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Debt | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands):
| Principal Balance |  | As of March 31, 2022
| March 31, 2022 |  | December 31, 2021 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |
Metro Center | $ | 84,432 |  |  | $ | 85,032 |  |  | 3.59 | % |  | 3.69 | % |  | 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 | % |  | 4.71 | % |  | 7/1/2027
1010 Third Avenue and 77 West 55th Street | 36,463 |  |  | 36,670 |  |  | 4.01 | % |  | 4.24 | % |  | 1/5/2028
250 West 57th Street | 180,000 |  |  | 180,000 |  |  | 2.83 | % |  | 3.19 | % |  | 12/1/2030
10 Bank Street | 30,851 |  |  | 31,091 |  |  | 4.23 | % |  | 4.37 | % |  | 6/1/2032
383 Main Avenue(4) | 30,000 |  |  | 30,000 |  |  | 4.44 | % |  | 4.56 | % |  | 6/30/2032
1333 Broadway | 160,000 |  |  | 160,000 |  |  | 4.21 | % |  | 4.29 | % |  | 2/5/2033
345 East 94th Street - Series A | 43,600 |  |  | 43,600 |  |  | 70.0% of LIBOR plus 0.95% |  | 3.56 | % |  | 11/1/2030
345 East 94th Street - Series B | 8,321 |  |  | 8,650 |  |  | LIBOR plus 2.24% |  | 3.56 | % |  | 11/1/2030
561 10th Avenue - Series A | 114,500 |  |  | 114,500 |  |  | 70.0% of LIBOR plus 1.07% |  | 3.85 | % |  | 11/1/2033
561 10th Avenue - Series B | 18,535 |  |  | 19,250 |  |  | LIBOR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 966,702 |  |  | 968,793 |  |  |  |  |  |  |
Senior unsecured notes:(5) |  |  |  |  |  |  |  |  |
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 |  |  | 100,000 |  |  | 3.61 | % |  | 4.89 | % |  | 3/17/2032
Series H | 75,000 |  |  | 75,000 |  |  | 3.73 | % |  | 5.00 | % |  | 3/17/2035
Unsecured term loan facility (5) | 215,000 |  |  | 215,000 |  |  | LIBOR plus 1.20% |  | 3.54 | % |  | 3/19/2025
Unsecured revolving credit facility (5) | — |  |  | — |  |  | LIBOR plus 1.30% |  | — |  |  | 3/31/2025
Unsecured term loan facility (5) | 175,000 |  |  | 175,000 |  |  | LIBOR plus 1.50% |  | 3.80 | % |  | 12/31/2026
Total principal | 2,331,702 |  |  | 2,333,793 |  |  |  |  |  |  |
Deferred financing costs, net | (14,045) |  |  | (14,881) |  |  |  |  |  |  |
Unamortized debt discount | (8,387) |  |  | (8,547) |  |  |  |  |  |  |
Total | $ | 2,309,270 |  |  | $ | 2,310,365 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of March 31, 2022 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)Ownership of 383 Main Avenue was transferred to the lender during April 2022. (5)At March 31, 2022, we were in compliance with all debt covenants. Principal Payments Aggregate required principal payments at March 31, 2022 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2022 | $ | 5,965 |  |  | $ | — |  |  | $ | 5,965 |
2023 | 10,130 |  |  | — |  |  | 10,130 |
2024 | 10,424 |  |  | 77,675 |  |  | 88,099 |
2025 | 8,523 |  |  | 315,000 |  |  | 323,523 |
2026 | 9,030 |  |  | 225,000 |  |  | 234,030 |
Thereafter (1) | 39,601 |  |  | 1,630,354 |  |  | 1,669,955 |
Total | $ | 83,673 |  |  | $ | 2,248,029 |  |  | $ | 2,331,702 |
______________ (1)Includes $30 million of mortgage debt on 383 Main Avenue that was discharged in April 2022. Deferred Financing Costs Deferred financing costs, net, consisted of the following at March 31, 2022 and December 31, 2021 (amounts in thousands):
|  | March 31, 2022 |  | December 31, 2021
Financing costs |  | $ | 44,637 |  |  | $ | 44,637 |
Less: accumulated amortization |  | (23,946) |  |  | (22,525) |
Total deferred financing costs, net |  | $ | 20,691 |  |  | $ | 22,112 |
Amortization expense related to deferred financing costs was $1.4 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. Unsecured Revolving Credit and Term Loan Facilities On March 31, 2021, we entered into a second amendment to an existing credit agreement ("Amended Credit Agreement") that governs an amended senior unsecured credit facility (the "Credit Facility") with Bank of America, N.A., as administrative agent and the other lenders party thereto. The Amended Credit Agreement amended the amended and restated credit agreement dated August 29, 2017 by and among the parties named therein. The Credit Facility is in the initial maximum principal amount of up to $1.065 billion, which consists of $850.0 million revolving credit facility that matures on March 31, 2025, and a $215.0 million term loan facility that matures on March 19, 2025. As of March 31, 2022, we had no borrowings under the revolving credit facility and $215.0 million under the term loan facility. On March 19, 2020, we entered into a senior unsecured term loan facility (the “Term Loan Facility”) with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto. The Term Loan Facility is in the original principal amount of $175.0 million and matures on December 31, 2026. We may request the Term Loan Facility be increased through one or more increases or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount not to exceed $225 million. As of March 31, 2022, our borrowings amounted to $175.0 million under the Term Loan Facility. The terms of both the Credit Facility and the Term Loan Facility include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. Both facilities also require compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements governing both facilities also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of loan documents, loss of real estate investment trust qualification, and occurrence of a change of control. As of March 31, 2022, we were in compliance with these covenants. Senior Unsecured Notes The terms of the senior unsecured notes include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. It also requires compliance with financial ratios including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unsecured leverage ratio. The agreements also contain customary events of default (subject in certain cases to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, the occurrence of certain change of control transactions and loss of real estate investment trust qualification. As of March 31, 2022, we were in compliance with these covenants.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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