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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, 2022
| | | | | |
☐ | 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: 001-36106
EMPIRE STATE REALTY OP, L.P.
(Exact name of Registrant as specified in its charter)
| | | | | | | | |
Delaware | | 45-4685158 |
(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 Securities | Trading Symbol | Exchange on which traded |
| | |
Series ES operating partnership units | ESBA | NYSE Arca, Inc. |
Series 60 operating partnership units | OGCP | NYSE Arca, Inc. |
Series 250 operating partnership units | FISK | NYSE Arca, Inc. |
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 October 28, 2022, there were 21,319,214 units of the Registrant Series ES operating partnership units outstanding, 5,647,217 units of the Series 60 operating partnership units outstanding, and 2,816,767 units of the Series 250 operating partnership units outstanding.
| | | | | | | | |
| EMPIRE STATE REALTY OP, L.P. | |
| FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022 | |
| TABLE OF CONTENTS | PAGE |
PART 1. | FINANCIAL INFORMATION | |
| | |
ITEM 1. | FINANCIAL STATEMENTS | |
| Condensed Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021 | |
| Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (unaudited) | |
| Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021 (unaudited) | |
| Condensed Consolidated Statements of Capital for the three and nine months ended September 30, 2022 and 2021 (unaudited) | |
| Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (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 | |
ITEM 1. FINANCIAL STATEMENTS
Empire State Realty OP, L.P.
Condensed Consolidated Balance Sheets
(amounts in thousands, except per unit amounts)
| | | | | | | | | | | |
| September 30, 2022 | | December 31, 2021 |
ASSETS | (unaudited) | | |
Commercial real estate properties, at cost: | | | |
Land | $ | 334,598 | | | $ | 336,278 | |
Development costs | 8,162 | | | 8,131 | |
Building and improvements | 3,194,787 | | | 3,156,508 | |
| 3,537,547 | | | 3,500,917 | |
Less: accumulated depreciation | (1,159,364) | | | (1,072,938) | |
Commercial real estate properties, net | 2,378,183 | | | 2,427,979 | |
Cash and cash equivalents | 387,248 | | | 423,695 | |
Restricted cash | 52,567 | | | 50,943 | |
| | | |
Tenant and other receivables | 30,547 | | | 18,647 | |
Deferred rent receivables | 239,750 | | | 224,922 | |
Prepaid expenses and other assets | 72,905 | | | 76,549 | |
Deferred costs, net | 188,706 | | | 202,437 | |
Acquired below-market ground leases, net | 331,030 | | | 336,904 | |
Right of use assets | 28,725 | | | 28,892 | |
Goodwill | 491,479 | | | 491,479 | |
Total assets | $ | 4,201,140 | | | $ | 4,282,447 | |
LIABILITIES AND CAPITAL | | | |
Liabilities: | | | |
Mortgage notes payable, net | $ | 915,202 | | | $ | 948,769 | |
Senior unsecured notes, net | 973,607 | | | 973,373 | |
Unsecured term loan facilities, net | 388,645 | | | 388,223 | |
Unsecured revolving credit facility | — | | | — | |
Accounts payable and accrued expenses | 94,436 | | | 120,810 | |
Acquired below-market leases, net | 18,897 | | | 24,941 | |
Ground lease liabilities | 28,725 | | | 28,892 | |
Deferred revenue and other liabilities | 80,249 | | | 84,358 | |
Tenants’ security deposits | 27,550 | | | 28,749 | |
Total liabilities | 2,527,311 | | | 2,598,115 | |
Commitments and contingencies | | | |
Capital: | | | |
Private perpetual preferred units: | | | |
Private perpetual preferred units, $13.52 liquidation preference, 4,664 issued and outstanding in 2022 and 2021, respectively | 21,936 | | | 21,936 | |
Private perpetual preferred units, $16.62 liquidation preference, 1,560 issued and outstanding in 2022 and 2021 | 8,004 | | | 8,004 | |
Series PR operating partnership units: | | | |
ESRT partner's capital (2,725 and 2,812 general partner operating partnership units and 158,844 and 167,405 limited partner operating partnership units outstanding in 2022 and 2021, respectively) | 952,379 | | | 998,128 | |
Limited partners' interests (81,034 and 79,820 limited partner operating partnership units outstanding in 2022 and 2021, respectively) | 675,818 | | | 649,157 | |
Series ES operating partnership units (21,422 and 22,321 limited partner operating partnership units outstanding in 2022 and 2021, respectively) | 470 | | | (4,058) | |
Series 60 operating partnership units (5,678 and 5,885 limited partner operating partnership units outstanding in 2022 and 2022, respectively) | (223) | | | (1,395) | |
Series 250 operating partnership units (2,824 and 2,971 limited partner operating partnership units outstanding in 2022 and 2021, respectively) | (57) | | | (692) | |
Total Empire State Realty OP, L.P.'s capital | 1,658,327 | | | 1,671,080 | |
Non-controlling interest in other partnerships | 15,502 | | | 13,252 | |
Total capital | 1,673,829 | | | 1,684,332 | |
Total liabilities and capital | $ | 4,201,140 | | | $ | 4,282,447 | |
The accompanying notes are an integral part of these consolidated financial statements
Empire State Realty OP, L.P.
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except per unit amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Revenues: | | | | | | | |
Rental revenue | $ | 148,290 | | | $ | 139,558 | | | $ | 445,143 | | | $ | 420,586 | |
| | | | | | | |
Observatory revenue | 33,051 | | | 12,796 | | | 73,660 | | | 23,758 | |
Lease termination fees | — | | | 11,321 | | | 20,032 | | | 15,949 | |
Third-party management and other fees | 389 | | | 314 | | | 1,025 | | | 917 | |
Other revenue and fees | 1,982 | | | 1,059 | | | 5,908 | | | 2,550 | |
Total revenues | 183,712 | | | 165,048 | | | 545,768 | | | 463,760 | |
Operating expenses: | | | | | | | |
Property operating expenses | 42,798 | | | 33,357 | | | 118,875 | | | 92,429 | |
Ground rent expenses | 2,331 | | | 2,331 | | | 6,994 | | | 6,994 | |
General and administrative expenses | 15,725 | | | 14,427 | | | 45,287 | | | 42,369 | |
Observatory expenses | 8,516 | | | 6,370 | | | 22,507 | | | 16,226 | |
Real estate taxes | 31,831 | | | 29,566 | | | 91,637 | | | 92,367 | |
| | | | | | | |
| | | | | | | |
Depreciation and amortization | 46,984 | | | 65,794 | | | 172,394 | | | 155,339 | |
Total operating expenses | 148,185 | | | 151,845 | | | 457,694 | | | 405,724 | |
Total operating income | 35,527 | | | 13,203 | | | 88,074 | | | 58,036 | |
Other income (expense): | | | | | | | |
Interest income | 1,564 | | | 211 | | | 2,144 | | | 497 | |
Interest expense | (25,516) | | | (23,577) | | | (75,572) | | | (70,553) | |
Loss on early extinguishment of debt | — | | | — | | | — | | | (214) | |
Gain on disposition of property | — | | | — | | | 27,170 | | | — | |
Income (loss) before income taxes | 11,575 | | | (10,163) | | | 41,816 | | | (12,234) | |
Income tax (expense) benefit | (1,457) | | | (20) | | | (224) | | | 3,271 | |
Net income (loss) | 10,118 | | | (10,183) | | | 41,592 | | | (8,963) | |
Private perpetual preferred unit distributions | (1,050) | | | (1,050) | | | (3,151) | | | (3,151) | |
Net loss attributable to non-controlling interest in other partnerships | 49 | | | — | | | 271 | | | — | |
Net income (loss) attributable to common unitholders | $ | 9,117 | | | $ | (11,233) | | | $ | 38,712 | | | $ | (12,114) | |
| | | | | | | |
Total weighted average units: | | | | | | | |
Basic | 266,035 | | | 277,716 | | | 269,880 | | | 277,829 | |
Diluted | 267,121 | | | 277,716 | | | 270,966 | | | 277,829 | |
| | | | | | | |
Earnings per unit attributable to common unitholders: | | | | | | | |
Basic | $ | 0.03 | | | $ | (0.04) | | | $ | 0.14 | | | $ | (0.04) | |
Diluted | $ | 0.03 | | | $ | (0.04) | | | $ | 0.14 | | | $ | (0.04) | |
| | | | | | | |
Dividends per unit | $ | 0.035 | | | $ | 0.035 | | | $ | 0.105 | | | $ | 0.070 | |
The accompanying notes are an integral part of these consolidated financial statements
Empire State Realty OP, L.P.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income (loss) | $ | 10,118 | | | $ | (10,183) | | | $ | 41,592 | | | $ | (8,963) | |
Other comprehensive income: | | | | | | | |
Unrealized gain (loss) on valuation of interest rate swap agreements | 19,588 | | | (103) | | | 39,407 | | | (139) | |
Less: amount reclassified into interest expense | 1,392 | | | 2,920 | | | 7,428 | | | 8,687 | |
Other comprehensive income | 20,980 | | | 2,817 | | | 46,835 | | | 8,548 | |
Comprehensive income (loss) | 31,098 | | | (7,366) | | | 88,427 | | | (415) | |
Net loss attributable to non-controlling interest in other partnerships | 49 | | | — | | | 271 | | | — | |
Other comprehensive income attributable to non-controlling interest | (670) | | | — | | | (2,297) | | | — | |
Comprehensive income (loss) attributable to OP unitholders | $ | 30,477 | | | $ | (7,366) | | | $ | 86,401 | | | $ | (415) | |
The accompanying notes are an integral part of these consolidated financial statements
Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Three Months Ended September 30, 2022 and 2021
(unaudited)
(amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Series PR Operating Partnership Units | | Series ES Operating Partnership Units Limited Partners | | Series 60 Operating Partnership Units Limited Partners | | Series 250 Operating Partnership Units Limited Partners | | | | |
| | | | | General Partner | | Limited Partners | | | | | | | |
| Private Perpetual Preferred Units | | Private Perpetual Preferred Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Non-controlling Interest in Other Partnerships | | Total Capital |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2022 | 6,224 | | | $ | 29,940 | | | 163,684 | | | $ | 957,803 | | | 81,073 | | | $ | 665,520 | | | 21,746 | | | $ | (1,137) | | | 5,738 | | | $ | (637) | | | 2,862 | | | $ | (277) | | | 14,881 | | | $ | 1,666,093 | |
Issuance of OP units, net of costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Conversion of operating partnership units to ESRT Partner's Capital
| — | | | — | | | 461 | | | 39 | | | (39) | | | (4) | | | (324) | | | (27) | | | (60) | | | (5) | | | (38) | | | (3) | | | — | | | — | |
Contributions from consolidated joint ventures | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Repurchases of common shares | — | | | — | | | (2,567) | | | (18,105) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (18,105) | |
Equity compensation | — | | | — | | | (8) | | | 317 | | | — | | | 5,057 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,374 | |
Distributions | — | | | (1,050) | | | — | | | (5,694) | | | — | | | (2,837) | | | — | | | (751) | | | — | | | (199) | | | — | | | (100) | | | — | | | (10,631) | |
Net income | — | | | 1,050 | | | — | | | 5,557 | | | — | | | 2,529 | | | — | | | 739 | | | — | | | 192 | | | — | | | 100 | | | (49) | | | 10,118 | |
Other comprehensive income (loss) | — | | | — | | | — | | 12,462 | | | — | | 5,553 | | | — | | 1,646 | | | — | | 426 | | | — | | 223 | | | 670 | | | 20,980 | |
Balance at September 30, 2022 | 6,224 | | | $ | 29,940 | | | 161,570 | | | $ | 952,379 | | | 81,034 | | | $ | 675,818 | | | 21,422 | | | $ | 470 | | | 5,678 | | | $ | (223) | | | 2,824 | | | $ | (57) | | | $ | 15,502 | | | $ | 1,673,829 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Series PR Operating Partnership Units | | Series ES Operating Partnership Units Limited Partners | | Series 60 Operating Partnership Units Limited Partners | | Series 250 Operating Partnership Units Limited Partners | | | | |
| | | | | General Partner | | Limited Partners | | | | | | | |
| Private Perpetual Preferred Units | | Private Perpetual Preferred Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Non-controlling Interest in Other Partnerships | | Total Capital |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2021 | 6,224 | | | $ | 29,940 | | | 173,400 | | | $ | 1,055,659 | | | 80,241 | | | $ | 650,473 | | | 22,923 | | | $ | (1,692) | | | 6,112 | | | $ | (789) | | | 3,045 | | | $ | (383) | | | $ | — | | | $ | 1,733,208 | |
Issuance of OP units, net of costs | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Conversion of operating partnership units to ESRT Partner's Capital
| — | | | — | | | 542 | | | 931 | | | (119) | | | (960) | | | (312) | | | 17 | | | (93) | | | 10 | | | (18) | | | 2 | | | — | | | — | |
Repurchases of common shares | — | | | — | | | (626) | | | (6,510) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (6,510) | |
Equity compensation | — | | | — | | | (24) | | | 180 | | | 33 | | | 5,198 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,378 | |
Distributions | — | | | (1,050) | | | — | | | (6,061) | | | — | | | (2,806) | | | — | | | (795) | | | — | | | (211) | | | — | | | (106) | | | — | | | (11,029) | |
Net income | — | | | 1,050 | | | — | | | (6,977) | | | — | | | (2,954) | | | — | | | (931) | | | — | | | (248) | | | — | | | (123) | | | — | | | (10,183) | |
Other comprehensive income (loss) | — | | | — | | | — | | | 1,756 | | | — | | | 739 | | | — | | | 229 | | | — | | | 62 | | | — | | | 31 | | | — | | | 2,817 | |
Balance at September 30, 2021 | 6,224 | | | $ | 29,940 | | | 173,292 | | | $ | 1,038,978 | | | 80,155 | | | $ | 649,690 | | | 22,611 | | | $ | (3,172) | | | 6,019 | | | $ | (1,176) | | | 3,027 | | | $ | (579) | | | $ | — | | | $ | 1,713,681 | |
The accompanying notes are an integral part of these consolidated financial statements
Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Nine Months Ended September 30, 2022 and 2021
(unaudited)
(amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Series PR Operating Partnership Units | | Series ES Operating Partnership Units Limited Partners | | Series 60 Operating Partnership Units Limited Partners | | Series 250 Operating Partnership Units Limited Partners | | | | |
| | | | | General Partner | | Limited Partners | | | | | | | |
| Private Perpetual Preferred Units | | Private Perpetual Preferred Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Non-controlling Interest in Other Partnerships | | Total Capital |
Balance at December 31, 2021 | 6,224 | | | $ | 29,940 | | | 170,217 | | | $ | 998,128 | | | 79,820 | | | $ | 649,157 | | | 22,321 | | | $ | (4,058) | | | 5,884 | | | $ | (1,395) | | | 2,970 | | | $ | (692) | | | $ | 13,252 | | | $ | 1,684,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of operating partnership units to ESRT Partner's Capital
| — | | | — | | | 1,599 | | | 2,384 | | | (348) | | | (2,503) | | | (899) | | | 69 | | | (206) | | | 28 | | | (146) | | | 22 | | | — | | | — | |
Contributions from consolidated joint ventures | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 224 | | | 224 | |
Repurchases of common units | — | | | — | | | (10,433) | | | (82,545) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (82,545) | |
Equity compensation | — | | | — | | | 187 | | | 574 | | | 1,562 | | | 15,025 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 15,599 | |
Distributions | — | | | (3,151) | | | — | | | (17,444) | | | — | | | (8,421) | | | — | | | (2,285) | | | — | | | (604) | | | — | | | (303) | | | — | | | (32,208) | |
Net income (loss) | — | | | 3,151 | | | — | | | 23,847 | | | — | | | 10,490 | | | — | | | 3,136 | | | — | | | 813 | | | — | | | 426 | | | (271) | | | 41,592 | |
Other comprehensive income | — | | | — | | | — | | | 27,435 | | | — | | | 12,070 | | | — | | | 3,608 | | | — | | | 935 | | | — | | | 490 | | | 2,297 | | | 46,835 | |
Balance at September 30, 2022 | 6,224 | | | $ | 29,940 | | | 161,570 | | | $ | 952,379 | | | 81,034 | | | $ | 675,818 | | | 21,422 | | | $ | 470 | | | 5,678 | | | $ | (223) | | | 2,824 | | | $ | (57) | | | $ | 15,502 | | | $ | 1,673,829 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Series PR Operating Partnership Units | | Series ES Operating Partnership Units Limited Partners | | Series 60 Operating Partnership Units Limited Partners | | Series 250 Operating Partnership Units Limited Partners | | | | |
| | | | | General Partner | | Limited Partners | | | | | | | |
| Private Perpetual Preferred Units | | Private Perpetual Preferred Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Operating Partnership Units | | Operating Partnership Unitholders | | Non-controlling Interest in Other Partnerships | | Total Capital |
Balance at December 31, 2020 | 6,224 | | | $ | 29,940 | | | 171,565 | | | $ | 1,055,249 | | | 80,355 | | | $ | 648,543 | | | 23,678 | | | $ | (1,348) | | | 6,424 | | | $ | (721) | | | 3,255 | | | $ | (356) | | | — | | | $ | 1,731,307 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Conversion of operating partnership units to ESRT Partner's Capital
| — | | | — | | | 2,682 | | | 7,766 | | | (982) | | | (7,918) | | | (1,067) | | | 72 | | | (405) | | | 50 | | | (228) | | | 30 | | | — | | | — | |
Repurchases of common units | — | | | — | | | (1,009) | | | (10,043) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10,043) | |
Equity compensation | — | | | — | | | 54 | | | 344 | | | 782 | | | 15,072 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 15,416 | |
Distributions | — | | | (3,151) | | | — | | | (12,124) | | | — | | | (5,068) | | | — | | | (1,601) | | | — | | | (426) | | | — | | | (214) | | | — | | | (22,584) | |
Net income (loss) | — | | | 3,151 | | | — | | | (7,523) | | | — | | | (3,186) | | | — | | | (1,005) | | | — | | | (267) | | | — | | | (133) | | | — | | | (8,963) | |
Other comprehensive income | — | | | — | | | — | | | 5,309 | | | — | | | 2,247 | | | — | | | 710 | | | — | | | 188 | | | — | | | 94 | | | — | | | 8,548 | |
Balance at September 30, 2021 | 6,224 | | | $ | 29,940 | | | 173,292 | | | $ | 1,038,978 | | | 80,155 | | | $ | 649,690 | | | 22,611 | | | $ | (3,172) | | | 6,019 | | | $ | (1,176) | | | 3,027 | | | $ | (579) | | | $ | — | | | $ | 1,713,681 | |
The accompanying notes are an integral part of these consolidated financial statements