Empire State Realty OP Series ES
Operates New York City offices, retail, multifamily assets, and the Empire State Building Observatory.
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Profile
Generates rental income from a self-managed New York City office and retail portfolio, multifamily properties, and the Empire State Building Observatory, with ticket sales and broadcasting licenses adding revenue. Operates through a partnership controlled by Empire State Realty Trust as its sole general partner.
Owns and operates the real estate and Observatory segments: a New York City portfolio of office, retail, and multifamily properties plus the Empire State Building Observatory. Office and retail properties are self-managed, while multifamily management is handled by a third party. Revenue comes from contractual rents, expense reimbursements, broadcasting-mast licenses, and timed Observatory admissions, including ancillary customer-experience packages.
Executes leasing, property modernization, pre-built office suites, capital recycling, and energy-efficiency retrofits. Concentrates the operating portfolio in Manhattan and Williamsburg, while Observatory results depend on visitor volume, ticket yield, tourism, weather, seasonality, and competing attractions. Empire State Realty Trust, as sole general partner, controls management and distributions; limited partners cannot participate in operating decisions.
Company facts
Key statistics
Year to date −25.6% · Average volume (30d) 6.6K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | — | −$0.15 | — | — | $196.9M | — | −1.84% |
| May 7, 2026Q1 FY26 | — | $0.01 | — | — | $190.3M | — | +1.63% |
| Feb 17, 2026Q4 FY25 | — | $0.12 | — | — | $199.2M | — | −1.61% |
| Oct 6, 2025 | — | $0.06 | — | — | $197.7M | — | 0.00% |
Financial highlights
| 11 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $180.1M | $190.8M | $197.7M | $199.2M | $190.3M | $196.9M | |
| Gross profit | $91.5M | $101.1M | $164.5M | −$343.4M | −$2.7M | $164.0M | |
| Operating income | $25.8M | $35.1M | $39.3M | $35.4M | $29.5M | $27.4M | |
| Net income | $10.3M | $7.6M | $9.0M | $20.7M | $3.0M | −$39.6M | |
| Diluted EPS | $0.05 | $0.04 | $0.05 | $0.07 | $0.00 | −$0.15 | |
| Gross margin | 50.8% | 53.0% | 83.2% | -172.4% | -1.4% | 83.3% | |
| Operating margin | 14.3% | 18.4% | 19.9% | 17.8% | 15.5% | 13.9% |
Fiscal years (4-quarter sums)FY24 $767.9M · FY25 $767.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $85.6M · Total debt $2.26B · Total assets $4.27B · Shareholders' equity $1.79B
Dividends
Raised for 4 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.035 | |
| Mar 13, 2026 | Mar 13 | Mar 31 | $0.035 | |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.035 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.035 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.035 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.035 | |
| Dec 16, 2024 | Dec 16 | Dec 31 | $0.035 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.035 |
Ownership
Shares outstanding 267.37M · Float 16.29M
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| Susquehanna International Group, LLP | 124.9K | 0.05% | 13F | May 15, 2026 |
| North Star Investment Management Corp. | 94.6K | 0.04% | 13F | Apr 23, 2026 |
| Sequoia Financial Advisors, LLC | 84.9K | 0.03% | 13F | Apr 30, 2026 |
| Morgan Stanley | 84.7K | 0.03% | 13F | May 15, 2026 |
| Verdence Capital Advisors LLC | 72.3K | 0.03% | 13F | Apr 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- SL Green Realty
Manhattan office leader and direct SUMMIT observatory rival.
- Vornado Realty Trust
Large-scale Manhattan office, street retail, and residential overlap.
- BXP
Direct Midtown office leasing and development rival.
- Rithm Capital
Elecor adds Class A Manhattan office competition.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Empire State Realty OP Series ES | $4.65 | 0.00% | $840.3M | — | — | 1.1 | +3.0% |
| SL Green Realty | $57.95 | +0.68% | $4.09B | — | — | 3.9 | −29.0% |
| Vornado Realty Trust | $38.20 | 0.00% | $7.19B | 1,154.1 | — | 3.9 | +4.7% |
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| Rithm Capital | $10.09 | +0.05% | $5.63B | 16.8 | 4.5 | 1.0 | +205.4% |
| Median | 37.3 | 19.2 | 3.5 | +3.9% |