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Empire State Realty OP, L.P. (ESRT-1.32%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in rental revenue to $153,117,000 from $151,458,000 in the same quarter the previous year, attributed to higher occupancy and escalations in operating and real estate tax expenses.
Observatory revenue for the quarter rose to $39,382,000 from $37,562,000, driven by increased ticket prices.
Operating expenses for the quarter were $154,253,000, up from $149,269,000 the previous year, with increases in property operating expenses and general administrative expenses.
Net income for the quarter was $22,796,000, up from $19,928,000 in the previous year, with net income attributable to common unitholders at $21,746,000, compared to $18,767,000 in the previous year.
Cash provided by operating activities was $210,860,000, while cash used in investing activities was $318,470,000, primarily due to acquisitions.
Empire State Realty OP, L.P. had a working capital of $421,896,000 as of September 30, 2024.
The filing also details a new acquisition of retail properties in Williamsburg, Brooklyn, for $143 million, with additional acquisitions expected.
Empire State Realty OP, L.P. continues to focus on managing its portfolio of office, retail, and multifamily properties, with an emphasis on energy efficiency and indoor environmental quality.
The company identified a material weakness in its internal controls over financial reporting related to IT general controls, which it is in the process of remediating.
The company does not anticipate cash dividend payments to common unitholders in the near future, focusing instead on capital expenditures and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Empire State Realty OP LP Unit - Ser ES quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.