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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: 001-36105
EMPIRE STATE REALTY TRUST, INC.

(Exact name of Registrant as specified in its charter)
Maryland
 37-1645259
(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
Class A Common Stock, par value $0.01 per shareESRTThe New York Stock Exchange
Class B Common Stock, par value $0.01 per shareN/AN/A
    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 162,620,718 shares of Class A Common Stock, $0.01 par value per share, outstanding and 994,175 shares of Class B Common Stock, $0.01 par value per share, outstanding.









EMPIRE STATE REALTY TRUST, INC.
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 Stockholders' Equity 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 Trust, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands, except per share 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 EQUITY
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
Equity:
Empire State Realty Trust, Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000 shares authorized, none issued or outstanding
— — 
Class A common stock, $0.01 par value, 400,000 shares authorized, 162,690 and 169,221 shares issued and outstanding in 2022 and 2021, respectively
1,626 1,692 
Class B common stock, $0.01 par value, 50,000 shares authorized, 994 and 996 shares issued and outstanding in 2022 and 2021, respectively
10 10 
Additional paid-in capital1,076,854 1,150,884 
Accumulated other comprehensive loss(5,827)(20,848)
Retained deficit(114,860)(133,610)
Total Empire State Realty Trust, Inc. stockholders' equity957,803 998,128 
Non-controlling interests in the Operating Partnership663,469 643,012 
Non-controlling interests in other partnerships14,881 13,252 
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 
Total equity1,666,093 1,684,332 
Total liabilities and equity$4,217,231 $4,282,447 
The accompanying notes are an integral part of these consolidated financial statements 
2








Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except per share 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 
Net (income) loss attributable to non-controlling interests:
Non-controlling interests in the Operating Partnership(18,224)(1,285)(11,305)335 
Non-controlling interests in other partnerships159 — 222 — 
Private perpetual preferred unit distributions(1,051)(1,051)(2,101)(2,101)
Net income (loss) attributable to common stockholders$29,579 $2,075 $18,290 $(546)
Total weighted average shares:
Basic167,118 171,615 168,099 172,183 
Diluted270,085 278,436 271,837 277,887 
Earnings per share attributable to common stockholders:
Basic$0.18 $0.01 $0.11 $0.00 
Diluted$0.18 $0.01 $0.11 $0.00 
Dividends per share$0.035 $0.035 $0.070 $0.035 

The accompanying notes are an integral part of these consolidated financial statements
3








Empire State Realty Trust, Inc.
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 income attributable to non-controlling interests and private perpetual preferred unitholders(19,116)(2,336)(13,184)(1,766)
Other comprehensive income attributable to non-controlling interests(5,920)(1,064)(10,882)(2,178)
Comprehensive income attributable to common stockholders$36,457 $3,814 $33,263 $3,007 

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




4









Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For The Three Months Ended June 30, 2022 and 2021
(unaudited)(amounts in thousands)
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained DeficitTotal Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at March 31, 2022168,731 $1,687 995 $10 $1,119,201 $(12,730)$(129,747)$978,421 $653,671 $29,940 $1,662,032 
Conversion of operating partnership units and Class B shares to Class A shares566 5 (1)— 818 25 — 848 (848)— — 
Repurchases of common shares(6,611)(67)— — (43,482)— (8,890)(52,439)— — (52,439)
Equity compensation:
LTIP units— — — — — — — — 5,447 — 5,447 
Restricted stock, net of forfeitures4 1 — — 317 — — 318 — — 318 
Dividends and distributions— — — — — — (5,802)(5,802)(3,905)(1,051)(10,758)
Net income— — — — — — 29,579 29,579 18,065 1,051 48,695 
Other comprehensive income— — — — — 6,878 — 6,878 5,920 — 12,798 
Balance at June 30, 2022162,690 $1,626 994 $10 $1,076,854 $(5,827)$(114,860)$957,803 $678,350 $29,940 $1,666,093 

Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained DeficitTotal Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at March 31, 2021171,327 $1,713 1,005$10 $1,147,588 $(26,544)$(69,272)$1,053,495 $647,760 $29,940 $1,731,195 
Conversion of operating partnership units and Class B shares to Class A shares1,078 10 (4)— 4,152 11 — 4,173 (4,173)— — 
Repurchases of common shares— — — — — — — — — — — 
Equity compensation:— — 
LTIP units— — — — — — — — 5,064 — 5,064 
Restricted stock, net of forfeitures(6)1 — — 239 — — 240 — — 240 
Dividends and distributions— — — — — — (6,063)(6,063)(3,391)(1,051)(10,505)
Net income— — — — — — 2,075 2,075 1,285 1,051 4,411 
Other comprehensive income— — — — — 1,739 — 1,739 1,064 — 2,803 
Balance at June 30, 2021172,399 $1,724 1,001 $10 $1,151,979 $(24,794)$(73,260)$1,055,659 $647,609 $29,940 $1,733,208 
The accompanying notes are an integral part of these consolidated financial statements



5








Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For The Six Months Ended June 30, 2022 and 2021
(unaudited)(amounts in thousands)
Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained DeficitTotal Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at December 31, 2021169,221 $1,692 996 $10 $1,150,884 $(20,848)$(133,610)$998,128 $656,264 $29,940 $1,684,332 
Conversion of operating partnership units and Class B shares to Class A shares1,140 11 (2)— 2,286 48 — 2,345 (2,345)— — 
Repurchases of common shares(7,866)(79)— — (76,571)— 12,210 (64,440)— — (64,440)
Contributions from consolidated joint ventures— — — — — — — — 224 — 224 
Equity compensation:
LTIP units— — — — — — — — 9,968 — 9,968 
Restricted stock, net of forfeitures195 2 — — 255 — — 257 — — 257 
Dividends and distributions— — — — — — (11,750)(11,750)(7,726)(2,101)(21,577)
Net income— — — — — — 18,290 18,290 11,083 2,101 31,474 
Other comprehensive income — — — — — 14,973 — 14,973 10,882 — 25,855 
Balance at June 30, 2022162,690 $1,626 994 $10 $1,076,854 $(5,827)$(114,860)$957,803 $678,350 $29,940 $1,666,093 



Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
Balance at December 31, 2020170,555 $1,705 1,010 $10 $1,147,527 $(28,320)$(65,673)$1,055,249 $646,118 $29,940 $1,731,307 
Conversion of operating partnership units and Class B shares to Class A shares2,149 21 (9)— 6,841 (27)— 6,835 (6,835)— — 
Repurchases of common shares(383)(4)— — (2,551)— (978)(3,533)— — (3,533)
Equity compensation:
LTIP units— — — — — — — — 9,874 — 9,874 
Restricted stock, net of forfeitures78 2 — — 162 — — 164 — — 164 
Dividends and distributions— — — — — — (6,063)(6,063)(3,391)(2,101)(11,555)
Net income (loss)— — — — — — (546)(546)(335)2,101 1,220 
Other comprehensive income— — — — — 3,553 — 3,553 2,178 — 5,731 
Balance at June 30, 2021172,399 $1,724 1,001 $10 $1,151,979 $(24,794)$(73,260)$1,055,659 $647,609 $29,940 $1,733,208 

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








Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(amounts in thousands)
Six Months Ended June 30,
20222021
Cash Flows From Operating Activities
Net income$31,474 $1,220 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization125,410 89,545 
Gain on disposition of property(27,170)— 
Amortization of non-cash items within interest expense5,169 5,398 
Amortization of acquired above- and below-market leases, net(3,459)(1,371)
Amortization of acquired below-market ground leases3,916 3,916 
Straight-lining of rental revenue(11,192)(10,110)
Equity based compensation10,225 10,038 
Loss on early extinguishment of debt— 214 
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits866 (4,523)
Tenant and other receivables(