What does observatory — intercompany rental revenue mean?

Reflects the internal rental income charged to the Observatory segment for the use of space owned by other parts of the REIT. This is an internal accounting transfer that ensures each business unit accounts for its occupancy costs relative to the overall property portfolio.

Empire State Realty Trust ESRT Observatory — Intercompany rental revenue

Other segment segments

Real Estate

$12.82M-15.4%

Similar metrics at other companies

ARE

AREReportable Segment, Aggregation before Other Operating Segment — Rental operations

$212.66M+0.1%

OOther — Rental (including reimbursements)

$60.82M-4.0%

STWDInvesting and Servicing Segment — Rental income

$2.82M-39.5%

HIWOther Segment — Rental and other revenues

$12.74M+1.9%

VACRental — Revenue from contracts with customers

$176M+4.1%

OOther — Rental (including reimbursable)

$73.94M+88.2%

Other financials

Income statement

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Revenue$190.3M+5.7%

Operating income$29.5M+14.2%

Net income$3.0M-81.0%

EPS (diluted)$0.01-80.0%

Balance sheet

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Cash & equivalents$106.1M-55.3%

Total debt$2.5B+8.3%

Total equity$1.1B+3.1%

Total assets$4.4B+7.1%

Cash flow

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Operating cash flow$68.9M-17.1%

CapEx$18.2M-56.8%

Free cash flow$50.7M+23.5%

Valuation

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Market cap$889.74M-38.6%

Enterprise value$3.31B-6.6%

P/E14.8×-2.1×

P/S1.1×-0.7×

Profitability

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Operating margin17.9%-2.1pp

Net margin7.7%-3.5pp

FCF margin10.4%—

Returns & leverage

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Return on equity5.7%-2.7pp

Debt / equity2.4×+0.1×

Where this comes from

Reported directly by Empire State Realty Trust in its filing.

Tagged under the XBRL concept esrt:IntercompanyRentalRevenue.

The official record: Empire State Realty Trust’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Empire State Realty Trust's observatory — intercompany rental revenue?: Empire State Realty Trust (ESRT) reported observatory — intercompany rental revenue of $0 in Q1 2026.
What does observatory — intercompany rental revenue mean?: Reflects the internal rental income charged to the Observatory segment for the use of space owned by other parts of the REIT. This is an internal accounting transfer that ensures each business unit accounts for its occupancy costs relative to the overall property portfolio.