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Empire State Realty Trust

ESRT

Empire State Realty Trust is a real estate investment trust (REIT) focused on the ownership, management, and operation of high-quality office, retail, and multifamily assets in the New York City market.

Market cap
$975.95M-21.2%
Revenue$778.5M+1.5%
Net income$60.2M-29.9%
Free cash flow$109.5M+16.0%
EPS (diluted)$0.21-27.6%
Trailing twelve months · change vs. prior year

Earnings

Next report

Oct 28, 2026 (in 3 months)
Revenue estimate$201.9M

Financials

Q1 2026

Income statement

See full
Revenue$190.3M+5.7%
Operating income$29.5M+14.2%
Net income$3.0M-81.0%
EPS (diluted)$0.01-80.0%

Balance sheet

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Cash & equivalents$106.1M-55.3%
Total debt$2.5B+8.3%
Total equity$1.1B+3.1%
Total assets$4.4B+7.1%

Cash flow

See full
Operating cash flow$68.9M-17.1%
CapEx$18.2M-56.8%
Free cash flow$50.7M+23.5%

Valuation & ratios

Valuation

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Market cap$975.95M-21.2%
Enterprise value$3.39B-1.7%
P/E16.2×-2.1×
P/S1.3×-0.4×

Profitability

See full
Operating margin17.9%-2.1pp
Net margin7.7%-3.5pp

Returns & leverage

See full
Return on equity5.7%-2.7pp
Debt / equity2.4×+0.1×

Segments

By segment

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Real Estate$171.5M+9.6%
Observatory$18.5M-20.1%

Competitors

Profile

Empire State Realty Trust is a real estate investment trust (REIT) focused on the ownership, management, and operation of high-quality office, retail, and multifamily assets in the New York City market. The company leverages its iconic flagship property, the Empire State Building, and a portfolio of modernized, energy-efficient buildings to attract high-credit tenants seeking quality and sustainability. Its core value proposition centers on proactive asset management, tenant retention through expansion opportunities, and industry leadership in indoor environmental quality.

Competitive position

Dominant owner of iconic NYC landmark real estate with a specialized focus on energy-efficient, modernized 'flight to quality' office space.

GeographiesUnited States, New York City, Manhattan, Connecticut
Customer segmentsEnterprise, B2C, SME
Business modelLeasing, Property Management, Asset Management, Ticket-based entertainment
SuppliersConstruction and renovation contractors, Utility providers, Municipal zoning authorities, Financial institutions for capital
CustomersCommercial office tenants, Retail brands, Residential tenants, Global tourists
Listed2013
Employees666.0
CEOAnthony E. Malkin
FilingsSEC EDGAR

Questions, answered.

What is Empire State Realty Trust's market cap?
Empire State Realty Trust (ESRT) has a market capitalization of $976.0M and trades on NYSE.
What is Empire State Realty Trust's revenue and profitability?
Empire State Realty Trust generated $778.5M in trailing twelve-month revenue with net income of $60.2M, representing a net margin of 7.7%, with free cash flow of $109.5M. These figures are based on the Q1 2026 filing.
Who are Empire State Realty Trust's competitors?
Empire State Realty Trust's key competitors include Vornado Realty Trust, SL Green Realty Corp., Boston Properties, Inc., and others. These companies compete in similar markets and product categories.
Who does Empire State Realty Trust partner with?
Empire State Realty Trust's notable partners include Tripadvisor.
What subsidiaries does Empire State Realty Trust have?
Empire State Realty Trust's subsidiaries include Empire State Realty OP, L.P..
Where is Empire State Realty Trust headquartered?
Empire State Realty Trust is headquartered in United States of America and employs approximately 666 people. It has been publicly traded since 2013.