Empire State Realty Trust, Inc. (ESRT) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Empire State Realty Trust, Inc. (ESRT) trades at $4.85 with AI Score 46/100 (Grade C). Empire State Realty Trust, Inc. Market cap: $832M, Sector: Real estate.
Price as of Aug 20, 2026 · Last analyzed: May 4, 2026ESRT stock analysis for 2026: Analysts have set a consensus price target of $7.00 for Empire State Realty Trust, Inc., suggesting 44.3% upside from the current price of $4.85. The AI MoonshotScore is 46/100, indicating a neutral outlook. Key factors: analyst coverage, AI-driven quantitative scoring.
ESRT: the 3 scored disciplines are evenly split. Dominant signal: Ken Griffin bearish.
How is this calculated? →Why this analysis is different
- A sector-relative MoonshotScore — five pillars (business quality, financial safety, valuation, growth durability, momentum) re-ranked nightly against the full universe of US-listed common stocks.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
Empire State Realty Trust, Inc. (ESRT) Real Estate Portfolio & Strategy
Empire State Realty Trust, Inc. (ESRT) is a leading REIT specializing in Manhattan and the greater New York metropolitan area, distinguished by its iconic Empire State Building and commitment to energy efficiency, operating in a competitive real estate market with a focus on office and retail properties.
What Is the Investment Thesis for ESRT?
Empire State Realty Trust presents a mixed investment case. The company's iconic asset, the Empire State Building, provides a stable revenue stream and brand recognition. However, the company's financial performance, including a profit margin of 5.1% and a gross margin of -10.3%, raises concerns about operational efficiency. The dividend yield of 2.58% offers some appeal to income-seeking investors. Upcoming catalysts include potential acquisitions and repositioning of properties. Potential risks include market volatility and competition from other REITs in the New York metropolitan area. Investors should carefully consider these factors when evaluating ESRT.
Based on FMP financials and quantitative analysis
ESRT Key Highlights
Market capitalization of $832M reflects the company's current valuation in the REIT sector.
- P/E ratio of 24.1 indicates the price investors are willing to pay for each dollar of ESRT's earnings.
- Dividend yield of 2.58% provides a moderate income stream for investors.
- Portfolio of 10.1 million rentable square feet in Manhattan and the greater New York metropolitan area.
- First commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating.
Who Are ESRT's Competitors?
ESRT is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| SLG SL Green Realty Corp. | $57.70 | +0.10% | $4.10B | — |
| VNO Vornado Realty Trust (VNO) | $38.38 | +1.67% | $7.22B | 60 |
| ARE Alexandria Real Estate Equities | $50.55 | +10.27% | $8.81B | 38 |
| CTO CTO Realty Growth, Inc. | $22.03 | +0.78% | $826M | 70 |
| PKST Peakstone Realty Trust | $20.99 | +0.05% | $781M | 56 |
| KWIPF Kiwi Property Group Limited | $0.54 | -4.53% | $893M | 49 |
| ATVXF Activia Properties Inc. | $915.33 | +0.00% | $728M | 54 |
| LAREF Helios Re Socimi, S.a. | $8.43 | +0.00% | $705M | 52 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are ESRT's Key Strengths?
Iconic properties, including the Empire State Building.
- Prime locations in Manhattan and the greater New York metropolitan area.
- Leadership in energy efficiency and sustainability.
- Experienced management team.
What Are ESRT's Weaknesses?
High concentration of assets in a single geographic market.
- Exposure to economic cycles and fluctuations in the real estate market.
- High operating expenses.
- Negative Gross Margin.
What Could Drive ESRT Stock Higher?
Potential acquisitions of new properties to expand the portfolio.
- Repositioning of existing assets to enhance their value and attract new tenants.
- Implementation of sustainability initiatives to reduce operating costs and attract environmentally conscious tenants.
- Continued leasing activity to maintain high occupancy rates and rental income.
What Are the Key Risks for ESRT?
Financial-distress signal — its Altman Z-Score of 0.53 sits in the distress zone (elevated bankruptcy risk).
- Inconsistent delivery — missed Wall Street EPS estimates in 5 of the last 8 reported quarters.
- Economic downturn in the New York metropolitan area could negatively impact demand for office and retail space.
- Rising interest rates could increase borrowing costs and reduce the company's profitability.
- Competition from other REITs could put pressure on rental rates and occupancy levels.
- Changes in tenant preferences, such as the shift towards remote work, could reduce demand for office space.
What Are the Growth Opportunities for ESRT?
- Expansion of Retail Portfolio: ESRT has the opportunity to expand its retail portfolio by acquiring or developing new properties in high-traffic areas. The retail sector is evolving, with a growing emphasis on experiential retail and mixed-use developments. By focusing on these trends, ESRT can attract a diverse range of tenants and increase its rental income. The market size for retail real estate in the New York metropolitan area is substantial, offering significant growth potential for ESRT. Timeline: Ongoing.
- Strategic Acquisitions: ESRT can pursue strategic acquisitions of office and retail properties in its target markets. By acquiring well-located properties with strong tenant profiles, ESRT can expand its portfolio and increase its revenue base. The company has a proven track record of successfully integrating acquisitions and improving their operational performance. The market for commercial real estate acquisitions is competitive, but ESRT's strong financial position and industry expertise give it a competitive advantage. Timeline: Ongoing.
- Repositioning Existing Assets: ESRT can reposition its existing assets to enhance their value and attract new tenants. This may involve upgrading building systems, renovating common areas, and creating new amenities. By investing in its properties, ESRT can increase its rental rates and occupancy levels. The company has a dedicated team of professionals who are experienced in repositioning commercial real estate assets. Timeline: Ongoing.
- Sustainability Initiatives: ESRT can continue to invest in sustainability initiatives to reduce its environmental impact and attract environmentally conscious tenants. By implementing energy-efficient technologies and practices, ESRT can lower its operating costs and improve its reputation. The demand for sustainable buildings is growing, and ESRT is well-positioned to capitalize on this trend. Timeline: Ongoing.
- Technological Upgrades: ESRT can invest in technological upgrades to enhance the tenant experience and improve operational efficiency. This may involve implementing smart building technologies, providing high-speed internet access, and offering online services. By embracing technology, ESRT can attract and retain tenants and streamline its operations. The market for smart building technologies is growing rapidly, offering significant opportunities for ESRT. Timeline: Ongoing.
What Are ESRT's Competitive Advantages?
- Iconic properties: The Empire State Building provides a unique and irreplaceable asset.
- Prime locations: ESRT's properties are located in desirable areas of Manhattan and the greater New York metropolitan area.
- Sustainability leadership: ESRT is a leader in energy efficiency and sustainability, which attracts environmentally conscious tenants.
- Experienced management team: ESRT has a proven track record of successfully managing and operating commercial real estate assets.
What Does ESRT Do?
Empire State Realty Trust, Inc. (ESRT) is a prominent real estate investment trust (REIT) that owns, manages, operates, acquires, and repositions office and retail properties primarily in Manhattan and the broader New York metropolitan area. The company's portfolio is anchored by the Empire State Building, a globally recognized landmark. ESRT was formed through a series of consolidations and an initial public offering (IPO) in 2013, bringing together a diverse collection of real estate assets under a single, publicly traded entity. The company's strategy focuses on maximizing the value of its properties through strategic leasing, capital improvements, and proactive management. As of September 30, 2020, ESRT's portfolio comprised 10.1 million rentable square feet, including 9.4 million square feet of office space across 14 properties and approximately 700,000 square feet of retail space. ESRT has also distinguished itself through its commitment to sustainability and indoor environmental quality, being the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating. The company continues to focus on attracting and retaining high-quality tenants while maintaining its leadership in energy efficiency and sustainability.
What Products and Services Does ESRT Offer?
- Owns and manages office and retail properties in Manhattan and the greater New York metropolitan area.
- Operates the Empire State Building, a globally recognized landmark.
- Acquires and repositions commercial real estate assets.
- Leases office and retail space to a diverse range of tenants.
- Focuses on energy efficiency and sustainability initiatives.
- Provides property management services to its tenants.
- Invests in capital improvements to enhance the value of its properties.
How Does ESRT Make Money?
- Generates revenue primarily from leasing office and retail space.
- Acquires and develops properties to expand its portfolio.
- Manages and operates its properties to maximize occupancy and rental rates.
- Implements energy efficiency and sustainability initiatives to reduce operating costs.
What Industry Does ESRT Operate In?
Empire State Realty Trust operates within the competitive REIT sector, specifically focusing on office and retail properties in the New York metropolitan area. The industry is influenced by macroeconomic factors such as interest rates, employment trends, and overall economic growth. The New York real estate market is characterized by high barriers to entry and significant demand for quality office and retail space. ESRT differentiates itself through its iconic properties, sustainability initiatives, and focus on tenant satisfaction. The REIT sector is experiencing ongoing shifts due to remote work trends and evolving consumer preferences.
Who Are ESRT's Key Customers?
- Office tenants: Businesses of various sizes and industries that lease office space in ESRT's properties.
- Retail tenants: Retailers, restaurants, and other businesses that lease retail space in ESRT's properties.
- Tourists: Visitors to the Empire State Building and other ESRT properties.
- Event organizers: Companies and individuals who rent space in ESRT's properties for events.
Company Profile
Empire State Realty Trust, Inc. operates in the REIT - Diversified industry within the Real Estate sector. It is headquartered in New York City, US. The company is led by CEO Anthony E. Malkin. ESRT has traded publicly since 2013.
Empire State Realty Trust, Inc. Financial Trajectory
Empire State Realty Trust, Inc. (ESRT) reported $196.9M in revenue for Q2 2026, reflecting 3.5% growth compared to the prior quarter. The company recorded a net loss of $24.8M, with diluted EPS of $-0.15. Quarter-over-quarter revenue has been mixed, typical for a small-cap company operating in Real Estate. Across the four most recent quarters, ESRT averaged $-0.01 in diluted EPS.
How Empire State Realty Trust, Inc. Is Valued
Empire State Realty Trust, Inc. carries a market capitalization of $832M, placing it in the small-cap category. Relative to its peer group, ESRT's quantitative score of 46/100 is roughly in line with the peer average of 56/100.
Key Financial Metrics
Return on equity for Empire State Realty Trust, Inc. stands at 3.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.9%, showing how much profit it generates from its asset base. ESRT trades at a trailing price-to-earnings ratio of 24.08, above the Real Estate sector average of ~21x. Its free cash flow yield is 6.5%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.45 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 4.3%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
Empire State Realty Trust, Inc.'s Piotroski F-Score is 6/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 0.53 places it in the distress zone, a signal of elevated financial risk.
Earnings Track Record
Empire State Realty Trust, Inc. has missed Wall Street's EPS estimate in 5 of its last 8 reported quarters — a mixed record worth weighing. Reported results have landed about 22.8% above estimates on average.
Forward Outlook
Wall Street analysts project Empire State Realty Trust, Inc. revenue of about $756.2M for fiscal 2026, with EPS near $0.77. The estimate reflects 3 contributing analysts.
ESRT Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying signals confidence in the company's future, suggesting that key stakeholders see potential upside.
- Community sentiment has shifted positively, with discussions highlighting the iconic status of the Empire State Building as a unique asset.
- The ongoing recovery in urban real estate markets is creating optimism around increased occupancy rates for properties owned by ESRT.
- Recent developments in local tourism and business activity are seen as beneficial for the company's revenue streams.
Bear Case
- Concerns persist about the long-term impact of remote work on commercial real estate, which could affect ESRT's office space demand.
- Some community members express skepticism about the company's ability to adapt to changing market conditions and tenant needs.
- Negative sentiment around rising interest rates may dampen investor enthusiasm, as higher rates could impact financing and refinancing costs.
- Recent discussions indicate worries about potential economic downturns that could lead to reduced rental income for ESRT.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2026 | $197M | -$25M | -$0.15 |
| Q1 2026 | $190M | $2M | $0.0046 |
| Q4 2025 | $199M | $21M | $0.07 |
| Q3 2025 | $198M | $9M | $0.05 |
Based on FMP financials and quantitative analysis
ESRT Latest News
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Earnings Scheduled For October 26, 2022
benzinga · Oct 26, 2022
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· Mar 12, 2021
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· Feb 28, 2020
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· Feb 27, 2020
ESRT Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for ESRT.
Price Targets
Consensus target: $7.00
ESRT MoonshotScore
What does this score mean?
The MoonshotScore rates ESRT 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Leadership: Anthony E. Malkin
Chairman, President and Chief Executive Officer
Anthony E. Malkin serves as the Chairman, President, and Chief Executive Officer of Empire State Realty Trust. He has been involved in the real estate industry for several decades, bringing extensive experience in property management, leasing, and development. Malkin played a key role in the formation of Empire State Realty Trust through the consolidation of various real estate entities. He is actively involved in sustainability initiatives and energy efficiency programs within the company's portfolio.
Track Record: Under Anthony Malkin's leadership, Empire State Realty Trust has achieved significant milestones, including the successful IPO in 2013 and the implementation of numerous energy efficiency projects. He has overseen the repositioning of several properties within the portfolio and has focused on attracting and retaining high-quality tenants. Malkin's strategic decisions have contributed to the company's growth and its position as a leader in the New York real estate market.
ESRT Real Estate Stock FAQ
What does the AI Score mean for ESRT?
ESRT holds an AI Score of 46/100 (Grade: C). This is an educational research signal, not a buy or sell recommendation. Empire State Realty Trust, Inc. is a real estate investment trust (REIT) focused on owning, managing, and operating office and retail properties. The company's portfolio includes iconic assets like …
What does Empire State Realty Trust, Inc. do?
Empire State Realty Trust, Inc. (ESRT) is a real estate investment trust (REIT) that primarily focuses on owning, managing, operating, acquiring, and repositioning office and retail properties in Manhattan and the greater New York metropolitan area. The company's portfolio includes iconic assets like the Empire State Building, as well as other office and retail spaces.
What do analysts say about ESRT stock?
Analyst opinions on Empire State Realty Trust (ESRT) vary, with some focusing on the company's iconic assets and stable revenue streams, while others express concerns about its financial performance and exposure to the New York real estate market. Key valuation metrics such as P/E ratio and dividend yield are closely monitored.
What are the main risks for ESRT?
Empire State Realty Trust (ESRT) faces several risks, including economic downturns in the New York metropolitan area, which could negatively impact demand for office and retail space. Rising interest rates could increase borrowing costs and reduce profitability. Competition from other REITs could put pressure on rental rates and occupancy levels.
What are the key factors to evaluate for ESRT?
Empire State Realty Trust, Inc. (ESRT) holds an AI score of 46/100 (low). P/E: 24.1x vs the S&P 500's ~20-25x. Analysts target $7.00 (+44%). Not financial advice.
How frequently does ESRT data refresh on this page?
ESRT's price was last updated on Aug 20, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven ESRT's recent stock price performance?
Empire State Realty Trust, Inc. (ESRT) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Iconic properties, including the Empire State Building. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider ESRT overvalued or undervalued right now?
Empire State Realty Trust, Inc. (ESRT) trades at 24.1x earnings. Analysts target $7.00 (+44%) — upside seen. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
How do I research ESRT before investing?
Before investing in Empire State Realty Trust, Inc. (ESRT), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) analyst consensus ratings and price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data is based on information available as of September 30, 2020.
- Market conditions and company performance may have changed since the last update.