Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Derivative Instrument 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%.

Schedule of Debt

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.