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Empire State Realty OP, L.P.(FISK)Earnings, Financials & Key Ratios
FISK•AMEX•REIT / Real Estate
$5.20
28.9× P/E·Price updated Jun 25, 2026
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%
FISK Price & Volume
Empire State Realty OP, L.P. (FISK) stock price & volume — 10-year historical chart
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Operational Volatility Masks Structural Capital Expenditure Risks
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Adequate
Cash Flow:Deteriorating
Primary Risk:NYC regulatory and occupancy
Key Thesis Takeaways
- Empire State Realty OP faces a challenging outlook as its Manhattan office portfolio requires persistent, high-level capital reinvestment that frequently outpaces operational cash generation.
- While the company attempts to pivot toward multifamily assets, the extreme volatility in NOI margins—swinging from -172.6% in 2025Q4 to 83.2% in 2025Q3—suggests significant underlying instability.
- Investors should remain cautious regarding dividend sustainability given the erratic nature of AFFO, which reached a negative $25.3 million in 2025Q2.
Verdict Logic
the company's inability to maintain consistent positive AFFO, which hit a low of negative $25.3 million in 2025Q2, suggests that the current dividend yield of 1.7% may be at risk due to recurring capital drains.
FISK Growth Metrics
Empire State Realty OP, L.P. (FISK) 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%
FISK Recent Earnings
Empire State Realty OP, L.P. (FISK) EPS & revenue vs analyst estimates — last 4 quarters
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.01
—
Rev
$190M
—
Q2 2026
May 5, 2026Metric
Actual
Est
EPS
$0.01
—
Rev
$190M
—
Q1 2026
Feb 17, 2026Metric
Actual
Est
EPS
$0.12
—
Rev
$199M
—
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.06
—
Rev
$198M
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.01 | $190M |
| Q2 2026 | May 5, 2026 | $0.01 | $190M |
| Q1 2026 | Feb 17, 2026 | $0.12 | $199M |
| Q4 2025 | Nov 6, 2025 | $0.06 | $198M |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Empire State Realty OP, L.P. (FISK)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $5.20 | $1.44B | 28.89 | 0.67% | 6.2% | 2.64% | 1.69% | |
| $5.14 | $881.3M | 28.56 | 0.67% | 5.09% | 2.19% | — | |
| $50.17 | $3.63B | -42.52 | 41.96% | -15.25% | -3.47% | — | |
| $38.08 | $7.16B | 9.07 | 1.27% | 43.99% | 11.77% | — | |
| $65.67 | $10.47B | 37.74 | 2.19% | 9.09% | 4.13% | — | |
| $29.22 | $3.22B | 20.15 | -2.39% | 11.4% | 3.76% | — |
Compare FISK vs Peers
Empire State Realty OP, L.P. (FISK) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FISK SEC Filings & Documents
Empire State Realty OP, L.P. (FISK) SEC filings — annual & quarterly reports (10-K, 10-Q)
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FISK Frequently Asked Questions
Empire State Realty OP, L.P. (FISK) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Empire State Realty OP, L.P.'s revenue?
Empire State Realty OP, L.P. (FISK) reported $778.1M in revenue for fiscal year 2025. This represents a 235% increase from $232.3M in 2009.
How fast is Empire State Realty OP, L.P. growing?
Empire State Realty OP, L.P. (FISK) grew revenue by 0.7% over the past year. Growth has been modest.
Is FISK profitable?
Yes, Empire State Realty OP, L.P. (FISK) is profitable, generating $39.6M in net income for fiscal year 2025 (6.2% net margin).
Dividend & Returns
Does FISK pay dividends?
Yes, Empire State Realty OP, L.P. (FISK) pays a dividend with a yield of 1.69%. This makes it attractive for income-focused investors.
What is FISK's return on equity?
Empire State Realty OP, L.P. (FISK) has a return on equity (ROE) of 2.6%. This is below average, suggesting room for improvement.
Industry Metrics
What is Empire State Realty OP, L.P.'s FFO?
Empire State Realty OP, L.P. (FISK) generated Funds From Operations (FFO) of $235.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.