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Debt (Tables) | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consisted of the following:
| Principal Balance |  | As of June 30, 2026
(amounts in thousands) | June 30, 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 | 32,615 |  |  | 33,102 |  |  | 4.01 | % |  | 4.21 | % |  | 1/5/2028
250 West 57th Street | — |  |  | 180,000 |  |  | — |  |  | — |  |  | — |
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 | 5,284 |  |  | 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 | 11,072 |  |  | 12,105 |  |  | SOFR plus 2.45% |  | 3.85 | % |  | 11/1/2033
Total mortgage debt | 450,571 |  |  | 629,011 |  |  |  |  |  |  |
Senior unsecured notes:(4) |  |  |  |  |  |  |  |  |
Senior unsecured notes due 2027 (Series B) | 125,000 |  |  | 125,000 |  |  | 4.09 | % |  | 4.12 | % |  | 3/27/2027
Senior unsecured notes due 2028 (Series D) | 115,000 |  |  | 115,000 |  |  | 4.08 | % |  | 4.11 | % |  | 1/22/2028
Senior unsecured notes due 2029 (Series I) | 155,000 |  |  | 155,000 |  |  | 7.20 | % |  | 7.39 | % |  | 6/17/2029
Senior unsecured notes due 2030 (Series E) | 160,000 |  |  | 160,000 |  |  | 4.26 | % |  | 4.27 | % |  | 3/22/2030
Senior unsecured notes due 2030 (Series C) | 125,000 |  |  | 125,000 |  |  | 4.18 | % |  | 4.21 | % |  | 3/27/2030
Senior unsecured notes due 2031 (Series L) | 175,000 |  |  | 175,000 |  |  | 5.47 | % |  | 5.70 | % |  | 1/7/2031
Senior unsecured notes due 2031 (Series J) | 45,000 |  |  | 45,000 |  |  | 7.32 | % |  | 7.46 | % |  | 6/17/2031
Senior unsecured notes due 2032 (Series G) | 100,000 |  |  | 100,000 |  |  | 3.61 | % |  | 4.89 | % |  | 3/17/2032
Senior unsecured notes due 2033 (Series F) | 175,000 |  |  | 175,000 |  |  | 4.44 | % |  | 4.45 | % |  | 3/22/2033
Senior unsecured notes due 2034 (Series K) | 25,000 |  |  | 25,000 |  |  | 7.41 | % |  | 7.52 | % |  | 6/17/2034
Senior unsecured notes due 2035 (Series H) | 75,000 |  |  | 75,000 |  |  | 3.73 | % |  | 5.00 | % |  | 3/17/2035
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) | 175,000 |  |  | 145,000 |  |  | SOFR plus 1.40% |  | 5.07 | % |  | 3/8/2029
Total principal | 2,240,571 |  |  | 2,389,011 |  |  |  |  |  |  |
Deferred financing costs, net | (9,183) |  |  | (11,878) |  |  |  |  |  |  |
Unamortized debt discount | (5,012) |  |  | (5,402) |  |  |  |  |  |  |
Total | $ | 2,226,376 |  |  | $ | 2,371,731 |  |  |  |  |  |  |
______________ (1)The effective rate is the yield as of June 30, 2026 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements as of June 30, 2026. (2)Maturity dates presented are inclusive of extension options. Prepayment is generally allowed for each loan upon payment of a customary prepayment 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 June 30, 2026, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments | Aggregate required principal payments at June 30, 2026 are as follows (amounts in thousands):
Year | Amortization |  | Maturities |  | Total
2026 | $ | 2,018 |  |  | $ | — |  |  | $ | 2,018 |
2027 | 4,276 |  |  | 155,000 |  |  | 159,276 |
2028 | 3,555 |  |  | 146,091 |  |  | 149,646 |
2029 | 3,890 |  |  | 425,000 |  |  | 428,890 |
2030 | 4,511 |  |  | 328,600 |  |  | 333,111 |
Thereafter | 10,123 |  |  | 1,157,507 |  |  | 1,167,630 |
Total | $ | 28,373 |  |  | $ | 2,212,198 |  |  | $ | 2,240,571 |
Schedule of Deferred Financing Costs, Net and Total Amortization Expense | Deferred costs, net, consisted of the following:
(amounts in thousands) | June 30, 2026 |  | December 31, 2025
Deferred leasing costs | $ | 220,968 |  |  | $ | 227,722 |
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs | 180,788 |  |  | 190,570 |
Acquired above-market leases | 54,340 |  |  | 57,569 |
Total deferred costs, excluding deferred financing costs | 456,096 |  |  | 475,861 |
Less: accumulated amortization | (204,126) |  |  | (214,917) |
Total deferred costs, net, excluding net deferred financing costs | 251,970 |  |  | 260,944 |
Deferred financing costs, net, of accumulated amortization of $10,958 and $9,900, respectively (See Note 5) | 6,196 |  |  | 6,738 |
Total deferred costs, net | $ | 258,166 |  |  | $ | 267,682 |
Deferred financing costs, net, consisted of the following:
(amounts in thousands) |  | June 30, 2026 |  | December 31, 2025
Deferred financing costs, included as a component of net debt |  | $ | 12,447 |  |  | $ | 17,207 |
Deferred financing costs, included as a component of net deferred costs (See Note 4) |  | 17,154 |  |  | 16,638 |
Total deferred financing costs |  | $ | 29,601 |  |  | $ | 33,845 |
Less: accumulated amortization |  | (14,222) |  |  | (15,228) |
Total deferred financing costs, net |  | $ | 15,379 |  |  | $ | 18,617 |
The total amortization expense related to deferred financing costs consisted of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(amounts in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Amortization of deferred financing costs | $ | 1,111 |  |  | $ | 1,080 |  |  | $ | 2,373 |  |  | $ | 2,174 |

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