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.

Ticker: ESRT
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Diversified
Market cap: $919.33M
52-week range: $3.93 - $7.54

Valuation

Share price: $5.31 (close of Nov 6, 2026)
P/E (TTM): 265.50x
Price to book: 0.51x
Price to free cash flow: 4.04x
Enterprise value: $3.06B
Book value per share: $10.34

Price performance

Period	Change
1 day	+0.19%
5 days	+6.84%
1 month	+19.86%
3 months	+8.81%
6 months	-6.35%
Year to date	-18.56%
1 year	-27.16%
3 years	-39.86%
5 years	-49.33%
10 years	-71.96%
All time	-59.47%

Short interest

As of: Oct 15, 2026
Short % of float: 9.12%
Shares short: 12.52M
Days to cover: 2.40
Change since prior report: +13.50%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 4.01%
Return on assets: 1.63%
Net margin: 9.52%
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): 24.76%
Net debt to EBITDA: 6.66x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $766.79M
Net income: $72.98M
Earnings per share: $0.26
Interest expense: $103.13M
Shares outstanding: 168.54M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$766.79M	$72.98M	$0.26
2024-12-31	$766.75M	$80.36M	$0.29
2023-12-31	$738.22M	$84.41M	$0.30
2022-12-31	$725.68M	$63.21M	$0.22
2021-12-31	$624.09M	-$13.04M	-$0.06
2020-12-31	$609.23M	-$22.89M	-$0.10
2019-12-31	$731.34M	$84.29M	$0.28
2018-12-31	$731.51M	$117.25M	$0.39
2017-12-31	$709.53M	$118.25M	$0.40
2016-12-31	$677.35M	$107.25M	$0.38

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	9.52%	4.01%
2024-12-31	10.48%	4.51%
2023-12-31	11.43%	4.88%
2022-12-31	8.71%	3.76%
2021-12-31	-2.09%	-0.77%
2020-12-31	-3.76%	-1.32%
2019-12-31	11.53%	4.33%
2018-12-31	16.03%	5.89%
2017-12-31	16.67%	5.98%
2016-12-31	15.83%	5.41%

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: Sep 15, 2026
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

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-02	Sep 2026	-
2026-07-29	Jun 2026	-
2026-04-29	Mar 2026	-
2026-02-17	Dec 2025	-
2025-10-29	Sep 2025	-
2025-07-23	Jun 2025	-
2025-04-29	Mar 2025	-
2025-02-19	Dec 2024	-

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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