XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of March 31, 2017 and December 31, 2016 (amounts in thousands):
|  |  |  |  | As of March 31, 2017 |
| Principal Balance as of March 31, 2017 |  | Principal Balance as of December 31, 2016 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
10 Bank Street | $ | 31,370 |  |  | $ | 31,544 |  |  | 5.72 | % |  | 6.23 | % |  | 6/1/2017 |
1542 Third Avenue | 17,680 |  |  | 17,795 |  |  | 5.90 | % |  | 6.53 | % |  | 6/1/2017 |
First Stamford Place | 234,053 |  |  | 235,067 |  |  | 5.65 | % |  | 6.09 | % |  | 7/5/2017 |
1010 Third Avenue and 77 West 55th Street | 26,357 |  |  | 26,502 |  |  | 5.69 | % |  | 6.40 | % |  | 7/5/2017 |
383 Main Avenue | 28,494 |  |  | 28,654 |  |  | 5.59 | % |  | 6.05 | % |  | 7/5/2017 |
1333 Broadway | 67,399 |  |  | 67,656 |  |  | 6.32 | % |  | 3.77 | % |  | 1/5/2018 |
1400 Broadway |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 67,450 |  |  | 67,714 |  |  | 6.12 | % |  | 3.39 | % |  | 2/5/2018 |
(second lien mortgage loan) | 9,335 |  |  | 9,389 |  |  | 3.35 | % |  | 3.36 | % |  | 2/5/2018 |
112 West 34th Street |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 74,964 |  |  | 75,261 |  |  | 6.01 | % |  | 3.35 | % |  | 4/5/2018 |
(second lien mortgage loan) | 9,475 |  |  | 9,509 |  |  | 6.56 | % |  | 3.66 | % |  | 4/5/2018 |
1350 Broadway | 37,612 |  |  | 37,764 |  |  | 5.87 | % |  | 3.72 | % |  | 4/5/2018 |
Metro Center | 95,483 |  |  | 95,985 |  |  | 3.59 | % |  | 3.67 | % |  | 11/5/2024 |
10 Union Square | 50,000 |  |  | 50,000 |  |  | 3.70 | % |  | 3.97 | % |  | 4/1/2026 |
Total mortgage debt | 749,672 |  |  | 752,840 |  |  |  |  |  |  |  |
Senior unsecured notes - exchangeable | 250,000 |  |  | 250,000 |  |  | 2.63 | % |  | 3.93 | % |  | 8/15/2019 |
Senior unsecured notes:(5) |  |  |  |  |  |  |  |  |  |  |  |
Series A | 100,000 |  |  | 100,000 |  |  | 3.93 | % |  | 3.96 | % |  | 3/27/2025 |
Series B | 125,000 |  |  | 125,000 |  |  | 4.09 | % |  | 4.12 | % |  | 3/27/2027 |
Series C | 125,000 |  |  | 125,000 |  |  | 4.18 | % |  | 4.21 | % |  | 3/27/2030 |
Unsecured revolving credit facility(5) | — |  |  | — |  |  | (3) |  | (3) |  | 1/23/2019 |
Unsecured term loan facility(5) | 265,000 |  |  | 265,000 |  |  | (4) |  | (4) |  | 8/24/2022 |
Total principal | 1,614,672 |  |  | 1,617,840 |  |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | (163 | ) |  | 905 |  |  |  |  |  |  |  |
Deferred financing costs, net | (5,710 | ) |  | (6,414 | ) |  |  |  |  |  |  |
Total | $ | 1,608,799 |  |  | $ | 1,612,331 |  |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of March 31, 2017, 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) | At March 31, 2017, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at March 31, 2017 was 2.13%.
(4) | The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at March 31, 2017 was 2.58%. 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.
(5) | At March 31, 2017, we were in compliance with all debt covenants.
Mortgage Debt During April 2017, we refinanced a mortgage loan collateralized by 1542 Third Avenue. The new $30.0 million loan bears interest at a fixed rate of 4.29% and matures in May 2027.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at March 31, 2017 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2017 | $ | 6,736 |  |  | $ | 336,009 |  |  | $ | 342,745 |
2018 | 2,880 |  |  | 262,210 |  |  | 265,090 |
2019 | 2,188 |  |  | 250,000 |  |  | 252,188 |
2020 | 2,268 |  |  | — |  |  | 2,268 |
2021 | 2,350 |  |  | — |  |  | 2,350 |
Thereafter | 7,356 |  |  | 742,675 |  |  | 750,031 |
Total | $ | 23,778 |  |  | $ | 1,590,894 |  |  | $ | 1,614,672 |
Schedule of Deferred Costs, Net | Deferred costs, net, consisted of the following as of March 31, 2017 and December 31, 2016 (amounts in thousands):
| March 31, 2017 |  | December 31, 2016
Leasing costs | $ | 143,245 |  |  | $ | 140,325 |
Acquired in-place lease value and deferred leasing costs | 252,441 |  |  | 253,113 |
Acquired above-market leases | 74,623 |  |  | 74,770 |
| 470,309 |  |  | 468,208 |
Less: accumulated amortization | (203,804 | ) |  | (195,617 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 266,505 |  |  | $ | 272,591 |
Deferred financing costs, net, consisted of the following at March 31, 2017 and December 31, 2016 (amounts in thousands):
|  | March 31, 2017 |  | December 31, 2016
Financing costs |  | $ | 23,190 |  |  | $ | 23,145 |
Less: accumulated amortization |  | (13,529 | ) |  | (12,241 | )
Total deferred financing costs, net |  | $ | 9,661 |  |  | $ | 10,904 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration