Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

Secured Debt

150 West 34th Street

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.

On October 4, 2023, we completed a $75,000,000 refinancing of 150 West 34th Street, of which $25,000,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.15% and matures in February 2025, with three one-year as-of-right extension options and an additional one-year extension option available subject to satisfying a loan-to-value test. The interest rate on the loan is subject to an interest rate cap arrangement with a SOFR strike rate of 5.00%, which matures in February 2026. The loan replaces the previous $100,000,000 loan, which bore interest at SOFR plus 1.86%.

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. We made a $63,100,000 up-front payment (of which $18,930,000 is attributable to noncontrolling interests), which was recorded to “other assets” on our consolidated balance sheets. The forward cap was effective upon the November 2023 expiration of the previous 3.89% SOFR interest rate cap.

9.     Debt - continued

The following is a summary of our debt:

(Amounts in thousands)	Weighted Average Interest Rate as of December 31, 2023(1)	Balance as of December 31,
		2023		2022
Mortgages Payable:
Fixed rate(2)	3.42%	$	4,518,200	$	3,570,000
Variable rate(3)	6.23%	1,211,415		2,307,615
Total	4.01%	5,729,615		5,877,615
Deferred financing costs, net and other		(41,595)		(48,597)
Total, net		$	5,688,020	$	5,829,018
Unsecured Debt:
Senior unsecured notes	3.02%	$	1,200,000	$	1,200,000
Deferred financing costs, net and other		(6,127)		(8,168)
Senior unsecured notes, net		1,193,873		1,191,832
Unsecured term loan	4.79%	800,000		800,000
Deferred financing costs, net and other		(5,441)		(6,807)
Unsecured term loan, net		794,559		793,193
Unsecured revolving credit facilities	3.87%	575,000		575,000
Total, net		$	2,563,432	$	2,560,025

________________________________________

(1)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 15 - Fair Value Measurements for further information on our consolidated hedging instruments.

(2)Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.

(3)Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of December 31, 2023, $1,034,119 of our variable rate debt is subject to interest rate cap arrangements. The interest rate cap arrangements have a weighted average strike rate of 4.50% and a weighted average remaining term of 10 months.

The net carrying amount of properties collateralizing the above indebtedness amounted to $5.9 billion as of December 31, 2023. 

As of December 31, 2023, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension options, for the next five years and thereafter are as follows:

(Amounts in thousands)	Mortgages Payable		Unsecured Debt
Year Ended December 31,
2024	$	169,815	$	—
2025	879,800		450,000
2026	525,000		400,000
2027	1,580,000		1,375,000
2028	2,225,000		—
Thereafter	350,000		350,000