v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
Principal Balance
As of June 30, 2026
(amounts in thousands)June 30, 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 Street32,615 33,102 4.01 %4.21 %1/5/2028
250 West 57th Street— 180,000 — — — 
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 B5,284 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 B11,072 12,105 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt450,571 629,011 
Senior unsecured notes:(4)
Senior unsecured notes due 2027 (Series B)125,000 125,000 4.09 %4.12 %3/27/2027
Senior unsecured notes due 2028 (Series D)115,000 115,000 4.08 %4.11 %1/22/2028
Senior unsecured notes due 2029 (Series I)155,000 155,000 7.20 %7.39 %6/17/2029
Senior unsecured notes due 2030 (Series E)160,000 160,000 4.26 %4.27 %3/22/2030
Senior unsecured notes due 2030 (Series C)125,000 125,000 4.18 %4.21 %3/27/2030
Senior unsecured notes due 2031 (Series L)175,000 175,000 5.47 %5.70 %1/7/2031
Senior unsecured notes due 2031 (Series J)45,000 45,000 7.32 %7.46 %6/17/2031
Senior unsecured notes due 2032 (Series G)100,000 100,000 3.61 %4.89 %3/17/2032
Senior unsecured notes due 2033 (Series F)175,000 175,000 4.44 %4.45 %3/22/2033
Senior unsecured notes due 2034 (Series K)25,000 25,000 7.41 %7.52 %6/17/2034
Senior unsecured notes due 2035 (Series H)75,000 75,000 3.73 %5.00 %3/17/2035
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)
175,000 145,000 
SOFR plus 1.40%
5.07 %3/8/2029
Total principal2,240,571 2,389,011 
Deferred financing costs, net(9,183)(11,878)
Unamortized debt discount(5,012)(5,402)
Total$2,226,376 $2,371,731 
______________
(1)The effective rate is the yield as of June 30, 2026 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements as of June 30, 2026.
(2)Maturity dates presented are inclusive of extension options. Prepayment is generally allowed for each loan upon payment of a customary prepayment 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 June 30, 2026, we were in compliance with all debt covenants.
Schedule of Aggregate Required Principal Payments
Aggregate required principal payments at June 30, 2026 are as follows (amounts in thousands):
YearAmortizationMaturitiesTotal
2026$2,018 $— $2,018 
20274,276 155,000 159,276 
20283,555 146,091 149,646 
20293,890 425,000 428,890 
20304,511 328,600 333,111 
Thereafter10,123 1,157,507 1,167,630 
Total$28,373 $2,212,198 $2,240,571 
Schedule of Deferred Financing Costs, Net
Deferred costs, net, consisted of the following:
(amounts in thousands)June 30, 2026December 31, 2025
Deferred leasing costs$220,968 $227,722 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs180,788 190,570 
Acquired above-market leases54,340 57,569 
Total deferred costs, excluding deferred financing costs456,096 475,861 
Less: accumulated amortization(204,126)(214,917)
Total deferred costs, net, excluding net deferred financing costs251,970 260,944 
Deferred financing costs, net, of accumulated amortization of $10,958 and $9,900, respectively (See Note 5)
6,196 6,738 
Total deferred costs, net$258,166 $267,682 
Deferred financing costs, net, consisted of the following:
(amounts in thousands)June 30, 2026December 31, 2025
Deferred financing costs, included as a component of net debt$12,447 $17,207 
Deferred financing costs, included as a component of net deferred costs (See Note 4)17,154 16,638 
Total deferred financing costs$29,601 $33,845 
Less: accumulated amortization(14,222)(15,228)
Total deferred financing costs, net$15,379 $18,617 
The total amortization expense related to deferred financing costs consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2026202520262025
Amortization of deferred financing costs$1,111 $1,080 $2,373 $2,174