GASB 87 Lessor Schedules
Present value of future lease payments, deferred inflow, and straight-line lease + interest revenue.
Present value of future lease payments, deferred inflow, and straight-line lease + interest revenue.
Governmental lessor accounting for EDC's lease book — present value of future lease payments as a receivable, the offsetting deferred inflow, and straight-line lease + interest revenue recognized each year.
Under GASB Statement 87, a government lessor recognizes a lease receivable — the present value of the payments it expects to collect over the lease term — and a matching deferred inflow of resources at commencement. Over the term, the deferred inflow is recognized as straight-line lease revenue, while interest revenue accrues on the outstanding receivable. The undiscounted figure is the raw sum of future payments before discounting to present value at 3.5%.
Lease receivable (PV)
$2.18B
Undiscounted payments
$9.27B
Deferred inflow
$2.14B
Lease revenue / yr
$522M
Interest revenue / yr
$76.3M
Discount rate
3.5%
| Fund | Leases | Lease receivable (PV) | Undiscounted | Deferred inflow | Lease rev / yr |
|---|---|---|---|---|---|
| 42nd Street | 4 | $1.04B | $4.41B | $1.02B | $180M |
| Maritime | 11 | $924M | $3.93B | $906M | $203M |
| Brooklyn Army Terminal | 19 | $113M | $481M | $111M | $78.4M |
| Commercial Leases | 65 | $60.3M | $257M | $59.1M | $46.0M |
| Other Properties | 5 | $44.3M | $188M | $43.4M | $14.3M |
Showing 25 of 104 leases
| Lease | Fund | Lease receivable (PV) | Deferred inflow | Undiscounted | Lease revenue / yr | Interest / yr | Term |
|---|---|---|---|---|---|---|---|
Empire Wind Operations LLC LSE-2020-00020 | Maritime | $447M | $438M | $1.90B | $79.2M | $15.6M | Jul 1, 2020 – Jul 1, 2050 |
Meridian Financial Partners LSE-2022-00021 | 42nd Street | $311M | $304M | $1.32B | $50.8M | $10.9M | Jun 1, 2022 – Jun 1, 2052 |
New York Container Terminal LSE-2020-00022 | Maritime | $306M | $300M | $1.30B | $30.3M | $10.7M | Dec 1, 2020 – Dec 1, 2069 |
Broadway Resources LLC LSE-2018-00015 | 42nd Street | $299M | $293M | $1.27B | $31.0M | $10.4M | Sep 1, 2018 – Sep 1, 2067 |
Times Square Holdings LSE-2023-00015 | 42nd Street | $246M | $241M | $1.05B | $38.7M | $8.6M | Sep 1, 2023 – Sep 1, 2053 |
Solstice Media Group LSE-2019-00016 | 42nd Street | $183M | $179M | $778M | $59.9M | $6.4M | May 1, 2019 – May 1, 2039 |
Harbor Tug & Barge Co. LSE-2019-00017 | Maritime | $80.6M | $79.0M | $343M | $26.4M | $2.8M | Oct 1, 2019 – Oct 1, 2039 |
Metro Offshore Wind Services LSE-2017-00013 | Maritime | $35.2M | $34.5M | $150M | $29.9M | $1.2M | Jan 1, 2017 – Jan 1, 2032 |
Teleport Data Partners LSE-2021-00018 | Other Properties | $31.3M | $30.7M | $133M | $8.9M | $1.1M | Jul 1, 2021 – Jul 1, 2041 |
Hunts Point Provisions LSE-2015-00002 | Brooklyn Army Terminal | $26.5M | $26.0M | $113M | $12.5M | $928K | Dec 1, 2015 – Dec 1, 2035 |
Global Marine Terminals LSE-2020-00021 | Maritime | $20.9M | $20.5M | $89.1M | $22.3M | $733K | Oct 1, 2020 – Oct 1, 2030 |
Atlantic Cruise Lines LSE-2016-00003 | Maritime | $19.8M | $19.4M | $84.1M | $8.4M | $692K | Sep 1, 2016 – Sep 1, 2036 |
Third Coast Fabrication LSE-2022-00022 | Brooklyn Army Terminal | $14.1M | $13.8M | $59.8M | $3.7M | $492K | Aug 1, 2022 – Aug 1, 2042 |
Pier 94 Leaseco, Lcc LSE-2023-00014 | Maritime | $11.0M | $10.8M | $46.9M | $1.4M | $386K | Aug 28, 2023 – Nov 28, 2060 |
Narrows Instrument Company LSE-2023-00016 | Brooklyn Army Terminal | $10.8M | $10.5M | $45.8M | $3.8M | $377K | Oct 1, 2023 – Oct 1, 2038 |
Terminal Ironworks LSE-2021-00017 | Brooklyn Army Terminal | $9.4M | $9.3M | $40.1M | $8.0M | $330K | Apr 1, 2021 – Apr 1, 2031 |
Hunts Point Cooperative Market LSE-2023-00018 | Other Properties | $9.4M | $9.2M | $40.1M | $1.5M | $330K | Jan 1, 2023 – Jan 1, 2053 |
Bayfront Machining LLC LSE-2023-00017 | Brooklyn Army Terminal | $9.1M | $8.9M | $38.7M | $3.2M | $318K | Jun 1, 2023 – Jun 1, 2038 |
East River Studios LLC LSE-2022-00024 | Commercial Leases | $8.9M | $8.7M | $37.7M | $3.4M | $310K | Mar 1, 2022 – Mar 1, 2037 |
Kings County Pictures LSE-2020-00024 | Brooklyn Army Terminal | $5.7M | $5.6M | $24.2M | $6.1M | $199K | Apr 1, 2020 – Apr 1, 2030 |
Harbor Green Grocers LSE-2016-00007 | Commercial Leases | $5.5M | $5.4M | $23.3M | $4.7M | $192K | Oct 1, 2016 – Oct 1, 2031 |
Marquee Post & Sound LSE-2022-00023 | Brooklyn Army Terminal | $5.2M | $5.1M | $22.3M | $2.0M | $183K | Sep 1, 2022 – Sep 1, 2037 |
Bronx Fresh Produce LLC LSE-2015-00001 | Brooklyn Army Terminal | $4.6M | $4.5M | $19.4M | $4.8M | $159K | Nov 1, 2015 – Nov 1, 2030 |
Harbor Point Instruments LSE-2019-HARBORPT | Brooklyn Army Terminal | $4.5M | $4.4M | $19.0M | $2.4M | $156K | Sep 1, 2019 – Aug 31, 2034 |
Sunset Park Warehousing LSE-2023-00021 | Commercial Leases | $4.4M | $4.3M | $18.7M | $1.1M | $154K | Dec 1, 2023 – Dec 1, 2043 |
Showing 1–25 of 104
Headline lessor book of $2,180,000,000 present value ($9,270,000,000 undiscounted) is seeded to the NYCEDC FY2025 audited combining financial statements — $2.18B PV / $9.27B undiscounted. Per-lease schedules derive from each verified rent schedule at commencement.
| All funds |
| 104 |
| $2.18B |
| $9.27B |
| $2.14B |
| $522M |