	March 31, 2024			March 31, 2024			December 31, 2023
Notes and mortgages payable:
1633 Broadway (1)	Dec-2029	Fixed		2.99	%	$	1,250,000		$	1,250,000
One Market Plaza (1)	Feb-2027	Fixed		4.08	%		850,000			975,000
1301 Avenue of the Americas
	Aug-2026	Fixed (2)		2.49	%		500,000			500,000
	Aug-2026	SOFR + 368 bps (3)		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			232,050
Total notes and mortgages payable				3.88	%		3,692,050			3,817,050
Less: unamortized deferred financing costs							(22,200	)		(13,566	)
Total notes and mortgages payable, net						$	3,669,850		$	3,803,484
$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)Represents variable rate loans that have been fixed by interest rate swaps through August 2024. See Note 8, Derivative Instruments and Hedging Activities.

(3)Represents variable rate loans, where SOFR has been capped at 4.50% through August 2024. See Note 8, Derivative Instruments and Hedging Activities.