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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 001-36106
EMPIRE STATE REALTY OP, L.P.
(Exact name of Registrant as specified in its charter)  
Delaware
 
45-4685158
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

111 West 33rd Street, 12th Floor
New York, New York 10120
(Address of principal executive offices) (Zip Code)
(212) 687-8700
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
    
Title of Securities
Trading Symbol
Exchange on which traded
 
 
 
Series ES operating partnership units
ESBA
NYSE Arca, Inc.
Series 60 operating partnership units
OGCP
NYSE Arca, Inc.
Series 250 operating partnership units
FISK
NYSE Arca, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
 
 
Emerging growth company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No  
As of April 30, 2020, there were 25,007,880 units of the Registrant Series ES operating partnership units outstanding, 6,817,297 units of the Series 60 operating partnership units outstanding, and 3,421,700 units of the Series 250 operating partnership units outstanding.




 
EMPIRE STATE REALTY OP, L.P.
 
 
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2020
 
 
TABLE OF CONTENTS
PAGE
PART 1.
FINANCIAL INFORMATION
 
 
 
 
ITEM 1.
FINANCIAL STATEMENTS
 
 
Condensed Consolidated Balance Sheets as of March 31, 2020 (unaudited) and December 31, 2019
 
Condensed Consolidated Statements of Income for the three months ended March 31, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Capital for the three months ended March 31, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited)
 
Notes to Condensed Consolidated Financial Statements (unaudited)
 
 
 
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 
 
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
 
 
 
ITEM 4.
CONTROLS AND PROCEDURES
 
 
 
PART II.
OTHER INFORMATION
 
 
 
ITEM 1.
LEGAL PROCEEDINGS
 
 
 
ITEM 1A.
RISK FACTORS
 
 
 
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
 
 
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
 
 
 
ITEM 4.
MINE SAFETY DISCLOSURES
 
 
 
ITEM 5.
OTHER INFORMATION
 
 
 
ITEM 6.
EXHIBITS
 
 
 
SIGNATURES









1





ITEM 1. FINANCIAL STATEMENTS
Empire State Realty OP, L.P.
Condensed Consolidated Balance Sheets
(amounts in thousands, except unit and per unit amounts)
 
March 31, 2020
 
December 31, 2019
ASSETS
(unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land
$
201,196

 
$
201,196

Development costs
8,800

 
7,989

Building and improvements
2,913,312

 
2,900,248

 
3,123,308

 
3,109,433

Less: accumulated depreciation
(886,822
)
 
(862,534
)
Commercial real estate properties, net
2,236,486

 
2,246,899

Cash and cash equivalents
1,008,983

 
233,946

Restricted cash
36,881

 
37,651

Tenant and other receivables
22,549

 
25,423

Deferred rent receivables
229,154

 
220,960

Prepaid expenses and other assets
40,583

 
65,453

Deferred costs, net
218,578

 
228,150

Acquired below-market ground leases, net
350,609

 
352,566

Right of use assets
29,256

 
29,307

Goodwill
491,479

 
491,479

Total assets
$
4,664,558

 
$
3,931,834

LIABILITIES AND CAPITAL
 
 
 
Liabilities:
 
 
 
Mortgage notes payable, net
$
604,763

 
$
605,542

Senior unsecured notes, net
973,002

 
798,392

Unsecured term loan facilities, net
386,568

 
264,640

Unsecured revolving credit facility, net
546,436

 

Accounts payable and accrued expenses
142,315

 
143,786

Acquired below-market leases, net
37,623

 
39,679

Ground lease liabilities
29,256

 
29,307

Deferred revenue and other liabilities
64,176

 
72,015

Tenants’ security deposits
30,543

 
30,560

Total liabilities
2,814,682

 
1,983,921

Commitments and contingencies


 


Capital:
 
 
 
Private perpetual preferred units:
 
 
 
Private perpetual preferred units, $13.52 per unit liquidation preference, 4,664,038 and 4,610,383 issued and outstanding in 2020 and 2019, respectively
21,936

 
21,147

Private perpetual preferred units, $16.62 per unit liquidation preference, 1,560,360 issued and outstanding in 2020 and 2019
8,004

 
8,004

Series PR operating partnership units:
 
 
 
ESRT partner's capital (2,976,762 and 2,996,520 general partner operating partnership units and 174,151,247 and 178,897,876 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
1,148,584

 
1,228,520

Limited partners' interests (84,899,960 and 81,387,763 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
666,778

 
680,580

Series ES operating partnership units (25,359,132 and 25,809,604 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
3,652

 
7,262

Series 60 operating partnership units (6,824,249 and 7,025,089 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
607

 
1,593

Series 250 operating partnership units (3,464,875 and 3,535,197 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
315

 
807

Total capital
1,849,876

 
1,947,913

  Total liabilities and capital
$
4,664,558

 
$
3,931,834

The accompanying notes are an integral part of these consolidated financial statements

2



Empire State Realty OP, L.P.
Condensed Consolidated Statements of Income
(unaudited)
(amounts in thousands, except per unit amounts)
 
Three Months Ended March 31,
 
2020
 
2019
Revenues:
 
 
 
Rental revenue
$
148,113

 
$
143,417

Observatory revenue
19,544

 
20,569

Lease termination fees
211

 
388

Third-party management and other fees
346

 
320

Other revenue and fees
2,010

 
2,599

Total revenues
170,224

 
167,293

Operating expenses:
 
 
 
Property operating expenses
41,468

 
42,955

Ground rent expenses
2,331

 
2,331

General and administrative expenses
15,951

 
14,026

Observatory expenses
8,154

 
7,575

Real estate taxes
29,254

 
28,232

Depreciation and amortization
46,093

 
46,098

Total operating expenses
143,251

 
141,217

Total operating income
26,973

 
26,076

Other income (expense):
 
 
 
Interest income
637

 
3,739

Interest expense
(19,618
)
 
(20,689
)
Loss on early extinguishment of debt
(86
)
 

Income before income taxes
7,906

 
9,126

Income tax expense
382

 
730

Net income
8,288

 
9,856

Private perpetual preferred unit distributions
(1,050
)
 
(234
)
Net income attributable to common unitholders
$
7,238

 
$
9,622

 
 
 
 
Total weighted average units:
 
 
 
Basic
292,645

 
298,049

Diluted
292,645

 
298,049

 
 
 
 
Earnings per unit attributable to common unitholders:
 
 
 
Basic
$
0.02

 
$
0.03

Diluted
$
0.02

 
$
0.03

 
 
 
 
Dividends per unit
$
0.105

 
$
0.105


The accompanying notes are an integral part of these consolidated financial statements


3



Empire State Realty OP, L.P.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(amounts in thousands)

 
Three Months Ended March 31,
 
2020
 
2019
Net income
$
8,288

 
$
9,856

Other comprehensive income (loss):
 
 
 
Unrealized gain (loss) on valuation of interest rate swap agreements
(17,695
)
 
(7,390
)
Less: amount reclassified into interest expense
796

 
149

     Other comprehensive income (loss)
(16,899
)
 
(7,241
)
Comprehensive income (loss)
$
(8,611
)
 
$
2,615


The accompanying notes are an integral part of these consolidated financial statements


4



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Three Months Ended March 31, 2020 and 2019
(unaudited)
(amounts in thousands)

 
 
 
 
 
Series PR Operating Partnership Units
 
Series ES Operating Partnership Units Limited Partners
 
Series 60 Operating Partnership Units Limited Partners
 
Series 250 Operating Partnership Units Limited Partners
 
 
 
 
 
 
 
General Partner
 
Limited Partners
 
 
 
 
 
 
Private Perpetual Preferred Units
 
Private Perpetual Preferred Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Total Capital
Balance at December 31, 2019
6,170

 
$
29,151

 
181,894

 
$
1,228,520

 
81,388

 
$
680,580

 
25,810

 
$
7,262

 
7,025

 
$
1,593

 
3,535

 
$
807

 
1,947,913

Issuance of private perpetual preferred in exchange for common units
54

 
789

 

 

 
(97
)
 
(800
)
 
43

 
11

 

 

 

 

 

Conversion of operating partnership units to ESRT Partner's Capital


 

 
1,659

 
7,562

 
(894
)
 
(7,416
)
 
(494
)
 
(104
)
 
(201
)
 
(31
)
 
(70
)
 
(11
)
 

Repurchases of common units

 

 
(6,571
)
 
(62,666
)
 

 

 

 

 

 

 

 

 
(62,666
)
Equity compensation

 

 
146

 
154

 
4,503

 
5,737

 

 

 

 

 

 

 
5,891

Distributions

 
(1,050
)
 

 
(18,987
)
 

 
(8,849
)
 

 
(2,677
)
 

 
(723
)
 

 
(365
)
 
(32,651
)
Net income

 
1,050

 

 
4,495

 

 
1,852

 

 
630

 

 
174

 

 
87

 
8,288

Other comprehensive income (loss)

 

 

 
(10,494
)
 

 
(4,326
)
 

 
(1,470
)
 

 
(406
)
 

 
(203
)
 
(16,899
)
Balance at March 31, 2020
6,224

 
$
29,940

 
177,128

 
$
1,148,584

 
84,900

 
$
666,778

 
25,359

 
$
3,652

 
6,824

 
$
607

 
3,465

 
$
315

 
$
1,849,876




 
 
 
 
 
Series PR Operating Partnership Units
 
Series ES Operating Partnership Units Limited Partners
 
Series 60 Operating Partnership Units Limited Partners
 
Series 250 Operating Partnership Units Limited Partners
 
 
 
 
 
 
 
General Partner
 
Limited Partners
 
 
 
 
 
 
Private Perpetual Preferred Units
 
Private Perpetual Preferred Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Operating Partnership Units
 
Operating Partnership Unitholders
 
Total Capital
Balance at December 31, 2018
1,560

 
$
8,004

 
174,912

 
$
1,238,482

 
86,202

 
$
725,108

 
30,129

 
$
14,399

 
8,020

 
$
3,385

 
4,064

 
$
1,731

 
1,991,109

Issuance of private perpetual preferred in exchange for common units

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of operating partnership units to ESRT Partner's Capital


 

 
1,622

 
3,282

 
(318
)
 
(2,674
)
 
(1,081
)
 
(514
)
 
(145
)
 
(61
)
 
(78
)
 
(33
)
 

Repurchases of common units

 

 

 

 

 

 

 

 

 

 

 

 

Equity compensation

 

 
59

 
40

 
1,440

 
5,379

 

 

 

 

 

 

 
5,419

Distributions

 
(234
)
 

 
(18,520
)
 

 
(8,882
)
 

 
(3,059
)
 

 
(829
)
 

 
(418
)
 
(31,942
)
Net income

 
234

 

 
5,677

 

 
2,607

 

 
953

 

 
260

 

 
125

 
9,856

Other comprehensive income (loss)

 

 

 
(4,272
)
 

 
(1,962
)
 

 
(717
)
 

 
(196
)
 

 
(94
)
 
(7,241
)
Balance at March 31, 2019
1,560

 
$
8,004

 
176,593

 
$
1,224,689

 
87,324

 
$
719,576

 
29,048

 
$
11,062

 
7,875

 
$
2,559

 
3,986

 
$
1,311

 
$
1,967,201



The accompanying notes are an integral part of these consolidated financial statements

5




Empire State Realty OP, L.P.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(amounts in thousands)
 
Three Months Ended March 31,
 
2020
 
2019
Cash Flows From Operating Activities
 
 
 
Net income
$
8,288

 
$
9,856

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
46,093

 
46,098

Amortization of non-cash items within interest expense
1,052

 
2,074

Amortization of acquired above- and below-market leases, net
(908
)
 
(2,354
)
Amortization of acquired below-market ground leases
1,958

 
1,958

Straight-lining of rental revenue
(8,193
)
 
(5,404
)
Equity based compensation
5,891

 
5,419

Loss on early extinguishment of debt
86

 

Increase (decrease) in cash flows due to changes in operating assets and liabilities:
 
 
 
Security deposits
(17
)
 
(1,243
)
Tenant and other receivables
2,874

 
7,385

Deferred leasing costs
(4,118
)
 
(3,270
)
Prepaid expenses and other assets
24,869

 
24,046

Accounts payable and accrued expenses
(5,261
)
 
(5,192
)
Deferred revenue and other liabilities
(7,840
)
 
(1,471
)
Net cash provided by operating activities
64,774

 
77,902

Cash Flows From Investing Activities
 
 
 
Short-term investments

 
50,000

Development costs
(811
)
 

Additions to building and improvements
(39,799
)
 
(61,163
)
Net cash used in investing activities
(40,610
)
 
(11,163
)

The accompanying notes are an integral part of these consolidated financial statements






















6





Empire State Realty OP, L.P.
Condensed Consolidated Statements of Cash Flows (continued)
(unaudited)
(amounts in thousands)

 
Three Months Ended March 31,
 
2020
 
2019
Cash Flows From Financing Activities
 
 
 
Repayment of mortgage notes payable
(970
)
 
(934
)
Proceeds from unsecured senior notes
175,000

 

Repayment of unsecured term loan
(50,000
)
 

Proceeds from unsecured term loan
175,000

 

Proceeds from unsecured revolving credit facility
550,000

 

Repurchases of common units
(62,666
)
 

Deferred financing costs
(3,610
)
 

Distributions
(32,651
)
 
(31,942
)
Net cash provided by (used in) financing activities
750,103

 
(32,876
)
Net increase in cash and cash equivalents and restricted cash
774,267

 
33,863

Cash and cash equivalents and restricted cash—beginning of period
271,597

 
270,813

Cash and cash equivalents and restricted cash—end of period
$
1,045,864

 
$
304,676

 
 
 
 
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
 
 
 
Cash and cash equivalents at beginning of period
$
233,946

 
$
204,981

Restricted cash at beginning of period
37,651

 
65,832

Cash and cash equivalents and restricted cash at beginning of period
$
271,597

 
$
270,813

 
 
 
 
Cash and cash equivalents at end of period
$
1,008,983

 
$
242,910

Restricted cash at end of period
36,881

 
61,766

Cash and cash equivalents and restricted cash at end of period
$
1,045,864

 
$
304,676

 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
Cash paid for interest
$
17,081

 
$
20,768

Cash paid for income taxes
$
898

 
$
1,075

 
 
 
 
Non-cash investing and financing activities:
 
 
 
Building and improvements included in accounts payable and accrued expenses
$
78,107

 
$
82,399

Write-off of fully depreciated assets
13,932

 
6,126

Derivative instruments at fair values included in prepaid expenses and other assets

 
3

Derivative instruments at fair values included in accounts payable and accrued expenses
30,387

 
10,336

Conversion of limited partners' operating partnership units to ESRT partner's capital

7,562

 
3,282

Issuance of Series 2019 private perpetual preferred in exchange for common units
789

 

Right of use assets

 
29,452

Ground lease liabilities

 
29,452


The accompanying notes are an integral part of these consolidated financial statements

7





Empire State Realty OP, L.P.
Notes to Condensed Consolidated Financial Statements
(unaudited)
 
1. Description of Business and Organization
As used in these condensed consolidated financial statements, unless the context otherwise requires, “we,” “us,” "our," and the "company,” mean Empire State Realty OP, L.P. and its consolidated subsidiaries.
Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (“ESRT”), a self-administered and self-managed real estate investment trust ("REIT"), conducts all of its business and owns (either directly or through subsidiaries) substantially all of its assets. We own, manage, operate, acquire and reposition office and retail properties in Manhattan and the greater New York metropolitan area. As of March 31, 2020, our total portfolio contained 10.1 million rentable square feet of office and retail space. We owned 14 office properties (including three long-term ground leasehold interests) encompassing approximately 9.4 million rentable square feet of office space. Nine of these properties are located in the midtown Manhattan market and aggregate approximately 7.6 million rentable square feet of office space, including the Empire State Building. Our Manhattan office properties also contain an aggregate of 509,244 rentable square feet of retail space on their ground floor and/or contiguous levels. Our remaining five office properties are located in Fairfield County, Connecticut and Westchester County, New York, encompassing in the aggregate approximately 1.8 million rentable square feet. The majority of square footage for these five properties is located in densely populated metropolitan communities with immediate access to mass transportation. Additionally, we have entitled land at the Stamford Transportation Center in Stamford, Connecticut, adjacent to one of our office properties, that will support the development of an approximately 415,000 rentable square foot office building and garage. As of March 31, 2020, our portfolio included four standalone retail properties located in Manhattan and two standalone retail properties located in the city center of Westport, Connecticut, encompassing 205,488 rentable square feet in the aggregate.
We were organized as a Delaware limited partnership on November 28, 2011 and operations commenced upon completion of the initial public offering of ESRT’s Class A common stock and related formation transactions on October 7, 2013. ESRT, as the sole general partner in our company, has responsibility and discretion in the management and control of our company, and our limited partners, in such capacity, have no authority to transact business for, or participate in the management activities, of our company. As of March 31, 2020, ESRT owned approximately 59.5% of our operating partnership units.
2. Summary of Significant Accounting Policies
There have been no material changes to the summary of significant accounting policies included in the section entitled "Summary of Significant Accounting Policies" in our December 31, 2019 Annual Report on Form 10-K.

Basis of Quarterly Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included.
    The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2019 contained in our Annual Report on Form 10-K. We do not consider our business to be subject to material seasonal fluctuations, except that our observatory business is subject to tourism seasonality. During the past ten years, approximately 16.0% to 18.0% of our annual observatory revenue was realized in the first quarter, 26.0% to 28.0% was realized in the second quarter, 31.0% to 33.0% was realized in the third quarter and 23.0% to 25.0% was realized in the fourth quarter.
We consolidate entities in which we have a controlling financial interest.  In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we

8



consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members.  For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. We had no VIEs as of March 31, 2020 and December 31, 2019.
We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment.
A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of income by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests.
Accounting Estimates
The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties, right of use assets and other long-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured term loan and revolving credit facilities, and equity based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.
Revenue Recognition
For Coronavirus 2019 (“COVID-19”) pandemic related rent deferral agreements, we will generally elect to record rental revenue and a receivable during the deferral period.

Recently Issued or Adopted Accounting Standards
During April 2020, the Financial Accounting Standards Board ("FASB") staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 global pandemic. Under existing lease guidance, the entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if a lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease. This election is only available when total cash flows resulting from the modified lease are substantially similar to the cash flows in the original lease.
During March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the

9



presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
During January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which contain amendments that modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Because these amendments eliminate Step 2 from the goodwill impairment test, they should reduce the cost and complexity of evaluating goodwill for impairment. ASU No. 2017-04 should be applied on a prospective basis and the amendments adopted for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We adopted this standard and related amendments on January 1, 2020 and such adoption did not have a material impact our consolidated financial statements.
During June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which contains amendments that replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. During November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted in accordance with ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-13 and ASU No. 2018-19 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Earlier adoption as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, is permitted. The amendments must be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified retrospective approach). We adopted these standards on January 1, 2020 and such adoption did not have a material impact our consolidated financial statements.
3. Deferred Costs, Acquired Lease Intangibles and Goodwill
Deferred costs, net, consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands):  

 
March 31, 2020
 
December 31, 2019
Leasing costs
$
200,792

 
$
199,033

Acquired in-place lease value and deferred leasing costs
193,478

 
200,296

Acquired above-market leases
44,813

 
49,213

 
439,083

 
448,542

Less: accumulated amortization
(220,505
)
 
(224,598
)
Total deferred costs, net, excluding net deferred financing costs
$
218,578

 
$
223,944


At December 31, 2019, $4.2 million of net deferred financing costs associated with the unsecured revolving credit facility was included in deferred costs, net on the condensed consolidated balance sheet. At March 31, 2020, the net deferred financing costs associated with the unsecured revolving credit facility were included as a reduction of debt.
Amortization expense related to deferred leasing costs and acquired deferred leasing costs was $5.9 million and $6.2 million for the three months ended March 31, 2020 and 2019, respectively. Amortization expense related to acquired lease intangibles was $2.0 million and $3.2 million for the three months ended March 31, 2020 and 2019, respectively.
Amortizing acquired intangible assets and liabilities consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands):

10



 
March 31, 2020
 
December 31, 2019
Acquired below-market ground leases
$
396,916

 
$
396,916

Less: accumulated amortization
(46,307
)
 
(44,350
)
Acquired below-market ground leases, net
$
350,609

 
$
352,566

 
March 31, 2020
 
December 31, 2019
Acquired below-market leases
$
(97,101
)
 
$
(100,472
)
Less: accumulated amortization
59,478

 
60,793

Acquired below-market leases, net
$
(37,623
)
 
$
(39,679
)

    
Rental revenue related to the amortization of below-market leases, net of above-market leases, was $0.9 million and $2.4 million for the three months ended March 31, 2020 and 2019, respectively.
As of March 31, 2020, we had goodwill of $491.5 million. Goodwill was allocated $227.5 million to the observatory reportable segment and $264.0 million to the real estate segment.

4. Debt
Debt consisted of the following as of March 31, 2020 and December 31, 2019 (amounts in thousands):
 
Principal Balance
 
As of March 31, 2020
 
March 31, 2020
 
December 31, 2019
 
Stated
Rate
 
Effective
Rate
(1)
 
Maturity
Date
(2)
Mortgage debt collateralized by:
 
 
 
 
 
 
 
 
 
Fixed rate mortgage debt
 
 
 
 
 
 
 
 
 
Metro Center
$
89,090

 
$
89,650

 
3.59
%
 
3.68
%
 
11/5/2024
10 Union Square
50,000

 
50,000

 
3.70
%
 
3.97
%
 
4/1/2026
1542 Third Avenue
30,000

 
30,000

 
4.29
%
 
4.53
%
 
5/1/2027
First Stamford Place(3)
180,000

 
180,000

 
4.28
%
 
4.75
%
 
7/1/2027
1010 Third Avenue and 77 West 55th Street
38,061

 
38,251

 
4.01
%
 
4.23
%
 
1/5/2028
10 Bank Street
32,700

 
32,920

 
4.23
%
 
4.36
%
 
6/1/2032
383 Main Avenue
30,000

 
30,000

 
4.44
%
 
4.55
%
 
6/30/2032
1333 Broadway
160,000

 
160,000

 
4.21
%
 
4.29
%
 
2/5/2033
Total mortgage debt
609,851

 
610,821

 
 
 
 
 
 
Senior unsecured notes:(4)


 


 
 
 
 
 
 
   Series A
100,000

 
100,000

 
3.93
%
 
3.96
%
 
3/27/2025
   Series B
125,000

 
125,000

 
4.09
%
 
4.12
%
 
3/27/2027
   Series C
125,000

 
125,000

 
4.18
%
 
4.21
%
 
3/27/2030
   Series D
115,000

 
115,000

 
4.08
%
 
4.11
%
 
1/22/2028
   Series E
160,000

 
160,000

 
4.26
%
 
4.27
%
 
3/22/2030
   Series F
175,000

 
175,000

 
4.44
%
 
4.45
%
 
3/22/2033
   Series G
100,000

 

 
3.61
%
 
4.90
%
 
3/17/2032
   Series H
75,000

 

 
3.73
%
 
5.00
%
 
3/17/2035
Unsecured revolving credit facility (4)
550,000

 

 
LIBOR plus 1.10%

 
3.48
%
 
8/29/2021
Unsecured term loan facility (4)
215,000

 
265,000

 
LIBOR plus 1.20%

 
3.39
%
 
3/19/2025
Unsecured term loan facility (4)
175,000

 

 
LIBOR plus 1.50%

 
3.87
%
 
12/31/2026
Total principal
2,524,851

 
1,675,821

 
 
 
 
 
 
Deferred financing costs, net

(14,082
)
 
(7,247
)
 
 
 
 
 
 
Total
$
2,510,769

 
$
1,668,574

 
 
 
 
 
 
______________


11



(1)
The effective rate is the yield as of March 31, 2020 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.
(2)
Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.
(3)
Represents a $164 million mortgage loan bearing interest at 4.09% and a $16 million loan bearing interest at 6.25%.
(4)
At March 31, 2020, we were in compliance with all debt covenants.

Principal Payments
Aggregate required principal payments at March 31, 2020 are as follows (amounts in thousands):
 
Year
Amortization
 
Maturities
 
Total
2020
$
2,967

 
$

 
$
2,967

2021
4,090

 
550,000

 
554,090

2022
5,628

 

 
5,628

2023
7,876

 

 
7,876

2024
7,958

 
77,675

 
85,633

Thereafter
25,909

 
1,842,748

 
1,868,657

Total
$
54,428

 
$
2,470,423

 
$
2,524,851


 
Deferred Financing Costs
Deferred financing costs, net, consisted of the following at March 31, 2020 and December 31, 2019 (amounts in thousands):
 
 
March 31, 2020
 
December 31, 2019
Financing costs
 
$
28,839

 
$
25,315

Less: accumulated amortization
 
(14,757
)
 
(13,863
)
Total deferred financing costs, net
 
$
14,082

 
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