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ESRTEmpire State Realty Trust, Inc.
$5.24$891M
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ESRT logoEmpire State Realty Trust, Inc.(ESRT)Earnings, Financials & Key Ratios

ESRT•NYSE•REIT / Real Estate
29.1× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryDiversified Multi-Property Equity REITs
AboutEmpire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the World's Most Famous Building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio. Long the leader in energy efficiency retrofits and Indoor Environmental Quality, Empire State Realty Trust is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating.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%

ESRT Key Insights

Empire State Realty Trust, Inc. (ESRT) 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.

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ESRT Price & Volume

Empire State Realty Trust, Inc. (ESRT) stock price & volume — 10-year historical chart

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ESRT Growth Metrics

Empire State Realty Trust, Inc. (ESRT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years1.57%
5 Years4.75%
3 Years2.81%
TTM-0.02%

Profit CAGR

10 Years3.22%
5 Years-
3 Years5.41%
TTM-7.83%

EPS CAGR

10 Years-4.66%
5 Years-
3 Years-6.47%
TTM-18.9%

Return on Capital

10 Years3.85%
5 Years3.46%
3 Years3.88%
Last Year3.33%

ESRT Recent Earnings

Empire State Realty Trust, Inc. (ESRT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (86%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$0.20
—
Rev
$190M+3.8%
$183M
Q1 2026
Feb 17, 2026
Metric
Actual
Est
EPS
$0.23
—
Rev
$199M+3.5%
$192M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$0.23
—
Rev
$198M+0.6%
$197M
Q3 2025
Jul 23, 2025
Metric
Actual
Est
EPS
$0.22
—
Rev
$191M-3.8%
$199M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.20
$190Mvs $183M+3.8%
Q1 2026Feb 17, 2026
$0.23
$199Mvs $192M+3.5%
Q4 2025Oct 29, 2025
$0.23
$198Mvs $197M+0.6%
Q3 2025Jul 23, 2025
$0.22
$191Mvs $199M-3.8%
Based on last 12 quarters of dataView full earnings history →

ESRT Peer Comparison

Empire State Realty Trust, Inc. (ESRT) competitors in Diversified Multi-Property Equity REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SLG logoSLGSL Green Realty Corp.Direct Competitor3.65B50.56-42.8541.96%-15.25%-3.47%1.83
VNO logoVNOVornado Realty TrustDirect Competitor7.11B37.819.001.27%43.99%11.77%1.16
BXP logoBXPBXP, Inc.Direct Competitor10.27B64.7037.182.19%7.95%3.58%2.26
HIW logoHIWHighwoods Properties, Inc.Direct Competitor3.23B29.2820.19-2.39%11.4%3.76%1.49
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.12B8.94-13.34-0.93%-20.46%-5.7%1.52
CUZ logoCUZCousins Properties IncorporatedDirect Competitor4.65B28.28117.8316%-0.52%-0.11%0.78
KRG logoKRGKite Realty Group TrustProduct Competitor5.67B27.9120.220.69%34.64%8.89%1.06
DEI logoDEIDouglas Emmett, Inc.Product Competitor1.96B11.71120.471.77%1.62%0.46%1.60

Compare ESRT vs Peers

Empire State Realty Trust, Inc. (ESRT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SLG

Most directly comparable listed peer for ESRT.

Scale Benchmark

vs SPG

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

Peer Set

Compare Top 5

vs SLG, VNO, BXP, HIW

ESRT Income Statement

Empire State Realty Trust, Inc. (ESRT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue
712.47M731.51M731.34M609.23M607.86M707.01M739.57M763.15M768.27M
Revenue Growth %
5.08%2.67%-0.02%-16.7%-0.22%16.31%4.61%3.19%0.67%
Property Operating Expenses
305.6M319.47M333.99M291.11M279.49M321.35M339.02M354.16M754.54M
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%
NOI Margin %
57.11%56.33%54.33%52.22%54.02%54.55%54.16%53.59%1.79%
Operating Expenses
211.03M221.18M242.65M259.45M249.25M258.63M253.85M250.28M-121.92M
G&A Expenses
50.31M52.67M61.06M62.24M55.95M61.77M63.94M70.23M72.84M
EBITDA
356.56M359.37M347.19M249.67M280.94M343.92M336.62M343.53M330.41M
EBITDA Margin %
50.05%49.13%47.47%40.98%46.22%48.64%45.52%45.01%43.01%
Depreciation & Amortization
160.71M168.51M192.49M191.01M201.81M216.89M189.91M184.82M194.76M
D&A / Revenue %
22.56%23.04%26.32%31.35%33.2%30.68%25.68%24.22%25.35%
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%
Operating Margin %
27.49%26.09%21.15%9.63%13.02%17.97%19.84%20.8%17.66%
Interest Expense
68.47M79.62M79.25M89.91M94.39M101.21M101.48M109.71M103.78M
Interest Coverage
2.82x2.53x2.09x0.67x0.84x1.64x1.86x1.45x1.73x
Non-Operating Income
2.94M12.1M0-1.39M-490K-38.94M-41.9M0-43.67M
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%
Pretax Margin %
17.53%16.66%11.86%-4.9%-2.43%9.16%11.78%10.88%9.83%
Income Tax
6.67M4.64M2.43M-6.97M-1.73M1.55M2.71M2.69M2.56M
Effective Tax Rate %
5.34%3.81%2.8%23.35%11.74%2.39%3.12%3.24%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%
Net Margin %
8.92%9.1%7%-2.05%-1.07%5.75%7.2%6.77%6.2%
Net Income Growth %
21.36%4.65%-23.07%-124.45%47.98%724.32%31.01%-3.01%-7.83%
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%
FFO Margin %
31.48%32.13%33.32%29.3%32.13%36.43%32.88%30.98%31.55%
FFO Growth %
8.04%4.79%3.67%-26.75%9.41%31.87%-5.58%-2.75%2.5%
FFO per Share
0.750.790.820.630.710.950.920.880.90
FFO Payout Ratio %
29.78%30.14%30.86%20.83%9.27%8.97%9.33%9.82%9.79%
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%
EPS Growth %
-44.74%85.71%-28.21%-135.71%52.6%564.13%36.36%-6.67%-35.71%
EPS (Basic)
0.400.390.28-0.13-0.080.220.300.290.26
Diluted Shares Outstanding
298.05M297.26M297.8M283.84M274.98M269.95M265.63M269.02M270.04M

ESRT Balance Sheet

Empire State Realty Trust, Inc. (ESRT) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets
3.93B4.2B3.93B4.15B4.28B4.16B4.22B4.51B4.47B
Asset Growth %
1.04%6.73%-6.29%5.57%3.17%-2.78%1.34%6.9%-0.92%
Real Estate & Other Assets
2.27B249.21M2.48B2.4B2.71B2.7B2.66B2.8B616.31M
PP&E (Net)
2B2.13B29.31M29.1M28.89M28.67M28.44M28.2M27.94M
Investment Securities
-1000K0-1000K000001000K
Total Current Assets
798.18M965.5M583.43M889.17M718.21M614.51M702.42M878.9M188.57M
Cash & Equivalents
464.34M204.98M233.95M526.71M423.69M264.43M346.62M385.46M166.51M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
126.88M132.71M103.1M41.23M-25.61M85.78M60.34M43.84M-255.27M
Intangible Assets
368.23M360.4M352.57M344.74M336.9M329.07M321.24M313.41M305.58M
Total Liabilities
1.95B2.2B1.98B2.42B2.6B2.48B2.49B2.73B2.65B
Total Debt
1.69B1.92B1.7B2.17B2.34B2.27B2.27B2.48B2.44B
Net Debt
1.22B1.71B1.46B1.64B1.92B2.01B1.92B2.1B2.27B
Long-Term Debt
1.43B1.92B1.4B1.75B1.92B1.86B2.15B1.89B2.32B
Short-Term Borrowings
263.66M253.79M264.64M387.56M388.22M388.77M86.54M566.4M55.46M
Capital Lease Obligations
0029.31M29.1M28.89M28.67M28.44M28.2M66.21M
Total Current Liabilities
151.76M175.49M72.02M570.23M568.08M551.54M559.25M766.49M59.9M
Accounts Payable
32.51M34.59M35.08M32.31M41.66M32.93M44.17M54.78M64.49M
Deferred Revenue
40.91M44.81M72.02M88.32M84.36M76.09M70.3M62.64M59.9M
Other Liabilities
154.04M105.01M11.55M-17.36M79M42.93M235.54M44.41M205.93M
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%
Equity Growth %
-0.26%0.68%-2.17%-11.12%-2.71%-0.07%2.85%2.94%2.26%
Shareholders Equity
1.17B1.24B1.23B1.06B998.13M954.38M985.52M1.03B1.06B
Minority Interest
809.46M752.63M719.39M676.06M686.2M728.72M745.53M751.27M762.19M
Common Stock
1.61M1.75M1.82M1.72M1.7M1.61M1.63M1.67M1.71M
Additional Paid-in Capital
1.13B1.2B1.23B1.15B1.15B1.06B1.06B1.08B1.09B
Retained Earnings
46.76M41.51M15.76M-65.67M-133.61M-109.47M-83.11M-58.89M-39.65M
Preferred Stock
8M8M0000000
Return on Assets (ROA)
1.63%1.64%1.26%-0.31%-0.15%0.96%1.27%1.18%1.06%
Return on Equity (ROE)
3.21%3.35%2.6%-0.68%-0.38%2.41%3.12%2.94%2.64%
Debt / Assets
42.96%45.73%43.18%52.18%54.62%54.64%53.78%55.07%54.59%
Debt / Equity
0.85x0.96x0.87x1.25x1.39x1.35x1.31x1.39x1.34x
Net Debt / EBITDA
3.43x4.77x4.22x6.56x6.82x5.85x5.71x6.11x6.88x
Book Value per Share
6.646.706.546.106.136.236.526.626.75

ESRT Cash Flow Statement

Empire State Realty Trust, Inc. (ESRT) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations
194.2M279.02M232.59M182.29M212.49M211.17M232.49M260.89M249.05M
Operating CF Growth %
-9.57%43.68%-16.64%-21.63%16.56%-0.62%10.1%12.22%-4.54%
Operating CF / Revenue %
27.26%38.14%31.8%29.92%34.96%29.87%31.44%34.19%32.42%
Net Income
63.58M66.54M84.29M-22.89M-13.04M63.21M53.24M80.36M47.6M
Depreciation & Amortization
162.82M180.61M181.59M191.01M209.64M216.89M189.91M184.82M194.76M
Stock-Based Compensation
14.1M18.79M20.86M25.5M20.26M21.01M20.03M21.7M25.17M
Other Non-Cash Items
169K-1.47M-12.21M8.45M-16.11M-45.68M-660K-9.75M-14.2M
Working Capital Changes
-32.93M14.56M-30.13M-5.78M3.8M-44.27M-30.03M-16.23M-4.28M
Cash from Investing
-224.6M-643.02M149.74M-143.12M-212.74M-230.89M-77.34M-397.12M-550.01M
Acquisitions (Net)
00-149.74M00230.89M000
Purchase of Investments
-1.63M0-2K00-115.63M000
Sale of Investments
00400M0011.01M000
Other Investing
0-643.02M149.74M-143.12M-212.74M-230.89M-77.34M-397.12M-550.01M
Cash from Financing
-56.88M104.62M-381.55M257.17M-93.05M-140.24M-62.87M158.58M38.17M
Dividends Paid
-67.72M-71.79M-76.94M-41.38M-22.31M-27.31M-26.89M-27.42M-27.93M
Common Dividends
-66.79M-70.85M-75.19M-37.18M-18.11M-23.11M-22.68M-23.22M-23.73M
Debt Issuance (Net)
1000K1000K-1000K1000K-1000K-1000K-1000K1000K1000K
Share Repurchases
000-143.71M-46.7M-90.18M-13.11M0-8.12M
Other Financing
-72.54M-56.73M-50.83M-33.8M-19.94M-15.25M-14.25M-27.14M-16.17M
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%
Exchange Rate Effect
000000000
Cash at Beginning
554.37M530.2M270.81M271.6M567.94M474.64M314.68M406.96M429.3M
Cash at End
464.34M270.81M271.6M567.94M474.64M314.68M406.96M429.3M166.51M
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%
FCF Growth %
-187.16%214.07%-149.07%321.79%199.81%-27.71%173.82%12.22%-80.62%
FCF / Revenue %
-4.43%4.92%-2.42%6.43%19.32%12.01%31.44%34.19%6.58%

ESRT Key Ratios

Empire State Realty Trust, Inc. (ESRT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share
0.750.750.790.820.630.710.950.920.880.9
FFO Payout Ratio
26.88%29.78%30.14%30.86%20.83%9.27%8.97%9.33%9.82%9.79%
NOI Margin
57.36%57.11%56.33%54.33%52.22%54.02%54.55%54.16%53.59%1.79%
Net Debt / EBITDA
3.11x3.43x4.77x4.22x6.56x6.82x5.85x5.71x6.11x6.88x
Debt / Assets
41.44%42.96%45.73%43.18%52.18%54.62%54.64%53.78%55.07%54.59%
Interest Coverage
2.58x2.82x2.53x2.09x0.67x0.84x1.64x1.86x1.45x1.73x
Book Value / Share
7.146.646.76.546.16.136.236.526.626.75
Revenue Growth
3.1%5.08%2.67%-0.02%-16.7%-0.22%16.31%4.61%3.19%0.67%
Related:ESRT Dividend History·ESRT Revenue History·ESRT Price History·ESRT P/E History·ESRT Financial Ratios·ESRT Institutional Holders

ESRT SEC Filings & Documents

Empire State Realty Trust, Inc. (ESRT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
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

3
FY 2026

Mar 2, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 7, 2025·SEC

ESRT Frequently Asked Questions

Empire State Realty Trust, Inc. (ESRT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Empire State Realty Trust, Inc. (ESRT) reported $767.8M in revenue for fiscal year 2025. This represents a 231% increase from $232.3M in 2009.

Empire State Realty Trust, Inc. (ESRT) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, Empire State Realty Trust, Inc. (ESRT) is profitable, generating $47.6M in net income for fiscal year 2025 (6.2% net margin).

Dividend & Returns

Yes, Empire State Realty Trust, Inc. (ESRT) pays a dividend with a yield of 1.68%. This makes it attractive for income-focused investors.

Empire State Realty Trust, Inc. (ESRT) has a return on equity (ROE) of 2.6%. This is below average, suggesting room for improvement.

Industry Metrics

Empire State Realty Trust, Inc. (ESRT) generated Funds From Operations (FFO) of $242.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in ESRT back in 2009?

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