Empire State Realty OP, L.P.(ESBA)Earnings, Financials & Key Ratios

ESBA•AMEX•REIT / Real Estate

$5.44

$1.45B mkt cap·30.2× P/E·Price updated May 6, 2026

SectorReal Estate IndustryOffice REITs Sub-IndustryGateway CBD Office REITs

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

Revenue$768M+0.7%
FFO$242M+2.5%
FFO/Share0.90+2.1%
FFO Payout9.79%-0.3%
FFO per Share0.90+2.1%
NOI Margin1.79%-96.7%
FFO Margin31.55%+1.8%
ROE2.64%-10.2%
ROA1.06%-10.4%
Debt/Assets54.59%-0.9%
Net Debt/EBITDA6.88+12.6%
Book Value/Share6.75+1.9%

ESBA Key Insights

Empire State Realty OP, L.P. (ESBA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Sustainable FFO payout ratio of 9.8%
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 2.9%
✗Low NOI margin of 1.8%
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ESBA Price & Volume

Empire State Realty OP, L.P. (ESBA) stock price & volume — 10-year historical chart

Loading chart...

ESBA Growth Metrics

Empire State Realty OP, L.P. (ESBA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years1.57%

5 Years4.75%

3 Years2.81%

TTM1.47%

Profit CAGR

10 Years3.22%

5 Years-

3 Years5.41%

TTM-28.23%

EPS CAGR

10 Years-4.66%

5 Years-

3 Years-6.47%

TTM-41.22%

Return on Capital

10 Years3.85%

5 Years3.46%

3 Years3.88%

Last Year3.33%

ESBA Recent Earnings

Empire State Realty OP, L.P. (ESBA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

Q2 2026Latest

May 5, 2026

EPS

$0.01

Revenue

$190M

Q1 2026

Feb 17, 2026

EPS

$0.12

Revenue

$199M

Q4 2025

Oct 6, 2025

EPS

$0.06

Revenue

$198M

Q3 2025

Aug 6, 2025

EPS

$0.04

Revenue

$191M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 5, 2026	$0.01	$190M
Q1 2026	Feb 17, 2026	$0.12	$199M
Q4 2025	Oct 6, 2025	$0.06	$198M
Q3 2025	Aug 6, 2025	$0.04	$191M

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
ESRTEmpire State Realty Trust, Inc.Direct Competitor	964.38M	5.67	31.50	0.67%	6.2%	2.65%	1.34
SLGSL Green Realty Corp.Direct Competitor	3.18B	44.71	-28.12	41.96%	-8.99%	-2.03%	1.82
VNOVornado Realty TrustDirect Competitor	5.94B	31.56	7.51	1.27%	43.99%	11.77%	1.16
PGREParamount Group, Inc.Direct Competitor	1.46B	6.60	-31.43	1.97%	-13.47%	-2.39%	0.92
BXPBXP, Inc.Direct Competitor	9.5B	59.84	34.39	2.19%	7.95%	3.58%	2.26
KRGKite Realty Group TrustProduct Competitor	5.41B	26.65	19.31	0.69%	34.64%	8.89%	1.06
HIWHighwoods Properties, Inc.Product Competitor	2.85B	25.82	17.81	-2.39%	11.4%	3.76%	1.49
CUZCousins Properties IncorporatedProduct Competitor	4.41B	26.79	111.63	16%	-0.52%	-0.11%	0.78

Compare ESBA vs Peers

Empire State Realty OP, L.P. (ESBA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ESRT

Most directly comparable listed peer for ESBA.

Scale Benchmark

vs PWR

Larger-name benchmark to compare ESBA against a more recognizable public peer.

Peer Set

Compare Top 5

vs ESRT, SLG, VNO, PGRE

ESBA Income Statement

Empire State Realty OP, L.P. (ESBA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Revenue	712.47M	731.51M	731.34M	609.23M	607.86M	707.01M	739.57M	763.15M	768.27M	778.07M
Revenue Growth %	5.08%	2.67%	-0.02%	-16.7%	-0.22%	16.31%	4.61%	3.19%	0.67%	1.47%
Property Operating Expenses	305.6M	319.47M	333.99M	291.11M	279.49M	321.35M	339.02M	354.16M	754.54M	858.98M
Net Operating Income (NOI)	406.87M▲ 0%	412.04M▲ 1.3%	397.36M▼ 3.6%	318.12M▼ 19.9%	328.38M▲ 3.2%	385.65M▲ 17.4%	400.56M▲ 3.9%	408.99M▲ 2.1%	13.73M▼ 96.6%	-80.91M▲ 0%
NOI Margin %	57.11%	56.33%	54.33%	52.22%	54.02%	54.55%	54.16%	53.59%	1.79%	-10.4%
Operating Expenses	211.03M	221.18M	242.65M	259.45M	249.25M	258.63M	253.85M	250.28M	-121.92M	-219.78M
G&A Expenses	50.31M	52.67M	61.06M	62.24M	55.95M	61.77M	63.94M	70.23M	72.84M	74M
EBITDA	356.56M	359.37M	347.19M	249.67M	280.94M	343.92M	336.62M	343.53M	330.41M	335.52M
EBITDA Margin %	50.05%	49.13%	47.47%	40.98%	46.22%	48.64%	45.52%	45.01%	43.01%	43.12%
Depreciation & Amortization	160.71M	168.51M	192.49M	191.01M	201.81M	216.89M	189.91M	184.82M	194.76M	196.2M
D&A / Revenue %	22.56%	23.04%	26.32%	31.35%	33.2%	30.68%	25.68%	24.22%	25.35%	25.22%
Operating Income	195.84M▲ 0%	190.86M▼ 2.5%	154.71M▼ 18.9%	58.66M▼ 62.1%	79.13M▲ 34.9%	127.03M▲ 60.5%	146.71M▲ 15.5%	158.71M▲ 8.2%	135.65M▼ 14.5%	139.32M▲ 0%
Operating Margin %	27.49%	26.09%	21.15%	9.63%	13.02%	17.97%	19.84%	20.8%	17.66%	17.91%
Interest Expense	68.47M	79.62M	79.25M	89.91M	94.39M	101.21M	101.48M	109.71M	103.78M	4M
Interest Coverage	2.82x	2.53x	2.09x	0.67x	0.84x	1.64x	1.86x	1.45x	1.73x	-
Non-Operating Income	2.94M	12.1M	0	-1.39M	-490K	-38.94M	-41.9M	0	-43.67M	-27.33M
Pretax Income	124.93M▲ 0%	121.89M▼ 2.4%	86.72M▼ 28.9%	-29.86M▼ 134.4%	-14.77M▲ 50.5%	64.76M▲ 538.4%	87.12M▲ 34.5%	83.05M▼ 4.7%	75.54M▼ 9.0%	62.31M▲ 0%
Pretax Margin %	17.53%	16.66%	11.86%	-4.9%	-2.43%	9.16%	11.78%	10.88%	9.83%	8.01%
Income Tax	6.67M	4.64M	2.43M	-6.97M	-1.73M	1.55M	2.71M	2.69M	2.56M	2.12M
Effective Tax Rate %	5.34%	3.81%	2.8%	23.35%	11.74%	2.39%	3.12%	3.24%	3.39%	3.39%
Net Income	63.58M▲ 0%	66.54M▲ 4.6%	51.19M▼ 23.1%	-12.52M▼ 124.4%	-6.51M▲ 48.0%	40.64M▲ 724.3%	53.24M▲ 31.0%	51.64M▼ 3.0%	47.6M▼ 7.8%	39.62M▲ 0%
Net Margin %	8.92%	9.1%	7%	-2.05%	-1.07%	5.75%	7.2%	6.77%	6.2%	5.09%
Net Income Growth %	21.36%	4.65%	-23.07%	-124.45%	47.98%	724.32%	31.01%	-3.01%	-7.83%	-28.23%
Funds From Operations (FFO)	224.29M▲ 0%	235.05M▲ 4.8%	243.68M▲ 3.7%	178.49M▼ 26.8%	195.3M▲ 9.4%	257.54M▲ 31.9%	243.16M▼ 5.6%	236.46M▼ 2.8%	242.36M▲ 2.5%	235.82M▲ 0%
FFO Margin %	31.48%	32.13%	33.32%	29.3%	32.13%	36.43%	32.88%	30.98%	31.55%	30.31%
FFO Growth %	8.04%	4.79%	3.67%	-26.75%	9.41%	31.87%	-5.58%	-2.75%	2.5%	-11.3%
FFO per Share	0.75	0.79	0.82	0.63	0.71	0.95	0.92	0.88	0.90	0.88
FFO Payout Ratio %	29.78%	30.14%	30.86%	20.83%	9.27%	8.97%	9.33%	9.82%	9.79%	7.57%
EPS (Diluted)	0.21▲ 0%	0.39▲ 85.7%	0.28▼ 28.2%	-0.10▼ 135.7%	-0.05▲ 52.6%	0.22▲ 564.1%	0.30▲ 36.4%	0.28▼ 6.7%	0.18▼ 35.7%	0.15▲ 0%
EPS Growth %	-44.74%	85.71%	-28.21%	-135.71%	52.6%	564.13%	36.36%	-6.67%	-35.71%	-41.22%
EPS (Basic)	0.40	0.39	0.28	-0.13	-0.08	0.22	0.30	0.29	0.26	-
Diluted Shares Outstanding	298.05M	297.26M	297.8M	283.84M	274.98M	269.95M	265.63M	269.02M	270.04M	269.35M

ESBA Balance Sheet

Empire State Realty OP, L.P. (ESBA) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Assets	3.93B	4.2B	3.93B	4.15B	4.28B	4.16B	4.22B	4.51B	4.47B	4.41B
Asset Growth %	1.04%	6.73%	-6.29%	5.57%	3.17%	-2.78%	1.34%	6.9%	-0.92%	-9.28%
Real Estate & Other Assets	2.27B	249.21M	2.48B	2.4B	2.71B	2.7B	2.66B	2.8B	616.31M	-3.17B
PP&E (Net)	2B	2.13B	29.31M	29.1M	28.89M	28.67M	28.44M	28.2M	27.94M	27.88M
Investment Securities	-1000K	0	-1000K	0	0	0	0	0	1000K	1000K
Total Current Assets	798.18M	965.5M	583.43M	889.17M	718.21M	614.51M	702.42M	878.9M	188.57M	330.1M
Cash & Equivalents	464.34M	204.98M	233.95M	526.71M	423.69M	264.43M	346.62M	385.46M	166.51M	68.82M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	126.88M	132.71M	103.1M	41.23M	-25.61M	85.78M	60.34M	43.84M	-255.27M	0
Intangible Assets	368.23M	360.4M	352.57M	344.74M	336.9M	329.07M	321.24M	313.41M	305.58M	303.62M
Total Liabilities	1.95B	2.2B	1.98B	2.42B	2.6B	2.48B	2.49B	2.73B	2.65B	2.58B
Total Debt	1.69B	1.92B	1.7B	2.17B	2.34B	2.27B	2.27B	2.48B	2.44B	2.39B
Net Debt	1.22B	1.71B	1.46B	1.64B	1.92B	2.01B	1.92B	2.1B	2.27B	2.32B
Long-Term Debt	1.43B	1.92B	1.4B	1.75B	1.92B	1.86B	2.15B	1.89B	2.32B	2.32B
Short-Term Borrowings	263.66M	253.79M	264.64M	387.56M	388.22M	388.77M	86.54M	566.4M	55.46M	0
Capital Lease Obligations	0	0	29.31M	29.1M	28.89M	28.67M	28.44M	28.2M	66.21M	188.12M
Total Current Liabilities	151.76M	175.49M	72.02M	570.23M	568.08M	551.54M	559.25M	766.49M	59.9M	57.6M
Accounts Payable	32.51M	34.59M	35.08M	32.31M	41.66M	32.93M	44.17M	54.78M	64.49M	111.92M
Deferred Revenue	40.91M	44.81M	72.02M	88.32M	84.36M	76.09M	70.3M	62.64M	59.9M	57.6M
Other Liabilities	154.04M	105.01M	11.55M	-17.36M	79M	42.93M	235.54M	44.41M	205.93M	196.48M
Total Equity	1.98B▲ 0%	1.99B▲ 0.7%	1.95B▼ 2.2%	1.73B▼ 11.1%	1.68B▼ 2.7%	1.68B▼ 0.1%	1.73B▲ 2.8%	1.78B▲ 2.9%	1.82B▲ 2.3%	1.82B▲ 0%
Equity Growth %	-0.26%	0.68%	-2.17%	-11.12%	-2.71%	-0.07%	2.85%	2.94%	2.26%	8.9%
Shareholders Equity	1.17B	1.24B	1.23B	1.06B	998.13M	954.38M	985.52M	1.03B	1.06B	1.82B
Minority Interest	809.46M	752.63M	719.39M	676.06M	686.2M	728.72M	745.53M	751.27M	762.19M	0
Common Stock	1.61M	1.75M	1.82M	1.72M	1.7M	1.61M	1.63M	1.67M	1.71M	1.82B
Additional Paid-in Capital	1.13B	1.2B	1.23B	1.15B	1.15B	1.06B	1.06B	1.08B	1.09B	0
Retained Earnings	46.76M	41.51M	15.76M	-65.67M	-133.61M	-109.47M	-83.11M	-58.89M	-39.65M	0
Preferred Stock	8M	8M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	1.63%	1.64%	1.26%	-0.31%	-0.15%	0.96%	1.27%	1.18%	1.06%	0.93%
Return on Equity (ROE)	3.21%	3.35%	2.6%	-0.68%	-0.38%	2.41%	3.12%	2.94%	2.64%	2.19%
Debt / Assets	42.96%	45.73%	43.18%	52.18%	54.62%	54.64%	53.78%	55.07%	54.59%	54.14%
Debt / Equity	0.85x	0.96x	0.87x	1.25x	1.39x	1.35x	1.31x	1.39x	1.34x	1.34x
Net Debt / EBITDA	3.43x	4.77x	4.22x	6.56x	6.82x	5.85x	5.71x	6.11x	6.88x	6.88x
Book Value per Share	6.64	6.70	6.54	6.10	6.13	6.23	6.52	6.62	6.75	6.77

ESBA Cash Flow Statement

Empire State Realty OP, L.P. (ESBA) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	194.2M	279.02M	232.59M	182.29M	212.49M	211.17M	232.49M	260.89M	249.05M	249.05M
Operating CF Growth %	-9.57%	43.68%	-16.64%	-21.63%	16.56%	-0.62%	10.1%	12.22%	-4.54%	-157.87%
Operating CF / Revenue %	27.26%	38.14%	31.8%	29.92%	34.96%	29.87%	31.44%	34.19%	32.42%	32.01%
Net Income	63.58M	66.54M	84.29M	-22.89M	-13.04M	63.21M	53.24M	80.36M	47.6M	39.62M
Depreciation & Amortization	162.82M	180.61M	181.59M	191.01M	209.64M	216.89M	189.91M	184.82M	194.76M	443.69M
Stock-Based Compensation	14.1M	18.79M	20.86M	25.5M	20.26M	21.01M	20.03M	21.7M	25.17M	55.41M
Other Non-Cash Items	169K	-1.47M	-12.21M	8.45M	-16.11M	-45.68M	-660K	-9.75M	-14.2M	-443.43M
Working Capital Changes	-32.93M	14.56M	-30.13M	-5.78M	3.8M	-44.27M	-30.03M	-16.23M	-4.28M	-33.01M
Cash from Investing	-224.6M	-643.02M	149.74M	-143.12M	-212.74M	-230.89M	-77.34M	-397.12M	-550.01M	-678.44M
Acquisitions (Net)	0	0	-149.74M	0	0	230.89M	0	0	0	0
Purchase of Investments	-1.63M	0	-2K	0	0	-115.63M	0	0	0	0
Sale of Investments	0	0	400M	0	0	11.01M	0	0	0	0
Other Investing	0	-643.02M	149.74M	-143.12M	-212.74M	-230.89M	-77.34M	-397.12M	-550.01M	-678.44M
Cash from Financing	-56.88M	104.62M	-381.55M	257.17M	-93.05M	-140.24M	-62.87M	158.58M	38.17M	271.14M
Dividends Paid	-67.72M	-71.79M	-76.94M	-41.38M	-22.31M	-27.31M	-26.89M	-27.42M	-27.93M	-21M
Common Dividends	-66.79M	-70.85M	-75.19M	-37.18M	-18.11M	-23.11M	-22.68M	-23.22M	-23.73M	-17.85M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K	-832K
Share Repurchases	0	0	0	-143.71M	-46.7M	-90.18M	-13.11M	0	-8.12M	-8.12M
Other Financing	-72.54M	-56.73M	-50.83M	-33.8M	-19.94M	-15.25M	-14.25M	-27.14M	-16.17M	-11.01M
Net Change in Cash	-90.03M▲ 0%	-259.38M▼ 188.1%	784K▲ 100.3%	296.34M▲ 37698.7%	-93.3M▼ 131.5%	-159.96M▼ 71.4%	92.28M▲ 157.7%	22.35M▼ 75.8%	-262.79M▼ 1276.0%	-237.41M▲ 0%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	170.5M
Cash at Beginning	554.37M	530.2M	270.81M	271.6M	567.94M	474.64M	314.68M	406.96M	429.3M	166.51M
Cash at End	464.34M	270.81M	271.6M	567.94M	474.64M	314.68M	406.96M	429.3M	166.51M	0
Free Cash Flow	-31.56M▲ 0%	36M▲ 214.1%	-17.66M▼ 149.1%	39.17M▲ 321.8%	117.45M▲ 199.8%	84.91M▼ 27.7%	232.49M▲ 173.8%	260.89M▲ 12.2%	50.55M▼ 80.6%	9.47M▲ 0%
FCF Growth %	-187.16%	214.07%	-149.07%	321.79%	199.81%	-27.71%	173.82%	12.22%	-80.62%	-91.48%
FCF / Revenue %	-4.43%	4.92%	-2.42%	6.43%	19.32%	12.01%	31.44%	34.19%	6.58%	1.22%

ESBA Key Ratios

Empire State Realty OP, L.P. (ESBA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
FFO per Share	0.75	0.79	0.82	0.63	0.71	0.95	0.92	0.88	0.9	0.88
FFO Payout Ratio	29.78%	30.14%	30.86%	20.83%	9.27%	8.97%	9.33%	9.82%	9.79%	7.57%
NOI Margin	57.11%	56.33%	54.33%	52.22%	54.02%	54.55%	54.16%	53.59%	1.79%	-10.4%
Net Debt / EBITDA	3.43x	4.77x	4.22x	6.56x	6.82x	5.85x	5.71x	6.11x	6.88x	6.88x
Debt / Assets	42.96%	45.73%	43.18%	52.18%	54.62%	54.64%	53.78%	55.07%	54.59%	54.14%
Interest Coverage	2.82x	2.53x	2.09x	0.67x	0.84x	1.64x	1.86x	1.45x	1.73x	-
Book Value / Share	6.64	6.7	6.54	6.1	6.13	6.23	6.52	6.62	6.75	6.77
Revenue Growth	5.08%	2.67%	-0.02%	-16.7%	-0.22%	16.31%	4.61%	3.19%	0.67%	1.47%

ESBA SEC Filings & Documents

Empire State Realty OP, L.P. (ESBA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 29, 2026·SEC

Material company update

Apr 15, 2026·SEC

Material company update

Mar 16, 2026·SEC

10-K Annual Reports

FY 2026

Mar 2, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 7, 2025·SEC

ESBA Frequently Asked Questions

Empire State Realty OP, L.P. (ESBA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Empire State Realty OP, L.P. (ESBA) reported $778.1M in revenue for fiscal year 2025. This represents a 235% increase from $232.3M in 2009.

Empire State Realty OP, L.P. (ESBA) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, Empire State Realty OP, L.P. (ESBA) is profitable, generating $39.6M in net income for fiscal year 2025 (6.2% net margin).

Dividend & Returns

Yes, Empire State Realty OP, L.P. (ESBA) pays a dividend with a yield of 1.62%. This makes it attractive for income-focused investors.

Empire State Realty OP, L.P. (ESBA) has a return on equity (ROE) of 2.6%. This is below average, suggesting room for improvement.

Industry Metrics

Empire State Realty OP, L.P. (ESBA) generated Funds From Operations (FFO) of $235.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More ESBA

Empire State Realty OP, L.P. (ESBA) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

→

DCA Calculator

Dollar cost averaging vs lump sum

→

Dividend History

Yield, growth, payout safety & DRIP

→

Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→

Empire State Realty OP, L.P.(ESBA)Earnings, Financials & Key Ratios

ESBA Key Insights

✓Strengths

✗Weaknesses

ESBA Price & Volume

ESBA Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

ESBA Recent Earnings

ESBA Peer Comparison

Compare ESBA vs Peers

vs ESRT

vs PWR

Compare Top 5

ESBA Income Statement

ESBA Balance Sheet

ESBA Cash Flow Statement

ESBA Key Ratios

ESBA SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

ESBA Frequently Asked Questions

Explore More ESBA

Total Return Calculator

DCA Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Valuation