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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 June 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 July 29, 2022, there were 21,666,506 units of the Registrant Series ES operating partnership units outstanding, 5,738,043 units of the Series 60 operating partnership units outstanding, and 2,857,078 units of the Series 250 operating partnership units outstanding.


EMPIRE STATE REALTY OP, L.P.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022
TABLE OF CONTENTSPAGE
PART 1.FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Capital for the three and six months ended June 30, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Cash Flows for the six months ended June 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)
June 30, 2022December 31, 2021
ASSETS(unaudited)
Commercial real estate properties, at cost:
Land$334,598 $336,278 
Development costs8,162 8,131 
Building and improvements3,193,137 3,156,508 
3,535,897 3,500,917 
Less: accumulated depreciation(1,137,231)(1,072,938)
Commercial real estate properties, net2,398,666 2,427,979 
Cash and cash equivalents359,424 423,695 
Restricted cash53,335 50,943 
Tenant and other receivables43,672 18,647 
Deferred rent receivables233,194 224,922 
Prepaid expenses and other assets82,256 76,549 
Deferred costs, net193,436 202,437 
Acquired below-market ground leases, net332,988 336,904 
Right of use assets28,781 28,892 
Goodwill491,479 491,479 
Total assets$4,217,231 $4,282,447 
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net$916,657 $948,769 
Senior unsecured notes, net973,555 973,373 
Unsecured term loan facilities, net388,507 388,223 
Unsecured revolving credit facility— — 
Accounts payable and accrued expenses113,837 120,810 
Acquired below-market leases, net20,178 24,941 
Ground lease liabilities28,781 28,892 
Deferred revenue and other liabilities80,008 84,358 
Tenants’ security deposits29,615 28,749 
Total liabilities2,551,138 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 (2,751 and 2,812 general partner operating partnership units and 160,933 and 167,405 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
957,803 998,128 
Limited partners' interests (81,073 and 79,820 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
665,520 649,157 
Series ES operating partnership units 21,746 and 22,321 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
(1,137)(4,058)
Series 60 operating partnership units (5,738 and 5,885 limited partner operating partnership units outstanding in 2022 and 2022, respectively)
(637)(1,395)
Series 250 operating partnership units (2,862 and 2,971 limited partner operating partnership units outstanding in 2022 and 2021, respectively)
(277)(692)
Total Empire State Realty OP, L.P.'s capital1,651,212 1,671,080 
Non-controlling interest in other partnerships14,881 13,252 
Total capital1,666,093 1,684,332 
  Total liabilities and capital$4,217,231 $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 June 30,Six Months Ended June 30,
2022202120222021
Revenues:
Rental revenue$149,339 $140,797 $296,853 $281,028 
Observatory revenue27,368 8,359 40,609 10,962 
Lease termination fees18,859 3,339 20,032 4,628 
Third-party management and other fees326 327 636 603 
Other revenue and fees2,130 586 3,926 1,491 
Total revenues198,022 153,408 362,056 298,712 
Operating expenses:
Property operating expenses37,433 28,793 76,077 59,072 
Ground rent expenses2,332 2,332 4,663 4,663 
General and administrative expenses15,876 14,089 29,562 27,942 
Observatory expenses7,776 5,268 13,991 9,856 
Real estate taxes29,802 31,354 59,806 62,801 
Depreciation and amortization58,304 45,088 125,410 89,545 
Total operating expenses151,523 126,924 309,509 253,879 
Total operating income
46,499 26,484 52,547 44,833 
Other income (expense):
Interest income431 164 580 286 
Interest expense(25,042)(23,422)(50,056)(46,976)
Loss on early extinguishment of debt— — — (214)
Gain on disposition of property27,170 — 27,170 — 
Income before income taxes49,058 3,226 30,241 (2,071)
Income tax (expense) benefit(363)1,185 1,233 3,291 
Net income48,695 4,411 31,474 1,220 
Private perpetual preferred unit distributions(1,051)(1,051)(2,101)(2,101)
Net loss attributable to non-controlling interest in other partnerships159 $— 222 — 
Net income (loss) attributable to common unitholders$47,803 $3,360 $29,595 $(881)
Total weighted average units:
Basic270,078 277,893 271,834 277,887 
Diluted270,085 278,436 271,837 277,887 
Earnings per unit attributable to common unitholders:
Basic $0.17 $0.01 $0.11 $0.00 
Diluted $0.17 $0.01 $0.11 $0.00 
Dividends per unit$0.035 $0.035 $0.070 $0.035 

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
(unaudited)
(amounts in thousands)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income$48,695 $4,411 $31,474 $1,220 
Other comprehensive income:
Unrealized gain (loss) on valuation of interest rate swap agreements10,057 (95)19,819 (36)
Less: amount reclassified into interest expense2,741 2,898 6,036 5,767 
     Other comprehensive income12,798 2,803 25,855 5,731 
Comprehensive income61,493 7,214 57,329 6,951 
Net loss attributable to non-controlling interest in other partnerships159 — 222 — 
Other comprehensive income attributable to non-controlling interest(1,627)— (1,627)— 
Comprehensive income attributable to OP unitholders$60,025 $7,214 $55,924 $6,951 

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 June 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 March 31, 20226,224 $29,940 169,726 $978,421 80,998 $648,004 22,034 $(5,206)5,821 $(1,695)2,937 $(845)$13,413 $1,662,032 
Issuance of OP units, net of costs— — — — — — — — — — — — — — 
Conversion of operating partnership units to ESRT Partner's Capital
— — 565 848 (119)(944)(288)56 (83)21 (75)19 — — 
Repurchases of common shares— — (6,611)(52,439)— — — — — — — — — (52,439)
Equity compensation— — 4 318 194 5,447 — — — — — — — 5,765 
Distributions— (1,051)— (5,802)— (2,841)— (763)— (201)— (100)— (10,758)
Net income (loss)— 1,051 — 29,579 — 12,823 — 3,872 — 1,003 — 526 (159)48,695 
Other comprehensive income— — — 6,878 — 3,031 — 904 — 235 — 123 1,627 12,798 
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 
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 March 31, 20216,224 $29,940 172,332 $1,053,495 80,656 $650,254 23,270 $(1,418)6,253 $(727)3,110 $(349)$— $1,731,195 
Issuance of OP units, net of costs— — — 
Conversion of operating partnership units to ESRT Partner's Capital
— — 1,074 4,173 (521)(4,212)(347)17 (141)15 (65)7 — — 
Repurchases of common shares— — — — — — — — — — — — — — 
Equity compensation— — (6)240 106 5,064 — — — — — — — 5,304 
Distributions— (1,051)— (6,063)— (2,262)— (806)— (215)— (108)— (10,505)
Net income— 1,051 — 2,075 — 887 — 282 — 79 — 37 — 4,411 
Other comprehensive income— — — 1,739 — 742 — 233 — 59 — 30 — 2,803 
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 



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










5

Empire State Realty OP, L.P.
Condensed Consolidated Statements of Capital
For The Six Months Ended June 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
— — 1,138 2,345 (309)(2,499)(575)96 (146)33 (108)25 — — 
Contributions from consolidated joint ventures— — — — — — — — — — — — 224 224 
Repurchases of common units— — (7,866)(64,440)— — — — — — — — — (64,440)
Equity compensation— — 195 257 1,562 9,968 — — — — — — — 10,225 
Distributions— (2,101)— (11,750)— (5,584)— (1,534)— (405)— (203)— (21,577)
Net income (loss)— 2,101 — 18,290 — 7,961 — 2,397 — 621 — 326 (222)31,474 
Other comprehensive income— — — 14,973 — 6,517 — 1,962 — 509 — 267 1,627 25,855 
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 

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
— — 2,140 6,835 (863)(6,958)(755)55 (312)40 (210)28 — — 
Repurchases of common units— — (383)(3,533)— — — — — — — — — (3,533)
Equity compensation— — 78 164 749 9,874 — — — — — — — 10,038 
Distributions— (2,101)— (6,063)— (2,262)— (806)— (215)— (108)— (11,555)
Net income (loss)— 2,101 — (546)— (232)— (74)— (19)— (10)— 1,220 
Other comprehensive income— — — 3,553 — 1,508 — 481 — 126 — 63 — 5,731 
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 


The accompanying notes are an integral part of these consolidated financial statements
6


Empire State Realty OP, L.P.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(amounts in thousands)
Six Months Ended June 30,
20222021
Cash Flows From Operating Activities