Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands):

							As of March 31, 2016
	Principal Balance as of March 31, 2016			Principal Balance as of December 31, 2015			Stated Rate		Effective Rate(1)		Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
10 Bank Street	$	32,050		$	32,214		5.72	%	6.22	%	6/1/2017
1542 Third Avenue	18,117			18,222			5.90	%	6.58	%	6/1/2017
First Stamford Place	237,842			238,765			5.65	%	6.15	%	7/5/2017
1010 Third Avenue and 77 West 55th Street	26,926			27,064			5.69	%	6.39	%	7/5/2017
383 Main Avenue	29,119			29,269			5.59	%	6.04	%	7/5/2017
1333 Broadway	68,404			68,646			6.32	%	3.77	%	1/5/2018
1400 Broadway
(first lien mortgage loan)	68,483			68,732			6.12	%	3.43	%	2/5/2018
(second lien mortgage loan)	9,548			9,600			3.35	%	3.36	%	2/5/2018
112 West 34th Street
(first lien mortgage loan)	76,126			76,406			6.01	%	3.39	%	4/5/2018
(second lien mortgage loan)	9,608			9,640			6.56	%	3.70	%	4/5/2018
1350 Broadway	38,205			38,348			5.87	%	3.75	%	4/5/2018
Metro Center	97,465			97,950			3.59	%	3.67	%	11/5/2024
10 Union Square (3)	50,000			20,289			3.70	%	4.05	%	4/1/2026
Total mortgage debt	761,893			735,145
Senior unsecured notes - exchangeable	250,000			250,000			2.63	%	3.93	%	8/15/2019
Senior unsecured notes:
Series A	100,000			100,000			3.93	%	4.00	%	3/27/2025
Series B	125,000			125,000			4.09	%	4.17	%	3/27/2027
Series C	125,000			125,000			4.18	%	4.26	%	3/27/2030
Unsecured revolving credit facility	—			40,000			(4)		(4)		1/23/2019
Unsecured term loan facility	265,000			265,000			(5)		(5)		8/24/2022
Total principal	1,626,893			1,640,145
Unamortized premiums, net of unamortized discount	4,112			5,181
Deferred financing costs, net	(8,489		)	(12,910		)
Total	$	1,622,516		$	1,632,416

______________

(1) The effective rate is the yield as of March 31, 2016, including the effects of debt issuance costs and the amortization of the fair value of debt adjustment.

(2) Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.

(3) The mortgage loan collateralized by 10 Union Square was refinanced during the three months ended March 31, 2016.

(4) At March 31, 2016, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.15%. The rate at March 31, 2016 was 1.58%.

(5) The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.60%. The rate at March 31, 2016 was 2.03%. Pursuant to a forward interest rate swap agreement, the LIBOR rate was fixed at 2.1485% for the period beginning on August 31, 2017 through maturity.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at March 31, 2016 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2016	$	9,053	$	—	$	9,053
2017	9,904		336,009		345,913
2018	2,880		262,210		265,090
2019	2,188		250,000		252,188
2020	2,268		—		2,268
Thereafter	9,706		742,675		752,381
Total	$	35,999	$	1,590,894	$	1,626,893

Schedule of Deferred Costs, Net

Deferred costs, net consisted of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands):

	March 31, 2016			December 31, 2015
Leasing costs	$	127,886		$	121,864
Acquired in-place lease value and deferred leasing costs	283,557			285,902
Acquired above-market leases	79,618			81,680
	491,061			489,446
Less: accumulated amortization	(190,502		)	(178,767		)
Total deferred costs, net, excluding net deferred financing costs	$	300,559		$	310,679

Deferred financing costs, net, consisted of the following at March 31, 2016 and December 31, 2015 (amounts in thousands):

	March 31, 2016			December 31, 2015
Financing costs	$	21,425		$	20,882
Less: accumulated amortization	(8,518		)	(7,972		)
Total deferred financing costs, net	$	12,907		$	12,910