Empire State Realty Trust, Inc.

ESRT

Real EstateSmall CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

Empire State Realty Trust, Inc. is a NYC-focused REIT that owns and operates a portfolio of well-leased, modernized well-located offices and multifamily assets. ESRT's flagship Empire State Building, the (World's Most Famous Building) features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of December 31, 2025, ESRT's portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. Empire State Realty Trust, Inc. was established on July 29, 2011, and was incorporated in 2011 in Maryland, USA.

Valuation

Market Cap$1.6B

Current Price$5.17as of Jun 23, 2026

P/E Ratio33.83

P/B Ratio1.52

EV / EBITDA10.36

EV / Sales5.05

Profitability

Operating Margin17.6%

Net Profit Margin6.2%

EBITDA Margin48.7%

Returns

ROE4.5%

ROCE3.6%

ROIC %4.2%

ROA1.1%

Solvency

Current Ratio0.67

Debt / Equity2.26

Debt / Assets0.54

CFO / Net Profit5.23

Price History▼ 38.96% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$768M▲ 0.6%

EBITDA$374M▼ 0.9%

Net Profit$48M▼ 7.8%

Cash from Ops (CFO)$249M▼ 4.5%

Free Cash Flow (FCF)$249M▼ 4.5%

Revenue CAGR 3Y2.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y5.4%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$768M	$374M	$48M	$249M	4.5%	0.6%	-7.8%
2024	$763M	$378M	$52M	$261M	5.0%	3.2%	-3.0%
2023	$740M	$379M	$53M	$232M	5.4%	4.6%	31.0%
2022	$707M	$383M	$41M	$211M	4.3%	-	-
2021

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	707.01	739.57	763.15	767.81
Operating Revenue	-	698.39	728.04	752.14	756.02
Cost Of Revenue	-	321.35	339.02	354.16	365.02
Gross Profit	-	385.66	400.56	408.99	402.79
Operating Expense	-	278.66	253.85	255.05	267.60
Selling General And Administration	-	61.76	63.94	70.23	72.84
Total Expenses	-	600.01	592.87	609.21	632.62
Operating Income	-	107	146.71	153.94	135.18
Total Operating Income As Reported	-	127.03	146.71	158.71	135.65
EBITDA	-	382.86	378.52	377.58	374.08
Normalized EBITDA	-	328.84	351.75	360.06	338.70
EBIT	-	165.96	188.61	192.76	179.32
Interest Income	-	4.95	15.14	21.30	8.75
Interest Expense	-	101.21	101.48	109.71	103.78
Net Interest Income	-	-96.26	-86.35	-88.41	-95.03
Other Income Expense	-	54.02	26.76	17.52	35.38
Interest Income Non Operating	-	4.95	15.14	21.30	8.75
Interest Expense Non Operating	-	101.21	101.48	109.71	103.78
Net Non Operating Interest Income Expense	-	-96.26	-86.35	-88.41	-95.03
Pretax Income	-	64.76	87.12	83.05	75.54
Tax Provision	-	1.55	2.72	2.69	2.56
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	18.15	0.83	6.01	12.70
Net Income Continuous Operations	-	63.21	84.41	80.36	72.98
Net Income From Continuing And Discontinued Operation	-	40.64	53.24	51.64	47.60
Net Income From Continuing Operation Net Minority Interest	-	40.64	53.24	51.64	47.60
Net Income	-	40.64	53.24	51.64	47.60
Net Income Common Stockholders	-	36.44	49.04	47.44	43.40
Net Income Including Noncontrolling Interests	-	63.21	84.41	80.36	72.98
Normalized Income	-	4.77	27.32	40.13	24.92
Diluted NI Availto Com Stockholders	-	59.25	80.14	76.15	68.78
Basic Average Shares	-	165.04	161.12	164.90	168.54
Diluted Average Shares	-	269.95	265.63	269.02	270.04
Reconciled Depreciation	-	216.89	189.91	184.82	194.76
Reconciled Cost Of Revenue	-	321.35	339.02	354.16	365.02
Total Unusual Items	-	54.02	26.76	17.52	35.38
Total Unusual Items Excluding Goodwill	-	54.02	26.76	17.52	35.38
Preferred Stock Dividends	-	4.20	4.20	4.20	4.20
Minority Interests	-	-22.57	-31.16	-28.72	-25.38
Special Income Charges	-	20.03	0	4.22	0.37
Other Special Charges	-16.02	-20.03	-	-4.22	-0.37
Write Off	7.72	0	0	-	-
Gain On Sale Of Security	-	33.99	26.76	13.30	35.02
Depreciation Amortization Depletion Income Statement	-	216.89	189.91	184.82	194.76
Depreciation And Amortization In Income Statement	-	216.89	189.91	184.82	194.76
General And Administrative Expense	-	61.76	63.94	70.23	72.84
Other Gand A	-	61.76	63.94	70.23	72.84
Rent Expense Supplemental	-	9.33	9.33	9.33	9.33
Rent And Landing Fees	9.33	-	-	-	-
Otherunder Preferred Stock Dividend	0.03	0	0	-	-
Average Dilution Earnings	-	22.81	31.09	28.71	25.38

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Empire State Realty Trust, Inc.this co.	ESRT	$1.6B	33.83↑ premium	1.52	4.5%	10.36
SmartStop Self Storage REIT, Inc.	SMA	$1.7B	-1100.86	1.44	-0.1%	20.61
Ellington Financial Inc.	EFC	$1.7B	14.28	0.92	6.5%	-
Innovative Industrial Properties, Inc.	IIPR	$1.7B	14.21	0.93	6.6%	9.60
Sila Realty Trust, Inc.

Learn while you research

Hand-picked academy chapters to deepen your understanding of Empire State Realty Trust, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

Loading…

Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$768M

$374M

$48M

$249M

4.5%

0.6%

-7.8%

2024

$763M

$378M

$52M

$261M

5.0%

3.2%

-3.0%

2023

$740M

$379M

$53M

$232M

5.4%

4.6%

31.0%

2022

$707M

$383M

$41M

$211M

4.3%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

707.01

739.57

763.15

767.81

Operating Revenue

698.39

728.04

752.14

756.02

Cost Of Revenue

321.35

339.02

354.16

365.02

Gross Profit

385.66

400.56

408.99

402.79

Operating Expense

278.66

253.85

255.05

267.60

Selling General And Administration

61.76

63.94

70.23

72.84

Total Expenses

600.01

592.87

609.21

632.62

Operating Income

107

146.71

153.94

135.18

Total Operating Income As Reported

127.03

146.71

158.71

135.65

EBITDA

382.86

378.52

377.58

374.08

Normalized EBITDA

328.84

351.75

360.06

338.70

EBIT

165.96

188.61

192.76

179.32

Interest Income

4.95

15.14

21.30

8.75

Interest Expense

101.21

101.48

109.71

103.78

Net Interest Income

-96.26

-86.35

-88.41

-95.03

Other Income Expense

54.02

26.76

17.52

35.38

Interest Income Non Operating

4.95

15.14

21.30

8.75

Interest Expense Non Operating

101.21

101.48

109.71

103.78

Net Non Operating Interest Income Expense

-96.26

-86.35

-88.41

-95.03

Pretax Income

64.76

87.12

83.05

75.54

Tax Provision

1.55

2.72

2.69

2.56

Tax Rate For Calcs

Tax Effect Of Unusual Items

18.15

0.83

6.01

12.70

Net Income Continuous Operations

63.21

84.41

80.36

72.98

Net Income From Continuing And Discontinued Operation

40.64

53.24

51.64

47.60

Net Income From Continuing Operation Net Minority Interest

40.64

53.24

51.64

47.60

Net Income

40.64

53.24

51.64

47.60

Net Income Common Stockholders

36.44

49.04

47.44

43.40

Net Income Including Noncontrolling Interests

63.21

84.41

80.36

72.98

Normalized Income

4.77

27.32

40.13

24.92

Diluted NI Availto Com Stockholders

59.25

80.14

76.15

68.78

Basic Average Shares

165.04

161.12

164.90

168.54

Diluted Average Shares

269.95

265.63

269.02

270.04

Reconciled Depreciation

216.89

189.91

184.82

194.76

Reconciled Cost Of Revenue

321.35

339.02

354.16

365.02

Total Unusual Items

54.02

26.76

17.52

35.38

Total Unusual Items Excluding Goodwill

54.02

26.76

17.52

35.38

Preferred Stock Dividends

4.20

Minority Interests

-22.57

-31.16

-28.72

-25.38

Special Income Charges

20.03

4.22

0.37

Other Special Charges

-16.02

-20.03

-4.22

-0.37

Write Off

7.72

Gain On Sale Of Security

33.99

26.76

13.30

35.02

Depreciation Amortization Depletion Income Statement

216.89

189.91

184.82

194.76

Depreciation And Amortization In Income Statement

216.89

189.91

184.82

194.76

General And Administrative Expense

61.76

63.94

70.23

72.84

Other Gand A

61.76

63.94

70.23

72.84

Rent Expense Supplemental

9.33

Rent And Landing Fees

9.33

Otherunder Preferred Stock Dividend

0.03

Average Dilution Earnings

22.81

31.09

28.71

25.38

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Empire State Realty Trust, Inc.this co.

ESRT

$1.6B

33.83↑ premium

1.52

4.5%

10.36

SmartStop Self Storage REIT, Inc.

SMA

$1.7B

-1100.86

1.44

-0.1%

20.61

Ellington Financial Inc.

EFC

$1.7B

14.28

0.92

6.5%

Innovative Industrial Properties, Inc.

IIPR

$1.7B

14.21

0.93

6.6%

9.60

Sila Realty Trust, Inc.

Empire State Realty Trust, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Empire State Realty Trust, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on