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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 001-36106
EMPIRE STATE REALTY OP, L.P.
(Exact name of Registrant as specified in its charter)  
Delaware
 45-4685158
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

111 West 33rd Street, 12th Floor
New York, New York 10120
(Address of principal executive offices) (Zip Code)
(212) 850-2600
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
    
Title of SecuritiesTrading SymbolExchange on which traded
Series ES operating partnership unitsESBANYSE Arca, Inc.
Series 60 operating partnership unitsOGCPNYSE Arca, Inc.
Series 250 operating partnership unitsFISKNYSE Arca, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 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 such filing requirements for the past 90 days.    Yes   ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒     No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer ☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company
☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with 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 of October 28, 2022, there were 21,319,214 units of the Registrant Series ES operating partnership units outstanding, 5,647,217 units of the Series 60 operating partnership units outstanding, and 2,816,767 units of the Series 250 operating partnership units outstanding.


EMPIRE STATE REALTY OP, L.P.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTSPAGE
PART 1.FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Capital for the three and nine months ended September 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
ITEM 4.CONTROLS AND PROCEDURES
PART II.OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
ITEM 1A.RISK FACTORS
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
ITEM 4.MINE SAFETY DISCLOSURES
ITEM 5.OTHER INFORMATION
ITEM 6.EXHIBITS
SIGNATURES








1



ITEM 1. FINANCIAL STATEMENTS
Empire State Realty OP, L.P.
Condensed Consolidated Balance Sheets
(amounts in thousands, except per unit amounts)
September 30, 2022December 31, 2021
ASSETS(unaudited)
Commercial real estate properties, at cost:
Land$334,598 $336,278 
Development costs8,162 8,131 
Building and improvements3,194,787 3,156,508 
3,537,547 3,500,917 
Less: accumulated depreciation(1,159,364)(1,072,938)
Commercial real estate properties, net2,378,183 2,427,979 
Cash and cash equivalents387,248 423,695 
Restricted cash52,567 50,943 
Tenant and other receivables30,547 18,647 
Deferred rent receivables239,750 224,922 
Prepaid expenses and other assets72,905 76,549 
Deferred costs, net188,706 202,437 
Acquired below-market ground leases, net331,030 336,904 
Right of use assets28,725 28,892 
Goodwill491,479 491,479 
Total assets$4,201,140 $4,282,447 
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net$915,202 $948,769 
Senior unsecured notes, net973,607 973,373 
Unsecured term loan facilities, net388,645 388,223 
Unsecured revolving credit facility— — 
Accounts payable and accrued expenses94,436 120,810 
Acquired below-market leases, net18,897 24,941 
Ground lease liabilities28,725 28,892 
Deferred revenue and other liabilities80,249 84,358 
Tenants’ security deposits27,550 28,749 
Total liabilities2,527,311 2,598,115 
Commitments and contingencies
Capital:
Private perpetual preferred units:
Private perpetual preferred units, $13.52 liquidation preference, 4,664 issued and outstanding in 2022 and 2021, respectively
21,936 21,936 
Private perpetual preferred units, $16.62 liquidation preference, 1,560 issued and outstanding in 2022 and 2021
8,004 8,004 
Series PR operating partnership units:
ESRT partner's capital (2,725 and 2,812 general partner operating partnership units and 158,844 and 167,405 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
952,379 998,128 
Limited partners' interests (81,034 and 79,820 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
675,818 649,157 
Series ES operating partnership units (21,422 and 22,321 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
470 (4,058)
Series 60 operating partnership units (5,678 and 5,885 limited partner operating partnership units outstanding in 2022 and 2022, respectively)
(223)(1,395)
Series 250 operating partnership units (2,824 and 2,971 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
(57)(692)
Total Empire State Realty OP, L.P.'s capital1,658,327 1,671,080 
Non-controlling interest in other partnerships15,502 13,252 
Total capital1,673,829 1,684,332 
  Total liabilities and capital$4,201,140 $4,282,447 
The accompanying notes are an integral part of these consolidated financial statements
2

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except per unit amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues:
Rental revenue$148,290 $139,558 $445,143 $420,586 
Observatory revenue33,051 12,796 73,660 23,758 
Lease termination fees— 11,321 20,032 15,949 
Third-party management and other fees389 314 1,025 917 
Other revenue and fees1,982 1,059 5,908 2,550 
Total revenues183,712 165,048 545,768 463,760 
Operating expenses:
Property operating expenses42,798 33,357 118,875 92,429 
Ground rent expenses2,331 2,331 6,994 6,994 
General and administrative expenses15,725 14,427 45,287 42,369 
Observatory expenses8,516 6,370 22,507 16,226 
Real estate taxes31,831 29,566 91,637 92,367 
Depreciation and amortization46,984 65,794 172,394 155,339 
Total operating expenses148,185 151,845 457,694 405,724 
Total operating income
35,527 13,203 88,074 58,036 
Other income (expense):
Interest income1,564 211 2,144 497 
Interest expense(25,516)(23,577)(75,572)(70,553)
Loss on early extinguishment of debt— — — (214)
Gain on disposition of property— — 27,170 — 
Income (loss) before income taxes11,575 (10,163)41,816 (12,234)
Income tax (expense) benefit(1,457)(20)(224)3,271 
Net income (loss)10,118 (10,183)41,592 (8,963)
Private perpetual preferred unit distributions(1,050)(1,050)(3,151)(3,151)
Net loss attributable to non-controlling interest in other partnerships49 — 271 — 
Net income (loss) attributable to common unitholders$9,117 $(11,233)$38,712 $(12,114)
Total weighted average units:
Basic266,035 277,716 269,880 277,829 
Diluted267,121 277,716 270,966 277,829 
Earnings per unit attributable to common unitholders:
Basic $0.03 $(0.04)$0.14 $(0.04)
Diluted $0.03 $(0.04)$0.14 $(0.04)
 
Dividends per unit$0.035 $0.035 $0.105 $0.070 

The accompanying notes are an integral part of these consolidated financial statements

3

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(amounts in thousands)

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income (loss)$10,118 $(10,183)$41,592 $(8,963)
Other comprehensive income:
Unrealized gain (loss) on valuation of interest rate swap agreements19,588 (103)39,407 (139)
Less: amount reclassified into interest expense1,392 2,920 7,428 8,687 
     Other comprehensive income20,980 2,817 46,835 8,548 
Comprehensive income (loss)31,098 (7,366)88,427 (415)
Net loss attributable to non-controlling interest in other partnerships49 — 271 — 
Other comprehensive income attributable to non-controlling interest(670)— (2,297)— 
Comprehensive income (loss) attributable to OP unitholders$30,477 $(7,366)$86,401 $(415)

The accompanying notes are an integral part of these consolidated financial statements

4

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Three Months Ended September 30, 2022 and 2021
(unaudited)
(amounts in thousands)
Series PR Operating Partnership UnitsSeries ES Operating Partnership Units Limited PartnersSeries 60 Operating Partnership Units Limited PartnersSeries 250 Operating Partnership Units Limited Partners
General PartnerLimited Partners
Private Perpetual Preferred UnitsPrivate Perpetual Preferred UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersNon-controlling Interest in Other PartnershipsTotal Capital
Balance at June 30, 20226,224 $29,940 163,684 $957,803 81,073 $665,520 21,746 $(1,137)5,738 $(637)2,862 $(277)14,881 $1,666,093 
Issuance of OP units, net of costs— — — — — — — — — — — — — — 
Conversion of operating partnership units to ESRT Partner's Capital
— — 461 39 (39)(4)(324)(27)(60)(5)(38)(3)— — 
Contributions from consolidated joint ventures— — — — — — — — — — — — — — 
Repurchases of common shares— — (2,567)(18,105)— — — — — — — — — (18,105)
Equity compensation— — (8)317 — 5,057 — — — — — — — 5,374 
Distributions— (1,050)— (5,694)— (2,837)— (751)— (199)— (100)— (10,631)
Net income— 1,050 — 5,557 — 2,529 — 739 — 192 — 100 (49)10,118 
Other comprehensive income (loss)— — —12,462 —5,553 —1,646 —426 —223 670 20,980 
Balance at September 30, 20226,224 $29,940 161,570 $952,379 81,034 $675,818 21,422 $470 5,678 $(223)2,824 $(57)$15,502 $1,673,829 
Series PR Operating Partnership UnitsSeries ES Operating Partnership Units Limited PartnersSeries 60 Operating Partnership Units Limited PartnersSeries 250 Operating Partnership Units Limited Partners
General PartnerLimited Partners
Private Perpetual Preferred UnitsPrivate Perpetual Preferred UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersNon-controlling Interest in Other PartnershipsTotal Capital
Balance at June 30, 20216,224 $29,940 173,400 $1,055,659 80,241 $650,473 22,923 $(1,692)6,112 $(789)3,045 $(383)$— $1,733,208 
Issuance of OP units, net of costs— — — — — — — — — — — — — — 
Conversion of operating partnership units to ESRT Partner's Capital
— — 542 931 (119)(960)(312)17 (93)10 (18)2 — — 
Repurchases of common shares— — (626)(6,510)— — — — — — — — — (6,510)
Equity compensation— — (24)180 33 5,198 — — — — — — — 5,378 
Distributions— (1,050)— (6,061)— (2,806)— (795)— (211)— (106)— (11,029)
Net income— 1,050 — (6,977)— (2,954)— (931)— (248)— (123)— (10,183)
Other comprehensive income (loss)— — — 1,756 — 739 — 229 — 62 — 31 — 2,817 
Balance at September 30, 20216,224 $29,940 173,292 $1,038,978 80,155 $649,690 22,611 $(3,172)6,019 $(1,176)3,027 $(579)$— $1,713,681 



The accompanying notes are an integral part of these consolidated financial statements







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Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Nine Months Ended September 30, 2022 and 2021
(unaudited)
(amounts in thousands)
Series PR Operating Partnership UnitsSeries ES Operating Partnership Units Limited PartnersSeries 60 Operating Partnership Units Limited PartnersSeries 250 Operating Partnership Units Limited Partners
General PartnerLimited Partners
Private Perpetual Preferred UnitsPrivate Perpetual Preferred UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersNon-controlling Interest in Other PartnershipsTotal Capital
Balance at December 31, 20216,224 $29,940 170,217 $998,128 79,820 $649,157 22,321 $(4,058)5,884 $(1,395)2,970 $(692)$13,252 $1,684,332 
Conversion of operating partnership units to ESRT Partner's Capital
— — 1,599 2,384 (348)(2,503)(899)69 (206)28 (146)22 — — 
Contributions from consolidated joint ventures— — — — — — — — — — — — 224 224 
Repurchases of common units— — (10,433)(82,545)— — — — — — — — — (82,545)
Equity compensation— — 187 574 1,562 15,025 — — — — — — — 15,599 
Distributions— (3,151)— (17,444)— (8,421)— (2,285)— (604)— (303)— (32,208)
Net income (loss)— 3,151 — 23,847 — 10,490 — 3,136 — 813 — 426 (271)41,592 
Other comprehensive income— — — 27,435 — 12,070 — 3,608 — 935 — 490 2,297 46,835 
Balance at September 30, 20226,224 $29,940 161,570 $952,379 81,034 $675,818 21,422 $470 5,678 $(223)2,824 $(57)$15,502 $1,673,829 

Series PR Operating Partnership UnitsSeries ES Operating Partnership Units Limited PartnersSeries 60 Operating Partnership Units Limited PartnersSeries 250 Operating Partnership Units Limited Partners
General PartnerLimited Partners
Private Perpetual Preferred UnitsPrivate Perpetual Preferred UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersOperating Partnership UnitsOperating Partnership UnitholdersNon-controlling Interest in Other PartnershipsTotal Capital
Balance at December 31, 20206,224 $29,940 171,565 $1,055,249 80,355 $648,543 23,678 $(1,348)6,424 $(721)3,255 $(356)— $1,731,307 
Conversion of operating partnership units to ESRT Partner's Capital
— — 2,682 7,766 (982)(7,918)(1,067)72 (405)50 (228)30 — — 
Repurchases of common units— — (1,009)(10,043)— — — — — — — — — (10,043)
Equity compensation— — 54 344 782 15,072 — — — — — — — 15,416 
Distributions— (3,151)— (12,124)— (5,068)— (1,601)— (426)— (214)— (22,584)
Net income (loss)— 3,151 — (7,523)— (3,186)— (1,005)— (267)— (133)— (8,963)
Other comprehensive income— — — 5,309 — 2,247 — 710 — 188 — 94 — 8,548 
Balance at September 30, 20216,224 $29,940 173,292 $1,038,978 80,155 $649,690 22,611 $(3,172)6,019 $(1,176)3,027 $(579)$— $1,713,681 


The accompanying notes are an integral part of these consolidated financial statements
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