XML 37 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash Flows From Operating Activities    
Net income $ 7,888us-gaap_ProfitLoss $ 11,231us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 41,418us-gaap_DepreciationDepletionAndAmortization 30,115us-gaap_DepreciationDepletionAndAmortization
Amortization of deferred finance costs and debt premiums and discount 1,220esrt_AmortizationofFinancingCostsandDebtPremium 534esrt_AmortizationofFinancingCostsandDebtPremium
Amortization of acquired above- and below-market leases, net (5,291)us-gaap_AmortizationOfAboveAndBelowMarketLeases (1,885)us-gaap_AmortizationOfAboveAndBelowMarketLeases
Amortization of acquired below-market ground leases 1,958esrt_AmortizationofbelowMarketGroundLease 426esrt_AmortizationofbelowMarketGroundLease
Straight-lining of rental revenue (4,102)us-gaap_StraightLineRent (12,580)us-gaap_StraightLineRent
Equity based compensation 1,694us-gaap_ShareBasedCompensation 1,025us-gaap_ShareBasedCompensation
Increase (decrease) in cash flows due to changes in operating assets and liabilities:    
Restricted cash 3,179us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities (2,777)us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities
Tenant and other receivables 10,986us-gaap_IncreaseDecreaseInAccountsReceivable (4,530)us-gaap_IncreaseDecreaseInAccountsReceivable
Deferred leasing costs (16,396)us-gaap_IncreaseDecreaseInDeferredLeasingFees (1,372)us-gaap_IncreaseDecreaseInDeferredLeasingFees
Prepaid expenses and other assets 17,789us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 11,872us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable and accrued expenses (6,057)esrt_IncreaseDecreaseinAccountsPayableandAccruedExpenses (9,155)esrt_IncreaseDecreaseinAccountsPayableandAccruedExpenses
Deferred revenue and other liabilities (6,905)esrt_IncreaseDecreaseinDeferredRevenueandOtherLiabilities 1,006esrt_IncreaseDecreaseinDeferredRevenueandOtherLiabilities
Net cash provided by operating activities 47,381us-gaap_NetCashProvidedByUsedInOperatingActivities 23,910us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows From Investing Activities    
Decrease in restricted cash for investing activities 28us-gaap_IncreaseDecreaseInRestrictedCash 5,098us-gaap_IncreaseDecreaseInRestrictedCash
Development costs (346)esrt_DevelopmentCostsInvestingActivity 0esrt_DevelopmentCostsInvestingActivity
Additions to building and improvements (27,717)us-gaap_PaymentsForCapitalImprovements (20,136)us-gaap_PaymentsForCapitalImprovements
Net cash used in investing activities (28,035)us-gaap_NetCashProvidedByUsedInInvestingActivities (15,038)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash Flows From Financing Activities    
Repayment of mortgage notes payable (47,084)us-gaap_RepaymentsOfLongTermDebt (4,011)us-gaap_RepaymentsOfLongTermDebt
Proceeds from unsecured revolving credit facility 495,000us-gaap_ProceedsFromUnsecuredNotesPayable 0us-gaap_ProceedsFromUnsecuredNotesPayable
Repayments of unsecured revolving credit facility (330,000)us-gaap_RepaymentsOfUnsecuredDebt 0us-gaap_RepaymentsOfUnsecuredDebt
Proceeds from term loan and credit facility 0us-gaap_ProceedsFromLinesOfCredit 10,000us-gaap_ProceedsFromLinesOfCredit
Repayments of term loan and credit facility (470,000)us-gaap_RepaymentsOfLinesOfCredit (10,000)us-gaap_RepaymentsOfLinesOfCredit
Proceeds from senior unsecured notes 350,000us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt 0us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt
Deferred financing costs and equity issuance costs (3,558)us-gaap_PaymentsOfFinancingCosts 0us-gaap_PaymentsOfFinancingCosts
Private perpetual preferred unit distributions (234)esrt_PaymentsofPrivatePerpetualPreferredUnitsDistributions 0esrt_PaymentsofPrivatePerpetualPreferredUnitsDistributions
Dividends paid to common stockholders (9,406)us-gaap_PaymentsOfDividends (8,128)us-gaap_PaymentsOfDividends
Distributions paid to non-controlling interests in the operating partnership (13,333)us-gaap_PaymentsOfDividendsMinorityInterest (12,773)us-gaap_PaymentsOfDividendsMinorityInterest
Net cash used in financing activities (28,615)us-gaap_NetCashProvidedByUsedInFinancingActivities (24,912)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net decrease in cash and cash equivalents (9,269)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (16,040)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents—beginning of period 45,732us-gaap_CashAndCashEquivalentsAtCarryingValue 60,743us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents—end of period 36,463us-gaap_CashAndCashEquivalentsAtCarryingValue 44,703us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosures of cash flow information:    
Cash paid for interest 15,742us-gaap_InterestPaid 13,811us-gaap_InterestPaid
Cash paid for income taxes 1,434us-gaap_IncomeTaxesPaid 47us-gaap_IncomeTaxesPaid
Non-cash investing and financing activities:    
Commercial real estate properties included in accounts payable and accrued expenses 47,533esrt_CommercialRealEstateIncurredbutNotyetPaid 14,138esrt_CommercialRealEstateIncurredbutNotyetPaid
Conversion of operating partnership units and Class B shares to Class A shares $ 19,538us-gaap_ConversionOfStockAmountConverted1 $ 0us-gaap_ConversionOfStockAmountConverted1