Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

7. Debt

On July 29, 2021, we completed an $860,000,000 refinancing of 1301 Avenue of the Americas, a 1.7 million square foot trophy office building, located in New York, New York. The new five-year interest-only loan has a weighted average interest rate of 2.95% and is comprised of a $500,000,000 fixed rate tranche and a $360,000,000 variable rate tranche. The proceeds from the refinancing were used to repay the existing $850,000,000 loan that was scheduled to mature in November 2021.

The following table summarizes our consolidated outstanding debt.

			Interest Rate
	Maturity	Fixed/	as of			As of
(Amounts in thousands)	Date	Variable Rate	September 30, 2021			September 30, 2021			December 31, 2020
Notes and mortgages payable:
1633 Broadway (1)	Dec-2029	Fixed		2.99	%	$	1,250,000		$	1,250,000
One Market Plaza (1)	Feb-2024	Fixed		4.03	%		975,000			975,000
1301 Avenue of the Americas
	Aug-2026	Fixed (2)		2.46	%		500,000			500,000
	Aug-2026	L + 356 bps (3)		3.65	%		360,000			350,000
				2.95	%		860,000			850,000
31 West 52nd Street	June-2026	Fixed		3.80	%		500,000			500,000
300 Mission Street (1)	Oct-2023	Fixed		3.65	%		273,000			244,434
Total notes and mortgages payable				3.40	%		3,858,000			3,819,434
Less: unamortized deferred financing costs							(23,555	)		(18,695	)
Total notes and mortgages payable, net						$	3,834,445		$	3,800,739
$1.0 Billion Revolving Credit      Facility	Jan-2022 (4)	L + 115 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 LIBOR has been capped at 2.00% through August 2023. See Note 8, Derivative Instruments and Hedging Activities.

⁽⁴⁾ The $1.0 billion revolving credit facility matures on January 10, 2022 and has two six-month extension options.