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Upturn AI Summary - About
Empire State Realty OP LP ES(ESBA)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for ESBA
11/06/2026: ESBA (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Empire State Realty OP LP ES is the operating partnership of a real estate investment trust that owns iconic office and retail properties in the New York City metropolitan area. The company is best known for its flagship Empire State Building, which provides a high-margin tourism revenue stream that complements its traditional office leasing business. While the company has a leading position in prime NYC real estate, it faces risks from persistent hybrid work trends and geographic concentration. It may suit dividend-focused investors, though performance remains sensitive to office sector volatility. Key developments to monitor include occupancy trends in its office portfolio and foot traffic at its observatory.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Weak fit | The company is a mature REIT focused on income rather than high-growth capital appreciation. |
| Momentum investor | Mixed fit | Momentum fits are conditional on positive sector sentiment regarding NYC commercial real estate recovery. |
| Value investor | Strong fit | The stock often trades based on the underlying value of its iconic real estate portfolio. |
| Dividend investor | Strong fit | As a REIT, the company is structured to distribute a significant portion of its taxable income to shareholders. |
| Low-risk investor | Mixed fit | While assets are high-quality, the geographic concentration and office sector risks introduce volatility. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | Medium / high | Real estate investment trusts can fluctuate based on interest rate cycles and regional office market sentiment. |
| Valuation risk | Medium | The share price is closely tied to Net Asset Value (NAV) estimates which can change with interest rate environments. |
| Competition risk (NYC office competition) | High | The competitive landscape for prime Manhattan office space is intense, impacting rental rates and occupancy. |
| Business quality | Medium / high | The portfolio contains iconic and high-quality assets, though sector-wide pressures remain a constraint. |
| Dividend income | Medium | Dividends are subject to the financial performance of the underlying property portfolio and FFO growth. |
| Execution risk | Medium | Success depends on the ability to manage, lease, and modernize large-scale urban properties effectively. |
Price Behavior
Downtrend
The stock has experienced a sustained decline in price over recent periods.
Choppy
The stock has experienced frequent reversals and pronounced short-term price swings.
Analysis of Past Performance
Type Stock | Historic Profit -6.28% | Avg. Invested days 41 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/06/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.46B USD | Price to earnings Ratio - | 1Y Target Price - |
Price to earnings Ratio - | 1Y Target Price - | ||
Volume (30-day avg) 9.4K shares | Beta 1.47 | 52 Weeks Range 3.79 - 7.41 | Updated Date 11/08/2026 |
52 Weeks Range 3.79 - 7.41 | Updated Date 11/08/2026 | ||
Dividends yield (FY) 2.68% | Basic EPS (TTM) -0.02 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Office Leasing | Rental income from office tenants in Manhattan and NYC metropolitan area. | The primary source of revenue comes from renting office space. |
| Observatory | Ticket sales, retail, and event revenue from the Empire State Building. | High-margin revenue generated from tourism and visitor attractions. |
| Retail/Other | Street-level retail rents and ancillary services. | Additional rental income streams from ground-floor spaces. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Valuation
Trailing PE - | Forward PE - | Enterprise Value 3.63B | Price to Sales(TTM) 1.86 |
Enterprise Value 3.63B | Price to Sales(TTM) 1.86 | ||
Enterprise Value to Revenue 4.66 | Enterprise Value to EBITDA 11.71 | Shares Outstanding 16.08M | Shares Floating 22.51M |
Shares Outstanding 16.08M | Shares Floating 22.51M | ||
Percent Insiders - | Percent Institutions 8.71 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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