0001628280-21-021993.txt : 20211105 0001628280-21-021993.hdr.sgml : 20211105 20211105154521 ACCESSION NUMBER: 0001628280-21-021993 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 76 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211105 DATE AS OF CHANGE: 20211105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Empire State Realty Trust, Inc. CENTRAL INDEX KEY: 0001541401 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 371645259 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36105 FILM NUMBER: 211384357 BUSINESS ADDRESS: STREET 1: 111 WEST 33RD STREET, 12TH FL CITY: NEW YORK STATE: NY ZIP: 10120 BUSINESS PHONE: 212-850-2600 MAIL ADDRESS: STREET 1: 111 WEST 33RD STREET, 12TH FL CITY: NEW YORK STATE: NY ZIP: 10120 10-Q 1 esrt-20210930.htm 10-Q esrt-20210930
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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, 2021
☐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) 850-2600
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of SecuritiesTrading SymbolExchange on which traded
Class A Common Stock, par value $0.01 per shareESRTThe New York Stock Exchange
Class B Common Stock, par value $0.01 per shareN/AN/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 November 1, 2021, there were 172,470,384 shares of Class A Common Stock, $0.01 par value per share, outstanding and 998,801 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 SEPTEMBER 30, 2021
TABLE OF CONTENTSPAGE
PART 1.FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2021 and 2020 (unaudited)
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (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 per share amounts)
September 30, 2021December 31, 2020
ASSETS(unaudited)
Commercial real estate properties, at cost:
Land $201,196 $201,196 
Development costs8,007 7,966 
Building and improvements2,978,531 2,924,804 
3,187,734 3,133,966 
Less: accumulated depreciation(1,055,731)(941,612)
Commercial real estate properties, net2,132,003 2,192,354 
Cash and cash equivalents582,188 526,714 
Restricted cash38,779 41,225 
Tenant and other receivables21,664 21,541 
Deferred rent receivables228,394 222,508 
Prepaid expenses and other assets60,522 77,182 
Deferred costs, net189,327 203,853 
Acquired below-market ground leases, net338,862 344,735 
Right of use assets28,945 29,104 
Goodwill491,479 491,479 
Total assets$4,112,163 $4,150,695 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$773,925 $775,929 
Senior unsecured notes, net973,320 973,159 
Unsecured term loan facilities, net388,095 387,561 
Unsecured revolving credit facility— — 
Accounts payable and accrued expenses94,216 103,203 
Acquired below-market leases, net23,512 31,705 
Ground lease liabilities28,945 29,104 
Deferred revenue and other liabilities90,427 88,319 
Tenants’ security deposits26,042 30,408 
Total liabilities2,398,482 2,419,388 
Commitments and contingencies
Equity:
Empire State Realty Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued or outstanding
— — 
Class A common stock, $0.01 par value, 400,000 shares authorized, 172,293 and 170,555 shares issued and outstanding in 2021 and 2020, respectively
1,723 1,705 
Class B common stock, $0.01 par value, 50,000 shares authorized, 999 and 1,010 shares issued and outstanding in 2021 and 2020, respectively
10 10 
Additional paid-in capital1,148,926 1,147,527 
Accumulated other comprehensive loss(23,027)(28,320)
Retained deficit(88,654)(65,673)
Total Empire State Realty Trust, Inc. stockholders' equity1,038,978 1,055,249 
Non-controlling interests in operating partnership644,763 646,118 
Private perpetual preferred units:
Private perpetual preferred units, $13.52 liquidation preference, 4,664 issued and outstanding in 2021 and 2020, respectively
21,936 21,936 
Private perpetual preferred units, $16.62 liquidation preference, 1,560 issued and outstanding in 2021 and 2020
8,004 8,004 
Total equity1,713,681 1,731,307 
Total liabilities and equity$4,112,163 $4,150,695 
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 September 30,Nine Months Ended September 30,
2021202020212020
Revenues:
Rental revenue$139,558 $139,909 $420,586 $426,021 
Observatory revenue12,796 4,419 23,758 24,049 
Lease termination fees11,321 331 15,949 1,575 
Third-party management and other fees314 283 917 930 
Other revenue and fees1,059 1,633 2,550 5,254 
Total revenues165,048 146,575 463,760 457,829 
Operating expenses:
Property operating expenses33,357 33,836 92,429 105,054 
Ground rent expenses2,331 2,331 6,994 6,994 
General and administrative expenses14,427 14,517 42,369 48,617 
Observatory expenses6,370 5,931 16,226 18,087 
Real estate taxes29,566 31,196 92,367 90,029 
Impairment charges— 2,103 — 6,204 
Depreciation and amortization65,794 44,733 155,339 143,609 
Total operating expenses151,845 134,647 405,724 418,594 
Total operating income
13,203 11,928 58,036 39,235 
Other income (expense):
Interest income211 366 497 2,529 
Interest expense(23,577)(23,360)(70,553)(66,906)
Loss on early extinguishment of debt— — (214)(86)
IPO litigation expense— (1,165)— (1,165)
Loss before income taxes(10,163)(12,231)(12,234)(26,393)
Income tax (expense) benefit(20)(38)3,271 2,794 
Net loss(10,183)(12,269)(8,963)(23,599)
Private perpetual preferred unit distributions(1,050)(1,050)(3,151)(3,147)
Net loss attributable to non-controlling interests4,256 5,115 4,591 10,244 
Net loss attributable to common stockholders$(6,977)$(8,204)$(7,523)$(16,502)
Total weighted average shares:
Basic172,494 173,048 172,487 176,299 
Diluted277,716 280,940 277,829 285,640 
Earnings per share attributable to common stockholders:
Basic$(0.04)$(0.05)$(0.04)$(0.09)
Diluted$(0.04)$(0.05)$(0.04)$(0.09)
Dividends per share$0.035 $— $0.070 $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 Loss
(unaudited)
(amounts in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net loss$(10,183)$(12,269)$(8,963)$(23,599)
Other comprehensive income (loss):
Unrealized gain (loss) on valuation of interest rate swap agreements(103)64 (139)(19,340)
Less: amount reclassified into interest expense2,920 2,873 8,687 5,986 
     Other comprehensive income (loss)2,817 2,937 8,548 (13,354)
Comprehensive loss(7,366)(9,332)(415)(36,953)
Net loss attributable to non-controlling interests and private perpetual preferred unitholders3,206 4,065 1,440 7,097 
Other comprehensive (income) loss attributable to non-controlling interests(1,061)(1,060)(3,239)5,114 
Comprehensive loss attributable to common stockholders$(5,221)$(6,327)$(2,214)$(24,742)

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 September 30, 2021 and 2020
(unaudited)
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained DeficitTotal Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at June 30, 2021172,399 $1,724 1,001 $10 $1,151,979 $(24,794)$(73,260)$1,055,659 $647,609 $29,940 $1,733,208 
Issuance of Class A shares— — — — — — — — — — — 
Conversion of operating partnership units and Class B shares to Class A shares544 6 (2)— 914 11 — 931 (931)— — 
Repurchases of common shares(626)(6)— — (4,148)— (2,356)(6,510)— — (6,510)
Equity compensation:— — 
LTIP units— — — — — — — — 5,198 — 5,198 
Restricted stock, net of forfeitures(24)(1)— — 181 — — 180 — — 180 
Dividends and distributions— — — — — — (6,061)(6,061)(3,918)(1,050)(11,029)
Net income (loss)— — — — — — (6,977)(6,977)(4,256)1,050 (10,183)
Other comprehensive income — — — — — 1,756 — 1,756 1,061 — 2,817 
Balance at September 30, 2021172,293 $1,723 999 $10 $1,148,926 $(23,027)$(88,654)$1,038,978 $644,763 $29,940 $1,713,681 
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained DeficitTotal Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at June 30, 2020172,333 $1,723 1,014 $10 $1,166,451 $(31,874)$(56,089)$1,080,221 $645,877 $29,940 $1,756,038 
Issuance of Class A shares— — — — — — — — — — — 
Conversion of operating partnership units and Class B shares to Class A shares782 8 (3)— 2,419 (41)— 2,386 (2,386)— — 
Repurchases of common shares(1,134)(12)— — (7,333)— — (7,345)(7,345)
Equity compensation:— — — — 
LTIP units— — — — — — — — 5,170 — 5,170 
Restricted stock, net of forfeitures— — — — 334 — — 334 — — 334 
Dividends and distributions— — — — — — — — — (1,050)(1,050)
Net income (loss)— — — — — — (8,204)(8,204)(5,115)1,050 (12,269)
Other comprehensive income— — — — — 1,877 — 1,877 1,060 — 2,937 
Balance at September 30, 2020171,981 $1,719 1,011 $10 $1,161,871 $(30,038)$(64,293)$1,069,269 $644,606 $29,940 $1,743,815 

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 Nine Months Ended September 30, 2021 and 2020
(unaudited)
(amounts in thousands)
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained DeficitTotal Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at December 31, 2020170,555 $1,705 1,010 $10 $1,147,527 $(28,320)$(65,673)$1,055,249 $646,118 $29,940 $1,731,307 
Conversion of operating partnership units and Class B shares to Class A shares2,693 27 (11)— 7,755 (16)— 7,766 (7,766)— — 
Repurchases of common shares(1,009)(10)— — (6,699)— (3,334)(10,043)— — (10,043)
Equity compensation:
LTIP units— — — — — — — — 15,072 — 15,072 
Restricted stock, net of forfeitures54 1 — — 343 — — 344 — — 344 
Dividends and distributions— — — — — — (12,124)(12,124)(7,309)(3,151)(22,584)
Net income (loss)— — — — — — (7,523)(7,523)(4,591)3,151 (8,963)
Other comprehensive income — — — — — 5,309 — 5,309 3,239 — 8,548 
Balance at September 30, 2021172,293 $1,723 999 $10 $1,148,926 $(23,027)$(88,654)$1,038,978 $644,763 $29,940 $1,713,681 

Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at December 31, 2019180,878 $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 shares5,160 52 (6)— 24,153 (302)— 23,903 (23,903)— — 
Repurchases of common shares(14,205)(142)— — (95,434)— (26,374)(121,950)— — (121,950)
Equity compensation:
LTIP units— — — — — — — — 19,455 — 19,455 
Restricted stock, net of forfeitures148 — — — 719 — — 719 — — 719 
Dividends and distributions— — — — — — (37,181)(37,181)(25,041)(3,147)(65,369)
Net income (loss)— — — — — — (16,502)(16,502)(10,244)3,147 (23,599)
Other comprehensive loss— — — — — (8,240)— (8,240)(5,114)— (13,354)
Balance at September 30, 2020171,981 $1,719 1,011 $10 $1,161,871 $(30,038)$(64,293)$1,069,269 $644,606 $29,940 $1,743,815 

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)
Nine Months Ended September 30,
20212020
Cash Flows From Operating Activities
Net loss$(8,963)$(23,599)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization155,339 143,609 
Impairment charges— 6,204 
Amortization of non-cash items within interest expense7,978 6,803 
Amortization of acquired above- and below-market leases, net(5,615)(2,953)
Amortization of acquired below-market ground leases5,873 5,873 
Straight-lining of rental revenue(13,197)(5,878)
Equity based compensation15,416 20,174 
Settlement of derivative contract— (20,281)
Loss on early extinguishment of debt214 86 
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits(4,366)20,697 
Tenant and other receivables(123)(431)
Deferred leasing costs(12,324)(8,241)
Prepaid expenses and other assets18,660 14,680 
Accounts payable and accrued expenses(1,285)(1,699)
Deferred revenue and other liabilities9,420 8,509 
Net cash provided by operating activities167,027 163,553 
Cash Flows From Investing Activities
Development costs(41)(1,336)
Additions to building and improvements(70,719)(112,018)
Net cash used in investing activities(70,760)(113,354)

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)

Nine Months Ended September 30,
20212020
Cash Flows From Financing Activities
Repayment of mortgage notes payable(3,053)(2,939)
Proceeds from unsecured senior notes— 175,000 
Proceeds from unsecured term loan— 175,000 
Repayment of unsecured term loan— (50,000)
Proceeds from unsecured revolving credit facility— 550,000 
Repayment of unsecured revolving credit facility— (550,000)
Deferred financing costs(7,559)(3,585)
Repurchases of common shares(10,043)(121,950)
Private perpetual preferred unit distributions(3,151)(3,147)
Dividends paid to common stockholders(12,124)(37,181)