Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt

10. Debt

Mortgages Payable

On February 20, 2013, we completed a $390,000,000 financing of the retail condominium located at 666 Fifth Avenue at 53rd Street, which we had acquired December 2012. The 10-year fixed-rate interest only loan bears interest at 3.61%. This property was previously unencumbered. The net proceeds from this financing were approximately $387,000,000.

On March 25, 2013, we completed a $300,000,000 financing of the Outlets at Bergen Town Center, a 948,000 square foot shopping center located in Paramus, New Jersey. The 10-year fixed-rate interest only loan bears interest at 3.56%. The property was previously encumbered by a $282,312,000 floating-rate loan.

On May 13, 2013, we notified the lender that due to tenants vacating theMontehiedra Town Center, its operating cash flow will be insufficient to pay the debt service; accordingly, at our request, the mortgage loan was transferred to the special servicer. We are in discussions with the special servicer to restructure the terms of the loan; there can be no assurance as to the timing and ultimate resolution of these discussions.

On October 30, 2013, we completed the restructuring of the $678,000,000 (face amount) 5.74% Skyline properties mortgage loan. The loan was separated into two tranches; a senior $350,000,000 position and a junior $328,000,000 position. The maturity date has been extended from February 2017 to February 2022, with a one-year extension option. The effective interest rate is 2.965%. Amounts expended to re-lease the property are senior to the $328,000,000 junior position.

On November 27, 2013, we completed a $450,000,000refinancing of Eleven Penn Plaza, a 1.1 million square foot Manhattan office building. The seven-year fixed-rate interest only loan bears interest at 3.95%. The net proceeds from this refinancing were approximately $107,000,000 after repaying the existing loan and closing costs.

Unsecured Revolving Credit Facility

On March 28, 2013, we extended one of our two $1.25 billion revolving credit facilities from June 2015 to June 2017, with two six-month extension options. The interest on the extended facility was reduced from LIBOR plus 135 basis points to LIBOR plus 115 basis points. In addition, the facility fee was reduced from 30 basis points to 20 basis points.

10. Debt - continued

The following is a summary of our debt:

		Interest Rate at			Balance at December 31,
(Amounts in thousands)		December 31, 2013			2013		2012
Mortgages Payable:
	Fixed rate		4.56%	$	7,563,133	$	6,771,001
	Variable rate		2.28%		768,860		1,828,221
			4.35%	$	8,331,993	$	8,599,222
Unsecured Debt:
	Senior unsecured notes		5.69%	$	1,350,855	$	1,358,008
	Unsecured revolving credit facilities		1.32%		295,870		1,170,000
			4.90%	$	1,646,725	$	2,528,008

       The net carrying amount of properties collateralizing the mortgages payable amounted to $9.3billion at December 31, 2013. As of December 31, 2013, the principal repayments required for the next five years and thereafter are as follows:

				Senior Unsecured
				Debt and
(Amounts in thousands)				Revolving Credit
Year Ending December 31,		Mortgages Payable		Facilities
2014	$	189,953	$	-
2015		584,358		500,000
2016		1,556,375		-
2017		630,548		-
2018		744,472		295,870
Thereafter		4,625,224		852,500

We may refinance our maturing debt as it comes due or choose to repay it.