Here are the 10-K annual reports from Empire State Realty OP, L.P. Series ES (ESBA) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow ESBA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ESBA filings page.
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.