📈 Price History

Ratio Health

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— Good

— Average

— Poor

By Category

📊 Sector Averages

About

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.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding ESRT

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	363.7K	$1.9M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

📊 MIXED ESRT: Core FFO $0.20, office 93% leased, observatory NOI $10.6M in Q1 2026.

Revenue & Profitability

Core FFO was $0.20 per diluted share for Q1 2026. Same-store property cash NOI increased 5.5% year-over-year, or 1.3% adjusted for non-recurring items (lease modification revenue and insurance recoveries). Core FAD was approximately $33 million, up from $1 million in Q1 2025 and $31 million in Q4 2025. Net debt to adjusted EBITDA stood at 6.3 times.

Outlook

Management sees a bifurcated Manhattan office market: demand concentrates in high-quality, modernized, transit-oriented buildings. ESRT's portfolio is in the 'have' category. The observatory faces headwinds from reduced international tourism and geopolitical tensions, but 85% of annual NOI typically comes after Q1, with 60% in the second half. The company expects occupancy gains for the full year (90-92% guidance).

Growth Drivers

Growth is driven by office leasing (280,000 sq ft in negotiation, 19th consecutive quarter of positive mark-to-market spreads), retail expansion on N 6th St, and observatory performance. The observatory focuses on domestic and direct sales to support higher revenue per visitor. Leases at 130 Mercer achieved rents in the high $90s per sq ft, ahead of planned capital improvements.

Balance Sheet & CapEx

FAD CapEx in Q1 2026 was approximately $22 million, down significantly from $53 million in Q1 2025 due to reduced spend after prior lease-up activity. The company completed $184 million of financings year-to-date, including a $130 million private placement at 5.99% and a $53.5 million mortgage at 5.3%. There are no unaddressed debt maturities until January 2028.

Margins

Observatory operating margins are strong, with low capital intensity and dynamic pricing mitigating inflation. Revenue per capita increased approximately 1% year-over-year (excluding gift shop license fees). Office lease spreads were positive for the 19th consecutive quarter (6.8% mark-to-market in Manhattan office). The company manages expenses tightly, with observatory NOI impacted by the timing of gift shop revenue shifts.

Key Risks

Key risks highlighted include macroeconomic uncertainty, geopolitical tensions affecting international tourism, reduced travel to the U.S., disruptions in aviation fuel and gasoline that impact visitor demand, and the potential for tariff-related headwinds. The observatory's Q1 performance reflects weaker international visitation, and management notes that the environment presents a wide range of possible adverse outcomes.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Strong leasing and disciplined capital allocation drove solid Q2 results, with commercial occupancy at 94.9% and multifamily net rents up 8%. Observation Deck NOI fell sharply due to lower international tourism, prompting a cautious FFO outlook of $0.75-$0.79 for 2026.

Q1 2026 Q1 2026 2026-04-30

First quarter results showed solid leasing, strong balance sheet management, and successful capital recycling into high-growth retail assets. Office and multifamily segments delivered robust performance, while observatory results were seasonally light but resilient.

Q4 2025 Q4 2025 2026-02-18

Full-year core FFO reached $0.87 per share, driven by strong leasing, portfolio transformation to 100% NYC assets, and robust Observatory performance. 2026 guidance anticipates stable FFO, continued high occupancy, and lower G&A, with capital flexibility for growth.

Q3 2025 Q3 2025 2025-10-30

FFO exceeded consensus and 2025 guidance was reaffirmed, with strong leasing momentum and 93%+ office occupancy. Multifamily and retail segments delivered robust growth, and a $175M note issuance further strengthened liquidity. Market fundamentals in NYC remain highly favorable.

Q2 2025 Q2 2025 2025-07-24

Q2 saw robust office leasing, strong multifamily growth, and resilient retail performance, though Observatory NOI declined due to weather and lower international tourism. Guidance for 2025 was revised downward for Observatory NOI, but office and multifamily segments remain strong.

📊 Analysis Methodology

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