v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
Principal Balance
As of March 31, 2026
(amounts in thousands)March 31, 2026December 31, 2025Stated
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 Street32,860 33,102 4.01 %4.21 %1/5/2028
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 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 A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B5,496 5,704 
SOFR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B11,594 12,105 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt631,550 629,011 
Senior unsecured notes:(4)
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
   Series I155,000 155,000 7.20 %7.39 %6/17/2029
   Series J45,000 45,000 7.32 %7.46 %6/17/2031
   Series K25,000 25,000 7.41 %7.52 %6/17/2034
   Series L175,000 175,000 5.47 %5.70 %1/7/2031
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)
90,000 145,000 
SOFR plus 1.40%
5.01 %3/8/2029
Total principal2,336,550 2,389,011 
Deferred financing costs, net(12,070)(11,878)
Unamortized debt discount(5,207)(5,402)
Total$2,319,273 $2,371,731 
______________
(1)The effective rate is the yield as of March 31, 2026 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements as of March 31, 2026.
(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)Without the effect of the treasury locks executed in connection with the refinancing of the mortgage, the stated rate is 5.59%.
(4)At March 31, 2026, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments
Aggregate required principal payments at March 31, 2026 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2026$2,997 $— $2,997 
20274,276 155,000 159,276 
20283,555 146,091 149,646 
20293,890 340,000 343,890 
20304,511 508,600 513,111 
Thereafter10,123 1,157,507 1,167,630 
Total$29,352 $2,307,198 $2,336,550 
Schedule of Deferred Financing Costs, Net and Total Amortization Expense
Deferred costs, net, consisted of the following:
(amounts in thousands)March 31, 2026December 31, 2025
Deferred leasing costs$228,410 $227,722 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs184,780 190,570 
Acquired above-market leases57,479 57,569 
Total deferred costs, excluding deferred financing costs470,669 475,861 
Less: accumulated amortization(214,682)(214,917)
Total deferred costs, net, excluding net deferred financing costs255,987 260,944 
Deferred financing costs, net, of accumulated amortization of $10,429 and $9,900, respectively (See Note 5)
6,225 6,738 
Total deferred costs, net$262,212 $267,682 
Deferred financing costs, net, consisted of the following:
(amounts in thousands)March 31, 2026December 31, 2025
Deferred financing costs, included as a component of net debt$16,778 $17,207 
Deferred financing costs, included as a component of net deferred costs (See Note 4)16,654 16,638 
Total deferred financing costs$33,432 $33,845 
Less: accumulated amortization(15,137)(15,228)
Total deferred financing costs, net$18,295 $18,617 
The total amortization expense related to deferred financing costs consisted of the following:
Three Months Ended March 31,
(amounts in thousands)20262025
Amortization of deferred financing costs$1,262 $1,094