Debt

12 Months Ended

Dec. 31, 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 2.96% (as of December 31, 2021) 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.

On December 17, 2021, we refinanced our $1.0 billion revolving credit facility with a new $750,000,000 revolving credit facility that matures in March 2026 and has two six-month extension options. The interest rate on the new facility is 115 basis points over the secured overnight financing rate ("SOFR") with adjustments based on the term of advances, plus a facility fee of 20 basis points. The facility also features a sustainability-linked pricing component such that if we meet certain sustainability performance targets, the applicable per annum interest rate will be reduced by one basis point.

The following table summarizes our consolidated outstanding debt.

	Maturity	Fixed/	Interest Rate as of			As of December 31,
(Amounts in thousands)	Date	Variable Rate	December 31, 2021			2021			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)		3.67	%		360,000			350,000
				2.96	%		860,000			850,000
31 West 52nd Street	Jun-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							(22,380	)		(18,695	)
Total notes and mortgages payable, net						$	3,835,620		$	3,800,739
$750 Million Revolving    Credit Facility	Mar-2026	SOFR + 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.

The following table summarizes the principal repayments required for the next five years and thereafter in connection with our consolidated notes and mortgages payable and revolving credit facility as of December 31, 2021.

			Notes and		Revolving
(Amounts in thousands)	Total		Mortgages Payable		Credit Facility
2022	$	-	$	-	$	-
2023		273,000		273,000		-
2024		975,000		975,000		-
2025		-		-		-
2026		1,360,000		1,360,000		-
Thereafter		1,250,000		1,250,000		-