XML 27 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
Principal BalanceAs of December 31, 2024
(amounts in thousands)December 31, 2024December 31, 2023Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt:
First Stamford Place (3)
$— $175,860 — — — 
10 Union Square50,000 50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
1010 Third Avenue and 77 West 55th Street34,048 34,958 4.01 %4.21 %1/5/2028
Metro Center (4)
71,600 80,070 3.59 %3.67 %11/5/2029
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B6,490 7,209 
SOFR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B14,036 15,801 
SOFR plus 2.45%
3.85 %11/1/2033
Total fixed rate mortgage debt704,274 891,998 
Senior unsecured notes: (5)
Series A100,000 100,000 3.93 %3.96 %3/27/2025
Series B125,000 125,000 4.09 %4.12 %3/27/2027
Series C125,000 125,000 4.18 %4.21 %3/27/2030
Series D115,000 115,000 4.08 %4.11 %1/22/2028
Series E160,000 160,000 4.26 %4.27 %3/22/2030
Series F175,000 175,000 4.44 %4.45 %3/22/2033
Series G100,000 100,000 3.61 %4.89 %3/17/2032
Series H75,000 75,000 3.73 %5.00 %3/17/2035
Series I155,000 — 7.20 %7.39 %6/17/2029
Series J45,000 — 7.32 %7.46 %6/17/2031
Series K25,000 — 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 principal2,294,274 2,256,998 
Deferred financing costs, net(10,123)(9,488)
Unamortized debt discount(6,183)(6,964)
Total$2,277,968 $2,240,546 
_____________
(1)The effective rate is the yield as of December 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)In April 2024, we worked with the First Stamford Place 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 consolidated balance sheet. As of December 31, 2024, this debt consists of $164.0 million mortgage loan bearing interest at 4.09% and a $11.9 million loan bearing interest at 6.25%. See 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 is interest-only at an interest rate of 3.59%, with a four-year term plus a one-year extension option.
(5)At December 31, 2024, we were in compliance with all debt covenants.
Principal Payments
Aggregate required principal payments at December 31, 2024 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2025$3,664 $100,000 $103,664 
20263,957 225,000 228,957 
20274,276 155,000 159,276 
20283,555 146,091 149,646 
20293,890 441,600 445,490 
Thereafter14,634 1,192,607 1,207,241 
Total$33,976 $2,260,298 $2,294,274 
Deferred Financing Costs
Deferred financing costs, net, consisted of the following:
(amounts in thousands)December 31, 2024December 31, 2023
Deferred financing costs, included as a component of net debt$36,309 $34,887 
Deferred financing costs, included as a component of net deferred costs (See Note 4)16,638 8,586 
Total deferred financing costs52,947 43,473 
Less: accumulated amortization(33,970)(31,108)
Total deferred financing costs, net$18,977 $12,365 
Amortization expense related to deferred financing costs was $4.3 million, $4.4 million, and $4.9 million, for the years ended December 31, 2024, 2023 and 2022, respectively, and was included in interest expense.
Unsecured Revolving Credit and Term Loan Facilities
On March 8, 2024, through our Operating Partnership, we entered into a second amended and restated credit agreement with Bank of America, N.A., as administrative agent and the other lenders party thereto, that amends and restates the amended and restated credit agreement, dated August 29, 2017, which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facilities”). The BofA Credit Facilities are comprised of a $620.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $95.0 million term loan facility (the “BofA Term Loan Facility”). We may request that the BofA Credit Facilities be increased through one or more increases in the Revolving Credit Facility or one or more increases in the BofA Term Loan Facility or the addition of new pari passu term loan tranches, for a maximum aggregate principal amount under the second amended and restated credit agreement not to exceed $1.5 billion.
The Revolving Credit Facility matures on March 8, 2029, inclusive of two six-month extension periods and replaced the existing revolving credit facility that was due to mature in March 2025. The BofA Term Loan Facility matures on March 8, 2029, inclusive of two twelve-month extension periods and replaced the existing term loan facility that was due to mature in March 2025. Initial interest rates on the BofA Credit Facilities, which may change based on our leverage levels, are SOFR plus a benchmark adjustment of 10 basis points ("adjusted SOFR") plus 130 basis points for any drawn portion of the Revolving Credit Facility and adjusted SOFR plus 150 basis points for the BofA Term Loan Facility. In addition, the BofA Credit Facilities have a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year. As of December 31, 2024, we had $120.0 million borrowings drawn on the Revolving Credit Facility and $95.0 million under the BofA Term Loan Facility.
On March 13, 2024, through our Operating Partnership, we entered into a third 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 $175.0 million and matures on December 31, 2026. The third amendment provides for, among other things, certain conforming changes to the BofA Credit Facilities agreement, including increases to the capitalization rate for certain of our properties. No other changes were made to the amount of the commitments, the maturity date of the outstanding loans or the covenants. 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 $225.0 million. As of December 31, 2024, our borrowings amounted to $175.0 million under the Wells Term Loan Facility.
The terms of both the BofA Credit Facilities 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, 2024, we were in compliance with these covenants.
Senior Unsecured Notes
On June 17, 2024, we closed on the issuance and sale of an aggregate $225.0 million principal amount of notes, consisting of (a) $155.0 million aggregate principal amount of 7.20% Series I Green Guaranteed Senior Notes due June 17, 2029, (b) $45.0 million aggregate principal amount of 7.32% Series J Green Guaranteed Senior Notes due June 17, 2031 and (c) $25.0 million aggregate principal amount of 7.41% Series K Green Guaranteed Senior Notes due June 17, 2034.
The terms of these senior unsecured notes, like our Series A-H notes, include customary covenants, including limitations on liens, investment, distributions, debt, fundamental changes, and transactions with affiliates and require certain customary financial reports. The terms 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 agreement also contains 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, 2024, we were in compliance with these covenants.