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Upturn AI Summary - About
Empire State Realty OP LP(OGCP)
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 OGCP
10/23/2026: OGCP (1-star) is currently NOT-A-BUY. Pass it for now.
Empire State Realty OP LP is the operating partnership of a real estate investment trust focused on the Manhattan office market and the iconic Empire State Building Observatory. The company benefits from a high-quality portfolio and a conservative balance sheet that supports stability. Its primary growth opportunity lies in repositioning properties for modern tenant demands and driving tourism revenue at the Observatory. However, the company faces material risks from the secular decline in office occupancy and macroeconomic volatility. It is a potential fit for value-oriented investors seeking income, provided they can tolerate the cyclical nature of the NYC commercial real estate sector.
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 stability rather than high-growth earnings expansion. |
| Momentum investor | Weak fit | The office REIT sector has generally faced downward momentum, making it a poor fit unless a clear upward breakout occurs. |
| Value investor | Strong fit | The stock often trades at a significant discount to Net Asset Value (NAV), appealing to investors looking for undervalued real estate assets. |
| Dividend investor | Mixed fit | While it pays a dividend, the stability of the payout is subject to the cyclical nature of office demand. |
| Low-risk investor | Mixed fit | The conservative balance sheet reduces risk, but the concentration in Manhattan office assets introduces cyclical volatility. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | Medium / high | Real estate investment trusts can be sensitive to interest rate changes and economic outlooks. |
| Valuation risk | Medium | The market may undervalue the assets, but recovery is tied to broader office market health. |
| Competition risk (NYC Commercial Real Estate) | High | Intense competition for tenants in NYC can put pressure on rental rates and occupancy. |
| Business quality | Medium | The portfolio is high-quality, but the overall office sector faces significant structural headwinds. |
| Dividend income | Medium | Dividend sustainability depends on consistent FFO and operating performance. |
| Execution risk | Medium | The ability to successfully reposition older buildings to current tenant standards is critical. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Highly Choppy
The stock has experienced frequent, large price swings that make its near-term movement less predictable.
Analysis of Past Performance
Type Stock | Historic Profit -17.95% | Avg. Invested days 51 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  1.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 10/23/2026 |
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 1.38B USD | Price to earnings Ratio 246 | 1Y Target Price - |
Price to earnings Ratio 246 | 1Y Target Price - | ||
Volume (30-day avg) 1.6K shares | Beta 1.46 | 52 Weeks Range 3.76 - 7.88 | Updated Date 10/25/2026 |
52 Weeks Range 3.76 - 7.88 | Updated Date 10/25/2026 | ||
Dividends yield (FY) 2.91% | 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 surrounding areas. | This is the primary driver of income, dependent on business occupancy rates. |
| Observatory Operations | Ticket sales and retail/dining at the Empire State Building Observatory. | This is a unique, high-margin revenue stream that provides a hedge against office market weakness. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Valuation
Trailing PE 246 | Forward PE - | Enterprise Value 4.07B | Price to Sales(TTM) 1.76 |
Enterprise Value 4.07B | Price to Sales(TTM) 1.76 | ||
Enterprise Value to Revenue 5.29 | Enterprise Value to EBITDA 10.83 | Shares Outstanding 4.07M | Shares Floating 22.51M |
Shares Outstanding 4.07M | Shares Floating 22.51M | ||
Percent Insiders - | Percent Institutions 7.98 |
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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