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NYSE · REAL ESTATE INVESTMENT TRUSTS · MID CAP

Empire State Realty OP, L.p. ESBA

14 fiscal years on record · USD · FY2025 reported · SEC filings only
$768.3M
▲ 0.0% YoY
$73.0M
▼ 9.2% YoY
$249.1M
▼ 4.5% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

The company self-manages all of its office and retail properties, and uses a third-party property manager for its multifamily properties. It generates revenue primarily from rents, rent escalations, tenant expense reimbursements, and other income received from tenants under existing leases at its properties. As of December 31, 2025, its portfolio comprised approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space, and 743 residential units, all located in New York City. As of December 31, 2025, the company employed 642 people, of whom approximately 407 were covered by collective bargaining agreements. Its reportable segments consist of a real estate segment and an Observatory segment. The real estate segment covers the ownership, management, operation, acquisition, repositioning, and disposition of its office, retail, and multifamily assets. The Observatory segment operates the 86th and 102nd floor observatories at the Empire State Building. The company was organized as a Delaware limited partnership on November 28, 2011 and commenced operations upon completion of an initial public offering of ESRT's Class A common stock on October 7, 2013.

Written from the business description in Empire State Realty OP, L.P.'s annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth

USD 768.3M
Revenue, FY2025 · full 14-year series below
Revenue $M Net income $M
FY2025 · Revenue 768.3 · Net income 73.0
300M600M
201120152018202120242025
Compound annual growth
+1.9%
+4.7%
+1.6%
+4.9%
+4.4%
−1.5%
−28.5%
−25.4%
−6.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +4.7% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

9 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 17.7% · Net 9.5%
10%20%30%
201120182025
ROE

Not available in our data for this period.

Three returns, three denominators.
Return on equityNot available in our data for this period.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Cash & shareholders

USD 47.1M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 249.1
100M200M-150M-300M
201120182025
Net buybacks $M Dividends $M
FY2025 · Dividends 39.0 · Net buybacks 8.1
100M200MDividendsNet buybacks
2014201620182020202220242025

USD 39.0M in dividends and USD 8.1M in buybacks — 65% of the year's profit went back to shareholders.

Total assetsUSD 4.5B
CashUSD 132.7M
Gross debtUSD 619.3M
Net debtUSD 486.6M

Not available: we don't have the shareholders' equity figure for this period.

The 14-year record

14 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
ESBA, 14-year financial record
Metric 20252024202320222021202020192018201720162015201420122011
Revenue $B0.80.80.70.70.60.60.70.70.70.70.70.60.30.3
Operating income $B0.10.20.10.10.10.10.20.20.20.20.20.10.1◌
EBITDA $B0.30.30.30.30.30.20.30.40.40.30.30.3◌◌
Income tax $B0.00.00.00.0−0.0−0.00.00.00.00.00.00.0◌◌
Net income $B0.10.10.10.1−0.0−0.00.10.10.10.10.10.10.00.1
Free cash flow $B0.20.30.20.2−0.20.1−0.00.0−0.00.00.0−0.4◌◌
EPS, diluted $0.250.280.300.22−0.06−0.100.270.390.390.380.290.27◌◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %53484461−219−266150108107107115125——
ROE % — not available in our data◌◌◌◌◌◌◌◌◌◌◌◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 40 reconciliationsAUDITED

Reconciled in 14 of the 14 fiscal years we could check. Seven checks were skipped: EPS is not tagged before 2014. Five checks were skipped: the balance sheet is not tagged before 2012. Four checks were skipped: revenue is not tagged before 2011.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2011

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