Empire State Realty Trust (ESRT) Operating Expenses (2012 - 2026)
Empire State Realty Trust's (ESRT) quarterly Operating Expenses came in at $47.7 million in Q1 2026, down 69.05% year-on-year from $154.3 million in Q1 2025, and down 90.37% quarter-over-quarter from $495.7 million in Q4 2025.
Empire State Realty Trust (ESRT) Operating Expenses (2012 - 2026) Analysis & Trends
Empire State Realty Trust has disclosed Operating Expenses across 15 years of filings, most recently posting $47.7 million for Q1 2026.
- Operating Expenses for Q1 2026 came in at $47.7 million, down 69.05% year-over-year; the trailing twelve-month figure through Mar 2026 was $635.3 million (up 60.15% YoY), and the FY2025 annual result was $632.6 million, up 253.07% from the prior year.
- Operating Expenses came in at $47.7 million for Q1 2026 at Empire State Realty Trust, down from $495.7 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $495.7 million in Q4 2025 to a low of $39.1 million in Q4 2022.
- The 5-year median for Operating Expenses is $144.4 million (2023), against an average of $139.9 million.
- Across the five-year window, Operating Expenses soared 1099.4% in 2023 and sank 90.04% in 2024, its largest moves.
- Empire State Realty Trust's Operating Expenses stood at $39.1 million in 2022, then jumped by 1099.4% to $468.5 million in 2023, then tumbled by 90.04% to $46.6 million in 2024, then jumped by 962.76% to $495.7 million in 2025, then sank by 90.37% to $47.7 million in 2026.
- The last three Operating Expenses figures came in at $47.7 million (Q1 2026), $495.7 million (Q4 2025), and $47.0 million (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vici Properties | 29.26 Bn | 28.78 Bn | 1.01 Bn | 16.94 Mn |
| 2 | Broadstone Net Lease | 3.95 Bn | 4.05 Bn | - | 58.06 Mn |
| 3 | American Assets Trust | 1.46 Bn | 1.40 Bn | - | 86.87 Mn |
| 4 | Safehold | 1.13 Bn | 1.14 Bn | 109.54 Mn | 85.31 Mn |
| 5 | Empire State Realty Trust | 916.51 Mn | 1.65 Bn | - | 47.74 Mn |
| 6 | JBG SMITH Properties | 880.19 Mn | 1.38 Bn | - | 135.70 Mn |
| 7 | CTO Realty Growth | 672.82 Mn | 672.82 Mn | 31.01 Mn | 5.08 Mn |
| 8 | Gladstone Commercial | 608.72 Mn | 778.76 Mn | - | 25.24 Mn |
| 9 | AH Realty Trust | 540.92 Mn | 723.25 Mn | - | 40.55 Mn |
| 10 | One Liberty Properties | 510.56 Mn | 490.30 Mn | - | 18.68 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 47.74 Mn |
| Dec 31, 2025 | 495.72 Mn |
| Sep 30, 2025 | 46.96 Mn |
| Jun 30, 2025 | 44.88 Mn |
| Mar 31, 2025 | 154.28 Mn |
| Dec 31, 2024 | 46.65 Mn |
| Sep 30, 2024 | 154.25 Mn |
| Jun 30, 2024 | 41.52 Mn |
| Mar 31, 2024 | 45.06 Mn |
| Dec 31, 2023 | 468.49 Mn |
| Sep 30, 2023 | 149.27 Mn |
| Jun 30, 2023 | 144.35 Mn |
| Mar 31, 2023 | 42.04 Mn |
| Dec 31, 2022 | 39.06 Mn |
| Sep 30, 2022 | 148.19 Mn |
| Jun 30, 2022 | 151.52 Mn |
| Mar 31, 2022 | 157.99 Mn |
| Dec 31, 2021 | 34.56 Mn |
| Sep 30, 2021 | 151.85 Mn |
| Jun 30, 2021 | 28.79 Mn |