News Details

Empire State Realty Trust Announces Third Quarter 2022 Results

Oct 26, 2022

– Net Income of $0.03 Per Fully Diluted Share –

– Core FFO of $0.21 Per Fully Diluted Share –

– $1.2 Billion of Liquidity, No Outstanding Debt Maturities Until November 2024 –

– Updates 2022 Guidance –

NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE: ESRT) (the "Company") is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building, the World’s Most Famous Building, and Tripadvisor’s 2022 Travelers’ Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, the newly reimagined and iconic Empire State Building Observatory. Today the Company reported its operational and financial results for the third quarter of 2022.

Third Quarter 2022 and Recent Highlights

  • Core Funds From Operations (“Core FFO”) of $0.21 per fully diluted share in third quarter 2022, compared to $0.20 per fully diluted share in third quarter 2021.
  • Same-Store Property Cash Net Operating Income (“NOI”) excluding lease termination fees decreased 7.5% from the third quarter of 2021, primarily driven by the normalization of operating expenses due to increased building utilization.
  • Total commercial portfolio is 88.5% leased; Manhattan office portfolio is 89.4% leased.
  • Signed a total of 335,382 rentable square feet of new, renewal, and expansion leases.
  • Empire State Building Observatory generated $24.5 million of NOI for the third quarter 2022.
  • Repurchased $20.1 million of common stock in the third quarter and through October 24, 2022.
  • Achieved carbon neutrality as of 2022 for the Company’s 9.9 million square foot commercial portfolio.
  • Earned GRESB 5 Star Rating, the distinction of Sector Leader, and a score of 96 – the highest in the U.S. diversified group – and an “A” rating in the Public Disclosure Assessment.

Property Operations

As of September 30, 2022, the Company’s property portfolio contained 9.2 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 625 residential units across two multifamily properties, which were occupied and leased as shown below.

 

 

 

September 30, 2022

 

June 30, 2022

 

September 30, 2021

Percent occupied:

 

 

 

 

 

 

 

Total commercial portfolio

 

84.2%

 

84.3%

 

83.5%

 

Total office

 

84.0%

 

83.7%

 

83.5%

 

Manhattan office

 

84.7%

 

84.0%

 

84.5%

 

GNYMA office1

 

80.7%

 

82.2%

 

79.8%

 

Total retail2

 

86.4%

 

92.0%

 

83.0%

 

Total multifamily portfolio

 

98.4%

 

98.4%

 

N/A

 

Percent leased (includes signed leases not commenced):

 

Total commercial portfolio

 

88.5%

 

87.8%

 

86.5%

 

Total office

 

88.3%

 

87.4%

 

86.1%

 

Manhattan office

 

89.4%

 

88.3%

 

87.4%

 

GNYMA office1

 

82.8%

 

83.5%

 

80.7%

 

Total retail2

 

91.9%

 

92.4%

 

91.9%

1 “GNYMA office” for the period ending June 30, 2022 and September 30, 2022 reflects the removal of 383 Main Avenue, Norwalk, CT.

2 “Total retail” for the periods ending June 30, 2022 and September 30, 2022 includes the retail assets acquired as part of the multifamily acquisition completed in late-December 2021.

Leasing

The tables below summarize leasing activity for the three months ended September 30, 2022:

Total Portfolio

Total Portfolio

 

Total Leases
Executed

 

Total square
footage
executed

 

Average cash
rent psf –
leases executed

 

Previously
escalated cash
rents psf

 

% of new cash
rent over/ under
previously
escalated rents

Office

 

27

 

294,016

 

$

52.35

 

$

49.87

 

5.0%

Retail

 

7

 

41,366

 

$

137.72

 

$

153.81

 

(10.5%)

Total Overall

 

34

 

335,382

 

$

63.01

 

$

62.84

 

0.3%

Manhattan Office Portfolio

Manhattan Office
Portfolio

 

Total Leases
Executed

 

Total square
footage
executed

 

Average cash
rent psf –
leases executed

 

Previously
escalated cash
rents psf

 

% of new cash
rent over /
under
previously
escalated rents

New Office

 

14

 

94,467

 

$

59.97

 

$

48.52

 

23.6%

Renewal Office

 

7

 

84,867

 

$

57.97

 

$

59.37

 

(2.3%)

Total Office

 

21

 

179,334

 

$

59.02

 

$

53.65

 

10.0%

Observatory Results

For the third quarter of 2022, the Observatory hosted approximately 687,000 visitors, compared to 255,000 visitors in the third quarter of 2021. Observatory revenue was $33.0 million, expenses were $8.5 million, and NOI was $24.5 million, an increase of $18.1 million on a year-over-year basis. Third quarter visitation recapture (as % of 2019) was 66% and the Company expects a similar recapture rate for the balance of 2022 as international tourism, while improved, did not match domestic recovery rates.

ESG

In the third quarter the Company announced the achievement of carbon neutrality for its 9.9 million square foot commercial portfolio through a combination of industry leadership in building energy-efficiency retrofit work which has reduced emissions 54% at the Empire State Building and 43% portfolio-wide to date since 2009, renewable wind RECs for 100% of electrical usage, and a new three-year agreement with 18 Reserves and ACT. The new agreement supports the preservation of close to 9,000 acres of biodiverse forest that will offset 100% of ESRT’s non-electric fossil fuel usage. Earlier this month the Company announced that it earned the highest possible GRESB 5 Star Rating and Green Star recognition for the third consecutive year with a score of 95. The Company additionally received a score of 96 – the highest in the U.S. diversified group – and an “A” rating in the Public Disclosure Assessment, which measures ESG disclosure activities. ESRT has been named by GRESB as the Sector Leader for “Global Listed Sector Leader, Office”, “Regional Sector Leader, Americas, Office” and “Regional Listed Sector Leader, Americas, Office”.

Balance Sheet

The Company had $1.2 billion of total liquidity as of September 30, 2022, which was comprised of $387 million of cash, plus $850 million available under its revolving credit facility. At September 30, 2022, the Company had total debt outstanding of approximately $2.3 billion, no floating rate debt exposure, and a weighted average interest rate of 3.9% per annum. The weighted average term to maturity was 6.7 years and the Company has no outstanding debt maturities until November 2024. At September 30, 2022, the Company’s ratio of net debt to adjusted EBITDA was 5.6x.

Portfolio Transaction Activity

Subsequent to quarter-end, the Company entered into agreements to sell 500 Mamaroneck Avenue in Harrison, NY and 10 Bank Street in White Plains, NY at a gross asset valuation of $95.0 million. These transactions are expected to close in the first quarter of 2023, subject to customary closing conditions, the proceeds from which we expect to redeploy in 1031 transactions, consistent with our capital recycling strategy.

Share Repurchase

The Company repurchased $20.1 million of common stock at a weighted average price of $7.00 per share in the third quarter and through October 24, 2022. The stock repurchase program began in March 2020 and through October 24, 2022, approximately $275 million has been repurchased at a weighted average price of $8.36 per share.

Dividend

On September 30, 2022, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the third quarter 2022 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On September 30, 2022, the Company paid a quarterly preferred dividend of $0.15 per unit for the third quarter 2022 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and a preferred dividend of $0.175 per unit for the third quarter 2022 to holders of the Operating Partnership’s Series 2019 private perpetual preferred units.

2022 Earnings Outlook

The Company updated its 2022 Core FFO guidance to a revised range of $0.83 to $0.85 per fully diluted share, from $0.80 to $0.85 per fully diluted share. The expected Observatory NOI for FY 2022 was revised from $74 to $77 million to $67 to $70 million. This revised 2022 Observatory NOI guidance range reflects a two-thirds visitor recapture rate (based on 2019) for 4Q 2022, a deceleration from the previous expectation for 80% visitor recapture rate, driven by a slowdown in the growth of international travel to the U.S. Other underlying guidance assumptions for the year remain unchanged. The Company’s current guidance does not include the impact of any significant future lease termination fee income or any potential acquisition, disposition or other capital markets activity beyond October 24, 2022. Key assumptions are included in the table below.

Key Assumptions Current 2022
Guidance
Prior 2022
Guidance
2021 Actual Comments
Earnings
Core FFO Per Fully Diluted Share

$0.83 to $0.85

$0.80 to $0.85

$0.70

• Includes $0.02 from the multifamily
acquisition that closed in late-December 2021

• Includes ~270M fully diluted shares as of
October 24, 2022

Same-Store (SS) Commercial Property Drivers
SS Occupancy at year-end

84% to 86%

84% to 86%

82.4%

SS Cash NOI (excluding lease termination fees) -10% to -12%
from 2021
-10% to -12%
from 2021
$290M

• Primarily driven by normalization of operating
expenses as building utilization increases;
~10% y/y increase in SS operating expenses

• Also impacted by late-2021 occupancy decline

Observatory Drivers
Observatory NOI

$67M to $70M

$74M to $77M

$18M

• Base case reflects 4Q22 hypothetical
Observatory admissions at two-thrids of 4Q19
visitation

• Reflects 4Q expenses of approximately $8M - $9M

Low

 

High

 

2021 Actual

Net Income (loss) Attributable to Common Stockholders and the Operating Partnership

$0.14

 

$0.16

 

-$0.05

Add:    
Impairment Charge

-

 

-

 

0.03

Real Estate Depreciation & Amortization

0.78

 

0.78

 

0.71

Less:    
Private Perpetual Distributions

0.02

 

0.02

 

0.02

Gain on Disposal of Real Estate, net

0.10

 

0.10

 

-

FFO Attributable to Common Stockholders and the Operating Partnership

$0.80

 

$0.82

 

$0.67

Add:    
Amortization of Below Market Ground Lease

0.03

 

0.03

 

0.03

Core FFO Attributable to Common Stockholders and the Operating Partnership

$0.83

 

$0.85

 

$0.70

The estimates set forth above may be subject to fluctuations as a result of several factors, including the negative impact of the ongoing COVID-19 global pandemic on our business and our market, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Investor Presentation Update

The Company has posted on the “Investors” section of its website (www.esrtreit.com) the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, October 27, 2022 at 12:00 pm Eastern time.

The webcast will be accessible on the “Investors” section of the Company’s website at www.esrtreit.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 and download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780.

Starting shortly after the call until November 3, 2022, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available 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 13730153.

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of the Company’s website at www.esrtreit.com.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building, the World's Most Famous Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, the newly reimagined and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of September 30, 2022, ESRT's portfolio is comprised of approximately 9.2 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 residential units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.

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,” “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: (i) economic, market, political and social impact of, and uncertainty relating to, the COVID-19 pandemic; (ii) a failure of conditions or performance regarding any event or transaction described herein, (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic; (v) changes in our business strategy; (vi) changes in technology and market competition that affect utilization of our office, retail, Observatory, broadcast or other facilities; (vii) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events, including global hostilities, currency exchange rates, and/or competition from recently opened observatories in New York City, any or all of which may cause a decline in Observatory visitors; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the current phasing out of LIBOR; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) changes in our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due and potential limitations on our ability to borrow additional funds in compliance with drawdown conditions and financial covenants; (xiii) decreased rental rates or increased vacancy rates; (xiv) our failure to execute any newly planned capital project successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) risks related to any development project (including our Metro Tower potential development site); (xvii) impact of changes in governmental regulations, tax laws and rates and similar matters; (xviii) our failure to qualify as a REIT; (xix) environmental uncertainties and risks related to climate change, adverse weather conditions, rising sea levels and natural disasters; (xx) incurrence of taxable capital gain on disposition of an asset due to failure of use or compliance with a 1031 exchange program; and (xxi) accuracy of our methodologies and estimates regarding ESG metrics and goals, tenant willingness and ability to collaborate in reporting ESG metrics and meeting ESG goals, and impact of governmental regulation on our ESG efforts. For a further discussion of these and other factors that could impact the Company's future results, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, 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 update or revise publicly 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 Operations

(unaudited and amounts in thousands, except per share data)

 

 

 

 

 

 

Three Months Ended September 30,

2022

2021

Revenues

Rental revenue

$

148,290

$

139,558

Observatory revenue

 

33,051

 

12,796

Lease termination fees

 

 

 

-

 

 

11,321

Third-party management and other fees

 

389

 

314

Other revenue and fees

 

1,982

 

1,059

Total revenues

 

183,712

 

165,048

Operating expenses

Property operating expenses

 

42,798

 

33,357

Ground rent expenses

 

2,331

 

2,331

General and administrative expenses

 

15,725

 

14,427

Observatory expenses

 

8,516

 

6,370

Real estate taxes

 

31,831

 

29,566

Depreciation and amortization

 

46,984

 

65,794

Total operating expenses

 

148,185

 

151,845

Total operating income

 

35,527

 

13,203

Other income (expense):

 

 

 

 

 

Interest income

 

 

 

1,564

 

 

211

Interest expense

 

(25,516)

 

(23,577)

Income (loss) before income taxes

 

11,575

 

(10,163)

Income tax expense

 

(1,457)

 

(20)

Net income (loss)

 

10,118

 

(10,183)

Net (income) loss attributable to noncontrolling interests:

 

 

 

Noncontrolling interest in the Operating Partnership

 

 

(3,560)

 

 

4,256

Noncontrolling interests in other partnerships

 

 

49

 

-

Preferred unit distributions

 

(1,050)

 

(1,050)

Net income (loss) attributable to common stockholders

 

$

5,557

$

(6,977)

Total weighted average shares

Basic

 

162,165

 

172,494

Diluted

 

267,121

 

277,716

Earnings per share attributable to common stockholders

 

 

Basic

$

0.03

$

(0.04)

Diluted

$

0.03

$

(0.04)

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

 

 

 

 

 

 

Nine Months Ended September 30,

2022

2021

Revenues

Rental revenue

$

445,143

$

420,586

Observatory revenue

 

73,660

 

23,758

Lease termination fees

 

 

 

20,032

 

 

15,949

Third-party management and other fees

 

1,025

 

917

Other revenue and fees

 

5,908

 

2,550

Total revenues

 

545,768

 

463,760

Operating expenses

Property operating expenses

 

118,875

 

92,429

Ground rent expenses

 

6,994

 

6,994

General and administrative expenses

 

45,287

 

42,369

Observatory expenses

 

22,507

 

16,226

Real estate taxes

 

91,637

 

92,367

Depreciation and amortization

 

172,394

 

155,339

Total operating expenses

 

457,694

 

405,724

Total operating income

 

88,074

 

58,036

Other income (expense):

 

 

 

 

 

Interest income

 

 

 

2,144

 

 

497

Interest expense

 

(75,572)

 

(70,553)

Gain on disposition of property

 

 

 

27,170

 

 

-

Loss on early extinguishment of debt

 

 

 

-

 

 

(214)

Income (loss) before income taxes

 

41,816

 

(12,234)

Income tax (expense) benefit

 

(224)

 

3,271

Net income (loss)

 

41,592

 

(8,963)

Net (income) loss attributable to noncontrolling interests:

 

 

 

Noncontrolling interest in the Operating Partnership

 

 

(14,865)

 

 

4,591

Noncontrolling interests in other partnerships

 

 

 271

 

-

Preferred unit distributions

 

(3,151)

 

(3,151)

Net income (loss) attributable to common stockholders

 

$

23,847

$

(7,523)

Total weighted average shares

Basic

 

166,354

 

172,487

Diluted

 

270,966

 

277,829

Earnings per share attributable to common stockholders

     

 

Basic

$

0.14

$

(0.04)

Diluted

$

0.14

$

(0.04)

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,

2022

2021

 

Net income (loss)

$

10,118

$

(10,183)

Noncontrolling interests in other partnerships

 

 

 

49

 

-

Preferred unit distributions

 

(1,050)

 

(1,050)

Real estate depreciation and amortization

 

45,461

 

64,565

FFO attributable to common stockholders
and Operating Partnership units

 

 

54,578

 

53,332

 

 

Amortization of below-market ground leases

 

 

1,957

 

1,957

Modified FFO attributable to common
stockholders and Operating Partnership
units

 

56,535

 

55,289

 

 

 

 

 

 

 

 

 

 

 

 

Core FFO attributable to common
stockholders and Operating Partnership
units

$

56,535

$

55,289

 

 

Total weighted average shares and
Operating Partnership units

Basic

 

266,035

 

277,716

Diluted

 

267,121

 

277,716

 

FFO per share

   

Basic

$

0.21

$

0.19

Diluted

 

 

$

0.20

 

$

0.19

 

 

 

 

 

 

Modified FFO per share

 

 

 

 

 

Basic

 

 

$

0.21

 

$

0.20

Diluted

 

 

$

0.21

 

$

0.20

 

 

 

 

 

 

Core FFO per share

 

 

 

 

 

Basic

 

$

0.21

 

$

0.20

Diluted

 

 

$

0.21

 

$

0.20

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,

2022

2021

 

Net income (loss)

$

41,592

$

(8,963)

Noncontrolling interests in other partnerships

 

 

 

271

 

-

Preferred unit distributions

 

(3,151)

 

(3,151)

Real estate depreciation and amortization

 

167,446

 

151,149

Gain on disposition of property

 

 

 

(27,170)

 

-

FFO attributable to common stockholders
and Operating Partnership units

 

 

178,988

 

139,035

 

 

Amortization of below-market ground leases

 

 

5,873

 

5,873

Modified FFO attributable to common
stockholders and Operating Partnership
units

 

184,861

 

144,908

 

 

 

 

 

 

Loss on early extinguishment of debt

 

 

 

-

 

 

214

 

 

 

 

 

 

Core FFO attributable to common
stockholders and Operating Partnership
units

$

184,861

$

145,122

 

 

Total weighted average shares and
Operating Partnership units

Basic

 

269,880

 

277,829

Diluted

 

270,966

 

277,829

 

FFO per share

   

Basic

$

0.66

$

0.50

Diluted

 

 

$

0.66

 

$

0.50

 

 

 

 

 

 

Modified FFO per share

 

 

 

 

 

Basic

 

 

$

0.68

 

$

0.52

Diluted

 

 

$

0.68

 

$

0.52

 

 

 

 

 

 

Core FFO per share

 

 

 

 

 

Basic

 

 

$

0.68

 

$

0.52

Diluted

 

 

$

0.68

 

$

0.52

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

 

 

 

 

September 30,
2022

 

December 31,
2021

Assets

Commercial real estate properties, at cost

$

3,537,547

 

$

3,500,917

Less: accumulated depreciation

 

 

 

(1,159,364)

 

 

(1,072,938)

Commercial real estate properties, net

 

2,378,183

 

2,427,979

Cash and cash equivalents

 

387,248

 

423,695

Restricted cash

 

52,567

 

50,943

Tenant and other receivables

 

30,547

 

18,647

Deferred rent receivables

 

239,750

 

224,922

Prepaid expenses and other assets

 

 

 

72,905

 

 

76,549

Deferred costs, net

 

 

 

188,706

 

 

202,437

Acquired below market ground leases, net

 

 

 

331,030

 

 

336,904

Right of use assets

 

 

 

28,725

 

 

28,892

Goodwill

 

 

 

491,479

 

 

491,479

Total assets

 

 

$

4,201,140

 

$

4,282,447

Liabilities and equity

Mortgage notes payable, net

$

915,202

$

948,769

Senior unsecured notes, net

 

973,607

 

973,373

Unsecured term loan facility, net

 

 

 

388,645

 

 

388,223

Accounts payable and accrued expenses

 

94,436

 

120,810

Acquired below market leases, net

 

18,897

 

24,941

Ground lease liabilities

 

 

 

28,725

 

 

28,892

Deferred revenue and other liabilities

 

80,249

 

84,358

Tenants’ security deposits

 

27,550

 

28,749

Total liabilities

 

2,527,311

 

2,598,115

Total equity

 

 

 

1,673,829

 

 

1,684,332

Total liabilities and equity

 

 

$

4,201,140

 

$

4,282,447

 

Investors and Media
Empire State Realty Trust Investor Relations
(212) 850-2678
IR@esrtreit.com

Source: Empire State Realty Trust, Inc.