Empire State Realty OP, L.P. (ESBA)

Empire State Realty OP Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	59.6	80.36	84.34	63.46	-13.02	-22.89
Depreciation & Amortization	173.16	168	171.72	194.52	175.14	170.41
Other Amortization	21.1	22.47	23.61	25.45	28.6	24.8
Gain (Loss) on Sale of Assets	-14.41	-13.3	-26.76	-33.99	-	-
Asset Writedown	-	-	-	-	7.72	6.2
Stock-Based Compensation	24.47	21.7	20.03	21.01	20.26	25.5
Change in Accounts Receivable	6.65	6.89	-15.64	-5.31	2.89	3.88
Change in Accounts Payable	2.61	13.59	0.75	4.71	-0.1	-3.31
Change in Other Net Operating Assets	4.57	-36.09	-12.37	-40	-11.33	-26.35
Other Operating Activities	-9.14	-2.1	-10.41	-15.01	-10.02	-15.95
Operating Cash Flow	265.19	260.89	232.49	211.17	212.49	182.29
Operating Cash Flow Growth	7.23%	12.22%	10.10%	-0.62%	16.56%	-21.63%
Acquisition of Real Estate Assets	-266.75	-378.86	-166.25	-241.9	-212.74	-143.12
Sale of Real Estate Assets	-	-	88.91	11.01	-	-
Net Sale / Acq. of Real Estate Assets	-266.75	-378.86	-77.34	-230.89	-212.74	-143.12
Investment in Marketable & Equity Securities	-	-14.23	-	-	-	-
Other Investing Activities	-	-4.03	-	-	-	-
Investing Cash Flow	-266.75	-397.12	-77.34	-230.89	-212.74	-143.12
Short-Term Debt Issued	-	-	-	-	-	550
Long-Term Debt Issued	-	440	-	-	-	530
Total Debt Issued	-	440	-	-	-	1,080
Short-Term Debt Repaid	-	-	-	-	-	-550
Long-Term Debt Repaid	-	-226.86	-8.63	-7.5	-4.09	-53.94
Total Debt Repaid	-224.07	-226.86	-8.63	-7.5	-4.09	-603.94
Net Debt Issued (Repaid)	-224.07	213.14	-8.63	-7.5	-4.09	476.06
Issuance of Common Stock	-	-	0.19	0.22	-	-
Repurchase of Common Stock	-3.06	-	-13.11	-90.18	-46.7	-143.71
Common Dividends Paid	-38.84	-38.29	-37.12	-38.59	-28.56	-60.85
Preferred Dividends Paid	-4.2	-4.2	-4.2	-4.2	-4.2	-4.2
Total Dividends Paid	-43.04	-42.49	-41.32	-42.79	-32.76	-65.05
Other Financing Activities	-0.43	-12.07	-	-	-9.49	-10.14
Net Cash Flow	-272.16	22.35	92.28	-159.96	-93.3	296.34
Cash Interest Paid	95.87	94.67	92	91.01	77.61	75.42
Cash Income Tax Paid	3.04	1.9	1.39	0.2	0.64	1.28
Levered Free Cash Flow	440.34	119.47	261.3	262.52	212.68	155.5
Unlevered Free Cash Flow	507.35	188.04	324.73	325.77	271.67	211.7
Change in Working Capital	10.4	-16.23	-30.03	-44.27	3.8	-5.78

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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