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Empire State Realty OP, L.P., the operating partnership for Empire State Realty Trust, is a NYC-focused REIT platform owning office, retail and multifamily assets plus the Empire State Building Observatory. As of December 31, 2025, the portfolio comprised about 7.9 million rentable square feet of office space, 0.8 million of retail and 743 residential units, concentrated in Manhattan.
Operations are split into a real estate segment and an Observatory segment. The Empire State Building is highly significant, accounting for 32.3% of portfolio rental revenue, and three properties together provided 55.6%. Observatory revenue was $128.3 million in 2025, down from $136.4 million in 2024, with about 2.3 million visitors versus 2.6 million the prior year, although revenue per visitor increased.
The company highlights strong leasing in 2025 with 1,009,009 square feet leased and Manhattan office occupancy at 89.9% (excluding redevelopment, storage and broadcasting). It emphasizes a conservative balance sheet, sustainability leadership, and risks tied to New York City concentration, remote work, Observatory and broadcasting competition, environmental and climate regulation, terrorism, rising costs and approximately $2.4 billion of total debt, including about $629.0 million of mortgages.
Empire State Realty Trust, Inc. announced that it has signed a purchase agreement to acquire the office and retail property at 555-557 Broadway in New York, NY. The aggregate purchase price is $386 million, and the transaction is subject to customary closing conditions. The company disclosed this agreement through a press release, which is furnished as an exhibit and not deemed filed for liability purposes under the Exchange Act.
Empire State Realty OP, L.P., with Empire State Realty Trust, Inc. as general partner, entered into an amended and restated senior unsecured term loan credit facility of $210 million with a bank syndicate led by Wells Fargo and Bank of America. The facility may be increased to a maximum aggregate principal amount of $310 million and is intended for working capital and other general corporate purposes.
The loan bears interest at SOFR-based or base-rate options with pricing grids that improve if an investment grade rating is obtained. The credit facility matures on January 15, 2029, with two optional twelve-month extension periods and can be prepaid at any time without premium or penalty. The agreement includes customary financial and operating covenants and standard events of default, including loss of REIT status and change of control, under which the outstanding balance may become immediately due.
Empire State Realty OP, L.P. reported third‑quarter results for the period ended September 30, 2025. Total revenues were $197.7 million, compared with $199.6 million a year ago. Rental revenue increased to $158.4 million, while Observatory revenue was $36.0 million. Net income was $13.6 million and earnings per unit were $0.05, versus $22.8 million and $0.08 in the prior year period.
Operating income was $39.3 million as operating expenses rose modestly. For the nine months, revenues were $569.0 million and net income totaled $40.8 million. Cash provided by operating activities was strong at $215.2 million year‑to‑date, while cash and cash equivalents declined to $154.1 million after repayments on the unsecured revolving credit facility and the $100.0 million maturity of Series A senior notes.
Debt balances improved: the unsecured revolver had no borrowings at quarter‑end (from $120.0 million), and total senior unsecured notes declined to $1.10 billion. Subsequent to quarter‑end, the company agreed to privately place $175.0 million of 5.47% Series L Senior Notes due January 7, 2031, subject to customary closing conditions. The company remained in compliance with all debt covenants.
Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. furnished a press release announcing third quarter 2025 financial results, with a supplemental report available on the company’s website. The materials are included as Exhibits 99.1 and 99.2 and are furnished, not filed, under the Exchange Act.
The disclosure explains non‑GAAP metrics commonly used by REITs, including FFO (NAREIT‑defined), Modified FFO, Core FFO, Core Funds Available for Distribution, Net Operating Income and Property Cash NOI, EBITDA and Adjusted EBITDA, and Net Debt to Adjusted EBITDA. It also outlines the company’s Same Store definition as of September 30, 2025.
Empire State Realty OP, L.P., the operating partnership of Empire State Realty Trust, agreed to privately place $175,000,000 of 5.47% Series L Senior Notes due January 7, 2031 at an issue price of 100%. Funding is scheduled for December 18, 2025, subject to customary closing conditions.
The notes may be prepaid at 100% of principal plus a make‑whole premium. Obligations will be unconditionally guaranteed by subsidiaries that guarantee indebtedness under any Material Credit Facility. The agreement includes financial covenants tested quarterly: total debt to total asset value ≤ 60%, secured debt to total asset value ≤ 40%, Adjusted EBITDA to fixed charges ≥ 1.50x, unencumbered NOI to unsecured interest expense ≥ 1.75x, and total unsecured debt to unencumbered asset value ≤ 60%.
Net proceeds are intended to refinance existing indebtedness and for general corporate purposes. The notes are offered in a private placement under Section 4(a)(2) of the Securities Act and are not registered.