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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 September 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 October 30, 2020, there were 23,961,924 units of the Registrant Series ES operating partnership units outstanding, 6,581,181 units of the Series 60 operating partnership units outstanding, and 3,350,293 units of the Series 250 operating partnership units outstanding.




 
EMPIRE STATE REALTY OP, L.P.
 
 
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2020
 
 
TABLE OF CONTENTS
PAGE
PART 1.
FINANCIAL INFORMATION
 
 
 
 
ITEM 1.
FINANCIAL STATEMENTS
 
 
Condensed Consolidated Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019
 
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Capital for the three and nine months ended September 30, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Cash Flows for the nine months ended September 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
51
 
 
 
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
52
 
 
 
ITEM 4.
MINE SAFETY DISCLOSURES
52
 
 
 
ITEM 5.
OTHER INFORMATION
52
 
 
 
ITEM 6.
EXHIBITS
53
 
 
 
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)
 
September 30, 2020
 
December 31, 2019
ASSETS
(unaudited)
 
 
Commercial real estate properties, at cost:
 
 
 
Land
$
201,196

 
$
201,196

Development costs
7,938

 
7,989

Building and improvements
2,925,532

 
2,900,248

 
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 CAPITAL
 
 
 
Liabilities:
 
 
 
Mortgage notes payable, net
$
603,178

 
$
605,542

Senior unsecured notes, net
973,106

 
798,392

Unsecured term loan facilities, net
387,309

 
264,640

Unsecured revolving credit facility, net

 

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

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 (2,883,759 and 2,996,520 general partner operating partnership units and 170,108,330 and 178,897,876 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
1,069,269

 
1,228,520

Limited partners' interests (81,140,140 and 81,387,763 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
647,465

 
680,580

Series ES operating partnership units (24,253,763 and 25,809,604 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
(1,637
)
 
7,262

Series 60 operating partnership units (6,639,664 and 7,025,089 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
(819
)
 
1,593

Series 250 operating partnership units (3,350,293 and 3,535,197 limited partner operating partnership units outstanding in 2020 and 2019, respectively)
(403
)
 
807

Total capital
1,743,815

 
1,947,913

  Total liabilities and capital
$
4,010,714

 
$
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 September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
Rental revenue
$
139,909

 
$
150,225

 
$
426,021

 
$
434,713

Observatory revenue
4,419

 
37,575

 
24,049

 
91,039

Lease termination fees
331

 
2,361

 
1,575

 
3,112

Third-party management and other fees
283

 
304

 
930

 
955

Other revenue and fees
1,633

 
2,408

 
5,254

 
6,591

Total revenues
146,575

 
192,873

 
457,829

 
536,410

Operating expenses:
 
 
 
 
 
 
 
Property operating expenses
33,836

 
47,894

 
105,054

 
131,076

Ground rent expenses
2,331

 
2,331

 
6,994

 
6,994

General and administrative expenses
14,517

 
14,421

 
48,617

 
44,445

Observatory expenses
5,931

 
9,089

 
18,087

 
25,024

Real estate taxes
31,196

 
29,599

 
90,029

 
86,098

Impairment charges
2,103

 

 
6,204

 

Depreciation and amortization
44,733

 
44,260

 
143,609

 
135,179

Total operating expenses
134,647

 
147,594

 
418,594

 
428,816

Total operating income
11,928

 
45,279

 
39,235

 
107,594

Other income (expense):
 
 
 
 
 
 
 
Interest income
366

 
2,269

 
2,529

 
9,907

Interest expense
(23,360
)
 
(19,426
)
 
(66,906
)
 
(60,712
)
Loss on early extinguishment of debt

 

 
(86
)
 

IPO litigation expense
(1,165
)
 

 
(1,165
)
 

Income (loss) before income taxes
(12,231
)
 
28,122

 
(26,393
)
 
56,789

Income tax benefit (expense)
(38
)
 
(1,338
)
 
2,794

 
(1,219
)
Net income (loss)
(12,269
)
 
26,784

 
(23,599
)
 
55,570

Private perpetual preferred unit distributions
(1,050
)
 
(234
)
 
(3,147
)
 
(702
)
Net income (loss) attributable to common unitholders
$
(13,319
)
 
$
26,550

 
$
(26,746
)
 
$
54,868

 
 
 
 
 
 
 
 
Total weighted average units:
 
 
 
 
 
 
 
Basic
280,940

 
298,151

 
285,640

 
298,117

Diluted
280,940

 
298,151

 
285,640

 
298,117

 
 
 
 
 
 
 
 
Earnings per unit attributable to common unitholders:
 
 
 
 
 
 
 
Basic
$
(0.05
)
 
$
0.09

 
$
(0.10
)
 
$
0.18

Diluted
$
(0.05
)
 
$
0.09

 
$
(0.10
)
 
$
0.18

 
 
 
 
 
 
 
 
Dividends per unit
$

 
$
0.105

 
$
0.210

 
$
0.315


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 September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
(12,269
)
 
$
26,784

 
$
(23,599
)
 
$
55,570

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain (loss) on valuation of interest rate swap agreements
64

 
(6,256
)
 
(19,340
)
 
(25,992
)
Less: amount reclassified into interest expense
2,873

 
319

 
5,986

 
637

     Other comprehensive income (loss)
2,937

 
(5,937
)
 
(13,354
)
 
(25,355
)
Comprehensive income (loss)
$
(9,332
)
 
$
20,847

 
$
(36,953
)
 
$
30,215


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 September 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 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

Conversion of operating partnership units to ESRT Partner's Capital


 

 
779

 
2,386

 
(313
)
 
(2,435
)
 
(275
)
 
23

 
(136
)
 
19

 
(55
)
 
7

 

Repurchases of common shares

 

 
(1,134
)
 
(7,345
)
 

 

 

 

 

 

 

 

 
(7,345
)
Equity compensation

 

 

 
334

 
(1,313
)
 
5,170

 

 

 

 

 

 

 
5,504

Distributions

 
(1,050
)
 

 

 

 

 

 

 

 

 

 

 
(1,050
)
Net income

 
1,050

 

 
(8,204
)
 

 
(3,490
)
 

 
(1,145
)
 

 
(320
)
 

 
(160
)
 
(12,269
)
Other comprehensive income (loss)

 

 

 
1,877

 

 
700

 

 
255

 

 
70

 

 
35

 
2,937

Balance at September 30, 2020
6,224

 
$
29,940

 
172,992

 
$
1,069,269

 
81,140

 
$
647,465

 
24,254

 
$
(1,637
)
 
6,640

 
$
(819
)
 
3,350

 
$
(403
)
 
$
1,743,815


 
 
 
 
 
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 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

Conversion of operating partnership units to ESRT Partner's Capital


 

 
2,130

 
12,796

 
(1,554
)
 
(12,672
)
 
(358
)
 
(85
)
 
(142
)
 
(25
)
 
(75
)
 
(14
)
 

Equity compensation

 

 
(1
)
 
191

 
(634
)
 
3,456

 

 

 

 

 

 

 
3,647

Distributions

 
(234
)
 

 
(18,907
)
 

 
(8,880
)
 

 
(2,960
)
 

 
(794
)
 

 
(405
)
 
(32,180
)
Net income

 
234

 

 
15,882

 

 
7,114

 

 
2,547

 

 
662

 

 
345

 
26,784

Other comprehensive income (loss)

 

 

 
(3,590
)
 

 
(1,578
)
 

 
(556
)
 

 
(135
)
 

 
(78
)
 
(5,937
)
Balance at September 30, 2019
1,560

 
$
8,004

 
180,150

 
$
1,222,019

 
84,561

 
$
700,479

 
28,160

 
$
7,454

 
7,544

 
$
1,579

 
3,842

 
$
811

 
$
1,940,346



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 Nine Months Ended September 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


 

 
5,155

 
23,903

 
(2,986
)
 
(23,726
)
 
(1,599
)
 
(157
)
 
(385
)
 
(14
)
 
(185
)
 
(6
)
 

Repurchases of common units

 

 
(14,205
)
 
(121,950
)
 

 

 

 

 

 

 

 

 
(121,950
)
Equity compensation

 

 
148

 
719

 
2,835

 
19,455

 

 

 

 

 

 

 
20,174

Distributions

 
(3,147
)
 

 
(37,181
)
 

 
(17,619
)
 

 
(5,264
)
 

 
(1,435
)
 

 
(723
)
 
(65,369
)
Net income

 
3,147

 

 
(16,502
)
 

 
(6,954
)
 

 
(2,327
)
 

 
(642
)
 

 
(321
)
 
(23,599
)
Other comprehensive income (loss)

 

 

 
(8,240
)
 

 
(3,471
)
 

 
(1,162
)
 

 
(321
)
 

 
(160
)
 
(13,354
)
Balance at September 30, 2020
6,224

 
$
29,940

 
172,992

 
$
1,069,269

 
81,140

 
$
647,465

 
24,254

 
$
(1,637
)
 
6,640

 
$
(819
)
 
3,350

 
$
(403
)
 
$
1,743,815


 
 
 
 
 
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

Conversion of operating partnership units to ESRT Partner's Capital


 

 
5,185

 
21,654

 
(2,517
)
 
(20,655
)
 
(1,969
)
 
(788
)
 
(476
)
 
(143
)
 
(222
)
 
(68
)
 

Equity compensation

 

 
53

 
421

 
876

 
14,971

 

 

 

 

 

 

 
15,392

Distributions

 
(702
)
 

 
(56,098
)
 

 
(26,884
)
 

 
(9,020
)
 

 
(2,431
)
 

 
(1,235
)
 
(96,370
)
Net income

 
702

 

 
32,646

 

 
14,760

 

 
5,322

 

 
1,427

 

 
713

 
55,570

Other comprehensive income (loss)

 

 

 
(15,086
)
 

 
(6,821
)
 

 
(2,459
)
 

 
(659
)
 

 
(330
)
 
(25,355
)
Balance at September 30, 2019
1,560

 
$
8,004

 
180,150

 
$
1,222,019

 
84,561

 
$
700,479

 
28,160

 
$
7,454

 
7,544

 
$
1,579

 
3,842

 
$
811

 
$
1,940,346



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)
 
Nine Months Ended September 30,
 
2020
 
2019
Cash Flows From Operating Activities
 
 
 
Net income (loss)
$
(23,599
)
 
$
55,570

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
143,609

 
135,179

Impairment charges
6,204

 

Amortization of non-cash items within interest expense
6,803

 
5,400

Amortization of acquired above- and below-market leases, net
(2,953
)
 
(5,780
)
Amortization of acquired below-market ground leases
5,873

 
5,873

Straight-lining of rental revenue
(5,878
)
 
(13,781
)
Equity based compensation
20,174

 
15,392

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
20,697

 
(25,961
)
Tenant and other receivables
(431
)
 
149

Deferred leasing costs
(8,241
)
 
(14,513
)
Prepaid expenses and other assets
14,680

 
19,883

Accounts payable and accrued expenses
(1,699
)
 
(2,970
)
Deferred revenue and other liabilities
8,509

 
23,932

Net cash provided by operating activities
163,553

 
198,373