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Name | Symbol | Market | Type |
---|---|---|---|
Empire State Realty OP LP | AMEX:ESBA | AMEX | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.15 | -1.68% | 8.76 | 8.99 | 8.76 | 8.91 | 2,629 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
45-4685158
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of Securities
|
Trading Symbol
|
Exchange on which traded
|
|
|
|
Series ES operating partnership units
|
ESBA
|
NYSE Arca, Inc.
|
Series 60 operating partnership units
|
OGCP
|
NYSE Arca, Inc.
|
Series 250 operating partnership units
|
FISK
|
NYSE Arca, Inc.
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
(unaudited)
|
|
|
||||
Commercial real estate properties, at cost:
|
|
|
|
||||
Land
|
$
|
201,196
|
|
|
$
|
201,196
|
|
Development costs
|
7,989
|
|
|
7,987
|
|
||
Building and improvements
|
2,830,353
|
|
|
2,675,303
|
|
||
|
3,039,538
|
|
|
2,884,486
|
|
||
Less: accumulated depreciation
|
(829,495
|
)
|
|
(747,304
|
)
|
||
Commercial real estate properties, net
|
2,210,043
|
|
|
2,137,182
|
|
||
Cash and cash equivalents
|
293,710
|
|
|
204,981
|
|
||
Restricted cash
|
36,609
|
|
|
65,832
|
|
||
Short-term investments
|
—
|
|
|
400,000
|
|
||
Tenant and other receivables, net of allowance of $488 as of December 31, 2018
|
29,287
|
|
|
29,437
|
|
||
Deferred rent receivables, net of allowance of $19 as of December 31, 2018
|
214,685
|
|
|
200,903
|
|
||
Prepaid expenses and other assets
|
41,927
|
|
|
64,345
|
|
||
Deferred costs, net
|
223,698
|
|
|
241,223
|
|
||
Acquired below-market ground leases, net
|
354,524
|
|
|
360,398
|
|
||
Right of use assets
|
29,355
|
|
|
—
|
|
||
Goodwill
|
491,479
|
|
|
491,479
|
|
||
Total assets
|
$
|
3,925,317
|
|
|
$
|
4,195,780
|
|
LIABILITIES AND CAPITAL
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Mortgage notes payable, net
|
$
|
606,313
|
|
|
$
|
608,567
|
|
Senior unsecured notes, net
|
798,347
|
|
|
1,046,219
|
|
||
Unsecured term loan facility, net
|
264,517
|
|
|
264,147
|
|
||
Unsecured revolving credit facility
|
—
|
|
|
—
|
|
||
Accounts payable and accrued expenses
|
143,201
|
|
|
130,676
|
|
||
Acquired below-market leases, net
|
42,655
|
|
|
52,450
|
|
||
Ground lease liabilities
|
29,355
|
|
|
—
|
|
||
Deferred revenue and other liabilities
|
68,742
|
|
|
44,810
|
|
||
Tenants’ security deposits
|
31,841
|
|
|
57,802
|
|
||
Total liabilities
|
1,984,971
|
|
|
2,204,671
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Capital:
|
|
|
|
||||
Private perpetual preferred units, $16.62 per unit liquidation preference, 1,560,360 issued and outstanding in 2019 and 2018
|
8,004
|
|
|
8,004
|
|
||
Series PR operating partnership units:
|
|
|
|
||||
ESRT partner's capital (3,042,566 and 3,033,261 general partner operating partnership units and 177,106,987 and 171,877,365 limited partner operating partnership units outstanding in 2019 and 2018, respectively)
|
1,222,019
|
|
|
1,238,482
|
|
||
Limited partners' interests (84,561,214 and 86,202,638 limited partner operating partnership units outstanding in 2019 and 2018, respectively)
|
700,479
|
|
|
725,108
|
|
||
Series ES operating partnership units (28,159,590 and 30,129,556 limited partner operating partnership units outstanding in 2019 and 2018, respectively)
|
7,454
|
|
|
14,399
|
|
||
Series 60 operating partnership units (7,544,485 and 8,019,509 limited partner operating partnership units outstanding in 2019 and 2018, respectively)
|
1,579
|
|
|
3,385
|
|
||
Series 250 operating partnership units (3,841,730 and 4,063,737 limited partner operating partnership units outstanding in 2019 and 2018, respectively)
|
811
|
|
|
1,731
|
|
||
Total capital
|
1,940,346
|
|
|
1,991,109
|
|
||
Total liabilities and capital
|
$
|
3,925,317
|
|
|
$
|
4,195,780
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
$
|
150,225
|
|
|
$
|
123,621
|
|
|
$
|
434,713
|
|
|
$
|
369,970
|
|
Tenant expense reimbursement
|
—
|
|
|
18,627
|
|
|
—
|
|
|
52,626
|
|
||||
Observatory revenue
|
37,575
|
|
|
40,241
|
|
|
91,039
|
|
|
96,691
|
|
||||
Lease termination fees
|
2,361
|
|
|
1,185
|
|
|
3,112
|
|
|
2,164
|
|
||||
Third-party management and other fees
|
304
|
|
|
312
|
|
|
955
|
|
|
1,151
|
|
||||
Other revenue and fees
|
2,408
|
|
|
2,416
|
|
|
6,591
|
|
|
9,600
|
|
||||
Total revenues
|
192,873
|
|
|
186,402
|
|
|
536,410
|
|
|
532,202
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Property operating expenses
|
47,894
|
|
|
42,772
|
|
|
131,076
|
|
|
126,375
|
|
||||
Ground rent expenses
|
2,331
|
|
|
2,331
|
|
|
6,994
|
|
|
6,994
|
|
||||
General and administrative expenses
|
14,421
|
|
|
13,148
|
|
|
44,445
|
|
|
39,001
|
|
||||
Observatory expenses
|
9,089
|
|
|
8,854
|
|
|
25,024
|
|
|
23,868
|
|
||||
Real estate taxes
|
29,599
|
|
|
28,284
|
|
|
86,098
|
|
|
81,771
|
|
||||
Depreciation and amortization
|
44,260
|
|
|
42,475
|
|
|
135,179
|
|
|
121,826
|
|
||||
Total operating expenses
|
147,594
|
|
|
137,864
|
|
|
428,816
|
|
|
399,835
|
|
||||
Total operating income
|
45,279
|
|
|
48,538
|
|
|
107,594
|
|
|
132,367
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
2,269
|
|
|
3,485
|
|
|
9,907
|
|
|
7,209
|
|
||||
Interest expense
|
(19,426
|
)
|
|
(20,658
|
)
|
|
(60,712
|
)
|
|
(58,774
|
)
|
||||
Income before income taxes
|
28,122
|
|
|
31,365
|
|
|
56,789
|
|
|
80,802
|
|
||||
Income tax expense
|
(1,338
|
)
|
|
(2,135
|
)
|
|
(1,219
|
)
|
|
(3,330
|
)
|
||||
Net income
|
26,784
|
|
|
29,230
|
|
|
55,570
|
|
|
77,472
|
|
||||
Private perpetual preferred unit distributions
|
(234
|
)
|
|
(234
|
)
|
|
(702
|
)
|
|
(702
|
)
|
||||
Net income attributable to common unitholders
|
$
|
26,550
|
|
|
$
|
28,996
|
|
|
$
|
54,868
|
|
|
$
|
76,770
|
|
|
|
|
|
|
|
|
|
||||||||
Total weighted average units:
|
|
|
|
|
|
|
|
||||||||
Basic
|
298,151
|
|
|
297,478
|
|
|
298,117
|
|
|
297,180
|
|
||||
Diluted
|
298,151
|
|
|
297,478
|
|
|
298,117
|
|
|
297,181
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per unit attributable to common unitholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.09
|
|
|
$
|
0.10
|
|
|
$
|
0.18
|
|
|
$
|
0.26
|
|
Diluted
|
$
|
0.09
|
|
|
$
|
0.10
|
|
|
$
|
0.18
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends per unit
|
$
|
0.105
|
|
|
$
|
0.105
|
|
|
$
|
0.315
|
|
|
$
|
0.315
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
26,784
|
|
|
$
|
29,230
|
|
|
$
|
55,570
|
|
|
$
|
77,472
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on valuation of interest rate swap agreements
|
(6,256
|
)
|
|
3,884
|
|
|
(25,992
|
)
|
|
9,827
|
|
||||
Less: amount reclassified into interest expense
|
319
|
|
|
427
|
|
|
637
|
|
|
1,562
|
|
||||
Other comprehensive income (loss)
|
(5,937
|
)
|
|
4,311
|
|
|
(25,355
|
)
|
|
11,389
|
|
||||
Comprehensive income (loss)
|
$
|
20,847
|
|
|
$
|
33,541
|
|
|
$
|
30,215
|
|
|
$
|
88,861
|
|
|
|
|
|
|
Series PR Operating Partnership Units
|
|
Series ES Operating Partnership Units Limited Partners
|
|
Series 60 Operating Partnership Units Limited Partners
|
|
Series 250 Operating Partnership Units Limited Partners
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
General Partner
|
|
Limited Partners
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Private Perpetual Preferred Units
|
|
Private Perpetual Preferred Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Total Capital
|
||||||||||||||||||||
Balance at June 30, 2019
|
1,560
|
|
|
$
|
8,004
|
|
|
178,021
|
|
|
$
|
1,215,647
|
|
|
86,749
|
|
|
$
|
713,039
|
|
|
28,518
|
|
|
$
|
8,508
|
|
|
7,686
|
|
|
$
|
1,871
|
|
|
3,917
|
|
|
$
|
963
|
|
|
$
|
1,948,032
|
|
Issuance of OP units, net of costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conversion of operating partnership units to ESRT Partner's Capital
|
—
|
|
|
—
|
|
|
2,130
|
|
|
12,796
|
|
|
(1,554
|
)
|
|
(12,672
|
)
|
|
(358
|
)
|
|
(85
|
)
|
|
(142
|
)
|
|
(25
|
)
|
|
(75
|
)
|
|
(14
|
)
|
|
—
|
|
|||||||
Equity compensation
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
191
|
|
|
(634
|
)
|
|
3,456
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,647
|
|
|||||||
Distributions
|
—
|
|
|
(234
|
)
|
|
—
|
|
|
(18,907
|
)
|
|
—
|
|
|
(8,880
|
)
|
|
—
|
|
|
(2,960
|
)
|
|
—
|
|
|
(794
|
)
|
|
—
|
|
|
(405
|
)
|
|
(32,180
|
)
|
|||||||
Net income
|
—
|
|
|
234
|
|
|
—
|
|
|
15,882
|
|
|
—
|
|
|
7,114
|
|
|
—
|
|
|
2,547
|
|
|
—
|
|
|
662
|
|
|
—
|
|
|
345
|
|
|
26,784
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,590
|
)
|
|
—
|
|
|
(1,578
|
)
|
|
—
|
|
|
(556
|
)
|
|
—
|
|
|
(135
|
)
|
|
—
|
|
|
(78
|
)
|
|
(5,937
|
)
|
|||||||
Balance at September 30, 2019
|
1,560
|
|
|
$
|
8,004
|
|
|
180,150
|
|
|
$
|
1,222,019
|
|
|
84,561
|
|
|
$
|
700,479
|
|
|
28,160
|
|
|
$
|
7,454
|
|
|
7,544
|
|
|
$
|
1,579
|
|
|
3,842
|
|
|
$
|
811
|
|
|
$
|
1,940,346
|
|
|
|
|
|
|
Series PR Operating Partnership Units
|
|
Series ES Operating Partnership Units Limited Partners
|
|
Series 60 Operating Partnership Units Limited Partners
|
|
Series 250 Operating Partnership Units Limited Partners
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
General Partner
|
|
Limited Partners
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Private Perpetual Preferred Units
|
|
Private Perpetual Preferred Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Total Capital
|
||||||||||||||||||||
Balance at June 30, 2018
|
1,560
|
|
|
$
|
8,004
|
|
|
167,704
|
|
|
$
|
1,194,533
|
|
|
91,447
|
|
|
$
|
759,895
|
|
|
31,407
|
|
|
$
|
15,238
|
|
|
8,545
|
|
|
$
|
3,580
|
|
|
4,230
|
|
|
$
|
1,891
|
|
|
$
|
1,983,141
|
|
Issuance of OP units, net of costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conversion of operating partnership units to ESRT Partner's Capital
|
—
|
|
|
—
|
|
|
1,517
|
|
|
5,815
|
|
|
(647
|
)
|
|
(5,396
|
)
|
|
(497
|
)
|
|
(253
|
)
|
|
(301
|
)
|
|
(133
|
)
|
|
(72
|
)
|
|
(33
|
)
|
|
—
|
|
|||||||
Equity compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
—
|
|
|
4,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,853
|
|
|||||||
Distributions
|
—
|
|
|
(234
|
)
|
|
—
|
|
|
(17,727
|
)
|
|
—
|
|
|
(9,558
|
)
|
|
—
|
|
|
(3,252
|
)
|
|
—
|
|
|
(872
|
)
|
|
—
|
|
|
(441
|
)
|
|
(32,084
|
)
|
|||||||
Net income
|
—
|
|
|
234
|
|
|
—
|
|
|
16,342
|
|
|
—
|
|
|
8,294
|
|
|
—
|
|
|
3,084
|
|
|
—
|
|
|
841
|
|
|
—
|
|
|
435
|
|
|
29,230
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,430
|
|
|
—
|
|
|
1,233
|
|
|
—
|
|
|
458
|
|
|
—
|
|
|
125
|
|
|
—
|
|
|
65
|
|
|
4,311
|
|
|||||||
Balance at September 30, 2018
|
1,560
|
|
|
$
|
8,004
|
|
|
169,221
|
|
|
$
|
1,201,546
|
|
|
90,800
|
|
|
$
|
759,168
|
|
|
30,910
|
|
|
$
|
15,275
|
|
|
8,244
|
|
|
$
|
3,541
|
|
|
4,158
|
|
|
$
|
1,917
|
|
|
$
|
1,989,451
|
|
|
|
|
|
|
Series PR Operating Partnership Units
|
|
Series ES Operating Partnership Units Limited Partners
|
|
Series 60 Operating Partnership Units Limited Partners
|
|
Series 250 Operating Partnership Units Limited Partners
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
General Partner
|
|
Limited Partners
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Private Perpetual Preferred Units
|
|
Private Perpetual Preferred Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Total Capital
|
||||||||||||||||||||
Balance at December 31, 2018
|
1,560
|
|
|
$
|
8,004
|
|
|
174,912
|
|
|
$
|
1,238,482
|
|
|
86,202
|
|
|
$
|
725,108
|
|
|
30,129
|
|
|
$
|
14,399
|
|
|
8,020
|
|
|
$
|
3,385
|
|
|
4,064
|
|
|
$
|
1,731
|
|
|
1,991,109
|
|
|
Issuance of OP units, net of costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conversion of operating partnership units to ESRT Partner's Capital
|
—
|
|
|
—
|
|
|
5,185
|
|
|
21,654
|
|
|
(2,517
|
)
|
|
(20,655
|
)
|
|
(1,969
|
)
|
|
(788
|
)
|
|
(476
|
)
|
|
(143
|
)
|
|
(222
|
)
|
|
(68
|
)
|
|
—
|
|
|||||||
Equity compensation
|
—
|
|
|
—
|
|
|
53
|
|
|
421
|
|
|
876
|
|
|
14,971
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,392
|
|
|||||||
Distributions
|
—
|
|
|
(702
|
)
|
|
—
|
|
|
(56,098
|
)
|
|
—
|
|
|
(26,884
|
)
|
|
—
|
|
|
(9,020
|
)
|
|
—
|
|
|
(2,431
|
)
|
|
—
|
|
|
(1,235
|
)
|
|
(96,370
|
)
|
|||||||
Net income
|
—
|
|
|
702
|
|
|
—
|
|
|
32,646
|
|
|
—
|
|
|
14,760
|
|
|
—
|
|
|
5,322
|
|
|
—
|
|
|
1,427
|
|
|
—
|
|
|
713
|
|
|
55,570
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,086
|
)
|
|
—
|
|
|
(6,821
|
)
|
|
—
|
|
|
(2,459
|
)
|
|
—
|
|
|
(659
|
)
|
|
—
|
|
|
(330
|
)
|
|
(25,355
|
)
|
|||||||
Balance at September 30, 2019
|
1,560
|
|
|
$
|
8,004
|
|
|
180,150
|
|
|
$
|
1,222,019
|
|
|
84,561
|
|
|
$
|
700,479
|
|
|
28,160
|
|
|
$
|
7,454
|
|
|
7,544
|
|
|
$
|
1,579
|
|
|
3,842
|
|
|
$
|
811
|
|
|
$
|
1,940,346
|
|
|
|
|
|
|
Series PR Operating Partnership Units
|
|
Series ES Operating Partnership Units Limited Partners
|
|
Series 60 Operating Partnership Units Limited Partners
|
|
Series 250 Operating Partnership Units Limited Partners
|
|
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
General Partner
|
|
Limited Partners
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Private Perpetual Preferred Units
|
|
Private Perpetual Preferred Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Operating Partnership Units
|
|
Operating Partnership Unitholders
|
|
Total Capital
|
||||||||||||||||||||
Balance at December 31, 2017
|
1,560
|
|
|
$
|
8,004
|
|
|
161,477
|
|
|
$
|
1,168,282
|
|
|
91,760
|
|
|
$
|
778,279
|
|
|
33,774
|
|
|
$
|
17,132
|
|
|
8,988
|
|
|
$
|
3,992
|
|
|
4,410
|
|
|
$
|
2,048
|
|
|
1,977,737
|
|
|
Issuance of OP units, net of costs
|
—
|
|
|
—
|
|
|
284
|
|
|
4,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,749
|
|
|||||||
Conversion of operating partnership units to ESRT Partner's Capital
|
—
|
|
|
—
|
|
|
7,436
|
|
|
31,660
|
|
|
(3,576
|
)
|
|
(29,835
|
)
|
|
(2,864
|
)
|
|
(1,394
|
)
|
|
(744
|
)
|
|
(318
|
)
|
|
(252
|
)
|
|
(113
|
)
|
|
—
|
|
|||||||
Equity compensation
|
—
|
|
|
—
|
|
|
24
|
|
|
269
|
|
|
2,616
|
|
|
13,795
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,064
|
|
|||||||
Distributions
|
—
|
|
|
(702
|
)
|
|
—
|
|
|
(52,519
|
)
|
|
—
|
|
|
(28,725
|
)
|
|
—
|
|
|
(9,984
|
)
|
|
—
|
|
|
(2,689
|
)
|
|
—
|
|
|
(1,341
|
)
|
|
(95,960
|
)
|
|||||||
Net income
|
—
|
|
|
702
|
|
|
—
|
|
|
42,761
|
|
|
—
|
|
|
22,340
|
|
|
—
|
|
|
8,291
|
|
|
—
|
|
|
2,226
|
|
|
—
|
|
|
1,152
|
|
|
77,472
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
6,344
|
|
|
—
|
|
|
3,314
|
|
|
—
|
|
|
1,230
|
|
|
—
|
|
|
330
|
|
|
—
|
|
|
171
|
|
|
11,389
|
|
|||||||
Balance at September 30, 2018
|
1,560
|
|
|
$
|
8,004
|
|
|
169,221
|
|
|
$
|
1,201,546
|
|
|
90,800
|
|
|
$
|
759,168
|
|
|
30,910
|
|
|
$
|
15,275
|
|
|
8,244
|
|
|
$
|
3,541
|
|
|
4,158
|
|
|
$
|
1,917
|
|
|
$
|
1,989,451
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash Flows From Operating Activities
|
|
|
|
||||
Net income
|
$
|
55,570
|
|
|
$
|
77,472
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
135,179
|
|
|
121,826
|
|
||
Amortization of non-cash items within interest expense
|
5,400
|
|
|
5,142
|
|
||
Amortization of acquired above- and below-market leases, net
|
(5,780
|
)
|
|
(4,387
|
)
|
||
Amortization of acquired below-market ground leases
|
5,873
|
|
|
5,873
|
|
||
Straight-lining of rental revenue
|
(13,781
|
)
|
|
(16,662
|
)
|
||
Equity based compensation
|
15,392
|
|
|
14,064
|
|
||
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
|
|
|
|
||||
Security deposits
|
(25,961
|
)
|
|
(4,566
|
)
|
||
Tenant and other receivables
|
149
|
|
|
(3,176
|
)
|
||
Deferred leasing costs
|
(14,513
|
)
|
|
(18,578
|
)
|
||
Prepaid expenses and other assets
|
19,883
|
|
|
20,308
|
|
||
Accounts payable and accrued expenses
|
(2,970
|
)
|
|
(1,181
|
)
|
||
Deferred revenue and other liabilities
|
23,932
|
|
|
(8,732
|
)
|
||
Net cash provided by operating activities
|
198,373
|
|
|
187,403
|
|
||
Cash Flows From Investing Activities
|
|
|
|
||||
Short-term investments
|
400,000
|
|
|
(400,000
|
)
|
||
Development costs
|
(2
|
)
|
|
(1
|
)
|
||
Additions to building and improvements
|
(189,666
|
)
|
|
(169,622
|
)
|
||
Net cash provided by (used in) investing activities
|
210,332
|
|
|
(569,623
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash Flows From Financing Activities
|
|
|
|
||||
Proceeds from mortgage notes payable
|
—
|
|
|
160,000
|
|
||
Repayment of mortgage notes payable
|
(2,829
|
)
|
|
(265,688
|
)
|
||
Proceeds from unsecured senior notes
|
—
|
|
|
335,000
|
|
||
Repayment of unsecured senior notes
|
(250,000
|
)
|
|
—
|
|
||
Proceeds from the sale of common stock
|
—
|
|
|
4,749
|
|
||
Deferred financing costs
|
—
|
|
|
(1,977
|
)
|
||
Distributions
|
(96,370
|
)
|
|
(95,960
|
)
|
||
Net cash (used in) provided by financing activities
|
(349,199
|
)
|
|
136,124
|
|
||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
59,506
|
|
|
(246,096
|
)
|
||
Cash and cash equivalents and restricted cash—beginning of period
|
270,813
|
|
|
530,197
|
|
||
Cash and cash equivalents and restricted cash—end of period
|
$
|
330,319
|
|
|
$
|
284,101
|
|
|
|
|
|
||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
$
|
204,981
|
|
|
$
|
464,344
|
|
Restricted cash at beginning of period
|
65,832
|
|
|
65,853
|
|
||
Cash and cash equivalents and restricted cash at beginning of period
|
$
|
270,813
|
|
|
$
|
530,197
|
|
|
|
|
|
||||
Cash and cash equivalents at end of period
|
$
|
293,710
|
|
|
$
|
229,745
|
|
Restricted cash at end of period
|
36,609
|
|
|
54,356
|
|
||
Cash and cash equivalents and restricted cash at end of period
|
$
|
330,319
|
|
|
$
|
284,101
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
59,173
|
|
|
$
|
56,597
|
|
Cash paid for income taxes
|
$
|
1,589
|
|
|
$
|
3,690
|
|
|
|
|
|
||||
Non-cash investing and financing activities:
|
|
|
|
||||
Building and improvements included in accounts payable and accrued expenses
|
$
|
77,142
|
|
|
$
|
92,506
|
|
Write-off of fully depreciated assets
|
26,516
|
|
|
32,059
|
|
||
Derivative instruments at fair values included in prepaid expenses and other assets
|
—
|
|
|
9,944
|
|
||
Derivative instruments at fair values included in accounts payable and accrued expenses
|
28,850
|
|
|
—
|
|
||
Conversion of limited partners' operating partnership units to ESRT partner's capital
|
21,654
|
|
|
31,660
|
|
||
Right of use assets
|
29,452
|
|
|
—
|
|
||
Ground lease liabilities
|
29,452
|
|
|
—
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Leasing costs
|
$
|
185,698
|
|
|
$
|
178,120
|
|
Acquired in-place lease value and deferred leasing costs
|
206,026
|
|
|
214,550
|
|
||
Acquired above-market leases
|
49,906
|
|
|
52,136
|
|
||
|
441,630
|
|
|
444,806
|
|
||
Less: accumulated amortization
|
(222,651
|
)
|
|
(209,839
|
)
|
||
Total deferred costs, net, excluding net deferred financing costs
|
$
|
218,979
|
|
|
$
|
234,967
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Acquired below-market ground leases
|
$
|
396,916
|
|
|
$
|
396,916
|
|
Less: accumulated amortization
|
(42,392
|
)
|
|
(36,518
|
)
|
||
Acquired below-market ground leases, net
|
$
|
354,524
|
|
|
$
|
360,398
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Acquired below-market leases
|
$
|
(113,625
|
)
|
|
$
|
(118,462
|
)
|
Less: accumulated amortization
|
70,970
|
|
|
66,012
|
|
||
Acquired below-market leases, net
|
$
|
(42,655
|
)
|
|
$
|
(52,450
|
)
|
|
Principal Balance
|
|
As of September 30, 2019
|
|||||||||||||
|
September 30, 2019
|
|
December 31, 2018
|
|
Stated
Rate |
|
Effective
Rate(1) |
|
Maturity
Date(2) |
|||||||
Mortgage debt collateralized by:
|
|
|
|
|
|
|
|
|
|
|||||||
Fixed rate mortgage debt
|
|
|
|
|
|
|
|
|
|
|||||||
Metro Center
|
$
|
90,205
|
|
|
$
|
91,838
|
|
|
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)
|
180,000
|
|
|
180,000
|
|
|
4.28
|
%
|
|
4.44
|
%
|
|
7/1/2027
|
|
||
1010 Third Avenue and 77 West 55th Street
|
38,440
|
|
|
38,995
|
|
|
4.01
|
%
|
|
4.21
|
%
|
|
1/5/2028
|
|
||
10 Bank Street
|
33,138
|
|
|
33,779
|
|
|
4.23
|
%
|
|
4.36
|
%
|
|
6/1/2032
|
|
||
383 Main Avenue
|
30,000
|
|
|
30,000
|
|
|
4.44
|
%
|
|
4.55
|
%
|
|
6/30/2032
|
|
||
1333 Broadway
|
160,000
|
|
|
160,000
|
|
|
4.21
|
%
|
|
4.29
|
%
|
|
2/5/2033
|
|
||
Total mortgage debt
|
611,783
|
|
|
614,612
|
|
|
|
|
|
|
|
|||||
Senior unsecured notes - exchangeable
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Senior unsecured notes:(6)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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
|
|
||
Unsecured revolving credit facility(6)
|
—
|
|
|
—
|
|
|
(4)
|
|
(4)
|
|
8/29/2021
|
|
||||
Unsecured term loan facility(6)
|
265,000
|
|
|
265,000
|
|
|
(5)
|
|
(5)
|
|
8/29/2022
|
|
||||
Total principal
|
1,676,783
|
|
|
1,929,612
|
|
|
|
|
|
|
|
|||||
Unamortized discount, net of unamortized premium
|
—
|
|
|
(1,647
|
)
|
|
|
|
|
|
|
|||||
Deferred financing costs, net
|
(7,606
|
)
|
|
(9,032
|
)
|
|
|
|
|
|
|
|||||
Total
|
$
|
1,669,177
|
|
|
$
|
1,918,933
|
|
|
|
|
|
|
|
(1)
|
The effective rate is the yield as of September 30, 2019, including the effects of debt issuance costs and the amortization of the fair value of debt adjustment.
|
(2)
|
Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
|
(3)
|
Represents a $164 million mortgage loan bearing interest at 4.09% and a $16 million loan bearing interest at 6.25%.
|
(4)
|
At September 30, 2019, the unsecured revolving credit facility bears a floating rate at 30 day LIBOR plus 1.10%. The rate at September 30, 2019 was 3.12%.
|
(5)
|
The unsecured term loan facility bears a floating rate at 30 day LIBOR plus 1.20%. Pursuant to an interest rate swap agreement, the LIBOR rate is fixed at 2.1485% through maturity. The rate at September 30, 2019 was 3.35%.
|
(6)
|
At September 30, 2019, we were in compliance with all debt covenants.
|
Year
|
Amortization
|
|
Maturities
|
|
Total
|
||||||
2019
|
$
|
961
|
|
|
$
|
—
|
|
|
$
|
961
|
|
2020
|
3,938
|
|
|
—
|
|
|
3,938
|
|
|||
2021
|
4,090
|
|
|
—
|
|
|
4,090
|
|
|||
2022
|
5,628
|
|
|
265,000
|
|
|
270,628
|
|
|||
2023
|
7,876
|
|
|
—
|
|
|
7,876
|
|
|||
Thereafter
|
33,868
|
|
|
1,355,422
|
|
|
1,389,290
|
|
|||
Total
|
$
|
56,361
|
|
|
$
|
1,620,422
|
|
|
$
|
1,676,783
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Financing costs
|
|
$
|
25,315
|
|
|
$
|
25,315
|
|
Less: accumulated amortization
|
|
(12,991
|
)
|
|
(10,027
|
)
|
||
Total deferred financing costs, net
|
|
$
|
12,324
|
|
|
$
|
15,288
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Accrued capital expenditures
|
$
|
77,142
|
|
|
$
|
85,242
|
|
Accounts payable and accrued expenses
|
34,328
|
|
|
34,585
|
|
||
Interest rate swap agreements liability
|
28,850
|
|
|
5,243
|
|
||
Accrued interest payable
|
2,851
|
|
|
4,990
|
|
||
Due to affiliated companies
|
30
|
|
|
616
|
|
||
Total accounts payable and accrued expenses
|
$
|
143,201
|
|
|
$
|
130,676
|
|
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||
Derivative
|
|
Notional Amount
|
Receive Rate
|
Pay Rate
|
Effective Date
|
Expiration Date
|
|
Asset
|
Liability
|
|
Asset
|
Liability
|
||||||||||
Interest rate swap
|
|
$
|
265,000
|
|
1 Month LIBOR
|
2.1485%
|
August 31, 2017
|
August 24, 2022
|
|
$
|
—
|
|
$
|
(5,594
|
)
|
|
$
|
2,536
|
|
$
|
—
|
|
Interest rate swap
|
|
125,000
|
|
3 Month LIBOR
|
2.9580%
|
July 1, 2019
|
July 1, 2026
|
|
—
|
|
(11,628
|
)
|
|
—
|
|
(2,623
|
)
|
|||||
Interest rate swap
|
|
125,000
|
|
3 Month LIBOR
|
2.9580%
|
July 1, 2019
|
July 1, 2026
|
|
—
|
|
(11,628
|
)
|
|
—
|
|
(2,620
|
)
|
|||||
|
|
|
|
|
|
|
|
$
|
—
|
|
$
|
(28,850
|
)
|
|
$
|
2,536
|
|
$
|
(5,243
|
)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Effects of Cash Flow Hedges
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Amount of gain (loss) recognized in other comprehensive income (loss)
|
|
$
|
(6,256
|
)
|
|
$
|
3,884
|
|
|
$
|
(25,992
|
)
|
|
$
|
9,827
|
|
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense
|
|
(319
|
)
|
|
(427
|
)
|
|
(637
|
)
|
|
(1,562
|
)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Effects of Cash Flow Hedges
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Total interest (expense) presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded
|
|
$
|
(19,426
|
)
|
|
$
|
(20,658
|
)
|
|
$
|
(60,712
|
)
|
|
$
|
(58,774
|
)
|
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense
|
|
(319
|
)
|
|
(427
|
)
|
|
(637
|
)
|
|
(1,562
|
)
|
|
September 30, 2019
|
||||||||||||||||||
|
|
|
Estimated Fair Value
|
||||||||||||||||
|
Carrying
Value |
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Interest rate swaps included in prepaid expenses and other assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swaps included in accounts payable and accrued expenses
|
28,850
|
|
|
28,850
|
|
|
—
|
|
|
28,850
|
|
|
—
|
|
|||||
Mortgage notes payable
|
606,313
|
|
|
643,159
|
|
|
—
|
|
|
—
|
|
|
643,159
|
|
|||||
Senior unsecured notes - Series A, B, C, D, E and F
|
798,347
|
|
|
861,245
|
|
|
—
|
|
|
—
|
|
|
861,245
|
|
|||||
Unsecured term loan facility
|
264,517
|
|
|
265,000
|
|
|
—
|
|
|
—
|
|
|
265,000
|
|
|||||
Ground lease liabilities
|
29,355
|
|
|
29,355
|
|
|
—
|
|
|
—
|
|
|
29,355
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
|
Estimated Fair Value
|
||||||||||||||||
|
Carrying
Value |
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Interest rate swaps included in prepaid expenses and other assets
|
$
|
2,536
|
|
|
$
|
2,536
|
|
|
$
|
—
|
|
|
$
|
2,536
|
|
|
$
|
—
|
|
Interest rate swaps included in accounts payable and accrued expenses
|
5,243
|
|
|
5,243
|
|
|
—
|
|
|
5,243
|
|
|
—
|
|
|||||
Mortgage notes payable
|
608,567
|
|
|
597,424
|
|
|
—
|
|
|
—
|
|
|
597,424
|
|
|||||
Senior unsecured notes - Exchangeable
|
247,930
|
|
|
250,625
|
|
|
—
|
|
|
250,625
|
|
|
—
|
|
|||||
Senior unsecured notes - Series A, B, C, D, E and F
|
798,289
|
|
|
795,662
|
|
|
—
|
|
|
—
|
|
|
795,662
|
|
|||||
Unsecured term loan facility
|
264,147
|
|
|
265,000
|
|
|
—
|
|
|
—
|
|
|
265,000
|
|
|
Three months ended September 30, 2019
|
|
Nine months ended September 30, 2019
|
||||
Fixed payments
|
$
|
129,030
|
|
|
$
|
380,647
|
|
Variable payments
|
21,195
|
|
|
54,066
|
|
||
Total rental revenue
|
$
|
150,225
|
|
|
$
|
434,713
|
|
Remainder of 2019
|
$
|
124,080
|
|
2020
|
496,805
|
|
|
2021
|
477,068
|
|
|
2022
|
446,300
|
|
|
2023
|
419,857
|
|
|
Thereafter
|
1,954,810
|
|
|
|
$
|
3,918,920
|
|
2019
|
$
|
485,441
|
|
2020
|
460,127
|
|
|
2021
|
423,365
|
|
|
2022
|
391,395
|
|
|
2023
|
362,738
|
|
|
Thereafter
|
1,536,461
|
|
|
|
$
|
3,659,527
|
|
Weighted average remaining lease term (in years)
|
50.8
|
|
|
Weighted average discount rate
|
4.49
|
%
|
|
Cash paid for operating leases nine months ended September 30, 2019 (in thousands)
|
$
|
1,139
|
|
Remainder of 2019
|
$
|
380
|
|
2020
|
1,518
|
|
|
2021
|
1,518
|
|
|
2022
|
1,518
|
|
|
2023
|
1,518
|
|
|
Thereafter
|
68,298
|
|
|
Total undiscounted cash flows
|
74,750
|
|
|
Present value discount
|
(45,395
|
)
|
|
Ground lease liabilities
|
$
|
29,355
|
|
2019
|
$
|
1,518
|
|
2020
|
1,518
|
|
|
2021
|
1,518
|
|
|
2022
|
1,518
|
|
|
2023
|
1,518
|
|
|
Thereafter
|
68,298
|
|
|
|
$
|
75,888
|
|
|
Restricted Stock
|
|
LTIP Units
|
|
Weighted Average Grant Fair Value
|
||||
Unvested balance at December 31, 2018
|
91,158
|
|
|
5,702,821
|
|
|
$
|
9.68
|
|
Vested
|
(35,724
|
)
|
|
(598,402
|
)
|
|
15.98
|
|
|
Granted
|
69,358
|
|
|
2,848,726
|
|
|
9.55
|
|
|
Forfeited or unearned
|
(5,762
|
)
|
|
(1,972,548
|
)
|
|
7.34
|
|
|
Unvested balance at September 30, 2019
|
119,030
|
|
|
5,980,597
|
|
|
$
|
9.72
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
26,784
|
|
|
$
|
29,230
|
|
|
$
|
55,570
|
|
|
$
|
77,472
|
|
Private perpetual preferred unit distributions
|
(234
|
)
|
|
(234
|
)
|
|
(702
|
)
|
|
(702
|
)
|
||||
Earnings allocated to unvested units
|
(243
|
)
|
|
(212
|
)
|
|
(646
|
)
|
|
(586
|
)
|
||||
Net income attributable to common unitholders - basic and diluted
|
$
|
26,307
|
|
|
$
|
28,784
|
|
|
$
|
54,222
|
|
|
$
|
76,184
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average units outstanding - basic
|
298,151
|
|
|
297,478
|
|
|
298,117
|
|
|
297,180
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation plans
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Weighted average units outstanding - diluted
|
298,151
|
|
|
297,478
|
|
|
298,117
|
|
|
297,181
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.09
|
|
|
$
|
0.10
|
|
|
$
|
0.18
|
|
|
$
|
0.26
|
|
Diluted
|
$
|
0.09
|
|
|
$
|
0.10
|
|
|
$
|
0.18
|
|
|
$
|
0.26
|
|
|
|
Three Months Ended September 30, 2019
|
||||||||||||||
|
|
Real Estate
|
|
Observatory
|
|
Intersegment Elimination
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
|
$
|
150,225
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150,225
|
|
Intercompany rental revenue
|
|
23,242
|
|
|
—
|
|
|
(23,242
|
)
|
|
—
|
|
||||
Observatory revenue
|
|
—
|
|
|
37,575
|
|
|
—
|
|
|
37,575
|
|
||||
Lease termination fees
|
|
2,361
|
|
|
—
|
|
|
—
|
|
|
2,361
|
|
||||
Third-party management and other fees
|
|
304
|
|
|
—
|
|
|
—
|
|
|
304
|
|
||||
Other revenue and fees
|
|
2,408
|
|
|
—
|
|
|
—
|
|
|
2,408
|
|
||||
Total revenues
|
|
178,540
|
|
|
37,575
|
|
|
(23,242
|
)
|
|
192,873
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Property operating expenses
|
|
47,894
|
|
|
—
|
|
|
—
|
|
|
47,894
|
|
||||
Intercompany rent expense
|
|
—
|
|
|
23,242
|
|
|
(23,242
|
)
|
|
—
|
|
||||
Ground rent expense
|
|
2,331
|
|
|
—
|
|
|
—
|
|
|
2,331
|
|
||||
General and administrative expenses
|
|
14,421
|
|
|
—
|
|
|
—
|
|
|
14,421
|
|
||||
Observatory expenses
|
|
—
|
|
|
9,089
|
|
|
—
|
|
|
9,089
|
|
||||
Real estate taxes
|
|
29,599
|
|
|
—
|
|
|
—
|
|
|
29,599
|
|
||||
Depreciation and amortization
|
|
44,253
|
|
|
7
|
|
|
—
|
|
|
44,260
|
|
||||
Total operating expenses
|
|
138,498
|
|
|
32,338
|
|
|
(23,242
|
)
|
|
147,594
|
|
||||
Total operating income
|
|
40,042
|
|
|
5,237
|
|
|
—
|
|
|
45,279
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
2,269
|
|
|
—
|
|
|
—
|
|
|
2,269
|
|
||||
Interest expense
|
|
(19,426
|
)
|
|
—
|
|
|
—
|
|
|
(19,426
|
)
|
||||
Income before income taxes
|
|
22,885
|
|
|
5,237
|
|
|
—
|
|
|
28,122
|
|
||||
Income tax expense
|
|
(267
|
)
|
|
(1,071
|
)
|
|
—
|
|
|
(1,338
|
)
|
||||
Net income
|
|
$
|
22,618
|
|
|
$
|
4,166
|
|
|
$
|
—
|
|
|
$
|
26,784
|
|
Segment assets
|
|
$
|
3,659,592
|
|
|
$
|
265,725
|
|
|
$
|
—
|
|
|
$
|
3,925,317
|
|
Expenditures for segment assets
|
|
$
|
42,901
|
|
|
$
|
18,375
|
|
|
$
|
—
|
|
|
$
|
61,276
|
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||
|
|
Real Estate
|
|
Observatory
|
|
Intersegment Elimination
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
|
$
|
123,621
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
123,621
|
|
Intercompany rental revenue
|
|
23,805
|
|
|
—
|
|
|
(23,805
|
)
|
|
—
|
|
||||
Tenant expense reimbursement
|
|
18,627
|
|
|
—
|
|
|
—
|
|
|
18,627
|
|
||||
Observatory revenue
|
|
—
|
|
|
40,241
|
|
|
—
|
|
|
40,241
|
|
||||
Lease termination fees
|
|
1,185
|
|
|
—
|
|
|
—
|
|
|
1,185
|
|
||||
Third-party management and other fees
|
|
312
|
|
|
—
|
|
|
—
|
|
|
312
|
|
||||
Other revenue and fees
|
|
2,416
|
|
|
—
|
|
|
—
|
|
|
2,416
|
|
||||
Total revenues
|
|
169,966
|
|
|
40,241
|
|
|
(23,805
|
)
|
|
186,402
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Property operating expenses
|
|
42,772
|
|
|
—
|
|
|
—
|
|
|
42,772
|
|
||||
Intercompany rent expense
|
|
—
|
|
|
23,805
|
|
|
(23,805
|
)
|
|
—
|
|
||||
Ground rent expense
|
|
2,331
|
|
|
—
|
|
|
—
|
|
|
2,331
|
|
||||
General and administrative expenses
|
|
13,148
|
|
|
—
|
|
|
—
|
|
|
13,148
|
|
||||
Observatory expenses
|
|
—
|
|
|
8,854
|
|
|
—
|
|
|
8,854
|
|
||||
Real estate taxes
|
|
28,284
|
|
|
—
|
|
|
—
|
|
|
28,284
|
|
||||
Depreciation and amortization
|
|
42,458
|
|
|
17
|
|
|
—
|
|
|
42,475
|
|
||||
Total operating expenses
|
|
128,993
|
|
|
32,676
|
|
|
(23,805
|
)
|
|
137,864
|
|
||||
Total operating income
|
|
40,973
|
|
|
7,565
|
|
|
—
|
|
|
48,538
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
3,485
|
|
|
—
|
|
|
—
|
|
|
3,485
|
|
||||
Interest expense
|
|
(20,658
|
)
|
|
—
|
|
|
—
|
|
|
(20,658
|
)
|
||||
Income before income taxes
|
|
23,800
|
|
|
7,565
|
|
|
—
|
|
|
31,365
|
|
||||
Income tax expense
|
|
(277
|
)
|
|
(1,858
|
)
|
|
—
|
|
|
(2,135
|
)
|
||||
Net income
|
|
$
|
23,523
|
|
|
$
|
5,707
|
|
|
$
|
—
|
|
|
$
|
29,230
|
|
Segment assets
|
|
$
|
3,904,454
|
|
|
$
|
262,378
|
|
|
$
|
—
|
|
|
$
|
4,166,832
|
|
Expenditures for segment assets
|
|
$
|
52,613
|
|
|
$
|
14,507
|
|
|
$
|
—
|
|
|
$
|
67,120
|
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||
|
|
Real Estate
|
|
Observatory
|
|
Intersegment Elimination
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
|
$
|
434,713
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
434,713
|
|
Intercompany rental revenue
|
|
58,754
|
|
|
—
|
|
|
(58,754
|
)
|
|
—
|
|
||||
Observatory revenue
|
|
—
|
|
|
91,039
|
|
|
—
|
|
|
91,039
|
|
||||
Lease termination fees
|
|
3,112
|
|
|
—
|
|
|
—
|
|
|
3,112
|
|
||||
Third-party management and other fees
|
|
955
|
|
|
—
|
|
|
—
|
|
|
955
|
|
||||
Other revenue and fees
|
|
6,591
|
|
|
—
|
|
|
—
|
|
|
6,591
|
|
||||
Total revenues
|
|
504,125
|
|
|
91,039
|
|
|
(58,754
|
)
|
|
536,410
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Property operating expenses
|
|
131,076
|
|
|
—
|
|
|
—
|
|
|
131,076
|
|
||||
Intercompany rent expense
|
|
—
|
|
|
58,754
|
|
|
(58,754
|
)
|
|
—
|
|
||||
Ground rent expense
|
|
6,994
|
|
|
—
|
|
|
—
|
|
|
6,994
|
|
||||
General and administrative expenses
|
|
44,445
|
|
|
—
|
|
|
—
|
|
|
44,445
|
|
||||
Observatory expenses
|
|
—
|
|
|
25,024
|
|
|
—
|
|
|
25,024
|
|
||||
Real estate taxes
|
|
86,098
|
|
|
—
|
|
|
—
|
|
|
86,098
|
|
||||
Depreciation and amortization
|
|
135,157
|
|
|
22
|
|
|
—
|
|
|
135,179
|
|
||||
Total operating expenses
|
|
403,770
|
|
|
83,800
|
|
|
(58,754
|
)
|
|
428,816
|
|
||||
Total operating income
|
|
100,355
|
|
|
7,239
|
|
|
—
|
|
|
107,594
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
9,907
|
|
|
—
|
|
|
—
|
|
|
9,907
|
|
||||
Interest expense
|
|
(60,712
|
)
|
|
—
|
|
|
—
|
|
|
(60,712
|
)
|
||||
Income before income taxes
|
|
49,550
|
|
|
7,239
|
|
|
—
|
|
|
56,789
|
|
||||
Income tax expense
|
|
(762
|
)
|
|
(457
|
)
|
|
—
|
|
|
(1,219
|
)
|
||||
Net income
|
|
$
|
48,788
|
|
|
$
|
6,782
|
|
|
$
|
—
|
|
|
$
|
55,570
|
|
Expenditures for segment assets
|
|
$
|
134,865
|
|
|
$
|
46,703
|
|
|
$
|
—
|
|
|
$
|
181,568
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||
|
|
Real Estate
|
|
Observatory
|
|
Intersegment Elimination
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
|
$
|
369,970
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
369,970
|
|
Intercompany rental revenue
|
|
59,356
|
|
|
—
|
|
|
(59,356
|
)
|
|
—
|
|
||||
Tenant expense reimbursement
|
|
52,626
|
|
|
—
|
|
|
—
|
|
|
52,626
|
|
||||
Observatory revenue
|
|
—
|
|
|
96,691
|
|
|
—
|
|
|
96,691
|
|
||||
Lease termination fees
|
|
2,164
|
|
|
—
|
|
|
—
|
|
|
2,164
|
|
||||
Third-party management and other fees
|
|
1,151
|
|
|
—
|
|
|
—
|
|
|
1,151
|
|
||||
Other revenue and fees
|
|
9,600
|
|
|
—
|
|
|
—
|
|
|
9,600
|
|
||||
Total revenues
|
|
494,867
|
|
|
96,691
|
|
|
(59,356
|
)
|
|
532,202
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Property operating expenses
|
|
126,375
|
|
|
—
|
|
|
—
|
|
|
126,375
|
|
||||
Intercompany rent expense
|
|
—
|
|
|
59,356
|
|
|
(59,356
|
)
|
|
—
|
|
||||
Ground rent expense
|
|
6,994
|
|
|
—
|
|
|
—
|
|
|
6,994
|
|
||||
General and administrative expenses
|
|
39,001
|
|
|
—
|
|
|
—
|
|
|
39,001
|
|
||||
Observatory expenses
|
|
—
|
|
|
23,868
|
|
|
—
|
|
|
23,868
|
|
||||
Real estate taxes
|
|
81,771
|
|
|
—
|
|
|
—
|
|
|
81,771
|
|
||||
Depreciation and amortization
|
|
121,775
|
|
|
51
|
|
|
—
|
|
|
121,826
|
|
||||
Total operating expenses
|
|
375,916
|
|
|
83,275
|
|
|
(59,356
|
)
|
|
399,835
|
|
||||
Total operating income
|
|
118,951
|
|
|
13,416
|
|
|
—
|
|
|
132,367
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
7,209
|
|
|
—
|
|
|
—
|
|
|
7,209
|
|
||||
Interest expense
|
|
(58,774
|
)
|
|
—
|
|
|
—
|
|
|
(58,774
|
)
|
||||
Income before income taxes
|
|
67,386
|
|
|
13,416
|
|
|
—
|
|
|
80,802
|
|
||||
Income tax expense
|
|
(852
|
)
|
|
(2,478
|
)
|
|
—
|
|
|
(3,330
|
)
|
||||
Net income
|
|
$
|
66,534
|
|
|
$
|
10,938
|
|
|
$
|
—
|
|
|
$
|
77,472
|
|
Expenditures for segment assets
|
|
$
|
148,429
|
|
|
$
|
41,930
|
|
|
$
|
—
|
|
|
$
|
190,359
|
|
•
|
changes in our industry, the real estate markets, either nationally or in Manhattan or the greater New York metropolitan area;
|
•
|
reduced demand for office or retail space;
|
•
|
decreased rental rates or increased vacancy rates;
|
•
|
defaults on, early terminations of, or non-renewal of leases by tenants;
|
•
|
insolvency of a major tenant or a significant number of smaller tenants;
|
•
|
our failure to redevelop and reposition properties, or to execute any planned capital project, successfully or on the anticipated timeline or at the anticipated costs;
|
•
|
difficulties in identifying properties to acquire and completing acquisitions;
|
•
|
risks of real estate development and capital projects, including construction delays and cost overruns;
|
•
|
inability to manage our properties and our growth effectively;
|
•
|
departure of any of our key personnel and challenges in succession transition;
|
•
|
declining real estate valuations and impairment charges;
|
•
|
termination or expiration of our ground leases;
|
•
|
changes in real estate and zoning laws and increases in real property tax rates;
|
•
|
increased operating costs;
|
•
|
misunderstanding of our competition;
|
•
|
new office or observatory development in our market;
|
•
|
fluctuations in attendance at the observatory;
|
•
|
changes in domestic or international tourism, including geopolitical events and currency exchange rates;
|
•
|
changes in technology and market competition, which affect utilization of our broadcast or other facilities;
|
•
|
changes in our business strategy;
|
•
|
resolution of legal proceedings involving the company;
|
•
|
general volatility of the capital and credit markets and the market price of our Class A common stock and our publicly-traded OP Units;
|
•
|
availability and terms of debt and equity capital;
|
•
|
failure to deploy capital effectively;
|
•
|
our leverage;
|
•
|
fluctuations in interest rates;
|
•
|
the discontinuance of LIBOR as an index for interest rates and the possible resulting disruption in debt agreements and/or markets;
|
•
|
inability to continue to raise additional debt or equity financing on attractive terms, or at all;
|
•
|
our failure to generate sufficient cash flows to service our outstanding indebtedness;
|
•
|
inability to make distributions to our securityholders in the future;
|
•
|
impact of changes in governmental regulations, tax law and rates and similar matters;
|
•
|
failure to continue to qualify as a real estate investment trust, or REIT;
|
•
|
lack, or insufficient amounts, of insurance;
|
•
|
a future terrorist event in New York City or the U.S.;
|
•
|
environmental uncertainties and risks related to climate change, rising sea levels, adverse weather conditions and natural disasters;
|
•
|
inability to comply with applicable laws, rules and regulations;
|
•
|
damages resulting from security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our technology (IT) networks related systems; and
|
•
|
other factors discussed under “Item 1A, Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2018 and additional factors that may be contained in any filing we make with the SEC, including Part II, Item 1A of our Quarterly Reports on Form 10-Q.
|
•
|
Achieved net income of $26.6 million and Core Funds From Operations of $71.8 million.
|
•
|
Occupancy and leased percentages at September 30, 2019:
|
•
|
Total portfolio was 89.4% occupied; including signed leases not commenced (“SLNC”), the total portfolio was 91.7% leased.
|
•
|
Manhattan office portfolio (excluding the retail component of these properties) was 89.6% occupied; including SLNC, the Manhattan office portfolio was 92.1% leased.
|
•
|
Retail portfolio was 90.7% occupied; including SLNC, the retail portfolio was 94.3% leased.
|
•
|
Empire State Building was 93.4% occupied; including SLNC, was 95.3% leased.
|
•
|
Signed 25 leases, representing 388,686 rentable square feet across the total portfolio, and achieved a 23.9% increase in mark-to-market cash rent over previous fully escalated cash rents portfolio-wide on new, renewal, and expansion leases.
|
•
|
Signed 13 new leases representing 266,769 rentable square feet for the Manhattan office portfolio (excluding the retail component of these properties), and achieved an increase of 32.6% in mark-to-market cash rent over previous fully escalated cash rents.
|
•
|
Empire State Building Observatory revenue for the third quarter 2019 decreased by 6.6% to $37.6 million from $40.2 million in the third quarter 2018. Net operating income for the third quarter 2019 decreased by 9.2% to $28.5 million
|
•
|
Declared a dividend of $0.105 per share.
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
Office leases
|
$
|
106,848
|
|
|
45.1
|
%
|
|
$
|
98,597
|
|
|
40.9
|
%
|
Retail leases
|
5,566
|
|
|
2.4
|
%
|
|
5,549
|
|
|
2.3
|
%
|
||
Tenant reimbursements & other income
|
21,356
|
|
|
9.0
|
%
|
|
21,660
|
|
|
9.0
|
%
|
||
Observatory operations
|
91,039
|
|
|
38.5
|
%
|
|
96,691
|
|
|
40.1
|
%
|
||
Broadcasting licenses and leases
|
11,945
|
|
|
5.0
|
%
|
|
18,501
|
|
|
7.7
|
%
|
||
Total
|
$
|
236,754
|
|
|
100.0
|
%
|
|
$
|
240,998
|
|
|
100.0
|
%
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Rental revenue
|
$
|
150,225
|
|
|
$
|
123,621
|
|
|
$
|
26,604
|
|
|
21.5
|
%
|
Tenant expense reimbursement
|
—
|
|
|
18,627
|
|
|
(18,627
|
)
|
|
(100.0
|
)%
|
|||
Observatory revenue
|
37,575
|
|
|
40,241
|
|
|
(2,666
|
)
|
|
(6.6
|
)%
|
|||
Lease termination fees
|
2,361
|
|
|
1,185
|
|
|
1,176
|
|
|
99.2
|
%
|
|||
Third-party management and other fees
|
304
|
|
|
312
|
|
|
(8
|
)
|
|
(2.6
|
)%
|
|||
Other revenues and fees
|
2,408
|
|
|
2,416
|
|
|
(8
|
)
|
|
(0.3
|
)%
|
|||
Total revenues
|
192,873
|
|
|
186,402
|
|
|
6,471
|
|
|
3.5
|
%
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Property operating expenses
|
47,894
|
|
|
42,772
|
|
|
(5,122
|
)
|
|
(12.0
|
)%
|
|||
Ground rent expenses
|
2,331
|
|
|
2,331
|
|
|
—
|
|
|
—
|
%
|
|||
General and administrative expenses
|
14,421
|
|
|
13,148
|
|
|
(1,273
|
)
|
|
(9.7
|
)%
|
|||
Observatory expenses
|
9,089
|
|
|
8,854
|
|
|
(235
|
)
|
|
(2.7
|
)%
|
|||
Real estate taxes
|
29,599
|
|
|
28,284
|
|
|
(1,315
|
)
|
|
(4.6
|
)%
|
|||
Depreciation and amortization
|
44,260
|
|
|
42,475
|
|
|
(1,785
|
)
|
|
(4.2
|
)%
|
|||
Total operating expenses
|
147,594
|
|
|
137,864
|
|
|
(9,730
|
)
|
|
(7.1
|
)%
|
|||
Operating income
|
45,279
|
|
|
48,538
|
|
|
(3,259
|
)
|
|
(6.7
|
)%
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest income
|
2,269
|
|
|
3,485
|
|
|
(1,216
|
)
|
|
(34.9
|
)%
|
|||
Interest expense
|
(19,426
|
)
|
|
(20,658
|
)
|
|
1,232
|
|
|
6.0
|
%
|
|||
Income before income taxes
|
28,122
|
|
|
31,365
|
|
|
(3,243
|
)
|
|
(10.3
|
)%
|
|||
Income tax expense
|
(1,338
|
)
|
|
(2,135
|
)
|
|
797
|
|
|
37.3
|
%
|
|||
Net income
|
26,784
|
|
|
29,230
|
|
|
(2,446
|
)
|
|
(8.4
|
)%
|
|||
Private perpetual preferred unit distributions
|
(234
|
)
|
|
(234
|
)
|
|
—
|
|
|
—
|
%
|
|||
Net income attributable to common unitholders
|
$
|
26,550
|
|
|
$
|
28,996
|
|
|
$
|
(2,446
|
)
|
|
(8.4
|
)%
|
|
Three Months Ended
|
||
|
September 30, 2019
|
||
Rental revenue
|
|
||
Base rent
|
$
|
129,098
|
|
Billed tenant expense reimbursement
|
21,127
|
|
|
Total rental revenue
|
$
|
150,225
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Rental revenue
|
$
|
434,713
|
|
|
$
|
369,970
|
|
|
$
|
64,743
|
|
|
17.5
|
%
|
Tenant expense reimbursement
|
—
|
|
|
52,626
|
|
|
(52,626
|
)
|
|
(100.0
|
)%
|
|||
Observatory revenue
|
91,039
|
|
|
96,691
|
|
|
(5,652
|
)
|
|
(5.8
|
)%
|
|||
Lease termination fees
|
3,112
|
|
|
2,164
|
|
|
948
|
|
|
43.8
|
%
|
|||
Third-party management and other fees
|
955
|
|
|
1,151
|
|
|
(196
|
)
|
|
(17.0
|
)%
|
|||
Other revenues and fees
|
6,591
|
|
|
9,600
|
|
|
(3,009
|
)
|
|
(31.3
|
)%
|
|||
Total revenues
|
536,410
|
|
|
532,202
|
|
|
4,208
|
|
|
0.8
|
%
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Property operating expenses
|
131,076
|
|
|
126,375
|
|
|
(4,701
|
)
|
|
(3.7
|
)%
|
|||
Ground rent expenses
|
6,994
|
|
|
6,994
|
|
|
—
|
|
|
—
|
%
|
|||
General and administrative expenses
|
44,445
|
|
|
39,001
|
|
|
(5,444
|
)
|
|
(14.0
|
)%
|
|||
Observatory expenses
|
25,024
|
|
|
23,868
|
|
|
(1,156
|
)
|
|
(4.8
|
)%
|
|||
Real estate taxes
|
86,098
|
|
|
81,771
|
|
|
(4,327
|
)
|
|
(5.3
|
)%
|
|||
Depreciation and amortization
|
135,179
|
|
|
121,826
|
|
|
(13,353
|
)
|
|
(11.0
|
)%
|
|||
Total operating expenses
|
428,816
|
|
|
399,835
|
|
|
(28,981
|
)
|
|
(7.2
|
)%
|
|||
Operating income
|
107,594
|
|
|
132,367
|
|
|
(24,773
|
)
|
|
(18.7
|
)%
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest income
|
9,907
|
|
|
7,209
|
|
|
2,698
|
|
|
37.4
|
%
|
|||
Interest expense
|
(60,712
|
)
|
|
(58,774
|
)
|
|
(1,938
|
)
|
|
(3.3
|
)%
|
|||
Income before income taxes
|
56,789
|
|
|
80,802
|
|
|
(24,013
|
)
|
|
(29.7
|
)%
|
|||
Income tax expense
|
(1,219
|
)
|
|
(3,330
|
)
|
|
2,111
|
|
|
63.4
|
%
|
|||
Net income
|
55,570
|
|
|
77,472
|
|
|
(21,902
|
)
|
|
(28.3
|
)%
|
|||
Private perpetual preferred unit distributions
|
(702
|
)
|
|
(702
|
)
|
|
—
|
|
|
—
|
%
|
|||
Net income attributable to common unitholders
|
$
|
54,868
|
|
|
$
|
76,770
|
|
|
$
|
(21,902
|
)
|
|
(28.5
|
)%
|
|
Nine Months Ended
|
||
|
September 30, 2019
|
||
Rental revenue
|
|
||
Base rent
|
$
|
380,902
|
|
Billed tenant expense reimbursement
|
53,811
|
|
|
Total rental revenue
|
$
|
434,713
|
|
Financial covenant
|
Required
|
September 30, 2019
|
In Compliance
|
||||
Maximum total leverage
|
< 60%
|
|
26.7
|
%
|
Yes
|
||
Maximum secured debt
|
< 40%
|
|
9.6
|
%
|
Yes
|
||
Minimum fixed charge coverage
|
> 1.50x
|
|
4.1x
|
|
Yes
|
||
Minimum unencumbered interest coverage
|
> 1.75x
|
|
6.3x
|
|
Yes
|
||
Maximum unsecured leverage
|
< 60%
|
|
20.1
|
%
|
Yes
|
||
Minimum tangible net worth
|
$
|
1,252,954
|
|
$
|
1,833,218
|
|
Yes
|
|
Nine Months Ended September 30,
|
||||||
Total New Leases, Expansions, and Renewals
|
2019
|
|
2018
|
||||
Number of leases signed(2)
|
106
|
|
|
117
|
|
||
Total square feet
|
903,010
|
|
|
749,598
|
|
||
Leasing commission costs(3)
|
$
|
16,071
|
|
|
$
|
13,223
|
|
Tenant improvement costs(3)
|
52,533
|
|
|
48,774
|
|
||
Total leasing commissions and tenant improvement costs(3)
|
$
|
68,604
|
|
|
$
|
61,997
|
|
Leasing commission costs per square foot(3)
|
$
|
17.80
|
|
|
$
|
17.64
|
|
Tenant improvement costs per square foot(3)
|
58.18
|
|
|
65.07
|
|
||
Total leasing commissions and tenant improvement costs per square foot(3)
|
$
|
75.98
|
|
|
$
|
82.71
|
|
|
Nine Months Ended September 30,
|
||||||
Total New Leases, Expansions, and Renewals
|
2019
|
|
2018
|
||||
Number of leases signed(2)
|
8
|
|
|
4
|
|
||
Total square feet
|
54,779
|
|
|
7,448
|
|
||
Leasing commission costs(3)
|
$
|
1,856
|
|
|
$
|
198
|
|
Tenant improvement costs(3)
|
2,214
|
|
|
206
|
|
||
Total leasing commissions and tenant improvement costs(3)
|
$
|
4,070
|
|
|
$
|
404
|
|
Leasing commission costs per square foot(3)
|
$
|
33.88
|
|
|
$
|
26.51
|
|
Tenant improvement costs per square foot(3)
|
40.42
|
|
|
27.70
|
|
||
Total leasing commissions and tenant improvement costs per square foot(3)
|
$
|
74.30
|
|
|
$
|
54.21
|
|
(1)
|
Excludes an aggregate of 511,755 and 513,437 rentable square feet of retail space in our Manhattan office properties in 2019 and 2018, respectively. Includes the Empire State Building broadcasting licenses and observatory operations.
|
(2)
|
Presents a renewed and expansion lease as one lease signed.
|
(3)
|
Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they were actually paid.
|
(4)
|
Includes an aggregate of 511,755 and 513,437 rentable square feet of retail space in our Manhattan office properties in 2019 and 2018, respectively. Excludes the Empire State Building broadcasting licenses and observatory operations.
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Total Portfolio
|
|
|
|
||||
Capital expenditures (1)
|
$
|
99,266
|
|
|
$
|
102,920
|
|
(1)
|
Excludes tenant improvements and leasing commission costs.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(unaudited)
|
|
(unaudited)
|
||||||||||||
Net income
|
$
|
26,784
|
|
|
$
|
29,230
|
|
|
$
|
55,570
|
|
|
$
|
77,472
|
|
Add:
|
|
|
|
|
|
|
|
||||||||
General and administrative expenses
|
14,421
|
|
|
13,148
|
|
|
44,445
|
|
|
39,001
|
|
||||
Depreciation and amortization
|
44,260
|
|
|
42,475
|
|
|
135,179
|
|
|
121,826
|
|
||||
Interest expense
|
19,426
|
|
|
20,658
|
|
|
60,712
|
|
|
58,774
|
|
||||
Income tax expense
|
1,338
|
|
|
2,135
|
|
|
1,219
|
|
|
3,330
|
|
||||
Less:
|
|
|
|
|
|
|
|
||||||||
Third-party management and other fees
|
(304
|
)
|
|
(312
|
)
|
|
(955
|
)
|
|
(1,151
|
)
|
||||
Interest income
|
(2,269
|
)
|
|
(3,485
|
)
|
|
(9,907
|
)
|
|
(7,209
|
)
|
||||
Net operating income
|
$
|
103,656
|
|
|
$
|
103,849
|
|
|
$
|
286,263
|
|
|
$
|
292,043
|
|
Other Net Operating Income Data
|
|
|
|
|
|
|
|
||||||||
Straight-line rental revenue
|
$
|
5,174
|
|
|
$
|
5,000
|
|
|
$
|
13,781
|
|
|
$
|
16,662
|
|
Net increase in rental revenue from the amortization of above- and below-market lease assets and liabilities
|
$
|
1,682
|
|
|
$
|
1,668
|
|
|
$
|
5,781
|
|
|
$
|
4,387
|
|
Amortization of acquired below-market ground leases
|
$
|
1,957
|
|
|
$
|
1,957
|
|
|
$
|
5,873
|
|
|
$
|
5,873
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(unaudited)
|
|
(unaudited)
|
||||||||||||
Net income
|
$
|
26,784
|
|
|
$
|
29,230
|
|
|
$
|
55,570
|
|
|
$
|
77,472
|
|
Private perpetual preferred unit distributions
|
(234
|
)
|
|
(234
|
)
|
|
(702
|
)
|
|
(702
|
)
|
||||
Real estate depreciation and amortization
|
43,303
|
|
|
42,004
|
|
|
132,217
|
|
|
120,521
|
|
||||
FFO attributable to common stockholders
|
69,853
|
|
|
71,000
|
|
|
187,085
|
|
|
197,291
|
|
||||
Amortization of below-market ground leases
|
1,957
|
|
|
1,957
|
|
|
5,873
|
|
|
5,873
|
|
||||
Modified FFO attributable to common stockholders
|
71,810
|
|
|
72,957
|
|
|
192,958
|
|
|
203,164
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Core FFO attributable to common stockholders
|
$
|
71,810
|
|
|
$
|
72,957
|
|
|
$
|
192,958
|
|
|
$
|
203,164
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average Operating Partnership units
|
|
|
|
|
|
|
|
||||||||
Basic
|
298,151
|
|
|
297,478
|
|
|
298,117
|
|
|
297,180
|
|
||||
Diluted
|
298,151
|
|
|
297,478
|
|
|
298,117
|
|
|
297,181
|
|
1 Year Empire State Realty OP Chart |
1 Month Empire State Realty OP Chart |
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