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Debt (Tables) | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | Debt consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands):
| Principal Balance |  | As of March 31, 2020
| March 31, 2020 |  | December 31, 2019 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |
Metro Center | $ | 89,090 |  |  | $ | 89,650 |  |  | 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 | % |  | 4.75 | % |  | 7/1/2027
1010 Third Avenue and 77 West 55th Street | 38,061 |  |  | 38,251 |  |  | 4.01 | % |  | 4.23 | % |  | 1/5/2028
10 Bank Street | 32,700 |  |  | 32,920 |  |  | 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 | 609,851 |  |  | 610,821 |  |  |  |  |  |  |
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
Series G | 100,000 |  |  | — |  |  | 3.61 | % |  | 4.90 | % |  | 3/17/2032
Series H | 75,000 |  |  | — |  |  | 3.73 | % |  | 5.00 | % |  | 3/17/2035
Unsecured revolving credit facility (4) | 550,000 |  |  | — |  |  | LIBOR plus 1.10% |  |  | 3.48 | % |  | 8/29/2021
Unsecured term loan facility (4) | 215,000 |  |  | 265,000 |  |  | LIBOR plus 1.20% |  |  | 3.39 | % |  | 3/19/2025
Unsecured term loan facility (4) | 175,000 |  |  | — |  |  | LIBOR plus 1.50% |  |  | 3.87 | % |  | 12/31/2026
Total principal | 2,524,851 |  |  | 1,675,821 |  |  |  |  |  |  |
Deferred financing costs, net | (14,082 | ) |  | (7,247 | ) |  |  |  |  |  |
Total | $ | 2,510,769 |  |  | $ | 1,668,574 |  |  |  |  |  |  |
______________
(1) | The effective rate is the yield as of March 31, 2020 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.
(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 March 31, 2020, we were in compliance with all debt covenants.
Aggregate Required Principal Payments | Aggregate required principal payments at March 31, 2020 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2020 | $ | 2,967 |  |  | $ | — |  |  | $ | 2,967 |
2021 | 4,090 |  |  | 550,000 |  |  | 554,090 |
2022 | 5,628 |  |  | — |  |  | 5,628 |
2023 | 7,876 |  |  | — |  |  | 7,876 |
2024 | 7,958 |  |  | 77,675 |  |  | 85,633 |
Thereafter | 25,909 |  |  | 1,842,748 |  |  | 1,868,657 |
Total | $ | 54,428 |  |  | $ | 2,470,423 |  |  | $ | 2,524,851 |
Deferred Costs, Net | Deferred costs, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands):
| March 31, 2020 |  | December 31, 2019
Leasing costs | $ | 200,792 |  |  | $ | 199,033 |
Acquired in-place lease value and deferred leasing costs | 193,478 |  |  | 200,296 |
Acquired above-market leases | 44,813 |  |  | 49,213 |
| 439,083 |  |  | 448,542 |
Less: accumulated amortization | (220,505 | ) |  | (224,598 | )
Total deferred costs, net, excluding net deferred financing costs | $ | 218,578 |  |  | $ | 223,944 |
Deferred financing costs, net, consisted of the following at March 31, 2020 and December 31, 2019 (amounts in thousands):
|  | March 31, 2020 |  | December 31, 2019
Financing costs |  | $ | 28,839 |  |  | $ | 25,315 |
Less: accumulated amortization |  | (14,757 | ) |  | (13,863 | )
Total deferred financing costs, net |  | $ | 14,082 |  |  | $ | 11,452 |

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