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Empire State Realty Trust, Inc. is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2026, ESRT's portfolio is comprised of approximately 7.5 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 and is based in New York.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Empire State Realty Trust is a real estate investment trust that owns, manages and leases office and street-retail properties concentrated in Manhattan, including several landmark assets. Long-term growth drivers include recovery in Manhattan office demand, leasing and asset-repositioning opportunities that could support rental growth, and cash flow from stabilized properties, which may appeal to investors seeking income and potential capital appreciation from urban commercial real estate.
Primary risks are concentrated exposure to the Manhattan office and retail market—including demand shifts from remote work, tenant credit and vacancy pressures—and sensitivity to refinancing and interest-rate movements.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 75.54M | 83.05M | 87.12M | 64.76M | -14.77M |
| Minority interest | -25.38M | -28.72M | -31.16M | -22.57M | 6.53M |
| Net income | 47.60M | 51.64M | 53.24M | 63.21M | -13.04M |
| Selling general administrative | 72.84M | 70.23M | 63.94M | 61.77M | 55.95M |
| Gross profit | 13.73M | 408.99M | 210.65M | 405.69M | 344.61M |
| Reconciled depreciation | 194.76M | 184.82M | 189.91M | 216.89M | 201.81M |
| Ebit | 179.32M | 158.71M | -256.25M | 127.03M | 79.13M |
| Ebitda | 374.08M | 343.53M | 336.62M | 348.87M | 289.37M |
| Depreciation and amortization | 194.76M | 184.82M | 592.87M | 221.84M | 210.23M |
| Non operating income net other | - | - | - | - | 0.49M |
| Operating income | 135.65M | 158.71M | 146.71M | 127.03M | 79.13M |
| Other operating expenses | 632.62M | 604.44M | 592.87M | 600.01M | 537.24M |
| Interest expense | 103.78M | 109.71M | 109.30M | 101.21M | 94.39M |
| Tax provision | 2.56M | 2.69M | 2.71M | 1.55M | -1.73M |
| Interest income | 8.75M | 21.30M | 15.14M | 4.95M | 0.70M |
| Net interest income | -95.03M | -88.41M | -86.35M | -96.26M | -93.69M |
| Non recurring | - | - | - | - | -7.72M |
| Income tax expense | 2.56M | 2.69M | 2.71M | 1.55M | -1.73M |
| Total revenue | 768.27M | 763.15M | 739.57M | 727.04M | 624.09M |
| Total operating expenses | -121.92M | 250.28M | 63.94M | 278.66M | 257.75M |
| Cost of revenue | 754.54M | 354.16M | 528.93M | 321.35M | 279.49M |
| Total other income expense net | -60.11M | -75.66M | -59.58M | -62.27M | -93.90M |
| Net income from continuing ops | 72.98M | 80.36M | 84.41M | 63.21M | -13.04M |
| Net income applicable to common shares | - | - | - | 36.20M | -10.71M |
| Preferred stock and other adjustments | - | - | - | - | 4.20M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 4468.96M | 4510.29M | 4219.33M | 4163.59M | 4282.45M |
| Intangible assets | 305.58M | 313.41M | 321.24M | 329.07M | 336.90M |
| Other current assets | -255.27M | 43.84M | -702.42M | 98.11M | 127.49M |
| Total liab | 2646.77M | 2728.32M | 2488.29M | 2480.50M | 2598.11M |
| Total stockholder equity | 1060.00M | 1030.70M | 1731.04M | 1683.09M | 1684.33M |
| Deferred long term liab | - | - | - | 187.57M | 202.44M |
| Other current liab | -119.95M | 547.55M | -31.03M | 53.74M | 79.15M |
| Common stock | 1.71M | 1.67M | 1.63M | 1.61M | 1.70M |
| Capital stock | 1.71M | 1.67M | 1.63M | 1.61M | 1.70M |
| Retained earnings | -39.65M | -58.89M | -83.11M | -109.47M | -133.61M |
| Other liab | - | - | - | 119.02M | 138.05M |
| Good will | 491.48M | 491.48M | 491.48M | 491.48M | 491.48M |
| Other assets | - | 11.80M | -0.00M | 293.85M | 4802.82M |
| Cash | 166.51M | 385.46M | 406.96M | 264.43M | 423.69M |
| Total current liabilities | 59.90M | 766.49M | 169.97M | 162.76M | 205.17M |
| Current deferred revenue | 59.90M | 62.64M | 70.30M | 76.09M | 84.36M |
| Net debt | 2272.93M | 2098.37M | 1862.03M | 2010.37M | 1915.56M |
| Short term debt | 55.46M | 101.52M | 86.54M | 1886.03M | 977.66M |
| Short long term debt | 481.79M | 566.40M | 389.29M | - | - |
| Short long term debt total | 2439.44M | 2483.83M | 2268.99M | 2274.81M | 2339.26M |
| Other stockholder equity | 1091.44M | 1077.98M | 1031.03M | 1783.90M | 1837.09M |
| Property plant equipment | - | - | - | 2434.69M | 2448.74M |
| Total current assets | 188.57M | 878.90M | 702.42M | 712.62M | 794.76M |
| Net tangible assets | - | - | - | 133.82M | 855.95M |
| Short term investments | - | 11.80M | 11.80M | - | - |
| Net receivables | 277.33M | 449.60M | 295.46M | 264.29M | 243.57M |
| Long term debt | 1889.94M | 1889.24M | 2240.55M | 2246.14M | 2310.36M |
| Inventory | - | - | -11.80M | 85.78M | - |
| Accounts payable | 64.49M | 54.78M | 44.17M | 32.93M | 41.66M |
| Noncontrolling interest in consolidated entity | - | - | - | - | 686.20M |
| Accumulated other comprehensive income | 6.50M | 9.93M | 6.03M | 7.05M | -20.85M |
| Common stock total equity | - | - | - | - | 1.70M |
| Retained earnings total equity | - | - | - | - | -133.61M |
| Non currrent assets other | 616.31M | 2798.30M | 2662.85M | 2601.75M | 2630.42M |
| Non current assets total | 4280.39M | 3631.39M | 3516.91M | 3450.97M | 3487.69M |
| Capital lease obligations | 27.94M | 28.20M | 28.44M | 28.67M | 28.89M |
| Long term debt total | - | - | - | - | 2310.36M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -397.12M | -181.15M | -230.89M | -212.74M |
| Change to liabilities | - | - | - | 1.04M | 12.23M |
| Total cashflows from investing activities | -550.01M | -397.12M | - | -230.89M | -212.74M |
| Net borrowings | 94.74M | 213.14M | -8.63M | -7.50M | -13.58M |
| Total cash from financing activities | 38.17M | 158.58M | -62.87M | -140.24M | -93.05M |
| Change to operating activities | - | - | - | -40.00M | -11.33M |
| Net income | 47.60M | 80.36M | 53.24M | 63.21M | -13.04M |
| Change in cash | -262.79M | 22.35M | 92.28M | -159.96M | -93.30M |
| Begin period cash flow | 429.30M | 406.96M | 314.68M | 474.64M | 567.94M |
| End period cash flow | 166.51M | 429.30M | 406.96M | 314.68M | 474.64M |
| Total cash from operating activities | 249.05M | 260.89M | 232.49M | 211.17M | 212.49M |
| Depreciation | 194.76M | 184.82M | 189.91M | 216.89M | 209.64M |
| Other cashflows from investing activities | -550.01M | -397.12M | - | - | - |
| Dividends paid | 27.93M | 27.42M | 26.89M | -27.31M | -22.31M |
| Change to account receivables | 9.27M | 6.88M | -15.64M | -5.31M | 2.89M |
| Sale purchase of stock | -8.12M | -13.11M | -13.11M | -90.18M | -46.70M |
| Other cashflows from financing activities | -16.17M | -27.14M | -14.25M | -15.25M | -19.94M |
| Change to netincome | - | - | - | -5.17M | 7.12M |
| Capital expenditures | 198.50M | 0.00M | 139.33M | 0.00M | 212.74M |
| Change receivables | - | - | - | - | 2.89M |
| Cash flows other operating | - | - | - | - | -11.33M |
| Cash and cash equivalents changes | - | - | - | - | -93.30M |
| Change in working capital | -4.28M | -16.23M | -30.03M | -44.27M | 3.80M |
| Stock based compensation | 25.17M | 21.70M | 20.03M | 21.01M | 20.26M |
| Other non cash items | -14.20M | -9.75M | 414.08M | -45.68M | -16.11M |
| Free cash flow | 50.55M | 260.89M | 93.16M | 211.17M | 212.49M |
Sector: Real Estate Industry: REIT - Diversified
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| ESRT Empire State Realty Trust Inc |
0.22 4.36% |
5.27 | 211.50 | 129.87 | 1.66 | 0.71 | 3.68 | 9.13 |
| GMGSF Goodman Group |
0.13 0.70% |
18.68 | 35.32 | 21.46 | 13.97 | 2.56 | 32.21 | 34.78 |
| VICI VICI Properties Inc |
0.83 3.42% |
25.25 | 13.14 | 11.40 | 9.27 | 1.33 | 14.27 | 15.38 |
| WPC W P Carey Inc |
0.83 1.28% |
65.46 | 23.40 | 25.00 | 8.55 | 1.82 | 13.65 | 15.78 |
| CTOUF Charter Hall Group |
- -% |
14.72 | 19.27 | 20.58 | 8.82 | 3.56 | 23.47 | 16.08 |
Empire State Realty Trust, Inc. is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2026, ESRT's portfolio is comprised of approximately 7.5 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 and is based in New York.
111 West 33rd Street, New York, NY, United States, 10120-1220
212 850 2600
642
| Name | Title | Year Born |
|---|---|---|
| Mr. Anthony E. Malkin | Chairman, CEO & Pres | 1962 |
| Ms. Christina Chiu | Exec. VP & CFO | 1981 |
| Mr. Thomas N. Keltner Jr. | Exec. VP & Gen. Counsel | 1946 |
| Mr. Thomas P. Durels | Exec. VP of Real Estate | 1962 |
| Mr. Aaron D. Ratner | Sr. VP & Chief Investment Officer | 1988 |
| Mr. Stephen Horn | Sr. VP & Chief Accounting Officer | 1987 |
| Mr. Sandy Jacolow | Sr. VP & CTO | NA |
| Mr. Christopher Blackman | Chief Information Officer | NA |
| Ms. Katy Malonoski | VP & Head of Investor Relations | NA |
| Ms. Abigail Rickards | Sr. VP of Marketing, PR & Digital | NA |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.
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