Debt

12 Months Ended

Dec. 31, 2019

On November 25, 2019, we completed a $1.25 billion refinancing of 1633 Broadway, a 2.5 million square foot Class A office building located in New York, New York. The new 10-year interest-only loan has a fixed rate of 2.99% and matures in December 2029. The proceeds from the refinancing were used to repay the existing $1.05 billion loan that bore interest at a weighted average rate of 3.55% and was scheduled to mature in December 2022. We realized net proceeds of $179,000,000 after the repayment of the existing loan, swap breakage costs and closing costs.

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, 2019			2019			2018
Notes and mortgages payable:
1633 Broadway
	Dec-2029	Fixed		2.99	%	$	1,250,000		$	1,000,000		⁽¹⁾
	n/a	n/a	n/a				-			46,800		⁽²⁾
				2.99	%		1,250,000			1,046,800

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		3.55	%		350,000			350,000
				3.26	%		850,000			850,000

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

300 Mission Street ⁽³⁾	Oct-2023	Fixed		3.65	%		234,643			228,000

Total notes and mortgages payable				3.46	%		3,809,643			3,599,800
Less: deferred financing costs							(25,792	)		(32,883	)
Total notes and mortgages payable, net						$	3,783,851		$	3,566,917

$1.0 Billion Revolving Credit Facility	Jan-2022	L + 115 bps		2.94	%	$	36,918		$	-

⁽¹⁾	^{Represents loans with variable interest rates that had been fixed by interest rate swaps. See Note 9, Derivative Instruments and Hedging Activities.}

⁽²⁾	^{Represents amounts borrowed to fund leasing costs at the property.}

⁽³⁾	^{Our ownership interest in One Market Plaza and 300 Mission Street (formerly 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, 2019.

			Notes and		Revolving
(Amounts in thousands)	Total		Mortgages Payable		Credit Facility
2020	$	-	$	-	$	-
2021		850,000		850,000		-
2022		36,918		-		36,918
2023		234,643		234,643		-
2024		975,000		975,000		-
Thereafter		1,750,000		1,750,000		-