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v3.26.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following:
| Principal Balance |  | As of March 31, 2026
(amounts in thousands) | March 31, 2026 |  | December 31, 2025 |  | Stated Rate |  | Effective Rate(1) |  | Maturity Date(2)
Fixed rate mortgage debt: |  |  |  |  |  |  |  |  |
1542 Third Avenue | $ | 30,000 |  |  | $ | 30,000 |  |  | 4.29 | % |  | 4.53 | % |  | 5/1/2027
1010 Third Avenue and 77 West 55th Street | 32,860 |  |  | 33,102 |  |  | 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
10 Union Square East(3) | 53,500 |  |  | 50,000 |  |  | 5.33 | % |  | 5.59 | % |  | 4/1/2036
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 | 5,496 |  |  | 5,704 |  |  | 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 | 11,594 |  |  | 12,105 |  |  | SOFR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 631,550 |  |  | 629,011 |  |  |  |  |  |  |
Senior unsecured notes:(4) |  |  |  |  |  |  |  |  |
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
Series L | 175,000 |  |  | 175,000 |  |  | 5.47 | % |  | 5.70 | % |  | 1/7/2031
Unsecured term loan facility (4) | 245,000 |  |  | 245,000 |  |  | SOFR plus 1.60% |  | 4.56 | % |  | 1/15/2031
Unsecured term loan facility (4) | 95,000 |  |  | 95,000 |  |  | SOFR plus 1.60% |  | 5.26 | % |  | 3/8/2029
Unsecured revolving credit facility (4) | 90,000 |  |  | 145,000 |  |  | SOFR plus 1.40% |  | 5.01 | % |  | 3/8/2029
Total principal | 2,336,550 |  |  | 2,389,011 |  |  |  |  |  |  |
Deferred financing costs, net | (12,070) |  |  | (11,878) |  |  |  |  |  |  |
Unamortized debt discount | (5,207) |  |  | (5,402) |  |  |  |  |  |  |
Total | $ | 2,319,273 |  |  | $ | 2,371,731 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of March 31, 2026 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements as of March 31, 2026. (2)Maturity dates presented are inclusive of extension options. Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty. (3)Without the effect of the treasury locks executed in connection with the refinancing of the mortgage, the stated rate is 5.59%. (4)At March 31, 2026, we were in compliance with all debt covenants. Principal Payments Aggregate required principal payments at March 31, 2026 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2026 | $ | 2,997 |  |  | $ | — |  |  | $ | 2,997 |
2027 | 4,276 |  |  | 155,000 |  |  | 159,276 |
2028 | 3,555 |  |  | 146,091 |  |  | 149,646 |
2029 | 3,890 |  |  | 340,000 |  |  | 343,890 |
2030 | 4,511 |  |  | 508,600 |  |  | 513,111 |
Thereafter | 10,123 |  |  | 1,157,507 |  |  | 1,167,630 |
Total | $ | 29,352 |  |  | $ | 2,307,198 |  |  | $ | 2,336,550 |
Deferred Financing Costs Deferred financing costs, net, consisted of the following:
(amounts in thousands) | March 31, 2026 |  | December 31, 2025
Deferred financing costs, included as a component of net debt | $ | 16,778 |  |  | $ | 17,207 |
Deferred financing costs, included as a component of net deferred costs (See Note 4) | 16,654 |  |  | 16,638 |
Total deferred financing costs | $ | 33,432 |  |  | $ | 33,845 |
Less: accumulated amortization | (15,137) |  |  | (15,228) |
Total deferred financing costs, net | $ | 18,295 |  |  | $ | 18,617 |
The total amortization expense related to deferred financing costs consisted of the following:
| Three Months Ended March 31, |  |
(amounts in thousands) | 2026 |  | 2025 |  |  |  |
Amortization of deferred financing costs | $ | 1,262 |  |  | $ | 1,094 |  |  |  |  |
Unsecured Revolving Credit and Term Loan Facilities On November 14, 2025, we entered into an amended and restated credit agreement with Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, that amends and restates the credit agreement dated March 19, 2020, which governs our senior unsecured term loan credit facility (the “Wells Term Loan Facility”). The Wells Term Loan Facility is comprised of a senior unsecured term loan credit facility and matures on January 15, 2031, inclusive of two twelve-month extensions. The initial interest rate on the Wells Term Loan Facility, which may change based on our leverage levels, is SOFR plus 150 basis points. 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 $310.0 million. As of March 31, 2026, our borrowings amounted to $245.0 million under the Wells Term Loan Facility. On May 28, 2025, we entered into a first amendment to our second amended and restated credit agreement, dated March 8, 2024, with Bank of Ameri ca, N.A., as administrative agent and other lenders party thereto, which governs our senior unsecured revolving credit facility and term loan facility (collectively, the “BofA Credit Facilities”). The first amendment amends certain sustainability margin adjustment terms. No other changes were made to the amount of the commitments, the maturity date of the outstanding loans or the covenants. 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. The BofA Term Loan Facility matures on March 8, 2029, inclusive of two twelve-month extension periods. 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. During the first quarter of 2026, we repaid $70.0 million of our previously drawn borrowings and drew $15.0 million on the Revolving Credit Facility. As of March 31, 2026, we had $90.0 million borrowings under the Revolving Credit Facility and $95.0 million under the BofA 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, 2026, we were in compliance with these covenants. Mortgage Debt On March 31, 2026, we closed on a $53.5 million mortgage loan at 10 Union Square East. The 10-year interest-only loan has a fixed rate of 5.33%, which includes the effect of treasury locks executed in connection with the refinancing of the $50.0 million loan that matured on April 1, 2026. As of March 31, 2026, total mortgage notes payable, net, amounted to $621.4 million. The first maturity is in May 2027. Senior Unsecured Notes Subsequent to quarter-end on April 15, 2026, we entered into a Note Purchase Agreement with the purchasers (the "Purchase Agreement") in connection with a private placement of $130.0 million aggregate principal amount of 5.99% Series M Senior Notes due July 15, 2032 (the "Series M Notes"). The sale and purchase of the Series M Notes is scheduled to fund on July 15, 2026, subject to customary closing conditions. The issue price for the Series M Notes is 100% of the aggregate principal amount thereof. Pursuant to the terms of the Purchase Agreement, we may repay all or a portion of the Series M Notes upon notice to the holders at a price equal to 100% of the principal amount so prepaid plus a make-whole premium as set forth in the Purchase Agreement. The Purchase Agreement contains customary covenants and customary events of default similar to those in our existing senior unsecured notes. 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, 2026, 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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