Debt

On January 19, 2017, we completed a $975,000,000 refinancing of One Market Plaza, a 1.6 million square foot Class A office and retail property in San Francisco, California. The new seven-year interest-only loan matures in February 2024 and has a fixed rate of 4.03%. In connection therewith, we incurred $2,715,000 of prepayment costs, which is included in “debt breakage costs” on our consolidated statements of income for the six months ended June 30, 2017.

The following is a summary of our outstanding debt as of June 30, 2017 and December 31, 2016.

	Maturity	Fixed/	Interest Rate as of			As of
(Amounts in thousands)	Date	Variable Rate	June 30, 2017			June 30, 2017				December 31, 2016
Notes and mortgages payable:
1633 Broadway
	Dec-2022	Fixed ⁽¹⁾		3.54	%	$	1,000,000			$	1,000,000
	Dec-2022	L + 175 bps		2.80	%		30,100		⁽²⁾		13,544		⁽²⁾
				3.52	%		1,030,100				1,013,544
One Market Plaza (49.0% interest)
	Feb-2024	Fixed		4.03	%		975,000				860,546
	n/a	n/a	n/a				-				12,414
				4.03	%		975,000				872,960
1301 Avenue of the Americas
	Nov-2021	Fixed		3.05	%		500,000				500,000
	Nov-2021	L + 180 bps		2.86	%		350,000				350,000
				2.97	%		850,000				850,000

31 West 52nd Street	May-2026	Fixed		3.80	%		500,000				500,000
1899 Pennsylvania Avenue ⁽³⁾	n/a	n/a	n/a				-				87,675
Liberty Place ⁽³⁾	n/a	n/a	n/a				-				84,000
Total notes and mortgages payable				3.57	%		3,355,100				3,408,179
Less: deferred financing costs							(46,255	)			(43,281	)
Total notes and mortgages payable, net						$	3,308,845			$	3,364,898

Revolving Credit Facility	Nov-2018	L + 125 bps	n/a			$	-			$	230,000

⁽¹⁾	Represents loan with variable interest rates that has been fixed by interest rate swaps. See Note 9, Derivative Instruments and Hedging Activities.

⁽²⁾	Represents amounts outstanding under an option to increase the loan balance up to $250,000, at LIBOR plus 175 basis points, if certain performance hurdles relating to the property are satisfied.

⁽³⁾	These loans were repaid on May 3, 2017. In connection with the repayment, we incurred an aggregate of $5,162 of prepayment costs, which are included in “debt breakage costs” on our consolidated statements of income for the three and six months ended June 30, 2017.