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ESRT

Empire State Realty Trust, Inc.

ESRT

Empire State Realty Trust, Inc. • NYSE
$7.03 ▲ 0.43% (+0.03)
Market Cap $1.19 B
52w High $11.43
52w Low $6.55
Dividend Yield 0.14%
P/E 35.15
Volume 498.52K
Outstanding Shares 169.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $197.73M ▲ $125.156M ▲ $16.935M ▲ 8.565% ▲ $0.05 ▲ $88.094M ▲
Q2-2025 $190.786M ▲ $66.023M ▲ $7.57M ▼ 3.968% ▼ $0.039 ▼ $85.909M ▲
Q1-2025 $180.066M ▼ $65.729M ▲ $10.27M ▼ 5.703% ▼ $0.055 ▼ $74.567M ▼
Q4-2024 $197.602M ▼ $63.235M ▼ $12.218M ▼ 6.183% ▼ $0.074 ▼ $88.305M ▼
Q3-2024 $199.599M $64.271M $14.591M 7.31% $0.13 $91.245M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $136.727M ▼ $4.079B ▼ $2.29B ▼ $1.038B ▲
Q1-2025 $187.823M ▼ $4.114B ▼ $2.329B ▼ $1.032B ▲
Q4-2024 $385.465M ▼ $4.51B ▲ $2.728B ▲ $1.031B ▼
Q3-2024 $421.896M ▼ $4.437B ▲ $2.68B ▼ $1.045B ▲
Q2-2024 $535.533M $4.433B $2.682B $1.041B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $11.385M ▼ $26.715M ▼ $-113.507M ▼ $-13.893M ▲ $-100.685M ▲ $-55.091M ▼
Q1-2025 $15.778M ▼ $83.146M ▲ $-42.063M ▲ $-232.973M ▼ $-191.89M ▼ $41.083M ▲
Q4-2024 $18.793M ▼ $50.032M ▼ $-78.652M ▲ $-11.997M ▲ $-40.617M ▲ $21.02M ▼
Q3-2024 $22.796M ▼ $102.81M ▲ $-190.808M ▼ $-18.631M ▼ $-106.629M ▼ $55.433M ▲
Q2-2024 $28.555M $37.124M $-56.393M $210.506M $191.237M $-6.393M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Observatory Segment
Observatory Segment
 $40.00M ▲$40.00M ▲$20.00M ▼$30.00M ▲
Real Estate Segment
Real Estate Segment
 $180.00M ▲$180.00M ▲$170.00M ▼$180.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past five years, Empire State Realty Trust has moved from a period of pandemic-driven losses back to steady profitability. Revenue has grown gradually, not explosively, but with a clear upward trend. Profitability at the operating level has improved as well, suggesting better cost control and stronger rent and observatory income. Net income has shifted from small losses to consistent, if still modest, profits. Overall, the income statement shows a business that has stabilized and is slowly strengthening after a difficult period, but it is not a high-growth story.

Balance Sheet

Balance Sheet The balance sheet looks relatively steady for a real estate trust. The total asset base has remained fairly stable, reflecting a mature portfolio rather than aggressive expansion. Debt levels are meaningful, as is typical for a REIT, but they have not surged dramatically and appear to be managed within a consistent range. Shareholders’ equity has held up reasonably well, with only modest fluctuations, which points to a capital structure that has weathered recent challenges without major deterioration. In short, the balance sheet suggests a reasonably solid foundation with moderate leverage that fits the business model.

Cash Flow

Cash Flow Cash generation from the core business has been gradually improving, which is important for a REIT that relies on steady rental and related income. Operating cash flow has trended upward, indicating healthier underlying operations. Free cash flow has improved even more in recent years, largely because the company has scaled back from a period of heavier investment spending to a lighter level of capital expenditures. That shift means more cash left over after maintaining and improving the properties, which offers flexibility for debt service, dividends, or future investments. The trade-off is that the strongest free cash flow period follows a past investment phase rather than coinciding with large new projects.

Competitive Edge

Competitive Edge Empire State Realty Trust’s most obvious competitive strength is its ownership of the Empire State Building, which provides unique brand recognition and a valuable, diversified income stream from both tenants and tourism. Beyond the landmark, the company has positioned its portfolio as high-quality, energy-efficient space in a market where tenants are increasingly abandoning older, lower-quality buildings. Its emphasis on sustainability, indoor air quality, and tenant experience—supported by digital tools and curated amenities—helps it stand out in a crowded New York City office and mixed-use market. The main external pressures are structural: changing office demand, remote work trends, tourism cycles, and interest rates. Within that environment, ESRT competes more as a “flight-to-quality” landlord than as a low-cost provider.

Innovation and R&D

Innovation and R&D For a real estate company, ESRT is unusually focused on innovation. Its “ESRT 2.0” program and the KODE OS operating system turn its buildings into smart, data-driven assets, with real-time monitoring of energy and building systems. The company has invested heavily in deep energy retrofits, advanced air purification, and indoor environmental quality, plus a fully renewable energy approach across its portfolio. On the customer side, the ESRT+ mobile app, turnkey suites, and curated amenities are designed to make occupancy simpler, healthier, and more attractive for tenants. Looking ahead, ESRT is pushing toward net-zero carbon goals, deeper use of analytics and AI in building operations, an expanded digital tenant platform, and selective acquisitions where its retrofit expertise can add value. This innovation agenda acts as a form of ongoing R&D for a property owner and reinforces its sustainability-led brand.

Summary

Empire State Realty Trust today looks like a stabilized, gradually improving real estate platform anchored by an iconic, globally recognized asset. Financially, it has recovered from pandemic-era losses to consistent profitability, with a steady if measured rise in revenue, firmer margins, and improving cash flows. Its balance sheet shows a typical REIT profile—substantial but controlled leverage supported by a durable asset base. Strategically, ESRT’s differentiation comes from three areas: the Empire State Building brand, a strong sustainability and decarbonization track record, and a clear push into smart-building technology and tenant-focused digital services. The key opportunities lie in attracting tenants and visitors who prioritize quality, health, and ESG credentials, while the key risks center on broader New York office demand, tourism trends, and financing conditions. Overall, ESRT presents as a quality-focused, innovation-minded landlord in a challenging but opportunity-rich urban real estate market.

NEWS

November 12, 2025 · 4:30 PM UTC

Gerson Lehrman Group, Inc. to Expand 18,230 Square Feet at One Grand Central Place for a Total 95,612 Square Foot Space

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November 10, 2025 · 6:08 PM UTC

The Empire State Building Holiday Celebrations Include: Radio City Rockettes 100th Anniversary Exhibits, Visits from Santa, Holiday Décor, Movie Screenings, Pop-ups, Lightings, and More

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October 31, 2025 · 5:52 PM UTC

The Empire State Building Ushers in Autumn with an Iconic NYC Pop-Up, Festive Photo Corner, Special Tower Lighting, Exclusive Ticket Offer, and Visit from Halloween Queen Heidi Klum

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October 29, 2025 · 4:05 PM UTC

Empire State Realty Trust Announces Third Quarter 2025 Results

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October 28, 2025 · 4:30 PM UTC

Empire State Realty Trust Welcomes Rolex to Its North Sixth Street Collection in Williamsburg

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