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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following:
| Principal Balance |  | As of March 31, 2025
(amounts in thousands) | March 31, 2025 |  | December 31, 2024 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Fixed rate mortgage debt: |  |  |  |  |  |  |  |  |
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 | 33,815 |  |  | 34,048 |  |  | 4.01 | % |  | 4.21 | % |  | 1/5/2028
Metro Center (3) | 71,600 |  |  | 71,600 |  |  | 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 | 6,300 |  |  | 6,490 |  |  | 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 | 13,569 |  |  | 14,036 |  |  | SOFR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 703,384 |  |  | 704,274 |  |  |  |  |  |  |
Senior unsecured notes:(4) |  |  |  |  |  |  |  |  |
Series A | — |  |  | 100,000 |  |  | — |  |  | — |  |  | — |
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 |  |  | 155,000 |  |  | 7.20 | % |  | 7.39 | % |  | 6/17/2029
Series J | 45,000 |  |  | 45,000 |  |  | 7.32 | % |  | 7.46 | % |  | 6/17/2031
Series K | 25,000 |  |  | 25,000 |  |  | 7.41 | % |  | 7.52 | % |  | 6/17/2034
Unsecured term loan facility (4) | 175,000 |  |  | 175,000 |  |  | SOFR plus 1.50% |  | 4.61 | % |  | 12/31/2026
Unsecured term loan facility (3),(4) | 95,000 |  |  | 95,000 |  |  | SOFR plus 1.50% |  | 4.48 | % |  | 3/8/2029
Unsecured revolving credit facility (3),(4) | — |  |  | 120,000 |  |  | SOFR plus 1.30% |  | 4.04 | % |  | 3/8/2029
Total principal | 2,073,384 |  |  | 2,294,274 |  |  |  |  |  |  |
Deferred financing costs, net | (9,561) |  |  | (10,123) |  |  |  |  |  |  |
Unamortized debt discount | (5,988) |  |  | (6,183) |  |  |  |  |  |  |
Total | $ | 2,057,835 |  |  | $ | 2,277,968 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of March 31, 2025 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)Assumes extension options are exercised for the 2029 maturities of the term loan, revolving credit facility and Metro Center mortgage. (4)At March 31, 2025, we were in compliance with all debt covenants. Principal Payments Aggregate required principal payments at March 31, 2025 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2025 | $ | 2,774 |  |  | $ | — |  |  | $ | 2,774 |
2026 | 3,957 |  |  | 225,000 |  |  | 228,957 |
2027 | 4,276 |  |  | 155,000 |  |  | 159,276 |
2028 | 3,555 |  |  | 146,091 |  |  | 149,646 |
2029 | 3,890 |  |  | 321,600 |  |  | 325,490 |
Thereafter | 14,634 |  |  | 1,192,607 |  |  | 1,207,241 |
Total | $ | 33,086 |  |  | $ | 2,040,298 |  |  | $ | 2,073,384 |
Deferred Financing Costs Deferred financing costs, net, consisted of the following:
(amounts in thousands) |  | March 31, 2025 |  | December 31, 2024
Deferred financing costs, included as a component of net debt |  | $ | 32,225 |  |  | $ | 36,309 |
Deferred financings costs, included as a component of net deferred costs (See Note 4) |  | 17,092 |  |  | 16,638 |
Total deferred financing costs |  | $ | 49,317 |  |  | $ | 52,947 |
Less: accumulated amortization |  | (30,977) |  |  | (33,970) |
Total deferred financing costs, net |  | $ | 18,340 |  |  | $ | 18,977 |
Amortization expense related to deferred financing costs was $1.1 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively. 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 10.0 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. On March 18, 2025, we repaid the $120.0 million borrowings previously drawn on the Revolving Credit Facility. As of March 31, 2025, we had no borrowings under 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 March 31, 2025, 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 REIT qualification, and occurrence of a change of control. As of March 31, 2025, we were in compliance with these covenants. Senior Unsecured Notes On March 27, 2025, the Series A senior unsecured notes matured and the aggregate principal amount of $100.0 million was repaid. The notes had a stated interest rate of 3.93%. The terms of our 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. 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 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 REIT qualification. As of March 31, 2025, 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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