Empire State Realty Trust, Inc.

Empire State Realty Trust, Inc. is a New York City-focused REIT that owns and operates office, retail, and multifamily properties, anchored by the Empire State Building. It also runs the Empire State Building Observatory, which adds a tourism-driven revenue stream alongside recurring rental income from its Manhattan real estate portfolio.

43,0 %

9,5 %

+0,0 %

— Empire State Realty Trust, Inc.
%
Office properties65% Leased office buildings in Manhattan, including the company’s core NYC office portfolio.
Observatory operations15% Ticketed admissions and related revenue from the Empire State Building observatories.
Retail properties12% Street-level and in-building retail space leased to tenants in New York City.
Multifamily residential8% Apartment units in New York City that generate recurring residential rental income.

ESRT’s core customers are office tenants, retail tenants, and residential renters in New York City, with leasing demand...

  • Office tenantsprimary

    Businesses leasing Manhattan office space for location, amenities, and building quality.

  • Observatory visitorsprimary

    Domestic and international tourists purchasing admission to the Empire State Building observatories.

  • Retail tenantssecondary

    Merchants leasing retail frontage in ESRT’s NYC properties to capture foot traffic.

  • Multifamily residentssecondary

    Households renting ESRT apartment units in New York City for urban access and building quality.

ESRT is overwhelmingly concentrated in New York City, with all of its office, retail, and multifamily assets located...

  • •All office, retail, and multifamily assets are in New York City
  • •Office portfolio is entirely located in Manhattan
  • •Empire State Building Observatory is a NYC tourism asset
  • •Entitled land in Stamford, Connecticut is a non-core option
  • •NYC concentration increases exposure to local demand and regulation

ESRT’s strategy is to own and operate modernized, amenitized, energy-efficient properties in New York City where it...

01
Concentrate on NYC real estatemedium-term

The company believes it can earn attractive returns in its core market and leverage local expertise.

02
Differentiate through building quality and sustainabilityshort-term

Modernized, amenitized, energy-efficient assets help attract tenants and support pricing power.

03
Preserve liquidity and capital flexibilityshort-term

A strong balance sheet helps fund lease-up, redevelopment, acquisitions, and distributions.

04
Protect and grow Observatory trafficmedium-term

The Observatory is a meaningful branded revenue stream tied to tourism and weather.

ESRT’s biggest risk is concentration: its portfolio and revenue base are heavily tied to New York City, Manhattan...

high

Geographic concentration in New York City

Most assets and income are tied to one metro area, so local downturns or regulation can hit multiple revenue streams at once.

Scope
Office, retail, multifamily, and Observatory operations
Materiality
high
high

Dependence on the Empire State Building and Observatory

The company relies on a small number of flagship properties for a significant portion of revenue.

Scope
Observatory admissions and related branding
Materiality
high
high

Interest rate and refinancing risk

Higher borrowing costs can reduce returns and make debt refinancing more difficult in a capital-intensive REIT model.

Scope
Debt maturities, acquisitions, redevelopment
Materiality
high
high

Goodwill impairment

A large goodwill balance tied to prior acquisitions could require non-cash write-downs if fair values decline.

Scope
Empire State Building-related goodwill
Materiality
high
medium

Tourism and weather volatility

Observatory traffic is sensitive to domestic/international travel trends and bad weather days.

Scope
Visitor admissions revenue
Materiality
medium
medium

Cybersecurity and data privacy

The business uses technology to manage tenants, residents, and visitors, creating exposure to breaches and service disruption.

Scope
Tenant, resident, and Observatory customer data
Materiality
medium
Rental revenue recognition
Office, retail, and multifamily revenue
Observatory seasonality
Observatory segment revenue
Property disposition gains and losses
GAAP earnings and comparability
FFO adjustments
Investor interpretation of operating performance
Goodwill impairment
Operating earnings and equity

Empire State Realty OP, L.P.

ESBA · Real Estate Investment Trusts

Starwood Real Estate Income Trust, Inc.

SWDR · Real Estate Investment Trusts

ESSENTIAL PROPERTIES REALTY TRUST, INC.

EPRT · Real Estate Investment Trusts

OFFICE PROPERTIES INCOME TRUST

OPI · Real Estate

Strategic Storage Trust VI, Inc.

SGST · Real Estate Investment Trusts

INDEPENDENCE REALTY TRUST, INC.

IRT · Real Estate Investment Trusts

: 28.4.2026