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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: 001-36105
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 filerAccelerated 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 160,428,938 shares of Class A Common Stock, $0.01 par value per share, outstanding and 992,051 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 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 Stockholders' Equity 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

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ITEM 1. FINANCIAL STATEMENTS
Empire State Realty Trust, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands, except per share 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 EQUITY
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
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, 160,576 and 169,221 shares issued and outstanding in 2022 and 2021, respectively
1,606 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 capital1,060,321 1,150,884 
Accumulated other comprehensive income (loss)6,674 (20,848)
Retained deficit(116,232)(133,610)
Total Empire State Realty Trust, Inc. stockholders' equity952,379 998,128 
Non-controlling interests in the Operating Partnership676,008 643,012 
Non-controlling interests in other partnerships15,502 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 equity1,673,829 1,684,332 
Total liabilities and equity$4,201,140 $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 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)
Net (income) loss attributable to non-controlling interests:
Non-controlling interests in the Operating Partnership(3,560)4,256 (14,865)4,591 
Non-controlling interests in other partnerships49  271  
Private perpetual preferred unit distributions(1,050)(1,050)(3,151)(3,151)
Net income (loss) attributable to common stockholders$5,557 $(6,977)$23,847 $(7,523)
Total weighted average shares:
Basic162,165 172,494 166,354 172,487 
Diluted267,121 277,716 270,966 277,829 
Earnings per share attributable to common stockholders:
Basic$0.03 $(0.04)$0.14 $(0.04)
Diluted$0.03 $(0.04)$0.14 $(0.04)
Dividends per share$0.035 $0.035 $0.105 $0.070 

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









Empire State Realty Trust, Inc.
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 (income) loss attributable to non-controlling interests and private perpetual preferred unitholders(4,561)3,206 (17,746)1,440 
Other comprehensive income attributable to non-controlling interests(8,518)(1,061)(19,400)(3,239)
Comprehensive income (loss) attributable to common stockholders$18,019 $(5,221)$51,281 $(2,214)

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 September 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 Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
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 
Issuance of Class A shares— — — — — — — — — —  
Conversion of operating partnership units and Class B shares to Class A shares461 5  — (5)39 — 39 (39)—  
Repurchases of common shares(2,567)(25)— — (16,845)— (1,235)(18,105)— — (18,105)
Equity compensation:— — 
LTIP units— — — — — — — — 5,057 — 5,057 
Restricted stock, net of forfeitures(8) — — 317 — — 317 — — 317 
Dividends and distributions— — — — — — (5,694)(5,694)(3,887)(1,050)(10,631)
Net income— — — — — — 5,557 5,557 3,511 1,050 10,118 
Other comprehensive income — — — — — 12,462 — 12,462 8,518 — 20,980 
Balance at September 30, 2022160,576 $1,606 994 $10 $1,060,321 $6,674 $(116,232)$952,379 $691,510 $29,940 $1,673,829 

Number of Class A Common SharesClass A Common StockNumber of Class B Common SharesClass B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestsPrivate Perpetual Preferred UnitsTotal Equity
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 
Issuance of Class A shares— — — — — — — — — —  
Conversion of operating partnership units and Class B shares to Class A shares544 6 (2)— 914 11 — 931 (931)—  
Repurchases of common shares(626)(6)— — (4,148)— (2,356)(6,510)(6,510)
Equity compensation:— — — — 
LTIP units— — — — — — — — 5,198 — 5,198 
Restricted stock, net of forfeitures(24)(1)— — 181 — — 180 — — 180 
Dividends and distributions— — — — — — (6,061)(6,061)(3,918)(1,050)(11,029)
Net income (loss)— — — — — — (6,977)(6,977)(4,256)1,050 (10,183)
Other comprehensive income— — — — — 1,756 — 1,756 1,061 — 2,817 
Balance at September 30, 2021172,293 $1,723 999 $10 $1,148,926 $(23,027)$(88,654)$1,038,978 $644,763 $29,940 $1,713,681 
The accompanying notes are an integral part of these consolidated financial statements


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Empire State Realty Trust, Inc.
Condensed Consolidated Statements of Stockholders' Equity
For The Nine Months Ended September 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 Earnings (Deficit)Total 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 shares1,601 16 (2)— 2,281 87 — 2,384 (2,384)—  
Repurchases of common shares(10,433)(104)— — (93,416)— 10,975 (82,545)— — (82,545)
Contributions from consolidated joint ventures— — — — — — — — 224 — 224 
Equity compensation:
LTIP units— — — — — — — — 15,025 — 15,025 
Restricted stock, net of forfeitures187 2 — — 572 — — 574 — — 574 
Dividends and distributions— — — — — — (17,444)(17,444)(11,613)(3,151)(32,208)
Net income— — — — — — 23,847 23,847 14,594 3,151 41,592 
Other comprehensive income — — — — — 27,435 — 27,435 19,400 — 46,835 
Balance at September 30, 2022160,576 $1,606 994 $10 $1,060,321 $6,674 $(116,232)$952,379 $691,510 $29,940 $1,673,829 


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 shares2,693 27 (11)— 7,755 (16)— 7,766 (7,766)—  
Repurchases of common shares(1,009)(10)— — (6,699)— (3,334)(10,043)— — (10,043)
Equity compensation:
LTIP units— — — — — — — — 15,072 — 15,072 
Restricted stock, net of forfeitures54 1 — — 343 — — 344 — — 344 
Dividends and distributions— — — — — — (12,124)(12,124)(7,309)(3,151)(22,584)
Net income (loss)— — — — — — (7,523)(7,523)(4,591)3,151 (8,963)
Other comprehensive income— — — — — 5,309 — 5,309 3,239 — 8,548 
Balance at September 30, 2021172,293 $1,723 999 $10 $1,148,926 $(23,027)$(88,654)$1,038,978 $644,763 $29,940 $1,713,681 

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)
Nine Months Ended September 30,
20222021
Cash Flows From Operating Activities
Net income (loss)$41,592 $(8,963)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization172,394 155,339 
Gain on disposition of property(27,170) 
Amortization of non-cash items within interest expense7,514 7,978 
Amortization of acquired above- and below-market leases, net(4,136)(5,615)
Amortization of acquired below-market ground leases5,873 5,873 
Straight-lining of rental revenue(18,533)(13,197)
Equity based compensation15,599 15,416 
Loss on early extinguishment of debt 214 
Increase (decrease) in cash flows due to changes in operating assets and liabilities:
Security deposits(