Empire State Realty Trust, Inc. ESRT

Real EstateResidential & Commercial REITsUnited States of America

Last close 5.05 USD on Nov 1, 2026, −22.1% year to date

Quant rating

Quant rating D Rank 146 of 175 in Real Estate

Growth D 140 of 175
Valuation C 121 of 175
Quality C 108 of 175
Revisions D 143 of 175
Momentum C 99 of 175

Wall Street consensus Hold (2.67)Average target 5.60 USD +10.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 860M
Enterprise value: 3.8B
52-week range: 3.93 – 7.49
3-year range: 3.93 – 11.43
Dividend yield: 2.82%
Beta (5 years): 1.47
Shares outstanding: 173M
Next earnings: Oct 26, 2026

About the company

Empire State Realty Trust, Inc. is a real estate investment trust (REIT), which owns and operates a portfolio of well-leased, top-of-tier, modernized, amenitized, and well-located office, retail, and multifamily assets. The Company's portfolio comprises approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. The Real Estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of its traditional real estate assets. The Observatory segment operates the 86th and 102nd floor observatories at the Empire State Building. Its properties include Empire State Building, One Grand Central Place, 130 Mercer, 111 West 33rd Street, 501 Seventh Avenue, 1400 Broadway, 1359 Broadway, 1350 Broadway, 1333 Broadway, 561 10th Ave, Metro Tower, 77 West 55th Street, 1542 Third Avenue, 112 West 34th Street, 1010 Third Avenue, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	768	768	740	727	624	–
Revenue growth	0.0%	3.8%	1.7%	16.5%	2.4%	4.7%
EPS (basic, normalized)	0.25	0.28	0.30	0.22	−0.01	–
EPS growth	−10.7%	−6.7%	36.4%	–	–	–
Gross margin	53.7%	55.1%	55.4%	57.1%	56.7%	55.6%
Net margin	5.6%	6.2%	6.6%	5.0%	−1.7%	4.4%
ROE	4.4%	5.0%	5.3%	4.0%	−0.6%	3.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	85.6
Current ratio	–
Long-term debt (mil)	2,226
Net debt (mil)	2,891
Total equity (mil)	1,069
Net debt / equity	2.70x
Net debt / EBITDA	8.75x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	768	0.0%	4.9x	330	−5.0%	11.4x	0.25	−10.7%	20.2x
2026	745	−3.1%	5.0x	306	−7.5%	12.3x	–	–	–
2027	766	+2.8%	4.9x	315	+3.1%	11.9x	–	–	–
2028	–	–	–	303	−3.8%	12.4x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	745	−4.0%	−5.5%	−6.9%	–	–	–	–
2027	766	−4.7%	−5.9%	−7.3%	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	181	190	200	198	180	191	198	199	190	197
Sales mean (mil)	174	189	194	193	182	192	196	198	190	200
Surprise	+3.9%	+0.1%	+3.0%	+2.6%	−1.2%	−0.5%	+1.0%	+0.8%	+0.4%	−1.6%
EPS reported	0.03	0.10	0.08	0.07	–	–	–	–	–	–
EPS mean	–	0.04	0.05	–	–	–	–	–	–	–
Surprise	–	+150.0%	+60.0%	–	–	–	–	–	–	–

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ESRT Empire State Realty Trust, Inc.	860M	8.75x	5.6%	0.80x	–	–	12.3x	11.9x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
ESS Essex Property Trust, Inc.	17.0B	4.95x	35.5%	3.21x	46.6x	42.1x	18.6x	17.7x
INVH Invitation Homes Inc.	15.3B	5.62x	21.5%	1.75x	26.2x	35.5x	15.4x	15.2x
Mean		5.91x	34.9%	4.34x	36.8x	36.3x	18.2x	16.2x
Median		5.44x	35.8%	2.19x	33.1x	35.5x	18.9x	16.4x

Technical analysis

1M+22.4%
3M−11.5%
1Y−34.5%
3Y−34.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Empire State Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	768	768	740	727	624	609
Cost of revenue	356	345	330	312	270	282
Gross profit	413	423	410	415	354	327
Selling, general & administrative expenses	81.5	79.6	73.3	71.1	65.3	71.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	174	162	190	217	202	191
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.7	0.6	0	0	7.9	7.5
Other operating expenses	21.2	22.5	0	0	0	0
Operating income	136	158	147	127	78.9	57.4
Net interest income (expense)	−95.0	−88.4	−86.3	−96.3	−93.7	−87.3
Gain (loss) on sale of assets	35.0	13.3	26.8	34.0	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	75.5	83.0	87.1	64.8	−14.8	−29.9
Provision for taxes	2.6	2.7	2.7	1.5	−1.7	−7.0
Minority interest	−25.4	−28.7	−31.2	−22.6	6.5	10.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	47.6	51.6	53.2	40.6	−6.5	−12.5
Extraordinary items	–	–	–	–	–	–
Net income	47.6	51.6	53.2	40.6	−6.5	−12.5
EBIT, normalized	136	159	147	127	86.9	64.9
EBITDA, normalized	310	321	495	524	451	256
Basic EPS, normalized	0.25	0.28	0.30	0.22	−0.01	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Empire State Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	133	385	347	264	424	527
Receivables	277	279	295	264	244	244
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	2,867	2,541	2,434	2,443	2,457	2,221
Goodwill	491	491	491	491	491	491
Intangibles	306	313	321	329	337	345
Long-term investments	–	–	–	–	–	–
Note receivable	0	170	–	–	–	–
Other long-term assets	805	994	973	900	997	1,093
Total assets	4,469	4,510	4,219	4,164	4,282	4,151
Liabilities
Accounts payable	–	–	–	0	1.1	0.8
Payable/accrued	64.5	54.8	44.2	32.9	41.7	32.3
Accrued expenses	83.6	111	83.9	76.5	81.6	90.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,372	2,456	2,241	2,246	2,310	2,137
Minority interest	732	721	716	699	656	646
Other liabilities	275	273	248	234	288	283
Total liabilities	3,379	3,450	3,204	3,179	3,254	3,066
Shareholders' equity
Preferred stock	29.9	29.9	29.9	29.9	29.9	29.9
Common stock	1.7	1.7	1.6	1.6	1.7	1.7
Additional paid-in capital	1,091	1,078	1,061	1,055	1,151	1,148
Retained earnings (accumulated deficit)	−39.6	−58.9	−83.1	−109	−134	−65.7
Treasury stock	–	–	–	–	–	–
Other equity	6.5	9.9	6.0	7.0	−20.8	−28.3
Total equity	1,090	1,061	1,015	984	1,028	1,085
Total liabilities & shareholders' equity	4,469	4,510	4,219	4,164	4,282	4,151

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Empire State Realty Trust, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	73.0	80.4	84.4	63.2	−13.0	−22.9
Depreciation, depletion & amortization	195	185	190	217	202	191
Deferred taxes	–	–	–	–	–	–
Non-cash items	−14.4	11.9	−11.8	−24.7	19.9	20.0
Changes in working capital	−4.3	−16.2	−30.0	−44.3	3.8	−5.8
Cash from operations	249	261	232	211	212	182
Investing activities
Capital expenditures	−611	−370	−166	−242	−213	−143
Other investing cash flows	60.5	−27.1	88.9	11.0	−0.2	0
Cash from investing	−550	−397	−77.3	−231	−213	−143
Financing activities
Financing cash flow items	−20.5	−27.1	−14.3	−15.3	−19.9	−33.8
Cash dividends paid	−27.9	−27.4	−26.9	−27.3	−22.3	−41.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	86.6	213	−21.7	−97.7	−50.8	332
Cash from financing	38.2	159	−62.9	−140	−93.0	257
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−263	22.3	92.3	−160	−93.3	296
Free cash flow	−361	−109	66.3	−30.7	−0.1	39.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.