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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 June 30, 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: 001-36105
EMPIRE STATE REALTY TRUST, INC.

(Exact name of Registrant as specified in its charter)
Maryland
 
37-1645259
(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
 
 
 
Class A Common Stock, par value $0.01 per share
ESRT
The New York Stock Exchange
Class B Common Stock, par value $0.01 per share
N/A
N/A
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 July 30, 2020, there were 171,804,294 shares of Class A Common Stock, $0.01 par value per share, outstanding and 1,012,508 shares of Class B Common Stock, $0.01 par value per share, outstanding.






 
EMPIRE STATE REALTY TRUST, INC.
 
 
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2020
 
 
TABLE OF CONTENTS
PAGE
PART 1.
FINANCIAL INFORMATION
 
 
 
 
ITEM 1.
FINANCIAL STATEMENTS
 
 
Condensed Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019
 
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 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 Trust, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands, except share and per share amounts)
 
June 30, 2020
 
December 31, 2019
ASSETS
(unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land
$
201,196

 
$
201,196

Development costs
9,325

 
7,989

Building and improvements
2,914,528

 
2,900,248

 
3,125,049

 
3,109,433

Less: accumulated depreciation
(911,546
)
 
(862,534
)
Commercial real estate properties, net
2,213,503

 
2,246,899

Cash and cash equivalents
872,970

 
233,946

Restricted cash
58,878

 
37,651

Tenant and other receivables
29,800

 
25,423

Deferred rent receivables
226,444

 
220,960

Prepaid expenses and other assets
68,109

 
65,453

Deferred costs, net
211,356

 
228,150

Acquired below-market ground leases, net
348,651

 
352,566

Right of use assets
29,205

 
29,307

Goodwill
491,479

 
491,479

Total assets
$
4,550,395

 
$
3,931,834

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Mortgage notes payable, net
$
603,974

 
$
605,542

Senior unsecured notes, net
973,053

 
798,392

Unsecured term loan facilities, net
387,059

 
264,640

Unsecured revolving credit facility, net
546,778

 

Accounts payable and accrued expenses
104,992

 
143,786

Acquired below-market leases, net
35,170

 
39,679

Ground lease liabilities
29,205

 
29,307

Deferred revenue and other liabilities
62,996

 
72,015

Tenants’ security deposits
51,130

 
30,560

Total liabilities
2,794,357

 
1,983,921

Commitments and contingencies


 


Equity:
 
 
 
Empire State Realty Trust, Inc. stockholders' equity:
 
 
 
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, none issued or outstanding

 

Class A common stock, $0.01 par value per share, 400,000,000 shares authorized, 172,332,358 shares issued and outstanding and 180,877,597 shares issued and outstanding in 2020 and 2019, respectively
1,723

 
1,809

Class B common stock, $0.01 par value per share, 50,000,000 shares authorized, 1,014,221 and 1,016,799 shares issued and outstanding in 2020 and 2019, respectively
10

 
10

Additional paid-in capital
1,166,451

 
1,232,433

Accumulated other comprehensive loss
(31,874
)
 
(21,496
)
Retained (deficit) earnings
(56,089
)
 
15,764

Total Empire State Realty Trust, Inc.'s stockholders' equity
1,080,221

 
1,228,520

Non-controlling interests in operating partnership
645,877

 
690,242

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

Total equity
1,756,038

 
1,947,913

Total liabilities and equity
$
4,550,395

 
$
3,931,834

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

2



Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except per share amounts)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
Rental revenue
$
137,999

 
$
141,071

 
$
286,112

 
$
284,488

Observatory revenue
86

 
32,895

 
19,630

 
53,464

Lease termination fees
1,033

 
363

 
1,244

 
751

Third-party management and other fees
301

 
331

 
647

 
651

Other revenue and fees
1,611

 
1,584

 
3,621

 
4,183

Total revenues
141,030

 
176,244

 
311,254

 
343,537

Operating expenses:
 
 
 
 
 
 
 
Property operating expenses
29,750

 
40,227

 
71,218

 
83,182

Ground rent expenses
2,332

 
2,332

 
4,663

 
4,663

General and administrative expenses
18,149

 
15,998

 
34,100

 
30,024

Observatory expenses
4,002

 
8,360

 
12,156

 
15,935

Real estate taxes
29,579

 
28,267

 
58,833

 
56,499

Impairment charge
4,101

 

 
4,101

 

Depreciation and amortization
52,783

 
44,821

 
98,876

 
90,919

Total operating expenses
140,696

 
140,005

 
283,947

 
281,222

Total operating income
334

 
36,239

 
27,307

 
62,315

Other income (expense):
 
 
 
 
 
 
 
Interest income
1,526

 
3,899

 
2,163

 
7,638

Interest expense
(23,928
)
 
(20,597
)
 
(43,546
)
 
(41,286
)
Loss on early extinguishment of debt

 

 
(86
)
 

Income (loss) before income taxes
(22,068
)
 
19,541

 
(14,162
)
 
28,667

Income tax benefit (expense)
2,450

 
(611
)
 
2,832

 
119

Net income (loss)
(19,618
)
 
18,930

 
(11,330
)
 
28,786

Private perpetual preferred unit distributions
(1,047
)
 
(234
)
 
(2,097
)
 
(468
)
Net (income) loss attributable to non-controlling interests
7,872

 
(7,609
)
 
5,129

 
(11,554
)
Net income (loss) attributable to common stockholders
$
(12,793
)
 
$
11,087

 
$
(8,298
)
 
$
16,764

 
 
 
 
 
 
 
 
Total weighted average shares:
 
 
 
 
 
 
 
Basic
175,433

 
176,796

 
178,029

 
176,495

Diluted
283,384

 
298,131

 
288,015

 
298,100

 
 
 
 
 
 
 
 
Earnings per share attributable to common stockholders:
 
 
 
 
 
 
 
Basic
$
(0.07
)
 
$
0.06

 
$
(0.05
)
 
$
0.09

Diluted
$
(0.07
)
 
$
0.06

 
$
(0.05
)
 
$
0.09

 
 
 
 
 
 
 
 
Dividends per share
$
0.105

 
$
0.105

 
$
0.210

 
$
0.210


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

3



Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(amounts in thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
(19,618
)
 
$
18,930

 
$
(11,330
)
 
$
28,786

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain (loss) on valuation of interest rate swap agreements
(1,709
)
 
(12,346
)
 
(19,404
)
 
(19,736
)
Less: amount reclassified into interest expense
2,317

 
169

 
3,113

 
318

     Other comprehensive income (loss)
608

 
(12,177
)
 
(16,291
)
 
(19,418
)
Comprehensive income (loss)
(19,010
)
 
6,753

 
(27,621
)
 
9,368

Net income attributable to non-controlling interests and private perpetual preferred unitholders
6,825

 
(7,843
)
 
3,032

 
(12,022
)
Other comprehensive (income) loss attributable to non-controlling interests
(231
)
 
4,953

 
6,174

 
7,922

Comprehensive income (loss) attributable to common stockholders
$
(12,416
)
 
$
3,863

 
$
(18,415
)
 
$
5,268


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


4



Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For The Three Months Ended June 30, 2020 and 2019
(unaudited)
(amounts in thousands)
 
Number of Class A Common Shares
 
Class A Common Stock
 
Number of Class B Common Shares
 
Class B Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained (Deficit) Earnings
 
Total Stockholders' Equity
 
Non-controlling Interests
 
Private Perpetual Preferred Units
 
Total Equity
Balance at March 31, 2020
176,113

 
$
1,761

 
1,015

 
$
10

 
$
1,195,885

 
$
(32,106
)
 
$
(16,966
)
 
$
1,148,584

 
$
671,352

 
$
29,940

 
$
1,849,876

Conversion of operating partnership units and Class B shares to Class A shares
2,718

 
27

 
(1
)
 

 
14,073

 
(145
)
 

 
13,955

 
(13,955
)
 

 

Repurchases of common shares
(6,500
)
 
(65
)
 

 

 
(43,738
)
 

 
(8,136
)
 
(51,939
)
 

 

 
(51,939
)
Equity compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 


LTIP units

 

 

 

 

 

 

 

 
8,548

 

 
8,548

Restricted stock, net of forfeitures
2

 

 

 

 
231

 

 

 
231

 

 

 
231

Dividends and distributions

 

 

 

 

 

 
(18,194
)
 
(18,194
)
 
(12,427
)
 
(1,047
)
 
(31,668
)
Net income

 

 

 

 

 

 
(12,793
)
 
(12,793
)
 
(7,872
)
 
1,047

 
(19,618
)
Other comprehensive income (loss)

 

 

 

 

 
377

 

 
377

 
231

 

 
608

Balance at June 30, 2020
172,333

 
$
1,723

 
1,014

 
$
10

 
$
1,166,451

 
$
(31,874
)
 
$
(56,089
)
 
$
1,080,221

 
$
645,877

 
$
29,940

 
$
1,756,038

 
Number of Class A Common Shares
 
Class A Common Stock
 
Number of Class B Common Shares
 
Class B Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Total Stockholders' Equity
 
Non-controlling Interests
 
Private Perpetual Preferred Units
 
Total Equity
Balance at March 31, 2019
175,558

 
$
1,755

 
1,035

 
$
10

 
$
1,207,386

 
$
(13,130
)
 
$
28,668

 
$
1,224,689

 
$
734,508

 
$
8,004

 
$
1,967,201

Conversion of operating partnership units and Class B shares to Class A shares
1,438

 
15

 
(5
)
 

 
5,594

 
(33
)
 

 
5,576

 
(5,576
)
 

 

Equity compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 

LTIP units

 

 

 

 

 

 

 

 
6,136

 

 
6,136

Restricted stock, net of forfeitures
(5
)
 

 

 

 
190

 

 

 
190

 

 

 
190

Dividends and distributions

 

 

 

 

 

 
(18,671
)
 
(18,671
)
 
(13,343
)
 
(234
)
 
(32,248
)
Net income

 

 

 

 

 

 
11,087

 
11,087

 
7,609

 
234

 
18,930

Other comprehensive income (loss)

 

 

 

 

 
(7,224
)
 

 
(7,224
)
 
(4,953
)
 

 
(12,177
)
Balance at June 30, 2019
176,991

 
$
1,770

 
1,030

 
$
10

 
$
1,213,170

 
$
(20,387
)
 
$
21,084

 
$
1,215,647

 
$
724,381

 
$
8,004

 
$
1,948,032


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







5



Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For The Six Months Ended June 30, 2020 and 2019
(unaudited)
(amounts in thousands)
 
Number of Class A Common Shares
 
Class A Common Stock
 
Number of Class B Common Shares
 
Class B Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained (Deficit) Earnings
 
Total Stockholders' Equity
 
Non-controlling Interests
 
Private Perpetual Preferred Units
 
Total Equity
Balance at December 31, 2019
180,878

 
$
1,809

 
1,017

 
$
10

 
$
1,232,433

 
$
(21,496
)
 
$
15,764

 
$
1,228,520

 
$
690,242

 
$
29,151

 
$
1,947,913

Issuance of private perpetual in exchange for common shares

 

 

 

 

 

 

 

 
(789
)
 
789

 

Conversion of operating partnership units and Class B shares to Class A shares
4,378

 
44

 
(3
)
 

 
21,734

 
(261
)
 

 
21,517

 
(21,517
)
 

 

Repurchases of common shares
(13,071
)
 
(130
)
 

 

 
(88,101
)
 

 
(26,374
)
 
(114,605
)
 

 

 
(114,605
)
Equity compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LTIP units

 

 

 

 

 

 

 

 
14,285

 

 
14,285

Restricted stock, net of forfeitures
148

 

 

 

 
385

 

 

 
385

 

 

 
385

Dividends and distributions

 

 

 

 

 

 
(37,181
)
 
(37,181
)
 
(25,041
)
 
(2,097
)
 
(64,319
)
Net income

 

 

 

 

 

 
(8,298
)
 
(8,298
)
 
(5,129
)
 
2,097

 
(11,330
)
Other comprehensive income (loss)

 

 

 

 

 
(10,117
)
 

 
(10,117
)
 
(6,174
)
 

 
(16,291
)
Balance at June 30, 2020
172,333

 
$
1,723

 
1,014

 
$
10

 
$
1,166,451

 
$
(31,874
)
 
$
(56,089
)
 
$
1,080,221

 
$
645,877

 
$
29,940

 
$
1,756,038

 
Number of Class A Common Shares
 
Class A Common Stock
 
Number of Class B Common Shares
 
Class B Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Total Stockholders' Equity
 
Non-controlling Interests
 
Private Perpetual Preferred Units
 
Total Equity
Balance at December 31, 2018
173,874

 
$
1,739

 
1,038

 
$
10

 
$
1,204,075

 
$
(8,853
)
 
$
41,511

 
$
1,238,482

 
$
744,623

 
$
8,004

 
$
1,991,109

Conversion of operating partnership units and Class B shares to Class A shares
3,063

 
31

 
(8
)
 

 
8,865

 
(38
)
 

 
8,858

 
(8,858
)
 

 

Equity compensation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LTIP units

 

 

 

 

 

 

 

 
11,515

 

 
11,515

Restricted stock, net of forfeitures
54

 

 

 

 
230

 

 

 
230

 

 

 
230

Dividends and distributions

 

 

 

 

 

 
(37,191
)
 
(37,191
)
 
(26,531
)
 
(468
)
 
(64,190
)
Net income

 

 

 

 

 

 
16,764

 
16,764

 
11,554

 
468

 
28,786

Other comprehensive income (loss)

 

 

 

 

 
(11,496
)
 

 
(11,496
)
 
(7,922
)
 

 
(19,418
)
Balance at June 30, 2019
176,991

 
$
1,770

 
1,030

 
$
10

 
$
1,213,170

 
$
(20,387
)
 
$
21,084

 
$
1,215,647

 
$
724,381

 
$
8,004

 
$
1,948,032


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

6



 
Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(amounts in thousands)
 
Six Months Ended June 30,
 
2020
 
2019
Cash Flows From Operating Activities
 
 
 
Net income (loss)
$
(11,330
)
 
$
28,786

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
98,876

 
90,919

Impairment charge
4,101

 

Amortization of non-cash items within interest expense
4,233

 
4,147

Amortization of acquired above- and below-market leases, net
(2,274
)
 
(4,098
)
Amortization of acquired below-market ground leases
3,916

 
3,916

Straight-lining of rental revenue
(5,483
)
 
(8,607
)
Equity based compensation
14,670

 
11,745

Settlement of derivative contract
(20,281
)
 

Loss on early extinguishment of debt
86

 

Increase (decrease) in cash flows due to changes in operating assets and liabilities:
 
 
 
Security deposits
20,570

 
(25,420
)
Tenant and other receivables
(4,378
)
 
(1,827
)
Deferred leasing costs
(7,508
)
 
(10,892
)
Prepaid expenses and other assets
(2,657
)
 
993

Accounts payable and accrued expenses
(9,099
)
 
(4,430
)
Deferred revenue and other liabilities
(9,019
)
 
4,048

Net cash provided by operating activities
74,423

 
89,280

Cash Flows From Investing Activities
 
 
 
Short-term investments

 
250,000

Development costs
(1,336
)
 

Additions to building and improvements
(78,377
)
 
(130,648
)
Net cash (used in) provided by investing activities
(79,713
)
 
119,352


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



















7




Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Cash Flows (continued)
(unaudited)
(amounts in thousands)

 
Six Months Ended June 30,
 
2020
 
2019
Cash Flows From Financing Activities
 
 
 
Repayment of mortgage notes payable
(1,950
)
 
(1,877
)
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

 

Deferred financing costs
(3,585
)