Empire State Building expects income to double in 3 years
(REUTERS) - The Empire State Building, a signature feature of the Manhattan skyline caught up in lawsuits to block a proposed initial public offering (IPO), expects to more than double its income in another three years, the building's owner said in a securities filing on Monday.
Empire State Realty Trust, owner of the 102-floor Art Deco building, filed in February to sell up to US$1 billion (S$1.2 billion) of its Class A common stock, but several investors have sued to prevent the move, saying it unfairly undervalues their interests.
Monday's filing said the building's net operating income is expected to surge to US$160.6 million in June 2015 from the current US$76.9 million, while revenue is projected to grow to US$262.4 million by 2015 from the current US$176.8 million.
The company provided financial projections until 2026 in the filing with the United States (US) Securities and Exchange Commission (SEC).