Empire State Realty OP, L.P. ESBA
Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (NYSE: ESRT), is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the "World's Most Famous Building," features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.
As of December 31, 2025, our portfolio was comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which are located in New York City. Our office portfolio included 10 properties (including three long-term ground leasehold interests), all of which are located in Manhattan. Additionally, we have entitled land in Stamford, Connecticut that can support the development of either office or residential per local zoning.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $766.8M | $766.8M | $738.2M | $725.7M | $624.1M | $609.2M | $731.3M | $731.5M | $709.5M | $677.4M |
| SG&A | $72.8M | $70.2M | $63.9M | $61.8M | $55.9M | $62.2M | $61.1M | $52.7M | $50.3M | $49.1M |
| Total operating expenses | $632.6M | $609.2M | $592.9M | $600.0M | $545.0M | $550.6M | $576.6M | $540.7M | $516.6M | $493.5M |
| Operating income | $135.6M | $158.7M | $146.7M | $127.0M | $79.1M | $58.7M | $154.7M | $190.9M | $192.9M | $183.9M |
| Interest expense | $103.1M | $105.2M | $101.5M | $101.2M | $94.4M | $89.9M | $79.2M | $79.6M | $68.5M | $70.6M |
| Pre-tax income | $75.5M | $83.0M | $87.1M | $64.8M | -$14.8M | -$29.9M | $86.7M | $121.9M | $124.9M | $113.4M |
| Income tax | $2.6M | $2.7M | $2.7M | $1.5M | $1.7M | $7.0M | $2.4M | $4.6M | $6.7M | $6.1M |
| Net income | $73.0M | $80.4M | $84.4M | $63.2M | -$13.0M | -$22.9M | $84.3M | $117.3M | $118.3M | $106.3M |
| EPS, basic | 0.26 | 0.29 | 0.30 | 0.22 | -0.06 | -0.10 | 0.27 | 0.39 | 0.39 | 0.38 |
| EPS, diluted | 0.25 | 0.28 | 0.30 | 0.22 | -0.06 | -0.10 | 0.27 | 0.39 | 0.39 | 0.38 |
| Shares, diluted (wtd. avg.) | $270.0M | $269.0M | $265.6M | $269.9M | $277.4M | $283.8M | $297.8M | $297.3M | $298.0M | $277.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $132.7M | $385.5M | $346.6M | $264.4M | $423.7M | $526.7M | $233.9M | $205.0M | $464.3M | $554.4M |
| Short-term investments | — | — | — | — | — | — | $0 | $400.0M | $0 | — |
| Goodwill | $491.5M | $491.5M | $491.5M | $491.5M | $491.5M | $491.5M | $491.5M | $491.5M | $491.5M | $491.5M |
| Total assets | $4.47B | $4.51B | $4.22B | $4.16B | $4.28B | $4.15B | $3.93B | $4.20B | $3.93B | $3.89B |
| Long-term debt | — | — | — | — | — | — | — | $608.6M | $717.2M | $759.0M |
| Total liabilities | $2.65B | $2.73B | $2.49B | $2.48B | $2.60B | $2.42B | $1.98B | $2.20B | $1.95B | $1.91B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $249.1M | $260.9M | $232.5M | $211.2M | $212.5M | $182.3M | $232.6M | $279.0M | $194.2M | $214.8M |
| Depreciation and amortisation | $194.8M | $184.8M | $189.9M | $216.9M | $201.8M | $191.0M | $181.6M | $168.5M | $160.7M | $155.2M |
| Stock-based compensation | $25.2M | $21.7M | $20.0M | $21.0M | $20.3M | $25.5M | $20.9M | $18.8M | $14.1M | $9.7M |
| Capital expenditure | $198.5M | $172.9M | $139.3M | $126.3M | $398.4M | $104.1M | $255.9M | $256.5M | $228.2M | $197.7M |
| Investing cash flow | -$550.0M | -$397.1M | -$77.3M | -$230.9M | -$212.7M | -$143.1M | $149.7M | -$643.0M | -$223.0M | -$182.4M |
| Financing cash flow | $38.2M | $158.6M | -$62.9M | -$140.2M | -$93.0M | $257.2M | -$381.6M | $104.6M | -$56.9M | $470.9M |
| Dividends paid | $39.0M | $38.3M | $37.1M | $38.6M | $28.6M | $60.9M | $126.0M | $125.6M | $126.0M | $114.0M |
| Buybacks | $8.1M | $0 | $13.1M | $90.2M | $46.7M | $143.7M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001553079-26-000003.
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