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Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | 7. Debt On February 1, 2024, we, together with our joint venture partner, modified and extended the existing non-recourse mortgage loan at One Market Plaza, a 1.6 million square-foot two-building trophy asset in San Francisco, California. The existing $975,000,000 loan, which bore interest at a fixed rate of 4.03%, was scheduled to mature on February 6, 2024. In connection with the modification, the loan balance was reduced to $850,000,000, following a $125,000,000 paydown by the joint venture, of which our 49.0% share was $61,250,000. The modified loan bears interest at a fixed rate of 4.08%, matures in February 2027 and has an option to extend for an additional year, subject to certain conditions. The following table summarizes our consolidated outstanding debt.
|  | Paramount |  | Maturity |  | Fixed/ |  | Interest Rate as of |  | As of December 31, |
(Amounts in thousands) |  | Ownership |  | Date |  | Variable Rate |  | December 31, 2024 |  | 2024 |  |  | 2023 |
Notes and mortgages payable: |  |  |  |  |  |  |  |  |  |
1633 Broadway |  | 90.0% |  | Dec-2029 |  | Fixed |  | 2.99% |  | $ | 1,250,000 |  |  | $ | 1,250,000 |
One Market Plaza |  | 49.0% |  | Feb-2027 |  | Fixed |  | 4.08% |  |  | 850,000 |  |  |  | 975,000 |
1301 Avenue of the Americas |  | 100.0% |  | Aug-2026 |  | SOFR + 277 bps (1) |  | 6.27% |  |  | 860,000 |  |  |  | 860,000 |
31 West 52nd Street |  | 100.0% |  | Jun-2026 |  | Fixed |  | 3.80% |  |  | 500,000 |  |  |  | 500,000 |
300 Mission Street |  | 31.1% |  | Oct-2026 |  | Fixed |  | 4.50% |  |  | 232,050 |  |  |  | 232,050 |
Total notes and mortgages payable |  | 4.21% |  |  | 3,692,050 |  |  |  | 3,817,050 |
Less: unamortized deferred financing costs |  |  |  |  | (15,420 | ) |  |  | (13,566 | )
Total notes and mortgages payable, net |  |  |  | $ | 3,676,630 |  |  | $ | 3,803,484 |
Revolving Credit Facility |  | 100.0% |  | Mar-2026 |  | SOFR + 135 bps |  | n/a |  | $ | - |  |  | $ | - |
(1) Represents variable rate loans, where SOFR has been capped at 3.50% through August 2025. See Note 8, Derivative Instruments and Hedging Activities. The following table summarizes the principal repayments required for the next five years and thereafter in connection with our consolidated notes and mortgages payable and revolving credit facility as of December 31, 2024.
|  |  |  |  | Notes and |  |  | Revolving |
(Amounts in thousands) |  | Total |  |  | Mortgages Payable |  |  | Credit Facility |
2025 |  | $ | - |  |  | $ | - |  |  | $ | - |
2026 |  |  | 1,592,050 |  |  |  | 1,592,050 |  |  |  | - |
2027 |  |  | 850,000 |  |  |  | 850,000 |  |  |  | - |
2028 |  |  | - |  |  |  | - |  |  |  | - |
2029 |  |  | 1,250,000 |  |  |  | 1,250,000 |  |  |  | - |
Thereafter |  |  | - |  |  |  | - |  |  |  | - |

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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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