Empire State Realty OP, L.P. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Empire State Realty OP, L.P. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Empire State Realty OP, L.P. (OGCP) filed a Annual Report (10-K) with the SEC on February 28, 2024. Empire State Realty OP, L.P. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 111 West 33rd Street, 12th Floor, New York, NY 10120. The filing number with the SEC is 001-36106. The SIC code for the company is 6798 (Real Estate Investment Trusts).

Why It Matters

For investors and stakeholders tracking Empire State Realty OP, L.P., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Empire State Realty OP, L.P.'s financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and outlook. As a Real Estate Investment Trust (REIT), the detailed financial disclosures in this filing are essential for understanding the company's property portfolio, rental income, debt levels, and overall market position within the real estate sector.

Risk Assessment

Risk Level: — Empire State Realty OP, L.P. shows moderate risk based on this filing. The company operates in the real estate investment trust sector, which is subject to market fluctuations, interest rate changes, and economic downturns, as indicated by the nature of its business and the general risks associated with REITs.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the company's performance and future prospects in the current real estate market.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2024-02-28 — Filing Date (The date the 10-K was filed with the SEC.)

Key Players & Entities

• Empire State Realty OP, L.P. (company) — Filer of the 10-K report.
• 111 West 33rd Street, 12th Floor, New York, NY 10120 (location) — Business and mailing address of the company.
• 001-36106 (other) — SEC file number for Empire State Realty OP, L.P.
• 6798 (other) — Standard Industrial Classification code for Real Estate Investment Trusts.

FAQ

Risk Factors

• Market and Economic Conditions [medium — market]: The company's financial performance is subject to general economic conditions and trends in the real estate market, including occupancy rates, rental rates, and property values.
• Debt Obligations [medium — financial]: The company has significant debt obligations, and its ability to service this debt is dependent on its operating performance and access to capital markets.
• Tenant Concentration [medium — operational]: A significant portion of the company's rental income may be derived from a limited number of tenants, making it vulnerable to the financial instability or departure of key tenants.

Key Dates

• 2024-02-28: 10-K Filing — Official filing of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period covered by the 10-K.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Empire State Realty OP, L.P.)

REIT

Real Estate Investment Trust. A company that owns, operates, or finances income-generating real estate. (Empire State Realty OP, L.P. operates as a REIT, making this classification key to understanding its business model and regulatory environment.)

Key Financial Figures

• $0.01 — ESRT's Class A common stock, par value $0.01 per share, is listed on the New York St

Filing Documents

• esrt-20231231.htm (10-K) — 3089KB
• exhibit1019esropstephenvho.htm (EX-10.19) — 96KB
• exhibit1020esropstephenvho.htm (EX-10.20) — 120KB
• exhibit211listofsubsidiari.htm (EX-21.1) — 10KB
• exhibit231consentesrop12-3.htm (EX-23.1) — 3KB
• exhibit311esrop12-31x23.htm (EX-31.1) — 9KB
• exhibit312esrop12-31x23.htm (EX-31.2) — 10KB
• exhibit321esrop12-31x23.htm (EX-32.1) — 5KB
• exhibit322esrop12-31x23.htm (EX-32.2) — 5KB
• exhibit971esropcompensatio.htm (EX-97.1) — 29KB
• 0001628280-24-007675.txt (&nbsp;) — 14633KB
• esrt-20231231.xsd (EX-101.SCH) — 108KB
• esrt-20231231_cal.xml (EX-101.CAL) — 140KB
• esrt-20231231_def.xml (EX-101.DEF) — 537KB
• esrt-20231231_lab.xml (EX-101.LAB) — 1194KB
• esrt-20231231_pre.xml (EX-101.PRE) — 796KB
• esrt-20231231_htm.xml (XML) — 2270KB

BUSINESS

ITEM 1. BUSINESS Overview Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT is a recognized leader in energy efficiency and indoor environmental quality. ESRT's flagship Empire State Building – the "World's Most Famous Building" – includes its Observatory, the #1 attraction in the U.S. in Tripadvisor's Travelers' Choice Awards: Best of the Best for two consecutive years . As of December 31, 2023, ESRT's portfolio is comprised of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. Our office portfolio included 11 properties (including three long-term ground leasehold interests) encompassing approximately 8.6 million rentable square feet. Nine of these office properties are located in midtown Manhattan and encompass approximately 7.6 million rentable square feet, including the Empire State Building. The remaining two office properties encompass approximately 1.1 million rentable square feet and are located in Stamford, Connecticut, with immediate access to mass transportation. Additionally, we have entitled land adjacent to one of the Stamford office properties that can support the development of either office or residential per local zoning. Our multifamily portfolio included 727 residential units in New York City. We were organized as a Delaware limited partnership on November 28, 2011, and commenced operations upon completion of the initial public offering of ESRT's Class A common stock and related formation transactions on October 7, 2013 (the "IPO"). ESRT's Class A common stock, par value $0.01 per share, is listed on the New York Stock Exchange under the symbol "ESRT." ESRT, as the sole general partner in our Company, has responsibility and discretion in the management and control of our Company, and our limited partners, in such c

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View this 10-K filing on SEC EDGAR