Empire State Realty Trust (ESRT) details NOI, EBITDA in new investor presentation
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Empire State Realty Trust, Inc. furnished an updated investor presentation, dated June 2, 2026, which it plans to use at the Nareit REITweek 2026 Investor Conference. The presentation discusses non-GAAP metrics such as Net Operating Income, Property Cash NOI, Same Store NOI, EBITDA and Adjusted EBITDA, and includes detailed reconciliations to GAAP results.
For the quarter ended March 31, 2026, the materials show net income of $2,995, net operating income of 97,492, total cash NOI including Observatory and lease termination fees of 91,571, and Same Store property cash NOI excluding Observatory and lease termination fees of 74,190. EBITDA and Adjusted EBITDA for the same quarter are each reported at 80,289. The presentation also outlines how the company defines Same Store properties and explains the calculation of Net Debt to Adjusted EBITDA, along with standard forward‑looking statement cautions.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net income: $2,995
Net operating income: 97,492
Total cash NOI incl. Observatory and lease termination fees: 91,571
+5 more
8 metrics
Net income
$2,995
Three months ended March 31, 2026
Net operating income
97,492
Three months ended March 31, 2026
Total cash NOI incl. Observatory and lease termination fees
91,571
Three months ended March 31, 2026
Same Store property cash NOI excl. Observatory and lease termination fees
74,190
Three months ended March 31, 2026
EBITDA
80,289
Three months ended March 31, 2026
Adjusted EBITDA
80,289
Three months ended March 31, 2026
Rental revenue
$553,610
Twelve months to date March 31, 2026
Total cash revenues
614,743
Twelve months to date March 31, 2026
Key Terms
Net Operating Income, Property Cash NOI, Same Store, Adjusted EBITDA, +2 more
6 terms
Net Operating Income financial
"Net Operating Income ("NOI") is a non-GAAP financial measure of performance."
Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.
Property Cash NOI financial
"In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent..."
Same Store financial
"The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”."
Same store describes sales or revenue measured only at locations or outlets that have been open for a specified prior period, excluding new openings and closed units so performance is compared on an “apples-to-apples” basis. Investors use same-store figures to see whether existing operations are growing or shrinking on their own, like checking whether a long-standing shop is selling more or fewer items this year without the distortion of added or removed stores.
Adjusted EBITDA financial
"For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Net Debt to Adjusted EBITDA financial
"We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA..."
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
forward-looking statements regulatory
"This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 2, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Exact Name of Registrant as Specified in its Charter)
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (212 ) 687-8700
n/a
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Empire State Realty Trust, Inc. | ||||||||||||||
| Empire State Realty OP, L.P. | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01. | Regulation FD Disclosure | ||||
On June 2, 2026 , Empire State Realty Trust, Inc., (the “Company”), posted on the investor relations page of its website at https://investors.esrtreit.com an investor presentation (the “Investor Presentation”), a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Company expects to use the Investor Presentation, in whole or in part, in connection with meetings with investors, analysts and others at the Nareit REITweek 2026 Investor Conference.
The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
99.1 | Investor Presentation, dated June 2, 2026. | ||||
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). | ||||
Non-GAAP Supplemental Financial Measures
The Investor Presentation includes the following non-GAAP measures:
Net Operating Income and Property Cash NOI
Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner and is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office, retail or multifamily properties that result from use of the properties or changes in market conditions. While certain aspects of real
property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.
Same Store
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter and properties placed in receivership. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of March 31, 2026, Same Store excludes 86-90 North Sixth Street, which was acquired in June 2025, 41-55 North Sixth Street, which was acquired in March 2026, 130 Mercer, SoHo, NY, which was acquired in December 2025 and Metro Center, Stamford, CT, which was disposed in December 2025. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.
EBITDA and Adjusted EBITDA
We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges and (gain) loss on disposition of property.
Net Debt to Adjusted EBITDA
We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and Asset Value calculated in accordance with our credit facility agreement. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.
SIGNATURE
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | EMPIRE STATE REALTY TRUST, INC. (Registrant) By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer | ||||
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Stephen V. Horn Name: Stephen V. Horn Title: Executive Vice President, Chief Financial Officer | ||||
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1 Reconciliation of Net Income to Cash NOI and Same Store Cash NOI March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net income $ 2,995 $ 32,172 $ 13,645 $ 11,385 $ 15,778 Add: General and administrative expenses 18,093 18,474 18,743 18,685 16,940 Depreciation and amortization 50,219 50,566 47,615 47,802 48,779 Interest expense 28,137 25,880 25,189 25,126 26,938 Interest expense associated with property in receivership — — — — 647 Loss on early extinguishment of debt — 97 — — — Income tax expense (benefit) (1,062) 1,054 1,645 478 (619) Less: Gain on disposition of property — (21,848) — — (13,170) Third-party management and other fees (277) (240) (404) (408) (431) Interest income (613) (1,949) (1,146) (1,867) (3,786) Net operating income 97,492 104,206 105,287 101,201 91,076 Straight-line rent (7,209) (4,320) (4,688) (3,748) (5,283) Above/below-market rent revenue amortization (670) (737) (821) (840) (798) Below-market ground lease amortization 1,958 1,958 1,957 1,958 1,958 Total cash NOI - including Observatory and lease termination fees 91,571 101,107 101,735 98,571 86,953 Less: Observatory NOI (10,642) (24,445) (26,527) (24,077) (15,043) Less: cash NOI from non-Same Store properties (5,383) (2,333) (1,073) (1,318) (1,583) Total Same Store property cash NOI - including lease termination fees 75,546 74,329 74,135 73,176 70,327 Less: Lease termination fees (1,356) — — (464) — Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 74,190 $ 74,329 $ 74,135 $ 72,712 $ 70,327
1 1 Three Months Ended Twelve Months to Date March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Rental revenue $ 553,610 $ 144,296 $ 138,956 $ 136,371 $ 133,987 Tenant expense reimbursement 84,166 21,809 20,765 22,039 19,553 Deduct: Straight-line rental revenues (19,965) (7,209) (4,320) (4,688) (3,748) Above/below-market rent revenue amortization (3,068) (670) (737) (821) (840) Total cash revenues $ 614,743 $ 158,226 $ 154,664 $ 152,901 $ 148,952 Three Months Ended Reconciliation of Net Income to EBITDA and Adjusted EBITDA March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net income $ 2,995 $ 32,172 $ 13,645 $ 11,385 $ 15,778 Interest expense 28,137 25,880 25,189 25,126 26,938 Interest expense associated with property in receivership — — — — 647 Income tax expense (benefit) (1,062) 1,054 1,645 478 (619) Depreciation and amortization 50,219 50,566 47,615 47,802 48,779 EBITDA 80,289 109,672 88,094 84,791 91,523 Gain on disposition of property — (21,848) — — (13,170) Adjusted EBITDA $ 80,289 $ 87,824 $ 88,094 $ 84,791 $ 78,353
• • • • • • • • • • • • • • • • • • • • • • • • • • •
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observation Deck (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.
FAQ
What did Empire State Realty Trust (ESRT) disclose in its latest investor presentation 8-K?
Empire State Realty Trust furnished an investor presentation dated June 2, 2026. It plans to use this deck at the Nareit REITweek 2026 Investor Conference and includes non-GAAP metrics definitions, Same Store methodology, and reconciliations from net income to NOI, EBITDA and Adjusted EBITDA.
How does ESRT define Net Operating Income and Property Cash NOI in the June 2026 presentation?
Net Operating Income excludes financing costs, depreciation, amortization and certain gains or losses. Property Cash NOI further removes Observatory NOI, straight-line rent, fair value lease revenue and straight-line ground rent expense, and may also exclude lease termination fees to focus on recurring cash performance at the property level.
What key Q1 2026 figures does ESRT highlight for NOI and Same Store Cash NOI?
For the quarter ended March 31, 2026, ESRT reports net operating income of 97,492. Total cash NOI including Observatory and lease termination fees is 91,571, while Same Store property cash NOI excluding Observatory and lease termination fees is 74,190, reflecting performance of properties held across the comparison periods.
What are ESRT’s reported EBITDA and Adjusted EBITDA for the quarter ended March 31, 2026?
For the three months ended March 31, 2026, ESRT reports EBITDA of 80,289. Adjusted EBITDA for the same period is also 80,289, adding back items like gain or loss on property dispositions to provide another view of operating performance and leverage capacity.
How does Empire State Realty Trust define Same Store properties as of March 31, 2026?
Same Store properties are those owned throughout all periods presented and not held-for-sale. As of March 31, 2026, Same Store excludes several recently acquired or disposed properties, including 86-90 North Sixth Street, 41-55 North Sixth Street, 130 Mercer and Metro Center in Stamford, reflecting a consistent comparison set.
What is ESRT’s approach to Net Debt to Adjusted EBITDA in the June 2026 materials?
Net Debt to Adjusted EBITDA is calculated as gross debt minus cash, divided by trailing twelve months Adjusted EBITDA. The measure excludes EBITDA from recently disposed properties, and includes implied annualized Adjusted EBITDA for certain recent acquisitions financed with debt, aligning with the company’s credit facility agreement.