Debt

12 Months Ended

Dec. 31, 2018

On January 10, 2018, we amended and restated the credit agreement governing our revolving credit facility. The maturity date of the revolving credit facility was extended from November 2018 to January 2022, with two six-month extension options, and the capacity was increased to $1,000,000,000 from $800,000,000. The interest rate on the revolving credit facility, at current leverage levels, was lowered by 10 basis points from LIBOR plus 125 basis points to LIBOR plus 115 basis points, and the facility fee was reduced by 5 basis points from 25 basis points to 20 basis points.

The following table summarizes our outstanding debt.

	Maturity	Fixed/	Interest Rate as of			As of December 31,
(Amounts in thousands)	Date	Variable Rate	December 31, 2018			2018				2017
Notes and mortgages payable:
1633 Broadway
	Dec-2022	Fixed ⁽¹⁾		3.54	%	$	1,000,000			$	1,000,000
	Dec-2022	L + 175 bps		4.10	%		46,800		⁽²⁾		30,100		⁽²⁾
				3.56	%		1,046,800				1,030,100

One Market Plaza ⁽³⁾	Feb-2024	Fixed		4.03	%		975,000				975,000

1301 Avenue of the Americas
	Nov-2021	Fixed		3.05	%		500,000				500,000
	Nov-2021	L + 180 bps		4.18	%		350,000				350,000
				3.51	%		850,000				850,000

31 West 52nd Street	May-2026	Fixed		3.80	%		500,000				500,000

50 Beale Street ⁽³⁾	Oct-2021	Fixed		3.65	%		228,000				228,000

Total notes and mortgages payable				3.72	%		3,599,800				3,583,100
Less: deferred financing costs							(32,883	)			(41,800	)
Total notes and mortgages payable, net						$	3,566,917			$	3,541,300

$1.0 Billion Revolving Credit Facility	Jan-2022	L + 115 bps	n/a			$	-			$	-

⁽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 borrowed to fund leasing costs at the property. The loan balance can be increased by an additional $200,000 upon the satisfaction of certain performance hurdles related to the property.

⁽³⁾	Our ownership interest in One Market Plaza and 50 Beale Street is 49.0% and 31.1%, respectively.

The following table summarizes our principal repayments required for the next five years and thereafter in connection with our notes and mortgages payable and revolving credit facility as of December 31, 2018.

			Notes and		Revolving
(Amounts in thousands)	Total		Mortgages Payable		Credit Facility
2019	$	1,052	$	1,052	$	-
2020		4,304		4,304		-
2021		1,072,644		1,072,644		-
2022		1,046,800		1,046,800		-
2023		-		-		-
Thereafter		1,475,000		1,475,000		-