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Empire State Realty Trust ESRT Real Estate — Observatory expenses

Other segment segments

Observatory
$11.8M+20.1%

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Other financials

Income statement

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Revenue$196.9M+3.0%
Operating income-$138.7M-495%
Net income-$39.6M-447%
EPS (diluted)-$0.15-475%

Balance sheet

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Cash & equivalents$128.2M-6.2%
Total debt$2.4B+3.1%
Total equity$1.0B+0.1%
Total assets$4.3B+4.8%

Cash flow

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Operating cash flow$19.5M-26.9%
CapEx$31.0M-62.1%
Free cash flow$50.7M+23.5%

Valuation

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Market cap$836.15M-31.6%
Enterprise value$3.11B-9.0%
P/E90.3×+72.5×
P/S1.1×-0.5×

Profitability

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Operating margin-4.4%-23.8pp
Net margin1.2%-7.8pp
FCF margin10.4%

Returns & leverage

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Return on equity0.9%-5.8pp
Debt / equity2.3×+0.1×

Where this comes from

Reported directly by Empire State Realty Trust in its filing.

Tagged under the XBRL concept esrt:ObservatoryExpense.

The source filing: Empire State Realty Trust’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 4:52 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001541401-26-000033
(amounts in thousands)Real EstateObservatoryIntersegment EliminationTotal
Total revenues, excluding third-party management and other fees187,17724,225(14,771)196,631
Segment operating expenses:
Property operating expenses47,77447,774
Observatory expenses11,79511,795
Other segment expenses(1)34,41814,771(14,771)34,418
Total segment operating expenses82,19226,566(14,771)93,987
Net operating income (loss)$104,985$(2,341)$102,644
Segment assets$4,177,101$95,997$4,273,098

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Empire State Realty Trust's real estate — observatory expenses?
Empire State Realty Trust (ESRT) reported real estate — observatory expenses of $0 in Q2 2026.
What does real estate — observatory expenses mean?
Tracks the specific operating costs associated with maintaining and running tourist-focused observation deck attractions within the real estate portfolio. This metric helps isolate the profitability and cost structure of specialized entertainment assets from traditional office leasing.

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