Empire State Realty OP, L.P. functions as a controlled entity under the ownership of Empire State Realty Trust, Inc.
Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer
$0.14 per share
$0.14 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $768.3M | +0.0% | +3.5% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $47.6M | -40.8% | -927.1% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +1.8% | -96.7% | +177.3% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +17.7% | -14.6% | -10.1% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +6.2% | -40.8% | -899.5% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $50.6M | -42.5% | -45.3% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +6.6% | -42.6% | -47.1% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 230.1% | +63.8% | — |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 6.48x | +306.1% | +18.8% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $4.5B | -0.9% | -3.0% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | — | — | — | — |
| Revenue Surprise | $768.3M vs $1.5B | -47.2% | $196.9M vs $191.5M | +2.8% |
Operator: Greetings, and welcome to the Empire State Realty Trust Second Quarter 2026 Earnings Call.[Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Susanne Lieu, SVP, Chief Counsel, Real Estate. Thank you. You may begin. Susanne Lieu: Good afternoon. Welcome to Empire State Realty Trust's Second Quarter 2026 Earnings Conference Call. In addition to the press release distributed yesterday, a quarterly supplemental package with further detail on our results and our latest investor presentation were posted in the Investors section of the company's website at esrtreit.com. During today's call, management's prepared remarks and responses to questions may include forward-looking statements within the meaning of applicable securities laws. These statements reflect management's current views and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Empire State Realty Trust assumes no obligation to update any forward-looking statement in the future. We encourage listeners to review the more detailed discussions related to these forward-looking statements in the company's filings with the SEC. During today's call, we will discuss certain non-GAAP financial measures such as FFO, modified and core FFO, NOI, same-store property cash NOI, EBITDA and adjusted EBITDA, which we believe are meaningful in evaluating the company's performance. The definitions and reconciliations of these measures to the most directly comparable GAAP measures are included in the earnings release and supplemental package, each available on the company's website. Now I will turn the call over to Tony Malkin, our Chairman and Chief Executive Officer. Anthony Malkin: Good afternoon, everyone. Yesterday, we reported ESRT's second quarter results. We delivered strong performance across the property portfolio, which represents approximately 80% of our NOI. Office leasing accelerated from the first quarter as we converted our pipeline into executed leases. Our retail portfolio is highly leased, and our multifamily properties delivered solid growth. We remain active on transactions. During the quarter, we completed the once-in-a-lifetime opportunity to acquire the land under 111 West 33rd Street and 1400 Broadway and executed on the sale of 250 West 57th Street, the proceeds from which we swapped into the prior purchase of 130 Mercer. Against excellent leasing in our property portfolio, the Empire State Building observation deck weighed on performance. In our press release, we gave an updated FFO range under an assumption there is no improvement to current visitation levels, and it utilizes $55 million of NOI for the observation deck for full year 2026. I'll spend a few minutes on our Observation Deck business, then get to our strong leasing. During our first quarter call, we called out softer visitation amidst today's geopolitical environment and K-shaped consumer economy and …
| Name | Title | Gender | Year Born | Status |
|---|---|---|---|---|
Christina Chiu | President of Empire State Realty Trust Inc | Female | 1981 | Active |
Anthony E. Malkin | Chairman & Chief Executive Officer of Empire State Realty Trust Inc | Male | 1962 | Active |
Stephen Horn | CFO, Principal Financial Officer & Executive VP | Male | 1987 | Active |
Thomas Durels | Executive Vice President of Real Estate - Empire State Realty Trust Inc | Male | 1962 | Active |
Sandy Jacolow | Senior Vice President & Chief Technology Officer of Empire State Realty Trust Inc | Male | — | Active |
Abigail Rickards | Senior Vice President & Chief Marketing Officer | Female | — | Active |
Heather Lawson Houston | Senior Vice President, Chief Counsel of Corporate & Secretary at Empire State Realty Trust, Inc | Female | — | Active |
Joshua H. Attie | Head of Investor Relations | Male | — | Active |
Ryan Kass | Executive VP, Co-Head & Chief Revenue Officer of Real Estate | Male | — | Active |
Donna Jean Sutherland | Chief Accounting Officer & Principal Accounting Officer | Female | 1988 | Active |
Empire State Realty OP LP (ESBA) stock has fallen to a new 52-week low of 4.26 USD, representing a 48% decrease from its high and a 39.75% decline over the past year. This downturn reflects broader market pressures, although InvestingPro analysis suggests the stock may be undervalued. The company has maintained dividend payments for 14 consecutive years.
Empire State Realty Trust (NYSE:ESRT) announced a Q3 2026 dividend of $0.035 per share for its common stock and specific operating partnership units. The company also declared dividends for holders of its Series 2014 and Series 2019 Private Perpetual Preferred Units. These dividends are payable on September 30, 2026, to shareholders of record as of September 15, 2026.
Empire State Realty Trust, Inc. announced a Q3 2026 dividend of $0.035 per share for its Class A and Class B common stock, as well as several series of operating partnership units. The company also declared dividends for its Series 2014 and Series 2019 Private Perpetual Preferred Units. These dividends are payable on September 30, 2026, to shareholders and unitholders of record as of September 15, 2026.
Empire State Realty Trust, Inc. has announced dividends for the third quarter of 2026. A dividend of $0.035 per share will be paid to holders of Class A and Class B common stock, and to holders of various operating partnership units. Additionally, dividends of $0.15 and $0.175 per unit are declared for different series of private perpetual preferred units.
Empire State Realty Trust (NYSE: ESRT) has filed to register 29,894,869 Class A common shares for potential resale by Quark Holding LLC, an affiliate of the Qatar Investment Authority. This registration is under a 2016 agreement and does not involve ESRT issuing new shares or raising capital; the company will not receive any proceeds from these sales. Quark Holding LLC currently beneficially owns 17.40% of Class A shares, holding a 10.56% fully diluted interest under a temporary waiver of ESRT's 9.8% REIT ownership limit.
