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Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Debt consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):
| Principal Balance |  | As of March 31, 2024
| March 31, 2024 |  | December 31, 2023 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Fixed rate mortgage debt |  |  |  |  |  |  |  |  |
Metro Center | $ | 79,425 |  |  | $ | 80,070 |  |  | 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 |  |  | 175,860 |  |  | 4.28 | % |  | 4.73 | % |  | 7/1/2027
1010 Third Avenue and 77 West 55th Street | 34,734 |  |  | 34,958 |  |  | 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% of SOFR plus 0.95% |  | 3.56 | % |  | 11/1/2030
345 East 94th Street - Series B | 7,035 |  |  | 7,209 |  |  | SOFR plus 2.24% |  | 3.56 | % |  | 11/1/2030
561 10th Avenue - Series A | 114,500 |  |  | 114,500 |  |  | 70% of SOFR plus 1.07% |  | 3.85 | % |  | 11/1/2033
561 10th Avenue - Series B | 15,375 |  |  | 15,801 |  |  | SOFR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 890,529 |  |  | 891,998 |  |  |  |  |  |  |
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 term loan facility (4) | 175,000 |  |  | 175,000 |  |  | SOFR plus 1.50% |  | 4.51 | % |  | 12/31/2026
Unsecured term loan facility (4) | 95,000 |  |  | 215,000 |  |  | SOFR plus 1.50% |  | 4.47 | % |  | 3/8/2029
Unsecured revolving credit facility (4) | 120,000 |  |  | — |  |  | SOFR plus 1.30% |  | 4.03 | % |  | 3/8/2029
Total principal | 2,255,529 |  |  | 2,256,998 |  |  |  |  |  |  |
Deferred financing costs, net | (9,834) |  |  | (9,488) |  |  |  |  |  |  |
Unamortized debt discount | (6,769) |  |  | (6,964) |  |  |  |  |  |  |
Total | $ | 2,238,926 |  |  | $ | 2,240,546 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of March 31, 2024 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 $11.9 million loan bearing interest at 6.25%. In April 2024, we worked with the First Stamford P lace mortgage lender to structure a cooperative consensual foreclosure, which is anticipated to be completed by June 30, 2024. Upon completion, this transaction is expected to eliminate a $175.9 million liability that matures in July 2027 from the balance sheet. (4)At March 31, 2024, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments | Aggregate required principal payments at March 31, 2024 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2024 | $ | 7,392 |  |  | $ | 77,675 |  |  | $ | 85,067 |
2025 | 6,893 |  |  | 100,000 |  |  | 106,893 |
2026 | 7,330 |  |  | 225,000 |  |  | 232,330 |
2027 | 6,461 |  |  | 319,000 |  |  | 325,461 |
2028 | 3,556 |  |  | 146,092 |  |  | 149,648 |
Thereafter | 18,523 |  |  | 1,337,607 |  |  | 1,356,130 |
Total | $ | 50,155 |  |  | $ | 2,205,374 |  |  | $ | 2,255,529 |
Schedule of Deferred Costs, Net | Deferred costs, net, consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):
| March 31, 2024 |  | December 31, 2023
Leasing costs | $ | 230,108 |  |  | $ | 224,295 |
Acquired in-place lease value and deferred leasing costs | 146,533 |  |  | 158,267 |
Acquired above-market leases | 22,064 |  |  | 23,918 |
| 398,705 |  |  | 406,480 |
Less: accumulated amortization | (228,482) |  |  | (236,900) |
Total deferred costs, net, excluding net deferred financing costs | $ | 170,223 |  |  | $ | 169,580 |
Deferred financing costs, net, consisted of the following at March 31, 2024 and December 31, 2023 (amounts in thousands):
|  | March 31, 2024 |  | December 31, 2023
Financing costs |  | $ | 52,200 |  |  | $ | 43,473 |
Less: accumulated amortization |  | (32,128) |  |  | (31,108) |
Total deferred financing costs, net |  | $ | 20,072 |  |  | $ | 12,365 |

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