XML 43 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following as of December 31, 2015 and 2014 (amounts in thousands):
 
 
 
 
 
As of December 31, 2015
 
 
Principal Balance as
of December 31, 2015
 
Principal Balance as
of December 31, 2014
 
Stated
Rate
 
Effective
Rate(1)
 
Maturity
Date(2)
 
Mortgage debt collateralized by:
 
 
 
 
 
 
 
 
 
 
Fixed rate mortgage debt
 
 
 
 
 
 
 
 
 
 
10 Union Square
$
20,289

 
$
20,641

 
6.00
%
 
6.76
%
 
5/1/2017
 
10 Bank Street
32,214

 
32,847

 
5.72
%
 
6.21
%
 
6/1/2017
 
1542 Third Avenue
18,222

 
18,628

 
5.90
%
 
6.59
%
 
6/1/2017
 
First Stamford Place
238,765

 
242,294

 
5.65
%
 
6.17
%
 
7/5/2017
 
383 Main Avenue
29,269

 
29,852

 
5.59
%
 
6.02
%
 
7/5/2017
 
1010 Third Avenue and 77 West 55th Street
27,064

 
27,595

 
5.69
%
 
6.37
%
 
7/5/2017
 
1333 Broadway
68,646

 
69,575

 
6.32
%
 
3.79
%
 
1/5/2018
 
1400 Broadway
 
 
 
 
 
 
 
 
 
 
(first lien mortgage loan)
68,732

 
69,689

 
6.12
%
 
3.37
%
 
2/5/2018
 
(second lien mortgage loan)
9,600

 
9,803

 
3.35
%
 
3.36
%
 
2/5/2018
 
112 West 34th Street
 
 
 
 
 
 
 
 
 
 
(first lien mortgage loan)
76,406

 
77,484

 
6.01
%
 
3.33
%
 
4/5/2018
 
(second lien mortgage loan)
9,640

 
9,763

 
6.56
%
 
3.63
%
 
4/5/2018
 
1350 Broadway
38,348

 
38,900

 
5.87
%
 
3.77
%
 
4/5/2018
 
Metro Center
97,950

 
99,845

 
3.59
%
 
3.68
%
 
11/5/2024
 
Total fixed rate mortgage debt
735,145

 
746,916

 
 
 
 
 
 
 
Floating rate mortgage debt
 
 
 
 
 
 
 
 
 
 
1359 Broadway(3)
—

 
44,146

 
 
 
 
 
 
 
One Grand Central Place(3)
—

 
91,000

 
 
 
 
 
 
 
Total floating rate mortgage debt
—

 
135,146

 
 
 
 
 
 
 
Total mortgage debt
735,145

 
882,062

 
 
 
 
 
 
 
Senior unsecured notes - exchangeable
250,000

 
250,000

 
2.63
%
 
3.93
%
 
8/15/2019
 
Senior unsecured notes payable:
 
 
 
 
 
 
 
 
 
 
   Series A
100,000

 
—

 
3.93
%
 
3.93
%
 
3/27/2025
 
   Series B
125,000

 
—

 
4.09
%
 
4.09
%
 
3/27/2027
 
   Series C
125,000

 
—

 
4.18
%
 
4.18
%
 
3/27/2030
 
Unsecured term loan facility
265,000

 
—

 
(5) 
 
(5) 
 
8/24/2022
 
Unsecured revolving credit facility
40,000

 
—

 
(4) 
 
(4) 
 
1/23/2019
 
Secured revolving credit facility
—

 
170,000

 
(4) 
 
(4) 
 
 
 
Secured term credit facility
—

 
300,000

 
(4) 
 
(4) 
 
 
 
Total principal
1,640,145

 
1,602,062

 
 
 
 
 
 
 
Unamortized premiums, net of unamortized discount
5,181

 
9,590

 
 
 
 
 
 
 
Deferred financing costs, net
(12,910
)
 
(12,998
)
 
 
 
 
 
 
 
Total
$
1,632,416

 
$
1,598,654

 
 
 
 
 
 
 
______________

(1)
The effective rate is the yield as of December 31, 2015, including the effects of debt issuance costs and the amortization of the fair value of debt adjustment.
(2)
Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
(3)
Repaid in 2015.
(4)
The secured revolving and term credit facility was terminated on January 23, 2015, concurrent with entering into the unsecured revolving credit facility. At December 31, 2015, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at December 31, 2015 was 1.58%.
(5)
The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at December 31, 2015 was 2.03%. Pursuant to a forward interest rate swap agreement, the LIBOR rate was fixed at 2.1485% for $265.0 million of the unsecured term loan facility for the period beginning on August 31, 2017 through maturity.
Schedule of Maturities of Long-term Debt
Aggregate required principal payments at December 31, 2015 are as follows (amounts in thousands):
 
Year
Amortization
 
Maturities
 
Total
2016
$
12,387

 
$
—

 
$
12,387

2017
10,070

 
355,761

 
365,831

2018
2,880

 
262,210

 
265,090

2019
2,188

 
290,000

 
292,188

2020
2,268

 
—

 
2,268

Thereafter
9,706

 
692,675

 
702,381

Total principal maturities
$
39,499

 
$
1,600,646

 
$
1,640,145
Schedule of Deferred Costs, Net
Deferred costs, net, consisted of the following at December 31, (amounts in thousands):      
 
2015
 
2014
Leasing costs
$
121,864

 
$
100,653

Acquired in-place lease value and deferred leasing costs
285,902

 
304,916

Acquired above-market leases
81,680

 
84,633

 
489,446

 
490,202

Less: accumulated amortization
(178,767
)
 
(132,740
)
Total deferred costs, net
$
310,679

 
$
357,462

Deferred financing costs, net, consisted of the following at December 31, (amounts in thousands):     
 
2015
 
2014
Financing costs
$
20,882

 
$
17,334

Less: accumulated amortization
(7,972
)
 
(4,336
)
Total deferred financing costs, net
$
12,910

 
$
12,998