Empire State Realty Trust
Owner of the Empire State Building and a pure-NYC office, retail, and observatory portfolio.
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Profile
A New York City REIT owning office, retail, multifamily, and observatory assets, with the Empire State Building — its single largest revenue contributor — anchoring both a commercial leasing portfolio and a ticketed observation-deck business that has no direct listed-landlord peer.
Owns and operates office, retail, multifamily, and observatory assets concentrated entirely in New York City, with the Empire State Building as the anchor across both real-estate and tourism revenue.
The real-estate segment covers roughly nine midtown Manhattan office buildings plus a SoHo property acquired in late 2025, street-level retail, a Williamsburg open-air retail collection, and roughly 740 Manhattan residential units. The observatory — occupying the 86th and 102nd floors of the Empire State Building — is a ticketed attraction with no direct peer among US-listed landlords.
The Empire State Building drives a disproportionate share of rental income and observatory ticket sales both. Malkin family voting control has persisted since before the 2013 NYSE listing. A deep-energy retrofit program launched in 2009 anchors a documented sustainability lead used to differentiate in leasing.
Company facts
Categories
Key statistics
Year to date −29.1% · Average volume (30d) 1.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 30, 2026 | Evercore ISI | Target | $6 | $5.50 | |
| Jun 8, 2026 | Evercore ISI | Target | $7 | $6 | |
| Feb 18, 2026 | Evercore ISI | Target | $7 | ||
| Nov 25, 2025 | Wells Fargo | Reiterate | Underweight | $5.50 | $6.80 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | — | −$0.15 | — | $198.1M | $196.9M | −0.6% | −13.79% |
| Apr 29, 2026Q1 FY26 | — | $0.20 | — | $183.4M | $190.3M | +3.8% | −0.89% |
| Feb 17, 2026Q4 FY25 | — | $0.23 | — | $192.4M | $199.2M | +3.5% | −2.66% |
| Oct 29, 2025Q3 FY25 | — | $0.23 | — | $196.5M | $197.7M | +0.6% | −6.04% |
Financial highlights
| 12 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 | $2.1M | |
| Operating income | $25.8M | $35.1M | $39.3M | $35.4M | $29.5M | $27.4M | |
| Net income | $10.3M | $7.6M | $9.0M | $20.7M | $2.3M | −$24.8M | |
| 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% | 1.1% | |
| Operating margin | 14.3% | 18.4% | 19.9% | 17.8% | 15.5% | 13.9% |
Fiscal years (4-quarter sums)FY21 $624.1M · FY22 $727.0M · FY23 $739.6M · FY24 $767.9M · FY25 $767.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $85.6M · Total debt $2.23B · Total assets $4.27B · Shareholders' equity $1.04B
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 171.46M · Float 141.42M · 82.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 17.88M | 10.43% | 13F | Aug 7, 2026 |
| Ameriprise Financial Inc | 14.49M | 8.45% | 13F | Aug 14, 2026 |
| Lasalle Investment Management Securities LLC | 13.11M | 7.64% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 12.51M | 7.30% | 13F | Aug 13, 2026 |
| Cohen & Steers, Inc. | 11.13M | 6.58% | 13G | Feb 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- SL Green Realty
Largest Manhattan office landlord; only listed peer with a rival observatory
- Vornado Realty Trust
NYC office, retail and Penn District anchor; the other Manhattan blue-chip
- BXP
Largest US premier office REIT; NYC delivers ~24% of NOI
- Equity Residential
S&P 500 apartment REIT with ~9,000 NYC units and $4,730/mo average rent
- Acadia Realty Trust
Street and urban retail specialist with deep NYC and Williamsburg presence
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Empire State Realty Trust | $4.59 | 0.00% | $787.0M | — | — | 1.0 | +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% |
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| Acadia Realty Trust | $20.72 | −0.05% | $2.85B | 60.1 | 66.4 | 7.0 | −9.4% |
| Median | 48.7 | 42.5 | 3.9 | +2.1% |