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Empire State Realty Trust Inc. (ESRT-1.42%) Class A 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. The increase is attributed to higher occupancy and operating expense escalations.
Property operating expenses for the quarter were $45,954,000, up from $42,817,000 in the same quarter of the previous year. This increase is due to higher utilities and payroll costs.
The company reported a net income of $22,796,000 for the quarter, compared to $19,928,000 in the previous year, with the increase attributed to higher rental and observatory revenues.
Empire State Realty Trust closed on acquisitions of retail properties on North 6th Street in Williamsburg, Brooklyn for $143 million during the quarter.
Interest expense for the quarter was $27,408,000, compared to $25,382,000 in the previous year, primarily due to new senior unsecured notes issued in April 2024.
Cash provided by operating activities was $210,860,000, while cash used in investing and financing activities was $318,470,000 and $170,573,000, respectively.
Empire State Realty Trust had a working capital of $421,896,000 as of September 30, 2024.
The filing also details various financial agreements, including a new unsecured revolving credit facility and term loan facility.
Empire State Realty Trust does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting related to IT general controls.
Empire State Realty Trust continues to focus on its diversified portfolio of office, retail, multifamily, and observatory assets, highlighting its recent acquisitions and leasing activities.
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 Trust Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.