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Empire State Realty OP LP ES (ESBA)

Upturn stock ratingUpturn stock rating
$7.31
Last Close (24-hour delay)
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PASS
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Upturn Advisory Summary

08/28/2025: ESBA (1-star) is currently NOT-A-BUY. Pass it for now.

Upturn Star Rating

rating

Not Recommended Performance

These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.

Analysis of Past Performance

Type Stock
Historic Profit 13.4%
Avg. Invested days 68
Today’s Advisory PASS
Upturn Star Rating Upturn stock ratingUpturn stock rating
Upturn Advisory Performance Upturn Advisory Performance 4.0
Stock Returns Performance Upturn Returns Performance 2.0
Upturn Profits based on simulationUpturn Profits based on simulation Profits based on simulation
Upturn Profits based on simulationUpturn Profits based on simulation Last Close 08/28/2025

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 2.27B USD
Price to earnings Ratio 27.37
1Y Target Price -
Price to earnings Ratio 27.37
1Y Target Price -
Volume (30-day avg) -
Beta 1.69
52 Weeks Range 6.36 - 11.37
Updated Date 06/29/2025
52 Weeks Range 6.36 - 11.37
Updated Date 06/29/2025
Dividends yield (FY) 1.71%
Basic EPS (TTM) 0.3

Earnings Date

Report Date -
When -
Estimate -
Actual -

Profitability

Profit Margin 11.27%
Operating Margin (TTM) 14.32%

Management Effectiveness

Return on Assets (TTM) 2.31%
Return on Equity (TTM) 4.9%

Valuation

Trailing PE 27.37
Forward PE -
Enterprise Value 4183197823
Price to Sales(TTM) 2.97
Enterprise Value 4183197823
Price to Sales(TTM) 2.97
Enterprise Value to Revenue 5.46
Enterprise Value to EBITDA 10.63
Shares Outstanding 17733700
Shares Floating 24795999
Shares Outstanding 17733700
Shares Floating 24795999
Percent Insiders -
Percent Institutions 6.26

ai summary icon Upturn AI SWOT

Empire State Realty OP LP ES

stock logo

Company Overview

overview logo History and Background

Empire State Realty OP LP (ES) is the operating partnership of Empire State Realty Trust, Inc. (ESRT). ESRT was formed in 2011 and went public in 2013. It owns, manages, operates, acquires, and repositions office and retail properties in Manhattan and the greater New York metropolitan region. ES is a limited partnership that holds substantially all of ESRT's assets.

business area logo Core Business Areas

  • Commercial Real Estate: Owns and manages office and retail properties, primarily in Manhattan and the New York metropolitan area. Focuses on leasing space to tenants.

leadership logo Leadership and Structure

Anthony E. Malkin is the Chairman, President and Chief Executive Officer of Empire State Realty Trust. The company operates with a traditional corporate structure with a Board of Directors overseeing management.

Top Products and Market Share

overview logo Key Offerings

  • Office Space: Leases office space primarily in Manhattan. Competitors include other large REITs and property owners in the region, such as SL Green Realty Corp (SLG), Vornado Realty Trust (VNO) and Boston Properties (BXP). Market share data is difficult to pinpoint precisely, but ESRT controls a substantial percentage of Class A office space in midtown Manhattan.
  • Retail Space: Leases retail space, often in conjunction with its office properties. Competitors include other retail property owners and REITs. Market share varies by submarket and type of retail space.

Market Dynamics

industry overview logo Industry Overview

The commercial real estate market, particularly in Manhattan, is highly competitive and influenced by economic conditions, interest rates, and demand for office and retail space. The market is currently navigating challenges from hybrid work models and higher interest rates.

Positioning

ESRT is positioned as a premier owner and operator of iconic properties, particularly the Empire State Building. Its competitive advantages include prime locations, high-quality assets, and experienced management.

Total Addressable Market (TAM)

The total addressable market for commercial real estate in New York City is substantial, estimated to be in the hundreds of billions of dollars. ESRT's position within this TAM is significant, focusing on Class A office and retail space.

Upturn SWOT Analysis

Strengths

  • Iconic property (Empire State Building)
  • Prime locations in Manhattan
  • High-quality assets
  • Experienced management team
  • Strong brand recognition

Weaknesses

  • Concentrated geographic focus (Manhattan)
  • Exposure to economic cycles
  • Dependence on leasing activity
  • High operating expenses associated with landmark buildings
  • Susceptibility to increasing interest rates.

Opportunities

  • Repositioning and upgrading existing properties
  • Expanding into new markets or property types
  • Capitalizing on tourism at the Empire State Building
  • Leveraging technology to improve property management and tenant experience
  • Growth in demand for flexible workspace solutions

Threats

  • Economic downturns
  • Increased competition from other landlords
  • Rising interest rates
  • Changes in tenant preferences (e.g., remote work)
  • Unforeseen events (e.g., pandemics, natural disasters)

Competitors and Market Share

competitor logo Key Competitors

  • SLG
  • VNO
  • BXP
  • HME
  • CLI

Competitive Landscape

ESRT faces stiff competition from other large REITs with substantial holdings in Manhattan. Its advantage lies in the iconic status of the Empire State Building and other well-located properties. However, its geographic concentration poses a risk, as does its reliance on leasing activity.

Growth Trajectory and Initiatives

Historical Growth: See relevant financial reporting on SEC website for accurate figures.

Future Projections: Future projections depend on overall market performance, but generally analysts expect moderate revenue growth tied to occupancy rates and rent increases. Estimates can be found on major financial news websites.

Recent Initiatives: Recent initiatives include investing in energy efficiency and sustainability improvements at its properties, as well as enhancing tenant amenities and experiences.

Summary

Empire State Realty OP LP ES is a prominent REIT focused on Manhattan commercial real estate, benefitting from iconic properties. While it enjoys prime locations and experienced management, its geographic concentration and reliance on leasing make it vulnerable to economic cycles. Recent sustainability initiatives and tenant experience enhancements are positive steps. Its future success depends on adapting to evolving tenant preferences and managing competition effectively.

Peer Comparison

Sources and Disclaimers

Data Sources:

  • SEC filings
  • Company website
  • Financial news websites
  • Analyst reports

Disclaimers:

This analysis is for informational purposes only and does not constitute financial advice. Market share data is approximate and based on publicly available information. Financial data should be verified through official SEC filings.

Upturn AI SummarizationUpturn AI Summarization AI Summarization is directionally correct and might not be accurate.

Upturn AI SummarizationUpturn AI Summarization Summarized information shown could be a few years old and not current.

Upturn AI SummarizationUpturn AI Summarization Fundamental Rating based on AI could be based on old data.

Upturn AI SummarizationUpturn AI Summarization AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.

About Empire State Realty OP LP ES

Exchange NYSE ARCA
Headquaters New York, NY, United States
IPO Launch date 2013-10-02
Chairman & CEO of Empire State Realty Trust Inc Mr. Anthony E. Malkin
Sector Real Estate
Industry REIT - Office
Full time employees 667
Full time employees 667

Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.