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.

Principal Payments

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

Deferred Financing Costs

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

At March 31, 2017, $4.0 million of net deferred financing costs associated with the unsecured revolving credit facility was included in deferred costs, net on the condensed consolidated balance sheet.

Amortization expense related to deferred financing costs was $1.3 million and $1.3 million for the three months ended March 31, 2017 and 2016, respectively, and was included in interest expense.

Unsecured Revolving Credit Facility

Our unsecured revolving credit facility is comprised of a revolving credit facility in the maximum principal amount of $1.1 billion. The unsecured revolving credit facility contains an accordion feature that would allow us to increase the maximum aggregate principal amount to $1.25 billion under specified circumstances.

The initial maturity of the unsecured revolving credit facility is January 2019. We have the option to extend the initial term for up to two additional 6-month periods, subject to certain conditions, including the payment of an extension fee equal to 0.075% of the then outstanding commitments under the unsecured revolving credit facility.

Exchangeable Senior Notes

Issued in August 2014, the $250.0 million principal amount of 2.625% Exchangeable Senior Notes (“2.625% Exchangeable Senior Notes”) are due August 15, 2019. The 2.625% Exchangeable Senior Notes will be exchangeable into cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at our election. We have asserted that our intent and ability to settle the principal amount of the 2.625% Exchangeable Senior Notes is in cash. As of March 31, 2017, the exchange rate of the 2.625% Exchangeable Senior Notes was 51.6108 shares per $1,000 principal amount of notes (equivalent to an initial exchange price of approximately $19.38 per share of Class A common stock), subject to adjustment, as described in the related indenture governing the 2.625% Exchangeable Senior Notes.

For the three months ended March 31, 2017, total interest expense related to the 2.625% Exchangeable Senior Notes was $2.4 million consisting of (i) the contractual interest expense of $1.6 million, (ii) the additional non-cash interest expense of $0.7 million relating to the accretion of the debt discount, and (iii) the amortization of deferred financing costs of $0.1 million. For the three months ended March 31, 2016, total interest expense related to the 2.625% Exchangeable Senior Notes was $2.4 million consisting of (i) the contractual interest expense of $1.6 million, (ii) the additional non-cash interest expense of $0.7 million relating to the accretion of the debt discount, and (iii) the amortization of deferred financing costs of $0.1 million.