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Debt (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Long-Term Debt | Debt consisted of the following as of June 30, 2019 and December 31, 2018 (amounts in thousands):
| Principal Balance |  | As of June 30, 2019
| June 30, 2019 |  | December 31, 2018 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |
Metro Center | $ | 90,754 |  |  | $ | 91,838 |  |  | 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 | % |  | 4.42 | % |  | 7/1/2027
1010 Third Avenue and 77 West 55th Street | 38,627 |  |  | 38,995 |  |  | 4.01 | % |  | 4.20 | % |  | 1/5/2028
10 Bank Street | 33,354 |  |  | 33,779 |  |  | 4.23 | % |  | 4.36 | % |  | 6/1/2032
383 Main Avenue | 30,000 |  |  | 30,000 |  |  | 4.44 | % |  | 4.55 | % |  | 6/30/2032
1333 Broadway | 160,000 |  |  | 160,000 |  |  | 4.21 | % |  | 4.29 | % |  | 2/5/2033
Total mortgage debt | 612,735 |  |  | 614,612 |  |  |  |  |  |  |
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 |  |  | 160,000 |  |  | 4.26 | % |  | 4.27 | % |  | 3/22/2030
Series F | 175,000 |  |  | 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 | 1,927,735 |  |  | 1,929,612 |  |  |  |  |  |  |
Unamortized discount, net of unamortized premium | (312 | ) |  | (1,647 | ) |  |  |  |  |  |
Deferred financing costs, net | (8,018 | ) |  | (9,032 | ) |  |  |  |  |  |
Total | $ | 1,919,405 |  |  | $ | 1,918,933 |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of June 30, 2019, 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 June 30, 2019, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at June 30, 2019 was 3.50%.
(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 June 30, 2019 was 3.35%.
(6) At June 30, 2019, we were in compliance with all debt covenants.
Aggregate Required Principal Payments | Aggregate required principal payments at June 30, 2019 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2019 | $ | 1,913 |  |  | $ | 250,000 |  |  | $ | 251,913 |
2020 | 3,938 |  |  | — |  |  | 3,938 |
2021 | 4,090 |  |  | — |  |  | 4,090 |
2022 | 5,628 |  |  | 265,000 |  |  | 270,628 |
2023 | 7,876 |  |  | — |  |  | 7,876 |
Thereafter | 33,868 |  |  | 1,355,422 |  |  | 1,389,290 |
Total | $ | 57,313 |  |  | $ | 1,870,422 |  |  | $ | 1,927,735 |
Deferred Costs, Net | Deferred costs, net, consisted of the following as of June 30, 2019 and December 31, 2018 (amounts in thousands):
| June 30, 2019 |  | December 31, 2018
Leasing costs | $ | 182,975 |  |  | $ | 178,120 |
Acquired in-place lease value and deferred leasing costs | 210,006 |  |  | 214,550 |
Acquired above-market leases | 50,749 |  |  | 52,136 |
| 443,730 |  |  | 444,806 |
Less: accumulated amortization | (220,177 | ) |  | (209,839 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 223,553 |  |  | $ | 234,967 |
Deferred financing costs, net, consisted of the following at June 30, 2019 and December 31, 2018 (amounts in thousands):
|  | June 30, 2019 |  | December 31, 2018
Financing costs |  | $ | 25,315 |  |  | $ | 25,315 |
Less: accumulated amortization |  | (12,067 | ) |  | (10,027 | )
Total deferred financing costs, net |  | $ | 13,248 |  |  | $ | 15,288 |

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