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Debt (Tables) | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Long-Term Debt | Debt consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands):
| Principal Balance |  | As of June 30, 2017
| June 30, 2017 |  | December 31, 2016 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |
1333 Broadway | $ | 67,138 |  |  | $ | 67,656 |  |  | 6.32 | % |  | 3.74 | % |  | 1/5/2018
1400 Broadway |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 67,181 |  |  | 67,714 |  |  | 6.12 | % |  | 3.37 | % |  | 2/5/2018
(second lien mortgage loan) | 9,281 |  |  | 9,389 |  |  | 3.35 | % |  | 3.35 | % |  | 2/5/2018
111 West 33rd Street |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | 74,662 |  |  | 75,261 |  |  | 6.01 | % |  | 3.31 | % |  | 4/5/2018
(second lien mortgage loan) | 9,440 |  |  | 9,509 |  |  | 6.56 | % |  | 3.62 | % |  | 4/5/2018
1350 Broadway | 37,458 |  |  | 37,764 |  |  | 5.87 | % |  | 3.71 | % |  | 4/5/2018
Metro Center | 94,976 |  |  | 95,985 |  |  | 3.59 | % |  | 3.65 | % |  | 11/5/2024
10 Union Square | 50,000 |  |  | 50,000 |  |  | 3.70 | % |  | 3.97 | % |  | 4/1/2026
1542 Third Avenue | 30,000 |  |  | 17,795 |  |  | 4.29 | % |  | 4.68 | % |  | 5/1/2027
First Stamford Place(3) | 180,000 |  |  | 235,067 |  |  | 4.28 | % |  | 4.81 | % |  | 7/1/2027
1010 Third Avenue and 77 West 55th Street | 40,000 |  |  | 26,502 |  |  | 4.01 | % |  | 4.50 | % |  | 1/5/2028
10 Bank Street | 35,000 |  |  | 31,544 |  |  | 4.23 | % |  | 4.50 | % |  | 6/1/2032
383 Main Avenue | 30,000 |  |  | 28,654 |  |  | 4.44 | % |  | 4.88 | % |  | 6/30/2032
Total mortgage debt | 725,136 |  |  | 752,840 |  |  |  |  |  |  |
Senior unsecured notes - exchangeable | 250,000 |  |  | 250,000 |  |  | 2.63 | % |  | 3.93 | % |  | 8/15/2019
Senior unsecured notes:(6) |  |  |  |  |  |  |  |  |  |  |
Series A | 100,000 |  |  | 100,000 |  |  | 3.93 | % |  | 3.98 | % |  | 3/27/2025
Series B | 125,000 |  |  | 125,000 |  |  | 4.09 | % |  | 4.14 | % |  | 3/27/2027
Series C | 125,000 |  |  | 125,000 |  |  | 4.18 | % |  | 4.23 | % |  | 3/27/2030
Unsecured revolving credit facility(6) | — |  |  | — |  |  | (4) |  | (4) |  | 1/23/2019
Unsecured term loan facility(6) | 265,000 |  |  | 265,000 |  |  | (5) |  | (5) |  | 8/24/2022
Total principal | 1,590,136 |  |  | 1,617,840 |  |  |  |  |  |  |
Unamortized premiums, net of unamortized discount | (1,232 | ) |  | 905 |  |  |  |  |  |  |
Deferred financing costs, net | (9,405 | ) |  | (6,414 | ) |  |  |  |  |  |
Total | $ | 1,579,499 |  |  | $ | 1,612,331 |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of June 30, 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) | Represents a $164 million mortgage loan bearing interest of 4.09% and a $16 million loan bearing interest at 6.25%.
(4) | At June 30, 2017, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at June 30, 2017 was 2.37%.
(5) | The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at June 30, 2017 was 2.82%. 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.
(6) | At June 30, 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. During May 2017, we refinanced a mortgage loan collateralized by 10 Bank Street. The new $35.0 million loan bears interest at a fixed rate of 4.23% and matures in June 2032. During June 2017, we refinanced a mortgage loan collateralized by First Stamford Place. The new $180.0 million loans bear a blended interest rate of 4.28% and mature in July 2027. One mortgage loan is for $164.0 million and bears an interest rate of 4.09%. The second loan is for $16.0 million and bears an interest rate of 6.25%. During June 2017, we refinanced a mortgage loan collateralized by 1010 Third Avenue and 77 West 55th Street. The new $40.0 million loan bears interest at a fixed rate of 4.01% and matures in January 2028. During June 2017, we refinanced a mortgage loan collateralized by 383 Main Avenue. The new $30.0 million loan bears interest at a fixed rate of 4.44% and matures in June 2032.
Aggregate Required Principal Payments | Aggregate required principal payments at June 30, 2017 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2017 | $ | 3,898 |  |  | $ | — |  |  | $ | 3,898 |
2018 | 4,417 |  |  | 262,210 |  |  | 266,627 |
2019 | 3,790 |  |  | 250,000 |  |  | 253,790 |
2020 | 3,938 |  |  | — |  |  | 3,938 |
2021 | 4,090 |  |  | — |  |  | 4,090 |
Thereafter | 43,310 |  |  | 1,014,483 |  |  | 1,057,793 |
Total | $ | 63,443 |  |  | $ | 1,526,693 |  |  | $ | 1,590,136 |
Deferred Costs, Net | Deferred costs, net, consisted of the following as of June 30, 2017 and December 31, 2016 (amounts in thousands):
| June 30, 2017 |  | December 31, 2016
Leasing costs | $ | 147,910 |  |  | $ | 140,325 |
Acquired in-place lease value and deferred leasing costs | 245,164 |  |  | 253,113 |
Acquired above-market leases | 70,733 |  |  | 74,770 |
| 463,807 |  |  | 468,208 |
Less: accumulated amortization | (203,827 | ) |  | (195,617 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 259,980 |  |  | $ | 272,591 |
Deferred financing costs, net, consisted of the following at June 30, 2017 and December 31, 2016 (amounts in thousands):
|  | June 30, 2017 |  | December 31, 2016
Financing costs |  | $ | 17,803 |  |  | $ | 23,145 |
Less: accumulated amortization |  | (4,986 | ) |  | (12,241 | )
Total deferred financing costs, net |  | $ | 12,817 |  |  | $ | 10,904 |

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