Question 1

What is Empire State Realty Trust's observatory expenses?

Accepted Answer

Empire State Realty Trust (ESRT) reported observatory expenses of $11.8M in Q2 2026.

Question 2

How has Empire State Realty Trust's observatory expenses changed year-over-year?

Accepted Answer

Empire State Realty Trust's observatory expenses increased by 20.1% year-over-year, from $9.82M to $11.8M.

Question 3

What is the long-term trend for Empire State Realty Trust's observatory expenses?

Accepted Answer

Over 4 years (2021 to 2025), Empire State Realty Trust's observatory expenses has grown at a 13.3% compound annual growth rate (CAGR), from $23.21M to $38.24M.

Question 4

What does observatory expenses mean?

Accepted Answer

Direct costs incurred to operate and maintain a tourist attraction or observation deck, including staffing, security, and maintenance. Tracking these expenses relative to observatory revenue is critical for evaluating the profitability of the attraction.

(amounts in thousands, except per share amounts)	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Property operating expenses	47,774	44,880	95,518	89,940
Ground rent expenses	1,506	2,332	3,837	4,663
General and administrative expenses	25,123	18,685	43,216	35,625
Observatory expenses	11,795	9,822	19,663	17,940
Real estate taxes	32,912	32,607	67,525	65,657
Goodwill impairment charge	166,113	—	166,113	—
Depreciation and amortization	50,389	47,802	100,608	96,581
Total operating expenses	335,612	156,128	496,480	310,406

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Empire State Realty Trust ESRT Observatory expenses