2017 Q3 Form 10-Q Financial Statement

#000162828017010934 Filed on November 06, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $186.5M $175.7M
YoY Change 6.17% -0.04%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.90M $11.80M
YoY Change 9.33% 15.87%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $130.5M $122.3M
YoY Change 6.77% -6.27%
Operating Profit $56.01M $53.44M
YoY Change 4.8% 17.86%
Interest Expense $16.89M $17.94M
YoY Change -5.85% 7.55%
% of Operating Profit 30.16% 33.57%
Other Income/Expense, Net
YoY Change
Pretax Income $37.73M $35.65M
YoY Change 5.85% 24.37%
Income Tax $2.245M $2.750M
% Of Pretax Income 5.95% 7.71%
Net Earnings $35.26M $32.66M
YoY Change 7.94% 26.35%
Net Earnings / Revenue 18.9% 18.59%
Basic Earnings Per Share $0.12 $0.12
Diluted Earnings Per Share $0.12 $0.12
COMMON SHARES
Basic Shares Outstanding 296.4M shares 278.7M shares
Diluted Shares Outstanding 297.9M shares 280.6M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $432.1M $594.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $491.5M $491.5M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.849B $3.883B
YoY Change -0.87% 17.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $1.879B $1.930B
YoY Change -2.64% -0.33%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $3.849B $3.883B
YoY Change -0.87% 17.34%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $35.26M $32.66M
YoY Change 7.94% 26.35%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $621.8M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Fiscal Period Focus
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dei Amendment Flag
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Type
DocumentType
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dei Entity Central Index Key
EntityCentralIndexKey
0001553079
dei Entity Filer Category
EntityFilerCategory
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dei Entity Registrant Name
EntityRegistrantName
Empire State Realty OP, L.P.
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1090000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Interest Expense
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16890000 USD
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Land
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0.531
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LongTermDebt
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345000 USD
us-gaap Management Fees Revenue
ManagementFeesRevenue
1088000 USD
CY2016Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
31400000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
82600000 USD
CY2017Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
31500000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
162068000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
173920000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
32663000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
73540000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35255000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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85291000 USD
us-gaap Number Of Reportable Segments
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CY2016Q3 us-gaap Operating Costs And Expenses
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38585000 USD
us-gaap Operating Costs And Expenses
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115075000 USD
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41270000 USD
us-gaap Operating Costs And Expenses
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122009000 USD
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122262000 USD
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130539000 USD
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OperatingLeasesIncomeStatementLeaseRevenue
115634000 USD
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OperatingLeasesIncomeStatementLeaseRevenue
343155000 USD
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OperatingLeasesIncomeStatementLeaseRevenue
122391000 USD
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OperatingLeasesIncomeStatementLeaseRevenue
360348000 USD
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930000 USD
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-29305000 USD
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-1279000 USD
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-14252000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
930000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-29305000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1279000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-14252000 USD
CY2016Q4 us-gaap Other Liabilities
OtherLiabilities
18367000 USD
CY2017Q3 us-gaap Other Liabilities
OtherLiabilities
18367000 USD
CY2016Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
2541000 USD
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
6748000 USD
CY2017Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
4932000 USD
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
19861000 USD
CY2016Q4 us-gaap Partners Capital
PartnersCapital
1982863000 USD
CY2017Q3 us-gaap Partners Capital
PartnersCapital
1970226000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
95186000 USD
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
10808000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
120401000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
157579000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
83316000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
95186000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2905000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
12186000 USD
CY2016Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
52828000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
140099000 USD
CY2017Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
53731000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
163115000 USD
CY2016Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
234000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
702000 USD
CY2017Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
234000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
702000 USD
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PrepaidExpenseAndOtherAssets
53749000 USD
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PrepaidExpenseAndOtherAssets
39463000 USD
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ProceedsFromIssuanceOfCommonStock
621800000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
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ProceedsFromIssuanceOfLongTermDebt
50000000 USD
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ProceedsFromIssuanceOfLongTermDebt
315000000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
50000000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
265000000 USD
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ProfitLoss
32897000 USD
us-gaap Profit Loss
ProfitLoss
74242000 USD
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ProfitLoss
35489000 USD
us-gaap Profit Loss
ProfitLoss
85993000 USD
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RealEstateInvestmentPropertyAccumulatedDepreciation
556546000 USD
CY2017Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
631916000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2458629000 USD
CY2017Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2608138000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1902083000 USD
CY2017Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1976222000 USD
CY2016Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
24691000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
71773000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
265000000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
76001000 USD
CY2017Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
26901000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
29220000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
344618000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
90000000 USD
us-gaap Straight Line Rent
StraightLineRent
20590000 USD
CY2016Q3 us-gaap Tenant Reimbursements
TenantReimbursements
19176000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
56350000 USD
CY2017Q3 us-gaap Tenant Reimbursements
TenantReimbursements
20346000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
53889000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
13.74
us-gaap Straight Line Rent
StraightLineRent
21495000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
61514000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
64020000 USD
CY2016Q3 us-gaap Revenues
Revenues
175848000 USD
us-gaap Revenues
Revenues
498737000 USD
CY2017Q3 us-gaap Revenues
Revenues
187320000 USD
us-gaap Revenues
Revenues
529398000 USD
CY2016Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
47183000 USD
CY2017Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
47395000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11798000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
35623000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12899000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36566000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7254000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10808000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
5.36
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.77
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
10.01
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
11.11
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
225000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
575000 USD
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
228000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
582000 USD
CY2017Q3 us-gaap Units Of Partnership Interest Amount
UnitsOfPartnershipInterestAmount
300416821 shares
CY2016Q4 us-gaap Unsecured Debt
UnsecuredDebt
262927000 USD
CY2017Q3 us-gaap Unsecured Debt
UnsecuredDebt
263546000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
280614000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
271028000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
297871000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
298089000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
278739000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270388000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
296389000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
296389000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year balances have been reclassified to conform to our current year presentation. The prior year balance of interest expense has been reclassified to separately present loss on early extinguishment of debt.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties and other long-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, senior unsecured notes, mortgage notes payable, unsecured term loan and revolving credit facilities, and equity based compensation. These estimates are prepared using management&#8217;s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates. </font></div></div>

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