Empire State Realty OP, L.P. (ESBA) 10-Year Financial Performance & Capital Metrics

ESBA • • REIT / Real Estate

Real EstateOffice REITsUrban CBD Office REITsPremier Urban Office Landlords

AboutEmpire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.Show more

Revenue $763M +3.2%
FFO $236M -2.8%
FFO/Share 0.88 -4.0%
FFO Payout 9.82% +5.3%
FFO per Share 0.88 -4.0%
NOI Margin 53.59% -1.0%
FFO Margin 30.98% -5.8%
ROE 2.94% -5.7%
ROA 1.18% -6.9%
Debt/Assets 55.07% +2.4%
Net Debt/EBITDA 6.11 +7.0%
Book Value/Share 6.62 +1.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 9.8%
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.8%
✗Weak Piotroski F-Score: 3/9
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.85%

5Y0.86%

3Y7.88%

TTM1.71%

Profit (Net Income) CAGR

10Y6.64%

5Y0.18%

3Y-

TTM-6.21%

EPS CAGR

10Y0.36%

5Y0%

3Y-

TTM-16.22%

ROCE

10Y Avg3.91%

5Y Avg2.91%

3Y Avg3.71%

Latest4.29%

Peer Comparison

Premier Urban Office Landlords

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VNOVornado Realty Trust	6.46B	33.64	841	-1.3%	49.91%	12.9%	8.32%	1.46
BXPBXP, Inc.	10.63B	67.11	745.67	4.1%	0.14%	0.06%	11.61%	2.18
SLGSL Green Realty Corp.	3.45B	48.62	618.58	-15.6%	3.82%	0.58%	2.29%	0.99
FISKEmpire State Realty OP, L.P.	14.3M	6.36	22.71	3.19%	5.81%	2.5%	100%	1.39
OGCPEmpire State Realty OP, L.P.	27.64M	6.25	22.32	3.19%	5.81%	2.5%	100%	1.39
ESBAEmpire State Realty OP, L.P.	102.88M	6.01	21.46	3.19%	5.81%	2.5%	100%	1.39
NYCAmerican Strategic Investment Co.	26.41M	9.88	-0.17	-1.82%	-53.65%	-29.63%		4.71
PGREParamount Group, Inc.	1.46B	6.60	-31.43	1.97%	-13.47%	-2.39%	18.09%	0.92

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	657.63M	678M	712.47M	731.51M	731.34M	609.23M	607.86M	707.01M	739.57M	763.15M
Revenue Growth %	0.04%	0.03%	0.05%	0.03%	-0%	-0.17%	-0%	0.16%	0.05%	0.03%
Property Operating Expenses	296.52M	289.07M	305.6M	319.47M	333.99M	291.11M	279.49M	321.35M	339.02M	354.16M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	209.55M	204.29M	211.03M	221.18M	242.65M	259.45M	249.25M	258.63M	253.85M	250.28M
G&A Expenses	38.07M	49.08M	50.31M	52.67M	61.06M	62.24M	55.95M	61.77M	63.94M	70.23M
EBITDA+	322.84M	339.75M	356.56M	359.37M	347.19M	249.67M	280.94M	343.92M	336.62M	343.53M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	171.47M	155.21M	160.71M	168.51M	192.49M	191.01M	201.81M	216.89M	189.91M	184.82M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	151.37M	184.54M	195.84M	190.86M	154.71M	58.66M	79.13M	127.03M	146.71M	158.71M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	65.74M	71.15M	68.47M	79.62M	79.25M	89.91M	94.39M	101.21M	101.48M	109.71M
Interest Coverage	2.30x	2.59x	2.86x	2.40x	1.95x	0.65x	0.84x	1.26x	1.45x	1.45x
Non-Operating Income	0	0	2.94M	12.1M	0	-1.39M	-490K	-38.94M	-41.9M	0
Pretax Income+	83.88M	113.4M	124.93M	121.89M	86.72M	-29.86M	-14.77M	64.76M	87.12M	83.05M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.95M	6.15M	6.67M	4.64M	2.43M	-6.97M	-1.73M	1.55M	2.71M	2.69M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	34.67M	52.39M	63.58M	66.54M	51.19M	-12.52M	-6.51M	40.64M	53.24M	51.64M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.28%	0.51%	0.21%	0.05%	-0.23%	-1.24%	0.48%	7.24%	0.31%	-0.03%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.19%	0.01%	0.08%	0.05%	0.04%	-0.27%	0.09%	0.32%	-0.06%	-0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.29	0.38	0.21	0.39	0.28	-0.10	-0.05	0.22	0.30	0.28
EPS Growth %	0.07%	0.31%	-0.45%	0.86%	-0.28%	-1.36%	0.53%	5.64%	0.36%	-0.07%
EPS (Basic)	0.30	0.38	0.40	0.39	0.28	-0.13	-0.08	0.22	0.30	0.29
Diluted Shares Outstanding	266.62M	277.57M	298.05M	297.26M	297.8M	283.84M	274.98M	269.95M	265.63M	269.02M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.3B	3.89B	3.93B	4.2B	3.93B	4.15B	4.28B	4.16B	4.22B	4.51B
Asset Growth %	0%	0.18%	0.01%	0.07%	-0.06%	0.06%	0.03%	-0.03%	0.01%	0.07%
Real Estate & Other Assets+	318.18M	285.03M	2.27B	249.21M	2.48B	2.4B	2.71B	2.6B	2.66B	2.8B
PP&E (Net)	1.8B	1.89B	2B	2.13B	29.31M	29.1M	28.89M	28.67M	28.44M	28.2M
Investment Securities	0	0	-1000K	0	-1000K	-1000K	-1000K	0	0	0
Total Current Assets+	303.86M	844.25M	798.18M	965.5M	583.43M	889.17M	718.21M	712.62M	702.42M	878.9M
Cash & Equivalents	46.69M	554.37M	464.34M	204.98M	233.95M	526.71M	423.69M	264.43M	346.62M	385.46M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	116.34M	115.86M	126.88M	132.71M	103.1M	41.23M	-25.61M	98.11M	60.34M	43.84M
Intangible Assets	383.89M	376.06M	368.23M	360.4M	352.57M	344.74M	336.9M	329.07M	321.24M	313.41M
Total Liabilities	1.93B	1.91B	1.95B	2.2B	1.98B	2.42B	2.6B	2.48B	2.49B	2.73B
Total Debt+	1.63B	1.61B	1.69B	1.92B	1.7B	2.17B	2.34B	2.27B	2.27B	2.48B
Net Debt	1.59B	1.06B	1.22B	1.71B	1.46B	1.64B	1.92B	2.01B	1.92B	2.1B
Long-Term Debt	1.63B	1.62B	1.43B	1.92B	1.4B	1.75B	1.92B	2.24B	2.15B	2.36B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	29.31M	29.1M	28.89M	28.67M	28.44M	28.2M
Total Current Liabilities+	403.11M	166.28M	151.76M	175.49M	72.02M	88.32M	84.36M	76.09M	559.25M	766.49M
Accounts Payable	83.35M	36.25M	32.51M	34.59M	35.08M	32.31M	41.66M	32.93M	44.17M	54.78M
Deferred Revenue	31.39M	32.21M	40.91M	44.81M	72.02M	88.32M	84.36M	76.09M	70.3M	62.64M
Other Liabilities	153.06M	123.89M	154.04M	105.01M	11.55M	-17.36M	79M	119.02M	235.54M	107.04M
Total Equity+	1.37B	1.98B	1.98B	1.99B	1.95B	1.73B	1.68B	1.68B	1.73B	1.78B
Equity Growth %	-0.01%	0.44%	-0%	0.01%	-0.02%	-0.11%	-0.03%	-0%	0.03%	0.03%
Shareholders Equity	524.73M	1.15B	1.17B	1.24B	1.23B	1.06B	998.13M	954.38M	985.52M	1.03B
Minority Interest	847.96M	828.73M	809.46M	752.63M	719.39M	676.06M	686.2M	728.72M	745.53M	751.27M
Common Stock	1.2M	1.56M	1.61M	1.75M	1.82M	1.72M	1.7M	1.61M	1.63M	1.67M
Additional Paid-in Capital	469.15M	1.1B	1.13B	1.2B	1.23B	1.15B	1.15B	1.06B	1.06B	1.08B
Retained Earnings	55.26M	50.9M	46.76M	41.51M	15.76M	-65.67M	-133.61M	-109.47M	-83.11M	-58.89M
Preferred Stock	8M	8M	8M	8M	0	0	0	0	0	0
Return on Assets (ROA)	0.01%	0.01%	0.02%	0.02%	0.01%	-0%	-0%	0.01%	0.01%	0.01%
Return on Equity (ROE)	0.03%	0.03%	0.03%	0.03%	0.03%	-0.01%	-0%	0.02%	0.03%	0.03%
Debt / Assets	0.49%	0.41%	0.43%	0.46%	0.43%	0.52%	0.55%	0.55%	0.54%	0.55%
Debt / Equity	1.19x	0.81x	0.85x	0.96x	0.87x	1.25x	1.39x	1.35x	1.31x	1.39x
Net Debt / EBITDA	4.91x	3.11x	3.43x	4.77x	4.22x	6.56x	6.82x	5.85x	5.71x	6.11x
Book Value per Share	5.15	7.14	6.64	6.70	6.54	6.10	6.13	6.23	6.52	6.62

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	203.19M	214.75M	194.2M	279.02M	232.59M	182.29M	212.49M	211.17M	232.49M	260.89M
Operating CF Growth %	0.47%	0.06%	-0.1%	0.44%	-0.17%	-0.22%	0.17%	-0.01%	0.1%	0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	34.67M	52.39M	63.58M	66.54M	84.29M	-22.89M	-13.04M	63.21M	53.24M	80.36M
Depreciation & Amortization	160.12M	179.81M	162.82M	180.61M	181.59M	191.01M	209.64M	216.89M	189.91M	184.82M
Stock-Based Compensation	5.48M	9.73M	14.1M	18.79M	20.86M	25.5M	20.26M	21.01M	20.03M	21.7M
Other Non-Cash Items	-2.67M	-1.82M	169K	-1.47M	-12.21M	8.45M	-16.11M	-45.68M	-660K	-9.75M
Working Capital Changes	5.59M	-25.36M	-32.93M	14.56M	-30.13M	-5.78M	3.8M	-44.27M	-30.03M	-16.23M
Cash from Investing+	-142.32M	-181.84M	-224.6M	-643.02M	149.74M	-143.12M	-212.74M	-230.89M	-77.34M	-397.12M
Acquisitions (Net)	0	0	0	0	-149.74M	0	0	230.89M	0	0
Purchase of Investments	0	-453K	-1.63M	0	-2K	0	0	-115.63M	0	0
Sale of Investments	0	538K	0	0	1000K	0	0	1000K	0	0
Other Investing	-142.32M	538K	0	-643.02M	149.74M	-143.12M	-212.74M	-230.89M	-77.34M	-397.12M
Cash from Financing+	-59.92M	470.94M	-56.88M	104.62M	-381.55M	257.17M	-93.05M	-140.24M	-62.87M	158.58M
Dividends Paid	-40.12M	-56.75M	-67.72M	-71.79M	-76.94M	-41.38M	-22.31M	-27.31M	-26.89M	-27.42M
Common Dividends	-39.18M	-55.81M	-66.79M	-70.85M	-75.19M	-37.18M	-18.11M	-23.11M	-22.68M	-23.22M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K
Share Repurchases	0	0	0	0	0	-143.71M	-46.7M	-90.18M	-13.11M	0
Other Financing	-57.88M	-61.21M	-72.54M	-56.73M	-50.83M	-33.8M	-19.94M	-15.25M	-14.25M	-27.14M
Net Change in Cash+	953K	507.69M	-90.03M	-259.38M	784K	296.34M	-93.3M	-159.96M	92.28M	22.35M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	45.73M	46.69M	554.37M	530.2M	270.81M	271.6M	567.94M	474.64M	314.68M	406.96M
Cash at End	46.69M	554.37M	464.34M	270.81M	271.6M	567.94M	474.64M	314.68M	406.96M	429.3M
Free Cash Flow+	60.99M	36.21M	-31.56M	36M	-17.66M	39.17M	117.45M	84.91M	232.49M	260.89M
FCF Growth %	1.36%	-0.41%	-1.87%	2.14%	-1.49%	3.22%	2%	-0.28%	1.74%	0.12%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.77	0.75	0.75	0.79	0.82	0.63	0.71	0.95	0.92	0.88
FFO Payout Ratio	19.01%	26.88%	29.78%	30.14%	30.86%	20.83%	9.27%	8.97%	9.33%	9.82%
NOI Margin	54.91%	57.36%	57.11%	56.33%	54.33%	52.22%	54.02%	54.55%	54.16%	53.59%
Net Debt / EBITDA	4.91x	3.11x	3.43x	4.77x	4.22x	6.56x	6.82x	5.85x	5.71x	6.11x
Debt / Assets	49.46%	41.44%	42.96%	45.73%	43.18%	52.18%	54.62%	54.64%	53.78%	55.07%
Interest Coverage	2.30x	2.59x	2.86x	2.40x	1.95x	0.65x	0.84x	1.26x	1.45x	1.45x
Book Value / Share	5.15	7.14	6.64	6.7	6.54	6.1	6.13	6.23	6.52	6.62
Revenue Growth	3.51%	3.1%	5.08%	2.67%	-0.02%	-16.7%	-0.22%	16.31%	4.61%	3.19%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Real Estate,	1.14B	1.18B	1.25B	680.24M	685.04M	598M	605.89M	686.07M	690.72M	713.85M
Real Estate, Growth	-	3.52%	5.75%	-45.68%	0.71%	-12.71%	1.32%	13.23%	0.68%	3.35%
Observatory,	224.34M	249.66M	254.24M	131.23M	128.77M	29.06M	41.61M	105.98M	129.37M	136.38M
Observatory, Growth	-	11.28%	1.83%	-48.38%	-1.87%	-77.43%	43.21%	154.68%	22.07%	5.42%
Others	11.39M	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Empire State Realty OP, L.P. (ESBA) has a price-to-earnings (P/E) ratio of 21.5x. This is roughly in line with market averages.

Growth & Financials

Empire State Realty OP, L.P. (ESBA) reported $768.1M in revenue for fiscal year 2024. This represents a 161% increase from $294.8M in 2011.

Empire State Realty OP, L.P. (ESBA) grew revenue by 3.2% over the past year. Growth has been modest.

Yes, Empire State Realty OP, L.P. (ESBA) is profitable, generating $44.6M in net income for fiscal year 2024 (6.8% net margin).

Dividend & Returns

Yes, Empire State Realty OP, L.P. (ESBA) pays a dividend with a yield of 1.44%. This makes it attractive for income-focused investors.

Empire State Realty OP, L.P. (ESBA) has a return on equity (ROE) of 2.9%. This is below average, suggesting room for improvement.

Industry Metrics

Empire State Realty OP, L.P. (ESBA) generated Funds From Operations (FFO) of $233.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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