Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt consisted of the following as of December 31, 2023 and 2022 (amounts in thousands):


					As of December 31, 2023
	Principal Balance as of December 31, 2023		Principal Balance as of December 31, 2022		Stated Rate		Effective Rate(1)		Maturity Date(2)
Fixed rate mortgage debt
Metro Center	$	80,070	$	82,596	3.59	%	3.67	%	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)	175,860		178,823		4.28	%	4.73	%	7/1/2027
1010 Third Avenue and 77 West 55th Street	34,958		35,831		4.01	%	4.21	%	1/5/2028
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		70.0% of SOFR plus 0.95%		3.56	%	11/1/2030
345 East 94th Street - Series B	7,209		7,865		SOFR plus 2.24%		3.56	%	11/1/2030


561 10th Avenue - Series A	114,500		114,500		70.0% of SOFR plus 1.07%		3.85	%	11/1/2033
561 10th Avenue - Series B	15,801		17,415		SOFR plus 2.45%		3.85	%	11/1/2033


Total fixed rate mortgage debt	891,998		900,630

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
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
Unsecured revolving credit facility (4)	—		—		SOFR plus 1.30%		—	%	3/31/2025
Unsecured term loan facility (4)	215,000		215,000		SOFR plus 1.20%		4.22	%	3/19/2025
Unsecured term loan facility (4)	175,000		175,000		SOFR plus 1.50%		4.51	%	12/31/2026
Total principal	2,256,998		2,265,630
Deferred financing costs, net	(9,488)		(11,748)
Unamortized debt discount	(6,964)		(7,745)
Total	$	2,240,546	$	2,246,137

_____________

(1)The effective rate is the yield as of December 31, 2023 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

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

(3)Represents a $164.0 million mortgage loan bearing interest of 4.09% and a $11.9 million loan bearing interest at 6.25%.

(4)At December 31, 2023, we were in compliance with all debt covenants.

Schedule of Aggregate Required Principal Payments

Aggregate required principal payments at December 31, 2023 are as follows (amounts in thousands):


Year	Amortization		Maturities		Total
2024	$	8,861	$	77,675	$	86,536
2025	6,893		315,000		321,893
2026	7,330		225,000		232,330
2027	6,461		319,000		325,461
2028	3,556		146,092		149,648
Thereafter	18,523		1,122,607		1,141,130
Total principal maturities	$	51,624	$	2,205,374	$	2,256,998

Schedule of Deferred Costs, Net

Deferred costs, net, consisted of the following at December 31, 2023 and 2022 (amounts in thousands):


	2023		2022
Leasing costs	$	224,295	$	218,707
Acquired in-place lease value and deferred leasing costs	158,267		160,683
Acquired above-market leases	23,918		27,833
	406,480		407,223
Less: accumulated amortization	(236,900)		(223,246)
Total deferred costs, net, excluding net deferred financing costs	$	169,580	$	183,977

Deferred financing costs, net, consisted of the following at December 31, 2023 and 2022 (amounts in thousands):


	2023		2022
Financing costs	$	43,473	$	43,473
Less: accumulated amortization	(31,108)		(26,753)
Total deferred financing costs, net	$	12,365	$	16,720

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Empire State Realty OP, L.P. 10-K/A