Empire State Realty Trust, Inc. (ESRT)
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.
- Symbol
- ESRT
- Exchange
- NYSE
- Sector
- Real Estate
- Industry
- REIT - Diversified
- Market cap
- $706.39M
- 52 week range
- 3.93 - 8.04
Valuation
- Share price
- $4.13 (close of 2026-09-23)
- P/E (TTM)
- 206.50x
- Price to book
- 0.39x
- Price to free cash flow
- 3.10x
- Enterprise value
- $2.85B
- Book value per share
- $10.46
Price performance
| Period | Change |
|---|
| 1 day | -0.24% |
| 5 days | -2.36% |
| 1 month | -14.32% |
| 3 months | -19.96% |
| 6 months | -20.12% |
| Year to date | -36.66% |
| 1 year | -45.30% |
| 3 years | -47.92% |
| 5 years | -59.15% |
| 10 years | -80.87% |
| All time | -68.47% |
Profitability and growth
- Return on equity
- 4.01%
- Return on invested capital
- 3.25%
- Return on assets
- 1.63%
- Gross margin
- 27.19%
- Net margin
- 9.52%
- EBITDA margin
- 43.09%
- Revenue growth
- 0.00%
- Net income growth
- -9.18%
- Free cash flow growth
- -4.54%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 32.23%
- Net debt to EBITDA
- 6.66x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $766.79M
- Cost of revenue
- $558.30M
- Gross profit
- $208.49M
- EBITDA
- $330.41M
- Net income
- $72.98M
- Earnings per share
- $0.26
- Shares outstanding
- 168.54M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $766.79M | $208.49M | $72.98M | $0.26 |
| 2024-12-31 | $766.75M | $228.94M | $80.36M | $0.29 |
| 2023-12-31 | $738.22M | $210.65M | $84.41M | $0.30 |
| 2022-12-31 | $725.68M | $188.79M | $63.21M | $0.22 |
| 2021-12-31 | $624.09M | $135.08M | $-13.04M | $-0.06 |
| 2020-12-31 | $609.23M | $120.91M | $-22.89M | $-0.10 |
| 2019-12-31 | $731.34M | $215.77M | $84.29M | $0.28 |
| 2018-12-31 | $731.51M | $243.53M | $117.25M | $0.39 |
| 2017-12-31 | $709.53M | $243.22M | $118.25M | $0.40 |
| 2016-12-31 | $677.35M | $235.37M | $107.25M | $0.38 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 27.19% | 9.52% | 4.01% | 3.25% |
| 2024-12-31 | 29.86% | 10.48% | 4.51% | 4.02% |
| 2023-12-31 | 28.53% | 11.43% | 4.88% | 3.94% |
| 2022-12-31 | 26.02% | 8.71% | 3.76% | 3.40% |
| 2021-12-31 | 21.64% | -2.09% | -0.77% | 6.14% |
| 2020-12-31 | 19.85% | -3.76% | -1.32% | 4.75% |
| 2019-12-31 | 29.50% | 11.53% | 4.33% | 8.74% |
| 2018-12-31 | 33.29% | 16.03% | 5.89% | 9.34% |
| 2017-12-31 | 34.28% | 16.67% | 5.98% | 8.35% |
| 2016-12-31 | 34.75% | 15.83% | 5.41% | 8.13% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $132.66M | $145.00M |
| 2024-12-31 | $385.46M | $120.00M |
| 2023-12-31 | $346.62M | - |
| 2022-12-31 | $264.43M | - |
| 2021-12-31 | $423.69M | - |
| 2020-12-31 | $526.71M | - |
| 2019-12-31 | $233.95M | - |
| 2018-12-31 | $604.98M | $608.57M |
| 2017-12-31 | $464.34M | $717.16M |
| 2016-12-31 | $554.37M | $759.02M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $249.05M | $25.17M |
| 2024-12-31 | $260.89M | $21.70M |
| 2023-12-31 | $63.34M | $20.03M |
| 2022-12-31 | $125.21M | $21.01M |
| 2021-12-31 | $-185.89M | $20.26M |
| 2020-12-31 | $78.23M | $25.50M |
| 2019-12-31 | $-23.33M | $20.86M |
| 2018-12-31 | $22.53M | $18.79M |
| 2017-12-31 | $-33.96M | $14.10M |
| 2016-12-31 | $17.07M | $9.73M |
Dividend history
- Most recent payment
- 2026-09-15
- Paid in the last twelve months
- $0.14
| Payment date | Dividend per share |
|---|
| 2026-09-15 | $0.04 |
| 2026-06-15 | $0.04 |
| 2026-03-13 | $0.04 |
| 2025-12-15 | $0.04 |
| 2025-09-15 | $0.04 |
| 2025-06-13 | $0.04 |
| 2025-03-14 | $0.04 |
| 2024-12-16 | $0.04 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-04
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-29 | Jun/2026 | - |
| 2026-04-29 | - | - |
| 2026-02-17 | - | - |
| 2025-10-29 | - | - |
| 2025-07-23 | - | - |
| 2025-04-29 | - | - |
| 2025-02-19 | - | - |
| 2024-10-21 | - | - |
Filings and sources
- Company website
- esrtreit.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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