Empire State Realty OP, L.P.
empirestaterealtytrust.comWhat Do They Do?
Owns and leases office, retail and multifamily properties in New York City, and sells admission to the Empire State Building observatories.
10-K for FY2025, filed Mar 2, 2026Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (NYSE: ESRT), is a…View ↗
As of December 31, 2025, our portfolio was comprised of approximately 7.9 million rentable square feet of office space, 0.8 million…View ↗
The Empire State Building offers panoramic views of New York and neighboring states from its world-famous 86th and 102nd floor…View ↗
Our reportable segments consist of a real estate segment and an Observatory segment. Our real estate segment includes all activities…View ↗
How Do They Make Money?
Office, retail and apartment tenants pay rent under leases over the lease term, with many also reimbursing property taxes and operating expenses. Visitors pay for Observatory tickets; related-party property-management fees are earned as services are performed.
10-K for FY2025, filed Mar 2, 2026We derive revenues primarily from rents, rent escalations, tenant expense reimbursements and other income received from tenants under…View ↗
Rental revenue includes base rents that each tenant pays in accordance with the terms of its respective lease and is reported on a…View ↗
In addition to base rent, our tenants also generally will pay their pro rata share of increases in real estate taxes and operating expenses…View ↗
Revenues from the sale of Observatory tickets are recognized upon admission or ticket expirations. Deferred revenue related to unused and…View ↗
We earn revenue arising from contractual agreements with related party entities for asset and property management services. This revenue is…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by reportable segment (Revenue, excluding third-party management and other fees) ↗
$768.3M
-
10-K for FY2025, filed Mar 2, 2026
$768.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Real Estate, Segment
Recurring
10-K for FY2025, filed Mar 2, 2026 |
83%
FY2022: 94%
|
Real Estate, Segment, FY2025
$638.5M Sources
|
Recurring |
|
Observatory, Segment
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
17%
FY2022: 15%
|
Observatory, Segment, FY2025
$128.3M Sources
|
Sold outright |
Who Are Their Customers?
Office and retail tenants lease space, with brokers helping bring them to the properties; residents rent apartments, while visitors buy Observatory tickets.
10-K for FY2025, filed Mar 2, 2026We have a brand that we believe tenants associate with a consistently high level of quality of services, healthy buildings, amenities…View ↗
We regularly monitor our properties, perform routine preventive maintenance, and implement capital improvement programs in connection with…View ↗
The Empire State Building offers panoramic views of New York and neighboring states from its world-famous 86th and 102nd floor…View ↗
Our reportable segments consist of a real estate segment and an Observatory segment. Our real estate segment includes all activities…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 2, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$39.6MView ↗
- ▼ Now a loss
- vs $11.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
A tighter geographic footprint
The older report describes office and retail assets across Manhattan and the greater New York metropolitan area; the latest describes its operating portfolio as located in New York City, with entitled land in Stamford.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Mar 2, 2026
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