Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following as of December 31, 2019 and 2018 (amounts in thousands):

							As of December 31, 2019
	Principal Balance as of December 31, 2019			Principal Balance as of December 31, 2018			Stated Rate		Effective Rate(1)		Maturity Date(2)
Fixed rate mortgage debt
Metro Center	$	89,650		$	91,838		3.59	%	3.68	%	11/5/2024
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
First Stamford Place(3)	180,000			180,000			4.28	%	4.45	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	38,251			38,995			4.01	%	4.22	%	1/5/2028
10 Bank Street	32,920			33,779			4.23	%	4.36	%	6/1/2032
383 Main Avenue	30,000			30,000			4.44	%	4.55	%	6/30/2032
1333 Broadway	160,000			160,000			4.21	%	4.29	%	2/5/2033
Total mortgage debt	610,821			614,612
Senior unsecured notes - exchangeable	—			250,000			—	%	—	%	—
Senior unsecured notes: (4)
Series A	100,000			100,000			3.93	%	3.96	%	3/27/2025
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
Unsecured revolving credit facility (4)	—			—			(5)		(5)		8/29/2021
Unsecured term loan facility (4)	265,000			265,000			(6)		(6)		8/29/2022
Total principal	1,675,821			1,929,612
Unamortized discount	—			(1,647		)
Deferred financing costs, net	(7,247		)	(9,032		)
Total	$	1,668,574		$	1,918,933

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(1) The effective rate is the yield as of December 31, 2019, including the effects of debt issuance costs.

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

(3) Represents a $164 million mortgage loan bearing interest of 4.09% and a $16 million loan bearing interest at 6.25%.

(4) At December 31, 2019, we were in compliance with all debt covenants.

(5) At December 31, 2019, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at December 31, 2019 was 2.86%.

(6) The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.20%. Pursuant to an interest rate swap agreement, the LIBOR rate is fixed at 2.1485% through maturity. The rate at December 31, 2019 was 3.35%.

Schedule of Maturities of Long-term Debt

Aggregate required principal payments at December 31, 2019 are as follows (amounts in thousands):

Year	Amortization		Maturities		Total
2020	$	3,938	$	—	$	3,938
2021	4,090		—		4,090
2022	5,628		265,000		270,628
2023	7,876		—		7,876
2024	7,958		77,675		85,633
Thereafter	25,910		1,277,746		1,303,656
Total principal maturities	$	55,400	$	1,620,421	$	1,675,821

Schedule of Deferred Costs, Net

Deferred costs, net, consisted of the following at December 31, 2019 and 2018 (amounts in thousands):      

	2019			2018
Leasing costs	$	199,033		$	178,120
Acquired in-place lease value and deferred leasing costs	200,296			214,550
Acquired above-market leases	49,213			52,136
	448,542			444,806
Less: accumulated amortization	(224,598		)	(209,839		)
Total deferred costs, net, excluding net deferred financing costs	$	223,944		$	234,967

Deferred financing costs, net, consisted of the following at December 31, 2019 and 2018 (amounts in thousands):     

	2019			2018
Financing costs	$	25,315		$	25,315
Less: accumulated amortization	(13,863		)	(10,027		)
Total deferred financing costs, net	$	11,452		$	15,288