- Earnings of $0.12 Per Fully Diluted Share -
- Core FFO of $0.26 Per Fully Diluted Share -
- Leased 487,854 Square Feet of Office Space -
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 third quarter of 2017.
“We are pleased with our strong third quarter results,” stated John B.
Kessler, Empire State Realty Trust’s President and Chief Operating
Officer. “Core FFO increased 7.7% from the third quarter of 2016. We
continue to consolidate, redevelop and re-lease space to larger, higher
credit quality tenants at materially higher rents and create value.
During the quarter, we leased over 487,000 square feet which resulted in
attractive spreads on both new Manhattan office and total portfolio
leases of 46.1% and 27.7%, respectively. This quarter, we signed major
lease agreements with Fragomen, Del Rey, Bernsen & Loewy, LLP for
108,000 square feet at 1400 Broadway and the American Society of
Composers, Authors and Publishers for 85,000 square feet at 250 West
57th Street. Tenants continue to be attracted to our well-located,
amenity-rich office buildings which have all been modernized for the 21st
Century.”
“Year-to-date, Observatory revenue grew 3.4% and Observatory net
operating income grew 2.7%, as compared with the first nine months of
2016, driven by improved revenue mix despite unfavorable weather
conditions,” added Kessler. “We further strengthened our balance sheet
through the successful refinancing of our existing unsecured revolving
credit facility and term loan which extended the credit facility
maturity, lowered our borrowing costs and added flexibility to our
financial covenants. We are well-positioned with the liquidity,
strength, and flexibility of our balance sheet to fund future growth
opportunities and create long-term value for our shareholders.”
Third Quarter Highlights
-
Achieved net income attributable to the Company of $0.12 per fully
diluted share and Core Funds From Operations (“Core FFO”) of $0.26 per
fully diluted share.
-
Occupancy and leased percentages at September 30, 2017:
-
Total portfolio was 89.8% 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 89.1% occupied; including SLNC, the
Manhattan office portfolio was 91.5% leased.
-
Retail portfolio was 94.1% occupied; including SLNC, the retail
portfolio was 94.1% leased.
- Empire State Building was 93.3% occupied; including SLNC, was
93.5% leased.
-
Signed 34 leases, representing 487,854 rentable square feet across the
total portfolio, achieving a portfolio-wide 27.7% increase in
mark-to-market rent over previous fully escalated rents on new,
renewal, and expansion leases.
-
Signed 13 new leases representing 276,964 rentable square feet for the
Manhattan office portfolio (excluding the retail component of these
properties), achieving an increase of 46.1% in mark-to-market rent
over previous fully escalated rents.
- The Empire State Building Observatory revenue for the third quarter
2017 grew 3.1% to $39.3 million from $38.1 million in the third
quarter 2016.
-
Recast the Company’s $1.1 billion undrawn, unsecured revolving credit
facility and $265 million term loan and extended the revolving credit
facility maturity, lowered the borrowing costs and added flexibility
to the financial covenants.
-
Declared a dividend in the amount of $0.105 per share.
Financial Results for the Third Quarter 2017
Net income attributable to common stockholders was $18.8 million, or
$0.12 per fully diluted share, compared to $16.0 million, or $0.12 per
fully diluted share, in the third quarter of 2016.
Core FFO was $77.5 million, or $0.26 per fully diluted share, compared
to $71.9 million, or $0.26 per fully diluted share, in the third quarter
of 2016.
Modified FFO was $75.3 million, or $0.25 per fully diluted share,
compared to $71.9 million, or $0.26 per fully diluted share, in the
third quarter of 2016.
FFO was $73.4 million, or $0.25 per fully diluted share, compared to
$70.0 million, or $0.25 per fully diluted share, in the third quarter of
2016.
A reconciliation of net income to FFO, Modified FFO and Core FFO is
provided in the tables accompanying this press release.
Financial Results for the Nine Months Ended September 30, 2017
Net income attributable to common stockholders was $45.4 million, or
$0.29 per fully diluted share, compared to $34.5 million, or $0.27 per
fully diluted share, in the nine months ended September 30, 2016.
Core FFO was $212.0 million, or $0.71 per fully diluted share, compared
to $194.8 million, or $0.72 per fully diluted share, in the nine months
ended September 30, 2016.
Modified FFO was $209.9 million, or $0.70 per fully diluted share,
compared to $194.2 million, or $0.72 per fully diluted share, in the
nine months ended September 30, 2016.
FFO was $204.0 million, or $0.68 per fully diluted share, compared to
$188.3 million, or $0.69 per fully diluted share, in the nine months
ended September 30, 2016.
A reconciliation of net income to FFO, Modified FFO and Core FFO is
provided in the tables accompanying this press release.
Portfolio Operations
As of September 30, 2017, the Company’s total portfolio contained 10.1
million rentable square feet of office and retail space. The Company’s
occupancy levels fluctuate in certain periods due to the timing lag that
exists between the date of tenants’ move out and the date of Company’s
completion of redevelopment work for new leases to commence. As of
September 30, 2017, the Company’s portfolio was occupied and leased as
follows. Leased percentages include signed leases not commenced.
|
|
| September 30, 2017 |
|
| June 30, 2017 |
|
| September 30, 2016 |
| Percent occupied: | | | | | | | | | |
|
Total portfolio
| | |
89.8%
| | |
89.2%
| | |
87.9%
|
|
Total office
| | |
89.5%
| | |
88.7%
| | |
88.0%
|
| Manhattan office
| | |
89.1%
| | |
88.3%
| | |
86.6%
|
| Empire State Building | | |
93.3%
| | |
92.1%
| | |
90.1%
|
|
Retail
| | |
94.1%
| | |
95.9%
| | |
86.3%
|
| Percent leased: | | | | | | | | | |
|
Total portfolio
| | |
91.7%
| | |
91.3%
| | |
90.3%
|
|
Total office
| | |
91.5%
| | |
90.9%
| | |
90.4%
|
| Manhattan office
| | |
91.5%
| | |
90.7%
| | |
89.5%
|
| Empire State Building | | |
93.5%
| | |
92.4%
| | |
91.5%
|
|
Retail
| | |
94.1%
| | |
96.0%
| | |
88.3%
|
| | | | | | | | |
|
Leasing
For the three months ended September 30, 2017, the Company signed 34
new, renewal, and expansion leases within the total portfolio,
comprising 487,854 rentable square feet with an average starting rental
rate of $52.52 per rentable square foot, representing an increase of
27.7% over the previous fully escalated rent.
On a blended basis, the 27 new, renewal, and expansion office leases
signed within the Manhattan office portfolio during the quarter had an
average starting rental rate of $58.46 per rentable square foot,
representing an increase of 41.1% over the previous fully escalated rent.
Leases Signed in the Third Quarter 2017 for the Manhattan Office
Portfolio
-
13 new leases, comprising 276,964 rentable square feet, with an
average starting rental rate of $58.79 per rentable square foot,
representing an increase of 46.1% over the previous fully escalated
rent, and
-
14 renewal leases, comprising 38,180 rentable square feet, with an
average starting rental rate of $56.12 per rentable square foot,
representing an increase of 12.2% over the previous fully escalated
rent.
Significant Leases Executed During the Third Quarter 2017
-
At 1400 Broadway, the Company signed a new three full floor office
lease, totaling 108,000 rentable square feet, with Fragomen, Del Rey,
Bernsen & Loewy, LLP, for a term of 16 years.
-
At 250 West 57th Street, the Company signed a new four floor office
lease, totaling 85,000 rentable square feet, with American Society of
Composers, Authors and Publishers (ASCAP) for a term of 16.3 years.
-
At the Empire State Building, the Company signed a lease to expand the
Priceline Group’s Agoda International USA Inc. to a 27,000 rentable
square foot full floor office lease, for a term of 10.8 years.
-
At First Stamford Place, the Company signed an early renewal office
lease, totaling 87,000 rentable square feet, with Odyssey Reinsurance
Company for a term of 15 years.
Empire State Building
The Company continues to renovate and lease the 2.8 million rentable
square foot Empire State Building, its flagship property. As previously
announced in the second quarter 2017, the Company commenced the first
phase of a capital project to enhance the experience of office and
retail tenants and Observatory visitors. The first phase will move the
Observatory entrance to a new, larger, designated entrance at the
western side of the Empire State Building on 34th Street which will
improve the commercial tenant and office visitor experience and the
value of the Empire State Building’s 34th Street retail. At
September 30, 2017, the Empire State Building was 93.3% occupied;
including SLNC, the Empire State Building was 93.5% leased.
During the third quarter 2017, the Company signed eight office leases at
the Empire State Building, representing 51,651 rentable square feet in
the aggregate.
Observatory revenue for the third quarter 2017 was $39.3 million, a 3.1%
increase from $38.1 million in the third quarter 2016. The Observatory
hosted approximately 1,276,000 visitors in the third quarter 2017
compared to 1,340,000 visitors in the third quarter 2016, a decrease of
4.8%. In the third quarter 2017, there were 14 bad weather days compared
to 10 bad weather days in the third quarter 2016. For the third quarter,
the Company estimates that bad weather resulted in approximately
thirty-five to forty thousand net fewer visitors than in the prior year
period.
Observatory revenue was $94.2 million for the nine months ended
September 30, 2017, a 3.4% increase from $91.1 million for the nine
months ended September 30, 2016. For the nine months ended September 30,
2017, the Observatory hosted approximately 3,038,000 visitors, compared
to 3,183,000 visitors for the same period in 2016, a decrease of 4.6%.
For the nine months ended September 30, 2017, there were 51 bad weather
days compared to 31 bad weather days in the nine months ended September
30, 2016.
Balance Sheet
At September 30, 2017, the Company had total debt outstanding of
approximately $1.6 billion, with a weighted average interest rate of
4.05% per annum, and a weighted average term to maturity of 6.2 years.
As of September 30, 2017, the Company had no debt maturing during the
remainder of 2017 and $262.2 million of debt maturing in 2018. As of
September 30, 2017, the Company had cash and cash equivalents of $432.1
million. The Company’s consolidated net debt to total market
capitalization was approximately 15.7% as of September 30, 2017, and
consolidated net debt to EBITDA was 3.3x.
During the third quarter 2017, the Company recast its unsecured credit
facility in the original principal amount of $1.365 billion, which
consists of a $1.1 billion revolving credit facility and a $265 million
term loan facility. The recast credit facility replaced the prior
revolving credit facility which had been due to mature in January 2019
and was undrawn as of September 30, 2017. The term loan facility was
borrowed in full at closing and was used to repay a $265 million term
loan that had been due in 2022. The Company has the ability to further
increase the total capacity of the new unsecured credit facility to
$1.75 billion through the exercise of an accordion option during the
term.
The new revolving credit facility matures on August 29, 2021, and may be
extended by two additional six-month periods at the option of the
Company. The new term loan facility matures on August 29, 2022.
Initial interest rates on the new facility, which may change based on
the Company’s leverage levels, are LIBOR plus 120 basis points for the
term loan and LIBOR plus 110 basis points for any drawn portion of the
revolving credit facility, a savings of 40 and 5 basis points,
respectively, from the prior facilities. In addition, the initial annual
revolving credit facility fee decreased from 20 basis points to 15 basis
points.
Dividend
On September 30, 2017, the Company paid a dividend of $0.105 per share
for the third quarter 2017 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 third quarter 2017 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 Wednesday, November 1, 2017 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 the live webcast, 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 also be accessed by dialing 1-877-407-3982 for
domestic callers or 1-201-493-6780 for international callers. A dial-in
replay will be available starting shortly after the call until November
8, 2017, which can be accessed by dialing 1-844-512-2921 for domestic
callers or 1-412-317-6671 for international callers. The passcode for
this dial-in replay is 13672125.
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 September 30, 2017, consisting of 9.4 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 700,000 rentable square
feet in the retail portfolio.
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 legal proceedings
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 operating
partnership units; changes in our business strategy; 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; termination or expiration of our
ground leases; our failure to obtain or maintain necessary outside
financing, including our unsecured revolving credit facility; our
leverage; decreased rental rates or increased vacancy rates; our failure
to redevelop and reposition properties, or to execute any newly 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 (including our
Metro Tower development site) and capital projects, including the cost
of construction delays and cost overruns; impact of changes in
governmental regulations, tax law and rates and similar matters; and our
failure to qualify as a real estate investment trust, or REIT. 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, 2016, and other risks described in documents
subsequently filed by the Company from time to time with the Securities
and Exchange Commission.
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, new information, data or methods, future events, or other
changes after the date of this press release, except as required by
applicable law. 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 September 30, |
| | | 2017 |
|
|
| 2016 |
|
| Revenues | | | | | | |
|
Rental revenue
| | | $ 122,391 | | | |
$
|
115,634
| |
|
Tenant expense reimbursement
| | |
20,346
| | | | |
19,176
| |
|
Observatory revenue
| | |
39,306
| | | | |
38,093
| |
|
Third-party management and other fees
| | |
345
| | | | |
404
| |
|
Other revenue and fees
| | |
4,932
|
| | |
|
2,541
|
|
|
Total revenues
| | |
187,320
| | | | |
175,848
| |
| | | | | |
|
| Operating expenses | | | | | | |
|
Property operating expenses
| | |
41,270
| | | | |
38,585
| |
|
Ground rent expenses
| | |
2,331
| | | | |
2,331
| |
|
General and administrative expenses
| | |
12,899
| | | | |
11,798
| |
|
Observatory expenses
| | |
8,648
| | | | |
7,250
| |
|
Real estate taxes
| | |
26,901
| | | | |
24,691
| |
|
Acquisition expenses
| | |
-
| | | | |
-
| |
|
Depreciation and amortization
| | |
38,490
|
| | |
|
37,607
|
|
|
Total operating expenses
| | |
130,539
| | | | |
122,262
| |
| | |
| | |
|
| Total operating income | | |
56,781
| | | | |
53,586
| |
|
Other expenses:
| | | | | | |
|
Interest expense
| | |
(16,890
|
)
| | | |
(17,939
|
)
|
|
Loss on early extinguishment of debt
| | |
(2,157
|
)
| | | |
-
| |
|
Loss from derivative financial instruments
| | |
-
|
| | |
|
-
|
|
| Income before income taxes | | |
37,734
| | | | |
35,647
| |
|
Income tax expense
| | |
(2,245
|
)
| | |
|
(2,750
|
)
|
| Net income | | |
35,489
| | | | |
32,897
| |
|
Preferred unit distributions
| | |
(234
|
)
| | | |
(234
|
)
|
|
Net income attributable to non-controlling interests
| | |
(16,449
|
)
| | |
|
(16,690
|
)
|
| Net income attributable to common stockholders | | | $ 18,806 |
| | |
$
|
15,973
|
|
| | | | | |
|
| Total weighted average shares | | | | | | |
|
Basic
| | |
158,102
|
| | |
|
136,831
|
|
|
Diluted
| | |
297,871
|
| | |
|
280,614
|
|
| | | | | |
|
| Net income per share attributable to common stockholders | | |
|
| |
|
Basic
| | | $ 0.12 |
| | |
$
|
0.12
|
|
|
Diluted
| | | $ 0.12 |
| | |
$
|
0.12
|
|
| | | | | | | | |
|
|
|
| Empire State Realty Trust, Inc. |
| Condensed Consolidated Statements of Income |
| (unaudited and amounts in thousands, except per share data) |
| |
|
| |
| | | | Nine Months Ended September 30, |
| | | | 2017 |
|
| 2016 |
|
| Revenues | | | | | | |
|
Rental revenue
| | | | $ 360,348 | | |
$
|
343,155
| |
|
Tenant expense reimbursement
| | | |
53,889
| | | |
56,350
| |
|
Observatory revenue
| | | |
94,212
| | | |
91,112
| |
|
Third-party management and other fees
| | | |
1,088
| | | |
1,372
| |
|
Other revenue and fees
| | | |
19,861
|
| |
|
6,748
|
|
|
Total revenues
| | | |
529,398
| | | |
498,737
| |
| | | | | |
|
| Operating expenses | | | | | | |
|
Property operating expenses
| | | |
122,009
| | | |
115,075
| |
|
Ground rent expenses
| | | |
6,994
| | | |
6,994
| |
|
General and administrative expenses
| | | |
36,566
| | | |
35,623
| |
|
Observatory expenses
| | | |
23,079
| | | |
21,900
| |
|
Real estate taxes
| | | |
76,001
| | | |
71,773
| |
|
Acquisition expenses
| | | |
-
| | | |
98
| |
|
Depreciation and amortization
| | | |
119,868
|
| |
|
115,382
|
|
|
Total operating expenses
| | | |
384,517
| | | |
366,845
| |
| | | |
| |
|
| Total operating income | | | |
144,881
| | | |
131,892
| |
|
Other expenses:
| | | | | | |
|
Interest expense
| | | |
(52,109
|
)
| | |
(52,758
|
)
|
|
Loss on early extinguishment of debt
| | | |
(2,157
|
)
| | |
(552
|
)
|
|
Loss from derivative financial instruments
| | | |
(289
|
)
| |
|
-
|
|
| Income before income taxes | | | |
90,326
| | | |
78,582
| |
|
Income tax expense
| | | |
(4,333
|
)
| |
|
(4,340
|
)
|
| Net income | | | |
85,993
| | | |
74,242
| |
|
Preferred unit distributions
| | | |
(702
|
)
| | |
(702
|
)
|
|
Net income attributable to non-controlling interests
| | | |
(39,916
|
)
| |
|
(39,050
|
)
|
| Net income attributable to common stockholders | | | $ 45,375 |
| |
$
|
34,490
|
|
| | | | | |
|
| Total weighted average shares | | | | | | |
|
Basic
| | | |
157,796
|
| |
|
126,740
|
|
|
Diluted
| | | |
298,089
|
| |
|
271,028
|
|
| | | | | |
|
| Net income per share attributable to common stockholders |
| |
|
Basic
| | | | $ 0.29 |
| |
$
|
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 September 30, |
| | | | | | |
| 2017 |
| | | 2016 |
| | | | | | |
|
|
Net income
| | | |
$
|
35,489
| | | | $ 32,897 | |
|
Preferred unit distributions
| | | | |
(234
|
)
| | |
(234
|
)
|
|
Real estate depreciation and amortization
| | | |
|
38,134
|
| | |
37,318
|
|
| FFO attributable to common stockholders and non-controlling
interests | | | | |
73,389
| | | |
69,981
| |
| | | | | | |
|
|
Amortization of below-market ground leases
| | | |
|
1,957
|
| | |
1,957
|
|
| Modified FFO attributable to common stockholders and
non-controlling interests | | | | |
75,346
| | | |
71,938
| |
| | | | | | |
|
|
Loss on early extinguishment of debt
| | | | |
2,157
| | | |
-
| |
|
Acquisition expenses
| | | |
|
-
|
| | |
-
|
|
| Core FFO attributable to common stockholders and non-controlling
interests | | | |
$
|
77,503
|
| | | $ 71,938 |
|
| | | | | | |
|
| Total weighted average shares | | | | | | | |
|
Basic
| | | |
|
296,389
|
| | |
278,739
|
|
|
Diluted
| | | |
|
297,871
|
| | |
280,614
|
|
| | | | | | |
|
| FFO per share | | |
|
Basic
| | | |
$
|
0.25
|
| | | $ 0.25 |
|
|
Diluted
| | | |
$
|
0.25
|
| | | $ 0.25 |
|
| | | | | | |
|
| Modified FFO per share | | | | | | | |
|
Basic
| | | |
$
|
0.25
|
| | | $ 0.26 |
|
|
Diluted
| | | |
$
|
0.25
|
| | | $ 0.26 |
|
| | | | | | |
|
| Core FFO per share | | | | | | | |
|
Basic
| | | |
$
|
0.26
|
| | | $ 0.26 |
|
|
Diluted
| | | |
$
|
0.26
|
| | | $ 0.26 |
|
|
|
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) |
|
|
|
| |
|
| |
| | | | | | Nine Months Ended September 30, |
| | | | | | 2017 |
|
| 2016 |
|
| | | | |
|
|
Net income
| | | $ 85,993 | | |
$
|
74,242
| |
|
Preferred unit distributions
| | |
(702
|
)
| | |
(702
|
)
|
|
Real estate depreciation and amortization
| | |
118,690
|
| |
|
114,779
|
|
| FFO attributable to common stockholders and non-controlling
interests | | |
203,981
| | | |
188,319
| |
| | | | |
|
|
Amortization of below-market ground leases
| | |
5,873
|
| |
|
5,873
|
|
| Modified FFO attributable to common stockholders and
non-controlling interests | | |
209,854
| | | |
194,192
| |
| | | | |
|
|
Loss on early extinguishment of debt
| | |
2,157
| | | |
552
| |
|
Acquisition expenses
| | |
-
|
| |
|
98
|
|
| Core FFO attributable to common stockholders and non-controlling
interests | | | $ 212,011 |
| |
$
|
194,842
|
|
| | | | |
|
| Total weighted average shares | | | | | |
|
Basic
| | |
296,389
|
| |
|
270,388
|
|
|
Diluted
| | |
298,089
|
| |
|
271,028
|
|
| | | | |
|
| FFO per share |
|
| |
|
Basic
| | | $ 0.69 |
| |
$
|
0.70
|
|
|
Diluted
| | | $ 0.68 |
| |
$
|
0.69
|
|
| | | | |
|
| Modified FFO per share | | | | | |
|
Basic
| | | $ 0.71 |
| |
$
|
0.72
|
|
|
Diluted
| | | $ 0.70 |
| |
$
|
0.72
|
|
| | | | |
|
| Core FFO per share | | | | | |
|
Basic
| | | $ 0.72 |
| |
$
|
0.72
|
|
|
Diluted
| | | $ 0.71 |
| |
$
|
0.72
|
|
| | | | | | | |
|
|
|
Empire State Realty Trust, Inc. |
| Condensed Consolidated Balance Sheets |
| (unaudited and amounts in thousands) |
|
|
| |
| | | September 30, |
|
| December 31, |
| | |
| 2017 |
| | |
| 2016 |
|
| Assets | | | | | | |
|
Commercial real estate properties, at cost
| | |
$
|
2,608,138
| | | |
$
|
2,458,629
| |
|
Less: accumulated depreciation
| | |
|
(631,916
|
)
| | |
|
(556,546
|
)
|
|
Commercial real estate properties, net
| | | |
1,976,222
| | | | |
1,902,083
| |
|
Cash and cash equivalents
| | | |
432,105
| | | | |
554,371
| |
|
Restricted cash
| | | |
64,020
| | | | |
61,514
| |
|
Tenant and other receivables
| | | |
34,661
| | | | |
22,542
| |
|
Deferred rent receivables
| | | |
172,665
| | | | |
152,074
| |
|
Prepaid expenses and other assets
| | | |
39,463
| | | | |
53,749
| |
|
Deferred costs, net
| | | |
268,132
| | | | |
277,081
| |
|
Acquired below market ground leases, net
| | | |
370,187
| | | | |
376,060
| |
| Goodwill | | |
|
491,479
|
| | |
|
491,479
|
|
|
Total assets
| | |
$
|
3,848,934
|
| | |
$
|
3,890,953
|
|
| | | | | |
|
| Liabilities and equity | | | | | | |
|
Mortgage notes payable, net
| | |
$
|
720,830
| | | |
$
|
759,016
| |
|
Senior unsecured notes, net
| | | |
592,914
| | | | |
590,388
| |
|
Unsecured term loan facility, net
| | | |
263,546
| | | | |
262,927
| |
|
Unsecured revolving credit facility
| | | |
-
| | | | |
-
| |
|
Accounts payable and accrued expenses
| | | |
142,690
| | | | |
134,064
| |
|
Acquired below market leases, net
| | | |
70,013
| | | | |
82,300
| |
|
Deferred revenue and other liabilities
| | | |
41,320
| | | | |
32,212
| |
|
Tenants’ security deposits
| | |
|
47,395
|
| | |
|
47,183
|
|
|
Total liabilities
| | | |
1,878,708
| | | | |
1,908,090
| |
|
Total equity
| | |
|
1,970,226
|
| | |
|
1,982,863
|
|
|
Total liabilities and equity
| | |
$
|
3,848,934
|
| | |
$
|
3,890,953
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171031006276/en/
Investors
Empire State
Realty Trust Investor Relations
212-850-2678
IR@empirestaterealtytrust.com
or
Media
Sard
Verbinnen & Co.
212-687-8080
Source: Empire State Realty Trust, Inc.