- Earnings Per Share of ($0.00) Per Fully
Diluted Share -
- Core FFO of $0.17 Per Fully Diluted Share
-
- $1.6 Billion of Liquidity, No Outstanding
Debt Maturity Through 2024 -
- Indoor Environmental Quality and Energy
Efficiency Differentiate Portfolio -
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 2020.
“We took actions during the year to allow employee and tenant
reentry with confidence to our buildings, collected rents, managed
operating and capital expenses, promoted Empire State Building
Observatory visits, supported our smaller retail tenants, and
protected and fortified our balance sheet. Visits to the
Observatory continue to grow gradually off a low base, despite
interstate and international travel restrictions. We find ourselves
in 2021 well-positioned with a long runway, a fully staffed
investment team with a balance sheet that allows us the choice to
expand our portfolio, and a more focused and improved team,” stated
Anthony E. Malkin, Empire State Realty Trust’s Chairman, President
and Chief Executive Officer. “In 2020 we made great improvements to
our disclosure. In our first year of GRESB participation, ESRT
earned the highest possible 5 Star Rating and Green Star
recognition, and a score of 88, in the 2020 GRESB Real Estate
Assessment, an achievement that places ESRT in the top 20% of all
respondents. Additionally, ESRT achieved Fitwel Champion
certification for 83% of our Manhattan portfolio. We are the first
portfolio in the Americas to receive the WELL Health-Safety rating,
and 76% of our portfolio by square feet is Energy Star certified.
Our goal is to provide tenants with energy efficient, healthy
environments that provide them with a landlord who helps them meet
their own ESG goals and therefore increases the desirability of our
portfolio.”
Fourth Quarter and Recent Highlights
- Earnings per share was ($0.00) per fully diluted share.
- Core Funds From Operations (“Core FFO”) was $0.17 per fully
diluted share.
- Same-Store Property Cash NOI excluding lease termination fees
was up 1.5% from the fourth quarter of 2019 primarily driven by
lower property operating expenses, partially offset by lower
revenue compared to the prior year period driven by previously
communicated large known move-outs.
- Realized lease termination fees were $7.8 million, or
approximately $0.03 per fully diluted share. This fee income was
partially offset by the write off of $1.9 million of unamortized
lease incentives associated with terminated leases, or
approximately $0.01 per fully diluted share. In keeping with
historical practice, the Company includes lease termination fees
when calculating FFO and Core FFO.
- Signed 33 new, renewal, and expansion leases, representing
413,356 rentable square feet.
- Collected 95% of fourth quarter 2020 total billings with 96%
for office tenants and 87% for retail tenants.
- Strong liquidity position of $1.6 billion as of December 31,
2020, which consists of $527 million of cash plus an additional
$1.1 billion of undrawn capacity under the Company’s revolving
credit facility, which matures in August 2021 and has two six-month
extension options subject to certain conditions. Moreover, the
Company has no outstanding debt maturity until 2024.
- Closed on a $180 million 10-year interest-only mortgage loan
with a fixed rate of 2.83% for 250 West 57th Street to bolster the
Company’s liquidity and balance sheet flexibility.
- Earned the highest possible GRESB 5 Star Rating and Green Star
recognition, and a score of 88, in the 2020 GRESB Real Estate
Assessment, an achievement that places ESRT in the top 20% of all
respondents in our first year of GRESB participation.
- Achieved Fitwel Champion status with 83% of the Company’s
Manhattan portfolio awarded Fitwel certification, a rigorous
third-party healthy building certification system that supports
healthier workplace environments to help improve occupant health
and productivity.
- As of January 2021, 100% of the Company’s portfolio is powered
by renewable wind energy.
- In the fourth quarter and through February 16, 2021, the
Company repurchased $25.3 million of its common stock at a weighted
average price of $7.32 per share. This brings the cumulative total,
since the stock repurchase program began on March 5, 2020 through
February 16, 2021, to $147.2 million at a weighted average price of
$8.34 per share.
- Announced the approval of a new share repurchase program of up
to $500 million during the period from January 1, 2021 through
December 31, 2021.
- Expanded the Board of Directors to nine members, with the
appointment of Grant H. Hill, effective November 30, 2020, as part
of the Company’s ongoing commitment to board refreshment.
Full Year Highlights
- Net loss attributable to common stockholders was ($0.10) per
fully diluted share.
- Core FFO was $0.62 per fully diluted share.
- Signed 104 leases, new, renewal, and expansion leases,
representing 923,379 rentable square feet. There were 28 new
leases, representing 540,643 rentable square feet for the Manhattan
office portfolio (excluding the retail component of these
properties). This includes approximately 315,000 rentable square
feet from deals with existing tenants within the portfolio.
- Delivered on the previously communicated 2020 G&A goal of
$60 million, excluding one-time severance charges.
- Reduced property operating expenses by $39 million compared to
full year 2019, driven by reduced building utilization and the
Company’s cost reduction initiatives.
- Reopened the Empire State Building 86th floor observation deck
on July 20, 2020 and the 102nd observation deck on August 24, 2020,
as one of the earliest tourist attractions in New York City
following earlier pandemic driven closure.
Investor Presentation Update
The Company has posted on the “Investors” section of its website
(www.empirestaterealtytrust.com) the latest investor presentation,
which contains additional information on the current impact of the
COVID-19 pandemic on its businesses, financial condition and
results of operations.
Portfolio Operations
As of December 31, 2020, the Company’s total portfolio contained
10.1 million rentable square feet which consisted of 9.4 million
rentable square feet of office space and 0.7 million rentable
square feet of retail space. As of December 31, 2020, the Company’s
portfolio was occupied and leased as shown below. The Company’s
occupancy levels fluctuate in certain periods due to the timing lag
between the date of tenants’ move out and the lease commencement
date of new leases.
December
31, 2020
September 30, 2020
December
31, 2019
Percent occupied:
Total portfolio
85.9%
85.9%
88.6%
Total office
85.6%
85.6%
88.5%
Manhattan office
87.2%
86.9%
89.8%
GNYMA office
79.0%
80.1%
83.0%
Total retail
89.8%
89.4%
90.3%
Percent leased (includes signed leases
not commenced):
Total portfolio
88.7%
89.7%
91.2%
Total office
88.3%
89.4%
91.0%
Manhattan office
89.8%
90.9%
92.7%
GNYMA office
82.4%
83.1%
84.3%
Total retail
93.2%
93.4%
93.1%
Rent Collections
The Company maintained the following levels of property billings
collections:
Total Billings Collection
2Q
3Q
4Q
Total Billings Collected
94%
95%
95%
Rent Deferrals
1%
0%
0%
Abated Rent Related to Amendments
1%
1%
1%
Security Deposits Applied
2%
1%
0%
Uncollected - Covered by Security
Deposit
1%
2%
2%
Uncollected
1%
1%
2%
100%
100%
100%
Office
97%
97%
96%
Retail
77%
87%
87%
The Company has recorded a non-cash reduction of straight-line
balances of $0.6 million and wrote off $1.6 million of tenant
receivables assessed as uncollectible during the fourth quarter of
2020. These write offs against revenue resulted in a $0.01 negative
impact for the fourth quarter of 2020.
Leasing
Leasing activity has been reduced due to the impact of the
COVID-19 pandemic. The below tables summarize leasing activity for
the three months ended December 31, 2020:
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
26
395,035
$
52.52
$
55.53
(5.4%)
Retail (1)
7
18,321
$
132.75
$
234.27
(43.3%)
Total Overall
33
413,356
$
56.08
$
63.45
(11.6%)
(1) Approximately 80% of retail square
footage involved leases with food retailers that contained a
percentage rent component
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
8
321,848
$
54.00
$
57.67
(6.4%)
Renewal Office
11
36,571
$
50.80
$
48.99
3.7%
Total Office
19
358,419
$
53.67
$
56.78
(5.5%)
Significant Leases Executed During Fourth Quarter
2020
- As previously disclosed, at the Empire State Building, the
Company signed a new office lease with Centric Brands for
approximately 212,000 square feet for a term of 7.9 years. The
Company recaptured such space from Global Brands Group which had
subleased it to Centric, so Centric remains in place, now with a
direct lease. While the leasing spread was (15%) based on initial
face rent, this transaction was approximately neutral on a cash
flow basis, inclusive of all related transaction costs and related
lease termination fee.
- At 111 West 33rd Street, the Company signed a new office lease
with ClearView Healthcare Partners for approximately 39,100 square
feet for a term of 11.0 years. ClearView had previously occupied
approximately 10,500 square feet at the property.
- At 1400 Broadway, the Company signed a new office lease with
Transit Wireless for approximately 32,500 square feet for a term of
11.0 years. Transit Wireless relocated from 1350 Broadway, where it
had previously occupied approximately 24,500 square feet on
sublease.
- At One Grand Central Place, the Company signed a new office
lease with Dime Community Bank for approximately 19,400 square feet
for a term of 10.7 years. Dime had previously occupied
approximately 3,600 square feet at the property.
Observatory Results
Observatory revenue for January and February 2020 increased
13.2% year-over-year, after adjusting for the 102nd floor
observation deck, which was closed for redevelopment in the first
quarter 2019 and re-opened in the fourth quarter 2019. In
compliance with the requirements of authorities, the Company closed
the Observatory on March 16, 2020 due to the COVID-19 pandemic, and
it remained closed until the 86th floor observation deck was
reopened on July 20, 2020. The 102nd observation deck was reopened
on August 24, 2020. Against the backdrop of international, and
interstate travel restrictions, quarantines and a nationwide
pandemic surge, the Observatory has seen steady, gradual weekly
increases in visitors.
The Observatory hosted approximately 55,000 visitors in the
fourth quarter of 2020, compared to 30,000 visitors in the third
quarter of 2020 and visitors of 894,000 in the fourth quarter of
2019. Year-to-date in 2021 through February 14th, attendance was at
nearly 9% of 2019 comparable period attendance. As a reminder, the
first quarter is historically the seasonally lightest quarter for
the Observatory due to the winter weather conditions. The Company
remains confident attendance will return to pre COVID-19 levels,
though that will take time and is not anticipated to occur in
2021.
Observatory revenue for the fourth quarter 2020 was $5.0
million, driven by low visitation levels. Observatory revenue
included $1.3 million of deferred revenue from unused tickets, as
well as $1.5 million of fixed license fee for the gift shop.
Observatory expenses were $5.6 million in the fourth quarter
2020.
Balance Sheet
The Company has $1.6 billion of total liquidity as of December
31, 2020, which is comprised of $527 million of cash, plus an
additional $1.1 billion available under its revolving credit
facility. In November 2020, the Company closed on a $180 million
mortgage loan for 250 West 57th Street. The new interest-only loan
bears a fixed interest rate of 2.83% and matures in December
2030.
At December 31, 2020, the Company had total debt outstanding of
approximately $2.2 billion, with a weighted average interest rate
of 3.9% per annum, and a weighted average term to maturity of 8.2
years. At December 31, 2020, the Company’s net debt to total market
capitalization was 37.2% and net debt to adjusted EBITDA was 6.3x.
The Company has no outstanding debt maturity until November 2024.
The Company’s $1.1 billion unsecured revolving credit facility,
which was undrawn as of December 31, 2020, matures in August 2021
and the Company has two six-month extension options.
In the fourth quarter and through February 16, 2021, the Company
repurchased $25.3 million of its common stock at a weighted average
price of $7.32 per share. This brings the cumulative total, since
the stock repurchase program began on March 5, 2020 through
February 16, 2021, to $147.2 million at a weighted average price of
$8.34 per share, through a combination of open-market purchases and
the execution of a 10b5-1 program.
Other Items
The Company recognized the following one-time benefit during the
quarter:
- The fourth quarter 2020 income tax benefit was $4.2 million, or
approximately $0.01 per fully diluted share, and the full year 2020
income tax benefit was $7.0 million, due to taxable net operating
losses for the Company’s Observatory Taxable REIT Subsidiary
(TRS).
Dividend
On December 14, 2020, the Company announced its decision to
continue with the suspension of the dividend for the first and
second quarters of 2021 for 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”). The Board of Directors
will continue its regular review of its dividend and capital
allocation policies in light of changing circumstances.
On December 31, 2020, the Company paid a preferred dividend of
$0.15 per unit for the fourth quarter 2020 to holders of the
Operating Partnership’s Series 2014 private perpetual preferred
units and a preferred dividend of $0.175 per unit for the fourth
quarter 2020 to holders of the Operating Partnership’s Series 2019
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, February
18, 2021 at 1:00 pm Eastern time.
The webcast will be accessible on 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 and 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 February 25, 2021, 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 13715501.
The Supplemental Report and Investor Presentation are integral
components of quarterly earnings announcement and are now available
on the “Investors” section of the Company’s website at
www.empirestaterealtytrust.com.
The Company uses, and intends to continue to use, the Investors
page of its website, which can be found at
www.empirestaterealtytrust.com, as a means of disclosing material
nonpublic information and of complying 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) 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.” The
company's office and retail portfolio covers 10.1 million rentable
square feet, as of Dec. 30, 2020, which consists of 9.4 million
rentable square feet across 14 office properties, including nine in
Manhattan, three in Fairfield County, Connecticut, and two in
Westchester County, New York; as well as approximately 700,000
rentable square feet in the retail portfolio.
Empire State Realty Trust is a leader in energy efficiency in
the built environment and sustainability space, with 76 percent of
the eligible portfolio ENERGY STAR certified and 100 percent fully
powered by renewable wind electricity. As the first commercial real
estate portfolio in the Americas to achieve the evidence-based,
third-party verified WELL Health-Safety Rating for health and
safety, ESRT additionally earned the highest possible GRESB 5 Star
Rating and Green Star recognition for sustainability performance in
real estate and was named a Fitwel Champion for healthy,
high-performance buildings. To learn more about Empire State Realty
Trust, visit empirestaterealtytrust.com and follow 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, political and social
impact of, and uncertainty relating to, the COVID-19 pandemic; (ii)
resolution of legal proceedings involving the Company; (iii)
reduced demand for office or retail space, including as a result of
the COVID-19 pandemic; (iv) changes in our business strategy; (v)
changes in technology and market competition that affect
utilization of our office, retail, broadcast or other facilities;
(vi) changes in domestic or international tourism, including due to
health crises such as the COVID-19 pandemic, geopolitical events
and/or currency exchange rates, which may cause a decline in
Observatory visitors; (vii) defaults on, early terminations of, or
non-renewal of, leases by tenants; (viii) increases in the
Company’s borrowing costs as a result of changes in interest rates
and other factors, including the potential phasing out of LIBOR
after 2021; (ix) declining real estate valuations and impairment
charges; (x) termination or expiration of our ground leases; (xi)
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; (xii) decreased rental
rates or increased vacancy rates; (xiii) 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; (xiv) difficulties in identifying properties to
acquire and completing acquisitions; (xv) risks related to our
development projects (including our Metro Tower development site)
and capital projects, including the cost of construction delays and
cost overruns; (xvi) impact of changes in governmental regulations,
tax laws and rates and similar matters; (xvii) our failure to
qualify as a REIT; and (xviii) environmental uncertainties and
risks related to adverse weather conditions, rising sea levels and
natural disasters. 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
Company’s Annual Report on Form 10-K for the year ended December
31, 2019, and the Company’s Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2020 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 December
31,
2020
2019
Revenues
Rental revenue
$
137,050
$
151,701
Observatory revenue
5,008
37,730
Lease termination fees
7,841
1,240
Third-party management and other fees
295
299
Other revenue and fees
1,205
3,963
Total revenues
151,399
194,933
Operating expenses
Property operating expenses
31,087
43,901
Ground rent expenses
2,332
2,332
General and administrative expenses
13,627
16,618
Observatory expenses
5,636
8,743
Real estate taxes
31,894
29,818
Depreciation and amortization
47,397
46,409
Total operating expenses
131,973
147,821
Total operating income
19,426
47,112
Other income (expense):
Interest income
108
1,352
Interest expense
(23,001
)
(18,534
)
Income (loss) before income
taxes
(3,467
)
29,930
Income tax benefit
4,177
(1,210
)
Net income
710
28,720
Preferred unit distributions
(1,050
)
(1,041
)
Net (income) loss attributable to
non-controlling interests
130
(10,880
)
Net income (loss) attributable to
common stockholders
$
(210
)
$
16,799
Total weighted average shares
Basic
171,970
180,166
Diluted
278,471
296,852
Net income (loss) per share
attributable to common stockholders
Basic
$
(0.00
)
$
0.09
Diluted
$
(0.00
)
$
0.09
Empire State Realty Trust,
Inc.
Condensed Consolidated
Statements of Operations
(unaudited and amounts in
thousands, except per share data)
Year Ended December
31,
2020
2019
Revenues
Rental revenue
$
563,071
$
586,414
Observatory revenue
29,057
128,769
Lease termination fees
9,416
4,352
Third-party management and other fees
1,225
1,254
Other revenue and fees
6,459
10,554
Total revenues
609,228
731,343
Operating expenses
Property operating expenses
136,141
174,977
Ground rent expenses
9,326
9,326
General and administrative expenses
62,244
61,063
Observatory expenses
23,723
33,767
Real estate taxes
121,923
115,916
Impairment charges
6,204
-
Depreciation and amortization
191,006
181,588
Total operating expenses
550,567
576,637
Total operating income
58,661
154,706
Other income (expense):
Interest income
2,637
11,259
Interest expense
(89,907
)
(79,246
)
Loss on early extinguishment of debt
(86
)
-
IPO litigation expense
(1,165
)
-
Income (loss) before income
taxes
(29,860
)
86,719
Income tax benefit (expense)
6,971
(2,429
)
Net income (loss)
(22,889
)
84,290
Preferred unit distributions
(4,197
)
(1,743
)
Net (income) loss attributable to
non-controlling interests
10,374
(33,102
)
Net income (loss) attributable to
common stockholders
$
(16,712
)
$
49,445
Total weighted average shares
Basic
175,169
178,340
Diluted
283,837
297,798
Net income (loss) per share
attributable to common stockholders
Basic
$
(0.10
)
$
0.28
Diluted
$
(0.10
)
$
0.28
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,
2020
2019
Net income
$
710
$
28,720
Preferred unit distributions
(1,050
)
(1,041
)
Real estate depreciation and
amortization
45,690
45,298
FFO attributable to common stockholders
and non-controlling interests
45,350
72,977
Amortization of below-market ground
leases
1,958
1,958
Modified FFO attributable to common
stockholders and non-controlling interests
47,308
74,935
Core FFO attributable to common
stockholders and non-controlling interests
$
47,308
$
74,935
Total weighted average shares
Basic
278,427
296,852
Diluted
278,471
296,852
FFO per share
Basic
$
0.16
$
0.25
Diluted
$
0.16
$
0.25
Modified FFO per share
Basic
$
0.17
$
0.25
Diluted
$
0.17
$
0.25
Core FFO per share
Basic
$
0.17
$
0.25
Diluted
$
0.17
$
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,
2020
2019
Net income (loss)
$
(22,889
)
$
84,290
Preferred unit distributions
(4,197
)
(1,743
)
Real estate depreciation and
amortization
184,245
177,515
Impairment charges, net of
reimbursement
5,360
-
FFO attributable to common stockholders
and non-controlling interests
162,519
260,062
Amortization of below-market ground
leases
7,831
7,831
Modified FFO attributable to common
stockholders and non-controlling interests
170,350
267,893
Loss on early extinguishment of debt
86
-
Severance expenses
3,813
-
IPO litigation expense
1,165
-
Core FFO attributable to common
stockholders and non-controlling interests
$
175,414
$
267,893
Total weighted average shares
Basic
283,826
297,798
Diluted
283,837
297,798
FFO per share
Basic
$
0.57
$
0.87
Diluted
$
0.57
$
0.87
Modified FFO per share
Basic
$
0.60
$
0.90
Diluted
$
0.60
$
0.90
Core FFO per share
Basic
$
0.62
$
0.90
Diluted
$
0.62
$
0.90
Empire State Realty Trust,
Inc.
Condensed Consolidated Balance
Sheets
(unaudited and amounts in
thousands)
December 31, 2020
December 31, 2019
Assets
Commercial real estate properties, at
cost
$
3,133,966
$
3,109,433
Less: accumulated depreciation
(941,612
)
(862,534
)
Commercial real estate properties, net
2,192,354
2,246,899
Cash and cash equivalents
526,714
233,946
Restricted cash
41,225
37,651
Tenant and other receivables
21,541
25,423
Deferred rent receivables
222,508
220,960
Prepaid expenses and other assets
77,182
65,453
Deferred costs, net
203,853
228,150
Acquired below market ground leases,
net
344,735
352,566
Right of use assets
29,104
29,307
Goodwill
491,479
491,479
Total assets
$
4,150,695
$
3,931,834
Liabilities and equity
Mortgage notes payable, net
$
775,929
$
605,542
Senior unsecured notes, net
973,159
798,392
Unsecured term loan facility, net
387,561
264,640
Accounts payable and accrued expenses
103,203
143,786
Acquired below market leases, net
31,705
39,679
Ground lease liabilities
29,104
29,307
Deferred revenue and other liabilities
88,319
72,015
Tenants’ security deposits
30,408
30,560
Total liabilities
2,419,388
1,983,921
Total equity
1,731,307
1,947,913
Total liabilities and equity
$
4,150,695
$
3,931,834
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210217005962/en/
Investors Empire State
Realty Trust Investor Relations (212) 850-2678
IR@empirestaterealtytrust.com
Media Sard Verbinnen &
Co. (212) 687-8080
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