$ESRT

Empire State Realty Trust, Inc.

CIK:0001541401|SEC Filings

Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Rental revenue	$ 165,166	$ 153,540	$ 331,271	$ 308,082
Observatory revenue	24,225	33,899	42,735	57,060
Lease termination fees	0	464	1,356	464
Third-party management and other fees	268	408	545	839
Other revenue and fees	7,240	2,939	11,317	4,871
Total revenues	196,899	191,250	387,224	371,316
Operating expenses:
Property operating expenses	47,774	44,880	95,518	89,940
Ground rent expenses	1,506	2,332	3,837	4,663
General and administrative expenses	25,123	18,685	43,216	35,625
Observatory expenses	11,795	9,822	19,663	17,940
Real estate taxes	32,912	32,607	67,525	65,657
Goodwill impairment charge	166,113	0	166,113	0
Depreciation and amortization	50,389	47,802	100,608	96,581
Total operating expenses	335,612	156,128	496,480	310,406
Total operating income (loss)	(138,713)	35,122	(109,256)	60,910
Other income (expense):
Interest income	1,575	1,867	2,188	5,653
Interest expense	(27,805)	(25,126)	(55,942)	(52,064)
Interest expense associated with property in receivership	0	0	0	(647)
Gain on disposition of properties	124,622	0	124,622	13,170
Income (loss) before income taxes	(40,321)	11,863	(38,388)	27,022
Income tax (expense) benefit	767	(478)	1,829	141
Net income (loss)	(39,554)	11,385	(36,559)	27,163
Non-controlling interest in the Operating Partnership	14,782	(3,815)	14,072	(9,323)
Private perpetual preferred unit distributions	(1,051)	(1,051)	(2,101)	(2,101)
Net income (loss) attributable to common stockholders	$ (25,823)	$ 6,519	$ (24,588)	$ 15,739
Total weighted average shares:
Basic (in shares)	171,039	168,368	171,101	167,644
Diluted (in shares)	268,947	269,951	268,870	269,739
Earnings per share attributable to common stockholders:
Basic (in USD per share)	$ (0.15)	$ 0.04	$ (0.14)	$ 0.09
Diluted (in USD per share)	(0.15)	0.04	(0.14)	0.09
Dividends per share (in USD per share)	$ 0.035	$ 0.035	$ 0.070	$ 0.070

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash Flows From Operating Activities
Net income (loss)	$ (39,554)	$ 11,385	$ (36,559)	$ 27,163
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			100,608	96,581
Gain on disposition of properties			(124,622)	(13,170)
Goodwill impairment charge	166,113	0	166,113	0	$ 166,113
Amortization of non-cash items within interest expense			4,413	4,339
Settlement of interest rate hedge contracts			1,104	0
Amortization of acquired above- and below-market leases, net	(384)	(840)	(1,054)	(1,638)
Amortization of acquired below-market ground leases			3,207	3,916
Straight-lining of rental revenue			(19,549)	(9,031)
Equity based compensation			17,050	11,880
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits			11,542	2,107
Tenant and other receivables			471	3,303
Deferred costs			(12,760)	(14,794)
Prepaid expenses and other assets			(637)	8,324
Accounts payable and accrued expenses			(14,646)	(3,336)
Deferred revenue and other liabilities			(6,229)	(5,783)
Net cash provided by operating activities			88,452	109,861
Cash Flows From Investing Activities
Additions to building and improvements			(49,176)	(123,869)
Acquisition of real estate property			(160,814)	(31,701)
Net proceeds from disposition of property			75,693	0
Net cash used in investing activities			(134,297)	(155,570)
Cash Flows From Financing Activities
Repayment of unsecured senior notes			0	(100,000)
Proceeds from unsecured revolving credit facility			220,000	0
Repayment of unsecured revolving credit facility			(190,000)	(120,000)
Proceeds from mortgage notes payable			53,500	0
Repayment of mortgage notes payable			(51,940)	(1,796)
Deferred financing costs			(1,404)	(434)
Repurchases of common shares			0	(2,148)
Taxes paid on withholding shares			(806)	(899)
Private perpetual preferred unit distributions	(1,051)	(1,051)	(2,101)	(2,101)
Dividends paid to common stockholders	(6,041)	(5,919)	(12,063)	(11,799)
Distributions paid to non-controlling interests in the operating partnership			(7,635)	(7,689)
Net cash provided by (used in) financing activities			7,551	(246,866)
Net decrease in cash and cash equivalents and restricted cash			(38,294)	(292,575)
Cash and cash equivalents and restricted cash—beginning of period			166,511	429,302	429,302
Cash and cash equivalents and restricted cash—end of period	128,217	136,727	128,217	136,727	166,511
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period			132,657	385,465	385,465
Restricted cash at beginning of period			33,854	43,837	43,837
Cash and cash equivalents at end of period	85,605	94,643	85,605	94,643	132,657
Restricted cash at end of period	42,612	42,084	42,612	42,084	33,854
Cash and cash equivalents and restricted cash	$ 128,217	$ 136,727	128,217	136,727	$ 166,511
Supplemental disclosures of cash flow information:
Cash paid for interest			46,490	47,422
Cash paid for income taxes			621	1,933
Non-cash investing and financing activities:
Building and improvements included in accounts payable and accrued expenses			72,240	51,560
Write-off of fully depreciated assets			21,271	16,309
Write-off of fully amortized deferred costs			19,227	0
Write-off of fully amortized acquired below-market leases			17,737	0
Right-Of-Use Assets, Including Below Market Lease, Acquired			(288,125)	0
Ground lease liability adjustment to land carrying value			26,774	0
Interest capitalized in building and improvements			2,006	0
Derivative instruments at fair values included in prepaid expenses and other assets			10,442	4,205
Contract asset			0	(171,003)
Debt associated with property in receivership			0	177,667
Debt assumed by purchaser in connection with property disposition			180,000	0
Accrued interest associated with property in receivership			0	6,080
Conversion of operating partnership units and Class B shares to Class A shares			$ 8,809	$ 9,986

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate properties, at cost:
Land	$ 838,834	$ 458,662
Development costs	8,187	8,187
Building and improvements	3,629,227	3,739,058
Commercial real estate properties, at cost	4,476,248	4,205,907
Less: accumulated depreciation	(1,335,719)	(1,366,829)
Real estate properties, net	3,140,529	2,839,078
Cash and cash equivalents	85,605	132,657
Restricted cash	42,612	33,854
Tenant and other receivables	21,270	22,063
Deferred rent receivables	257,072	255,270
Prepaid expenses and other assets	100,394	93,355
Deferred costs, net	258,166	267,682
Right-of-use assets, including below-market ground leases, net	42,084	333,523
Goodwill	325,366	491,479
Total assets	4,273,098	4,468,961
Liabilities:
Mortgage notes payable, net	443,102	619,269
Senior unsecured notes, net	1,271,149	1,270,668
Unsecured term loan facilities, net	337,125	336,794
Unsecured revolving credit facility	175,000	145,000
Accounts payable and accrued expenses	132,224	120,150
Acquired below-market leases, net	36,425	39,767
Ground lease liabilities	1,063	27,944
Deferred revenue and other liabilities	50,352	59,901
Tenants’ security deposits	36,949	27,276
Total liabilities	2,483,389	2,646,769
Commitments and contingencies
Empire State Realty Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value per share, 50,000 shares authorized, none issued or outstanding	0	0
Additional paid-in capital	1,101,069	1,091,444
Accumulated other comprehensive income	12,523	6,501
Retained deficit	(76,299)	(39,648)
Total Empire State Realty Trust, Inc. stockholders' equity	1,039,021	1,060,002
Non-controlling interests in the Operating Partnership	720,748	732,250
Private perpetual preferred units:
Total equity	1,789,709	1,822,192
Total liabilities and equity	4,273,098	4,468,961
Class A Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock	1,718	1,695
Class B Common Stock
Empire State Realty Trust, Inc. stockholders' equity:
Common stock	10	10
Private Perpetual Preferred Units, Series 2019
Private perpetual preferred units:
Private perpetual preferred units	21,936	21,936
Private Perpetual Preferred Units, Series 2014
Private perpetual preferred units:
Private perpetual preferred units	$ 8,004	$ 8,004