| Schedule of Debt |
Debt consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal Balance | | As of December 31, 2025 | | (amounts in thousands) | December 31, 2025 | | December 31, 2024 | | Stated
Rate | | Effective
Rate(1) | | Maturity
Date(2) | | Fixed rate mortgage debt: | | | | | | | | | | | | | | | | | | | | | 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 | | 1010 Third Avenue and 77 West 55th Street | 33,102 | | | 34,048 | | | 4.01 | % | | 4.21 | % | | 1/5/2028 | | Metro Center | — | | | 71,600 | | | — | | | — | | | — | | | 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 | | 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 | 5,704 | | | 6,490 | | | 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 | 12,105 | | | 14,036 | | | SOFR plus 2.45% | | 3.85 | % | | 11/1/2033 | | Total fixed rate mortgage debt | 629,011 | | | 704,274 | | | | | | | | Senior unsecured notes: (3) | | | | | | | | | | | Series A | — | | | 100,000 | | | — | | | — | | | — | | | 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 | | | — | | | 5.47 | % | | 5.70 | % | | 1/7/2031 | Unsecured term loan facility (3) | 245,000 | | | 175,000 | | | SOFR plus 1.50% | | 4.46 | % | | 1/15/2031 | Unsecured term loan facility (3) | 95,000 | | | 95,000 | | | SOFR plus 1.50% | | 5.16 | % | | 3/8/2029 | Unsecured revolving credit facility (3) | 145,000 | | | 120,000 | | | SOFR plus 1.30% | | 4.98 | % | | 3/8/2029 | | Total principal | 2,389,011 | | | 2,294,274 | | | | | | | | | Deferred financing costs, net | (11,878) | | | (10,123) | | | | | | | | | Unamortized debt discount | (5,402) | | | (6,183) | | | | | | | | | Total | $ | 2,371,731 | | | $ | 2,277,968 | | | | | | | |
_____________ (1)The effective rate is the yield as of December 31, 2025 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements in effect as of December 31, 2025. (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)At December 31, 2025, we were in compliance with all debt covenants.
|
| Schedule of Aggregate Required Principal Payments |
Aggregate required principal payments at December 31, 2025 are as follows (amounts in thousands): | | | | | | | | | | | | | | | | | | | Year | Amortization | | Maturities | | Total | | 2026 | $ | 3,958 | | | $ | 50,000 | | | $ | 53,958 | | | 2027 | 4,276 | | | 155,000 | | | 159,276 | | | 2028 | 3,555 | | | 146,091 | | | 149,646 | | | 2029 | 3,890 | | | 395,000 | | | 398,890 | | | 2030 | 4,511 | | | 508,600 | | | 513,111 | | | Thereafter | 10,123 | | | 1,104,007 | | | 1,114,130 | | | Total | $ | 30,313 | | | $ | 2,358,698 | | | $ | 2,389,011 | |
|
| Schedule of Deferred Costs, Net |
Deferred costs, net, consisted of the following: | | | | | | | | | | | | | (amounts in thousands) | December 31, 2025 | | December 31, 2024 | | Deferred leasing costs | $ | 227,722 | | | $ | 230,836 | | | Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs | 190,570 | | | 137,580 | | | Acquired above-market leases | 57,569 | | | 19,636 | | | Total deferred costs, excluding deferred financing costs | 475,861 | | | 388,052 | | | Less: accumulated amortization | (214,917) | | | (212,972) | | | Total deferred costs, net, excluding net deferred financing costs | 260,944 | | | 175,080 | | Deferred financing costs, net of accumulated amortization of $9,900 and $7,783, respectively (See Note 5) | 6,738 | | | 8,907 | | | Total deferred costs, net | $ | 267,682 | | | $ | 183,987 | |
Deferred financing costs, net, consisted of the following: | | | | | | | | | | | | | (amounts in thousands) | December 31, 2025 | | December 31, 2024 | | Deferred financing costs, included as a component of net debt | $ | 17,207 | | | $ | 36,309 | | | Deferred financing costs, included as a component of net deferred costs (See Note 4) | 16,638 | | | 16,638 | | | Total deferred financing costs | 33,845 | | | 52,947 | | | Less: accumulated amortization | (15,228) | | | (33,970) | | | Total deferred financing costs, net | $ | 18,617 | | | $ | 18,977 | |
The total amortization expense related to deferred financing costs consisted of the following: | | | | | | | | | | | | | | | | | | | Year ended December 31, | | (amounts in thousands) | 2025 | | 2024 | | 2023 | | Amortization of deferred financing costs | $ | 4,428 | | | $ | 4,278 | | | $ | 4,355 | |
|