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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of December 31, 2019 and 2018 (amounts in thousands):
|  |  |  |  | As of December 31, 2019 |
| Principal Balance as of December 31, 2019 |  | Principal Balance as of December 31, 2018 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
Metro Center | $ | 89,650 |  |  | $ | 91,838 |  |  | 3.59 | % |  | 3.68 | % |  | 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 | % |  | 4.45 | % |  | 7/1/2027 |  |
1010 Third Avenue and 77 West 55th Street | 38,251 |  |  | 38,995 |  |  | 4.01 | % |  | 4.22 | % |  | 1/5/2028 |  |
10 Bank Street | 32,920 |  |  | 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 | 610,821 |  |  | 614,612 |  |  |  |  |  |  |  |
Senior unsecured notes - exchangeable | — |  |  | 250,000 |  |  | — | % |  | — | % |  | — |  |
Senior unsecured notes: (4) |  |  |  |  |  |  |  |  |  |
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 (4) | — |  |  | — |  |  | (5) |  | (5) |  | 8/29/2021 |  |
Unsecured term loan facility (4) | 265,000 |  |  | 265,000 |  |  | (6) |  | (6) |  | 8/29/2022 |  |
Total principal | 1,675,821 |  |  | 1,929,612 |  |  |  |  |  |  |  |
Unamortized discount | — |  |  | (1,647 | ) |  |  |  |  |  |  |
Deferred financing costs, net | (7,247 | ) |  | (9,032 | ) |  |  |  |  |  |  |
Total | $ | 1,668,574 |  |  | $ | 1,918,933 |  |  |  |  |  |  |  |
_____________
(1) | The effective rate is the yield as of December 31, 2019, including the effects of debt issuance costs.
(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 December 31, 2019, we were in compliance with all debt covenants.
(5) | At December 31, 2019, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at December 31, 2019 was 2.86%.
(6) 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 December 31, 2019 was 3.35%
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at December 31, 2019 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2020 | $ | 3,938 |  |  | $ | — |  |  | $ | 3,938 |
2021 | 4,090 |  |  | — |  |  | 4,090 |
2022 | 5,628 |  |  | 265,000 |  |  | 270,628 |
2023 | 7,876 |  |  | — |  |  | 7,876 |
2024 | 7,958 |  |  | 77,675 |  |  | 85,633 |
Thereafter | 25,910 |  |  | 1,277,746 |  |  | 1,303,656 |
Total principal maturities | $ | 55,400 |  |  | $ | 1,620,421 |  |  | $ | 1,675,821 |
Schedule of Deferred Costs, Net | Deferred costs, net, consisted of the following at December 31, 2019 and 2018 (amounts in thousands):
| 2019 |  | 2018
Leasing costs | $ | 199,033 |  |  | $ | 178,120 |
Acquired in-place lease value and deferred leasing costs | 200,296 |  |  | 214,550 |
Acquired above-market leases | 49,213 |  |  | 52,136 |
| 448,542 |  |  | 444,806 |
Less: accumulated amortization | (224,598 | ) |  | (209,839 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 223,944 |  |  | $ | 234,967 |
Deferred financing costs, net, consisted of the following at December 31, 2019 and 2018 (amounts in thousands):
| 2019 |  | 2018
Financing costs | $ | 25,315 |  |  | $ | 25,315 |
Less: accumulated amortization | (13,863 | ) |  | (10,027 | )
Total deferred financing costs, net | $ | 11,452 |  |  | $ | 15,288 |

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