Empire State Realty Trust, Inc. (ESRT) Stock

Empire State Realty Trust, Inc. (ESRT) is a Real Estate stock trading at $4.81 (as of 2026-08-21), with a market capitalization of $1.29B and a trailing P/E of 139.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Empire State Realty Trust, Inc. is a real estate investment trust that owns, manages, operates, acquires, and repositions office and retail properties in Manhattan and the broader New York metropolitan area, including the Empire State Building. Its portfolio includes 14 office properties and a retail portfolio totaling about 10.1 million rentable square feet as of September 30, 2020.

Understand Empire State Realty Trust, Inc.: how it makes money

Empire State Realty Trust owns, manages, and operates office and retail properties in Manhattan and the greater New York metro area, and it makes money primarily from rental revenue, with additional revenue from its observatory and other fees.

The profit engine is rental cash flow, combining current Rental Revenue with incremental cash rent from signed leases that have not yet commenced and related free rent burn-off.

Business quality (Mixed): Clear operating drivers are identifiable from the revenue build (rental income plus incremental cash from not-yet-commenced leases and free rent burn-off), but the provided data does not include official reportable segment revenue lines to validate a full decomposition of total revenue.

Valuation: At 25× earnings, ESRT trades 26% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Incremental cash rent can come from signed leases that have not yet commenced, plus free rent burn-off: This is reflected in the company’s revenue components labeled as Incremental Cash Revenue from signed leases not commenced and free rent burn off.
The portfolio includes both office and retail exposure anchored by the Empire State Building: The company owns, manages, operates, and repositions office and retail properties in Manhattan and the greater New York metro area, including the Empire State Building, which supports diversified revenue lines such as Observatory Revenue.

Bear case

Results may be sensitive to the timing of lease commencement and free rent burn-off: Because incremental revenue is explicitly tied to leases not yet commenced and free rent burn-off, shifts in timing can affect near-term cash rent contribution.
Revenue concentration risk from a geographically concentrated Manhattan and New York metro portfolio: The company’s properties are described as in Manhattan and the greater New York metropolitan area, which can concentrate macro and leasing risk in one region.

Valuation — source: SEC EDGAR (first-party)
Price	$4.81
Market Cap	$1.29B
P/E Ratio	139.7
EV / EBITDA	7.1
Price / Book	0.72
Price / Sales	1.65
DCF Value (model)	$22.80
DCF Upside vs Price	374.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$768.27M
Net Margin	9.5%
Revenue Growth (YoY)	3.0%
EPS Growth (YoY)	-475.0%

Valuation vs Sector & Industry
Stock P/E	139.7
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	414.2%
vs Industry	295.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($126.87M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Real Estate
Industry	Trading
CEO	Anthony E. Malkin
Employees	667
Country	US
IPO Date	2013-10-02

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.