Business Context and Reporting Period
Company: Empire State Realty Trust, Inc. and Empire State Realty OP, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: July 29, 2026
Reporting Period: Second Quarter 2026
This filing announces the financial results for the second quarter of 2026. The report incorporates by reference a press release (Exhibit 99.1) and a supplemental report (Exhibit 99.2) containing detailed financial data. The registrants are real estate investment trusts (REITs) with securities traded on the New York Stock Exchange and NYSE Arca.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, and Liquidity: The filing text provided does not contain specific numerical values for revenue, net income, cash flow, margins, debt levels, or liquidity ratios. These figures are contained within the referenced Exhibits 99.1 and 99.2, which are not included in the input text.
Non-GAAP Measures Defined: The filing details the methodology for several supplemental financial measures used by the company:
- Funds From Operations (FFO): Net income excluding impairment write-offs, gains/losses on debt restructurings and property sales, plus real estate depreciation and amortization.
- Modified FFO: FFO adjusted to add back below-market ground lease amortization.
- Core FFO: Modified FFO excluding non-recurring items such as loss on early extinguishment of debt, acquisition expenses, severance, and goodwill impairment.
- Core Funds Available for Distribution (Core FAD): Core FFO adjusted for non-real estate depreciation, financing costs, and recurring capital improvements to estimate dividend funding ability.
- Net Operating Income (NOI): Property-level performance measure excluding cost of funds, depreciation, and corporate expenses.
- EBITDA and Adjusted EBITDA: Net income plus interest, taxes, depreciation, and amortization; Adjusted EBITDA further adds back impairment charges and gains/losses on property dispositions.
Material Changes and Portfolio Activity
The filing outlines changes to the "Same Store" property portfolio as of June 30, 2026, which impacts period-over-period comparisons:
- Excluded from Same Store (Acquired): 86-90 North Sixth Street (June 2025), 41-55 North Sixth Street (March 2026), and 130 Mercer, SoHo, NY (December 2025).
- Excluded from Same Store (Disposed): Metro Center, Stamford, CT (December 2025) and 250 West 57th Street (June 2026).
Prior period Same Store NOI has been adjusted to reflect these acquisition and disposition activities.
Guidance, Outlook, and Risks
Management Commentary: Management emphasizes that the non-GAAP measures (FFO, Core FFO, Core FAD, NOI) are useful for evaluating operating performance and comparing results among REITs, as they exclude non-cash accounting treatments and non-recurring items.
Risks and Limitations: The filing explicitly states that these non-GAAP measures:
- Do not represent cash generated from operating activities.
- Should not be considered alternatives to GAAP net income or cash flow from operating activities.
- Are not indicative of cash available to fund ongoing needs or distributions.
- May not be comparable to similarly titled measures used by other companies due to varying calculation methods.
Guidance: The text does not provide specific forward-looking guidance or numerical outlook for future periods.
Investor Verification Checklist
- Verify specific Q2 2026 revenue, net income, and FFO figures in the attached Press Release (Exhibit 99.1).
- Review the Supplemental Report (Exhibit 99.2) for detailed debt levels, liquidity positions, and capital expenditure data.
- Confirm the impact of the disposed properties (Metro Center, 250 West 57th Street) on trailing twelve-month Adjusted EBITDA calculations.
- Assess the "Same Store" NOI trends excluding the newly acquired properties to understand organic growth.
- Check for any updates on the "below-market ground lease" amortization adjustments affecting Modified FFO.