The company maintains a relatively conservative leverage profile with a debt-to-equity ratio that has remained within the 1.16 to 1.42 range since 2024Q1, supporting a stable equity base of $1.8B as of 2026Q1.
| 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 volatility
According to the reported quarterly figures, OGCP's total assets have fluctuated between $4.1B and $4.5B over the last ten quarters, suggesting that the firm is balancing a legacy office asset base with a strategic, albeit nascent, pivot toward multi-family residential acquisitions to diversify its revenue streams.
The stability in total assets despite the volatile NYC office environment suggests management is exercising discipline in capital deployment. However, the shift toward residential assets warrants monitoring, as it may indicate a long-term transition away from the firm's traditional commercial office concentration.
As reported in financial statements, the entity maintains a debt-to-equity ratio that has hovered between 1.16 and 1.42 since 2024Q1, indicating a relatively conservative leverage profile that appears designed to withstand the cyclical pressures inherent in the Manhattan commercial real estate market.
The consistent debt levels suggest that the firm is not aggressively levering its balance sheet to fund operations or acquisitions. This approach may provide a necessary buffer against rising interest rates and potential valuation compression in the office sector.
Based on the entity's reported figures, cash reserves have experienced significant volatility, peaking at $535.5M in 2024Q2 before declining to $68.8M by 2026Q1, which suggests that the company may be utilizing its cash pile to fund capital-intensive property improvements or strategic asset acquisitions.
The rapid drawdown in cash reserves warrants further investigation into the firm's liquidity management and the sustainability of its current capital expenditure requirements. Investors should monitor whether this liquidity usage is effectively driving long-term value or merely covering short-term operational gaps.
Data from recent filings reveals that equity has remained relatively stable, growing from $985.5M in 2023Q4 to $1.8B in 2026Q1, which may indicate successful internal capital retention or strategic equity adjustments within the Operating Partnership structure to support the firm's ongoing portfolio transformation.
The growth in equity appears to provide a solid foundation for the firm's balance sheet, potentially mitigating the risks associated with its high-cost office portfolio. This trend suggests that the entity is prioritizing long-term balance sheet strength over aggressive dividend distributions.
Quick answers to the most common questions about buying OGCP stock.
As of 2025, Empire State Realty OP, L.P. (OGCP) had total assets of $4.47B including $188.6M in current assets.
Empire State Realty OP, L.P. (OGCP) 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. (OGCP) 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. (OGCP) 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.