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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 June 30, 2024
☐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: 001-36105
EMPIRE STATE REALTY TRUST, INC.

(Exact name of Registrant as specified in its charter)
Maryland
 37-1645259
(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) 687-8700
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.01 per shareESRTThe New York Stock Exchange
Class B Common Stock, par value $0.01 per shareN/AN/A
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, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth 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 3, 2024, there were 165,528,348 shares of Class A Common Stock, $0.01 par value per share, outstanding and 980,707 shares of Class B Common Stock, $0.01 par value per share, outstanding.









EMPIRE STATE REALTY TRUST, INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024
TABLE OF CONTENTSPAGE
PART 1.FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited)
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited)
Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited)
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (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

1









ITEM 1. FINANCIAL STATEMENTS
Empire State Realty Trust, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands, except per share amounts)
June 30, 2024December 31, 2023
ASSETS(unaudited)
Commercial real estate properties, at cost:
Land$341,499 $366,357 
Development costs8,187 8,178 
Building and improvements3,153,616 3,280,657 
3,503,302 3,655,192 
Less: accumulated depreciation(1,206,039)(1,250,062)
Commercial real estate properties, net2,297,263 2,405,130 
Contract asset166,955 — 
Cash and cash equivalents535,533 346,620 
Restricted cash41,015 60,336 
Tenant and other receivables34,665 39,836 
Deferred rent receivables242,940 255,628 
Prepaid expenses and other assets105,438 98,167 
Deferred costs, net172,318 172,457 
Acquired below-market ground leases, net317,326 321,241 
Right of use assets28,318 28,439 
Goodwill491,479 491,479 
Total assets$4,433,250 $4,219,333 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$700,348 $877,388 
Senior unsecured notes, net1,196,831 973,872 
Unsecured term loan facilities, net268,580 389,286 
Unsecured revolving credit facility120,000 — 
Debt associated with property in receivership177,667 — 
Accrued interest associated with property in receivership1,589 — 
Accounts payable and accrued expenses90,908 99,756 
Acquired below-market leases, net11,872 13,750 
Ground lease liabilities28,318 28,439 
Deferred revenue and other liabilities61,890 70,298 
Tenants’ security deposits24,031 35,499 
Total liabilities2,682,034 2,488,288 
Commitments and contingencies
Equity:
Empire State Realty Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued or outstanding
— — 
Class A common stock, $0.01 par value, 400,000 shares authorized, 164,483 and 162,062 shares issued and outstanding in 2024 and 2023, respectively
1,645 1,621 
Class B common stock, $0.01 par value, 50,000 shares authorized, 982 and 984 shares issued and outstanding in 2024 and 2023, respectively
10 10 
Additional paid-in capital1,068,516 1,060,969 
Accumulated other comprehensive income13,036 6,026 
Retained deficit(71,928)(83,108)
Total Empire State Realty Trust, Inc. stockholders' equity1,011,279 985,518 
Non-controlling interests in the Operating Partnership709,997 700,180 
Non-controlling interests in other partnerships— 15,407 
Private perpetual preferred units:
Private perpetual preferred units, $13.52 liquidation preference, 4,664 issued and outstanding in 2024 and 2023
21,936 21,936 
Private perpetual preferred units, $16.62 liquidation preference, 1,560 issued and outstanding in 2024 and 2023
8,004 8,004 
Total equity1,751,216 1,731,045 
Total liabilities and equity$4,433,250 $4,219,333 
The accompanying notes are an integral part of these consolidated financial statements 
2








Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues:
Rental revenue$152,470 $154,603 $306,352 $294,694 
Observatory revenue34,124 33,433 58,720 55,587 
Third-party management and other fees376 381 641 808 
Other revenue and fees2,573 2,125 5,009 4,075 
Total revenues189,543 190,542 370,722 355,164 
Operating expenses:
Property operating expenses41,516 39,519 86,576 81,563 
Ground rent expenses2,332 2,332 4,663 4,663 
General and administrative expenses18,020 16,075 33,992 31,783 
Observatory expenses8,958 8,657 17,389 16,512 
Real estate taxes31,883 31,490 64,124 63,278 
Depreciation and amortization47,473 46,280 93,554 93,688 
Total operating expenses150,182 144,353 300,298 291,487 
Total operating income
39,361 46,189 70,424 63,677 
Other income (expense):
Interest income5,092 3,339 9,270 5,934 
Interest expense(25,323)(25,405)(50,451)(50,709)
Interest expense associated with property in receivership(628)— (628)— 
Loss on early extinguishment of debt— — (553)— 
Gain on disposition of property10,803 13,565 10,803 29,261 
Income before income taxes29,305 37,688 38,865 48,163 
Income tax (expense) benefit(750)(733)(95)486 
Net income28,555 36,955 38,770 48,649 
Net (income) loss attributable to non-controlling interests:
Non-controlling interest in the Operating Partnership(10,433)(14,049)(13,933)(18,217)
Non-controlling interests in other partnerships— (1)(4)42 
Private perpetual preferred unit distributions(1,051)(1,051)(2,101)(2,101)
Net income attributable to common stockholders$17,071 $21,854 $22,732 $28,373 
Total weighted average shares:
Basic164,277 160,028 163,988 160,669 
Diluted268,716 264,196 268,105 264,736 
Earnings per share attributable to common stockholders:
Basic$0.10 $0.14 $0.14 $0.18 
Diluted$0.10 $0.14 $0.14 $0.18 
Dividends per share$0.035 $0.035 $0.070 $0.070 

The accompanying notes are an integral part of these consolidated financial statements
3








Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
(amounts in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net income$28,555 $36,955 $38,770 $48,649 
Other comprehensive income (loss):
Unrealized gain on valuation of interest rate swap agreements2,853 11,935 11,051 6,533 
Amount reclassified into interest expense(667)(1,882)(2,991)(3,154)
     Other comprehensive income2,186 10,053 8,060 3,379 
Comprehensive income30,741 47,008 46,830 52,028 
Net income attributable to non-controlling interests and private perpetual preferred unitholders(11,484)(15,101)(16,038)(20,276)
Other comprehensive income attributable to non-controlling interests(820)(4,098)(2,972)(1,263)
Comprehensive income attributable to common stockholders$18,437 $27,809 $27,820 $30,489 

The accompanying notes are an integral part of these consolidated financial statements




4








Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For The Three Months Ended June 30, 2024 and 2023
(unaudited) (amounts in thousands)
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive IncomeRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at March 31, 2024163,816 $1,638 982 $10 $1,066,030 $11,656 $(83,212)$996,122 $698,672 $29,940 $1,724,734 
Conversion of operating partnership units and Class B shares to Class A shares697 7 — — 1,945 14 — 1,966 (1,966)— — 
Repurchases of common shares— — — — — — — — — — — 
Equity compensation:
LTIP units— — — — — — — — 5,847 — 5,847 
Restricted stock, net of forfeitures(30)— — — 541 — — 541 — — 541 
Dividends and distributions— — — — — — (5,787)(5,787)(3,809)(1,051)(10,647)
Net income— — — — — — 17,071 17,071 10,433 1,051 28,555 
Other comprehensive income— — — — — 1,366 — 1,366 820 — 2,186 
Balance at June 30, 2024164,483 $1,645 982 $10 $1,068,516 $13,036 $(71,928)$1,011,279 $709,997 $29,940 $1,751,216 
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at March 31, 2023160,340 $1,603 989 $10 $1,051,926 $3,336 $(108,624)$948,251 $698,875 $29,940 $1,677,066 
Conversion of operating partnership units and Class B shares to Class A shares728 7 (1)— 2,484 (16)— 2,475 (2,475)— — 
Repurchases of common shares(1,218)(12)— — (7,399)— — (7,411)— — (7,411)
Contributions from consolidated joint ventures— — — — — — — — 94 — 94 
Equity compensation:
LTIP units— — — — — — — — 4,921 — 4,921 
Restricted stock, net of forfeitures(7)— — — 448 — — 448 — — 448 
Dividends and distributions— — — — — — (5,622)(5,622)(3,841)(1,051)(10,514)
Net income— — — — — — 21,854 21,854 14,050 1,051 36,955 
Other comprehensive income— — — — — 5,955 — 5,955 4,098 — 10,053 
Balance at June 30, 2023159,843 $1,598 988 $10 $1,047,459 $9,275 $(92,392)$965,950 $715,722 $29,940 $1,711,612 









5









Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For The Six Months Ended June 30, 2024 and 2023
(unaudited) (amounts in thousands)
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive IncomeRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at December 31, 2023162,062 $1,621 984 $10 $1,060,969 $6,026 $(83,108)$985,518 $715,587 $29,940 $1,731,045 
Conversion of operating partnership units and Class B shares to Class A shares2,265 22 (2)— 9,073 3 — 9,098 (9,098)— — 
Repurchases of common shares— — — — — — — — — — — 
Acquisition of non-controlling interests in other partnerships— — — — (1,805)1,919 — 114 (15,411)— (15,297)
Equity compensation:
LTIP units— — — — — — — — 9,556 — 9,556 
Restricted stock, net of forfeitures156 2 — — 279 — — 281 — — 281 
Dividends and distributions— — — — — — (11,552)(11,552)(7,546)(2,101)(21,199)
Net income— — — — — — 22,732 22,732 13,937 2,101 38,770 
Other comprehensive income— — — — — 5,088 — 5,088 2,972 — 8,060 
Balance at June 30, 2024164,483 $1,645 982 $10 $1,068,516 $13,036 $(71,928)$1,011,279 $709,997 $29,940 $1,751,216 

Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at December 31, 2022160,139 $1,601 990 $10 $1,055,184 $7,048 $(109,468)$954,375 $698,776 $29,940 $1,683,091 
Conversion of operating partnership units and Class B shares to Class A shares1,535 15 (2)— 4,893 111 — 5,019 (5,019)— — 
Repurchases of common shares(2,151)(21)— — (13,084)— — (13,105)— — (13,105)
Contributions from consolidated joint ventures— — — — — — — — 112 — 112 
Equity compensation:
LTIP units— — — — — — — — 9,274 — 9,274 
Restricted stock, net of forfeitures320 3 — — 466 — — 469 — — 469 
Dividends and distributions— — — — — — (11,297)(11,297)(6,859)(2,101)(20,257)
Net income— — — — — — 28,373 28,373 18,175 2,101 48,649 
Other comprehensive income— — — — — 2,116 — 2,116 1,263 — 3,379 
Balance at June 30, 2023159,843 $1,598 988 $10 $1,047,459 $9,275 $(92,392)$965,950 $715,722 $29,940 $1,711,612 

The accompanying notes are an integral part of these consolidated financial statements
6








Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(amounts in thousands)
Six Months Ended June 30,
20242023
Cash Flows From Operating Activities
Net income$38,770 $48,649 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization93,554 93,688 
Gain on disposition of property(10,803)(29,261)
Amortization of non-cash items within interest expense4,289 4,521 
Amortization of acquired above- and below-market leases, net(1,027)(1,378)
Amortization of acquired below-market ground leases3,916 3,916 
Straight-lining of rental revenue(4,961)(12,415)
Equity based compensation9,837 9,743 
Loss on early extinguishment of debt553 — 
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits(9,639)15,326 
Tenant and other receivables3,648 (8,708)
Deferred leasing costs(14,377)(9,316)
Prepaid expenses and other assets(7,163)957 
Accounts payable and accrued expenses4,328 (9,324)
Deferred revenue and other liabilities(2,875)(492)
Net cash provided by operating activities108,050 105,906 
Cash Flows From Investing Activities
Acquisition of non-controlling interests in other partnerships(14,226)— 
Reduction of cash from derecognition of assets(12,876)— 
Net proceeds from disposition of property— 88,910 
Post-closing costs from a prior period sale of property (4,034)— 
Development costs(9)— 
Additions to building and improvements(96,517)(76,166)
Net cash (used in) provided by investing activities(127,662)12,744 

The accompanying notes are an integral part of these consolidated financial statements
















7









Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Cash Flows (continued)
(unaudited)
(amounts in thousands)

Six Months Ended June 30,
20242023
Cash Flows From Financing Activities
Repayment of mortgage notes payable(2,961)(4,270)
Proceeds from unsecured senior notes225,000 — 
Proceeds from unsecured term loan95,000 — 
Repayment of unsecured term loan(215,000)— 
Proceeds from unsecured revolving credit facility120,000 — 
Deferred financing costs(11,636)— 
Contributions from consolidated joint ventures— 112 
Repurchases of common shares— (13,105)
Private perpetual preferred unit distributions(2,101)(2,101)
Dividends paid to common stockholders(11,552)(11,297)
Distributions paid to non-controlling interests in the operating partnership(7,546)(6,859)
Net cash provided by (used in) financing activities 189,204 (37,520)
Net increase (decrease) in cash and cash equivalents and restricted cash169,592 81,130 
Cash and cash equivalents and restricted cash—beginning of period406,956 314,678 
Cash and cash equivalents and restricted cash—end of period$576,548 $395,808 
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period$346,620 $264,434 
Restricted cash at beginning of period60,336 50,244 
Cash and cash equivalents and restricted cash at beginning of period$406,956 $314,678 
Cash and cash equivalents at end of period$535,533 $315,357 
Restricted cash at end of period41,015 80,451 
Cash and cash equivalents and restricted cash at end of period$576,548 $395,808 
Supplemental disclosures of cash flow information:
Cash paid for interest$43,392 $46,116 
Cash paid for income taxes$1,260 $405 
Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses$48,510 $38,677 
Write-off of fully depreciated assets5,359 21,182 
Derivative instruments at fair values included in prepaid expenses and other assets16,239 19,329 
Contract asset166,955 — 
Debt associated with property in receivership177,667 — 
Accrued interest associated with property in receivership1,589 — 
Conversion of operating partnership units and Class B shares to Class A shares9,098 5,019 

The accompanying notes are an integral part of these consolidated financial statements
8









Empire State Realty Trust, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Description of Business and Organization
As used in these condensed consolidated financial statements, unless the context otherwise requires, “we,” “us,” “our,” the “Company,” and "ESRT" mean Empire State Realty Trust, Inc. and its consolidated subsidiaries.
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World - and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.
As of June 30, 2024, our portfolio was comprised of approximately 7.9 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. Our office portfolio included 10 properties (including three long-term ground leasehold interests). Nine of these office properties are located in midtown Manhattan and encompass approximately 7.6 million rentable square feet of office space and 0.5 million rentable square feet of retail space, including the Empire State Building. The remaining office property encompasses approximately 0.3 million rentable square feet and is located in Stamford, Connecticut, with immediate access to mass transportation. Additionally, we have entitled land adjacent to the Stamford office property that can support the development of either office or residential per local zoning. Our multifamily portfolio included 727 residential units in New York City.
We were organized as a Maryland corporation on July 29, 2011 and commenced operations upon completion of our initial public offering and related formation transactions on October 7, 2013 (the "IPO"). Our operating partnership, Empire State Realty OP, L.P. (the "Operating Partnership"), holds substantially all of our assets and conducts substantially all of our business. As of June 30, 2024, we owned approximately 60.3% of the aggregate operating partnership units in the Operating Partnership. We, as the sole general partner in the Operating Partnership, have responsibility and discretion in the management and control of the Operating Partnership, and the limited partners in the Operating Partnership, in such capacity, have no authority to transact business for, or participate in the management activities of, the Operating Partnership. Accordingly, the Operating Partnership has been consolidated by us. We elected to be subject to tax as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2013.
2. Summary of Significant Accounting Policies
There have been no material changes to the summary of significant accounting policies included in the "Summary of Significant Accounting Policies" section in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”).
Basis of Quarterly Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments and eliminations (including intercompany balances and transactions), consisting of normal recurring adjustments, considered necessary for the fair presentation of the financial statements have been included.
The results of operations for the periods presented are not necessarily indicative of the results that may be expected for the corresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the financial statements for the year ended December 31, 2023 contained in our Annual Report. Our Observatory business is subject to tourism trends and the weather, and therefore does experience some seasonality. For the year ended December 31, 2023, approximately 17% of our annual Observatory revenue was realized in the first quarter, 26% was realized in the second quarter, 29% was realized in the third quarter, and 28% was realized in the fourth quarter. Our multifamily business experiences some seasonality based on general market trends in New York City – the winter months (November through January) are slower in terms of lease activity. We seek to mitigate this by staggering lease terms such that
9








lease expirations are matched with seasonal demand. We do not consider the balance of our business to be subject to material seasonal fluctuations.
We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members. For variable interest entities ("VIE"), we consolidate the entity if we are deemed to have a variable interest in the entity and through that interest we are deemed the primary beneficiary. The primary beneficiary of a VIE is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The primary beneficiary is required to consolidate the VIE. The Operating Partnership is a VIE of ESRT. As the Operating Partnership is already consolidated in the financial statements of ESRT, the identification of this entity as a VIE has no impact on our consolidated financial statements.
We will assess the accounting treatment for each investment we may have in the future. This assessment will include a review of each entity’s organizational agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we will review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance and benefit. In situations where we or our partner could approve, among other things, the annual budget, or leases that cover more than a nominal amount of space relative to the total rentable space at each property, we would not consolidate the investment as we consider these to be substantive participation rights that result in shared power of the activities that would most significantly impact the performance and benefit of such joint venture investment.
A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the condensed consolidated balance sheets and in the condensed consolidated statements of operations by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests.
Accounting Estimates
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, goodwill, right-of-use assets and other long-lived and indefinite-lived assets, estimate of tenant expense reimbursements, valuation of the allowance for doubtful accounts, and valuation of derivative instruments, ground lease liabilities, senior unsecured notes, mortgage notes payable, unsecured revolving credit and term loan facilities, and equity-based compensation. These estimates are prepared using management’s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates.
3. Acquisitions and Dispositions
Property Acquisitions
In September 2023, we closed on the acquisition of a retail property in Williamsburg, Brooklyn, located on the corner of North 6th Street and Wythe Avenue for a purchase price of $26.4 million. The purchase price is the fair value at the date of acquisition.
The following table summarizes properties acquired during the six and twelve months ended June 30, 2024 and December 31, 2023, respectively (amounts in thousands):
Intangibles
PropertyDate AcquiredLandBuilding and ImprovementsAssetsLiabilitiesTotal*
Williamsburg Retail, Brooklyn9/14/2023$4,851 $20,936 $1,573 $(300)$27,060 
*Includes total capitalized transaction costs of $0.7 million.
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In March 2024, we executed a buyout of our partner's 10% interest in two of our multifamily properties located at 561 10th Avenue and 345 East 94th Street in Manhattan for $14.2 million in cash and the assumption of $18.0 million of in-place debt. As of June 30, 2024, we own 100% of the interests in these assets. As there was no change in control, we accounted for this acquisition as an equity transaction in accordance with Accounting Standards Codification 810-10 and no gain or loss was recognized.
Subsequent to quarter-end, in July 2024, we entered into two purchase agreements, each relating to the acquisition of separate prime retail portfolios located on North 6th Street in the Williamsburg neighborhood of Brooklyn, New York for $103 million and $92 million, respectively. These acquisitions are subject to customary closing conditions and are anticipated to close in the third quarter of 2024.
Property Dispositions
The following table summarizes properties disposed of during the six and twelve months ended June 30, 2024 and December 31, 2023, respectively (amounts in thousands):
PropertyDate of DisposalSales PriceGain on Disposition
First Stamford Place, Stamford, Connecticut5/22/2024N/A$10,803 
500 Mamaroneck Avenue, Harrison, New York*4/5/2023$53,000 $11,075 
69-97 and 103-107 Main Street, Westport, Connecticut2/1/2023$40,000 $15,689 
*The gain is net of approximately $4.5 million of post-closing costs we accrued related to our commitment to reimburse the buyer for a lease that did not occur. We funded the buyer for these costs and we have no further obligations or contingencies related to this property.
In April 2024, we worked with the First Stamford Place mortgage lender to structure a consensual foreclosure. On May 22, 2024, a receiver was appointed and we ended our management of the property. In connection with this, we removed the related assets and liabilities from our condensed consolidated balance sheet as of June 30, 2024 and recognized a gain of $10.8 million that is reflected in the condensed consolidated statements of operations for the three and six months ended June 30, 2024. We also recorded a contract asset of $167.0 million and the related debt associated with property under receivership and accrued interest associated with property under receivership of $177.7 million and $1.6 million, respectively, are included in our condensed consolidated balance sheet as of June 30, 2024. This contract asset represents our right to debt extinguishment once the foreclosure process on the First Stamford Place property is completed.
4. Deferred Costs, Acquired Lease Intangibles and Goodwill
Deferred costs, net, consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands):
June 30, 2024December 31, 2023
Leasing costs$220,917 $224,295 
Acquired in-place lease value and deferred leasing costs145,627 158,267 
Acquired above-market leases21,565 23,918 
Total deferred costs, excluding net deferred financing costs388,109 406,480 
Less: accumulated amortization(225,683)(236,900)
Total deferred costs, net, excluding net deferred financing costs$162,426 $169,580 
At June 30, 2024 and December 31, 2023, $9.9 million and $2.9 million, respectively, of net deferred financing costs associated with the unsecured revolving credit facility was included in deferred costs, net on the condensed consolidated balance sheets.
Amortization expense related to deferred leasing costs and acquired deferred leasing costs was $5.2 million and $11.0 million for the three and six months ended June 30, 2024, respectively, and $6.1 million and $11.9 million for the three and six months ended June 30, 2023, respectively. Amortization expense related to acquired lease intangibles was $1.2 million and $2.5 million for the three and six months ended June 30, 2024, respectively, and $2.3 million and $4.6 million for the three and six months ended June 30, 2023, respectively.
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Amortizing acquired intangible assets and liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands):
June 30, 2024December 31, 2023
Acquired below-market ground leases$396,916 $396,916 
Less: accumulated amortization(79,590)(75,675)
Acquired below-market ground leases, net$317,326 $321,241 
June 30, 2024December 31, 2023
Acquired below-market leases$(51,883)$(55,155)
Less: accumulated amortization40,011 41,405 
Acquired below-market leases, net$(11,872)$(13,750)
Rental revenue related to the amortization of below-market leases, net of above-market leases, was $0.5 million and $1.0 million for the three and six months ended June 30, 2024, respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 2023, respectively.
As of June 30, 2024 and December 31, 2023, we had goodwill of $491.5 million. Goodwill was allocated $227.5 million to the Observatory reportable segment and $264.0 million to the real estate reportable segment.
We performed our annual goodwill testing in October 2023, where we bypassed the optional qualitative goodwill impairment assessment and proceeded directly to a quantitative assessment of the Observatory reportable segment and engaged a third-party valuation consulting firm to perform the valuation process. The quantitative analysis used a combination of the discounted cash flow method (a form of the income approach) utilizing Level 3 unobservable inputs and the guideline company method (a form of the market approach). Significant assumptions under the former included revenue and cost projections, weighted average cost of capital, long-term growth rate and income tax considerations while the latter included guideline company enterprise values, revenue multiples, EBITDA multiples and control premium rates. Our methodology to review goodwill impairment, which included a significant amount of judgment and estimates, provided a reasonable basis to determine whether impairment had occurred. The quantitative analysis performed concluded the fair value of the reporting unit exceeds its carrying value. We also perform quarterly qualitative assessments and have not identified any events which would indicate, on a more likely than not basis, that the goodwill allocated to the reporting unit was impaired. Many of the factors employed in determining whether or not goodwill is impaired are outside of our control, and it is reasonably likely that assumptions and estimates will change in future periods. We will continue to assess the impairment of the Observatory reporting unit goodwill going forward.
5. Debt
Debt consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands):
Principal BalanceAs of June 30, 2024
June 30, 2024December 31, 2023Stated
Rate
Effective
Rate(1)
Maturity
Date(2)
Fixed rate mortgage debt
Metro Center(3)
$78,774 $80,070 3.59 %3.67 %11/5/2024
10 Union Square50,000 50,000 3.70 %3.97 %4/1/2026
1542 Third Avenue30,000 30,000 4.29 %4.53 %5/1/2027
First Stamford Place(4)
— 175,860 — — — 
1010 Third Avenue and 77 West 55th Street34,508 34,958 4.01 %4.21 %1/5/2028
250 West 57th Street180,000 180,000 2.83 %3.21 %12/1/2030
1333 Broadway160,000 160,000 4.21 %4.29 %2/5/2033
345 East 94th Street - Series A43,600 43,600 
70% of SOFR plus 0.95%
3.56 %11/1/2030
345 East 94th Street - Series B6,857 7,209 
SOFR plus 2.24%
3.56 %11/1/2030
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561 10th Avenue - Series A114,500 114,500 
70% of SOFR plus 1.07%
3.85 %11/1/2033
561 10th Avenue - Series B14,938 15,801 
SOFR plus 2.45%
3.85 %11/1/2033
Total mortgage debt713,177 891,998 
Senior unsecured notes:(5)
   Series A100,000 100,000 3.93 %3.96 %3/27/2025
   Series B125,000 125,000 4.09 %4.12 %3/27/2027
   Series C125,000 125,000 4.18 %4.21 %3/27/2030
   Series D115,000 115,000 4.08 %4.11 %1/22/2028
   Series E160,000 160,000 4.26 %4.27 %3/22/2030
   Series F175,000 175,000 4.44 %4.45 %3/22/2033
   Series G100,000 100,000 3.61 %4.89 %3/17/2032
   Series H75,000 75,000 3.73 %5.00 %3/17/2035
   Series I155,000 — 7.20 %7.39 %6/17/2029
   Series J45,000 — 7.32 %7.46 %6/17/2031
   Series K25,000 — 7.41 %7.52 %6/17/2034
Unsecured term loan facility (5)
175,000 175,000 
SOFR plus 1.50%
4.61 %12/31/2026
Unsecured term loan facility (5)
95,000