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Empire State Realty OP LP ES (ESBA)



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Upturn Advisory Summary
08/28/2025: ESBA (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit 13.4% | Avg. Invested days 68 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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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 |
Upturn AI SWOT
Empire State Realty OP LP ES

Company Overview
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.
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 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
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
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
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.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
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.

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