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
$710M
227.17
$0.02
1.39
$0.14
3.41%
Price and volume
Market cap
$710M
Beta
1.39
52-week high
$8.04
52-week low
$3.93
Average daily volume
3.5M
Dividend rate
$0.14
Financial strength
Current ratio
3.075
Quick ratio
2.753
Long term debt to equity
1.158
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)
227.172
Price to revenue (TTM)
0.892
Price to book
0.68
Price to tangible book (TTM)
0.99
Price to free cash flow (TTM)
3.124
Free cash flow yield (TTM)
32.01%
Free cash flow per share (TTM)
1.312
Dividend yield (TTM)
3.41%
Forward dividend yield
3.41%
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
ESRT’s office leasing remains a clear strength: the commercial portfolio was 94.9% leased, while office leasing spreads reached 17.8% for the 20th consecutive quarter. The company also signed nearly 382,000 square feet of leases in the second quarter. (Empire State Realty Trust)
The residential portfolio adds a more defensive income stream, with multifamily net rents up 8% and occupancy close to 98% in the second quarter. ESRT is also recycling capital from a property sale into New York assets, including a Williamsburg retail acquisition and ownership of land beneath two existing buildings. (Longbridge, Empire State Realty Trust)
The balance sheet has near-term flexibility: ESRT arranged a $245 million unsecured term loan maturing in 2032 and reported no unaddressed debt maturities until January 2028. That gives management time to improve operations without facing an immediate refinancing wall. (Commercial Observer, Longbridge)
The Observatory has become a major earnings drag: second-quarter visitors fell 28.5% year on year and Observatory NOI dropped to $12.4 million from $24.1 million. ESRT responded by cutting 2026 Core FFO guidance to $0.75–$0.79 per share and recording a $166.1 million goodwill impairment. (Empire State Realty Trust, Commercial Observer)
Strong leasing has not yet translated into healthier underlying cash flow. After removing one-off tax abatements, second-quarter same-store Property Cash NOI fell 3.2%, as higher free rent and operating expenses outweighed tenant reimbursement income. (Empire State Realty Trust)
Leverage leaves less room for operational disappointments: net debt stood at about 6.6 times trailing twelve-month adjusted EBITDA at the end of the second quarter, while total debt principal was $2.24 billion. Although maturities are manageable near term, weaker Observatory earnings or property cash flow could make future refinancing more expensive. (Longbridge, StockTitan)
Data summarised monthly by Lightyear AI. Last updated on 22 Sept 2026.
Upcoming events
ESRT News
AllArticlesVideos
Resident Announces Exclusive Partnership with Empire State Realty Trust to Host Private Culinary Events Across Its Iconic Portfolio
Business Wire1 day ago
Empire State Realty Trust Announces Dividend for Third Quarter 2026
Business Wire2 months ago
Empire State Realty Trust Q2 Earnings Call Highlights
MarketBeat2 months ago
Funds containing ESRT
AllEURGBPUSD
Fund name | Fund size | $ESRT weighting |
|---|---|---|
iShares MSCI USA Small Cap ESG Enhanced CTB€SXRG | €2.8B | 0.04% |
iShares MSCI USA Small Cap CTB Enhanced ESG£CUS1 | £2.4B | 0.04% |
SPDR Russell 2000 US Small Cap€R2US | €4.8B | 0.02% |
iShares MSCI World Small Cap$WSML | $9B | 0.01% |
iShares MSCI World Small Cap€IUSN | €7.8B | 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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