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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2022
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 001-36106
EMPIRE STATE REALTY OP, L.P.
(Exact name of Registrant as specified in its charter)  
Delaware
 45-4685158
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

111 West 33rd Street, 12th Floor
New York, New York 10120
(Address of principal executive offices) (Zip Code)
(212) 850-2600
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
    
Title of SecuritiesTrading SymbolExchange on which traded
Series ES operating partnership unitsESBANYSE Arca, Inc.
Series 60 operating partnership unitsOGCPNYSE Arca, Inc.
Series 250 operating partnership unitsFISKNYSE Arca, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒     No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer ☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company
☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ☐  No  ☒
    As of May 2, 2022, there were 21,924,304 units of the Registrant Series ES operating partnership units outstanding, 5,787,683 units of the Series 60 operating partnership units outstanding, and 2,902,862 units of the Series 250 operating partnership units outstanding.


EMPIRE STATE REALTY OP, L.P.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022
TABLE OF CONTENTSPAGE
PART 1.FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021
Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Capital for the three ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
ITEM 4.CONTROLS AND PROCEDURES
PART II.OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
ITEM 1A.RISK FACTORS
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
ITEM 4.MINE SAFETY DISCLOSURES
ITEM 5.OTHER INFORMATION
ITEM 6.EXHIBITS
SIGNATURES








1



ITEM 1. FINANCIAL STATEMENTS
Empire State Realty OP, L.P.
Condensed Consolidated Balance Sheets
(amounts in thousands, except per unit amounts)
March 31, 2022December 31, 2021
ASSETS(unaudited)
Commercial real estate properties, at cost:
Land$336,278 $336,278 
Development costs8,162 8,131 
Building and improvements3,190,927 3,156,508 
3,535,367 3,500,917 
Less: accumulated depreciation(1,124,090)(1,072,938)
Commercial real estate properties, net2,411,277 2,427,979 
Cash and cash equivalents429,716 423,695 
Restricted cash52,951 50,943 
Tenant and other receivables17,800 18,647 
Deferred rent receivables226,565 224,922 
Prepaid expenses and other assets52,152 76,549 
Deferred costs, net197,602 202,437 
Acquired below-market ground leases, net334,946 336,904 
Right of use assets28,842 28,892 
Goodwill491,479 491,479 
Total assets$4,243,330 $4,282,447 
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net$947,479 $948,769 
Senior unsecured notes, net973,426 973,373 
Unsecured term loan facilities, net388,365 388,223 
Unsecured revolving credit facility— — 
Accounts payable and accrued expenses108,077 120,810 
Acquired below-market leases, net22,459 24,941 
Ground lease liabilities28,842 28,892 
Deferred revenue and other liabilities84,380 84,358 
Tenants’ security deposits28,270 28,749 
Total liabilities2,581,298 2,598,115 
Commitments and contingencies
Capital:
Private perpetual preferred units:
Private perpetual preferred units, $13.52 liquidation preference, 4,664 issued and outstanding in 2022 and 2021, respectively
21,936 21,936 
Private perpetual preferred units, $16.62 liquidation preference, 1,560 issued and outstanding in 2022 and 2021
8,004 8,004 
Series PR operating partnership units:
ESRT partner's capital (2,815 and 2,812 general partner operating partnership units and 166,911 and 167,405 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
978,421 998,128 
Limited partners' interests (80,998 and 79,820 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
648,004 649,157 
Series ES operating partnership units 22,034 and 22,321 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
(5,206)(4,058)
Series 60 operating partnership units (5,821 and 5,885 limited partner operating partnership units outstanding in 2022 and 2022, respectively)
(1,695)(1,395)
Series 250 operating partnership units (2,937 and 2,971 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
(845)(692)
Total Empire State Realty OP, L.P.'s capital1,648,619 1,671,080 
Non-controlling interest in other partnerships13,413 13,252 
Total capital1,662,032 1,684,332 
  Total liabilities and capital$4,243,330 $4,282,447 
The accompanying notes are an integral part of these consolidated financial statements
2

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except per unit amounts)
Three Months Ended March 31,
20222021
Revenues:
Rental revenue$147,514 $140,231 
Observatory revenue13,241 2,603 
Lease termination fees1,173 1,289 
Third-party management and other fees310 276 
Other revenue and fees1,796 905 
Total revenues164,034 145,304 
Operating expenses:
Property operating expenses38,644 30,279 
Ground rent expenses2,331 2,331 
General and administrative expenses13,686 13,853 
Observatory expenses6,215 4,588 
Real estate taxes30,004 31,447 
Depreciation and amortization67,106 44,457 
Total operating expenses157,986 126,955 
Total operating income
6,048 18,349 
Other income (expense):
Interest income149 122 
Interest expense(25,014)(23,554)
Loss on early extinguishment of debt— (214)
Loss before income taxes(18,817)(5,297)
Income tax benefit1,596 2,106 
Net loss(17,221)(3,191)
Private perpetual preferred unit distributions(1,050)(1,050)
Net loss attributable to non-controlling interest in other partnerships63 — 
Net loss attributable to common unitholders$(18,208)$(4,241)
Total weighted average units:
Basic273,759 277,881 
Diluted273,759 277,881 
Earnings per unit attributable to common unitholders:
Basic $(0.07)$(0.02)
Diluted $(0.07)$(0.02)
Dividends per unit$0.035 $— 

The accompanying notes are an integral part of these consolidated financial statements

3

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)
(amounts in thousands)

Three Months Ended March 31,
20222021
Net loss$(17,221)$(3,191)
Other comprehensive income (loss):
Unrealized gain on valuation of interest rate swap agreements9,763 59 
Less: amount reclassified into interest expense3,294 2,869 
     Other comprehensive income13,057 2,928 
Comprehensive loss$(4,164)$(263)

The accompanying notes are an integral part of these consolidated financial statements

4


Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Three Months Ended March 31, 2022 and 2021
(unaudited)
(amounts in thousands)
Series PR Operating Partnership UnitsSeries ES Operating Partnership Units Limited PartnersSeries 60 Operating Partnership Units Limited PartnersSeries 250 Operating Partnership Units Limited Partners
General PartnerLimited Partners
Private Perpetual Preferred UnitsPrivate Perpetual Preferred UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersNon-controlling Interest in Other PartnershipsTotal Capital
Balance at December 31, 20216,224 $29,940 170,217 $998,128 79,820 $649,157 22,321 $(4,058)5,884 $(1,395)2,970 $(692)$13,252 $1,684,332 
Conversion of operating partnership units to ESRT Partner's Capital
— — 573 1,497 (190)(1,555)(287)40 (63)12 (33)6 — — 
Contributions from consolidated joint ventures— — — — — — — — — — — — 224 224 
Repurchases of common units— — (1,255)(12,001)— — — — — — — — — (12,001)
Equity compensation— — 191 (61)1,368 4,521 — — — — — — — 4,460 
Distributions— (1,050)— (5,948)— (2,743)— (771)— (204)— (103)— (10,819)
Net income (loss)— 1,050 — (11,289)— (4,862)— (1,475)— (382)— (200)(63)(17,221)
Other comprehensive income— — — 8,095 — 3,486 — 1,058 — 274 — 144 — 13,057 
Balance at March 31, 20226,224 $29,940 169,726 $978,421 80,998 $648,004 22,034 $(5,206)5,821 $(1,695)2,937 $(845)$13,413 $1,662,032 

Series PR Operating Partnership UnitsSeries ES Operating Partnership Units Limited PartnersSeries 60 Operating Partnership Units Limited PartnersSeries 250 Operating Partnership Units Limited Partners
General PartnerLimited Partners
Private Perpetual Preferred UnitsPrivate Perpetual Preferred UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersNon-controlling Interest in Other PartnershipsTotal Capital
Balance at December 31, 20206,224 $29,940 171,565 $1,055,249 80,355 $648,543 23,678 $(1,348)6,424 $(721)3,255 $(356)— $1,731,307 
Conversion of operating partnership units to ESRT Partner's Capital
— — 1,066 2,662 (342)(2,746)(408)38 (171)25 (145)21 — — 
Repurchases of common units— — (383)(3,533)— — — — — — — — — (3,533)
Equity compensation— — 84 (76)643 4,810 — — — — — — — 4,734 
Distributions— (1,050)— — — — — — — — — — — (1,050)
Net income (loss)— 1,050 — (2,621)— (1,119)— (356)— (98)— (47)— (3,191)
Other comprehensive income— — — 1,814 — 766 — 248 — 67 — 33 — 2,928 
Balance at March 31, 20216,224 $29,940 172,332 $1,053,495 80,656 $650,254 23,270 $(1,418)6,253 $(727)3,110 $(349)$— $1,731,195 


The accompanying notes are an integral part of these consolidated financial statements
5


Empire State Realty OP, L.P.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(amounts in thousands)
Three Months Ended March 31,
20222021
Cash Flows From Operating Activities
Net loss$(17,221)$(3,191)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization67,106 44,457 
Amortization of non-cash items within interest expense14,593 2,733 
Amortization of acquired above- and below-market leases, net(1,784)(654)
Amortization of acquired below-market ground leases1,958 1,958 
Straight-lining of rental revenue(2,595)(6,347)
Equity based compensation4,460 4,734 
Loss on early extinguishment of debt— 214 
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits(478)(2,550)
Tenant and other receivables847 4,792 
Deferred leasing costs(14,525)(3,243)
Prepaid expenses and other assets27,018 26,755 
Accounts payable and accrued expenses(12,661)(3,302)
Deferred revenue and other liabilities975 7,044 
Net cash provided by operating activities67,693 73,400 
Cash Flows From Investing Activities
Development costs(31)(98)
Additions to building and improvements(34,945)(20,714)
Net cash used in investing activities(34,976)(20,812)

The accompanying notes are an integral part of these consolidated financial statements






















6

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Cash Flows (continued)
(unaudited)
(amounts in thousands)

Three Months Ended March 31,
20222021
Cash Flows From Financing Activities
Repayment of mortgage notes payable(2,092)(1,008)
Deferred financing costs— (7,539)
Contributions from consolidated joint ventures224 — 
Repurchases of common units(12,001)(3,533)
Distributions(10,819)(1,050)
Net cash used in financing activities(24,688)(13,130)
Net increase in cash and cash equivalents and restricted cash8,029 39,458 
Cash and cash equivalents and restricted cash—beginning of period474,638 567,939 
Cash and cash equivalents and restricted cash—end of period$482,667 $607,397 
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period$423,695 $526,714 

Restricted cash at beginning of period		50,943 41,225 
Cash and cash equivalents and restricted cash at beginning of period$474,638 $567,939 
Cash and cash equivalents at end of period$429,716 $567,102 
Restricted cash at end of period52,951 40,295 
Cash and cash equivalents and restricted cash at end of period$482,667 $607,397 
Supplemental disclosures of cash flow information:
Cash paid for interest$19,655 $19,239 
Cash paid for income taxes$93 $13 
Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses$57,072 $60,536 
Write-off of fully depreciated assets4,744 4,853 
Derivative instruments at fair values included in prepaid expenses and other assets45 — 
Derivative instruments at fair values included in accounts payable and accrued expenses13,290 7,450 

Conversion of limited partners' operating partnership units to ESRT partner's capital		1,497 2,662 

The accompanying notes are an integral part of these consolidated financial statements
7



Empire State Realty OP, L.P.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Description of Business and Organization
    As used in these condensed consolidated financial statements, unless the context otherwise requires, “we,” “us,” "our," and the "company,” mean Empire State Realty OP, L.P. and its consolidated subsidiaries.
    Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (“ESRT”), a self-administered and self-managed real estate investment trust ("REIT"), conducts all of its business and owns (either directly or through subsidiaries) substantially all of its assets. We own and manage a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. As the owner of the Empire State Building, the World’s Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. As of March 31, 2022, our total portfolio contained 10.1 million rentable square feet of office, retail and multifamily space. We owned 14 office properties (including three long-term ground leasehold interests) encompassing approximately 9.4 million rentable square feet of office space. Nine of these properties are located in the midtown Manhattan market and aggregate approximately 7.6 million rentable square feet of office space, including the Empire State Building. Our Manhattan office properties also contain an aggregate of approximately 0.5 million rentable square feet of retail space on their ground floor and/or contiguous levels. Our remaining five office properties are located in Fairfield County, Connecticut and Westchester County, New York, encompassing in the aggregate approximately 1.8 million rentable square feet. The majority of square footage for these five properties is located in densely populated metropolitan communities with immediate access to mass transportation. Additionally, we have entitled land at the Stamford Transportation Center in Stamford, Connecticut, adjacent to one of our office properties, that will support the development of an approximately 0.4 million rentable square foot office building and garage. As of March 31, 2022, our portfolio included four standalone retail properties located in Manhattan and two standalone retail properties located in the city center of Westport, Connecticut, encompassing approximately 0.2 million rentable square feet in the aggregate. Additionally, at March 31, 2022, our portfolio included two multifamily properties totaling 625 units.

    We were organized as a Delaware limited partnership on November 28, 2011 and operations commenced upon completion of the initial public offering of ESRT’s Class A common stock and related formation transactions on October 7, 2013. ESRT, as the sole general partner in our company, has responsibility and discretion in the management and control of our company, and our limited partners, in such capacity, have no authority to transact business for, or participate in the management activities, of our company. As of March 31, 2022, ESRT owned approximately 60.3% of our operating partnership units.
2. Summary of Significant Accounting Policies
    There have been no material changes to the summary of significant accounting policies included in the section entitled "Summary of Significant Accounting Policies" in our December 31, 2021 Annual Report on Form 10-K.

Basis of Quarterly Presentation and Principles of Consolidation
    The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included.
    The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2021 contained in our Annual Report on Form 10-K. We do not consider our business to be subject to material seasonal fluctuations, except that our observatory business is subject to tourism seasonality and currently impacted by the Coronavirus 19 ("COVID-19") pandemic. Historically prior to the COVID-19 pandemic, approximately 16.0% to 18.0% of our annual observatory revenue was realized in the first quarter, 26.0% to 28.0% was realized in the second quarter, 31.0% to 33.0% was realized in the third quarter and 23.0% to 25.0% was realized in the fourth quarter.
8

    We consolidate entities in which we have a controlling financial interest.  In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members.  For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. We had no VIEs as of March 31, 2022 and December 31, 2021.
    We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment.
    A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests.
Accounting Estimates
    The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, right of use assets and other long-lived and indefinite lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured term loan and revolving credit facilities, and equity based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.     
3. Deferred Costs, Acquired Lease Intangibles and Goodwill
    Deferred costs, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands):  

March 31, 2022December 31, 2021
Leasing costs$215,278 $211,189 
Acquired in-place lease value and deferred leasing costs162,870 166,491 
Acquired above-market leases30,509 33,289 
408,657 410,969 
Less: accumulated amortization(217,702)(215,764)
Total deferred costs, net, excluding net deferred financing costs$190,955 $195,205 
    At March 31, 2022 and December 31, 2021, $6.6 million and $7.2 million, respectively, of net deferred financing costs associated with the unsecured revolving credit facility was included in deferred costs, net on the condensed consolidated balance sheets.
    Amortization expense related to deferred leasing costs and acquired deferred leasing costs was $7.0 million and $5.6 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense related to acquired lease intangibles was $4.2 million and $1.7 million for the three months ended March 31, 2022 and 2021, respectively.
9

    Amortizing acquired intangible assets and liabilities consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands):
March 31, 2022December 31, 2021
Acquired below-market ground leases$396,916 $396,916 
Less: accumulated amortization(61,970)(60,012)
Acquired below-market ground leases, net$334,946 $336,904 
March 31, 2022December 31, 2021
Acquired below-market leases$(65,329)$(65,403)
Less: accumulated amortization42,870 40,462 
Acquired below-market leases, net$(22,459)$(24,941)
    
    Rental revenue related to the amortization of below-market leases, net of above-market leases, was $1.8 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively.
    
    As of March 31, 2022, we had goodwill of $491.5 million. Goodwill was allocated $227.5 million to the observatory reportable segment and $264.0 million to the real estate reportable segment.

    In compliance with the requirements of authorities, we closed the Empire State Building observatory on March 16, 2020 due to the COVID-19 pandemic and it remained closed until the 86th floor observation deck was reopened on July 20, 2020. The 102nd observation deck was reopened on August 24, 2020. The closure of our observatory and subsequent reopening under international, national, and local travel restrictions and quarantines caused us during the quarter ended June 30, 2020, and each subsequent quarter, to choose to perform an impairment test related to goodwill. We engaged a third-party valuation consulting firm to perform the valuation process. The analysis used a combination of the discounted cash flow method (a form of the income approach) utilizing Level 3 unobservable inputs and the guideline company method (a form of the market approach). Significant assumptions under the former included revenue and cost projections, weighted average cost of capital, long-term growth rate and income tax considerations while the latter included guideline company enterprise values, revenue multiples and control premium rates. Our methodology to review goodwill impairment, which included a significant amount of judgment and estimates, provided a reasonable basis to determine whether impairment had occurred. Based upon the results of the goodwill impairment test of the standalone observatory reporting unit, which is after the intercompany rent expense paid to the Real Estate reporting unit, we determined that the fair value of the observatory reporting unit exceeded its carrying value by less than 15.0%.  Many of the factors employed in determining whether or not goodwill is impaired are outside of our control, and it is reasonably likely that assumptions and estimates will change in future periods.  We will continue to assess the impairment of the observatory reporting unit goodwill going forward, and that continued assessment may again utilize a third-party valuation consulting firm.
4. Debt
    Debt consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands):
10

Principal BalanceAs of March 31, 2022
March 31, 2022December 31, 2021Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
Metro Center$84,432 $85,032 3.59 %3.69 %11/5/2024
10 Union Square50,000 50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
First Stamford Place(3)
180,000 180,000 4.28 %4.71 %7/1/2027
1010 Third Avenue and 77 West 55th Street36,463 36,670 4.01 %4.24 %1/5/2028
250 West 57th Street180,000 180,000 2.83 %3.19 %12/1/2030
10 Bank Street30,851 31,091 4.23 %4.37 %6/1/2032
383 Main Avenue(4)
30,000 30,000 4.44 %4.56 %6/30/2032
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70.0% of LIBOR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B8,321 8,650 
LIBOR plus 2.24%
3.56 %11/1/2030
561 10th Avenue - Series A114,500 114,500 
70.0% of LIBOR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B18,535 19,250 
LIBOR plus 2.45%
3.85 %11/1/2033
Total mortgage debt966,702 968,793 
Senior unsecured notes:(5)
   Series A100,000 100,000 3.93 %3.96 %3/27/2025
   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
Unsecured term loan facility (5)
215,000 215,000 
LIBOR plus 1.20%
3.54 %3/19/2025
Unsecured revolving credit facility (5)
—