Empire State Realty Trust Announces Third Quarter 2020 Results

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 2020.

“ESRT continues to adjust on a daily basis to smooth tenant reentry, collect rents, manage Observatory visits, assist survival of our local retail tenants, and ensure ESRT employee safety. Our tenant presence in our buildings in our Greater New York Metro Area has grown materially, and our New York City buildings continue to see slow growth off a low base with the lowest utilization by our largest tenants. Visits to the Empire State Building Observatory continue to grow off a very low base, limited by border controls against interstate and international tourist travel. Happily, we are well-positioned to manage these challenges with our flexible balance sheet, continued success with collections, successfully implemented cost reduction measures, and new management team members,” stated Anthony E. Malkin, Empire State Realty Trust’s Chairman, President and Chief Executive Officer. “Our more than a decade of industry leading focus on Indoor Environmental Quality has positioned our buildings for our tenants to return safely to their offices. ESRT has the first U.S. commercial portfolio to achieve the WELL Health-Safety rating, an evidence-based, third-party verified rating for all facility types, focused on operational policies, maintenance protocols, emergency plans and stakeholder education to address a post-COVID-19 environment now and broader health and safety-related issues into the future. This rating is a validation of our work to provide tenants with healthy and safe environments. Additionally, our foresight and planning around energy efficiency means the Company has no fines in 2024 under New York City’s Local Law 97 to reduce greenhouse gases.”

Third Quarter and Recent Highlights

  • Net loss attributable to the Company was $0.05 per fully diluted share.
  • After a $0.02 per share reserve against tenant receivables and non-cash reduction in straight-line rent balances, Core Funds From Operations (“Core FFO”) was $0.12 per fully diluted share.
  • Same-Store Property Cash NOI excluding lease termination fees was up 9.3% from the third quarter of 2019 primarily driven by lower property operating expenses and free rent burn-off, partially offset by lower revenue.
  • Strong liquidity position of $1.5 billion as of September 30, 2020, which consists of $373.0 million of cash plus an additional $1.1 billion available under the Company’s revolving credit facility. Moreover, the Company has no debt maturity until 2024.
  • In the third quarter and through October 27, 2020, the Company repurchased $18.4 million of its common stock at a weighted average price of $6.36 per share, which brings the year-to-date total to $132.9 million at a weighted average price of $8.33 per share.
  • For the total portfolio in the third quarter, we signed 18 new, renewal, and expansion leases, representing 247,449 rentable square feet.
  • Collected 94% of third quarter 2020 total billings with 96% for office tenants and 84% for retail tenants. Through October 23, 2020, collected 92% of October total billings, with 93% for office tenants and 84% for retail tenants.
  • On-track with previously communicated 2020 G&A run rate of $60 million, excluding one-time severance charges, which reflects an $8 million reduction year-to-date.
  • Year-to-date through September 30th, the Company reduced property operating expenses by $26 million compared to the prior year period, driven by reduced tenant utilization and the Company’s cost reduction initiatives. The Company also expects $4 million on an annualized basis of permanent cost reductions from 2021 onwards.
  • On July 13, 2020, the Company announced the appointment of R. Paige Hood to its Board of Directors, effective August 1, 2020, and the departure of William H. Berkman, effective July 31, 2020.

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 September 30, 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 September 30, 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 date of the Company’s completion of redevelopment work for new leases to commence.

September 30, 2020

June 30, 2020

September 30, 2019

Percent occupied:

Total portfolio

85.9%

85.6%

89.4%

Total office

85.6%

85.5%

89.3%

Manhattan office

86.9%

87.0%

89.6%

Empire State Building

86.6%

86.1%

93.4%

Retail

89.4%

87.4%

90.7%

Percent leased (includes signed leases not commenced):

Total portfolio

89.7%

89.6%

91.7%

Total office

89.4%

89.4%

91.5%

Manhattan office

90.9%

91.5%

92.1%

Empire State Building

93.1%

93.5%

95.3%

Retail

93.4%

93.4%

94.3%

Rent Collections

Throughout the third quarter in and October, the Company maintained a higher level of collection of its property billings. The Company has collected the following:

Total Billings Collections (as of 10/23/2020)

2Q

2020

 

3Q

2020

 

Oct.

2020

Total Billings Collected

85%

 

94%

 

92%

Rent Deferrals

4%

 

0%

 

0%

Security Deposits Applied

8%

 

1%

 

0%

Uncollected - Covered by Security Deposit

1%

 

2%

 

4%

Uncollected

2%

 

3%

 

4%

100%

 

100%

 

100%

   

Office

86%

 

96%

 

93%

Retail

78%

 

84%

 

84%

In the third quarter, the Company took a $5.8 million total reduction in revenue, or a $0.02 per share impact, comprised of a $4.4 million reserve against tenant receivables and $1.4 million non-cash reduction of straight-line rent balances. The annualized impact of the reserve against tenant receivables equates to approximately 3.2% of our annualized rental revenue as of September 30, 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 September 30, 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

previously

escalated rents

Office

 

17

 

242,323

 

$ 50.98

 

$ 53.74

 

(5.1%)

Retail

 

1

 

5,126

 

$ 53.68

 

$ 55.15

 

(2.7%)

Total Overall

 

18

 

247,449

 

$ 51.04

 

$ 53.77

 

(5.1%)

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

previously

escalated rents

New Office

 

4

 

130,783

 

$ 51.93

 

$ 48.56

 

6.9%

Renewal Office

 

4

 

6,049

 

$ 50.48

 

$ 60.61

 

(16.7%)

Total Office

 

8

 

136,832

 

$ 51.86

 

$ 49.09

 

5.6%

Significant Leases Executed During Third Quarter 2020

  • At Empire State Building, the Company signed a new office lease with Li & Fung for approximately 103,500 square feet for a term of 8.3 years. Li & Fung replaced an existing Global Brands Group lease with no change in rent and no tenant concessions.
  • At Metro Center, the Company signed a new office lease with Berkley Insurance Company, a subsidiary of W. R. Berkley Corporation, for approximately 63,200 square feet for a term of 11.7 years. Berkley is new to the Company’s portfolio and backfills the ThomsonReuters move-out.

Significant Lease Subsequent to Third Quarter 2020

  • At 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 space, which had been subleased by Global Brands Group to Centric, to lease it directly to Centric. While the leasing spread was (15%) based on initial face rent, on a cash flow basis, this transaction was approximately neutral inclusive of all related transaction costs and related lease termination fee.

Nine Months of 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 first quarter 2019 and re-opened in the fourth quarter 2019. In compliance with the requirements of authorities, the Company closed the Empire State Building 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.

The Observatory hosted approximately 30,000 visitors in the third quarter of 2020, compared to 1,042,000 visitors in the third quarter of 2019, a decrease of 97.1%. Against the backdrop of international, national, and local travel restrictions and quarantines, the Observatory has seen steady, weekly increases in visitors. Month-to-date through October 25, attendance was at nearly 6% of 2019 comparable period attendance. This represents a gradual improvement, but is below the 10% projection for traffic in October set forth in the September investor deck. The Company fully expects attendance to return to pre COVID-19 levels with restored national and international travel trends which remain depressed under COVID-19.

Observatory revenue for the third quarter 2020 was $4.4 million, driven by low visitation levels and fewer days of operation in the quarter. Observatory revenue included $2.0 million of deferred revenue from unused tickets and earned income from tour and travel partners, as well as $1.2 million of fixed license fee for the gift shop. Observatory expenses were $5.9 million in the third quarter 2020. This represents a reduction from a $35 million annualized expense run-rate pre-pandemic to a current $25 million annualized expense run-rate for 2020 driven by reduced hours of operations and staffing.

Balance Sheet

The Company has $1.5 billion of total liquidity as of September 30, 2020, which is comprised of $373.0 million of cash, plus an additional $1.1 billion available under its revolving credit facility.

On September 1, 2020, the Company repaid $550 million of borrowings under its revolving credit facility that had been drawn down amidst uncertainty about credit markets at the March 2020 onset of the COVID-19 lockdown with a related annualized savings of approximately $7.5 million at current interest rates.

At September 30, 2020, the Company had total debt outstanding of approximately $2.0 billion, with a weighted average interest rate of 4.0% per annum, and a weighted average term to maturity of 8.3 years. At September 30, 2020, the Company’s net debt to total market capitalization was 46.3% and net debt to adjusted EBITDA was 5.6x. The Company has no debt maturity until 2024.

In the third quarter and through October 27, 2020, the Company repurchased $18.4 million of its common stock at a weighted average price of $6.36 per share, which brings the year-to-date total to $132.9 million at a weighted average price of $8.33 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 expenses during the quarter:

  • A $1.3 million write-off, net of reimbursement, of prior capitalized expenditures on a development project that is unlikely to continue;
  • An accrued expense of $1.2 million which reflects an estimated liability associated with the Initial Public Offering-related litigation; and
  • A severance expense of $0.8 million related to elimination of positions.

Dividend

On August 27, 2020, the Company announced its decision to suspend its third and fourth quarter 2020 dividend 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”). The Company expects to have no taxable income in 2020, and therefore no requirement to pay any dividend on its common stock in either the third or fourth quarter of 2020. The Company and its Board believe that payment of a dividend is currently not the highest and best use of its balance sheet.

On September 30, 2020, the Company paid the preferred dividend of $0.15 per unit for the third quarter 2020 to holders of the Operating Partnership’s Series 2014 private perpetual preferred units and the preferred dividend of $0.175 per unit for the third 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, October 29, 2020 at 12:00 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 November 5, 2020, 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 13710737.

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), 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, 2020, 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. Long the leader in energy efficiency retrofits and Indoor Environmental Quality, Empire State Realty Trust is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating.

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, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to businesses that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company’s tenants, particularly retail, and the Observatory recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments, including such tenants’ ability to pay rent following the termination of temporary governmental assistance and benefits programs, (d) government moratoriums and/or limits (including temporary closure of certain court systems) which directly or indirectly abridge the enforcement of lease obligations and related guarantees, (e) the potential impact on the Company’s human capital management, including potentially reduced productivity associated with work-from-home and risks associated with employees returning to the office, (f) international and national disruption of travel and tourism with a resulting decline in Observatory visitors, and (g) macroeconomic conditions, such as a disruption of, or lack of access to, the capital markets, and general volatility adversely impacting the market price of the Company’s Class A common stock and publicly-traded partnership units of the Operating Partnership; (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 June 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 September 30,

2020

 

2019

Revenues

 

Rental revenue

$

139,909

 

$

150,225

Observatory revenue

4,419

 

37,575

Lease termination fees

331

 

2,361

Third-party management and other fees

283

 

304

Other revenue and fees

1,633

 

2,408

Total revenues

146,575

 

192,873

Operating expenses

 

Property operating expenses

33,836

 

47,894

Ground rent expenses

2,331

 

2,331

General and administrative expenses

14,517

 

14,421

Observatory expenses

5,931

 

9,089

Real estate taxes

31,196

 

29,599

Impairment charge

2,103

 

-

Depreciation and amortization

44,733

 

44,260

Total operating expenses

134,647

 

147,594

Total operating income

11,928

 

45,279

Other income (expense):

 

Interest income

366

 

2,269

Interest expense

(23,360

)

 

(19,426

)

IPO litigation expense

(1,165

)

 

-

Income (loss) before income taxes

(12,231

)

 

28,122

Income tax expense

(38

)

 

(1,338

)

Net income (loss)

(12,269

)

 

26,784

Preferred unit distributions

(1,050

)

 

(234

)

Net (income) loss attributable to non-controlling interests

5,115

 

(10,668

)

Net income (loss) attributable to common stockholders

$

(8,204

)

 

$

15,882

Total weighted average shares

 

Basic

173,048

 

178,352

Diluted

280,940

 

298,151

Net income (loss) per share attributable to common stockholders

 

Basic

$

(0.05

)

 

$

0.09

Diluted

$

(0.05

)

 

$

0.09

Empire State Realty Trust, Inc.

Condensed Consolidated Statements of Operations

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

 

Nine Months Ended September 30,

2020

 

2019

Revenues

 

Rental revenue

$

426,021

 

$

434,713

Observatory revenue

24,049

 

91,039

Lease termination fees

1,575

 

3,112

Third-party management and other fees

930

 

955

Other revenue and fees

5,254

 

6,591

Total revenues

457,829

 

536,410

Operating expenses

 

Property operating expenses

105,054

 

131,076

Ground rent expenses

6,994

 

6,994

General and administrative expenses

48,617

 

44,445

Observatory expenses

18,087

 

25,024

Real estate taxes

90,029

 

86,098

Impairment charges

6,204

 

-

Depreciation and amortization

143,609

 

135,179

Total operating expenses

418,594

 

428,816

Total operating income

39,235

 

107,594

Other income (expense):

 

Interest income

2,529

 

9,907

Interest expense

(66,906

)

 

(60,712

)

Loss on early extinguishment of debt

(86

)

 

-

IPO litigation expense

(1,165

)

 

-

Income (loss) before income taxes

(26,393

)

 

56,789

Income tax benefit (expense)

2,794

 

(1,219

)

Net income (loss)

(23,599

)

 

55,570

Preferred unit distributions

(3,147

)

 

(702

)

Net (income) loss attributable to non-controlling interests

10,244

 

(22,222

)

Net income (loss) attributable to common stockholders

$

(16,502

)

 

$

32,646

Total weighted average shares

 

Basic

176,299

 

177,428

Diluted

285,640

 

298,117

Net income (loss) per share attributable to common stockholders

 

Basic

$

(0.09

)

 

$

0.18

Diluted

$

(0.09

)

 

$

0.18

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,

2020

 

2019

  

Net income (loss)

$

(12,269

)

 

$

26,784

Preferred unit distributions

(1,050

)

 

(234

)

Real estate depreciation and amortization

43,029

 

43,303

Impairment charge, net of reimbursement

1,259

 

-

FFO attributable to common stockholders and non-controlling interests

30,969

 

69,853

 

Amortization of below-market ground leases

1,957

 

1,957

Modified FFO attributable to common stockholders and non-controlling interests

32,926

 

71,810

 

Severance expenses

805

 

-

IPO litigation expense

1,165

 

-

Core FFO attributable to common stockholders and non-controlling interests

$

34,896

 

$

71,810

 

Total weighted average shares

 

Basic

280,940

 

298,151

Diluted

280,940

 

298,151

  

FFO per share

 

Basic

$

0.11

 

$

0.23

Diluted

$

0.11

 

$

0.23

 

Modified FFO per share

 

Basic

$

0.12

 

$

0.24

Diluted

$

0.12

 

$

0.24

 

Core FFO per share

 

Basic

$

0.12

 

$

0.24

Diluted

$

0.12

 

$

0.24

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,

2020

 

2019

  

Net income (loss)

$

(23,599

)

 

$

55,570

Preferred unit distributions

(3,147

)

 

(702

)

Real estate depreciation and amortization

138,555

 

132,217

Impairment charges, net of reimbursement

5,360

 

-

FFO attributable to common stockholders and non-controlling interests

117,169

 

187,085

 

Amortization of below-market ground leases

5,873

 

5,873

Modified FFO attributable to common stockholders and non-controlling interests

123,042

 

192,958

 

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

$

128,106

 

$

192,958

 

Total weighted average shares

 

Basic

285,640

 

298,117

Diluted

285,640

 

298,117

  

FFO per share

 

Basic

$

0.41

 

$

0.63

Diluted

$

0.41

 

$

0.63

 

Modified FFO per share

 

Basic

$

0.43

 

$

0.65

Diluted

$

0.43

 

$

0.65

 

Core FFO per share

 

Basic

$

0.45

 

$

0.65

Diluted

$

0.45

 

$

0.65

Empire State Realty Trust, Inc.

Condensed Consolidated Balance Sheets

(unaudited and amounts in thousands)

 

September 30,

2020

 

December 31,

2019

Assets

 

Commercial real estate properties, at cost

$

3,134,666

 

$

3,109,433

Less: accumulated depreciation

(927,517

)

 

(862,534

)

Commercial real estate properties, net

2,207,149

 

2,246,899

Cash and cash equivalents

373,088

 

233,946

Restricted cash

54,865

 

37,651

Tenant and other receivables

25,853

 

25,423

Deferred rent receivables

223,886

 

220,960

Prepaid expenses and other assets

50,773

 

65,453

Deferred costs, net

207,774

 

228,150

Acquired below market ground leases, net

346,693

 

352,566

Right of use assets

29,154

 

29,307

Goodwill

491,479

 

491,479

Total assets

$

4,010,714

 

$

3,931,834

 

Liabilities and equity

 

Mortgage notes payable, net

$

603,178

 

$

605,542

Senior unsecured notes, net

973,106

 

798,392

Unsecured term loan facility, net

387,309

 

264,640

Accounts payable and accrued expenses

111,918

 

143,786

Acquired below market leases, net

33,405

 

39,679

Ground lease liabilities

29,154

 

29,307

Deferred revenue and other liabilities

77,572

 

72,015

Tenants’ security deposits

51,257

 

30,560

Total liabilities

2,266,899

 

1,983,921

Total equity

1,743,815

 

1,947,913

Total liabilities and equity

$

4,010,714

 

$

3,931,834

Contacts:

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

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