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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following:
| Principal Balance |  | As of September 30, 2024
(amounts in thousands) | September 30, 2024 |  | December 31, 2023 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Fixed rate mortgage debt: |  |  |  |  |  |  |  |  |
First Stamford Place(3) | $ | — |  |  | $ | 175,860 |  |  | — |  |  | — |  |  | — |
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
1010 Third Avenue and 77 West 55th Street | 34,278 |  |  | 34,958 |  |  | 4.01 | % |  | 4.21 | % |  | 1/5/2028
Metro Center(4) | 72,078 |  |  | 80,070 |  |  | 3.59 | % |  | 3.67 | % |  | 11/5/2029
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 | 6,676 |  |  | 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 | 14,492 |  |  | 15,801 |  |  | SOFR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 705,624 |  |  | 891,998 |  |  |  |  |  |  |
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
Series I | 155,000 |  |  | — |  |  | 7.20 | % |  | 7.39 | % |  | 6/17/2029
Series J | 45,000 |  |  | — |  |  | 7.32 | % |  | 7.46 | % |  | 6/17/2031
Series K | 25,000 |  |  | — |  |  | 7.41 | % |  | 7.52 | % |  | 6/17/2034
Unsecured term loan facility (5) | 175,000 |  |  | 175,000 |  |  | SOFR plus 1.50% |  | 4.61 | % |  | 12/31/2026
Unsecured term loan facility (5) | 95,000 |  |  | 215,000 |  |  | SOFR plus 1.50% |  | 4.48 | % |  | 3/8/2029
Unsecured revolving credit facility (5) | 120,000 |  |  | — |  |  | SOFR plus 1.30% |  | 4.04 | % |  | 3/8/2029
Total principal | 2,295,624 |  |  | 2,256,998 |  |  |  |  |  |  |
Deferred financing costs, net | (10,691) |  |  | (9,488) |  |  |  |  |  |  |
Unamortized debt discount | (6,378) |  |  | (6,964) |  |  |  |  |  |  |
Total | $ | 2,278,555 |  |  | $ | 2,240,546 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of September 30, 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)In April 2024, we worked with the First Stamford P lace mortgage lender to structure a consensual foreclosure. In May 2024, the First Stamford Place property was placed in receivership and accordingly, we reclassified the related debt to debt associated with property under receivership in our condensed consolidated balance sheet. As of September 30, 2024, this debt consists of $164 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See also Note 3 Acquisitions and Dispositions. (4)In July 2024, this loan was refinanced and commencing in November 2024, the new principal balance of $71.6 million will be interest only at the same interest rate of 3.59%, with a maturity of November 2029, inclusive of a one-year extension option. (5)At September 30, 2024, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments | Aggregate required principal payments at September 30, 2024 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2024 | $ | 1,350 |  |  | $ | — |  |  | $ | 1,350 |
2025 | 3,664 |  |  | 100,000 |  |  | 103,664 |
2026 | 3,957 |  |  | 225,000 |  |  | 228,957 |
2027 | 4,276 |  |  | 155,000 |  |  | 159,276 |
2028 | 3,555 |  |  | 146,091 |  |  | 149,646 |
Thereafter | 18,524 |  |  | 1,634,207 |  |  | 1,652,731 |
Total | $ | 35,326 |  |  | $ | 2,260,298 |  |  | $ | 2,295,624 |
Schedule of Deferred Financing Costs, Net | Deferred costs, net, consisted of the following:
(amounts in thousands) | September 30, 2024 |  | December 31, 2023
Deferred leasing costs | $ | 222,978 |  |  | $ | 224,295 |
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs | 140,975 |  |  | 158,267 |
Acquired above-market leases | 22,584 |  |  | 23,918 |
Total deferred costs, excluding deferred financing costs | 386,537 |  |  | 406,480 |
Less: accumulated amortization | (219,188) |  |  | (236,900) |
Total deferred costs, net, excluding net deferred financing costs | 167,349 |  |  | 169,580 |
Deferred financing costs associated with the unsecured revolving credit facility, net of accumulated amortization of $7,252 and $5,709, respectively (Note 5) | 9,371 |  |  | 2,877 |
Total deferred costs, net | $ | 176,720 |  |  | $ | 172,457 |
Deferred financing costs, net, consisted of the following:
(amounts in thousands) |  | September 30, 2024 |  | December 31, 2023
Deferred financing costs, included as a component of net debt |  | $ | 36,309 |  |  | $ | 34,887 |
Deferred financings costs, included as a component of net deferred costs (Note 4) |  | 16,623 |  |  | 8,586 |
Total deferred financing costs |  | $ | 52,932 |  |  | $ | 43,473 |
Less: accumulated amortization |  | (32,871) |  |  | (31,108) |
Total deferred financing costs, net |  | $ | 20,061 |  |  | $ | 12,365 |

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