Empire State Realty OP LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Empire State Realty OP LP reported revenue of $768.3M (+0.0% year on year) and net income of $73.0M (-9.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental revenue | $626.2M | $614.6M | $597.3M | $591.0M |
| Observatory revenue | $128.3M | $136.4M | $129.4M | $106.0M |
| Lease termination fees | $464.0K | $4.8M | $0 | $20.0M |
| Third-party management and other fees | $1.5M | $1.2M | $1.4M | $1.4M |
| Other revenue and fees | $11.8M | $11.0M | $11.5M | $8.6M |
| Total revenues | $768.3M | $767.9M | $739.6M | $727.0M |
| Property operating expenses | $184.7M | $179.2M | $167.3M | $157.9M |
| Ground rent expenses | $9.3M | $9.3M | $9.3M | $9.3M |
| General and administrative expenses | $72.8M | $70.2M | $63.9M | $61.8M |
| Observatory expenses | $38.2M | $36.8M | $35.3M | $31.0M |
| Real estate taxes | $132.7M | $128.8M | $127.1M | $123.1M |
| Depreciation and amortization | $194.8M | $184.8M | $189.9M | $216.9M |
| Total operating expenses | $632.6M | $609.2M | $592.9M | $600.0M |
| Total operating income | $135.6M | $158.7M | $146.7M | $127.0M |
| Interest income | $8.7M | $21.3M | $15.1M | $4.9M |
| Interest expense | ($103.1M) | ($105.2M) | ($101.5M) | ($101.2M) |
| Interest expense associated with property in receivership | ($647.0K) | ($4.5M) | — | — |
| Loss on early extinguishment of debt | ($97.0K) | ($553.0K) | $0 | $0 |
| Gain on disposition of properties | $35.0M | $13.3M | $26.8M | $34.0M |
| Income before income taxes | $75.5M | $83.0M | $87.1M | $64.8M |
| Income tax expense | ($2.6M) | ($2.7M) | ($2.7M) | ($1.5M) |
| Net income | $73.0M | $80.4M | $84.4M | $63.2M |
| Private perpetual preferred unit distributions | ($4.2M) | ($4.2M) | ($4.2M) | ($4.2M) |
| Net income attributable to non-controlling interest in other partnerships | $0 | ($4.0K) | ($68.0K) | $243.0K |
| Net income attributable to common unitholders | $68.8M | $76.2M | $80.1M | $59.3M |
| Basic (in shares) | 266.9M | 264.7M | 263.2M | 268.3M |
| Diluted (in shares) | 270.0M | 269.0M | 265.6M | 269.9M |
| Basic (in USD per share) | $0.26 | $0.29 | $0.30 | $0.22 |
| Diluted (in USD per share) | $0.25 | $0.28 | $0.30 | $0.22 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental revenue | $165.2M | $166.1M | $158.4M | $153.5M |
| Observatory revenue | $24.2M | $18.5M | $36.0M | $33.9M |
| Lease termination fees | $0 | $1.4M | $0 | $464.0K |
| Third-party management and other fees | $268.0K | $277.0K | $404.0K | $408.0K |
| Other revenue and fees | $7.2M | $4.1M | $2.9M | $2.9M |
| Total revenues | $196.9M | $190.3M | $197.7M | $191.3M |
| Property operating expenses | $47.8M | $47.7M | $47.0M | $44.9M |
| Ground rent expenses | $1.5M | $2.3M | $2.3M | $2.3M |
| General and administrative expenses | $25.1M | $18.1M | $18.7M | $18.7M |
| Observatory expenses | $11.8M | $7.9M | $9.5M | $9.8M |
| Real estate taxes | $32.9M | $34.6M | $33.2M | $32.6M |
| Goodwill impairment charge | $166.1M | — | — | — |
| Depreciation and amortization | $50.4M | $50.2M | $47.6M | $47.8M |
| Total operating expenses | $335.6M | $160.9M | $158.4M | $156.1M |
| Total operating income (loss) | ($138.7M) | $29.5M | $39.3M | $35.1M |
| Interest income | $1.6M | $613.0K | $1.1M | $1.9M |
| Interest expense | ($27.8M) | ($28.1M) | ($25.2M) | ($25.1M) |
| Interest expense associated with property in receivership | $0 | $0 | $0 | $0 |
| Gain on disposition of properties | $124.6M | $0 | $0 | $0 |
| Income (loss) before income taxes | ($40.3M) | $1.9M | $15.3M | $11.9M |
| Income tax (expense) benefit | $767.0K | $1.1M | ($1.6M) | ($478.0K) |
| Net income (loss) | ($39.6M) | $3.0M | $13.6M | $11.4M |
| Private perpetual preferred unit distributions | ($1.1M) | ($1.1M) | ($1.1M) | ($1.1M) |
| Net income (loss) attributable to common unitholders | ($40.6M) | $1.9M | $12.6M | $10.3M |
| Basic (in shares) | 268.9M | 268.8M | 267.0M | 266.9M |
| Diluted (in shares) | 268.9M | 269.3M | 270.4M | 270.0M |
| Basic (in USD per share) | -$0.15 | $0.01 | $0.05 | $0.04 |
| Diluted (in USD per share) | -$0.15 | $0.01 | $0.05 | $0.04 |
| Dividends per unit ((in USD per share) | $0.04 | $0.04 | $0.04 | $0.04 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $458.7M | $386.4M | $366.4M | $365.5M |
| Development costs | $8.2M | $8.2M | $8.2M | $8.2M |
| Building and improvements | $3.7B | $3.4B | $3.3B | $3.2B |
| Commercial real estate properties, at cost, | $4.2B | $3.8B | — | — |
| Less: accumulated depreciation | ($1.4B) | ($1.3B) | ($1.3B) | ($1.1B) |
| Commercial real estate properties, net | $2.8B | $2.5B | $2.4B | $2.4B |
| Contract asset | $0 | $170.4M | — | — |
| Cash and cash equivalents | $132.7M | $385.5M | $346.6M | $264.4M |
| Restricted cash | $33.9M | $43.8M | $60.3M | $50.2M |
| Tenant and other receivables | $22.1M | $31.4M | $39.8M | $24.1M |
| Deferred rent receivables | $255.3M | $247.8M | $255.6M | $240.2M |
| Prepaid expenses and other assets | $93.4M | $101.9M | $98.2M | $98.1M |
| Deferred costs, net | $267.7M | $184.0M | $172.5M | $187.6M |
| Acquired below-market ground leases, net | $305.6M | $313.4M | $321.2M | $329.1M |
| Right of use assets | $27.9M | $28.2M | $28.4M | $28.7M |
| Goodwill | $491.5M | $491.5M | $491.5M | $491.5M |
| Total assets | $4.5B | $4.5B | $4.2B | $4.2B |
| Mortgage notes payable, net | $619.3M | $692.2M | $877.4M | $883.7M |
| Senior unsecured notes, net | $1.3B | $1.2B | $973.9M | $973.7M |
| Unsecured term loan facilities, net | $336.8M | $268.7M | $389.3M | $388.8M |
| Unsecured revolving credit facility | $145.0M | $120.0M | $0 | $0 |
| Debt associated with property in receivership | $0 | $177.7M | — | — |
| Accrued interest associated with property in receivership | $0 | $5.4M | — | — |
| Accounts payable and accrued expenses | $120.2M | $132.0M | $99.8M | $80.7M |
| Acquired below-market leases, net | $39.8M | $19.5M | $13.8M | $17.8M |
| Ground lease liabilities | $27.9M | $28.2M | $28.4M | $28.7M |
| Deferred revenue and other liabilities | $59.9M | $62.6M | $70.3M | $76.1M |
| Tenants’ security deposits | $27.3M | $24.9M | $35.5M | $25.1M |
| Total liabilities | $2.6B | $2.7B | $2.5B | $2.5B |
| Private perpetual preferred units | $29.9M | $29.9M | $29.9M | $29.9M |
| ESRT partners' capital (2,777 and 2,742 general partner operating partnership units and 167,717 and 164,641 limited partner operating partnership units outstanding at December 31, 2025 and 2024, respectively) | $1.1B | $1.0B | $985.5M | $954.4M |
| Limited partner operating partnership units | $732.3M | $721.3M | $700.2M | $683.3M |
| Total Empire State Realty OP, L.P.'s capital | $1.8B | $1.8B | $1.7B | $1.7B |
| Total liabilities and capital | $4.5B | $4.5B | $4.2B | $4.2B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $838.8M | $465.3M | $397.7M | $397.7M |
| Development costs | $8.2M | $8.2M | $8.2M | $8.2M |
| Building and improvements | $3.6B | $3.8B | $3.5B | $3.5B |
| Commercial real estate properties, at cost | $4.5B | $4.3B | $3.9B | $3.9B |
| Less: accumulated depreciation | ($1.3B) | ($1.4B) | ($1.4B) | ($1.3B) |
| Real estate properties, net | $3.1B | $2.9B | $2.6B | $2.6B |
| Cash and cash equivalents | $85.6M | $68.8M | $154.1M | $94.6M |
| Restricted cash | $42.6M | $37.3M | $43.6M | $42.1M |
| Tenant and other receivables | $21.3M | $23.7M | $27.4M | $28.1M |
| Deferred rent receivables | $257.1M | $261.3M | $259.1M | $255.3M |
| Prepaid expenses and other assets | $100.4M | $62.8M | $58.7M | $85.1M |
| Deferred costs, net | $258.2M | $262.2M | $177.3M | $181.7M |
| Right-of-use assets, including below-market ground leases, net | $42.1M | $27.9M | $28.0M | $28.1M |
| Goodwill | $325.4M | $491.5M | $491.5M | $491.5M |
| Total assets | $4.3B | $4.4B | $4.1B | $4.1B |
| Mortgage notes payable, net | $443.1M | $621.4M | $691.0M | $691.4M |
| Senior unsecured notes, net | $1.3B | $1.3B | $1.1B | $1.1B |
| Unsecured term loan facilities, net | $337.1M | $337.0M | $269.0M | $268.9M |
| Unsecured revolving credit facility | $175.0M | $90.0M | $0 | $0 |
| Accounts payable and accrued expenses | $132.2M | $111.9M | $111.7M | $104.3M |
| Acquired below-market leases, net | $36.4M | $37.9M | $15.9M | $17.1M |
| Ground lease liabilities | $1.1M | $27.9M | $28.0M | $28.1M |
| Deferred revenue and other liabilities | $50.4M | $57.6M | $64.2M | $55.3M |
| Tenants’ security deposits | $36.9M | $27.0M | $30.8M | $27.0M |
| Total liabilities | $2.5B | $2.6B | $2.3B | $2.3B |
| Private perpetual preferred units | $29.9M | $29.9M | $29.9M | $29.9M |
| ESRT partner's capital (2,832 and 2,777 general partner operating partnership units and 169,926 and 167,717 limited partner operating partnership units outstanding in 2026 and 2025, respectively) | $1.0B | $1.1B | $1.0B | $1.0B |
| Limited partner operating partnership units | $720.7M | $730.0M | $724.8M | $721.1M |
| Total Empire State Realty OP, L.P.'s capital | $1.8B | $1.8B | $1.8B | $1.8B |
| Total liabilities and capital | $4.3B | $4.4B | $4.1B | $4.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $73.0M | $80.4M | $84.4M | $63.2M |
| Depreciation and amortization | $194.8M | $184.8M | $189.9M | $216.9M |
| Gain on sale/disposition of properties | ($35.0M) | ($13.3M) | ($26.8M) | ($34.0M) |
| Amortization of non-cash items within interest expense | $8.7M | $8.6M | $9.1M | $9.8M |
| Amortization of acquired above- and below-market leases, net | ($3.2M) | ($2.2M) | ($2.4M) | ($4.8M) |
| Amortization of acquired below-market ground leases | $7.8M | $7.8M | $7.8M | $7.8M |
| Straight-lining of rental revenue | ($18.0M) | ($11.3M) | ($19.6M) | ($24.6M) |
| Equity based compensation | $25.2M | $21.7M | $20.0M | $21.0M |
| Loss on early extinguishment of debt | $97.0K | $553.0K | $0 | $0 |
| Security deposits | $2.6M | ($8.8M) | $10.5M | ($828.0K) |
| Tenant and other receivables | $9.3M | $6.9M | ($15.6M) | ($5.3M) |
| Deferred leasing costs | ($26.1M) | ($21.6M) | ($17.7M) | ($36.9M) |
| Prepaid expenses and other assets | $149.0K | ($5.8M) | ($5.2M) | ($2.3M) |
| Accounts payable and accrued expenses | $9.4M | $13.6M | $746.0K | $4.7M |
| Deferred revenue and other liabilities | $454.0K | ($620.0K) | ($2.8M) | ($3.7M) |
| Net cash provided by operating activities | $249.1M | $260.9M | $232.5M | $211.2M |
| Acquisition of real estate property | ($412.0M) | ($193.1M) | ($26.9M) | ($115.6M) |
| Net proceeds from disposition of real estate | $60.5M | $0 | $88.9M | $11.0M |
| Acquisition of non-controlling interests in other partnerships | $0 | ($14.2M) | — | — |
| Reduction of cash from derecognition of property in receivership | $0 | ($12.9M) | — | — |
| Post-closing costs from a prior period sale of property | $0 | ($4.0M) | — | — |
| Additions to building and improvements | ($198.5M) | ($172.9M) | ($139.3M) | ($126.3M) |
| Development costs | $0 | ($9.0K) | ($12.0K) | ($35.0K) |
| Net cash used in investing activities | ($550.0M) | ($397.1M) | ($77.3M) | ($230.9M) |
| Repayment of mortgage notes payable | ($75.3M) | ($11.9M) | ($8.6M) | ($7.5M) |
| Proceeds from unsecured senior notes | $175.0M | $225.0M | — | $0 |
| Repayment of unsecured senior notes | ($100.0M) | ($215.0M) | — | — |
| Proceeds from unsecured term loan | $245.0M | $95.0M | — | $0 |
| Repayment of unsecured term loan | ($175.0M) | — | — | $0 |
| Proceeds from unsecured revolving credit facility | $195.0M | $120.0M | — | $0 |
| Repayment of unsecured revolving credit facility | ($170.0M) | — | — | $0 |
| Contributions from consolidated joint ventures | $0 | $0 | $187.0K | $224.0K |
| Deferred financing costs | ($4.3M) | ($12.1M) | $0 | $0 |
| Taxes paid on withholding shares | -911.0K | — | — | — |
| Repurchases of common units | ($8.1M) | $0 | ($13.1M) | ($90.2M) |
| Private perpetual preferred unit distributions | ($4.2M) | ($4.2M) | ($4.2M) | ($4.2M) |
| Distributions | ($39.0M) | ($38.3M) | ($37.1M) | ($38.6M) |
| Net cash provided by (used in) financing activities | $38.2M | $158.6M | ($62.9M) | ($140.2M) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | ($262.8M) | $22.3M | $92.3M | ($160.0M) |
| Cash and cash equivalents and restricted cash—beginning of period | $429.3M | $407.0M | $314.7M | $474.6M |
| Cash and cash equivalents and restricted cash—end of period | $166.5M | $429.3M | $407.0M | $314.7M |
| Cash and cash equivalents at beginning of period | $385.5M | $346.6M | $264.4M | $423.7M |
| Restricted cash at beginning of period | $43.8M | $60.3M | $50.2M | $50.9M |
| Cash and cash equivalents at end of period | $132.7M | $385.5M | $346.6M | $264.4M |
| Restricted cash at end of period | $33.9M | $43.8M | $60.3M | $50.2M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($36.6M) | $3.0M | $40.8M | $27.2M |
| Depreciation and amortization | $100.6M | $50.2M | $144.2M | $96.6M |
| Gain on disposition of properties | ($124.6M) | $0 | ($13.2M) | ($13.2M) |
| Goodwill impairment charge | $166.1M | — | — | — |
| Amortization of non-cash items within interest expense | $4.4M | $2.3M | $6.5M | $4.3M |
| Settlement of interest rate hedge contracts | $1.1M | $1.1M | — | — |
| Amortization of acquired above- and below-market leases, net | ($1.1M) | ($670.0K) | ($2.5M) | ($1.6M) |
| Amortization of acquired below-market ground leases | $3.2M | $2.0M | $5.9M | $3.9M |
| Straight-lining of rental revenue | ($19.5M) | ($7.2M) | ($13.7M) | ($9.0M) |
| Equity based compensation | $17.1M | $5.9M | $18.4M | $11.9M |
| Security deposits | $11.5M | ($313.0K) | $5.8M | $2.1M |
| Tenant and other receivables | $471.0K | ($1.6M) | $4.0M | $3.3M |
| Deferred costs | ($12.8M) | ($8.6M) | ($20.2M) | ($14.8M) |
| Prepaid expenses and other assets | ($637.0K) | $33.3M | $33.8M | $8.3M |
| Accounts payable and accrued expenses | ($14.6M) | ($9.4M) | $1.3M | ($3.3M) |
| Deferred revenue and other liabilities | ($6.2M) | ($1.1M) | $4.0M | ($5.8M) |
| Net cash provided by operating activities | $88.5M | $68.9M | $215.2M | $109.9M |
| Additions to building and improvements | ($49.2M) | ($18.2M) | ($156.4M) | ($123.9M) |
| Acquisition of real estate property | ($160.8M) | ($46.5M) | ($31.7M) | ($31.7M) |
| Net proceeds from disposition of property | $75.7M | — | — | — |
| Net cash used in investing activities | ($134.3M) | ($64.7M) | ($188.1M) | ($155.6M) |
| Repayment of unsecured senior notes | $0 | $0 | ($100.0M) | ($100.0M) |
| Proceeds from unsecured revolving credit facility | $220.0M | $15.0M | $0 | $0 |
| Repayment of unsecured revolving credit facility | ($190.0M) | ($70.0M) | ($120.0M) | ($120.0M) |
| Proceeds from mortgage notes payable | $53.5M | $53.5M | — | — |
| Repayment of mortgage notes payable | ($51.9M) | ($51.0M) | ($2.7M) | ($1.8M) |
| Deferred financing costs | ($1.4M) | ($736.0K) | ($434.0K) | ($434.0K) |
| Repurchases of common units | $0 | — | ($2.1M) | ($2.1M) |
| Taxes paid on withholding shares | -806.0K | -710.0K | -909.0K | -899.0K |
| Private perpetual preferred unit distributions | ($2.1M) | ($1.1M) | ($3.2M) | ($2.1M) |
| Distributions | ($19.7M) | ($9.7M) | ($29.2M) | ($19.5M) |
| Net cash provided by (used in) financing activities | $7.6M | ($64.6M) | ($258.6M) | ($246.9M) |
| Net decrease in cash and cash equivalents and restricted cash | ($38.3M) | ($60.4M) | ($231.5M) | ($292.6M) |
| Cash and cash equivalents and restricted cash—beginning of period | $166.5M | $166.5M | $429.3M | $429.3M |
| Cash and cash equivalents and restricted cash—end of period | $128.2M | $106.1M | $197.8M | $136.7M |
| Cash and cash equivalents at beginning of period | $132.7M | $132.7M | $385.5M | $385.5M |
| Restricted cash at beginning of period | $33.9M | $33.9M | $43.8M | $43.8M |
| Cash and cash equivalents at end of period | $85.6M | $68.8M | $154.1M | $94.6M |
| Restricted cash at end of period | $42.6M | $37.3M | $43.6M | $42.1M |
| Cash and cash equivalents and restricted cash | $128.2M | $106.1M | $197.8M | $136.7M |
| Cash paid for interest | $46.5M | $19.1M | $66.3M | $47.4M |
| Cash paid for income taxes | $621.0K | $281.0K | $2.7M | $1.9M |
| Building and improvements included in accounts payable and accrued expenses | $72.2M | $56.6M | $56.2M | $51.6M |
| Write-off of fully depreciated assets | $21.3M | $8.9M | $16.9M | $16.3M |
| Write-off of fully amortized deferred costs | $19.2M | $8.7M | — | — |
Empire State Realty OP LP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.