ESRT · Empire State Realty Trust, Inc.
Market Cap
$803.34M
Shares
173.13M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$4.59
Open$4.66
Day$4.59–4.69
52W close$4.59–7.97
Avg vol 30d1.9M
Short int8.1M · 4.7% float · 4.3d
Short vol75%
Last earningsJul 30, 2026
DataJan 2020–Aug 2026
Filing10-Q · Aug 6
Up next
Next earnings call
Nov 2, 2026
Est · unconfirmed
· in 9 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Aug 6, 2026
AI Brief
TL;DR.
Bullish
Bearish
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceOverall
Sell
SellHoldBuy
Technical
Sell
Momentum
Very Weak
Sentiment
Neutral
Fundamentals
Weak
Quant / Vol
High
Market backdrop
VIX 14.4 · calm
Equity put/call 0.62
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
−21%
below
Price vs 50-day avg
−11%
below
RSI (14)
35
neutral
MACD trend
Positive
52-week position
0%
near low
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
−9%
trailing
6-month return
−14%
trailing
YTD return
−30%
this year
Relative strength
−27%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $5 › 200d $6 — 200d above 50d
Institutional flow
Accumulating
+2% holders QoQ · +38 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
4.65% of float · ▲ +4.2% MoM · 4.3 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
228 holders — mid 3-yr range
Squeeze score
53
elevated · 0–100
Fundamentals
Revenue growth
+0%
Y/Y
EPS growth
−11%
Y/Y
Valuation
P/E 232
rich
Buyback
$500.0M
remaining
Balance sheet
$403.6M
net debt
Quant / Vol
risk profile
Volatility
35%
annualized · 1-yr
Max drawdown
−42%
past year
ATR
3.3%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Jul 29, 2026
Commercial Occupancy at year-end
· 2026
90% – 92%
SS Property Cash NOI (excluding lease termination fees)
· 2026
-1.5% – 2%
Observation Deck NOI Utilized
· 2026
$55M
Prior guidance
period ended
· from the Earnings Call filed Jun 30, 2025
Observatory NOI
· 2025
$90M – $94M
Core FFO
· 2025
$0.83 – $0.86
Manhattan office occupancy rate
· by year-end 2025
89% – 91%
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Sell
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
−21%
Bearish
Price vs 50-day avg
−11%
Bearish
RSI (14)
35
Neutral
MACD trend
Positive
Bullish
52-week position
0%
Bearish
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Mixed
Trend (MA cross)
No cross
50d $5 › 200d $6 — 200d above 50d
Institutional flow
Accumulating
+2% holders QoQ · +38 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
4.65% of float · ▲ +4.2% MoM · 4.3 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
228 holders — mid 3-yr range
Price context
position in its 52-week range
Range low $5
Now $5 · 0%
Range high $8
vs 200-day avg -21%
vs 50-day avg -11%
Illustrative 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 |
|---|---|---|---|
| Funds from operations attributable to common stockholders and the Operating Partnership non-GAAP | -$115.76M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net income (loss) -39.55M
-1.05M Private perpetual preferred unit distributions
+49.46M Real estate depreciation and amortization
-124.62M Gain on disposition of properties
= Funds from operations attributable to common stockholders and the Operating Partnership -115.76M
|
|||
| Modified funds from operations attributable to common stockholders and the Operating Partnership non-GAAP | -$114.52M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Funds from operations attributable to common stockholders and the Operating Partnership -115.76M
+1.25M Amortization of below-market ground leases
= Modified funds from operations attributable to common stockholders and the Operating Partnership -114.52M
|
|||
| Net operating income non-GAAP | $102.64M | Three Months Ended June 30, 2026 filing | — |
|
|
|||
| Adjusted EBITDA non-GAAP | $79.36M | Q2 FY2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP EBITDA $37.87M
-$124.62M Gain on disposition of property
+$166.11M Goodwill impairment charge
= Adjusted EBITDA $79.36M
|
|||
| Core FAD | $16.15M | Q2 FY2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP Core FFO $57.13M
+$1.11M Amortization of deferred financing costs
+$926K Non-real estate depreciation and amortization
+$7.76M Amortization of non-cash compensation expense
+$1.31M Amortization of loss on interest rate derivative
-$13.04M Straight-line rental revenues, above/below market rent, and other non-cash adjustments
-$210K Corporate capital expenditures
-$24.72M Tenant improvements - second generation
-$2.68M Building improvements - second generation
-$11.44M Leasing commissions - second generation
= Core FAD $16.15M
|
|||
| Core FAD Payout Ratio (8) | 60% | Q2 FY2026 | — |
| Core FFO attributable to common stockholders and Operating Partnership units non-GAAP | $110.33M | Six Months Ended June 30, 2026 | — |
|
|
|||
| Core FFO Payout Ratio (7) | 17% | Q2 FY2026 | — |
| Core FFO per share - Diluted non-GAAP | $0.41 | Six Months Ended June 30, 2026 | — |
|
|
|||
| Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 60.3% | Q2 FY2026 | — |
| Debt to Total Market Capitalization (5) | 58% | Q2 FY2026 | — |
| Diluted weighted average shares | 268.95M | Q2 FY2026 | — |
|
|
|||
| EBITDA | $37.87M | Q2 FY2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP Net income (loss) -$39.55M
+$27.81M Interest expense
-$767K Income tax expense (benefit)
+$50.39M Depreciation and amortization
= EBITDA $37.87M
|
|||
| Empire State Building Observation Deck generated NOI | $12.4M | second quarter 2026 | — |
| FFO attributable to common stockholders and the Operating Partnership | -$115.76M | Q2 FY2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP Net Income (loss) -$39.55M
-$1.05M Preferred unit distributions
+$49.46M Real estate depreciation and amortization
-$124.62M Gain on disposition of property
= FFO attributable to common stockholders and the Operating Partnership -$115.76M
|
|||
| Modified FFO attributable to common stockholders and the Operating Partnership | -$114.52M | Q2 FY2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP FFO attributable to common stockholders and the Operating Partnership -$115.76M
+$1.25M Amortization of below-market ground lease
= Modified FFO attributable to common stockholders and the Operating Partnership -$114.52M
|
|||
| Multifamily portfolio | $5.22M | Q2 FY2026 | — |
| Net Debt and Perpetual Preferred Units to Total Market Capitalization (5) | 59.4% | Q2 FY2026 | — |
| Number of visitors | 350,000 | Three Months Ended June 30, 2026 | — |
|
|
|||
| Number of visitors (4) | 450,000 | Q2 FY2026 | — |
| Observatory NOI, excluding intercompany rent | $12.43M | Q2 FY2026 | — |
| Occupancy | 89.4% | June 30, 2026 | — |
| Office | 363,968 | second quarter 2026 | — |
| Office portfolio | $59.62M | Q2 FY2026 | — |
| Percent leased (1)(3) | 94.9% | Q2 FY2026 | — |
| Percent occupied (1)(2) | 89.4% | Q2 FY2026 | — |
| Percentage of new cash rent over previously escalated rents | 1.4% | Three Months Ended June 30, 2026 | — |
| Retail | 17,831 | second quarter 2026 | — |
| Retail portfolio | $4.59M | Q2 FY2026 | — |
| Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees | 3.3% | second quarter 2026 | — |
| Same-Store Property Cash NOI, adjusted for non-recurring items | 3.2% | second quarter 2026 | — |
| Series 2014 Private Perpetual Preferred Units outstanding ($16.62 liquidation value) | 1.56M | Q2 FY2026 | — |
|
|
|||
| Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value) | 4.66M | Q2 FY2026 | — |
|
|
|||
| Total common stock and operating partnership units outstanding (11) | 283.23M | Q2 FY2026 | — |
| Total leases executed | 21 | Three Months Ended June 30, 2026 | — |
| Total multifamily portfolio | 97.7% | June 30, 2026 | — |
| Total number of units | 743 | Q2 FY2026 | — |
|
|
|||
| Total Office | 363,968 | second quarter 2026 | — |
| Total Overall | 381,799 | second quarter 2026 | — |
| Total rentable square footage(1) | 7,801,494 | Q2 FY2026 | — |
| Total retail rentable square feet | 756,367 | June 30, 2026 | — |
| Total Same Store property cash NOI - excluding Observatory and lease termination fees non-GAAP | $137.76M | Six Months Ended June 30, 2026 | — |
| Total Same Store Property Cash NOI, excluding lease termination fees | $69.43M | Q2 FY2026 | — |
|
|
|||
| Total square footage executed | 381,799 | Three Months Ended June 30, 2026 | — |
| Weighted average lease term | 9.7 | Three Months Ended June 30, 2026 | — |
| Average lease duration (total portfolio leases executed) | 12.2 | first quarter | — |
| Core FAD Payout Ratio non-GAAP | 30% | Q1 FY2026 | — |
| Core FFO attributable to common stockholders and the Operating Partnership per share and unit, D non-GAAP | $0.2 | Three Months Ended March 31, 2026 | — |
| Core FFO Payout Ratio non-GAAP | 18% | Q1 FY2026 | — |
| Debt and Perpetual Preferred Units to Total Market Capitalization | 62.2% | Q1 FY2026 | — |
|
|
|||
| Debt to Total Market Capitalization | 60% | Q1 FY2026 | — |
|
|
|||
| Dividend yield | 2.7% | Q1 FY2026 | — |
|
|
|||
| Empire State Building Observatory NOI | $10.6M | first quarter | — |
|
|
|||
| FFO attributable to common stockholders and the Operating Partnership per share - diluted non-GAAP | $0.19 | Q1 FY2026 | — |
| FFO attributable to common stockholders and the Operating Partnership per share and unit, Dilute non-GAAP | $0.19 | Three Months Ended March 31, 2026 | — |
| Modified FFO attributable to common stockholders and the Operating Partnership per share and uni non-GAAP | $0.2 | Three Months Ended March 31, 2026 | — |
| Net Debt and Perpetual Preferred Units to Total Market Capitalization | 61.6% | Q1 FY2026 | — |
| Net Debt to Total Market Capitalization | 59.2% | Q1 FY2026 | — |
|
|
|||
| Office - New Leases Average starting cash rent psf - leases executed | $58.54 | Q1 FY2026 | — |
| Office - New Leases Percentage of new cash rent over previously escalated rents | 5.9% | Q1 FY2026 | — |
| Office - New Leases Total square footage executed | 83,397 | Q1 FY2026 | — |
| Office - Renewal Leases Average starting cash rent psf - leases executed | $70 | Q1 FY2026 | — |
| Office - Renewal Leases Percentage of new cash rent over previously escalated rents | 16.3% | Q1 FY2026 | — |
| Office - Renewal Leases Total square footage executed | 7,290 | Q1 FY2026 | — |
| Office Average starting cash rent psf - leases executed | $59.46 | Q1 FY2026 | — |
|
|
|||
| Office blended leasing spreads | 6.8% | first quarter | — |
| Office leased percentage | 93% | as of March 31, 2026 | — |
| Office leases square footage executed | 90,687 | first quarter | — |
| Office occupied percentage | 87.9% | as of March 31, 2026 | — |
| Office Percentage of new cash rent over previously escalated rents | 6.8% | Q1 FY2026 | — |
|
|
|||
| Office Previously escalated cash rents psf | $55.66 | Q1 FY2026 | — |
|
|
|||
| Office Total square footage executed | 90,687 | Q1 FY2026 | — |
|
|
|||
| Percent leased | 93.2% | Q1 FY2026 | — |
|
|
|||
| Percent occupied | 88.2% | Q1 FY2026 | — |
|
|
|||
| Rentable square feet of office space in property portfolio | 7.6M | as of March 31, 2026 | — |
| Rentable square feet of retail space in property portfolio | 0.8M | as of March 31, 2026 | — |
| Residential units in property portfolio | 743 | as of March 31, 2026 | — |
| Retail Average starting cash rent psf - leases executed | $135.49 | Q1 FY2026 | — |
| Retail Percentage of new cash rent over previously escalated rents | -1.1% | Q1 FY2026 | — |
| Retail Total square footage executed | 22,797 | Q1 FY2026 | — |
| Same Store Property Cash NOI - excluding lease termination fees Multifamily portfolio non-GAAP | $5.07M | Q1 FY2026 | — |
| Same Store Property Cash NOI - excluding lease termination fees Office portfolio non-GAAP | $64.61M | Q1 FY2026 | — |
|
|
|||
| Same Store Property Cash NOI - excluding lease termination fees Retail portfolio non-GAAP | $4.52M | Q1 FY2026 | — |
|
|
|||
| Same store property NOI non-GAAP | $77.87M | Q1 FY2026 | — |
| Same-Store Property Cash NOI, excluding lease termination fees (adjusted for non-recurring items | 1.3% | first quarter | — |
| Total cash NOI - including Observatory and lease termination fees non-GAAP | $91.57M | Q1 FY2026 | — |
GAAP → non-GAAP reconciliationGAAP Net operating income 97.49M
-7.21M Straight-line rent
-670K Above/below-market rent revenue amortization
+1.96M Below-market ground lease amortization
= Total cash NOI - including Observatory and lease termination fees 91.57M
|
|||
| Total commercial portfolio leased percentage | 93.2% | as of March 31, 2026 | — |
| Total commercial portfolio occupied percentage | 88.2% | as of March 31, 2026 | — |
| Total commercial portfolio square footage executed (leases signed) | 113,484 | first quarter | — |
| Total common stock and operating partnership units outstanding | 283,030 | Q1 FY2026 | — |
|
|
|||
| Total LC and TI per square foot | $137.18 | Q1 FY2026 | — |
| Total liquidity | $0.6B | as of March 31, 2026 | — |
| Total multifamily portfolio occupied percentage | 96.4% | as of March 31, 2026 | — |
| Total Office and Retail Portfolio Average free rent period | 13.9 | Q1 FY2026 | — |
| Total Office and Retail Portfolio Average starting cash rent psf - leases executed | $74.73 | Q1 FY2026 | — |
|
|
|||
| Total Office and Retail Portfolio Percentage of new cash rent over previously escalated rents | 3.8% | Q1 FY2026 | — |
|
|
|||
| Total Office and Retail Portfolio Total square footage executed | 113,484 | Q1 FY2026 | — |
|
|
|||
| Total Office and Retail Portfolio Weighted average lease term | 12.2 | Q1 FY2026 | — |
| Total rentable square footage | 8,340,647 | Q1 FY2026 | — |
|
|
|||
| Total same store property cash NOI non-GAAP | $75.55M | Q1 FY2026 | — |
| Average free rent period - Total Office and Retail Portfolio | 2.9 | Q4 2025 | — |
| Blended leasing spreads | 6.4% | fourth quarter of 2025 | — |
| Change in visitors year-over-year | -13.9% | Q4 2025 | — |
| Class A common stock | 169.52M | Q4 2025 | — |
| Class A common stock price at quarter end | $6.52 | Q4 2025 | — |
| Class B common stock | 972K | Q4 2025 | — |
| Commercial leases signed (rentable square feet) | 1,009,009 | full year 2025 | — |
| Core FFO per share and unit - Diluted non-GAAP | $0.23 | Q4 2025 | — |
| Dividends declared and paid per share | $0.04 | Q4 2025 | — |
| Dividends per share - annualized | $0.14 | Q4 2025 | — |
| FFO attributable to common stockholders and Operating Partnership units | 224.98M | Year ended December 31, 2025 | — |
GAAP → non-GAAP reconciliationGAAP Net income $72.98M
+$0K Non-controlling interests in other partnerships
-$4.2M Preferred unit distributions
+$191.22M Real estate depreciation and amortization
-$35.02M Gain on disposition of properties
= FFO attributable to common stockholders and Operating Partnership units $224.98M
|
|||
| FFO per share and unit - Diluted non-GAAP | $0.22 | Q4 2025 | — |
| Manhattan Office - New Leases - Total square footage executed | 106,311 | Q4 2025 | — |
| Manhattan Office - Total square footage executed | 333,451 | Q4 2025 | — |
| Manhattan Office Portfolio - Average starting cash rent psf - leases executed | $73.63 | Q4 2025 | — |
| Manhattan Office Portfolio - Percentage of new cash rent over previously escalated rents | 6.4% | Q4 2025 | — |
| Modified FFO attributable to common stockholders and Operating Partnership units | 232.81M | Year ended December 31, 2025 | — |
GAAP → non-GAAP reconciliationGAAP FFO attributable to common stockholders and Operating Partnership units $224.98M
+$7.83M Amortization of below-market ground leases
= Modified FFO attributable to common stockholders and Operating Partnership units $232.81M
|
|||
| Modified FFO per share and unit - Diluted non-GAAP | $0.23 | Q4 2025 | — |
| Multifamily Cash NOI non-GAAP | $5.13M | Q4 2025 | — |
| Multifamily Total number of units | 743 | Q4 2025 | — |
| Observatory NOI non-GAAP | $24.45M | Q4 2025 | — |
| Office leases signed (rentable square feet) | 333,451 | fourth quarter of 2025 | — |
| Office occupancy | 89.9% | December 31, 2025 | — |
| Operating partnership units | 107.23M | Q4 2025 | — |
| Rentable square feet of office space | 7.6M | As of December 31, 2025 | — |
| Rentable square feet of retail space | 0.8M | As of December 31, 2025 | — |
| Residential units | 743 | As of December 31, 2025 | — |
| Same store property cash NOI - excluding lease termination fees - Full Year | $263.91M | Twelve Months Ended December 31, 2025 | — |
| Same store property NOI - Full Year | $274.88M | Twelve Months Ended December 31, 2025 | — |
| Total commercial portfolio occupancy | 90.3% | December 31, 2025 | — |
| Total leases executed - Total Office and Retail Portfolio | 27 | Q4 2025 | — |
| Total Office and Retail Portfolio - Leasing commission costs per square foot | $21.53 | Q4 2025 | — |
| Total Office and Retail Portfolio - Previously escalated cash rents psf | $72.9 | Q4 2025 | — |
| Total Office and Retail Portfolio - Tenant improvement costs per square foot | $33.61 | Q4 2025 | — |
| Total Office and Retail Portfolio - Total LC and TI per square foot | $55.14 | Q4 2025 | — |
| Total Office and Retail Portfolio - Total LC and TI per square foot per year of weighted average | $8.25 | Q4 2025 | — |
| Weighted average lease term - Total Office and Retail Portfolio | 6.7 | Q4 2025 | — |
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 - Diversified — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ESRT
this stock
Empire State Realty Trust, Inc.
|
$803.34M | -29.6% | +0.0% | 232.0 | 4.7% |
|
VICI
Vici Properties Inc.
|
$28.48B | -8.0% | +4.1% | 10.0 | 2.4% |
|
WPC
W. P. Carey Inc.
|
$16.06B | +9.6% | +8.4% | — | 3.8% |
|
BNL
Broadstone Net Lease, Inc.
|
$4.05B | +21.4% | +5.2% | 27.8 | 10.5% |
|
GNL
Global Net Lease, Inc.
|
$1.93B | +6.5% | -13.1% | — | 5.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ESRT | -4.8% | -9.3% | -14.0% | -9.3% | -29.6% |
| SPY | +0.5% | +3.0% | +13.4% | +3.0% | +12.8% |
| vs SPY | -5.2% | -12.3% | -27.5% | -12.3% | -42.4% |
Capital returns
Latest dividend
$0.035
/ share · ex Jun 15, 2026
Declared · upcoming
$0.035
/ share · ex Sep 15, 2026
Paid (TTM)
$0.14
/ share · 4 payouts
Dividend yield (TTM, derived)
3.05%
Buyback program
· as of Jun 30, 2026
Authorized
$500.00M
Spent (derived)
$0
Remaining
$500.00M
Spent
Remaining
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.
Key facts
CIK
1541401
CUSIP
292104106
13F (30d)
198 filings
187 filers
Visit website
Investor relations