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Debt | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following as of December 31, 2023 and 2022 (amounts in thousands):
|  |  |  |  | As of December 31, 2023 |
| Principal Balance as of December 31, 2023 |  | Principal Balance as of December 31, 2022 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2) |
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |  |
Metro Center | $ | 80,070 |  |  | $ | 82,596 |  |  | 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) | 175,860 |  |  | 178,823 |  |  | 4.28 | % |  | 4.73 | % |  | 7/1/2027 |
1010 Third Avenue and 77 West 55th Street | 34,958 |  |  | 35,831 |  |  | 4.01 | % |  | 4.21 | % |  | 1/5/2028 |
250 West 57th Street | 180,000 |  |  | 180,000 |  |  | 2.83 | % |  | 3.21 | % |  | 12/1/2030 |
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 SOFR plus 0.95% |  | 3.56 | % |  | 11/1/2030 |
345 East 94th Street - Series B | 7,209 |  |  | 7,865 |  |  | SOFR plus 2.24% |  | 3.56 | % |  | 11/1/2030 |
561 10th Avenue - Series A | 114,500 |  |  | 114,500 |  |  | 70.0% of SOFR plus 1.07% |  | 3.85 | % |  | 11/1/2033 |
561 10th Avenue - Series B | 15,801 |  |  | 17,415 |  |  | SOFR plus 2.45% |  | 3.85 | % |  | 11/1/2033 |
Total fixed rate mortgage debt | 891,998 |  |  | 900,630 |  |  |  |  |  |  |  |
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 |  |  | 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 (4) | — |  |  | — |  |  | SOFR plus 1.30% |  | — | % |  | 3/31/2025 |
Unsecured term loan facility (4) | 215,000 |  |  | 215,000 |  |  | SOFR plus 1.20% |  | 4.22 | % |  | 3/19/2025 |
Unsecured term loan facility (4) | 175,000 |  |  | 175,000 |  |  | SOFR plus 1.50% |  | 4.51 | % |  | 12/31/2026 |
Total principal | 2,256,998 |  |  | 2,265,630 |  |  |  |  |  |  |  |
Deferred financing costs, net | (9,488) |  |  | (11,748) |  |  |  |  |  |  |  |
Unamortized debt discount | (6,964) |  |  | (7,745) |  |  |  |  |  |  |  |
Total | $ | 2,240,546 |  |  | $ | 2,246,137 |  |  |  |  |  |  |  |
_____________ (1)The effective rate is the yield as of December 31, 2023 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 $164.0 million mortgage loan bearing interest of 4.09% and a $11.9 million loan bearing interest at 6.25%. (4)At December 31, 2023, we were in compliance with all debt covenants. Principal Payments Aggregate required principal payments at December 31, 2023 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
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 |
2028 | 3,556 |  |  | 146,092 |  |  | 149,648 |
Thereafter | 18,523 |  |  | 1,122,607 |  |  | 1,141,130 |
Total principal maturities | $ | 51,624 |  |  | $ | 2,205,374 |  |  | $ | 2,256,998 |
Deferred Financing Costs Deferred financing costs, net, consisted of the following at December 31, 2023 and 2022 (amounts in thousands):
| 2023 |  | 2022
Financing costs | $ | 43,473 |  |  | $ | 43,473 |
Less: accumulated amortization | (31,108) |  |  | (26,753) |
Total deferred financing costs, net | $ | 12,365 |  |  | $ | 16,720 |
Amortization expense related to deferred financing costs was $4.4 million, $4.9 million, and $4.5 million, for the years ended December 31, 2023, 2022 and 2021, respectively, and was included in interest expense. Unsecured Revolving Credit and Term Loan Facilities On August 29, 2022, we entered into a third amendment to our amended and restated credit agreement dated August 29, 2017 with Bank of America, N.A., as administrative agent and the other lenders party thereto, which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facility”). The BofA Credit Facility is in the initial maximum principal amount of up to $1.065 billion, which consists of a $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. The third amendment revised the terms of the BofA Credit Facility to (i) replace LIBOR with SOFR given the phase out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. As of December 31, 2023, we had no borrowings under the revolving credit facility and $215.0 million under the term loan facility. On August 29, 2022, we entered into a second amendment to our credit agreement dated March 19, 2020 with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, which governs a senior unsecured term loan facility (the “Wells Term Loan Facility”). The Wells Term Loan Facility is in the original principal amount of $175 million and matures on December 31, 2026. The second amendment revised the terms of the Wells Term Loan Facility to (i) replace LIBOR with SOFR given the phase out of LIBOR and (ii) permit the addition of multifamily assets as Unencumbered Eligible Property (as defined therein) and add a capitalization rate for such assets. We may request the Wells 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 December 31, 2023, our borrowings amounted to $175.0 million under the Wells Term Loan Facility. The terms of both the BofA Credit Facility and the Wells 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 December 31, 2023, 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 December 31, 2023, 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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