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Empire State Realty OP LP (OGCP)


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Upturn Advisory Summary
10/17/2025: OGCP (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -0.68% | Avg. Invested days 47 | 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 29.17 | 1Y Target Price - |
Price to earnings Ratio 29.17 | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 1.69 | 52 Weeks Range 6.22 - 11.76 | Updated Date 06/29/2025 |
52 Weeks Range 6.22 - 11.76 | Updated Date 06/29/2025 | ||
Dividends yield (FY) 1.60% | 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 29.17 | 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 4529680 | Shares Floating 24795999 |
Shares Outstanding 4529680 | Shares Floating 24795999 | ||
Percent Insiders - | Percent Institutions 4.8 |
Upturn AI SWOT
Empire State Realty OP LP

Company Overview
History and Background
Empire State Realty OP LP is the operating partnership through which Empire State Realty Trust, Inc. (ESRT) conducts substantially all of its business. ESRT went public in 2013, consolidating various real estate assets under one umbrella, including the iconic Empire State Building. The REIT focuses on owning, managing, operating, acquiring, and repositioning office and retail properties in Manhattan and the greater New York metropolitan area.
Core Business Areas
- Commercial Real Estate: ESRT owns, manages, leases, and operates office and retail properties, primarily in Manhattan.
- Observatory: ESRT operates the Empire State Building Observatory, a significant tourist attraction providing revenue.
Leadership and Structure
Anthony E. Malkin serves as Chairman, President, and CEO of Empire State Realty Trust, Inc., the general partner of Empire State Realty OP LP. The company has a standard REIT structure with executive leadership and a board of directors overseeing operations.
Top Products and Market Share
Key Offerings
- Office Space: ESRT provides office space leasing services. Occupancy rates and lease terms fluctuate based on market conditions. Competitors include SL Green Realty (SLG) and Boston Properties (BXP).
- Retail Space: ESRT leases retail spaces within its properties. Revenue is dependent on tenant sales and lease agreements. Competitors include Vornado Realty Trust (VNO).
- Empire State Building Observatory: The Observatory provides revenue through ticket sales, merchandise, and events. Competitors include other New York City attractions like Top of the Rock and One World Observatory.
Market Dynamics
Industry Overview
The commercial real estate market is influenced by economic growth, interest rates, and demand for office and retail space. REITs are impacted by these factors as well as regulations specific to REITs.
Positioning
ESRT is positioned as a premier owner and operator of office and retail properties in Manhattan, with the Empire State Building as its flagship asset. Competitive advantages include location and brand recognition.
Total Addressable Market (TAM)
The TAM for commercial real estate in Manhattan is substantial, estimated to be in the hundreds of billions of dollars. ESRT's positioning focuses on capturing a portion of this market through its portfolio of high-quality assets.
Upturn SWOT Analysis
Strengths
- Iconic Asset (Empire State Building)
- Prime Manhattan Locations
- Strong Brand Recognition
- Experienced Management Team
- Stable cash flow from Observatory
Weaknesses
- Concentration in Manhattan Market
- Sensitivity to Economic Downturns
- High Operating Expenses
- Significant Debt Load
- Older building stock needing renovations
Opportunities
- Renovation and Repositioning of Properties
- Expansion into New Markets
- Increasing Observatory Revenue
- Technological Upgrades
- Strategic Partnerships
Threats
- Economic Recession
- Increased Competition
- Rising Interest Rates
- Changes in Consumer Preferences (Retail)
- Geopolitical instability
Competitors and Market Share
Key Competitors
- SLG
- VNO
- BXP
Competitive Landscape
ESRT faces competition from other major REITs with Manhattan portfolios. Its advantage lies in the iconic status of the Empire State Building, but its portfolio is smaller than some competitors.
Growth Trajectory and Initiatives
Historical Growth: Historical growth unavailable. See financial sources for latest data.
Future Projections: Future projections unavailable. See financial sources for latest data.
Recent Initiatives: Recent initiatives unavailable. See financial sources for latest data.
Summary
Empire State Realty OP LP benefits from owning the iconic Empire State Building and having a strong brand. However, it's vulnerable to economic downturns and concentrated in the Manhattan market. Investing in renovation and expansion could improve its growth trajectory and profitability.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company filings
- Industry reports
- Analyst reports
- SEC Filings
Disclaimers:
The data and analysis provided are for informational purposes only and should not be considered investment advice. Market share data is estimated and may not be precise. Financial information is based on publicly available data and is subject to change.
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
Exchange NYSE ARCA | Headquaters New York, NY, United States | ||
IPO Launch date 2013-10-08 | 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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