Reports Core FFO of $0.25 Per Fully Diluted Share
NEW YORK--(BUSINESS WIRE)--
Empire State Realty Trust, Inc. (NYSE: ESRT) (the "Company"), a
real estate investment trust with office and retail properties in
Manhattan and the greater New York metropolitan area, today reported its
operational and financial results for the fourth quarter of 2015.
“We are pleased with our strong fourth quarter and full year 2015
results, including a 9% increase in full year Core FFO per share, which
reflect the successful execution of our strategy to consolidate,
redevelop and re-lease space to larger, higher credit quality tenants.
During 2015, we leased approximately 1.2 million square feet of office
and retail space, which represents 54% growth from the prior year. Most
importantly, our leasing team achieved rent spreads in excess of 73.5%
on the total portfolio and over 43% on new leases signed in our
Manhattan office portfolio. Additionally, we overcame challenging New
York City tourist trends and the opening of One World Trade Center’s
observatory and produced full year revenue from our Observatory that was
slightly in excess of the prior year,” stated John B. Kessler, Empire
State Realty Trust’s President and Chief Operating Officer.
Mr. Kessler continued, “Finally, our well-capitalized, low-levered
balance sheet, with limited near term debt maturities, enables us to
support our future growth plans. In the coming years, we will continue
to unlock the embedded, de-risked growth within our portfolio and create
long term value for our shareholders, with whom our management team
remains highly aligned. We had limited new net borrowings during the
year and continue to maintain high levels of liquidity.”
Fourth Quarter Highlights
-
Achieved Core Funds From Operations (“Core FFO”) of $0.25 per fully
diluted share and net income attributable to the Company of $0.07 per
fully diluted share.
-
Total portfolio was 87.3% occupied; including signed leases not
commenced (“SLNC”), the total portfolio was 89.1% leased at December
31, 2015.
- Manhattan office portfolio (excluding the retail component of these
properties) was 84.9% occupied; including SLNC, the Manhattan office
portfolio was 87.2% leased at December 31, 2015.
-
Retail portfolio was 94.3% occupied; including SLNC, the retail
portfolio was 94.6% leased at December 31, 2015.
- Empire State Building was 86.7% occupied; including SLNC, the Empire
State Building was 90.7% leased at December 31, 2015.
-
Executed 39 leases, representing 198,216 rentable square feet across
the total portfolio, achieving a 34.0% increase in mark-to-market rent
over previous fully escalated rents on new, renewal, and expansion
leases.
-
Signed 23 new leases representing 111,307 rentable square feet in the
fourth quarter 2015 for the Manhattan office portfolio (excluding the
retail component of these properties), achieving an increase of 57.5%
in mark-to-market rent over previous fully escalated rents.
- The Empire State Building Observatory revenue for the fourth quarter
2015 was $27.6 million.
-
Declared a dividend in the amount of $0.085 per share for the fourth
quarter 2015, which was paid on December 31, 2015.
Full Year Highlights
-
Achieved Core FFO of $0.97 per fully diluted share and net income
attributable to the Company of $0.29 per fully diluted share.
-
Executed 245 leases, representing 1,209,145 rentable square feet
across the total portfolio, achieving a 73.7% increase in
mark-to-market rent over previously fully escalated rents on new,
renewal, and expansion leases; 177 of these leases, representing
958,704 rentable square feet, were within the Manhattan office
portfolio (excluding the retail component of these properties)
capturing a 43.3% increase in mark-to-market rent over previously
fully escalated rents on new, renewal and expansion leases.
-
Executed 12 leases, representing 70,940 rentable square feet within
the Manhattan retail portfolio, achieving a 474.1% increase in
mark-to-market rent over previously fully escalated rents on new,
renewal, and expansion leases.
-
Signed 93 new leases representing 728,264 rentable square feet in 2015
for the Manhattan office portfolio (excluding the retail component of
these properties), achieving an increase of 53.8% in mark-to-market
rent over expired previously fully escalated rents.
- The Empire State Building Observatory revenue grew 0.6% to $112.2
million from $111.5 million in 2014.
-
Declared and paid aggregate dividends of $0.34 per share during 2015.
Financial Results for the Fourth Quarter 2015
Core FFO was $66.2 million, or $0.25 per fully diluted share, compared
to $65.2 million, or $0.25 per fully diluted share, in the fourth
quarter of 2014.
Modified FFO was $66.2 million, or $0.25 per fully diluted share,
compared to $61.4 million, or $0.23 per fully diluted share, in the
fourth quarter of 2014.
FFO was $64.2 million, or $0.24 per fully diluted share, compared to
$59.4 million, or $0.22 per fully diluted share, in the fourth quarter
of 2014.
Net income attributable to common stockholders was $8.3 million, or
$0.07 per fully diluted share, compared to $4.1 million, or $0.04 per
fully diluted share, in the fourth quarter of 2014.
Financial Results for the Year Ended December 31, 2015
Core FFO was $257.7 million, or $0.97 per fully diluted share, compared
to $227.4 million, or $0.89 per fully diluted share, for the year ended
December 31, 2014.
Modified FFO was $257.8 million, or $0.97 per fully diluted share,
compared to $219.5 million, or $0.86 per fully diluted share, for the
year ended December 31, 2014.
FFO was $249.9 million, or $0.94 per fully diluted share, compared to
$214.8 million, or $0.84 per fully diluted share, for the year ended
December 31, 2014.
Net income attributable to common stockholders was $33.7 million, or
$0.29 per fully diluted share, compared to $26.7 million, or $0.27 per
fully diluted share, for the year ended December 31, 2014.
Portfolio Operations
As of December 31, 2015, the Company’s total portfolio contained 10.1
million rentable square feet of office and retail space and was 87.3%
occupied. Percentage occupied was down 10 basis points from 87.4% at the
end of the third quarter 2015, and down 130 basis points from 88.6% at
the end of the fourth quarter 2014 as we continue to execute on our
redevelopment plan. Including SLNC, the Company’s portfolio was 89.1%
leased at December 31, 2015.
The Company’s office portfolio (excluding the retail component of these
properties), containing 9.3 million rentable square feet, was 86.7%
occupied at the end of the fourth quarter 2015, down 30 basis points
from the end of the third quarter 2015, and down 150 basis points from
the end of the fourth quarter 2014. Including SLNC, the Company’s office
portfolio (excluding the retail component of these properties) was 88.6%
leased at December 31, 2015.
The Manhattan office portfolio (excluding the retail component of these
properties), containing 7.5 million rentable square feet was 84.9%
occupied at the end of the fourth quarter 2015, down 50 basis points
from the end of the third quarter 2015, and down 260 basis points from
the end of the fourth quarter 2014. Including SLNC, the Company’s
Manhattan office portfolio (excluding the retail component of these
properties) was 87.2% leased at December 31, 2015.
The Company’s retail portfolio, containing approximately 723,000
rentable square feet, was 94.3% occupied at the end of the fourth
quarter 2015, up 160 basis points from the end of the third quarter
2015, and up 110 basis points from the end of the fourth quarter 2014.
Including SLNC, the Company’s retail portfolio was 94.6% leased at
December 31, 2015.
Leasing
For the three months ended December 31, 2015, the Company executed 39
office leases within the total portfolio, comprising 198,216 rentable
square feet.
On a blended basis, the 39 new, renewal and expansion office leases
signed within the total portfolio during the quarter had an average
starting rental rate of $50.60 per rentable square foot, representing an
increase of 34.0% over the prior in-place rent on a fully escalated
basis.
Leases signed in the Fourth Quarter 2015 for the Manhattan office
portfolio
-
23 new leases comprising 111,307 rentable square feet, with an average
starting rental rate of $61.44 per rentable square foot, representing
an increase of 57.5% over the prior in-place rent on a fully escalated
basis, and
-
13 renewal leases, comprising 62,862 rentable square feet, with an
average starting rental rate of $41.84 per rentable square foot,
representing an increase of 1.8% over the prior in-place rent on a
fully escalated basis.
Empire State Building
The Company continues to renovate and lease the 2.8 million rentable
square foot Empire State Building, its flagship property. At December
31, 2015, the Empire State Building was 86.7% occupied; including SLNC,
the Empire State Building was 90.7% leased.
During the fourth quarter 2015, the Company executed seven office leases
at the Empire State Building, representing 27,235 rentable square feet
in the aggregate.
The Observatory revenue for the fourth quarter 2015 was $27.6 million,
compared to $28.2 million in the fourth quarter 2014. The Observatory
hosted approximately 949,000 visitors in the fourth quarter 2015
compared to 997,000 visitors in the fourth quarter 2014. In the critical
week between Christmas Eve and New Year’s Eve, there were three bad
weather days in 2015 compared to one bad weather day in 2014. In the
fourth quarter 2015, there was one bad weather day which fell on a
weekend. This compares to the fourth quarter 2014, in which there were
four bad weather days which fell on weekends.
For the year ended December 31, 2015, the Observatory hosted 4.1 million
visitors, compared to 4.3 million visitors for the same period in 2014.
Observatory revenue for the year ended December 31, 2015 was $112.2
million, a 0.6% increase from $111.5 million for the year ended December
31, 2014. Both full year 2015 and 2014 had 15 bad weather weekend days.
Balance Sheet
As of December 31, 2015, the outstanding balance on the Company’s $800.0
million unsecured revolving credit facility was $40.0 million. The
unsecured revolving credit facility has an accordion feature allowing
for an increase in its maximum aggregate principal balance to $1.25
billion under certain circumstances.
At December 31, 2015, the Company had total debt outstanding of
approximately $1.6 billion, with a weighted average interest rate of
4.12% per annum, and a weighted average term to maturity of 5.4 years.
At December 31, 2015, the Company had no debt maturing during 2016. The
Company’s consolidated debt to total market capitalization was
approximately 25% as of December 31, 2015 and consolidated net debt to
EBITDA was 4.9x.
Dividend
On December 31, 2015, the Company paid a dividend of $0.085 per share
for the fourth quarter 2015 to holders of the Company’s Class A common
stock and Class B common stock and to holders of the operating
partnership’s Series ES, Series 250 and Series 60 operating partnership
units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR
operating partnership units. The Company paid a dividend of $0.15 per
unit for the fourth quarter 2015 to holders of the operating
partnership’s private perpetual preferred units.
Webcast and Conference Call Details
Empire State Realty Trust, Inc. will host a webcast and conference call,
open to the general public, on Tuesday, February 23, 2016 at 8:30 am
Eastern time.
The webcast will be available in the Investors section of the Company’s
website at www.empirestaterealtytrust.com.
To listen to a live broadcast, go to the site at least five minutes
prior to the scheduled start time in order to register, download and
install any necessary audio software. Shortly after the call, a replay
of the webcast will be available for 90 days on the Company’s website.
The conference call can be accessed by dialing 1-877-407-3982 for
domestic callers or 1-201-493-6780 for international callers. A replay
will be available shortly after the call and can be accessed by dialing
1-877-870-5176 for domestic callers or 1-858-384-5517 for international
callers. The passcode for the replay is 13628305. A replay of the
conference call will be available until March 1, 2016.
The Supplemental Report will be available prior to the conference call
in the Investors section of the Company’s website, www.empirestaterealtytrust.com.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate
investment trust (REIT), owns, manages, operates, acquires and
repositions office and retail properties in Manhattan and the greater
New York metropolitan area, including the Empire State Building, the
world's most famous building. Headquartered in New York, New York, the
Company's office and retail portfolio covers 10.1 million rentable
square feet, as of December 31, 2015, consisting of 9.3 million rentable
square feet in 14 office properties, including nine in Manhattan, three
in Fairfield County, Connecticut and two in Westchester County, New
York; and approximately 723,000 rentable square feet in the retail
portfolio.
Non-GAAP Financial Measures
The Company has used non-GAAP financial measures in this press release.
A reconciliation of each non-GAAP financial measure and the comparable
GAAP financial measure can be found on pages 11 and 12 of this release
and in the Company’s supplemental report.
Forward-Looking Statements
This press release includes “forward looking statements” within the
meaning of the federal securities laws. Forward-looking statements may
be identified by the use of words such as “believes,” “expects,” “may,”
“will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro
forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or
“anticipates” or the negative of these words and phrases or similar
words or phrases. The following factors, among others, could cause
actual results and future events to differ materially from those set
forth or contemplated in the forward-looking statements: changes in our
industry, the real estate markets, either nationally or in Manhattan or
the greater New York metropolitan area; resolution of the litigations
and arbitration involving the company; reduced demand for office or
retail space; general volatility of the capital and credit markets and
the market price of our Class A common stock and our publicly-traded OP
Units; changes in technology and market competition, which affect
utilization of our broadcast or other facilities; changes in domestic or
international tourism, including geopolitical events and currency
exchange rates; defaults on, early terminations of, or non-renewal of
leases by tenants; fluctuations in interest rates; declining real estate
valuations and impairment charges; our failure to obtain necessary
outside financing, including our unsecured revolving credit facility;
decreased rental rates or increased vacancy rates; our failure to
redevelop and reposition properties 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 (including our Metro Tower development site), including the
cost of construction delays and cost overruns; and conflicts of interest
affecting any of our senior management team.
While forward-looking statements reflect the Company's good faith
beliefs, they are not guarantees of future performance. The Company
disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying assumptions
or factors, or new information, data or methods, future events or other
changes after the date of this press release, except as required by
applicable law. For a further discussion of these and other factors that
could impact the Company's future results, performance or transactions,
see the section entitled “Risk Factors” in the Annual Report on Form
10-K for the year ended December 31, 2014, and other risks described in
documents subsequently filed by the Company from time to time with the
Securities and Exchange Commission. Prospective investors should not
place undue reliance on any forward-looking statements, which are based
only on information currently available to the Company (or to third
parties making the forward-looking statements).
Empire State Realty Trust, Inc.
Condensed
Consolidated Statements of Income
(unaudited and amounts
in thousands, except per share data) |
|
|
| |
| | | Three Months Ended December 31, |
| | |
| 2015 |
|
|
| 2014 |
|
| Revenues | | | | | |
|
Rental revenue
| | |
$
|
113,957
| | |
$
|
112,259
| |
|
Tenant expense reimbursement
| | | |
19,638
| | | |
18,160
| |
|
Observatory revenue
| | | |
27,647
| | | |
28,167
| |
|
Construction revenue
| | | |
-
| | | |
4,918
| |
|
Third-party management and other fees
| | | |
475
| | | |
451
| |
|
Other revenue and fees
| | |
|
3,483
|
| |
|
6,456
|
|
|
Total revenues
| | | |
165,200
| | | |
170,411
| |
| | | | |
|
| Operating expenses | | | | | |
|
Property operating expenses
| | | |
38,918
| | | |
41,748
| |
|
Ground rent expenses
| | | |
2,332
| | | |
2,375
| |
|
Marketing, general and administrative expenses
| | | |
9,678
| | | |
9,251
| |
|
Observatory expenses
| | | |
8,162
| | | |
7,831
| |
|
Construction expenses
| | | |
-
| | | |
5,423
| |
|
Real estate taxes
| | | |
23,622
| | | |
23,702
| |
|
Depreciation and amortization
| | |
|
45,258
|
| |
|
48,799
|
|
|
Total operating expenses
| | | |
127,970
| | | |
139,129
| |
| | |
| |
|
| Total operating income | | | |
37,230
| | | |
31,282
| |
|
Interest expense
| | |
|
(17,194
|
)
| |
|
(19,816
|
)
|
| Income before income taxes | | | |
20,036
| | | |
11,466
| |
|
Income tax expense
| | |
|
(666
|
)
| |
|
(502
|
)
|
| Net income | | | |
19,370
| | | |
10,964
| |
|
Preferred unit distributions
| | | |
(234
|
)
| | |
(235
|
)
|
|
Net income attributable to non-controlling interests
| | |
|
(10,884
|
)
| |
|
(6,587
|
)
|
| Net income attributable to common stockholders | | |
$
|
8,252
|
| |
$
|
4,142
|
|
| | | | |
|
| Total weighted average shares | | | | | |
|
Basic
| | |
|
118,706
|
| |
|
103,022
|
|
|
Diluted
| | |
|
266,048
|
| |
|
265,779
|
|
| | | | |
|
| Net income per share attributable to common stockholders | | | | | |
|
Basic
| | |
$
|
0.07
|
| |
$
|
0.04
|
|
|
Diluted
| | |
$
|
0.07
|
| |
$
|
0.04
|
|
Empire State Realty Trust, Inc.
Condensed
Consolidated Statements of Income
(unaudited and amounts
in thousands, except per share data) |
|
|
| |
| | | Year Ended December 31, |
| | |
| 2015 |
|
|
| 2014 |
|
| Revenues | | | | | |
|
Rental revenue
| | |
$
|
447,784
| | |
$
|
400,825
| |
|
Tenant expense reimbursement
| | | |
79,516
| | | |
67,651
| |
|
Observatory revenue
| | | |
112,172
| | | |
111,541
| |
|
Construction revenue
| | | |
1,981
| | | |
38,648
| |
|
Third-party management and other fees
| | | |
2,133
| | | |
2,376
| |
|
Other revenue and fees
| | |
|
14,048
|
| |
|
14,285
|
|
|
Total revenues
| | | |
657,634
| | | |
635,326
| |
| | | | |
|
| Operating expenses | | | | | |
|
Property operating expenses
| | | |
160,969
| | | |
151,048
| |
|
Ground rent expenses
| | | |
9,326
| | | |
5,339
| |
|
Marketing, general and administrative expenses
| | | |
38,073
| | | |
39,037
| |
|
Observatory expenses
| | | |
29,843
| | | |
29,041
| |
|
Construction expenses
| | | |
3,222
| | | |
38,596
| |
|
Real estate taxes
| | | |
93,165
| | | |
82,131
| |
|
Acquisition expenses
| | | |
193
| | | |
3,382
| |
|
Depreciation and amortization
| | |
|
171,474
|
| |
|
145,431
|
|
|
Total operating expenses
| | | |
506,265
| | | |
494,005
| |
| | |
| |
|
| Total operating income | | | |
151,369
| | | |
141,321
| |
|
Interest expense
| | |
|
(67,492
|
)
| |
|
(66,456
|
)
|
| Income before income taxes | | | |
83,877
| | | |
74,865
| |
|
Income tax expense
| | |
|
(3,949
|
)
| |
|
(4,655
|
)
|
| Net income | | | |
79,928
| | | |
70,210
| |
|
Preferred unit distributions
| | | |
(936
|
)
| | |
(476
|
)
|
|
Net income attributable to non-controlling interests
| | |
|
(45,262
|
)
| |
|
(43,067
|
)
|
| Net income attributable to common stockholders | | |
$
|
33,730
|
| |
$
|
26,667
|
|
| | | | |
|
| Total weighted average shares | | | | | |
|
Basic
| | |
|
114,245
|
| |
|
97,941
|
|
|
Diluted
| | |
|
266,621
|
| |
|
254,506
|
|
| | | | |
|
| Net income per share attributable to common stockholders | | | | | |
|
Basic
| | |
$
|
0.30
|
| |
$
|
0.27
|
|
|
Diluted
| | |
$
|
0.29
|
| |
$
|
0.27
|
|
Empire State Realty Trust, Inc.
Reconciliation of Net
Income to Funds From Operations (“FFO”),
Modified Funds
From Operations (“Modified FFO”) and Core Funds From Operations
(“Core FFO”)
(unaudited and amounts in thousands, except
per share data) |
|
|
| |
| | | Three Months Ended December 31, |
| | |
| 2015 |
|
|
| 2014 |
|
| | | | |
|
|
Net income
| | |
$
|
19,370
| | |
$
|
10,964
| |
|
Preferred unit distributions
| | | |
(234
|
)
| | |
(235
|
)
|
|
Real estate depreciation and amortization
| | |
|
45,085
|
| |
|
48,711
|
|
| FFO attributable to common stockholders and non-controlling
interests | | | |
64,221
| | | |
59,440
| |
| | | | |
|
|
Amortization of below-market ground leases
| | |
|
1,958
|
| |
|
2,001
|
|
| Modified FFO attributable to common stockholders and
non-controlling interests | | | |
66,179
| | | |
61,441
| |
| | | | |
|
|
Prepayment penalty expense and deferred financing cost write-off
| | |
|
-
|
| |
|
3,771
|
|
| Core FFO attributable to common stockholders and non-controlling
interests | | |
$
|
66,179
|
| |
$
|
65,212
|
|
| | | | |
|
| Total weighted average shares | | | | | |
|
Basic
| | |
|
266,048
|
| |
|
265,779
|
|
|
Diluted
| | |
|
266,048
|
| |
|
265,779
|
|
| | | | |
|
| FFO per share | | | | | |
|
Basic
| | |
$
|
0.24
|
| |
$
|
0.22
|
|
|
Diluted
| | |
$
|
0.24
|
| |
$
|
0.22
|
|
| | | | |
|
| Modified FFO per share | | | | | |
|
Basic
| | |
$
|
0.25
|
| |
$
|
0.23
|
|
|
Diluted
| | |
$
|
0.25
|
| |
$
|
0.23
|
|
| | | | |
|
| Core FFO per share | | | | | |
|
Basic
| | |
$
|
0.25
|
| |
$
|
0.25
|
|
|
Diluted
| | |
$
|
0.25
|
| |
$
|
0.25
|
|
| Empire State Realty Trust, Inc. |
| Reconciliation of Net Income to Funds From Operations (“FFO”), |
| Modified Funds From Operations (“Modified FFO”) and Core Funds
From Operations (“Core FFO”) |
| (unaudited and amounts in thousands, except per share data) |
|
|
| |
| | | Year Ended December 31, |
| | |
| 2015 |
|
|
| 2014 |
|
| | | | |
|
|
Net income
| | |
$
|
79,928
| | |
$
|
70,210
| |
|
Preferred unit distributions
| | | |
(936
|
)
| | |
(476
|
)
|
|
Real estate depreciation and amortization
| | |
|
170,932
|
| |
|
145,115
|
|
| FFO attributable to common stockholders and non-controlling
interests | | | |
249,924
| | | |
214,849
| |
| | | | |
|
|
Amortization of below-market ground leases
| | |
|
7,831
|
| |
|
4,603
|
|
| Modified FFO attributable to common stockholders and
non-controlling interests | | | |
257,755
| | | |
219,452
| |
| | | | |
|
|
Acquisition break-up fee
| | | |
(2,500
|
)
| | |
-
| |
|
Prepayment penalty expense and deferred financing costs write-off
| | | |
1,749
| | | |
3,771
| |
|
Construction severance expenses, net of income taxes
| | | |
480
| | | |
-
| |
|
Acquisition expenses
| | | |
193
| | | |
3,382
| |
|
Gain on settlement of lawsuit related to the Observatory,
| | | | | |
|
net of income taxes
| | | |
-
| | | |
(540
|
)
|
|
Private perpetual preferred exchange offering expenses
| | |
|
-
|
| |
|
1,357
|
|
| Core FFO attributable to common stockholders and non-controlling
interests | | |
$
|
257,677
|
| |
$
|
227,422
|
|
| | | | |
|
| Total weighted average shares | | | | | |
|
Basic
| | |
|
265,914
|
| |
|
254,506
|
|
|
Diluted
| | |
|
265,914
|
| |
|
254,506
|
|
| | | | |
|
| FFO per share | | | | | |
|
Basic
| | |
$
|
0.94
|
| |
$
|
0.84
|
|
|
Diluted
| | |
$
|
0.94
|
| |
$
|
0.84
|
|
| | | | |
|
| Modified FFO per share | | | | | |
|
Basic
| | |
$
|
0.97
|
| |
$
|
0.86
|
|
|
Diluted
| | |
$
|
0.97
|
| |
$
|
0.86
|
|
| | | | |
|
| Core FFO per share | | | | | |
|
Basic
| | |
$
|
0.97
|
| |
$
|
0.89
|
|
|
Diluted
| | |
$
|
0.97
|
| |
$
|
0.89
|
|
Empire State Realty Trust, Inc.
Condensed
Consolidated Balance Sheets
(unaudited and amounts in
thousands) |
|
|
| |
| | |
|
| | | December 31, |
| December 31, |
| | |
| 2015 |
| |
| 2014 |
|
| Assets | | | | | |
|
Commercial real estate properties, at cost
| | |
$
|
2,276,330
| | |
$
|
2,139,863
| |
|
Less: accumulated depreciation
| | |
|
(465,584
|
)
| |
|
(377,552
|
)
|
|
Commercial real estate properties, net
| | | |
1,810,746
| | | |
1,762,311
| |
|
Cash and cash equivalents
| | | |
46,685
| | | |
45,732
| |
|
Restricted cash
| | | |
65,880
| | | |
60,273
| |
|
Tenant and other receivables
| | | |
18,782
| | | |
23,745
| |
|
Deferred rent receivables
| | | |
122,048
| | | |
102,104
| |
|
Prepaid expenses and other assets
| | | |
50,460
| | | |
48,504
| |
|
Deferred costs, net
| | | |
310,679
| | | |
357,462
| |
|
Acquired below market ground leases, net
| | | |
383,891
| | | |
391,887
| |
| Goodwill | | |
|
491,479
|
| |
|
491,479
|
|
|
Total assets
| | |
$
|
3,300,650
|
| |
$
|
3,283,497
|
|
| | | | |
|
| Liabilities and equity | | | | | |
|
Mortgage notes payable
| | |
$
|
747,661
| | |
$
|
898,998
| |
|
Senior unsecured notes
| | | |
587,018
| | | |
234,980
| |
|
Unsecured term loan facility
| | | |
262,545
| | | |
-
| |
|
Unsecured revolving credit facility
| | | |
35,192
| | | |
-
| |
|
Term loan and credit facility
| | | |
-
| | | |
464,676
| |
|
Accounts payable and accrued expenses
| | | |
111,099
| | | |
96,563
| |
|
Acquired below market leases, net
| | | |
104,171
| | | |
138,859
| |
|
Deferred revenue and other liabilities
| | | |
31,388
| | | |
27,876
| |
|
Tenants’ security deposits
| | |
|
48,890
|
| |
|
40,448
|
|
|
Total liabilities
| | | |
1,927,964
| | | |
1,902,400
| |
|
Total equity
| | |
|
1,372,686
|
| |
|
1,381,097
|
|
|
Total liabilities and equity
| | |
$
|
3,300,650
|
| |
$
|
3,283,497
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160222006221/en/
Investors
Empire State
Realty Trust Investor Relations
212-850-2678
IR@empirestaterealtytrust.com
or
Media
Sard
Verbinnen & Co.
Brandy Bergman/Hugh Burns
212-687-8080
Source: Empire State Realty Trust, Inc.