Business Context and Reporting Period
This Form 8-K is a current report filed by Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. on July 27, 2022. The filing announces the financial results for the second quarter of 2022. The registrants are real estate investment trusts (REITs) with principal executive offices in New York, New York.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves as a disclosure notice referencing a press release and supplemental report (Exhibits 99.1 and 99.2) which contain the actual financial data. The text defines several non-GAAP financial measures used by the company, including:
- Funds From Operations (FFO): Net income adjusted for depreciation, amortization, and gains/losses on property sales.
- Modified FFO: FFO adjusted for below-market ground lease amortization.
- Core FFO: Modified FFO excluding non-recurring items such as acquisition expenses and litigation costs.
- Core Funds Available for Distribution (Core FAD): A measure of the ability to fund dividends, adjusting Core FFO for capital expenditures and leasing costs.
- Net Operating Income (NOI) and Same Store NOI (SSNOI): Measures of property operating performance excluding financing costs and depreciation.
- EBITDA and Adjusted EBITDA: Measures of ability to incur and service debt.
Material Changes
The filing text does not provide specific data regarding material changes in financial performance compared to the prior comparable period. It only confirms that results for the second quarter of 2022 were announced.
Guidance, Outlook, and Risks
The document does not contain specific forward-looking guidance, outlook figures, or management commentary on future performance. It includes standard disclosures regarding the limitations of non-GAAP measures, noting that they do not represent cash generated from operating activities and should not be considered alternatives to GAAP net income or cash flow. The filing states that the information is furnished and not "filed" for purposes of Section 18 of the Exchange Act.
Investor Verification Checklist
- Review the attached Press Release (Exhibit 99.1) for specific Q2 2022 revenue, FFO, and net income figures.
- Examine the Supplemental Report (Exhibit 99.2) for detailed reconciliations of non-GAAP measures to GAAP net income.
- Verify the specific impact of below-market ground lease amortization on Modified FFO.
- Check for updates on occupancy rates and rental rates mentioned in the supplemental data.
- Confirm the company's liquidity position and debt maturity schedule from the full financial statements referenced in the exhibits.