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v3.22.2

Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Debt consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):
| Principal Balance |  | As of June 30, 2022
| June 30, 2022 |  | December 31, 2021 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Mortgage debt collateralized by: |  |  |  |  |  |  |  |  |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |
Metro Center | $ | 83,824 |  |  | $ | 85,032 |  |  | 3.59 | % |  | 3.67 | % |  | 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 | % |  | 4.73 | % |  | 7/1/2027
1010 Third Avenue and 77 West 55th Street | 36,255 |  |  | 36,670 |  |  | 4.01 | % |  | 4.21 | % |  | 1/5/2028
250 West 57th Street | 180,000 |  |  | 180,000 |  |  | 2.83 | % |  | 3.21 | % |  | 12/1/2030
10 Bank Street | 30,609 |  |  | 31,091 |  |  | 4.23 | % |  | 4.37 | % |  | 6/1/2032
383 Main Avenue(4) | — |  |  | 30,000 |  |  | — | % |  | — | % |  | — |
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 | 8,173 |  |  | 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 | 18,170 |  |  | 19,250 |  |  | LIBOR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 935,131 |  |  | 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% |  | 3.58 | % |  | 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% |  | 4.02 | % |  | 12/31/2026
Total principal | 2,300,131 |  |  | 2,333,793 |  |  |  |  |  |  |
Deferred financing costs, net | (13,277) |  |  | (14,881) |  |  |  |  |  |  |
Unamortized debt discount | (8,135) |  |  | (8,547) |  |  |  |  |  |  |
Total | $ | 2,278,719 |  |  | $ | 2,310,365 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of June 30, 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, Norwalk CT was transferred to the lender during April 2022. (5)At June 30, 2022, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments | Aggregate required principal payments at June 30, 2022 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2022 | $ | 4,194 |  |  | $ | — |  |  | $ | 4,194 |
2023 | 9,632 |  |  | — |  |  | 9,632 |
2024 | 9,903 |  |  | 77,675 |  |  | 87,578 |
2025 | 7,979 |  |  | 315,000 |  |  | 322,979 |
2026 | 8,491 |  |  | 225,000 |  |  | 233,491 |
Thereafter | 35,975 |  |  | 1,606,282 |  |  | 1,642,257 |
Total | $ | 76,174 |  |  | $ | 2,223,957 |  |  | $ | 2,300,131 |
Schedule of Deferred Costs, Net | Deferred costs, net, consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):
| June 30, 2022 |  | December 31, 2021
Leasing costs | $ | 217,415 |  |  | $ | 211,189 |
Acquired in-place lease value and deferred leasing costs | 158,874 |  |  | 166,491 |
Acquired above-market leases | 29,419 |  |  | 33,289 |
| 405,708 |  |  | 410,969 |
Less: accumulated amortization | (218,336) |  |  | (215,764) |
Total deferred costs, net, excluding net deferred financing costs | $ | 187,372 |  |  | $ | 195,205 |
Deferred financing costs, net, consisted of the following at June 30, 2022 and December 31, 2021 (amounts in thousands):
|  | June 30, 2022 |  | December 31, 2021
Financing costs |  | $ | 44,065 |  |  | $ | 44,637 |
Less: accumulated amortization |  | (24,727) |  |  | (22,525) |
Total deferred financing costs, net |  | $ | 19,338 |  |  | $ | 22,112 |

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