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ESRTEmpire State Realty Trust, Inc.
$5.51$945M
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ESRT logoEmpire State Realty Trust, Inc.(ESRT)Earnings, Financials & Key Ratios

ESRT•NYSE•REIT / Real Estate
$5.51
30.6× P/E·Price updated Jul 7, 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 Price & Volume

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

Loading chart...

Manhattan Office Volatility Challenges Capital Allocation Efficiency

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Manhattan office leasing volatility

Key Thesis Takeaways

  • Empire State Realty Trust faces a complex outlook defined by significant operational volatility in its Manhattan office portfolio and erratic property-level margins.
  • While the company maintains a disciplined debt-to-equity ratio, the heavy reliance on capital-intensive tenant improvements continues to pressure distributable cash flow.
  • Investors should monitor the sustainability of dividends given the wide fluctuations in AFFO and the ongoing need for substantial reinvestment in aging assets.

Verdict Logic

the stock warrants caution as FFO per share has stagnated at $0.19 in 2026Q1 compared to $0.21 in 2023Q4, reflecting persistent operational headwinds.

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%
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%

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 →

Latest ESRT News

Recent stock market news and headlines for Empire State Realty Trust, Inc. (ESRT)

Business Wire·Jun 25, 2026
Empire State Realty Trust Announces Dates for Second Quarter 2026 Earnings Release and Conference Call

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that it will release its second quarter 2026 financial results on Wednesday, July 29, 2026, after the close of markets on the New York Stock Exchange. A conference call will be held on Thursday, July 30, 2026, at 12:00 p.m. Eastern Time. During the conference call, the Company's officers will review second quarter performance, discuss recent events and conduct a question-and-answer period. T.

Business Wire·Jun 24, 2026
Empire State Realty Trust Announces Release of Schedule K-3

NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), today announced that its 2025 Schedule K-3 reflecting items of international tax relevance is available online. Unitholders requiring this information may access their Schedule K-3s at www.taxpackagesupport.com/esrop. Certain shareholders (primarily non-U.S. shareholders, shareholders computing a foreign tax credit on their tax return and certain corporate and/or partnership shareholders) may need the infor.

Peers Comparison

Key metrics vs top competitors for Empire State Realty Trust, Inc. (ESRT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
ESRT logoESRTEmpire State Realty Trust, Inc.Current
$5.51$944.74M30.610.67%6.2%2.64%1.59%
SLG logoSLGSL Green Realty Corp.
$50.27$3.63B-42.6041.96%-15.25%-3.47%—
VNO logoVNOVornado Realty Trust
$39.44$7.42B9.391.27%43.99%11.77%—
BXP logoBXPBXP, Inc.
$68.59$10.94B39.422.19%9.09%4.13%—
HIW logoHIWHighwoods Properties, Inc.
$32.09$3.54B22.13-2.39%11.4%3.76%—
PDM logoPDMPiedmont Office Realty Trust, Inc.
$9.56$1.2B-14.27-0.93%-20.46%-5.7%—

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 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

Jun 2, 2026·SEC

Material company update

May 19, 2026·SEC

Material company update

Apr 29, 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 2026

May 7, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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ESRT Frequently Asked Questions

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

Growth & Financials
What is Empire State Realty Trust, Inc.'s revenue?

Empire State Realty Trust, Inc. (ESRT) 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 Trust, Inc. growing?

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

Is ESRT profitable?

Yes, Empire State Realty Trust, Inc. (ESRT) is profitable, generating $39.6M in net income for fiscal year 2025 (6.2% net margin).

Dividend & Returns
Does ESRT pay dividends?

Yes, Empire State Realty Trust, Inc. (ESRT) pays a dividend with a yield of 1.59%. This makes it attractive for income-focused investors.

What is ESRT's return on equity?

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
What is Empire State Realty Trust, Inc.'s FFO?

Empire State Realty Trust, Inc. (ESRT) generated Funds From Operations (FFO) of $235.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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

Total return calculator · dividends reinvested · 17+ years of data

See returns →