(Corrects paragraph 2 in Aug 14 story to show the trust is seeking ownership, and is not the current owner of the Empire State Building)
Aug 14 (Reuters) - The Empire State Building, a signature feature of the Manhattan skyline caught up in lawsuits to block a proposed IPO, expects to more than double its income in another three years, a realty trust seeking ownership of the building said in a securities filing on Monday.
Empire State Realty Trust, seeking ownership of the 102-floor Art Deco building, filed in February to sell up to $1 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 $160.6 million in June 2015 from the current $76.9 million, while revenue is projected to grow to $262.4 million by 2015 from the current $176.8 million.
The company provided financial projections until 2026 in the filing with the U.S. Securities and Exchange Commission (SEC).
The valuations are based on the discounted cash flow method and were calculated by an independent valuer, the company said in the filing.
While the building is still leasing below comparable properties in Midtown, the gap has narrowed such that the Empire State’s average rent is now a third under market, compared with two-thirds below in 2006, according to data supplied by Studley, a real estate services firm representing tenants. (Reporting by Sakthi Prasad in Bangalore; Editing by Edmund Klamann)