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Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | 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.
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 Financing Costs 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 |
At June 30, 2019 and December 31, 2018, $5.2 million and $6.3 million, respectively, 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 $1.0 million and $1.0 million for the three months ended June 30, 2019 and 2018, respectively, and $2.0 million and $2.0 million for the six months ended June 30, 2019 and 2018, respectively. Unsecured Revolving Credit and Term Loan Facility During August 2017, we entered into an amended and restated senior unsecured revolving credit and term loan facility (the “Facility”) with Bank of America, N.A., as administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo, National Association and Capital One, National Association, as co-syndication agents, and the lenders party thereto. The Facility is in the original principal amount of up to $1.365 billion, which consists of a $1.1 billion revolving credit facility and a $265 million term loan facility. We may request the Facility be increased through one or more increases in the revolving credit facility or one or more increases in the term loan facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $1.75 billion. The initial maturity of the unsecured revolving credit facility is August 2021. 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 0.0625% and 0.075% of the then outstanding commitments under the unsecured revolving credit facility on the first and the second extensions, respectively. T he term loan facility matures on August 2022. We may prepay the loans under the Facility at any time, subject to reimbursement of the lenders’ breakage and redeployment costs in the case of prepayment of Eurodollar Rate borrowings. Exchangeable Senior Notes Issued in August 2014, the $250.0 million 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 provided notice that we will settle the principal amount of the 2.625% Exchangeable Senior Notes in cash. As of June 30, 2019, the exchange rate of the 2.625% Exchangeable Senior Notes was 52.1451 shares per $1,000 principal amount of notes (equivalent to an initial exchange price of approximately $19.18 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 and six months ended June 30, 2019, total interest expense related to the 2.625% Exchangeable Senior Notes was $2.5 million and $4.9 million, respectively, consisting of (i) the contractual interest expense of $1.7 million and $3.3 million, respectively, (ii) the additional non-cash interest expense of $0.6 million and $1.3 million, respectively, relating to the accretion of the debt discount and (iii) the amortization of deferred financing costs of $0.2 million and $0.3 million, respectively. For the three and six months ended June 30, 2018, total interest expense related to the 2.625% Exchangeable Senior Notes was $2.5 million and $4.9 million, respectively, consisting of (i) the contractual interest expense of $1.7 million and $3.3 million, respectively, (ii) the additional non-cash interest expense of $0.6 million and $1.3 million, respectively, relating to the accretion of the debt discount, and (iii) the amortization of deferred financing costs of $0.2 million and $0.3 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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