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
DateValue
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