- Earnings of $0.10 Per Fully Diluted Share -
- Core FFO of $0.24 Per Fully Diluted Share -
- Leased 143,417 Square Feet of Office and Retail 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 second quarter of 2018.
“We continued to execute our long-term strategy to consolidate,
redevelop and re-lease space to larger, higher credit quality tenants at
higher rents and create long-term value for shareholders. During the
quarter, we leased approximately 143,000 square feet of office and
retail space that resulted in attractive spreads on both new Manhattan
office and total portfolio leases of 26.5% and 17.9%, respectively. Our
well-located, amenity-rich office buildings continue to draw a diverse
group of prospective tenants. Our value price point between trophy Class
A and Class B properties positions us well to capture steady tenant
demand,” stated John B. Kessler, Empire State Realty Trust’s President
and Chief Operating Officer.
“Year-to-date, Observatory revenue increased 2.8% and Observatory net
operating income increased 2.4%, as compared with the first half of
2017, driven by improved revenue mix despite slightly lower attendance.
We are excited to open the new Observatory entrance in the third
quarter,” added Kessler. “We continue to manage the business with a
long-term perspective as we proactively position the balance sheet to
fund our redevelopment program and allow for potential external growth
opportunities.”
Second Quarter Highlights
-
Achieved net income attributable to the Company of $0.10 per fully
diluted share.
-
Core Funds From Operations (“Core FFO”) was $0.24 per fully diluted
share.
-
Occupancy and leased percentages at June 30, 2018:
-
Total portfolio was 88.4% occupied; including signed leases not
commenced (“SLNC”), the total portfolio was 91.4% leased.
- Manhattan office portfolio (excluding the retail component of
these properties) was 88.3% occupied; including SLNC, the
Manhattan office portfolio was 91.9% leased.
-
Retail portfolio was 88.3% occupied; including SLNC, the retail
portfolio was 91.1% leased.
- Empire State Building was 92.9% occupied; including SLNC, was
94.6% leased.
-
Signed 37 leases, representing 143,417 rentable square feet across the
total portfolio, and achieved a portfolio-wide 17.9% increase in
mark-to-market rent over previous fully escalated rents on new,
renewal, and expansion leases.
-
Signed 15 new leases representing 83,251 rentable square feet for the
Manhattan office portfolio (excluding the retail component of these
properties), and achieved an increase of 26.5% in mark-to-market rent
over previous fully escalated rents.
- Empire State Building Observatory revenue for the second quarter 2018
grew 3.6% to $35.2 million from $34.0 million in the second quarter
2017.
-
Declared a dividend of $0.105 per share.
Financial Results for the Second Quarter 2018
Net income attributable to common stockholders was $16.7 million, or
$0.10 per fully diluted share, compared to $16.6 million, or $0.10 per
fully diluted share, in the second quarter of 2017.
Core FFO was $71.0 million, or $0.24 per fully diluted share, compared
to $73.2 million, or $0.25 per fully diluted share, in the second
quarter of 2017.
Modified FFO was $71.0 million, or $0.24 per fully diluted share,
compared to $73.2 million, or $0.25 per fully diluted share, in the
second quarter of 2017.
FFO was $69.0 million, or $0.23 per fully diluted share, compared to
$71.3 million, or $0.24 per fully diluted share, in the second quarter
of 2017.
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 Six Months Ended June 30, 2018
Net income attributable to common stockholders was $26.4 million, or
$0.16 per fully diluted share, compared to $26.6 million, or $0.17 per
fully diluted share, in the six months ended June 30, 2017.
Core FFO was $130.2 million, or $0.44 per fully diluted share, compared
to $134.5 million, or $0.45 per fully diluted share, in the six months
ended June 30, 2017.
Modified FFO was $130.2 million, or $0.44 per fully diluted share,
compared to $134.5 million, or $0.45 per fully diluted share, in the six
months ended June 30, 2017.
FFO was $126.3 million, or $0.43 per fully diluted share, compared to
$130.6 million, or $0.44 per fully diluted share, in the six months
ended June 30, 2017.
Portfolio Operations
As of June 30, 2018, 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 June
30, 2018, the Company’s portfolio was occupied and leased as follows.
Leased percentages include signed leases not commenced.
|
|
|
|
|
|
| |
|
|
| June 30, 2018 |
| March 31, 2018 |
| June 30, 2017 |
| | | | | | Percent occupied: | | | | | | | | |
| | | | | |
Total portfolio
| | | |
88.4%
| |
88.1%
| |
89.2%
|
| | | | | |
Total office
| | | |
88.4%
| |
88.0%
| |
88.7%
|
| | | | | | Manhattan office
| | | |
88.3%
| |
87.3%
| |
88.3%
|
| | | | | | Empire State Building | | | |
92.9%
| |
92.8%
| |
92.1%
|
| | | | | |
Retail
| | | |
88.3%
| |
89.7%
| |
95.9%
|
| | | | | | Percent leased: | | | | | | | | |
| | | | | |
Total portfolio
| | | |
91.4%
| |
91.5%
| |
91.3%
|
| | | | | |
Total office
| | | |
91.4%
| |
91.5%
| |
90.9%
|
| | | | | | Manhattan office
| | | |
91.9%
| |
91.6%
| |
90.7%
|
| | | | | | Empire State Building | | | |
94.6%
| |
93.9%
| |
92.4%
|
| | | | | |
Retail
| | | |
91.1%
| |
91.4%
| |
96.0%
|
| | | | | | | | | | | | | |
|
Leasing
For the three months ended June 30, 2018, the Company signed 37 new,
renewal, and expansion leases within the total portfolio, comprising
143,417 rentable square feet with an average starting rental rate of
$55.99 per rentable square foot, representing an increase of 17.9% over
the previous fully escalated rent.
On a blended basis, the 29 new, renewal, and expansion office leases,
comprising 110,989 rentable square feet, signed within the Manhattan
office portfolio during the second quarter, had an average starting
rental rate of $60.53 per rentable square foot, representing an increase
of 22.0% over the previous fully escalated rent.
Leases Signed in the Second Quarter 2018 for the Manhattan Office
Portfolio
-
15 new leases, comprising 83,251 rentable square feet, with an average
starting rental rate of $62.88 per rentable square foot, representing
an increase of 26.5% over the previous fully escalated rent, and
-
14 renewal leases, comprising 27,738 rentable square feet, with an
average starting rental rate of $53.48 per rentable square foot,
representing an increase of 8.4% over the previous fully escalated
rent.
Significant Lease Executed During the Second Quarter 2018
-
At Empire State Building, the Company signed a new full floor office
lease, totaling 30,200 rentable square feet with LinkedIn, for a term
of 7.5 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, the Company has 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. The Company
expects the new entrance to open by the end of the third quarter of 2018.
During the second quarter 2018, the Company signed eight office leases
at the Empire State Building, representing 46,643 rentable square feet
in the aggregate.
Observatory revenue for the second quarter 2018 was $35.2 million, a
3.6% increase from $34.0 million in the second quarter 2017. The
Observatory hosted approximately 1,078,000 visitors in the second
quarter 2018 compared to 1,126,000 visitors in the second quarter 2017,
a decrease of 4.3%. This year, the Easter holiday was spilt between the
first and second quarters, whereas in 2017, the Easter holiday fell
entirely within the second quarter. In the second quarter 2018, there
were 11 bad weather days compared to 15 bad weather days in the second
quarter 2017. For the second quarter 2018, the Company estimates that
fewer bad weather days resulted in approximately nineteen thousand more
visitors than in the prior year period.
Observatory revenue was $56.5 million for the six months ended June 30,
2018, a 2.8% increase from $54.9 million for the six months ended June
30, 2017. The 102nd floor observation deck was closed in the first
quarter of 2018 for the scheduled replacement of original elevator
machinery with a new, higher speed glass elevator. Excluding first
quarter revenue from the 102nd floor observation deck (which
was $1.9 million in 2017), revenue would have increased 6.4% for the six
months ended June 30, 2018 as compared with the same period in 2017. For
the six months ended June 30, 2018, the Observatory hosted approximately
1,738,000 visitors, compared to 1,762,000 visitors for the same period
in 2017, a decrease of 1.4%. For the six months ended June 30, 2018,
there were 26 bad weather days compared to 37 bad weather days in the
six months ended June 30, 2017.
Balance Sheet
At June 30, 2018, there was no outstanding balance under the Company’s
$1.1 billion unsecured revolving credit facility and $265 million
outstanding under the term loan facility. The facilities have an
accordion feature allowing for an additional increase in the maximum
aggregate principal balance to $1.75 billion under certain
circumstances. The Company held cash, cash equivalents and short-term
investments of $651.8 million at June 30, 2018.
As of June 30, 2018, the Company had total debt outstanding of
approximately $1.9 billion, with a weighted average interest rate of
3.84% per annum, and a weighted average term to maturity of 8.6 years.
None of the Company’s outstanding debt is subject to variable interest
rates. At June 30, 2018, the Company’s consolidated net debt to total
market capitalization was approximately 19.7% and consolidated net debt
to EBITDA was 3.6x.
Dividend
On June 29, 2018, the Company paid a dividend of $0.105 per share for
the second quarter 2018 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
second quarter 2018 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 Thursday, July 26, 2018 at 8:30 am
Eastern time.
The webcast will be accessible 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 August 2,
2018, 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 13681494.
The Supplemental Report will be available prior to the conference call
in the “Investors” section of the Company’s website at 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 June 30, 2018, 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, 2017, 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 June 30, |
| | | | 2018 |
| 2017 |
| Revenues | | | | | | |
|
Rental revenue
| | | |
$
|
124,038
| | |
$
|
120,844
| |
|
Tenant expense reimbursement
| | | | |
16,205
| | | |
17,569
| |
|
Observatory revenue
| | | | |
35,201
| | | |
33,966
| |
|
Lease termination fees
| | | | |
357
| | | |
1,251
| |
|
Third-party management and other fees
| | | | |
376
| | | |
392
| |
|
Other revenue and fees
| | | |
|
2,352
|
| |
|
2,327
|
|
|
Total revenues
| | | | |
178,529
| | | |
176,349
| |
| | | | | |
|
| Operating expenses | | | | | | |
|
Property operating expenses
| | | | |
39,418
| | | |
38,529
| |
|
Ground rent expenses
| | | | |
2,332
| | | |
2,332
| |
|
General and administrative expenses
| | | | |
13,225
| | | |
12,579
| |
|
Observatory expenses
| | | | |
7,678
| | | |
7,176
| |
|
Real estate taxes
| | | | |
26,743
| | | |
24,542
| |
|
Depreciation and amortization
| | | |
|
39,468
|
| |
|
40,532
|
|
|
Total operating expenses
| | | | |
128,864
| | | |
125,690
| |
| | | |
| |
|
| Total operating income | | | | |
49,665
| | | |
50,659
| |
|
Other income (expense):
| | | | | | |
|
Interest income
| | | | |
2,499
| | | |
775
| |
|
Interest expense
| | | | |
(20,525
|
)
| | |
(17,477
|
)
|
|
Loss from derivative financial instruments
| | | |
|
-
|
| |
|
(42
|
)
|
| Income before income taxes | | | | |
31,639
| | | |
33,915
| |
|
Income tax expense
| | | |
|
(1,455
|
)
| |
|
(2,556
|
)
|
| Net income | | | | |
30,184
| | | |
31,359
| |
|
Preferred unit distributions
| | | | |
(234
|
)
| | |
(234
|
)
|
|
Net income attributable to non-controlling interests
| | | |
|
(13,299
|
)
| |
|
(14,541
|
)
|
| Net income attributable to common stockholders | | |
$
|
16,651
|
| |
$
|
16,584
|
|
| | | | | |
|
| Total weighted average shares | | | | | | |
|
Basic
| | | |
|
165,256
|
| |
|
157,921
|
|
|
Diluted
| | | |
|
297,244
|
| |
|
298,398
|
|
| | | | | |
|
| Net income per share attributable to common stockholders | | | | |
|
Basic
| | | |
$
|
0.10
|
| |
$
|
0.10
|
|
|
Diluted
| | | |
$
|
0.10
|
| |
$
|
0.10
|
|
| | | | | | | | | |
|
|
|
| Empire State Realty Trust, Inc. |
| Condensed Consolidated Statements of Income |
| (unaudited and amounts in thousands, except per share data) |
|
|
|
| |
| | | | Six Months Ended June 30, |
| | | | 2018 |
| 2017 |
| Revenues | | | | | | |
|
Rental revenue
| | | |
$
|
246,349
| | |
$
|
237,957
| |
|
Tenant expense reimbursement
| | | | |
33,999
| | | |
33,543
| |
|
Observatory revenue
| | | | |
56,450
| | | |
54,906
| |
|
Lease termination fees
| | | | |
979
| | | |
9,189
| |
|
Third-party management and other fees
| | | | |
839
| | | |
743
| |
|
Other revenue and fees
| | | |
|
7,184
|
| |
|
4,344
|
|
|
Total revenues
| | | | |
345,800
| | | |
340,682
| |
| | | | | |
|
| Operating expenses | | | | | | |
|
Property operating expenses
| | | | |
83,603
| | | |
80,739
| |
|
Ground rent expenses
| | | | |
4,663
| | | |
4,663
| |
|
General and administrative expenses
| | | | |
25,853
| | | |
23,667
| |
|
Observatory expenses
| | | | |
15,014
| | | |
14,431
| |
|
Real estate taxes
| | | | |
53,487
| | | |
49,100
| |
|
Depreciation and amortization
| | | |
|
79,351
|
| |
|
81,378
|
|
|
Total operating expenses
| | | | |
261,971
| | | |
253,978
| |
| | | |
| |
|
| Total operating income | | | | |
83,829
| | | |
86,704
| |
|
Other income (expense):
| | | | | | |
|
Interest income
| | | | |
3,724
| | | |
1,396
| |
|
Interest expense
| | | | |
(38,116
|
)
| | |
(35,219
|
)
|
|
Loss from derivative financial instruments
| | | |
|
-
|
| |
|
(289
|
)
|
| Income before income taxes | | | | |
49,437
| | | |
52,592
| |
|
Income tax expense
| | | |
|
(1,195
|
)
| |
|
(2,088
|
)
|
| Net income | | | | |
48,242
| | | |
50,504
| |
|
Preferred unit distributions
| | | | |
(468
|
)
| | |
(468
|
)
|
|
Net income attributable to non-controlling interests
| | | |
|
(21,355
|
)
| |
|
(23,467
|
)
|
| Net income attributable to common stockholders | | | |
$
|
26,419
|
| |
$
|
26,569
|
|
| | | | | |
|
| Total weighted average shares | | | | | | |
|
Basic
| | | |
|
164,311
|
| |
|
157,265
|
|
|
Diluted
| | | |
|
297,029
|
| |
|
298,180
|
|
| | | | | |
|
| Net income per share attributable to common stockholders | | | | | | |
|
Basic
| | | |
$
|
0.16
|
| |
$
|
0.17
|
|
|
Diluted
| | | |
$
|
0.16
|
| |
$
|
0.17
|
|
| | | | | | | |
|
|
|
|
| |
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 June 30, |
| | | | 2018 |
| 2017 |
| | | | | |
|
|
Net income
| | | |
$
|
30,184
| | |
$
|
31,359
| |
|
Preferred unit distributions
| | | | |
(234
|
)
| | |
(234
|
)
|
|
Real estate depreciation and amortization
| | | |
|
39,049
|
| |
|
40,132
|
|
| FFO attributable to common stockholders and non-controlling
interests | | | | |
68,999
| | | |
71,257
| |
| | | | | |
|
|
Amortization of below-market ground leases
| | | |
|
1,958
|
| |
|
1,958
|
|
| Modified FFO attributable to common stockholders and
non-controlling interests | | | | |
70,957
| | | |
73,215
| |
| | | | | |
|
| Core FFO attributable to common stockholders and non-controlling
interests | | | |
$
|
70,957
|
| |
$
|
73,215
|
|
| | | | | |
|
| Total weighted average shares | | | | | | |
|
Basic
| | | |
|
297,244
|
| |
|
296,388
|
|
|
Diluted
| | | |
|
297,244
|
| |
|
298,398
|
|
| | | | | |
|
| FFO per share | | | | | | |
|
Basic
| | | |
$
|
0.23
|
| |
$
|
0.24
|
|
|
Diluted
| | | |
$
|
0.23
|
| |
$
|
0.24
|
|
| | | | | |
|
| Modified FFO per share | | | | | | |
|
Basic
| | | |
$
|
0.24
|
| |
$
|
0.25
|
|
|
Diluted
| | | |
$
|
0.24
|
| |
$
|
0.25
|
|
| | | | | |
|
| Core FFO per share | | | | | | |
|
Basic
| | | |
$
|
0.24
|
| |
$
|
0.25
|
|
|
Diluted
| | | |
$
|
0.24
|
| |
$
|
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) |
|
|
|
| |
| | | | Six Months Ended June 30, |
| | | | 2018 |
| 2017 |
| | | | | |
|
|
Net income
| | | |
$
|
48,242
| | |
$
|
50,504
| |
|
Preferred unit distributions
| | | | |
(468
|
)
| | |
(468
|
)
|
|
Real estate depreciation and amortization
| | | |
|
78,517
|
| |
|
80,556
|
|
| FFO attributable to common stockholders and non-controlling
interests | | | | |
126,291
| | | |
130,592
| |
| | | | | |
|
|
Amortization of below-market ground leases
| | | |
|
3,916
|
| |
|
3,916
|
|
| Modified FFO attributable to common stockholders and
non-controlling interests | | | | |
130,207
| | | |
134,508
| |
| | | | | |
|
| Core FFO attributable to common stockholders and non-controlling
interests | | | |
$
|
130,207
|
| |
$
|
134,508
|
|
| | | | | |
|
| Total weighted average shares | | | | | | |
|
Basic
| | | |
|
297,028
|
| |
|
296,388
|
|
|
Diluted
| | | |
|
297,029
|
| |
|
298,180
|
|
| | | | | |
|
| FFO per share | | | | | | |
|
Basic
| | | |
$
|
0.43
|
| |
$
|
0.44
|
|
|
Diluted
| | | |
$
|
0.43
|
| |
$
|
0.44
|
|
| | | | | |
|
| Modified FFO per share | | | | | | |
|
Basic
| | | |
$
|
0.44
|
| |
$
|
0.45
|
|
|
Diluted
| | | |
$
|
0.44
|
| |
$
|
0.45
|
|
| | | | | |
|
| Core FFO per share | | | | | | |
|
Basic
| | | |
$
|
0.44
|
| |
$
|
0.45
|
|
|
Diluted
| | | |
$
|
0.44
|
| |
$
|
0.45
|
|
| | | | | |
|
Empire State Realty Trust, Inc. |
| Condensed Consolidated Balance Sheets |
| (unaudited and amounts in thousands) |
|
|
|
| |
| | | |
|
| | | | June 30, |
| December 31, |
| | | | 2018 | | 2017 |
| Assets | | | | | | |
|
Commercial real estate properties, at cost
| | | |
$
|
2,771,845
| | |
$
|
2,667,655
| |
|
Less: accumulated depreciation
| | | |
|
(698,725
|
)
| |
|
(656,900
|
)
|
|
Commercial real estate properties, net
| | | | |
2,073,120
| | | |
2,010,755
| |
|
Cash and cash equivalents
| | | | |
251,797
| | | |
464,344
| |
|
Restricted cash
| | | | |
58,719
| | | |
65,853
| |
|
Short-term investments
| | | | |
400,000
| | | |
-
| |
|
Tenant and other receivables
| | | | |
21,600
| | | |
28,329
| |
|
Deferred rent receivables
| | | | |
190,419
| | | |
178,629
| |
|
Prepaid expenses and other assets
| | | | |
64,695
| | | |
61,028
| |
|
Deferred costs, net
| | | | |
246,763
| | | |
262,701
| |
|
Acquired below market ground leases, net
| | | | |
364,313
| | | |
368,229
| |
| Goodwill | | | |
|
491,479
|
| |
|
491,479
|
|
|
Total assets
| | | |
$
|
4,162,905
|
| |
$
|
3,931,347
|
|
| | | | | |
|
| Liabilities and equity | | | | | | |
|
Mortgage notes payable, net
| | | |
$
|
610,026
| | |
$
|
717,164
| |
|
Senior unsecured notes, net
| | | | |
1,044,573
| | | |
707,895
| |
|
Unsecured term loan facility, net
| | | | |
263,900
| | | |
263,662
| |
|
Unsecured revolving credit facility
| | | | |
-
| | | |
-
| |
|
Accounts payable and accrued expenses
| | | | |
129,944
| | | |
110,849
| |
|
Acquired below market leases, net
| | | | |
58,960
| | | |
66,047
| |
|
Deferred revenue and other liabilities
| | | | |
29,553
| | | |
40,907
| |
|
Tenants’ security deposits
| | | |
|
42,808
|
| |
|
47,086
|
|
|
Total liabilities
| | | | |
2,179,764
| | | |
1,953,610
| |
|
Total equity
| | | |
|
1,983,141
|
| |
|
1,977,737
|
|
|
Total liabilities and equity
| | | |
$
|
4,162,905
|
| |
$
|
3,931,347
|
|
| | | | | |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180725005742/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.