Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

Secured Debt

150 West 34th Street Loan Participation

On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid, which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000. The remaining $100,000,000 mortgage loan balance bears interest at SOFR plus 1.86%, subject to an interest rate cap arrangement with a SOFR strike rate of 4.10%, and matures in May 2024.

1290 Avenue of the Americas

On June 29, 2023, we entered into a forward two-year 1.00% SOFR interest rate cap arrangement for the $950,000,000 SOFR plus 1.62% mortgage loan on 1290 Avenue of the Americas, in which we own a 70% controlling interest. We made a $63,100,000 up-front payment, which is included in “other assets” on our consolidated balance sheets as of June 30, 2023. The forward cap is effective upon the November 2023 expiration of our existing cap arrangement, which has a 3.89% SOFR strike rate, and expires in November 2025.

The following is a summary of our debt:

(Amounts in thousands)	Weighted Average Interest Rate as of June 30, 2023(1)		Balance as of
			June 30, 2023		December 31, 2022
Mortgages Payable:
Fixed rate		3.63%	$	3,569,100	$	3,570,000
Variable rate(2)		5.83%	2,192,715		2,307,615
Total		4.47%	5,761,815		5,877,615
Deferred financing costs, net and other			(46,677)		(48,597)
Total, net			$	5,715,138	$	5,829,018
Unsecured Debt:
Senior unsecured notes		3.02%	$	1,200,000	$	1,200,000
Deferred financing costs, net and other			(7,147)		(8,168)
Senior unsecured notes, net			1,192,853		1,191,832
Unsecured term loan		4.04%	800,000		800,000
Deferred financing costs, net and other			(6,136)		(6,807)
Unsecured term loan, net			793,864		793,193
Unsecured revolving credit facilities		3.87%	575,000		575,000
Total, net			$	2,561,717	$	2,560,025

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(1)Represents the interest rate in effect as of June 30, 2023 based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 14 - Fair Value Measurements for further information on our consolidated hedging instruments.

(2)As of June 30, 2023, $2,009,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.18% and a weighted average remaining term of 10 months. These amounts exclude the 1290 Avenue of the Americas interest rate cap discussed above, which is effective November 2023.