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Empire State Realty OP, L.P. (ESBA) guidance and outlook

Empire State Realty OP, L.P.'s 10-Q filed Nov 9, 2026 makes 18 forward-looking statements.

Guidance and outlook

Forward-looking statements, 10-Q filed Nov 9, 2026

• We recognized a non-cash goodwill impairment charge of $166.1 million during the nine months ended September 30, 2026 as a result of a decline in projected performance and expected future cash flows due to a sustained decline in visitor volume from a reduction in pass program performance and a continued decrease in international visitors.
• The $61.4 million goodwill remaining in the Observatory reporting unit remains at risk of future impairment if the fair value of the reporting unit decreases due to changes in the amount or timing of expected future cash flows, decreases in visitation in excess of expectations, an inability to execute management’s business strategies, or general market conditions.
• Based on the historical experience of our management and our business strategy, in the foreseeable future we anticipate we will continue to generate positive cash flows from operations.
• We expect to make quarterly distributions, as required, to our securityholders.
• While we may be able to anticipate and plan for certain liquidity needs, there may be unexpected increases in uses of cash that are beyond our control and which would affect our financial condition and results of operations.
• Even if there are no material changes to our anticipated liquidity requirements, our sources of liquidity may be fewer than, and the funds available from such sources may be less than, anticipated or needed.
• We expect to meet our short-term liquidity requirements, including distributions, operating expenses, working capital, debt service, and capital expenditures from cash flows from operations, cash on hand, debt issuances, common and/or preferred issuances and available borrowing capacity under our unsecured revolving credit facility.
• We expect to meet our long-term capital requirements, including acquisitions, redevelopments, repositioning and capital expenditures through our cash flows from operations, cash on hand, our unsecured revolving credit facility, mortgage financings, debt issuances, common and/or preferred equity issuances and asset sales.
• We expect to employ leverage in our capital structure in amounts determined from time to time by ESRT's Board of Directors.
• ESRT's charter and bylaws do not limit the amount or percentage of indebtedness that we may incur nor do they restrict the form in which our indebtedness will be taken.
• As of September 30, 2026, we expect to incur additional costs relating to obligations under existing lease agreements of approximately $112.4 million for tenant improvements and leasing commissions.
• We intend to fund the tenant improvements and leasing commission costs through a combination of operating cash flow, cash on hand and other borrowings.

Empire State Realty OP, L.P.'s latest quarter

Questions

What does Empire State Realty OP, L.P. expect?

We recognized a non-cash goodwill impairment charge of $166.1 million during the nine months ended September 30, 2026 as a result of a decline in projected performance and expected future cash flows due to a sustained decline in visitor volume from a reduction in pass program performance and a continued decrease in international visitors. The $61.4 million goodwill remaining in the Observatory reporting unit remains at risk of future impairment if the fair value of the reporting unit decreases due to changes in the amount or timing of expected future cash flows, decreases in visitation in exce

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Updated Nov 10, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.