NYSE : ESRT
Empire State Realty Trust, Inc. — Financial statements
Real Estate · REIT - Diversified · United States
Last price 4.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.41B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 649.40M | 626.21M | 614.60M | 597.32M | 591.05M | 559.69M |
| Property Management Fees | 1.19M | 1.48M | 1.17M | 1.35M | 1.36M | 1.22M |
| Other Revenue | 132.23M | 140.11M | 147.39M | 140.90M | 114.60M | 46.95M |
| Total Revenue | 782.82M | 767.81M | 763.15M | 739.57M | 707.01M | 607.86M |
| Property Expenses | 373.36M | 365.02M | 354.16M | 339.02M | 321.35M | 279.49M |
| Selling, General & Administrative | 74.90M | 72.84M | 70.23M | 63.94M | 61.77M | 55.95M |
| Depreciation & Amortization | 198.79M | 194.76M | 184.82M | 189.91M | 216.89M | 201.81M |
| Other Operating Expenses | -1.36M | -464.00K | -4.77M | -20.03M | -16.23M | |
| Total Operating Expenses | 645.69M | 632.16M | 604.44M | 592.87M | 579.98M | 521.01M |
| Operating Income | 137.13M | 135.65M | 158.71M | 146.71M | 127.03M | 86.86M |
| Interest Expense | -107.01M | -103.78M | -109.71M | -101.48M | -101.21M | -94.39M |
| Interest & Investment Income | 5.28M | 8.75M | 21.30M | 15.14M | 4.95M | 704.00K |
| EBT Excluding Unusual Items | 35.40M | 40.62M | 70.30M | 60.36M | 30.77M | -6.83M |
| Gain (Loss) on Sale of Assets | 146.47M | 35.02M | 13.30M | 26.76M | 33.99M | |
| Asset Writedown | -7.72M | |||||
| Other Unusual Items | -5.63M | -97.00K | -553.00K | -214.00K | ||
| Pretax Income | 10.13M | 75.54M | 83.05M | 87.12M | 64.76M | -14.77M |
| Income Tax Expense | 870.00K | 2.56M | 2.69M | 2.71M | 1.55M | -1.73M |
| Earnings From Continuing Operations | 9.26M | 72.98M | 80.36M | 84.41M | 63.21M | -13.04M |
| Minority Interest in Earnings | -1.98M | -25.38M | -28.72M | -31.16M | -22.57M | 6.53M |
| Net Income | 7.27M | 47.60M | 51.64M | 53.24M | 40.64M | -6.51M |
| Preferred Dividends & Other Adjustments | 4.20M | 4.20M | 4.20M | 4.20M | 4.20M | 4.23M |
| Net Income to Common | 3.07M | 43.40M | 47.44M | 49.04M | 36.44M | -10.74M |
| Basic Shares Outstanding | 170.27M | 168.54M | 164.90M | 161.12M | 165.04M | 172.44M |
| Diluted Shares Outstanding | 269.61M | 270.04M | 269.02M | 265.63M | 269.95M | 277.42M |
| EPS (Basic) | 0.02 | 0.26 | 0.29 | 0.30 | 0.22 | -0.06 |
| EPS (Diluted) | 0.02 | 0.25 | 0.28 | 0.30 | 0.22 | -0.06 |
| Dividend Per Share | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.10 |
| Operating Margin | 17.52% | 17.67% | 20.80% | 19.84% | 17.97% | 14.29% |
| Profit Margin | 0.39% | 5.65% | 6.22% | 6.63% | 5.15% | -1.77% |
| EBITDA | 320.08M | 313.87M | 326.71M | 318.42M | 321.55M | 262.00M |
| EBITDA Margin | 40.89% | 40.88% | 42.81% | 43.05% | 45.48% | 43.10% |
| D&A For Ebitda | 182.95M | 178.22M | 168.00M | 171.72M | 194.52M | 175.14M |
| EBIT | 137.13M | 135.65M | 158.71M | 146.71M | 127.03M | 86.86M |
| EBIT Margin | 17.52% | 17.67% | 20.80% | 19.84% | 17.97% | 14.29% |
| Funds From Operations (FFO) | 53.77M | 224.98M | 243.37M | 238.01M | 235.79M | 186.84M |
| FFO Per Share | 0.20 | 0.83 | 0.90 | 0.90 | 0.87 | 0.67 |
| Adjusted Funds From Operations (AFFO) | 224.98M | 243.37M | 238.01M | 235.79M | 186.84M | |
| AFFO Per Share | 0.83 | 0.90 | 0.90 | 0.87 | 0.67 | |
| FFO Payout Ratio | 44.61% | 10.55% | 9.54% | 9.53% | 9.80% | 9.69% |
| Effective Tax Rate | 8.59% | 3.39% | 3.24% | 3.12% | 2.39% | |
| Revenue as Reported | 784.18M | 768.27M | 767.92M | 739.57M | 727.04M | 624.09M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 3.17B | 2.86B | 2.53B | 2.43B | 2.43B | 2.45B |
| Total Real Estate Assets | 3.18B | 2.87B | 2.54B | 2.43B | 2.44B | 2.46B |
| Cash & Equivalents | 85.61M | 132.66M | 385.46M | 346.62M | 264.43M | 423.69M |
| Accounts Receivable | 278.34M | 277.33M | 449.60M | 295.46M | 264.29M | 243.57M |
| Goodwill | 325.37M | 491.48M | 491.48M | 491.48M | 491.48M | 491.48M |
| Other Intangible Assets | 305.58M | 313.41M | 321.24M | 329.07M | 336.90M | |
| Restricted Cash | 42.61M | 33.85M | 43.84M | 60.34M | 50.24M | 50.94M |
| Other Current Assets | 35.54M | |||||
| Trading Asset Securities | 10.44M | 3.88M | 13.10M | 11.80M | 17.94M | 13.00K |
| Deferred Long-Term Tax Assets | 900.00K | 900.00K | 1.10M | 2.25M | 3.09M | |
| Deferred Long-Term Charges | 258.17M | 267.68M | 183.99M | 172.46M | 187.57M | 202.44M |
| Other Long-Term Assets | 89.95M | 88.57M | 87.85M | 85.26M | 77.93M | 73.44M |
| Total Assets | 4.27B | 4.47B | 4.51B | 4.22B | 4.16B | 4.28B |
| Current Portion of Long-Term Debt | 155.00M | 50.00M | 3.18M | |||
| Current Portion of Leases | 47.00K | 1.50M | ||||
| Long-Term Debt | 2.07B | 2.32B | 2.46B | 2.24B | 2.25B | 2.33B |
| Long-Term Leases | 1.02M | 26.44M | 28.20M | 28.44M | 28.67M | 28.89M |
| Accounts Payable | 50.90M | 64.49M | 54.78M | 44.17M | 32.93M | 41.66M |
| Accrued Expenses | 9.08M | 4.18M | 9.13M | 3.69M | 3.51M | 3.46M |
| Other Current Liabilities | 72.24M | 51.45M | 73.53M | 51.81M | 50.24M | 50.38M |
| Long-Term Unearned Revenue | 50.35M | 59.20M | 62.24M | 70.30M | 76.09M | 84.36M |
| Long-Term Deferred Tax Liabilities | 700.00K | 400.00K | ||||
| Other Long-Term Liabilities | 73.37M | 67.04M | 44.41M | 49.25M | 42.93M | 53.69M |
| Total Liabilities | 2.48B | 2.65B | 2.73B | 2.49B | 2.48B | 2.60B |
| Preferred Stock, Redeemable | 29.94M | 29.94M | 29.94M | 29.94M | 29.94M | 29.94M |
| Total Preferred Equity | 29.94M | 29.94M | 29.94M | 29.94M | 29.94M | 29.94M |
| Common Stock | 1.73M | 1.71M | 1.67M | 1.63M | 1.61M | 1.70M |
| Additional Paid-In Capital | 1.10B | 1.09B | 1.08B | 1.06B | 1.06B | 1.15B |
| Retained Earnings | -76.30M | -39.65M | -58.89M | -83.11M | -109.47M | -133.61M |
| Comprehensive Income & Other | 12.52M | 6.50M | 9.93M | 6.03M | 7.05M | -20.85M |
| Total Common Equity | 1.04B | 1.06B | 1.03B | 985.52M | 954.38M | 998.13M |
| Minority Interest | 720.75M | 732.25M | 721.33M | 715.59M | 698.78M | 656.26M |
| Shareholders' Equity | 1.79B | 1.82B | 1.78B | 1.73B | 1.68B | 1.68B |
| Total Liabilities & Equity | 4.27B | 4.47B | 4.51B | 4.22B | 4.16B | 4.28B |
| Total Debt | 2.23B | 2.40B | 2.48B | 2.27B | 2.27B | 2.36B |
| Net Cash (Debt) | -2.13B | -2.26B | -2.09B | -1.91B | -1.99B | -1.94B |
| Net Cash Per Share | -7.91 | -8.38 | -7.75 | -7.19 | -7.38 | -7.00 |
| Filing Date Shares Outstanding | 173.13M | 171.24M | 167.71M | 164.07M | 161.71M | 170.13M |
| Total Common Shares Outstanding | 172.76M | 170.50M | 167.38M | 163.05M | 161.13M | 170.22M |
| Book Value Per Share | 6.01 | 6.22 | 6.16 | 6.04 | 5.92 | 5.86 |
| Tangible Book Value | 713.65M | 262.94M | 225.81M | 172.80M | 133.82M | 169.75M |
| Tangible Book Value Per Share | 4.13 | 1.54 | 1.35 | 1.06 | 0.83 | 1.00 |
| Land | 838.83M | 458.66M | 386.42M | 366.36M | 365.54M | 336.28M |
| Buildings | 3.63B | 3.74B | 3.39B | 3.28B | 3.18B | 3.16B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.27M | 47.60M | 51.64M | 53.24M | 40.64M | -6.51M |
| Depreciation & Amortization | 182.95M | 178.22M | 168.00M | 171.72M | 194.52M | 175.14M |
| Other Amortization | 20.35M | 21.18M | 22.47M | 23.61M | 25.45M | 28.60M |
| Gain (Loss) on Sale of Assets | -146.47M | -35.02M | -13.30M | -26.76M | -33.99M | |
| Asset Writedown | 166.11M | 7.72M | ||||
| Stock-Based Compensation | 30.34M | 25.17M | 21.70M | 20.03M | 21.01M | 20.26M |
| Change in Accounts Receivable | 6.44M | 9.27M | 6.88M | -15.64M | -5.31M | 2.89M |
| Change in Accounts Payable | -1.91M | 9.40M | 13.59M | 746.00K | 4.71M | -99.00K |
| Change in Other Net Operating Assets | -20.89M | -23.40M | -36.09M | -12.37M | -40.00M | -11.33M |
| Other Operating Activities | -16.55M | 16.18M | 26.62M | 20.69M | 7.81M | -16.53M |
| Operating Cash Flow | 227.64M | 249.05M | 260.89M | 232.49M | 211.17M | 212.49M |
| Acquisition of Real Estate Assets | -664.95M | -610.53M | -365.99M | -166.25M | -241.90M | -212.74M |
| Sale of Real Estate Assets | 136.21M | 60.52M | 88.91M | 11.01M | ||
| Net Sale / Acq. of Real Estate Assets | -528.74M | -550.01M | -365.99M | -77.34M | -230.89M | -212.74M |
| Other Investing Activities | -31.14M | |||||
| Investing Cash Flow | -528.74M | -550.01M | -397.12M | -77.34M | -230.89M | -212.74M |
| Long-Term Debt Issued | 615.00M | 440.00M | ||||
| Total Debt Issued | 888.50M | 615.00M | 440.00M | |||
| Long-Term Debt Repaid | -520.26M | -226.86M | -8.63M | -7.50M | -4.09M | |
| Total Debt Repaid | -540.41M | -520.26M | -226.86M | -8.63M | -7.50M | -4.09M |
| Net Debt Issued (Repaid) | 348.09M | 94.74M | 213.14M | -8.63M | -7.50M | -4.09M |
| Repurchase of Common Stock | -6.79M | -9.03M | -13.11M | -90.18M | -46.70M | |
| Common Dividends Paid | -23.99M | -23.73M | -23.22M | -22.68M | -23.11M | -18.11M |
| Preferred Dividends Paid | -4.20M | -4.20M | -4.20M | -4.20M | -4.20M | -4.20M |
| Total Dividends Paid | -28.19M | -27.93M | -27.42M | -26.89M | -27.31M | -22.31M |
| Other Financing Activities | -20.52M | -19.61M | -27.14M | -14.25M | -15.25M | -19.94M |
| Net Cash Flow | -8.51M | -262.79M | 22.35M | 92.28M | -159.96M | -93.30M |
| Levered Free Cash Flow | 284.91M | 409.41M | 142.93M | 250.89M | 192.73M | 211.20M |
| Unlevered Free Cash Flow | 351.79M | 474.27M | 211.50M | 314.32M | 255.98M | 270.20M |
| Cash Interest Paid | 92.44M | 93.37M | 94.67M | 92.00M | 91.01M | 77.61M |
| Cash Income Tax Paid | 2.22M | 3.53M | 1.90M | 1.39M | 200.00K | 644.00K |
| Change in Working Capital | -16.36M | -4.28M | -16.23M | -30.03M | -44.27M | 3.80M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.41B | 1.11B | 1.72B | 1.57B | 1.09B | 1.54B |
| Enterprise Value | 3.54B | 3.79B | 4.53B | 4.24B | 3.73B | 3.81B |
| Last Close Price | 4.97 | 6.38 | 9.92 | 9.19 | 6.28 | 8.14 |
| Price/FFO Ratio | 26.90 | 7.69 | 11.03 | 10.26 | 7.19 | 12.08 |
| Price/AFFO Ratio | 7.66 | 10.97 | 10.26 | 7.19 | 12.08 | |
| PE Ratio | 275.38 | 25.57 | 36.27 | 32.10 | 29.86 | |
| PS Ratio | 1.80 | 1.45 | 2.25 | 2.13 | 1.54 | 2.54 |
| PB Ratio | 0.83 | 0.61 | 0.97 | 0.91 | 0.65 | 0.92 |
| P/OCF Ratio | 6.19 | 4.46 | 6.60 | 6.77 | 5.15 | 7.27 |
| EV/Sales Ratio | 4.52 | 4.94 | 5.93 | 5.73 | 5.27 | 6.26 |
| EV/EBITDA Ratio | 11.06 | 12.08 | 13.86 | 13.31 | 11.60 | 14.53 |
| EV/EBIT Ratio | 25.82 | 27.96 | 28.53 | 28.88 | 29.35 | 43.81 |
| Debt / Equity Ratio | 1.25 | 1.32 | 1.39 | 1.31 | 1.35 | 1.40 |
| Debt / EBITDA Ratio | 6.78 | 7.42 | 7.39 | 6.92 | 6.88 | 8.71 |
| Net Debt / Equity Ratio | 1.19 | 1.24 | 1.17 | 1.10 | 1.18 | 1.15 |
| Net Debt / EBITDA Ratio | 6.66 | 7.21 | 6.38 | 6.00 | 6.20 | 7.41 |
| Asset Turnover | 0.19 | 0.17 | 0.17 | 0.18 | 0.17 | 0.14 |
| Quick Ratio | 1.30 | 2.41 | 6.17 | 6.56 | 6.31 | 6.76 |
| Current Ratio | 1.45 | 2.61 | 6.49 | 7.17 | 7.30 | 7.28 |
| Return on Equity (ROE) | 0.52% | 4.05% | 4.58% | 4.95% | 3.75% | -0.76% |
| Return on Assets (ROA) | 2.05% | 1.89% | 2.27% | 2.19% | 1.88% | 1.29% |
| Return on Invested Capital (ROIC) | 3.06% | 3.09% | 3.72% | 3.57% | 3.10% | 2.18% |
| Earnings Yield | 0.36% | 4.29% | 3.00% | 3.38% | 3.74% | -0.42% |
| Dividend Yield | 2.82% | 2.15% | 1.36% | 1.45% | 2.07% | 1.16% |
| Payout Ratio | 775.71% | 58.67% | 53.10% | 50.49% | 67.20% | |
| Buyback Yield / Dilution | 0.08% | -0.38% | -1.27% | 1.60% | 2.69% | 2.26% |
| Total Shareholder Return | 2.90% | 1.77% | 0.09% | 3.05% | 4.77% | 3.42% |