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Debt (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Debt | Debt consisted of the following as of September 30, 2018 and December 31, 2017 (amounts in thousands):
| Principal Balance |  | As of September 30, 2018
| September 30, 2018 |  | December 31, 2017 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |
Metro Center | $ | 92,372 |  |  | $ | 93,948 |  |  | 3.59 | % |  | 3.66 | % |  | 11/5/2024 |
10 Union Square | 50,000 |  |  | 50,000 |  |  | 3.70 | % |  | 3.97 | % |  | 4/1/2026 |
1542 Third Avenue | 30,000 |  |  | 30,000 |  |  | 4.29 | % |  | 4.53 | % |  | 5/1/2027 |
First Stamford Place(3) | 180,000 |  |  | 180,000 |  |  | 4.28 | % |  | 4.44 | % |  | 7/1/2027 |
1010 Third Avenue and 77 West 55th Street | 39,177 |  |  | 39,710 |  |  | 4.01 | % |  | 4.20 | % |  | 1/5/2028 |
10 Bank Street | 33,988 |  |  | 34,602 |  |  | 4.23 | % |  | 4.35 | % |  | 6/1/2032 |
383 Main Avenue | 30,000 |  |  | 30,000 |  |  | 4.44 | % |  | 4.55 | % |  | 6/30/2032 |
1333 Broadway | 160,000 |  |  | 66,602 |  |  | 4.21 | % |  | 4.26 | % |  | 2/5/2033 |
1400 Broadway |  |  |  |  |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | — |  |  | 66,632 |  |  | — |  |  | — |  |  | — |
(second lien mortgage loan) | — |  |  | 9,172 |  |  | — |  |  | — |  |  | — |
111 West 33rd Street |  |  |  |  |  |  |  |  |  |  |  |  |  |
(first lien mortgage loan) | — |  |  | 74,045 |  |  | — |  |  | — |  |  | — |
(second lien mortgage loan) | — |  |  | 9,369 |  |  | — |  |  | — |  |  | — |
1350 Broadway | — |  |  | 37,144 |  |  | — |  |  | — |  |  | — |
Total mortgage debt | 615,537 |  |  | 721,224 |  |  |  |  |  |  |
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 | % |  | 3.96 | % |  | 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 |
Series D | 115,000 |  |  | 115,000 |  |  | 4.08 | % |  | 4.11 | % |  | 1/22/2028 |
Series E | 160,000 |  |  | — |  |  | 4.26 | % |  | 4.27 | % |  | 3/22/2030 |
Series F | 175,000 |  |  | — |  |  | 4.44 | % |  | 4.45 | % |  | 3/22/2033 |
Unsecured revolving credit facility(6) | — |  |  | — |  |  | (4) |  | (4) |  | 8/29/2021 |
Unsecured term loan facility(6) | 265,000 |  |  | 265,000 |  |  | (5) |  | (5) |  | 8/29/2022 |
Total principal | 1,930,537 |  |  | 1,701,224 |  |  |  |  |  |  |
Unamortized discount, net of unamortized premium | (2,315 | ) |  | (3,370 | ) |  |  |  |  |  |
Deferred financing costs, net | (9,538 | ) |  | (9,133 | ) |  |  |  |  |  |
Total | $ | 1,918,684 |  |  | $ | 1,688,721 |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of September 30, 2018, 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 at 4.09% and a $16 million loan bearing interest at 6.25%.
(4) | At September 30, 2018, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at September 30, 2018 was 3.36%.
(5) | The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.20%. Pursuant to an interest rate swap agreement, the LIBOR rate is fixed at 2.1485% through maturity. The rate at September 30, 2018 was 3.35%.
(6) | At September 30, 2018, we were in compliance with all debt covenants.
Aggregate Required Principal Payments | Aggregate required principal payments at September 30, 2018 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2018 | $ | 925 |  |  | $ | — |  |  | $ | 925 |
2019 | 3,790 |  |  | 250,000 |  |  | 253,790 |
2020 | 3,938 |  |  | — |  |  | 3,938 |
2021 | 4,090 |  |  | — |  |  | 4,090 |
2022 | 5,628 |  |  | 265,000 |  |  | 270,628 |
Thereafter | 41,744 |  |  | 1,355,422 |  |  | 1,397,166 |
Total | $ | 60,115 |  |  | $ | 1,870,422 |  |  | $ | 1,930,537 |
Deferred Costs, Net | Deferred costs, net, consisted of the following as of September 30, 2018 and December 31, 2017 (amounts in thousands):
| September 30, 2018 |  | December 31, 2017
Leasing costs | $ | 171,865 |  |  | $ | 164,751 |
Acquired in-place lease value and deferred leasing costs | 218,810 |  |  | 237,364 |
Acquired above-market leases | 53,208 |  |  | 67,415 |
| 443,883 |  |  | 469,530 |
Less: accumulated amortization | (206,210 | ) |  | (215,102 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 237,673 |  |  | $ | 254,428 |
Deferred financing costs, net, consisted of the following at September 30, 2018 and December 31, 2017 (amounts in thousands):
|  | September 30, 2018 |  | December 31, 2017
Financing costs |  | $ | 25,312 |  |  | $ | 24,446 |
Less: accumulated amortization |  | (9,006 | ) |  | (7,039 | )
Total deferred financing costs, net |  | $ | 16,306 |  |  | $ | 17,407 |

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