Tearsheet

Empire State Realty Trust (ESRT)

Market Price (11/5/2025): $7.29 | Market Cap: $1.2 Bil
Sector: Real Estate | Industry: Diversified REITs

Empire State Realty Trust (ESRT)

Market Price (11/5/2025): $7.29
Market Cap: $1.2 Bil
Sector: Real Estate
Industry: Diversified REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 21%	Weak multi-year price returns 2Y Excs Rtn is -68%, 3Y Excs Rtn is -69%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 162%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%
2	Low stock price volatility Vol 12M is 33%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 21%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%
2	Low stock price volatility Vol 12M is 33%
3	Weak multi-year price returns 2Y Excs Rtn is -68%, 3Y Excs Rtn is -69%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 162%

Market Valuation & Key Metrics

	11/5/25	2024	2023	2022	2021
Share Price CYE	$7.29	$10.19	$9.44	$6.45	$8.36
Market Cap CYE ($ Bil)	1.2	1.7	1.5	1.0	1.4
Total Debt ($ Bil)	2.1	2.5	2.3	2.3	2.3
Total Cash ($ Bil)	0.1	0.4	0.3	0.3	0.4
Enterprise Value ($ Bil)	3.2	4.2	3.8	3.3	3.7
Valuation Ratios
P/S TTM	1.6	2.2	2.1	1.6	2.5
P/EBIT TTM	6.7	8.8	8.3	6.7	19.3
P/E TTM	27.5	33.0	29.3	27.4	-235.8
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2	4.3	6.6
P/EBIT TTM (Sector)	11.0	12.3	12.8	13.1	16.0
P/E TTM (Sector)	16.4	18.7	18.3	17.9	23.1

	11/5/25	2024	2023
Share Price CYE	$7.29	$10.19	$9.44
Market Cap CYE ($ Bil)	1.2	1.7	1.5
Total Debt ($ Bil)	2.1	2.5	2.3
Total Cash ($ Bil)	0.1	0.4	0.3
Enterprise Value ($ Bil)	3.2	4.2	3.8
Valuation Ratios
P/S TTM	1.6	2.2	2.1
P/EBIT TTM	6.7	8.8	8.3
P/E TTM	27.5	33.0	29.3
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2
P/EBIT TTM (Sector)	11.0	12.3	12.8
P/E TTM (Sector)	16.4	18.7	18.3

	ESRT	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.8
Rev Chg Q	0.7%	6.6%
Rev Chg LTM	1.1%	5.6%
Rev Chg 3Y Avg	5.2%	5.3%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	18.9%	18.8%
CFO/Rev LTM	34.4%	20.3%
Net Inc Mgn	5.8%	12.8%
VALUATION	MODERATE
P/S	1.6	3.2
P/CFO	4.7	15.3
P/FCF	4.7	20.3
P/E	27.5	23.7

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ESRT Stock

Return (1M): -6.30%

Factor Drivers of Stock Movement

The 1.3% change in ESRT stock from 8/5/2025 to 11/4/2025 was primarily driven by a 26.1% change in the company's P/E Multiple.

	8052025	11042025	Change
Stock Price ($)	7.22	7.31	1.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	762.04	763.28	0.16%
Net Income Margin (%)	7.24%	5.85%	-19.25%
P/E Multiple	21.86	27.57	26.10%
Shares Outstanding (Mil)	167.18	168.37	-0.71%
Cumulative Contribution			1.27%

LTM = Last Twelve Months as of date shown

The 0.4% change in ESRT stock from 5/6/2025 to 11/4/2025 was primarily driven by a 17.6% change in the company's P/E Multiple.

	5062025	11042025	Change
Stock Price ($)	7.28	7.31	0.44%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	763.15	763.28	0.02%
Net Income Margin (%)	6.77%	5.85%	-13.56%
P/E Multiple	23.43	27.57	17.65%
Shares Outstanding (Mil)	166.25	168.37	-1.27%
Cumulative Contribution			0.42%

LTM = Last Twelve Months as of date shown

The -30.5% change in ESRT stock from 11/4/2024 to 11/4/2025 was primarily driven by a -24.1% change in the company's P/E Multiple.

	11042024	11042025	Change
Stock Price ($)	10.52	7.31	-30.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	755.13	763.28	1.08%
Net Income Margin (%)	6.30%	5.85%	-7.21%
P/E Multiple	36.31	27.57	-24.07%
Shares Outstanding (Mil)	164.28	168.37	-2.49%
Cumulative Contribution			-30.56%

LTM = Last Twelve Months as of date shown

The 6.1% change in ESRT stock from 11/5/2022 to 11/4/2025 was primarily driven by a 61.4% change in the company's Net Income Margin (%).

	11052022	11042025	Change
Stock Price ($)	6.89	7.31	6.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	685.79	763.28	11.30%
Net Income Margin (%)	3.63%	5.85%	61.37%
P/E Multiple	44.96	27.57	-38.68%
Shares Outstanding (Mil)	162.16	168.37	-3.83%
Cumulative Contribution			5.91%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ESRT Return	-31%	-4%	-23%	46%	8%	-28%	-42%
Peers Return	-11%	52%	-15%	4%	14%	-3%	33%
S&P 500 Return	16%	27%	-19%	24%	23%	15%	112%
Monthly Win Rates [3]
ESRT Win Rate	25%	50%	50%	58%	58%	40%
Peers Win Rate	60%	67%	42%	48%	60%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
ESRT Max Drawdown	-60%	-7%	-27%	-18%	-8%	-34%
Peers Max Drawdown	-54%	-5%	-25%	-16%	-11%	-12%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WPC, ALEX, CTO, OLP, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	ESRT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-57.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	132.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-62.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	165.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-40.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	68.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to WPC, ALEX, CTO, OLP, EPRT

In The Past

Empire State Realty Trust's stock fell -57.1% during the 2022 Inflation Shock from a high on 6/10/2021. A -57.1% loss requires a 132.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Empire State Realty Trust (ESRT)

Empire 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.

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Better Bets than Empire State Realty Trust (ESRT)

	ESRT	Better Performance than ESRT
Metric	Value	Industry (Diversified REITs)
Rev Chg LTM	1.1%	WPC (5.6%), EPRT (24.2%), BNL (5.5%), LXP (7.0%), GNL (5.6%)
Rev Chg 3Y Avg	5.2%	WPC (5.6%), EPRT (24.2%), BNL (5.3%), GNL (21.7%), ELME (7.6%)
Op Mgn LTM	18.9%	WPC (50.5%), EPRT (63.6%), BNL (49.1%), GNL (34.1%), AAT (24.6%)
CFO/Rev LTM	34.4%	WPC (75.9%), EPRT (68.4%), BNL (62.2%), LXP (59.3%), GNL (38.0%)
FCF/Rev LTM	34.4%	WPC (75.9%), EPRT (68.4%), BNL (55.6%), LXP (52.5%), ELME (35.0%)
Total Yield	5.5%	WPC (7.9%), EPRT (7.9%), BNL (9.1%), AAT (16.0%), ALEX (9.3%)

	ESRT	Better Performance than ESRT
Metric	Value	Sector (Real Estate)
Rev Chg LTM	1.1%	WELL (32.6%), PLD (10.7%), AMT (4.2%), EQIX (5.4%), SPG (3.3%)
Rev Chg 3Y Avg	5.2%	WELL (20.9%), PLD (18.1%), EQIX (8.5%), DLR (9.1%), O (24.7%)
Op Mgn LTM	18.9%	PLD (39.8%), AMT (46.4%), EQIX (20.6%), SPG (51.0%), O (43.4%)
CFO/Rev LTM	34.4%	PLD (59.3%), AMT (50.1%), EQIX (41.4%), SPG (66.6%), DLR (41.6%)
FCF/Rev LTM	34.4%	PLD (59.3%), AMT (35.3%), SPG (52.1%), DLR (41.6%), O (67.9%)
Total Yield	5.5%	AMT (7.2%), O (7.4%), VICI (14.3%), EXR (8.3%), AVB (5.6%)

	ESRT	Better Performance than ESRT
Metric	Value	All Other Sectors
Rev Chg LTM	1.1%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	5.2%	NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM	18.9%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	34.4%	NVDA (46.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%), META (56.8%)
FCF/Rev LTM	34.4%	NVDA (43.6%), AVGO (41.6%), V (56.8%), MA (52.5%), PLTR (49.7%)
Total Yield	5.5%	BRK-B (6.4%), JPM (6.6%), XOM (9.8%), JNJ (8.3%), BAC (7.4%)

		Best Bets In Real Estate Sector
	ESRT	CTRE	WPC	ADC	NNN	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	27.6	31.0	39.8	41.6	18.9	23.6	55.4	24.4	16.5	18.9	22.7
P/EBIT	6.7	27.0	21.0	24.8	12.8	16.1	24.7	17.1	10.8	11.5	15.4
What You Get
Rev Chg Q	0.7%	55.3%	8.5%	18.7%	4.6%	12.9%	4.2%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	1.1%	29.7%	5.6%	14.7%	4.8%	13.7%	15.6%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	5.2%	14.1%	5.6%	19.5%	6.1%	6.3%	24.7%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	32.6%	88.4%	84.4%	73.1%	73.6%	71.6%	71.0%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Empire State Realty Trust Stock Fell 7.3% in a Week, What Now?	Return
2	Empire State Realty Trust (ESRT) Operating Cash Flow Comparison	Financials
3	Empire State Realty Trust (ESRT) Revenue Comparison	Financials
4	Empire State Realty Trust (ESRT) Debt Comparison	Financials
5	Empire State Realty Trust (ESRT) Net Income Comparison	Financials
6	Empire State Realty Trust (ESRT) EBITDA Comparison	Financials
7	Empire State Realty Trust (ESRT) Operating Income Comparison	Financials
8	Empire State Realty Trust (ESRT) Tax Expense Comparison	Financials
9	Why Empire State Realty Trust Stock Moved: ESRT Stock Has Lost 25% Since 2024 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	ESRT Dip Buy Analysis

	Title
0	ARTICLES
1	Empire State Realty Trust Stock Fell 7.3% in a Week, What Now?
2	Empire State Realty Trust (ESRT) Operating Cash Flow Comparison
3	Empire State Realty Trust (ESRT) Revenue Comparison
4	Empire State Realty Trust (ESRT) Debt Comparison
5	Empire State Realty Trust (ESRT) Net Income Comparison
6	Empire State Realty Trust (ESRT) EBITDA Comparison
7	Empire State Realty Trust (ESRT) Operating Income Comparison
8	Empire State Realty Trust (ESRT) Tax Expense Comparison
9	Why Empire State Realty Trust Stock Moved: ESRT Stock Has Lost 25% Since 2024 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	ESRT Dip Buy Analysis

Trade Ideas

Select past ideas related to ESRT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.5%	-1.5%	-1.5%
ESRT_12312018_Dip_Buyer_FCFYield	12312018	ESRT	Empire State Realty Trust	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.7%	0.9%	-7.3%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.5%	-1.5%	-1.5%
ESRT_12312018_Dip_Buyer_FCFYield	12312018	ESRT	Empire State Realty Trust	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.7%	0.9%	-7.3%

Recent Active Movers

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Peer Comparisons for Empire State Realty Trust

Financials

	ESRT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Empire S.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
Mkt Price	7.31	65.92	15.64	17.00	20.13	29.57	18.56
Mkt Cap	1.2	14.5	1.1	0.6	0.4	5.9	1.2
Rev LTM	763	1,678	218	147	95	531	375
Op Inc LTM	144	848	71	17	34	338	107
FCF LTM	263	1,274	45	81	44	363	172
FCF 3Y Avg	244	1,395	42	65	43	298	154
CFO LTM	263	1,274	91	81	44	363	177
CFO 3Y Avg	244	1,395	86	65	43	298	165

Growth & Margins

	ESRT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Empire S.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
Rev Chg LTM	1.1%	5.6%	-3.9%	23.8%	5.6%	24.2%	5.6%
Rev Chg 3Y Avg	5.2%	5.6%	12.9%	20.3%	4.1%	24.2%	9.2%
Rev Chg Q	0.7%	8.5%	-18.9%	18.7%	12.6%	23.7%	10.6%
QoQ Delta Rev Chg LTM	0.2%	2.1%	-5.1%	4.2%	3.0%	5.5%	2.5%
Op Mgn LTM	18.9%	50.5%	32.4%	11.6%	35.9%	63.6%	34.2%
Op Mgn 3Y Avg	19.5%	48.0%	32.8%	16.2%	37.6%	62.5%	35.2%
QoQ Delta Op Mgn LTM	-0.6%	1.0%	-0.7%	1.2%	-0.2%	0.1%	-0.1%
CFO/Rev LTM	34.4%	75.9%	41.8%	55.3%	46.2%	68.4%	50.7%
CFO/Rev 3Y Avg	32.6%	84.4%	38.3%	53.4%	45.7%	69.3%	49.6%
FCF/Rev LTM	34.4%	75.9%	20.7%	55.3%	46.2%	68.4%	50.7%
FCF/Rev 3Y Avg	32.6%	84.4%	19.0%	53.4%	45.7%	69.3%	49.6%

Valuation

	ESRT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Empire S.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
Mkt Cap	1.2	14.5	1.1	0.6	0.4	5.9	1.2
P/S	1.6	8.7	5.2	3.8	4.4	11.0	4.8
P/EBIT	6.7	21.0	11.7	-60.1	8.3	17.1	10.0
P/E	27.6	39.8	15.5	-16.6	14.8	24.4	19.9
P/CFO	4.7	11.4	12.5	6.8	9.6	16.1	10.5
Total Yield	5.5%	7.9%	9.3%	2.8%	16.0%	7.9%	7.9%
Dividend Yield	1.9%	5.4%	2.9%	8.8%	9.2%	3.8%	4.6%
FCF Yield 3Y Avg	18.0%	10.4%	3.2%	14.4%	9.2%	6.0%	9.8%
D/E	1.7	0.6	0.4	1.1	1.1	0.5	0.8
Net D/E	1.6	0.6	0.4	1.0	1.0	0.4	0.8

Returns

	ESRT	WPC	ALEX	CTO	OLP	EPRT	Median
Name	Empire S.	W.P. Car.	Alexande.	CTO Real.	One Libe.	Essentia.
1M Rtn	-5.9%	-4.7%	-12.2%	4.7%	-9.4%	-1.0%	-5.3%
3M Rtn	1.3%	1.0%	-13.0%	5.4%	-9.2%	-2.9%	-0.9%
6M Rtn	0.4%	10.5%	-7.3%	-0.7%	-13.8%	-5.5%	-3.1%
12M Rtn	-30.5%	26.3%	-13.4%	-5.8%	-19.4%	-3.1%	-9.6%
3Y Rtn	6.1%	3.6%	-9.8%	7.5%	8.0%	56.9%	6.8%
1M Excs Rtn	-6.5%	-3.8%	-10.6%	8.7%	-7.7%	0.7%	-5.1%
3M Excs Rtn	-9.1%	-3.7%	-19.7%	-0.4%	-15.7%	-7.2%	-8.1%
6M Excs Rtn	-20.3%	-10.3%	-28.0%	-21.5%	-34.5%	-26.2%	-23.9%
12M Excs Rtn	-48.6%	6.7%	-30.3%	-23.3%	-37.7%	-21.7%	-26.8%
3Y Excs Rtn	-69.1%	-68.0%	-79.5%	-66.2%	-64.4%	-17.3%	-67.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/6/2025	2/28/2025	2/28/2024	2/28/2023	2/25/2022	2/26/2021	2/28/2020
Key Financials
Total Revenue	763	763	740	707	608	600	727
Net Income	45	52	53	41	-7	-13	51
EPS	0.25	0.29	0.30	0.22	-0.06	-0.10	0.28
Growth Rates
Total Revenue Growth	1.1%	3.2%	4.6%	16.3%	1.3%	-17.5%	2.3%
Net Income Growth	-6.2%	-3.0%	31.0%	724.3%	48.0%	-124.4%	-23.1%
Margins
Net Income Margin	5.8%	6.8%	7.2%	5.7%	-1.1%	-2.1%	7.0%
Cash & Debt
Total Cash	95	385	347	264	424	527	234
Total Debt	2,086	2,484	2,269	2,275	2,339	2,166	1,698
Net Debt / (Cash)	1,991	2,098	1,922	2,010	1,916	1,639	1,464
Cash Flows
Net Cash from Operations	263	261	232	211	212	182	233
Free Cash from Operations	263	261	232	211	212	182	233
Returns to Shareholders
Dividends	23	27	27	27	22	41	77
Share Repurchases	-0	-0	13	90	47	144	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/6/2025	5/7/2025	2/28/2025	11/8/2024	10/8/2024	5/7/2024	2/28/2024	11/8/2023	8/4/2023	5/4/2023	2/28/2023	11/3/2022
Key Financials Quarterly
Total Revenue	191	180	198	195	190	181	193	192	191	165	181	184
Net Income	8	10	12	15	18	7	10	13	23	8	14	7
EPS	0.04	0.06	0.07	0.08	0.10	0.03	0.06	0.07	0.14	0.04	0.08	0.03
Key Financials TTM
Total Revenue TTM	763	762	763	758	755	756	740	728	720	709	707	686
Net Income TTM	45	55	52	50	48	52	53	57	51	58	41	25
Growth Rates Quarterly
Total Revenue Growth	0.7%	-0.6%	2.4%	1.7%	-0.5%	10.1%	6.4%	4.3%	6.4%	1.1%	13.3%	19.5%
Net Income Growth	-58.2%	53.0%	20.2%	15.7%	-20.9%	-11.3%	-25.5%	90.9%	-25.2%	173.9%	738.2%	211.5%
Margins Quarterly
Net Income Margin	4.0%	5.7%	6.2%	7.5%	9.6%	3.7%	5.3%	6.6%	12.0%	4.6%	7.5%	3.6%
Cash & Debt
Total Cash	95	188	385	422	536	334	347	354	315	273	264	387
Total Debt	2,086	2,086	2,484	2,484	2,492	2,267	2,269	2,270	2,272	2,273	2,275	2,306
Net Debt / (Cash)	1,991	1,898	2,098	2,063	1,956	1,934	1,922	1,916	1,957	2,001	2,010	1,919
Cash Flows Quarterly
FCF from Operations	27	83	50	103	37	71	36	90	20	86	37	90
Cash Flows TTM
FCF from Operations TTM	263	273	261	247	235	217	232	233	233	230	211	219
Returns to Shareholders Quarterly
Dividends	6	6	6	6	6	6	6	6	6	6	6	6
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	7	6	8	18
Return on Invested Capital (ROIC) Quarterly
ROIC	4.3%	3.5%	5.1%	4.8%	5.0%	4.1%	4.9%	5.2%	5.9%	2.3%	4.8%	4.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	4.5%	4.8%	4.7%	4.6%	4.8%	5.1%	4.8%	4.7%	4.4%	3.8%	3.4%	3.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Real Estate	689	685	606	598	685
Observatory	129	106	42	29	129
Third-party management and other fees	1	1
Intersegment Elimination	-81	-65	-23	-18	-82
Total	740	727	624	609	731

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Real Estate	3,958	3,909	4,037	3,904	3,671
Observatory	262	254	245	247	261
Intersegment Elimination	0	0	0
Total	4,219	4,164	4,282	4,151	3,932

Price Behavior

Price Behavior

Market Price	$7.31
Market Cap ($ Bil)	1.2
First Trading Date	10/02/2013
Distance from 52W High	-34.3%
	50 Days	200 Days
DMA Price	$7.59	$7.87
DMA Trend	down	up
Distance from DMA	-3.7%	-7.1%
	3M	1YR
Volatility	32.9%	33.0%
Downside Capture	106.37	106.18
Upside Capture	73.63	51.95
Correlation (SPY)	41.4%	49.2%

ESRT Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.22	1.18	1.22	1.35	0.83	1.01
Up Beta	0.49	1.42	1.87	2.15	0.78	0.85
Down Beta	2.16	2.01	1.56	1.44	0.95	1.02
Up Capture	38%	32%	72%	62%	38%	99%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	13	25	37	70	124	366
Down Capture	116%	92%	98%	108%	102%	105%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	10	18	27	53	121	365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of ESRT With Other Asset Classes (Last 1Y)
	ESRT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-31.1%	-4.4%	17.5%	40.7%	2.0%	-4.1%	45.5%
Annualized Volatility	32.9%	17.9%	19.7%	19.9%	16.3%	18.0%	36.9%
Sharpe Ratio	-1.09	-0.40	0.70	1.60	-0.06	-0.38	0.80
Correlation With Other Assets		53.5%	49.5%	-7.2%	20.0%	57.9%	18.5%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ESRT With Other Asset Classes (Last 5Y)
	ESRT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.4%	6.7%	16.4%	15.1%	12.9%	6.6%	50.5%
Annualized Volatility	39.8%	19.3%	17.2%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.26	0.27	0.78	0.77	0.57	0.26	0.77
Correlation With Other Assets		52.0%	43.7%	-0.4%	16.6%	57.9%	14.2%

Based On 10-Year Data

		Comparison of ESRT With Other Asset Classes (Last 10Y)
	ESRT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-6.6%	6.3%	14.5%	12.5%	5.3%	5.1%	80.1%
Annualized Volatility	35.4%	20.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	-0.09	0.27	0.69	0.69	0.23	0.22	0.97
Correlation With Other Assets		60.3%	50.1%	-0.8%	21.5%	65.7%	11.3%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	5,790,553
Short Interest: % Change Since 9302025	15.8%
Average Daily Volume	1,572,335
Days-to-Cover Short Interest	3.68
Basic Shares Quantity	168,368,000
Short % of Basic Shares	3.4%

Returns Analyses

	Title
0	Empire State Realty Trust Stock Fell 7.3% in a Week, What Now?

SEC Filings

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Report Date	Filing Date	Filing
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	10082024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021
9302021	11052021	10-Q 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Durels Thomas P.	EVP, Real Estate	3252025	Sell	8.03	5,779	46,405	449,905	Form
1	Durels Thomas P.	EVP, Real Estate	3212025	Sell	8.11	12,500	101,375	602,630	Form
2	Durels Thomas P.	EVP, Real Estate	12272024	Sell	10.10	10,000	101,000	876,751	Form

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Empire State Realty Trust (ESRT)

Market Price (11/5/2025): $7.29 | Market Cap: $1.2 BilSector: Real Estate | Industry: Diversified REITs

Empire State Realty Trust (ESRT)

Market Price (11/5/2025): $7.29Market Cap: $1.2 BilSector: Real EstateIndustry: Diversified REITs

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Market Price (11/5/2025): $7.29 | Market Cap: $1.2 Bil
Sector: Real Estate | Industry: Diversified REITs

Market Price (11/5/2025): $7.29
Market Cap: $1.2 Bil
Sector: Real Estate
Industry: Diversified REITs