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ESRT 
Empire State Realty Trust Inc (ESRT)
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Upturn Advisory Summary
11/26/2025: ESRT (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
7 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $8.72
1 Year Target Price $8.72
| 1 | Strong Buy |
| 2 | Buy |
| 3 | Hold |
| 0 | Sell |
| 1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -7.51% | Avg. Invested days 39 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 11/26/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.08B USD | Price to earnings Ratio 35 | 1Y Target Price 8.72 |
Price to earnings Ratio 35 | 1Y Target Price 8.72 | ||
Volume (30-day avg) 7 | Beta 1.34 | 52 Weeks Range 6.50 - 11.25 | Updated Date 11/28/2025 |
52 Weeks Range 6.50 - 11.25 | Updated Date 11/28/2025 | ||
Dividends yield (FY) 2.02% | Basic EPS (TTM) 0.2 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date 2025-10-29 | When After Market | Estimate - | Actual 0.0295 |
Profitability
Profit Margin 5.1% | Operating Margin (TTM) 19.89% |
Management Effectiveness
Return on Assets (TTM) 2.1% | Return on Equity (TTM) 3.35% |
Valuation
Trailing PE 35 | Forward PE 116.28 | Enterprise Value 3122749582 | Price to Sales(TTM) 2.71 |
Enterprise Value 3122749582 | Price to Sales(TTM) 2.71 | ||
Enterprise Value to Revenue 4.08 | Enterprise Value to EBITDA 8.7 | Shares Outstanding 169221083 | Shares Floating 139197636 |
Shares Outstanding 169221083 | Shares Floating 139197636 | ||
Percent Insiders 0.08 | Percent Institutions 100.58 |
Upturn AI SWOT
Empire State Realty Trust Inc
Company Overview
History and Background
Empire State Realty Trust Inc. (ESRT) was formed as a real estate investment trust (REIT) in 2011 and went public in 2013. It focuses on office and retail properties, primarily in Manhattan and the greater New York metropolitan area. Its portfolio is highlighted by the iconic Empire State Building.
Core Business Areas
- Commercial Real Estate: Owns, manages, operates, acquires, and repositions office and retail properties in Manhattan and the greater New York metropolitan area. This is their core revenue generator.
Leadership and Structure
Anthony E. Malkin serves as the Chairman, President, and CEO. The company operates with a traditional corporate structure with departments dedicated to leasing, property management, finance, and legal.
Top Products and Market Share
Key Offerings
- Office Space Leasing: ESRT leases office space primarily in Manhattan and the broader NYC metro area. Market share is difficult to define precisely, but ESRT is a significant player in the NYC office market. Competitors include SL Green Realty Corp. (SLG), Vornado Realty Trust (VNO), and Boston Properties (BXP).
- Empire State Building Observatory: ESRT operates the observatory on the Empire State Building, generating revenue from ticket sales and related merchandise. This is a unique asset. Competitors are other NYC tourist attractions such as the Top of the Rock.
- Retail Space Leasing: ESRT leases retail space in its buildings, often to tenants serving office workers and tourists. The revenue from retail leasing is smaller relative to the office portfolio. Competition comes from SL Green, Vornado and Brookfield Properties.
Market Dynamics
Industry Overview
The commercial real estate market, particularly office space, is subject to economic cycles, interest rates, and occupancy trends. The rise of remote work has impacted demand for office space. NYC has shown resilience, but faces headwinds with companies opting for smaller, hybrid models.
Positioning
ESRT is positioned as a landlord of Class A office and retail space in New York City, with a focus on the iconic Empire State Building. It has competitive advantages in its brand recognition and prime locations.
Total Addressable Market (TAM)
The TAM for commercial real estate leasing in NYC is estimated to be billions of dollars annually. ESRT's positioning is tied to maintaining attractive properties and securing key tenants. A rough estimation for NYC Commercial Real Estate TAM may be around $30 Billion. ESRT occupies a small portion of that TAM.
Upturn SWOT Analysis
Strengths
- Iconic properties (Empire State Building)
- Prime locations in Manhattan
- Experienced management team
- Strong brand recognition
- Focus on sustainability and energy efficiency
Weaknesses
- High geographic concentration (NYC)
- Exposure to economic cycles in NYC
- Vulnerability to remote work trends
- High operating costs associated with landmark properties
Opportunities
- Renovating and repositioning existing properties
- Attracting new tenants with modern amenities
- Expanding partnerships with technology companies
- Capitalizing on tourism recovery in NYC
- Further development and optimization of Observatory experience.
Threats
- Economic downturns impacting leasing demand
- Increased competition from new office developments
- Rising interest rates increasing borrowing costs
- Remote work trends reducing office occupancy
- Unexpected repairs or maintenance of older properties
Competitors and Market Share
Key Competitors
- SLG
- VNO
- BXP
Competitive Landscape
ESRT competes with other REITs and landlords in the NYC commercial real estate market. Its advantage lies in its iconic properties, especially the Empire State Building. Its disadvantage is its geographic concentration and the age of some of its buildings.
Major Acquisitions
None significant
- Year: 0
- Acquisition Price (USD millions): 0
- Strategic Rationale: N/A
Growth Trajectory and Initiatives
Historical Growth: ESRT's growth has been primarily driven by occupancy rates and rental rates in its existing portfolio, as well as acquisitions. Growth has been steady but not explosive.
Future Projections: Future growth projections are based on analyst estimates and can be found on financial news and analysis websites. Remote work is one thing affecting how analyst feel about office space in the future.
Recent Initiatives: Recent initiatives include property renovations, sustainability efforts, and attracting new tenants with modern amenities. Also the contruction of a new observation deck at 1 Grand Central Place
Summary
Empire State Realty Trust's strengths lie in its iconic property portfolio, especially the Empire State Building, and its prime locations. The company faces challenges related to its geographic concentration and the evolving office market dynamics brought by remote work. ESRT's initiatives to renovate and reposition properties and attract new tenants are vital for future growth. The company needs to carefully manage its operating costs and mitigate risks associated with rising interest rates and economic downturns to ensure long-term stability. It is still one of the strongest REITs in the NYC area.
Similar Stocks
Sources and Disclaimers
Data Sources:
- ESRT Investor Relations
- SEC Filings (10-K, 10-Q)
- Yahoo Finance
- Bloomberg
- Analyst Reports
Disclaimers:
This analysis is based on publicly available information and does not constitute financial advice. Market share estimates are approximations and may vary based on different sources. Financial data is not real-time and may be outdated.
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 Trust Inc
Exchange NYSE | Headquaters New York, NY, United States | ||
IPO Launch date 2013-10-02 | Chairman & CEO Mr. Anthony E. Malkin | ||
Sector Real Estate | Industry REIT - Diversified | Full time employees 667 | Website https://www.esrtreit.com |
Full time employees 667 | Website https://www.esrtreit.com | ||
Empire State Realty Trust, Inc. (NYSE: ESRT) 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. ESRT's flagship Empire State Building, the "World's Most Famous Building," features its iconic Observatory, ranked the 1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2025, ESRT's portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units.
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