Empire State Realty Trust Inc
esrtreit.comWhat Do They Do?
Leases New York City office, retail and multifamily space to business and residential tenants, and sells tickets to the Empire State Building observatories to visitors.
10-K for FY2025, filed Mar 2, 2026Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of…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 ↗
Sell Tickets to the Empire State Building ObservatoryView ↗
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?
Commercial and residential tenants pay rent under leases, along with rent increases and reimbursements for property expenses and real estate taxes. Observatory visitors buy tickets, and ticket sales bring in money when they enter or their tickets expire.
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 ↗
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 ↗
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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
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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?
Commercial and residential tenants rent space from ESRT under leases, while visitors buy tickets to the Empire State Building observatories.
10-K for FY2025, filed Mar 2, 2026As of December 31, 2025, our portfolio was comprised of approximately 7.9 million rentable square feet of office space, 0.8 million…View ↗
We derive revenues primarily from rents, rent escalations, tenant expense reimbursements and other income received from tenants under…View ↗
Sell Tickets to the Empire State Building ObservatoryView ↗
Revenues from the sale of Observatory tickets are recognized upon admission or ticket expirations. Deferred revenue related to unused and…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 ↗
Geographic focus
The older report describes office, retail and multifamily properties in Manhattan and the greater New York metropolitan area, including Connecticut and Westchester. The latest describes a portfolio centered on New York City, with Stamford land retained for possible development.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Mar 2, 2026
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