Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

Secured Debt

On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% (4.64% as of September 30, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.

On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest-only loan bears a rate of SOFR plus 2.25% (4.93% as of September 30, 2022) and matures in July 2024 with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.

10.    Debt - continued

Unsecured Revolving Credit Facility

On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate of SOFR plus 1.15% (4.18% as of September 30, 2022). The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.

Unsecured Term Loan

On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (4.33% as of September 30, 2022) and is currently swapped to a fixed rate of 4.05%.

Interest Rate Hedging Activities

We entered into the following interest rate swap arrangements during the nine months ended September 30, 2022. See Note 14 - Fair Value Measurements for further information on our consolidated hedging instruments.

(Amounts in thousands)	Notional Amount		All-In Swapped Rate	Swap Expiration Date	Variable Rate Spread
770 Broadway mortgage loan	$	700,000	4.98%	07/27	S+225
Unsecured revolving credit facility	575,000		3.88%	08/27	S+115
Unsecured term loan(1)	50,000		4.04%	08/27	S+130
Unsecured term loan (effective 10/23)	500,000		4.39%	10/26	S+130
100 West 33rd Street mortgage loan	480,000		5.06%	06/27	S+165
888 Seventh Avenue mortgage loan(2)	200,000		4.66%	09/27	L+170

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(1)Together with the existing $750,000 interest rate swap arrangement expiring October 2023, the $800,000 unsecured term loan balance currently bears interest at a fixed rate of 4.05%.

(2)The remaining $83,200 amortizing mortgage loan balance bears interest at a floating rate of LIBOR plus 1.70%.

Debt Summary

Below is a summary of our consolidated debt balances as of September 30, 2022 and December 31, 2021.

(Amounts in thousands)	Weighted Average Interest Rate at September 30, 2022(1)	Balance as of
		September 30, 2022		December 31, 2021
Mortgages Payable:
Fixed rate	3.62%	$	3,570,000	$	2,190,000
Variable rate	4.35%	2,313,015		3,909,215
Total	3.91%	5,883,015		6,099,215
Deferred financing costs, net and other		(51,246)		(45,872)
Total, net		$	5,831,769	$	6,053,343
Unsecured Debt:
Senior unsecured notes	3.02%	$	1,200,000	$	1,200,000
Deferred financing costs, net and other		(8,678)		(10,208)
Senior unsecured notes, net		1,191,322		1,189,792
Unsecured term loan	4.05%	800,000		800,000
Deferred financing costs, net and other		(7,153)		(2,188)
Unsecured term loan, net		792,847		797,812
Unsecured revolving credit facilities	3.88%	575,000		575,000
Total, net		$	2,559,169	$	2,562,604

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(1)Represents the interest rate in effect as of September 30, 2022 based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable.