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Operating-partnership units tracking Empire State Realty Trust, owner of the Empire State Building and NYC-area offices.
Operating-partnership units tracking Empire State Realty Trust, owner of the Empire State Building and NYC-area offices.
Earns most from rent on office space under multi-year leases, with the Empire State Building observatory, which sells tickets to tourists, a second large earner. The units represent a stake in the operating partnership through which the REIT holds its buildings.
Moat: narrow (brand, installed base). The Empire State Building's global brand drives high-margin observatory tourism revenue.
Headquarters: New York, New York, US · Founded: 2013 · Employees: 642
Size Empire State Realty OP LP Series ES (ESBA) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $1.46B, the 2010th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.20 on 6 Nov 2026.
Performance Over six months the shares fell 6.1%, against -5.5% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +4.8%); the operating margin is 16.4% (peer median 53.3%).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $780M | $768M | $768M | $740M | $727M |
| Revenue growth | — | 0% | +4% | +2% | — |
| Gross profit | $207M | $208M | $229M | $211M | $189M |
| EBITDA | $326M | $330M | $344M | $337M | $344M |
| Net income | $2.37M | $47.6M | $51.6M | $53.2M | $40.6M |
| Free cash flow | n/a | $50.6M | $88.0M | $93.2M | $84.9M |
| Capital expenditure | n/a | $198M | $173M | $139M | $126M |
| Total debt | $2.26B | $2.44B | $2.50B | $2.27B | $2.27B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Empire State Realty OP LP Series ES ESBA | $1.46B | -6% | +2% | 16% | n/a | n/a |
| SL Green Realty SLG | $3.88B | +11% | +9% | 12% | n/a | n/a |
| Vornado Realty Trust VNO | $6.70B | +11% | +2% | 9% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ESBA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.5% | +0.5% | highest of 21 |
| 6-month return | -6.1% | -5.5% | 10th lowest of 21 |
| Distance from 52-week high | -34.5% | -16.3% | lowest of 21 |
| Revenue growth (TTM) | +1.7% | +4.8% | 8th lowest of 20 |
| Operating margin | 16.4% | 53.3% | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Empire State Realty OP LP Series ES ESBA | United States | $1.46B | -6% | +2% | 16% | n/a | n/a | n/a |
| Ellington Financial EFC | United States | $1.45B | -17% | +30% | 81% | n/a | n/a | n/a |
| Centurion Accommodation REIT 8C8U.SI | Singapore | $1.45B | -3% | -69% | 51% | n/a | n/a | n/a |
| LaSalle LOGIPORT REIT 3466.T | Japan | $1.45B | -10% | +71% | 28% | n/a | n/a | n/a |
| CBL & Associates Properties CBL | United States | $1.46B | 0% | +9% | 28% | n/a | n/a | n/a |
| Emperador Properties SOCIMI YEPSA.MC | Spain | $1.44B | +14% | +7% | 46% | n/a | n/a | n/a |
| Lendlease Global Commercial REIT JYEU.SI | Singapore | $1.44B | -3% | +4% | 67% | n/a | n/a | n/a |
| Ingenia Communities INA.AX | Australia | $1.48B | +36% | +8% | 29% | n/a | n/a | n/a |
| MORI TRUST REIT.Inc 8961.T | Japan | $1.48B | -13% | -14% | 64% | n/a | n/a | n/a |
| OUE Real Estate Investment Trust TS0U.SI | Singapore | $1.50B | -5% | +7% | 73% | n/a | n/a | n/a |
| CNAMC China Resources Commercial Asset Closed Infrastructure Real Estate Investment Trust 180601.SZ | China | $1.41B | -6% | n/a | n/a | n/a | n/a | n/a |
| Killam Apartment REIT KMP-UN.TO | Canada | $1.51B | -3% | +5% | 63% | n/a | n/a | n/a |
| Innovative Industrial Properties IIPR | United States | $1.51B | -4% | -4% | 47% | n/a | n/a | n/a |
| Japan Logistics Fund 8967.T | Japan | $1.52B | -8% | +3% | 53% | n/a | n/a | n/a |
| Supermarket Income REIT SUPR.L | United Kingdom | $1.54B | +4% | -7% | 81% | n/a | n/a | n/a |
| Mori Hills Reit Investment 3234.T | Japan | $1.36B | -14% | -1% | 54% | n/a | n/a | n/a |
| AEON REIT Investment 3292.T | Japan | $1.36B | -19% | +1% | 35% | n/a | n/a | n/a |
| Comforia Residential REIT 3282.T | Japan | $1.36B | -20% | +17% | 41% | n/a | n/a | n/a |
| Global Net Lease GNL | United States | $1.58B | -26% | -30% | 35% | n/a | n/a | n/a |
| Charter Hall Retail REIT CQR.AX | Australia | $1.59B | +6% | +31% | 73% | n/a | n/a | n/a |
| Esr-reit 9A4U.SI | Singapore | $1.33B | -14% | +5% | 71% | n/a | n/a | n/a |