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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: 001-36106
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 July 30, 2020, there were 24,522,366 units of the Registrant Series ES operating partnership units outstanding, 6,707,377 units of the Series 60 operating partnership units outstanding, and 3,361,500 units of the Series 250 operating partnership units outstanding.



 
EMPIRE STATE REALTY OP, L.P.
 
 
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 months 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 Capital 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 OP, L.P.
Condensed Consolidated Balance Sheets
(amounts in thousands, except unit and per unit 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 CAPITAL
 
 
 
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


 


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 (2,908,226 and 2,996,520 general partner operating partnership units and 170,438,353 and 178,897,876 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
1,080,221

 
1,228,520

Limited partners' interests (82,765,689 and 81,387,763 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
647,520

 
680,580

Series ES operating partnership units (24,528,792 and 25,809,604 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
(770
)
 
7,262

Series 60 operating partnership units (6,776,577 and 7,025,089 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
(588
)
 
1,593

Series 250 operating partnership units (3,404,937 and 3,535,197 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
(285
)
 
807

Total capital
1,756,038

 
1,947,913

  Total liabilities and capital
$
4,550,395

 
$
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 Operations
(unaudited)
(amounts in thousands, except per unit 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 common unitholders
$
(20,665
)
 
$
18,696

 
$
(13,427
)
 
$
28,318

 
 
 
 
 
 
 
 
Total weighted average units:
 
 
 
 
 
 
 
Basic
283,384

 
298,131

 
288,015

 
298,100

Diluted
283,384

 
298,131

 
288,015

 
298,100

 
 
 
 
 
 
 
 
Earnings per unit attributable to common unitholders:
 
 
 
 
 
 
 
Basic
$
(0.07
)
 
$
0.06

 
$
(0.05
)
 
$
0.09

Diluted
$
(0.07
)
 
$
0.06

 
$
(0.05
)
 
$
0.09

 
 
 
 
 
 
 
 
Dividends per unit
$
0.105

 
$
0.105

 
$
0.210

 
$
0.210


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 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


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 June 30, 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 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

Conversion of operating partnership units to ESRT Partner's Capital

—

 
—

 
2,717

 
13,955

 
(1,779
)
 
(13,875
)
 
(830
)
 
(76
)
 
(48
)
 
(2
)
 
(60
)
 
(2
)
 
—

Repurchases of common shares
—

 
—

 
(6,500
)
 
(51,939
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(51,939
)
Equity compensation
—

 
—

 
2

 
231

 
(355
)
 
8,548

 
—

 
—

 
—

 
—

 
—

 
—

 
8,779

Distributions
—

 
(1,047
)
 
—

 
(18,194
)
 
—

 
(8,770
)
 
—

 
(2,587
)
 
—

 
(712
)
 
—

 
(358
)
 
(31,668
)
Net income
—

 
1,047

 
—

 
(12,793
)
 
—

 
(5,316
)
 
—

 
(1,812
)
 
—

 
(496
)
 
—

 
(248
)
 
(19,618
)
Other comprehensive income (loss)
—

 
—

 
—

 
377

 
—

 
155

 
—

 
53

 
—

 
15

 
—

 
8

 
608

Balance at June 30, 2020
6,224

 
$
29,940

 
173,347

 
$
1,080,221

 
82,766

 
$
647,520

 
24,529

 
$
(770
)
 
6,776

 
$
(588
)
 
3,405

 
$
(285
)
 
$
1,756,038


 
 
 
 
 
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 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

Conversion of operating partnership units to ESRT Partner's Capital

—

 
—

 
1,433

 
5,576

 
(645
)
 
(5,309
)
 
(530
)
 
(189
)
 
(189
)
 
(57
)
 
(69
)
 
(21
)
 
—

Equity compensation
—

 
—

 
(5
)
 
190

 
70

 
6,136

 
—

 
—

 
—

 
—

 
—

 
—

 
6,326

Distributions
—

 
(234
)
 
—

 
(18,671
)
 
—

 
(9,122
)
 
—

 
(3,001
)
 
—

 
(808
)
 
—

 
(412
)
 
(32,248
)
Net income
—

 
234

 
—

 
11,087

 
—

 
5,039

 
—

 
1,822

 
—

 
505

 
—

 
243

 
18,930

Other comprehensive income (loss)
—

 
—

 
—

 
(7,224
)
 
—

 
(3,281
)
 
—

 
(1,186
)
 
—

 
(328
)
 
—

 
(158
)
 
(12,177
)
Balance at June 30, 2019
1,560

 
$
8,004

 
178,021

 
$
1,215,647

 
86,749

 
$
713,039

 
28,518

 
$
8,508

 
7,686

 
$
1,871

 
3,917

 
$
963

 
$
1,948,032



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
















5


Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Six Months Ended June 30, 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

—

 
—

 
4,376

 
21,517

 
(2,673
)
 
(21,291
)
 
(1,324
)
 
(180
)
 
(249
)
 
(33
)
 
(130
)
 
(13
)
 
—

Repurchases of common units
—

 
—

 
(13,071
)
 
(114,605
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(114,605
)
Equity compensation
—

 
—

 
148

 
385

 
4,148

 
14,285

 
—

 
—

 
—

 
—

 
—

 
—

 
14,670

Distributions
—

 
(2,097
)
 
—

 
(37,181
)
 
—

 
(17,619
)
 
—

 
(5,264
)
 
—

 
(1,435
)
 
—

 
(723
)
 
(64,319
)
Net income
—

 
2,097

 
—

 
(8,298
)
 
—

 
(3,464
)
 
—

 
(1,182
)
 
—

 
(322
)
 
—

 
(161
)
 
(11,330
)
Other comprehensive income (loss)
—

 
—

 
—

 
(10,117
)
 
—

 
(4,171
)
 
—

 
(1,417
)
 
—

 
(391
)
 
—

 
(195
)
 
(16,291
)
Balance at June 30, 2020
6,224

 
$
29,940

 
173,347

 
$
1,080,221

 
82,766

 
$
647,520

 
24,529

 
$
(770
)
 
6,776

 
$
(588
)
 
3,405

 
$
(285
)
 
$
1,756,038


 
 
 
 
 
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

—

 
—

 
3,055

 
8,858

 
(963
)
 
(7,983
)
 
(1,611
)
 
(703
)
 
(334
)
 
(118
)
 
(147
)
 
(54
)
 
—

Repurchases of common units
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Equity compensation
—

 
—

 
54

 
230

 
1,510

 
11,515

 
—

 
—

 
—

 
—

 
—

 
—

 
11,745

Distributions
—

 
(468
)
 
—

 
(37,191
)
 
—

 
(18,004
)
 
—

 
(6,060
)
 
—

 
(1,637
)
 
—

 
(830
)
 
(64,190
)
Net income
—

 
468

 
—

 
16,764

 
—

 
7,646

 
—

 
2,775

 
—

 
765

 
—

 
368

 
28,786

Other comprehensive income (loss)
—

 
—

 
—

 
(11,496
)
 
—

 
(5,243
)
 
—

 
(1,903
)
 
—

 
(524
)
 
—

 
(252
)
 
(19,418
)
Balance at June 30, 2019
1,560

 
$
8,004

 
178,021

 
$
1,215,647

 
86,749

 
$
713,039

 
28,518

 
$
8,508

 
7,686

 
$
1,871

 
3,917

 
$
963

 
$
1,948,032



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
(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
(