Empire state realty trust, inc. (ESRT)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13
Cash Flows From Operating Activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

8,288

28,720

26,784

18,930

9,856

39,781

29,230

30,184

18,058

32,260

35,489

31,359

19,145

33,008

32,897

24,640

16,705

19,370

26,085

26,585

7,888

10,964

22,734

25,281

11,231

193,431

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

46,093

46,409

44,260

44,821

46,098

46,682

42,475

39,468

39,883

40,842

38,490

40,532

40,846

39,829

37,607

38,548

39,227

45,258

45,169

39,629

41,418

48,799

37,880

28,637

30,115

27,375

Amortization of non-cash items within interest expense

1,052

1,928

1,253

2,073

2,074

2,073

2,073

2,076

993

120

432

262

225

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred financing costs and debt premiums and discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

73

220

-

17

389

1,220

1,397

1,388

637

534

152

Amortization of above and below Market Leases

-900

-1,500

-1,700

-1,700

-2,400

-1,700

-1,700

-1,500

-1,200

-1,546

-1,606

-1,120

-1,428

-2,515

-1,210

-844

-4,231

-4,691

-4,795

-4,576

-5,291

-5,615

-4,568

-2,027

-1,885

-1,911

Amortization of acquired below-market ground leases

1,958

1,958

1,957

1,958

1,958

1,958

1,957

1,958

1,958

1,958

1,957

1,958

1,958

1,958

1,957

1,959

1,957

2,123

1,957

1,958

1,958

2,001

1,750

426

426

426

Straight-lining of rental revenue

8,193

6,276

5,174

3,203

5,404

5,445

5,000

5,809

5,853

5,954

7,194

7,465

5,931

8,652

9,619

6,795

5,081

6,055

5,441

5,622

4,102

7,613

8,543

10,979

12,580

8,932

Equity based compensation

5,891

5,465

3,647

6,326

5,419

4,721

4,853

4,656

4,555

3,292

3,841

3,813

3,154

2,475

2,608

2,549

2,097

1,224

1,335

1,230

1,694

812

939

944

1,025

2,994

Gain (Loss) on Extinguishment of Debt

-86

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized loss from derivative financial instruments

-

-

-

-

-

-

-

-

-

-

-8,160

6,107

-104

-

-

0

0

-

-

-

-

-

-

-

-

-

Gain on consolidation of non-controlled entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

322,563

Equity in net income of non-controlled entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Distributions of cumulative earnings of non-controlled entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Deemed contribution for settlement expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits

-17

-1,282

-541

-24,177

-1,243

15,283

-288

-641

-3,637

-310

-2,274

2,472

15

-

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,783

1,137

-1,474

2,314

-8,108

6,019

-3,179

298

2,494

-582

2,777

-7,196

Tenant and other receivables

-2,874

-3,866

-1,976

9,212

-7,385

-1,901

9,777

-3,612

-2,989

-6,332

10,667

3,415

-1,963

2,972

5,049

-307

-3,954

-13,624

15,975

3,672

-10,986

-5,610

1,408

-3,463

4,530

7,590

Deferred leasing costs

4,118

16,382

3,621

7,622

3,270

8,321

8,229

2,977

7,372

10,083

8,894

5,033

7,733

3,980

8,114

4,193

6,335

4,834

4,688

5,449

16,396

3,083

4,828

2,849

1,372

8,916

Prepaid expenses and other assets

-24,869

23,526

-18,890

23,053

-24,046

21,089

-17,957

23,387

-25,738

21,565

-15,161

19,356

-17,867

20,064

-14,209

17,987

-20,553

16,701

-14,098

17,142

-17,789

17,413

-8,612

16,123

-11,872

15,120

Accounts payable and accrued expenses

-5,261

3,397

1,460

762

-5,192

3,174

1,510

1,485

-4,176

-16,186

1,992

-2,768

-8,141

10,162

16

-824

-6,415

1,433

-2,699

4,649

-6,057

-1,783

-1,900

-1,918

-9,155

11,917

Deferred revenue and other liabilities

-7,840

3,274

19,884

5,519

-1,471

12,634

2,623

-7,947

-3,408

-413

13,940

-3,717

-1,115

8,037

1,156

-3,783

-4,586

-6,678

19,353

-2,258

-6,905

3,146

5,940

-3,852

1,006

-10,386

Net cash provided by operating activities

64,774

34,218

109,093

11,378

77,902

91,619

77,716

41,127

68,560

19,366

82,492

31,415

60,929

52,687

70,016

32,513

59,539

43,580

82,524

29,702

47,381

36,924

55,502

22,222

23,910

-131,927

Cash Flows From Investing Activities
Short-term investments

0

-

-150,000

-200,000

-50,000

-

0

400,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Development costs

811

0

2

0

0

-

-

-

-

7

0

1

26

3

0

17

433

19

147

0

346

15

512

0

0

0

Decrease (increase) in restricted cash for investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,519

4

-5,081

-553

-34

734

-28

-4,183

-64

0

-5,098

344

Additions to building and improvements

39,799

60,588

59,018

69,485

61,163

73,400

71,055

54,455

44,112

65,400

53,965

56,574

47,040

61,522

41,745

49,904

28,752

37,850

41,769

34,349

27,717

38,604

32,278

30,269

20,136

56,434

Acquisition of real estate property, net of cash received

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Cash paid in the formation transactions to acquire the non-controlled properties, net of cash received

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

563,529

Net cash used in investing activities

-40,610

-60,588

90,980

130,515

-11,163

-73,400

-71,055

-454,456

-44,112

-65,407

-53,965

-56,575

-47,066

-62,083

-46,264

-49,925

-24,104

-37,316

-41,882

-35,083

-28,035

-34,436

-219,314

-30,269

-15,038

-620,307

Cash Flows From Financing Activities
Proceeds from mortgage notes payable

-

-

-

-

-

0

0

0

160,000

0

0

315,000

0

0

0

0

50,000

0

0

0

0

-

-

-

-

0

Repayment of mortgage notes payable

970

961

952

943

934

925

917

908

263,863

1,997

1,915

339,536

3,167

3,085

3,005

2,963

23,252

3,015

2,929

93,890

47,084

290,830

49,524

3,943

4,011

313,240

Proceeds from unsecured senior notes

175,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

350,000

0

250,000

0

0

0

Repayment of unsecured term loan

50,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from unsecured senior notes

-

-

-

-

-

-

0

0

335,000

-

265,000

0

0

-

-

-

-

40,000

0

120,000

495,000

0

0

0

0

0

Repayment of senior unsecured notes

-

-

-

-

-

-

-

-

-

-

-

-

-

0

50,000

0

40,000

20,000

265,000

0

330,000

0

0

0

0

0

Proceeds from unsecured term loan

175,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Proceeds from unsecured revolving credit facility

550,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common shares

62,666

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from unsecured revolving credit and term loan facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

140,000

255,600

30,000

10,000

335,000

Repayments of secured term loan and credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

470,000

25,600

255,000

0

10,000

10,000

Proceeds from unsecured loan payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Repayment of unsecured notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,350

Deferred financing costs

3,610

0

0

0

0

3

75

81

1,821

1,113

7,678

4,463

45

101

1,539

80

1,286

-28

2,574

-4

3,558

1,291

3,192

0

0

15,381

Net proceeds from the sale of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

992,887

Deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Contributions from owners

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Cash paid for equity interests in the formation transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

143,236

Distributions to Predecessor owners

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

123,147

Payments of Private Perpetual Preferred Units Distributions

1,100

1,000

200

300

200

200

200

300

200

198

234

234

234

198

234

234

234

234

202

266

234

235

241

0

0

0

Payments of Ordinary Dividends, Common Stock

19,000

19,102

18,907

18,691

18,500

18,382

17,726

17,585

17,207

16,957

16,725

16,636

16,482

16,321

16,238

12,935

10,318

10,127

9,988

9,662

9,406

8,997

8,350

8,123

8,128

7,601

Distributions paid to non-controlling interests in the operating partnership

12,614

11,256

13,039

13,343

13,188

12,009

14,124

14,266

14,350

14,597

14,819

14,908

14,914

15,083

15,171

15,362

12,590

12,619

12,750

13,079

13,333

13,721

14,354

12,799

12,773

11,915

Net cash provided by (used in) financing activities

750,103

-32,352

-283,132

-33,191

-32,876

-31,507

-33,076

-28,325

197,525

80,113

-41,371

-60,777

-34,842

-34,896

535,091

8,426

-37,680

-5,967

-28,475

3,139

-28,615

-9,674

174,939

5,135

-24,912

696,017

Net increase in cash and cash equivalents and restricted cash

774,267

-58,722

-83,059

108,702

33,863

-13,288

-26,415

-441,654

221,973

34,072

-12,844

-85,937

-20,979

-44,292

558,843

-8,986

-2,245

297

12,167

-2,242

-9,269

-7,186

11,127

-2,912

-16,040

-56,217

Supplemental disclosures of cash flow information:
Cash paid for interest

17,081

17,160

20,810

17,595

20,768

17,563

20,641

18,967

16,989

12,993

18,167

16,678

19,073

15,776

19,252

15,125

18,909

15,503

18,359

15,204

15,742

18,395

14,468

13,947

13,811

12,648

Cash paid for income taxes

898

177

148

366

1,075

1,157

987

2,044

659

779

1,990

2,507

507

2,743

1,437

1,401

657

1,207

549

1,275

1,434

1,021

1,075

1,547

47

329

Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses

78,107

13,768

2,255

-7,512

82,399

-7,264

-3,933

22,431

74,008

-361

-233

4,749

67,614

-4,824

11,940

13,910

45,594

4,286

3,307

-3,811

47,533

-

-

6,018

14,138

15,584

Write-off of fully depreciated assets

13,932

4,461

15,393

4,997

6,126

7,606

13,010

10,127

8,922

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Conversion of operating partnership units and Class B shares to Class A shares

7,562

5,841

12,796

5,576

3,282

39,119

5,815

15,756

10,089

12,348

1,953

1,325

7,809

3,737

4,740

8,338

6,863

8,883

24,464

9,118

19,538

40,611

0

0

0

0

Issuance of Series 2019 private perpetual preferred in exchange for common shares

789

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Right of use assets

0

0

0

0

29,452

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Ground lease liabilities

0

0

0

0

29,452

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of Class A Common Stock, Class B Common Stock, and operating partnership units in connection with the acquisition of real estate properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

457,493

Debt assumed with the acquisition of real estate properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

136,226

Reduction of equity for deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

32,319

Acquisition of working capital (deficit), net of cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,061

Due to affiliates settled in Class A Common Stock, Class B Common Stock, or operating partnership units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,299

Redemption of operating partnership units to repay other receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Accrued distributions to Predecessor owners

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Distribution of real property to owners prior to the formation transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Distribution of unsecured loan and note payable - related party to owners prior to the formation transactions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0