Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following is a summary of our outstanding debt.

						The Company
	Maturity	Fixed/Variable	Interest Rate at			As of December 31,
(Amounts in thousands)	Date	Rate	December 31, 2016			2016			2015
Notes and mortgages payable
1633 Broadway
	Dec-2022	Fixed (1)		3.54	%	$	1,000,000		$	1,000,000
	Dec-2022	L + 175 bps(2)		2.37	%		13,544			13,544
				3.52	%		1,013,544			1,013,544
1301 Avenue of the Americas
	Nov-2021	Fixed		3.05	%		500,000			-
	Nov-2021	L + 180 bps		2.43	%		350,000			-
				2.79	%		850,000			-
900 Third Avenue
	n/a	Fixed	n/a				-			162,000
	n/a	Variable	n/a				-			112,337
			n/a				-			274,337
31 West 52nd Street
	May-2026	Fixed		3.80	%		500,000			237,600
	n/a	Variable	n/a				-			175,890
				3.80	%		500,000			413,490
One Market Plaza (49.0% interest)(3)
	Dec-2019	Fixed (1)		6.13	%		860,546			857,037
	Dec-2019	L + 420 bps(4)		4.94	%		12,414			-
				6.12	%		872,960			857,037
Waterview	n/a	Fixed	n/a				-			210,000
1899 Pennsylvania Avenue	Nov-2020	Fixed		4.88	%		87,675			89,116
Liberty Place	June-2018	Fixed		4.50	%		84,000			84,000
Total notes and mortgages payable				4.10	%		3,408,179			2,941,524
Less: deferred financing costs							(43,281	)		(18,914	)
Total notes and mortgages payable, net						$	3,364,898		$	2,922,610
$1.0 Billion Revolving Credit Facility
($200,000 reserved for
outstanding letters of credit)	Nov-2018	L + 125 bps		2.02	%	$	230,000		$	20,000

⁽¹⁾ Represents loans with variable interest rates that have been fixed by interest rate swaps. (See Note 10, Derivative Instruments and Hedging Activities).

⁽²⁾ Represents amounts outstanding under an option to increase the loan balance up to $250,000, if certain performance hurdles related to the property are satisfied.

⁽³⁾ We refinanced this loan on January 19, 2017. See Note 27, Subsequent Events.

⁽⁴⁾ Represents amounts outstanding under a $20,136 line of credit.  The LIBOR spread includes a liquidity premium of 120 basis points.

Principal Repayments Required For Notes and Mortgages Payable and Revolving Credit Facility

As of December 31, 2016, principal repayments required for the next five years and thereafterin connection with our notes and mortgages payable and revolving credit facility are as follows.

	The Company
	Notes and			Revolving
(Amounts in thousands)	Mortgages Payable			Credit Facility		Total
2017	$	1,513		$	-	$	1,513
2018		85,588			230,000		315,588
2019		874,628	(1)		-		874,628
2020		82,906			-		82,906
2021		850,000			-		850,000
Thereafter		1,513,544			-		1,513,544

⁽¹⁾ Includes the $872,960 mortgage loan on One Market Plaza, which was refinanced in January 2017 with a new $975,000 mortgage loan that matures in January 2024. See Note 27, Subsequent Events.