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Debt (Tables) | 6 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of June 30, 2016 and December 31, 2015 (amounts in thousands):
|  |  |  |  | As of June 30, 2016 |
| Principal Balance as of June 30, 2016 |  | Principal Balance as of December 31, 2015 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
10 Bank Street | $ | 31,883 |  |  | $ | 32,214 |  |  | 5.72 | % |  | 6.22 | % |  | 6/1/2017 |
1542 Third Avenue | 18,012 |  |  | 18,222 |  |  | 5.90 | % |  | 6.58 | % |  | 6/1/2017 |
First Stamford Place | 236,942 |  |  | 238,765 |  |  | 5.65 | % |  | 6.15 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 26,787 |  |  | 27,064 |  |  | 5.69 | % |  | 6.38 | % |  | 7/5/2017 |
383 Main Avenue | 28,966 |  |  | 29,269 |  |  | 5.59 | % |  | 6.03 | % |  | 7/5/2017 |
1333 Broadway | 68,159 |  |  | 68,646 |  |  | 6.32 | % |  | 3.76 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 68,231 |  |  | 68,732 |  |  | 6.12 | % |  | 3.42 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,495 |  |  | 9,600 |  |  | 3.35 | % |  | 3.35 | % |  | 2/5/2018 |
112 West 34th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 75,842 |  |  | 76,406 |  |  | 6.01 | % |  | 3.35 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,576 |  |  | 9,640 |  |  | 6.56 | % |  | 3.66 | % |  | 4/5/2018 |
1350 Broadway | 38,060 |  |  | 38,348 |  |  | 5.87 | % |  | 3.74 | % |  | 4/5/2018 |
Metro Center | 96,976 |  |  | 97,950 |  |  | 3.59 | % |  | 3.65 | % |  | 11/5/2024 |
10 Union Square (3) | 50,000 |  |  | 20,289 |  |  | 3.70 | % |  | 4.01 | % |  | 4/1/2026 |
Total mortgage debt | 758,929 |  |  | 735,145 |  |  |  |  |  |  |  |
Senior unsecured notes - exchangeable | 250,000 |  |  | 250,000 |  |  | 2.63 | % |  | 3.93 | % |  | 8/15/2019 |
Senior unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |
Series A | 100,000 |  |  | 100,000 |  |  | 3.93 | % |  | 4.00 | % |  | 3/27/2025 |
Series B | 125,000 |  |  | 125,000 |  |  | 4.09 | % |  | 4.17 | % |  | 3/27/2027 |
Series C | 125,000 |  |  | 125,000 |  |  | 4.18 | % |  | 4.26 | % |  | 3/27/2030 |
Unsecured revolving credit facility | 40,000 |  |  | 40,000 |  |  | (4) |  | (4) |  | 1/23/2019 |
Unsecured term loan facility | 265,000 |  |  | 265,000 |  |  | (5) |  | (5) |  | 8/24/2022 |
Total principal | 1,663,929 |  |  | 1,640,145 |  |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | 3,044 |  |  | 5,181 |  |  |  |  |  |  |  |
Deferred financing costs, net | (7,818 | ) |  | (12,910 | ) |  |  |  |  |  |  |
Total | $ | 1,659,155 |  |  | $ | 1,632,416 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of June 30, 2016, 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) | The mortgage loan collateralized by 10 Union Square was refinanced in March 2016.
(4) | At June 30, 2016, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at June 30, 2016 was 1.62%.
(5) | The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at June 30, 2016 was 2.07%. Pursuant to a forward interest rate swap agreement, the LIBOR rate is fixed at 2.1485% for the period beginning on August 31, 2017 through maturity.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at June 30, 2016 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2016 | $ | 6,089 |  |  | $ | — |  |  | $ | 6,089 |
2017 | 9,904 |  |  | 336,009 |  |  | 345,913 |
2018 | 2,880 |  |  | 262,210 |  |  | 265,090 |
2019 | 2,188 |  |  | 290,000 |  |  | 292,188 |
2020 | 2,268 |  |  | — |  |  | 2,268 |
Thereafter | 9,706 |  |  | 742,675 |  |  | 752,381 |
Total | $ | 33,035 |  |  | $ | 1,630,894 |  |  | $ | 1,663,929 |
Schedule of Deferred Costs, Net | Deferred costs, net consisted of the following as of June 30, 2016 and December 31, 2015 (amounts in thousands):
| June 30, 2016 |  | December 31, 2015
Leasing costs | $ | 131,194 |  |  | $ | 121,864 |
Acquired in-place lease value and deferred leasing costs | 261,588 |  |  | 285,902 |
Acquired above-market leases | 76,965 |  |  | 81,680 |
| 469,747 |  |  | 489,446 |
Less: accumulated amortization | (180,998 | ) |  | (178,767 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 288,749 |  |  | $ | 310,679 |
Deferred financing costs, net, consisted of the following at June 30, 2016 and December 31, 2015 (amounts in thousands):
|  | June 30, 2016 |  | December 31, 2015
Financing costs |  | $ | 21,505 |  |  | $ | 20,882 |
Less: accumulated amortization |  | (9,659 | ) |  | (7,972 | )
Total deferred financing costs, net |  | $ | 11,846 |  |  | $ | 12,910 |

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