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Debt

3 Months Ended

Mar. 31, 2014

10. Debt

On January 31, 2014, we completed a $600,000,000 loan secured by our 220 Central Park South development site. The loan bears interest at LIBOR plus 2.75% (2.90% at March 31, 2014) and matures in January 2016, with three one-year extension options.

On April 16, 2014, we completed a $350,000,000 refinancing of 909 Third Avenue, a 1.3 million square foot Manhattan office building. The seven-year interest only loan bears interest at 3.91% and matures in May 2021. We realized net proceeds of approximately $145,000,000 after repaying the existing 5.64%, $193,000,000 mortgage, defeasance costs and other closing costs.

The following is a summary of our debt:

		Interest Rate at			Balance at
(Amounts in thousands)		March 31, 2014			March 31, 2014		December 31, 2013
Mortgages Payable:
	Fixed rate		4.56%	$	7,546,030	$	7,563,133
	Variable rate		2.55%		1,367,328		768,860
			4.25%	$	8,913,358	$	8,331,993

Unsecured Debt:
	Senior unsecured notes		5.67%	$	1,343,442	$	1,350,855
	Revolving credit facility debt		1.31%		88,138		295,870
			5.41%	$	1,431,580	$	1,646,725

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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