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v3.22.4

Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following as of December 31, 2022 and 2021 (amounts in thousands):
|  |  |  |  | As of December 31, 2022 |
| Principal Balance as of December 31, 2022 |  | Principal Balance as of December 31, 2021 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
Metro Center | $ | 82,596 |  |  | $ | 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) | 178,823 |  |  | 180,000 |  |  | 4.28 | % |  | 4.73 | % |  | 7/1/2027 |
1010 Third Avenue and 77 West 55th Street | 35,831 |  |  | 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 (4) | — |  |  | 31,091 |  |  | — | % |  | — | % |  | — |  |
383 Main Avenue(5) | — |  |  | 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 | 7,865 |  |  | 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 | 17,415 |  |  | 19,250 |  |  | LIBOR plus 2.45% |  | 3.85 | % |  | 11/1/2033 |
Total fixed rate mortgage debt | 900,630 |  |  | 968,793 |  |  |  |  |  |  |  |
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 |
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 revolving credit facility (6)(7) | — |  |  | — |  |  | SOFR plus 1.30% |  | — | % |  | 3/31/2025 |
Unsecured term loan facility (6)(7) | 215,000 |  |  | 215,000 |  |  | SOFR plus 1.20% |  | 4.22 | % |  | 3/19/2025 |
Unsecured term loan facility (6)(7) | 175,000 |  |  | 175,000 |  |  | SOFR plus 1.50% |  | 4.51 | % |  | 12/31/2026 |
Total principal | 2,265,630 |  |  | 2,333,793 |  |  |  |  |  |  |  |
Deferred financing costs, net | (11,748) |  |  | (14,881) |  |  |  |  |  |  |  |
Unamortized debt discount | (7,745) |  |  | (8,547) |  |  |  |  |  |  |  |
Total | $ | 2,246,137 |  |  | $ | 2,310,365 |  |  |  |  |  |  |  |
_____________ (1)The effective rate is the yield as of December 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 of 4.09% and a $14.8 million loan bearing interest at 6.25%. (4)10 Bank Street was sold in December 2022. (5)Ownership of 383 Main Avenue, Norwalk CT was transferred to the lender during April 2022. (6)At December 31, 2022, we were in compliance with all debt covenants. (7)As of August 29, 2022, the benchmark index interest rate was converted from LIBOR to SOFR, plus a benchmark adjustment of 10.0 basis points.
Schedule of Maturities of Long-term Debt | Aggregate required principal payments at December 31, 2022 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2023 | $ | 8,632 |  |  | $ | — |  |  | $ | 8,632 |
2024 | 8,861 |  |  | 77,675 |  |  | 86,536 |
2025 | 6,893 |  |  | 315,000 |  |  | 321,893 |
2026 | 7,330 |  |  | 225,000 |  |  | 232,330 |
2027 | 6,461 |  |  | 319,000 |  |  | 325,461 |
Thereafter | 22,079 |  |  | 1,268,699 |  |  | 1,290,778 |
Total principal maturities | $ | 60,256 |  |  | $ | 2,205,374 |  |  | $ | 2,265,630 |
Schedule of Deferred Costs, Net | Deferred costs, net, consisted of the following at December 31, 2022 and 2021 (amounts in thousands):
| 2022 |  | 2021
Leasing costs | $ | 218,707 |  |  | $ | 211,189 |
Acquired in-place lease value and deferred leasing costs | 160,683 |  |  | 166,491 |
Acquired above-market leases | 27,833 |  |  | 33,289 |
| 407,223 |  |  | 410,969 |
Less: accumulated amortization | (223,246) |  |  | (215,764) |
Total deferred costs, net, excluding net deferred financing costs | $ | 183,977 |  |  | $ | 195,205 |
Deferred financing costs, net, consisted of the following at December 31, 2022 and 2021 (amounts in thousands):
| 2022 |  | 2021
Financing costs | $ | 43,473 |  |  | $ | 44,637 |
Less: accumulated amortization | (26,753) |  |  | (22,525) |
Total deferred financing costs, net | $ | 16,720 |  |  | $ | 22,112 |

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