Empire State Real Estate Trust Company - A 2025 Qtrly Report

Washington, D.C. 20549 FORM10-Q EMPIRE STATE REALTY TRUST, INC. 37-1645259(I.R.S. Employer Identification No.) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of RegulationS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerginggrowth company" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As ofMay2, 2025, there were167,510,668shares of Class A Common Stock, $0.01 par value per share, outstanding and975,626shares of Empire State Realty Trust, Inc.Condensed Consolidated Statements of Comprehensive Income Empire State Realty Trust, Inc.Notes to Condensed Consolidated Financial Statements 1.Description of Business and Organization As used in these condensed consolidated financial statements, unless the context otherwise requires, “we,” “us,” “our,” the“Company,” and "ESRT" mean Empire State Realty Trust, Inc. and its consolidated subsidiaries. Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused real estate investment trust ("REIT") that owns and operates aportfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagshipEmpire State Building, the “World's Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in theWorld - and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the As of March31, 2025, our portfolio was comprised of approximately7.9million rentable square feet of office space,0.8million rentable square feet of retail space and732residential units. Our office portfolio included10properties (includingthreelong-term ground leasehold interests).Nineof these office properties are located in midtown Manhattan and encompass approximately7.6million rentable square feet of office space and0.5million rentable square feet of retail space, including the Empire State Building. The We were organized as a Maryland corporation on July 29, 2011 and commenced operations upon completion of our initialpublic offering and related formation transactions on October 7, 2013 (the "Offering"). Our operating partnership, Empire State RealtyOP, L.P. (the "Operating Partnership"), holds substantially all of our assets and conducts substantially all of our business. As ofMarch31, 2025, we owned approximately60.3% of the aggregate operating partnership units in the Operating Partnership.We, as thesole general partner in the Operating Partnership, have responsibility and discretion in the management and control of the OperatingPartnership, and the limited partners in the Operating Partnership, in such capacity, have no authority to transact business for, or 2.Summary of Significant Accounting Policies There have been no material changes to the summary of significant accounting policies included in the "Summary ofSignificant Accounting Policies" section in our Annual Report on Form 10-K for the year ended December31, 2024 (the “Annual Basis of Quarterly Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accountingprinciples generally accepted in the United States of America ("GAAP"), for interim financial information, and with the rules andregulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures required The results of operations for the periods presented are not necessarily indicative of the results that may be expected for thecorresponding full years. These financial statements should be read in conjunction with the financial statements and accompanying notesincluded in the financial statements for the year ended December31, 2024 contained in our Annual Report. Our Observatory business issubject to tourism trends and the weather, and therefore does experience some seasonality.For t