v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Senior Unsecured Notes due 2025
We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date.
The following is a summary of our debt:
(Amounts in thousands)
Weighted Average Interest Rate as of June 30, 2025(1)
Balance as of
June 30, 2025December 31, 2024
Mortgages Payable:
Fixed rate(2)
4.51%$4,395,000 $4,591,400 
Variable rate(3)
 6.65%
(4)
603,943 1,115,776 
Total4.76%4,998,943 5,707,176 
Deferred financing costs, net and other(21,417)(31,162)
Total, net$4,977,526 $5,676,014 
Unsecured Debt:
Senior unsecured notes2.73%$750,000 $1,200,000 
Deferred financing costs, net and other(3,412)(4,086)
Senior unsecured notes, net746,588 1,195,914 
Unsecured term loan4.40%800,000 800,000 
Deferred financing costs, net and other(3,357)(4,052)
Unsecured term loan, net796,643 795,948 
Unsecured revolving credit facilities3.84%575,000 575,000 
Total, net$2,118,231 $2,566,862 
____________________
(1)Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for hedging instruments, as applicable. See Note 15 - Fair Value Measurements for further information on our consolidated hedging instruments.
(2)Includes variable rate mortgages with interest rates fixed by interest rate swap arrangements and the $950,000 1290 Avenue of the Americas mortgage loan which is subject to a 1.00% SOFR interest rate cap arrangement.
(3)Includes variable rate mortgages subject to interest rate cap arrangements, except for the 1290 Avenue of the Americas mortgage loan discussed above. As of June 30, 2025, $460,000 of our variable rate debt is subject to interest rate cap arrangements, of which $360,000 is attributable to noncontrolling interests. The interest rate cap arrangements have a weighted average SOFR strike rate of 5.22% and a weighted average remaining term of ten months.
(4)Includes additional 3.00% default interest on the 606 Broadway mortgage loan.