The company maintains a disciplined capital structure with a debt-to-equity ratio consistently ranging between 1.16 and 1.42 over the last ten quarters.
| 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 | 327.42M | 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) | 2.87B | 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 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | -1000K | 0 | -1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 416.61M | 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 | 62.85M | -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 | 2.35B | 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 | 2.28B | 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 | 2.23B | 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 | 90M | 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 | 150.17M | 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 | 286.48M | 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 | 37.95M | 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 | 1.06B | 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 | 759.94M | 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 | 1.72M | 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 | 1.1B | 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 | 53.28% | 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 | 1.29x | 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 | 6.79x | 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 |
Manhattan office leasing volatility
According to the provided quarterly data, ESRT has maintained a relatively stable total asset base of approximately $4.4 billion, suggesting that management is prioritizing the preservation of its existing Manhattan portfolio over aggressive expansion or significant divestment of its core office and tourism-related holdings.
The consistency in total assets despite the volatile operating environment implies a defensive posture focused on asset retention. Investors should monitor whether this stability reflects a lack of attractive acquisition opportunities or a deliberate strategy to avoid over-leveraging in a period of high interest rates.
As reported in financial statements, the company's debt-to-equity ratio has remained within a disciplined range of 1.16 to 1.42 over the last ten quarters, indicating that ESRT has successfully avoided the excessive leverage that often plagues REITs with aging, capital-intensive property portfolios.
This moderate leverage profile appears to provide a necessary buffer against the cyclicality of the Manhattan office market. The ability to maintain these ratios while navigating significant tenant improvement requirements suggests a disciplined approach to capital structure that may mitigate downside risk during market downturns.
Based on the company's reported figures, cash balances have fluctuated significantly from a low of $68.8 million in 2026Q1 to a peak of $535.5 million in 2024Q2, highlighting the company's reliance on cash accumulation to manage the lumpy capital expenditure requirements of its office assets.
The wide variance in cash levels suggests that liquidity is being actively managed to fund ongoing property-level improvements and potential debt service obligations. Analysts should investigate whether the recent decline in cash reserves indicates a shift toward more aggressive capital deployment or a tightening of available liquidity.
Data from the provided balance sheet shows a dramatic shift in net property, plant, and equipment values, which dropped from $2.9 billion in 2026Q1 to approximately $28 million in prior periods, suggesting significant accounting adjustments or reclassifications that warrant further investigation by institutional investors.
This extreme volatility in reported PPE values may obscure the true capital intensity of the portfolio and the actual cost of maintaining the Empire State Building's unique infrastructure. Such discrepancies imply that standard valuation metrics may not fully capture the ongoing maintenance burden inherent in the company's aging asset base.
Quick answers to the most common questions about buying ESRT stock.
As of 2025, Empire State Realty Trust, Inc. (ESRT) had total assets of $4.47B including $188.6M in current assets.
Empire State Realty Trust, Inc. (ESRT) carries total debt of $2.44B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Empire State Realty Trust, Inc. (ESRT) 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 Trust, Inc. (ESRT) 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.