ESBA · Empire State Realty OP, L.P.
Price & Indicators
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Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
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
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Core Funds From Operations attributable to common unitholders non-GAAP | $57.1M | the three months ended June 30, 2026 filing | — |
| Goodwill impairment charge (Observatory reporting unit) | $166.1M | the three months ended June 30, 2026 filing | — |
| New, renewal, and expansion leases signed (rentable square feet) | 381,799 | the three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
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.
|
$111.51M | -20.6% | +0.0% | 250.0 | 0.0% |
|
BXP
BXP, Inc.
|
$10.06B | -6.6% | +2.2% | 33.9 | 7.8% |
|
ARE
Alexandria Real Estate Equities, Inc.
|
$7.07B | -17.0% | -2.9% | — | 4.2% |
|
VNO
Vornado Realty Trust
|
$6.49B | +5.7% | +1.3% | 1158.8 | 7.3% |
|
CUZ
Cousins Properties Inc
|
$4.79B | +12.8% | +16.0% | 323.2 | 8.3% |
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
- 7.5%
- Reported
- 13 of 45
- Top holder
- MONTAG A & ASSOCIATES INC
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ESBA | +0.2% | +25.0% | -9.6% | +25.0% | -20.6% |
| SPY | +0.7% | +0.7% | +4.3% | +0.9% | +12.8% |
| vs SPY | -0.5% | +24.3% | -13.9% | +24.1% | -33.5% |
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.