The company maintains a conservative capital structure with a 1.34x debt-to-equity ratio as of 2025Q4, supported by $166.5M in cash reserves to navigate market cyclicality.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Assets | 4.41B | 4.47B | 4.51B | 4.22B | 4.16B | 4.28B | 4.15B | 3.93B | 4.2B | 3.93B | 3.89B | 3.3B | 3.3B | 2.48B | 1.05B | 1.01B | 904.54M | 890.6M |
| Asset Growth % | -9.28% | -0.92% | 6.9% | 1.34% | -2.78% | 3.17% | 5.57% | -6.29% | 6.73% | 1.04% | 17.88% | 0.13% | 33.13% | 135.24% | 4.36% | 11.51% | 1.57% | - |
| Real Estate & Other Assets | -3.17B | 616.31M | 2.8B | 2.66B | 2.7B | 2.71B | 2.4B | 2.48B | 249.21M | 2.27B | 285.03M | 318.18M | 87.2M | 85.4M | 108.27M | 75.7M | 43.02M | 39.4M |
| PP&E (Net) | 27.88M | 27.94M | 28.2M | 28.44M | 28.67M | 28.89M | 29.1M | 29.31M | 2.13B | 2B | 1.89B | 1.8B | 1.76B | 1.35B | 666.2M | 632.13M | 590.47M | 582.9M |
| Investment Securities | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | -1000K | 0 | -1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 330.1M | 188.57M | 878.9M | 702.42M | 614.51M | 718.21M | 889.17M | 583.43M | 965.5M | 798.18M | 844.25M | 303.86M | 280.36M | 239.28M | 201.21M | 228.17M | 189.31M | 198.41M |
| Cash & Equivalents | 68.82M | 166.51M | 385.46M | 346.62M | 264.43M | 423.69M | 526.71M | 233.95M | 204.98M | 464.34M | 554.37M | 46.69M | 45.73M | 60.74M | 51.5M | 86.32M | 88.03M | 94.09M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | -255.27M | 43.84M | 60.34M | 85.78M | -25.61M | 41.23M | 103.1M | 132.71M | 126.88M | 115.86M | 116.34M | 108.78M | 91.03M | 32.27M | 30.45M | 71.45M | 83.74M |
| Intangible Assets | 303.62M | 305.58M | 313.41M | 321.24M | 329.07M | 336.9M | 344.74M | 352.57M | 360.4M | 368.23M | 376.06M | 383.89M | 682.13M | 312.3M | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.58B | 2.65B | 2.73B | 2.49B | 2.48B | 2.6B | 2.42B | 1.98B | 2.2B | 1.95B | 1.91B | 1.93B | 1.9B | 1.47B | 1.06B | 1B | 915.29M | 908.86M |
| Total Debt | 2.39B | 2.44B | 2.48B | 2.27B | 2.27B | 2.34B | 2.17B | 1.7B | 1.92B | 1.69B | 1.61B | 1.63B | 1.6B | 1.21B | 996.49M | 939.71M | 869.06M | 871.64M |
| Net Debt | 2.32B | 2.27B | 2.1B | 1.92B | 2.01B | 1.92B | 1.64B | 1.46B | 1.71B | 1.22B | 1.06B | 1.59B | 1.57B | 1.15B | 944.99M | 853.39M | 781.03M | 777.55M |
| Long-Term Debt | 2.32B | 2.32B | 1.89B | 2.15B | 1.86B | 1.92B | 1.75B | 1.4B | 1.92B | 1.43B | 1.62B | 1.63B | 1.6B | 1.21B | 996.49M | 939.71M | 869.06M | 871.64M |
| Short-Term Borrowings | 0 | 55.46M | 566.4M | 86.54M | 388.77M | 388.22M | 387.56M | 264.64M | 253.79M | 263.66M | 345.91M | 12.39M | 0 | 0 | 56.53M | 0 | 0 | 0 |
| Capital Lease Obligations | 188.12M | 66.21M | 28.2M | 28.44M | 28.67M | 28.89M | 29.1M | 29.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 57.6M | 59.9M | 766.49M | 559.25M | 551.54M | 568.08M | 570.23M | 72.02M | 175.49M | 151.76M | 166.28M | 403.11M | 124.44M | 81.91M | 50.06M | 47.77M | 30.5M | 20.16M |
| Accounts Payable | 111.92M | 64.49M | 54.78M | 44.17M | 32.93M | 41.66M | 32.31M | 35.08M | 34.59M | 32.51M | 36.25M | 83.35M | 68.49M | 57.66M | 26.89M | 20.18M | 19.76M | 9.51M |
| Deferred Revenue | 57.6M | 59.9M | 62.64M | 70.3M | 76.09M | 84.36M | 88.32M | 72.02M | 44.81M | 40.91M | 32.21M | 31.39M | 27.88M | 21.57M | 7.39M | 5.88M | 7.54M | 7.43M |
| Other Liabilities | 196.48M | 205.93M | 44.41M | 235.54M | 42.93M | 79M | -17.36M | 11.55M | 105.01M | 154.04M | 123.89M | 153.06M | 151.43M | 139.72M | 16.86M | 10.32M | 15.73M | 17.07M |
| Total Equity | 1.82B | 1.82B | 1.78B | 1.73B | 1.68B | 1.68B | 1.73B | 1.95B | 1.99B | 1.98B | 1.98B | 1.37B | 1.38B | 1B | -10.86M | 1.29M | -10.76M | -18.26M |
| Equity Growth % | 8.9% | 2.26% | 2.94% | 2.85% | -0.07% | -2.71% | -11.12% | -2.17% | 0.68% | -0.26% | 44.45% | -0.61% | 37.67% | 9338.28% | -939.18% | 112.03% | 41.08% | - |
| Shareholders Equity | 1.82B | 1.06B | 1.03B | 985.52M | 954.38M | 998.13M | 1.06B | 1.23B | 1.24B | 1.17B | 1.15B | 524.73M | 476.64M | 385.16M | -10.86M | 1.29M | -10.76M | -18.26M |
| Minority Interest | 730M | 762.19M | 751.27M | 745.53M | 728.72M | 686.2M | 676.06M | 719.39M | 752.63M | 809.46M | 828.73M | 847.96M | 904.46M | 618.03M | 0 | 0 | 0 | 0 |
| Common Stock | 1.82B | 1.71M | 1.67M | 1.63M | 1.61M | 1.7M | 1.72M | 1.82M | 1.75M | 1.61M | 1.56M | 1.2M | 1.07M | 956K | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 1.09B | 1.08B | 1.06B | 1.06B | 1.15B | 1.15B | 1.23B | 1.2B | 1.13B | 1.1B | 469.15M | 406.85M | 316.56M | 0 | 0 | 0 | 0 |
| Retained Earnings | -44.44M | -39.65M | -58.89M | -83.11M | -109.47M | -133.61M | -65.67M | 15.76M | 41.51M | 46.76M | 50.9M | 55.26M | 60.71M | 67.64M | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8M | 8M | 8M | 8M | 8M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.93% | 1.06% | 1.18% | 1.27% | 0.96% | -0.15% | -0.31% | 1.26% | 1.64% | 1.63% | 1.46% | 1.05% | 0.94% | 2.15% | 4.72% | 6% | 5.14% | 4.7% |
| Return on Equity (ROE) | 2.19% | 2.64% | 2.94% | 3.12% | 2.41% | -0.38% | -0.68% | 2.6% | 3.35% | 3.21% | 3.12% | 2.52% | 2.28% | 7.66% | - | 4435.63% | - | - |
| Debt / Assets | 54.14% | 54.59% | 55.07% | 53.78% | 54.64% | 54.62% | 52.18% | 43.18% | 45.73% | 42.96% | 41.44% | 49.46% | 48.5% | 48.79% | 94.67% | 93.17% | 96.08% | 97.87% |
| Debt / Equity | 1.31x | 1.34x | 1.39x | 1.31x | 1.35x | 1.39x | 1.25x | 0.87x | 0.96x | 0.85x | 0.81x | 1.19x | 1.16x | 1.20x | - | 726.20x | - | - |
| Net Debt / EBITDA | 6.90x | 6.88x | 6.11x | 5.71x | 5.85x | 6.82x | 6.56x | 4.22x | 4.77x | 3.43x | 3.11x | 4.91x | 5.46x | 412.57x | 7.19x | 5.80x | 6.56x | 6.90x |
| Book Value per Share | 6.77 | 6.75 | 6.62 | 6.52 | 6.23 | 6.13 | 6.10 | 6.54 | 6.70 | 6.64 | 7.14 | 5.15 | 5.43 | 10.49 | -0.12 | 0.01 | -0.12 | -0.20 |
NYC Office Market Concentration
Based on reported financial statements, the company maintains a debt-to-equity ratio of 1.34x as of 2025Q4, suggesting a disciplined approach to capital structure that provides a meaningful buffer against the cyclical pressures currently impacting the broader Manhattan office real estate sector.
The relatively stable debt-to-equity profile indicates that management has avoided aggressive balance sheet expansion during a period of heightened interest rate uncertainty. This leverage positioning appears to offer the firm greater flexibility to navigate potential refinancing hurdles compared to more highly levered peers in the NYC office market.
According to recent quarterly filings, the company held $166.5M in cash as of 2025Q4, which serves as a critical liquidity cushion for managing the high capital intensity required to maintain its landmark assets and meet ongoing tenant improvement obligations in a competitive leasing environment.
While cash levels have fluctuated significantly from the $535.5M peak observed in 2024Q2, the current balance remains sufficient to cover near-term operational requirements. Investors should monitor whether this liquidity is deployed toward strategic property upgrades or if it remains earmarked for debt service as market conditions evolve.
As indicated by the reported $4.5B in total assets for 2025Q4, the portfolio's value is heavily anchored by the Empire State Building, which provides a unique, non-cyclical revenue stream that differentiates the firm's balance sheet from traditional office-only REITs facing significant occupancy headwinds.
The concentration of assets within a few blocks of Midtown Manhattan creates a high-stakes dependency on local market dynamics and international tourism trends. The physical nature of these landmark assets necessitates ongoing capital investment, which may continue to weigh on the net asset value if regulatory or maintenance costs escalate.
Based on the provided data, the significant divergence between total assets and net property, plant, and equipment suggests that substantial value is tied up in non-liquid or depreciating components, which may mask the true economic cost of maintaining aging landmark infrastructure over the long term.
The persistent need for capital-intensive retrofits to comply with environmental standards like Local Law 97 may represent a latent liability not fully captured by standard debt metrics. This potential for deferred capex to become mandatory spending warrants further investigation into the long-term sustainability of current cash flow margins.
Quick answers to the most common questions about buying ESBA stock.
As of 2025, Empire State Realty OP, L.P. (ESBA) had total assets of $4.47B including $188.6M in current assets.
Empire State Realty OP, L.P. (ESBA) carries total debt of $2.44B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Empire State Realty OP, L.P. (ESBA) has total shareholders' equity (book value) of $1.06B ($6.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Empire State Realty OP, L.P. (ESBA) reported a current ratio of 3.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.