Revenue: As of FY2026 Q2, the actual value is USD 196.9 M.

EPS: As of FY2026 Q2, the actual value is USD -0.15.

EBIT: As of FY2026 Q2, the actual value is USD -112.48 M.

Financial Highlights for Q2 2026 and Six Months Ended June 30, 2026

Net Income (Loss)

Empire State Realty OP, L.P. reported a net loss of -$39,554 thousand for the three months ended June 30, 2026, compared to a net income of $11,385 thousand for the same period in 2025. This includes a non-cash goodwill impairment charge of $166,113 thousand and a gain on disposition of properties of $124,622 thousand in 2026. For the six months ended June 30, 2026, the net loss was -$36,559 thousand, compared to a net income of $27,163 thousand for the same period in 2025.

Core Funds From Operations (Core FFO)

Core FFO attributable to common stockholders and Operating Partnership units was $57,134 thousand for the three months ended June 30, 2026, a decrease from $59,213 thousand for the same period in 2025. For the six months ended June 30, 2026, Core FFO was $110,329 thousand, slightly down from $111,247 thousand in the prior year period.

Core Funds Available for Distribution (Core FAD)

Core FAD increased to $16,152 thousand in Q2 2026 from $11,949 thousand in Q2 2025.

Total Revenues

Total revenues for Q2 2026 were $196,899 thousand, an increase from $191,250 thousand in Q2 2025. For the six months ended June 30, 2026, total revenues were $387,224 thousand, up from $371,316 thousand in 2025.

Revenue by Segment

• Rental Revenue: $165,166 thousand for Q2 2026, up from $153,540 thousand in Q2 2025. For the six months, rental revenue was $331,271 thousand in 2026, compared to $308,082 thousand in 2025.
• Observatory Revenue: $24,225 thousand for Q2 2026, a decrease from $33,899 thousand in Q2 2025. For the six months, Observatory revenue was $42,735 thousand in 2026, down from $57,060 thousand in 2025.
• Lease Termination Fees: $0 in Q2 2026, down from $464 thousand in Q2 2025.
• Other Revenue and Fees: Increased to $7,240 thousand in Q2 2026 from $2,939 thousand in Q2 2025.

Operating Expenses

Total operating expenses significantly increased to $335,612 thousand for Q2 2026 from $156,128 thousand in Q2 2025, primarily due to a $166,113 thousand goodwill impairment charge in 2026. For the six months, total operating expenses were $496,480 thousand in 2026, compared to $310,406 thousand in 2025. General and Administrative Expenses: Rose to $25,123 thousand for Q2 2026 from $18,685 thousand for Q2 2025. Observatory Expenses: Increased to $11,795 thousand for Q2 2026 from $9,822 thousand for Q2 2025. Property Operating Expenses: Increased to $47,774 thousand in Q2 2026 from $44,880 thousand in Q2 2025. Real Estate Taxes: Were $32,912 thousand in Q2 2026, up from $32,607 thousand in Q2 2025. Depreciation and Amortization: Increased to $50,389 thousand in Q2 2026 from $47,802 thousand in Q2 2025.

Operating Income (Loss)

Total operating income (loss) was -$138,713 thousand for Q2 2026, a significant decrease from an income of $35,122 thousand for Q2 2025. For the six months, total operating income (loss) was -$109,256 thousand in 2026, compared to an income of $60,910 thousand in 2025.

EBITDA and Adjusted EBITDA

EBITDA was $37,873 thousand in Q2 2026, down from $84,791 thousand in Q2 2025. Adjusted EBITDA was $79,364 thousand in Q2 2026, compared to $84,791 thousand in Q2 2025.

Same-Store Property Cash Net Operating Income (NOI)

Same-Store Property Cash NOI, excluding lease termination fees, increased 3.3% year-over-year for Q2 2026, totaling $69,426 thousand, up from $67,214 thousand in Q2 2025. Adjusted for non-recurring real estate tax abatements, Same-Store Property Cash NOI decreased by -3.2% year-over-year. For the six months, total Same Store property cash NOI, excluding Observatory and lease termination fees, was $137,762 thousand, compared to $131,878 thousand in 2025. Observatory NOI: Was $12,430 thousand for Q2 2026, down from $24,077 thousand in Q2 2025. For the six months, Observatory NOI was $23,072 thousand in 2026, down from $39,120 thousand in 2025.

Balance Sheet and Liquidity (as of June 30, 2026)

Empire State Realty OP, L.P. had total liquidity of $0.5 billion, comprising $86 million in cash and $445 million available under its revolving credit facility. Total debt outstanding was approximately $2.2 billion at a weighted average interest rate of 4.70%. The ratio of net debt to adjusted EBITDA was 6.6x, compared to 5.6x in Q2 2025. Subsequent to quarter-end, the company closed a $245 million unsecured delayed draw term loan maturing in 2032, with no unaddressed debt maturity until January 2028.

Capital Expenditures

Total capital expenditures were $60,464 thousand in Q2 2026, compared to $61,572 thousand in Q2 2025.

Operational Metrics

• Leasing Activity: Empire State Realty OP, L.P. signed 381,799 rentable square feet of commercial leases in Q2 2026, including 363,968 rentable square feet of office leases.
• Occupancy (as of June 30, 2026): The total commercial portfolio was 94.9% leased and 89.4% occupied. The office portfolio was 94.8% leased and 89.1% occupied, while the retail portfolio was 95.9% leased and 92.8% occupied. The multifamily portfolio was 97.7% leased.
• Leasing Spreads: Blended office leasing spreads were +17.8%, marking the 20th consecutive quarter of positive leasing spreads. The percentage of new cash rent over previously escalated rents for the Total Office and Retail Portfolio was 1.4% in Q2 2026, compared to 7.0% in Q2 2025.
• Portfolio Composition: The property portfolio comprised 7.1 million rentable square feet of office space, 0.7 million rentable square feet of retail space, and 743 residential units.
• Observatory Visitors: The number of visitors decreased to 450,000 in Q2 2026 from 629,000 in Q2 2025, representing a -28.5% year-over-year change.

Portfolio Transaction Activity

Empire State Realty OP, L.P. completed the disposition of 250 West 57th Street for $275 million, which included the buyer’s assumption of $180 million of mortgage debt. The company also acquired the land under its 111 West 33rd Street and 1400 Broadway properties for an aggregate price of $110 million.

Outlook / Guidance

Empire State Realty OP, L.P. updated its 2026 Core FFO per fully diluted share range to $0.75 to $0.79, reflecting a reduced Observation Deck NOI of $55 million due to no expected improvement in current visitation levels. The company projects commercial occupancy at year-end to be between 90% and 92%. Same-Store Property Cash NOI (excluding lease termination fees) is expected to be between -1.5% and +2.0%.