ESBA · Empire State Realty OP, L.P.
Price & Indicators
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Metrics snapshot
Useful current figures from the complete screener profile.
AI Brief
Q2 FY26 earnings call · Jul 30, 2026TL;DR. ESRT posted Core FFO of $0.21 per share with strong office leasing momentum (381,799 sf signed, 20th consecutive quarter of positive mark-to-market), but Observation Deck visitation fell 28.5% YoY, prompting a cut to 2026 Core FFO guidance to $0.75–$0.79 from $0.85–$0.89 and a $166.1M goodwill impairment of the Observatory reporting unit.
- + Signed 381,799 sf with 17.8% Manhattan office mark-to-market spreads, the 20th consecutive quarter of positive spreads.
- + Commercial portfolio leased rose to 94.9% from 93.2% with year-end occupancy guidance of 90–92% unchanged.
- + Core FAD of $16.2M in Q2 was up from $11.9M YoY, supported by FAD CapEx savings of ~$14M.
- + Acquired land under 111 West 33rd and 1400 Broadway for $110M at a ~7% implied cap rate with below-market rent, creating long-term value.
- + Closed $245M unsecured delayed draw term loan maturing 2032 with no unaddressed debt maturities until January 2028.
- − Observatory NOI assumption lowered to $55M for 2026 from $87M–$92M, reflecting no improvement assumed in visitation.
- − Recorded $166.1M non-cash goodwill impairment on the Observatory reporting unit, driving Q2 net loss of $(0.15) per share.
- − Observation Deck visitation declined 28.5% YoY with NOI of $12.4M vs $24.1M and a 45% decline in pass program visitors YTD.
- − Same-store property cash NOI declined 3.2% YoY excluding non-recurring real estate tax abatements, reflecting higher free rent and operating expenses.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
REIT - Office — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ESBA
this stock
Empire State Realty OP, L.P.
|
$92.11M | -34.4% | +0.0% | 206.5 | 0.0% |
|
BXP
BXP, Inc.
|
$10.29B | -4.4% | +2.2% | 34.7 | 7.0% |
|
ARE
Alexandria Real Estate Equities, Inc.
|
$9.02B | +6.2% | -2.9% | — | 4.2% |
|
VNO
Vornado Realty Trust
|
$6.62B | +5.2% | +1.3% | 1181.3 | 6.0% |
|
CUZ
Cousins Properties Inc
|
$4.58B | +8.4% | +16.0% | 695.9 | 7.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- % held
- 7.2%
- Net QoQ
- +99.5K sh
- Top holder
- MONTAG A & ASSOCIATES INC
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ESBA | -3.7% | -10.2% | -31.7% | -6.4% | -34.4% |
| SPY | -1.2% | -2.0% | +16.1% | -0.8% | +11.6% |
| vs SPY | -2.5% | -8.2% | -47.8% | -5.6% | -46.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.