Empire State Realty (ES9) Stock Price & Analysis
ES9 Stock Chart & Stats
- Day’s Range
- N/A
- 52-Week Range
- N/A
- Previous Close
- N/A
- Volume
- N/A
- Average Volume (3M)
- N/A
- Market Cap
- CHF 708.89M
- Enterprise Value
- CHF 3.81B
- Total Cash (Recent Filing)
- CHF 85.61M
- Total Debt (Recent Filing)
- CHF 2.23B
- Price to Earnings (P/E)
- 182.7
- Beta
- 1.16
- Next Earnings
- Nov 02, 2026 (Est.)
- EPS Estimate
- N/A
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 3.39%
Bulls Say, Bears Say
Bulls Say
Strong Office Leasing And Pricing Power
High leasing activity, rising occupancy, and a 17.8% positive mark-to-market spread indicate durable demand for ESRT’s Manhattan office portfolio. Long lease terms, including an average of 12 years, improve cash-flow visibility while embedded rent growth supports future revenue and NOI.
Resilient Multifamily And Retail Operations
Multifamily rent growth and near-full occupancy diversify ESRT beyond office leasing and provide a relatively stable operating contribution. Strong performance across retail and other non-office assets further supports portfolio resilience, reducing reliance on any single property segment over the next several quarters.
Improving Cash Generation
Substantial operating and free cash flow, despite minimal recent net income, demonstrates that ESRT’s property operations are generating meaningful cash. The improvement from 2025 strengthens internal funding capacity for maintenance, leasing activity, debt service, and selective reinvestment in the portfolio.
Bears Say
Observation Deck Visitation And NOI Deterioration
The Observation Deck’s sharp visitation and NOI decline is a material operating weakness because the attraction contributes directly to consolidated earnings and cash flow. Management’s assumption of no visitation improvement for 2026 signals that the pressure may persist through the next several quarters.
Weak Recent Profitability
The reported net loss and large Observatory goodwill impairment highlight weakened recent profitability and lower confidence in the asset’s earnings power. Although the impairment is non-cash, it reflects a reduced carrying value and compounds pressure from higher free rent, operating expenses, and weaker adjusted same-store NOI.
Debt-heavy Capital Structure
High absolute debt and leverage constrain financial flexibility for a property owner whose net income has recently been volatile. Debt service and refinancing needs can absorb cash that might otherwise support acquisitions or property investment, while a weaker operating environment could make balance-sheet improvement more difficult.
Empire State Realty News
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Empire State Realty Stock Smart Score
Company Description
Empire State Realty
Empire State Realty Trust, Inc. (NYSE: ESRT) functions as a leading real estate investment trust (REIT), focused on the acquisition, ownership, management, operation, and revitalization of commercial office and retail assets across Manhattan and the broader New York metropolitan region. Its notable properties include the iconic Empire State Building, globally renowned as "The World's Most Famous Building." Based in New York, New York, the company's diverse portfolio encompassed 10.1 million rentable square feet as of September 30, 2020. This total comprised 9.4 million rentable square feet across 14 office properties – specifically, nine situated in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York – in addition to approximately 700,000 rentable square feet in retail spaces. ESRT has consistently demonstrated leadership in energy efficiency retrofits and maintaining superior Indoor Environmental Quality, achieving the distinction of being the first commercial real estate portfolio in the U.S. to obtain the WELL Health-Safety Rating.
- Sector
- Realestate
- Industry
- REIT - Diversified
- CEO
- Anthony E. Malkin
- Employees
- 642
- Website
- www.esrtreit.com
- Address
- 111 West 33rd Street, New York City, NY, 10120-1220, US
Empire State Realty (ES9) Earnings & Revenues
ES9 Company Deck
ES9 Earnings Call
Earnings Call SentimentPositive
The call presented a strong operational performance across ESRT's core property portfolio: robust office leasing (382k sq ft signed, 94.9% leased), sustained pricing power (17.8% mark-to-market spreads), healthy multifamily rent growth (+8%) and active capital recycling (sale of 250 West 57th, strategic land acquisitions). These positives improved core FAD and support long-term cash flow objectives. Offsetting these strengths, the Empire State Building Observation Deck experienced a significant and persistent decline in visitation and NOI (visitation -28.5% YoY; NOI down ~48.6% YoY), driven largely by a collapse in pass-program/international budget traveler demand (pass visitors down ~45% YTD) and changes in distribution channels. Management responded with a conservative FY assumption for Observation Deck NOI ($55M) that reduced core FFO guidance by ~$0.13 and emphasized remediation plans (marketing, AI/search changes) but acknowledged limited short-term visibility. On balance, portfolio fundamentals and capital actions provide a constructive backdrop and appear to outweigh the temporary, albeit material, Observation Deck weakness.
View all CH:ES9 earnings summaries