Empire State Realty OP, L.P. ESBA

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (NYSE: ESRT), is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the "World's Most Famous Building," features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.

As of December 31, 2025, our portfolio was comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which are located in New York City. Our office portfolio included 10 properties (including three long-term ground leasehold interests), all of which are located in Manhattan. Additionally, we have entitled land in Stamford, Connecticut that can support the development of either office or residential per local zoning.

Last close 4.76 2026-10-23
Market cap $1.28B estimated share count
52-week range 3.79 - 7.83

Valuation FY2025 figures against the last close

P/S1.7x
P/E19.0x
P/FCF25.3x
EV/EBITDA3.9x
Dividend yield3.0%
Diluted EPS0.25

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Real Estate
  • Observatory
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Real Estate, FY2025: 638.5M (83.3%) 83% Real Estate Observatory, FY2025: 128.3M (16.7%) 17% Observatory FY2024 Real Estate, FY2024: 630.4M (82.2%) 82% Observatory, FY2024: 136.4M (17.8%) 18% FY2023 Real Estate, FY2023: 608.9M (82.5%) 82% Observatory, FY2023: 129.4M (17.5%) 18%
Segment FY2025FY2024FY2023
Real Estate $638.5M $630.4M $608.9M
Observatory $128.3M $136.4M $129.4M

As the company reported it, from the “Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $766.8M$766.8M$738.2M$725.7M$624.1M$609.2M$731.3M$731.5M$709.5M$677.4M
SG&A $72.8M$70.2M$63.9M$61.8M$55.9M$62.2M$61.1M$52.7M$50.3M$49.1M
Total operating expenses $632.6M$609.2M$592.9M$600.0M$545.0M$550.6M$576.6M$540.7M$516.6M$493.5M
Operating income $135.6M$158.7M$146.7M$127.0M$79.1M$58.7M$154.7M$190.9M$192.9M$183.9M
Interest expense $103.1M$105.2M$101.5M$101.2M$94.4M$89.9M$79.2M$79.6M$68.5M$70.6M
Pre-tax income $75.5M$83.0M$87.1M$64.8M-$14.8M-$29.9M$86.7M$121.9M$124.9M$113.4M
Income tax $2.6M$2.7M$2.7M$1.5M$1.7M$7.0M$2.4M$4.6M$6.7M$6.1M
Net income $73.0M$80.4M$84.4M$63.2M-$13.0M-$22.9M$84.3M$117.3M$118.3M$106.3M
EPS, basic 0.260.290.300.22-0.06-0.100.270.390.390.38
EPS, diluted 0.250.280.300.22-0.06-0.100.270.390.390.38
Shares, diluted (wtd. avg.) 270.0M269.0M265.6M269.9M277.4M283.8M297.8M297.3M298.0M277.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $132.7M$385.5M$346.6M$264.4M$423.7M$526.7M$233.9M$205.0M$464.3M$554.4M
Short-term investments ——————$0$400.0M$0—
Goodwill $491.5M$491.5M$491.5M$491.5M$491.5M$491.5M$491.5M$491.5M$491.5M$491.5M
Total assets $4.47B$4.51B$4.22B$4.16B$4.28B$4.15B$3.93B$4.20B$3.93B$3.89B
Long-term debt ———————$608.6M$717.2M$759.0M
Total liabilities $2.65B$2.73B$2.49B$2.48B$2.60B$2.42B$1.98B$2.20B$1.95B$1.91B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $249.1M$260.9M$232.5M$211.2M$212.5M$182.3M$232.6M$279.0M$194.2M$214.8M
Depreciation and amortisation $194.8M$184.8M$189.9M$216.9M$201.8M$191.0M$181.6M$168.5M$160.7M$155.2M
Stock-based compensation $25.2M$21.7M$20.0M$21.0M$20.3M$25.5M$20.9M$18.8M$14.1M$9.7M
Capital expenditure $198.5M$172.9M$139.3M$126.3M$398.4M$104.1M$255.9M$256.5M$228.2M$197.7M
Investing cash flow -$550.0M-$397.1M-$77.3M-$230.9M-$212.7M-$143.1M$149.7M-$643.0M-$223.0M-$182.4M
Financing cash flow $38.2M$158.6M-$62.9M-$140.2M-$93.0M$257.2M-$381.6M$104.6M-$56.9M$470.9M
Dividends paid $39.0M$38.3M$37.1M$38.6M$28.6M$60.9M$126.0M$125.6M$126.0M$114.0M
Buybacks $8.1M$0$13.1M$90.2M$46.7M$143.7M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001553079-26-000003.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M 800M Revenue, FY2016: 677.4M Net income, FY2016: 106.3M Revenue, FY2017: 709.5M Net income, FY2017: 118.3M Revenue, FY2018: 731.5M Net income, FY2018: 117.3M Revenue, FY2019: 731.3M Net income, FY2019: 84.3M Revenue, FY2020: 609.2M Net income, FY2020: -22.9M Revenue, FY2021: 624.1M Net income, FY2021: -13M Revenue, FY2022: 725.7M Net income, FY2022: 63.2M Revenue, FY2023: 738.2M Net income, FY2023: 84.4M Revenue, FY2024: 766.8M Net income, FY2024: 80.4M Revenue, FY2025: 766.8M Net income, FY2025: 73M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $677.4M $709.5M $731.5M $731.3M $609.2M $624.1M $725.7M $738.2M $766.8M $766.8M
Gross profit — — — — — — — — — —
Net income $106.3M $118.3M $117.3M $84.3M -$22.9M -$13.0M $63.2M $84.4M $80.4M $73.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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