Empire State Realty Trust/$ESRT
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Capital at risk
About Empire State Realty Trust
Empire State Realty Trust Inc is a real estate investment trust (REIT) that owns and operates office, retail, and multifamily properties located in New York City, prominently in Manhattan. Its portfolio includes office and retail space as well as residential units. The company's objective is to maximize cash flow and total returns to its shareholders and to increase the value of the properties. Its reportable segments consist of a real estate segment and an Observatory segment. The majority of revenue is derived from the Real Estate segment, which includes all activities related to the ownership, management, operation, acquisition, redevelopment, repositioning and disposition of its traditional real estate assets.
- Ticker
- $ESRT
- Sector
- Real Estate
- Primary listing
- NYSE
- Employees
- 642
- Headquarters
- New York, United States
- Website
- www.esrtreit.com
ESRT Metrics
BasicAdvanced
$732M
234.38
$0.02
1.39
$0.14
3.31%
Price and volume
Market cap
$732M
Beta
1.39
52-week high
$8.04
52-week low
$3.93
Average daily volume
4.4M
Dividend rate
$0.14
Financial strength
Current ratio
3.075
Quick ratio
2.753
Long term debt to equity
1.245
Total debt to equity
1.245
Dividend payout ratio (TTM)
387.56%
Interest coverage (TTM)
1.28%
Profitability
EBITDA (TTM)
320.078
Gross margin (TTM)
52.31%
Net profit margin (TTM)
0.93%
Operating margin (TTM)
17.52%
Effective tax rate (TTM)
8.59%
Revenue per employee (TTM)
$1,220,000
Management effectiveness
Return on assets (TTM)
2.05%
Return on equity (TTM)
0.52%
Valuation
Price to earnings (TTM)
234.375
Price to revenue (TTM)
0.92
Price to book
0.7
Price to tangible book (TTM)
1.02
Price to free cash flow (TTM)
3.223
Free cash flow yield (TTM)
31.02%
Free cash flow per share (TTM)
1.312
Dividend yield (TTM)
3.31%
Forward dividend yield
3.31%
Growth
Revenue change (TTM)
2.56%
Earnings per share change (TTM)
-92.46%
3-year revenue growth (CAGR)
2.82%
10-year revenue growth (CAGR)
1.70%
3-year earnings per share growth (CAGR)
-60.21%
10-year earnings per share growth (CAGR)
-24.93%
10-year dividend per share growth (CAGR)
-9.01%
Bulls say / Bears say
Office leasing is gaining momentum: ESRT signed about 382,000 square feet in Q2, its commercial portfolio was 94.9% leased, and office leasing spreads rose 17.8%. That was the 20th consecutive quarter of positive spreads, supporting rental growth as leases renew. (Empire State Realty Trust)
Multifamily adds a steadier source of growth alongside offices: Q2 net rents increased 8% and the portfolio was nearly 98% occupied. These results show continued demand in ESRT’s residential properties. (Longbridge)
The company has extended its debt runway, with no unaddressed debt maturities until January 2028. Its $275 million property sale also recycled capital into another New York asset, giving it more flexibility to focus on its city-centred portfolio. (Commercial Observer, MarketScreener)
The Observatory has become a material earnings drag: Q2 visitor numbers fell 28.5% year on year and NOI dropped to $12.4 million from $24.1 million. ESRT cut its 2026 Core FFO outlook to $0.75–$0.79 per share from $0.85–$0.89, assuming no near-term recovery in visits. (Commercial Observer, Empire State Realty Trust)
Underlying property cash flow is under pressure: after removing about $4 million of one-off tax abatements, same-store property cash NOI fell 3.2% year on year. The company attributed the decline to higher free rent and operating expenses, despite increased tenant reimbursements. (Empire State Realty Trust)
The gap between leased and occupied space may delay cash-flow gains: 94.9% of the commercial portfolio was leased but only 89.4% occupied at quarter-end. Net debt was also about 6.6 times adjusted EBITDA, leaving less room to absorb weaker earnings or leasing delays. (Empire State Realty Trust, Longbridge)
Data summarised monthly by Lightyear AI. Last updated on 6 Oct 2026.
ESRT Financial Performance
Revenues and expenses
ESRT Earnings Performance
Company profitability
Upcoming events
No upcoming events
ESRT News
AllArticlesVideos
Empire State Realty Trust Announces Dates for Third Quarter 2026 Earnings Release and Conference Call
Business Wire6 days ago
Resident Announces Exclusive Partnership with Empire State Realty Trust to Host Private Culinary Events Across Its Iconic Portfolio
Business Wire2 weeks ago
Empire State Realty Trust Announces Dividend for Third Quarter 2026
Business Wire2 months ago
Funds containing ESRT
AllEURGBPUSD
Fund name | Fund size | $ESRT weighting |
|---|---|---|
iShares MSCI USA Small Cap ESG Enhanced CTB€SXRG | €2.8B | 0.05% |
iShares MSCI USA Small Cap CTB Enhanced ESG£CUS1 | £2.4B | 0.05% |
SPDR Russell 2000 US Small Cap€R2US | €4.8B | 0.02% |
SPDR Russell 2000 US Small Cap£R2SC | £4.1B | 0.02% |
iShares MSCI World Small Cap$WSML | $9B | 0.01% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
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