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Empire State Realty Trust (ESRT) Financials

Empire State Realty Trust logo
$5.32 +0.02 (+0.28%)
As of 10:44 AM Eastern
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Annual Income Statements for Empire State Realty Trust

Annual Income Statements for Empire State Realty Trust

This table shows Empire State Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 34 51 63 66 49 -17 -11 36 49 47 43
Consolidated Net Income / (Loss)		 80 107 118 117 84 -23 -13 63 84 80 73
Net Income / (Loss) Continuing Operations		 80 107 118 117 84 -23 -13 63 84 80 73
Total Pre-Tax Income 		84 113 125 122 87 -30 -15 65 87 83 76
Total Revenue		 592 526 642 663 663 512 514 732 755 784 776
Net Interest Income / (Expense)		 -66 -70 -66 -69 -68 -87 -94 4.95 15 21 8.75
Total Interest Income		 0.00 0.65 2.94 11 11 2.64 0.70 4.95 15 21 8.75
Investment Securities Interest Income		 - 0.65 2.94 11 11 2.64 0.70 4.95 15 21 8.75
Total Interest Expense		 66 71 68 80 79 90 94 0.00 0.00 0.00 0.00
Total Non-Interest Income		 658 596 707 732 731 600 608 727 740 763 768
Other Service Charges		 16 11 11 14 12 7.68 6.70 9.98 13 12 13
Net Realized & Unrealized Capital Gains on Investments		 - - -2.45 0.00 0.00 -0.09 -0.21 0.00 0.00 -0.55 -0.10
Other Non-Interest Income		 641 585 698 718 720 592 601 717 727 751 755
Total Non-Interest Expense		 506 412 517 541 577 542 529 566 566 596 598
Net Occupancy & Equipment Expense		 168 163 9.33 9.33 9.33 9.33 9.33 9.33 177 189 194
Other Operating Expenses		 163 94 183 195 211 200 183 216 226 231 243
Depreciation Expense		 171 155 161 169 182 191 202 217 190 185 195
Other Special Charges		 - - 164 167 175 136 127 124 -27 -8.83 -34
Nonoperating Income / (Expense), net		 -1.75 -0.55 - - - - - -101 -101 -105 -103
Income Tax Expense		 3.95 6.15 6.67 4.64 2.43 -6.97 -1.73 1.55 2.72 2.69 2.56
Preferred Stock Dividends Declared		 0.94 0.94 0.94 0.94 1.74 4.20 4.20 4.20 4.20 4.20 4.20
Net Income / (Loss) Attributable to Noncontrolling Interest		 45 55 55 51 33 -10 -6.53 23 31 29 25
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - 0.00 0.00 - 0.07 0.00 0.00
Basic Earnings per Share		 $0.30 $0.38 $0.40 $0.39 $0.28 ($0.10) ($0.06) $0.22 $0.30 $0.29 $0.26
Weighted Average Basic Shares Outstanding		 114.25M 133.88M 158.38M 167.57M 178.34M 175.17M 172.45M 165.04M 161.12M 164.90M 168.54M
Diluted Earnings per Share		 $0.29 $0.38 $0.39 $0.39 $0.28 ($0.10) ($0.06) $0.22 $0.30 $0.28 $0.25
Weighted Average Diluted Shares Outstanding		 266.62M 277.57M 298.05M 297.26M 297.80M 283.84M 277.42M 269.95M 265.63M 269.02M 270.04M
Weighted Average Basic & Diluted Shares Outstanding		 112.40M 135.40M 156.60M 168.20M 183.18M 171.62M 170.13M 161.71M 164.07M 167.71M 171.24M
Cash Dividends to Common per Share		 $0.34 $0.40 $0.42 $0.42 $0.42 $0.21 $0.11 $0.14 $0.14 $0.14 $0.14

Quarterly Income Statements for Empire State Realty Trust

This table shows Empire State Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 12 9.11 5.66 17 14 11 9.22 6.52 7.99 20 1.24
Consolidated Net Income / (Loss)		 20 16 10 29 23 19 16 11 14 32 3.00
Net Income / (Loss) Continuing Operations		 20 16 10 29 23 19 16 11 14 32 3.00
Total Pre-Tax Income 		21 18 9.56 29 24 20 15 12 15 33 1.93
Total Revenue		 196 223 185 195 202 254 170 193 199 201 163
Net Interest Income / (Expense)		 4.46 30 4.18 5.09 6.96 58 -23 1.87 1.15 1.95 -28
Total Interest Income		 4.46 4.74 4.18 5.09 6.96 5.07 3.79 1.87 1.15 1.95 0.61
Investment Securities Interest Income		 4.46 4.74 4.18 5.09 6.96 5.07 3.79 1.87 1.15 1.95 0.61
Total Interest Expense		 0.00 -25 0.00 0.00 0.00 -53 27 0.00 0.00 - 28
Long-Term Debt Interest Expense		 0.00 - - - - - 27 - 0.00 - 28
Total Non-Interest Income		 192 193 181 190 195 196 193 191 198 199 190
Other Service Charges		 2.51 5.50 2.70 2.95 2.33 4.20 2.36 3.35 3.28 4.27 4.35
Net Realized & Unrealized Capital Gains on Investments		 - - -0.55 0.00 0.00 -1.26 13 0.00 - - 0.00
Other Non-Interest Income		 189 187 178 187 192 193 178 187 194 195 186
Total Non-Interest Expense		 149 129 150 140 150 129 155 156 158 142 161
Net Occupancy & Equipment Expense		 45 -83 2.33 2.33 2.33 2.33 2.33 47 49 95 2.33
Other Operating Expenses		 57 32 57 59 55 35 58 61 61 63 61
Depreciation Expense		 47 50 46 47 46 45 49 48 48 51 50
Other Special Charges		 - - 45 31 47 46 46 0.00 - - 48
Income Tax Expense		 1.41 1.79 -0.66 0.75 1.44 1.15 -0.62 0.48 1.65 1.05 -1.06
Preferred Stock Dividends Declared		 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05
Net Income / (Loss) Attributable to Noncontrolling Interest		 7.21 5.74 3.50 10 8.21 6.58 5.51 3.82 4.61 11 0.71
Basic Earnings per Share		 $0.07 $0.05 $0.03 $0.10 $0.08 $0.08 $0.06 $0.04 $0.05 $0.11 $0.01
Weighted Average Basic Shares Outstanding		 161.85M 161.12M 163.49M 164.28M 164.88M 164.90M 167.18M 168.37M 169.25M 168.54M 170.67M
Diluted Earnings per Share		 $0.07 $0.05 $0.03 $0.10 $0.08 $0.07 $0.05 $0.04 $0.05 $0.11 $0.01
Weighted Average Diluted Shares Outstanding		 266.07M 265.63M 267.49M 268.72M 269.61M 269.02M 269.53M 269.95M 270.36M 270.04M 269.35M
Weighted Average Basic & Diluted Shares Outstanding		 162.48M 164.07M 165.02M - 166.76M 167.71M 168.49M 169.61M 170.19M 171.24M 172.43M
Cash Dividends to Common per Share		 $0.04 - $0.04 $0.04 $0.04 - $0.04 $0.04 $0.04 - $0.04

Annual Cash Flow Statements for Empire State Realty Trust

This table details how cash moves in and out of Empire State Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.95 503 -86 -259 0.78 296 -93 -160 92 22 -263
Net Cash From Operating Activities		 203 215 194 279 233 182 212 211 232 261 249
Net Cash From Continuing Operating Activities		 203 215 194 279 233 182 212 211 232 261 249
Net Income / (Loss) Continuing Operations		 80 107 118 117 84 -23 -13 63 84 80 73
Consolidated Net Income / (Loss)		 80 107 118 117 84 -23 -13 63 84 80 73
Depreciation Expense		 171 155 161 169 182 191 202 217 190 185 195
Amortization Expense		 -9.71 -0.23 3.15 8.93 7.85 14 13 13 15 14 13
Non-Cash Adjustments to Reconcile Net Income		 -14 -20 -26 7.40 -11 6.27 7.12 -38 -26 -2.34 -28
Changes in Operating Assets and Liabilities, net		 -25 -28 -62 -23 -30 -5.78 3.80 -44 -30 -16 -4.28
Net Cash From Investing Activities		 -142 -182 -223 -643 150 -143 -213 -231 -77 -397 -550
Net Cash From Continuing Investing Activities		 -142 -182 -223 -643 150 -143 -213 -231 -77 -397 -550
Purchase of Property, Leasehold Improvements and Equipment		 -142 -182 -223 -243 -250 -143 -95 -126 -139 -173 -198
Purchase of Investment Securities		 - 0.00 0.00 -400 - 0.00 -118 -116 -27 -207 -412
Sale of Property, Leasehold Improvements and Equipment		 - - - - - - - 0.00 0.00 -4.03 0.00
Sale and/or Maturity of Investments		 - - 0.00 - 400 0.00 0.00 11 89 0.00 61
Other Investing Activities, net		 -0.63 -0.45 -0.03 - - - - 0.00 0.00 -13 0.00
Net Cash From Financing Activities		 -60 471 -57 105 -382 257 -93 -140 -63 159 38
Net Cash From Continuing Financing Activities		 -60 471 -57 105 -382 257 -93 -140 -63 159 38
Issuance of Debt		 1,270 100 695 495 0.00 1,080 - 0.00 0.00 440 615
Repayment of Debt		 -1,232 -122 -612 -269 -254 -604 -4.09 -7.50 -8.63 -227 -520
Repurchase of Common Equity		 - - - 0.00 0.00 -144 -47 -90 -13 0.00 -8.12
Payment of Dividends		 -92 -115 -127 -127 -128 -65 -33 -43 -41 -42 -43
Other Financing Activities, Net		 -6.10 -3.01 -13 - 0.00 -10 -9.49 0.22 0.19 -12 -5.26
Cash Interest Paid		 65 69 67 76 78 75 78 91 92 95 94
Cash Income Taxes Paid		 4.47 6.24 5.78 4.85 1.77 1.28 0.64 0.20 1.39 1.90 3.53

Quarterly Cash Flow Statements for Empire State Realty Trust

This table details how cash moves in and out of Empire State Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 25 -14 -22 191 -107 -41 -192 -101 61 -31 -60
Net Cash From Operating Activities		 90 36 71 37 103 50 83 27 105 34 69
Net Cash From Continuing Operating Activities		 90 36 71 37 103 50 83 27 105 34 69
Net Income / (Loss) Continuing Operations		 20 16 10 29 23 19 16 11 14 32 3.00
Consolidated Net Income / (Loss)		 20 16 10 29 23 19 16 11 14 32 3.00
Depreciation Expense		 47 50 46 47 46 45 49 48 48 51 50
Amortization Expense		 3.69 3.76 3.52 3.66 3.70 3.41 3.34 3.28 3.30 3.46 3.59
Non-Cash Adjustments to Reconcile Net Income		 -0.03 5.66 0.94 -6.32 2.21 0.83 -13 3.15 1.80 -19 -0.23
Changes in Operating Assets and Liabilities, net		 20 -38 10 -36 28 -18 29 -39 39 -33 12
Net Cash From Investing Activities		 -52 -38 -71 -56 -191 -79 -42 -114 -33 -362 -65
Net Cash From Continuing Investing Activities		 -52 -38 -71 -56 -191 -79 -42 -114 -33 -362 -65
Purchase of Property, Leasehold Improvements and Equipment		 -25 -38 -53 -44 -47 -29 -42 -82 -33 -42 -18
Purchase of Investment Securities		 -27 -0.01 -14 - -143 -50 0.00 -32 - -380 -46
Net Cash From Financing Activities		 -13 -12 -21 211 -19 -12 -233 -14 -12 297 -65
Net Cash From Continuing Financing Activities		 -13 -12 -21 211 -19 -12 -233 -14 -12 297 -65
Issuance of Debt		 - - 215 225 - - 0.00 - - 615 69
Repayment of Debt		 -2.42 -1.95 -216 -1.49 -7.55 -1.35 -221 -0.91 -0.93 -298 -121
Payment of Dividends		 -11 -11 -11 -11 -11 -11 -11 -11 -11 -11 -11
Other Financing Activities, Net		 0.08 - -9.28 -2.36 -0.43 - -1.30 -0.03 -0.01 -3.92 -1.45
Cash Interest Paid		 24 22 22 21 22 30 20 27 19 27 20
Cash Income Taxes Paid		 0.17 0.81 0.48 0.78 0.27 0.37 1.22 0.71 0.74 0.86 0.28

Annual Balance Sheets for Empire State Realty Trust

This table presents Empire State Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,283 3,301 3,891 3,931 4,196 4,151 4,282 4,164 4,219 4,510 4,469
Cash and Due from Banks		 46 47 554 464 205 527 424 264 347 385 133
Restricted Cash		 60 66 62 66 66 41 51 50 60 44 34
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 1,762 1,811 1,902 2,011 2,137 2,192 2,428 2,414 2,405 2,512 2,839
Deferred Acquisition Cost		 357 311 277 263 241 204 202 188 172 184 268
Goodwill		 491 491 491 491 491 491 491 491 491 491 491
Other Assets		 566 575 604 636 1,055 695 686 756 743 893 704
Total Liabilities & Shareholders' Equity		 3,283 3,301 3,891 3,931 4,196 4,151 4,282 4,164 4,219 4,510 4,469
Total Liabilities		 1,902 1,928 1,908 1,954 2,205 2,419 2,598 2,481 2,488 2,728 2,647
Non-Interest Bearing Deposits		 40 49 47 47 58 30 29 25 35 25 27
Short-Term Debt		 0.00 35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 120 145
Long-Term Debt		 1,599 1,597 1,612 1,689 1,919 2,137 2,310 2,246 2,241 2,158 2,227
Other Long-Term Liabilities		 263 247 249 218 228 252 259 209 212 425 248
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,381 1,373 1,983 1,978 1,991 1,731 1,684 1,683 1,731 1,782 1,822
Total Preferred & Common Equity		 469 525 1,154 1,168 1,238 1,055 998 954 986 1,031 1,060
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 468 524 1,154 1,167 1,238 1,055 998 954 986 1,031 1,060
Common Stock		 407 469 1,106 1,128 1,204 1,149 1,153 1,057 1,063 1,080 1,093
Retained Earnings		 61 55 51 47 42 -66 -134 -109 -83 -59 -40
Accumulated Other Comprehensive Income / (Loss)		 0.00 -0.88 -2.79 -8.56 -8.85 -28 -21 7.05 6.03 9.93 6.50
Noncontrolling Interest		 912 848 829 809 753 676 686 729 746 751 762

Quarterly Balance Sheets for Empire State Realty Trust

This table presents Empire State Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4,201 4,157 4,185 4,217 4,191 4,433 4,437 4,114 4,079 4,106 4,406
Cash and Due from Banks		 387 273 315 354 334 536 422 188 95 154 69
Restricted Cash		 53 108 80 67 52 41 48 50 42 44 37
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 2,378 2,390 2,385 2,402 2,414 2,297 2,426 2,518 2,563 2,559 2,867
Deferred Acquisition Cost		 189 182 177 175 180 172 177 182 182 177 262
Goodwill		 491 491 491 491 491 491 491 491 491 491 491
Other Assets		 703 712 735 726 720 896 873 685 706 681 679
Total Liabilities & Shareholders' Equity		 4,201 4,157 4,185 4,217 4,191 4,433 4,437 4,114 4,079 4,106 4,406
Total Liabilities		 2,527 2,480 2,473 2,483 2,466 2,682 2,680 2,329 2,290 2,308 2,582
Non-Interest Bearing Deposits		 28 35 40 39 25 24 25 27 27 31 27
Short-Term Debt		 0.00 0.00 0.00 0.00 120 120 120 0.00 0.00 0.00 90
Long-Term Debt		 2,277 2,245 2,243 2,242 2,119 2,166 2,159 2,058 2,058 2,058 2,229
Other Long-Term Liabilities		 222 200 190 202 201 372 376 244 205 220 235
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,674 1,677 1,712 1,733 1,725 1,751 1,757 1,786 1,789 1,798 1,824
Total Preferred & Common Equity		 952 948 966 987 996 1,011 1,015 1,032 1,038 1,044 1,064
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 951 948 966 987 996 1,011 1,015 1,032 1,038 1,044 1,064
Common Stock		 1,060 1,054 1,049 1,060 1,068 1,070 1,074 1,081 1,088 1,091 1,099
Retained Earnings		 -116 -109 -92 -87 -83 -72 -64 -56 -55 -53 -44
Accumulated Other Comprehensive Income / (Loss)		 6.67 3.34 9.28 13 12 13 5.75 6.73 5.56 5.35 9.39
Noncontrolling Interest		 721 729 746 746 729 740 742 754 751 755 760

Annual Metrics And Ratios for Empire State Realty Trust

This table displays calculated financial ratios and metrics derived from Empire State Realty Trust's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 170,193,226.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 170,193,226.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.43
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.05% -11.09% 21.90% 3.27% 0.12% -22.75% 0.29% 42.42% 3.10% 4.50% -0.95%
EBITDA Growth		 15.20% 8.70% 7.38% 3.65% -7.74% -36.69% 14.30% 98.03% -0.68% -1.43% -0.15%
EBIT Growth		 14.37% 33.08% 9.63% -2.43% -28.86% -134.43% 50.53% 1,223.58% 13.64% -0.17% -5.11%
NOPAT Growth		 16.22% 32.08% 9.73% -0.85% -28.11% -124.80% 50.53% 1,666.79% 12.79% -0.29% -5.25%
Net Income Growth		 13.84% 34.18% 10.26% -0.85% -28.11% -127.16% 43.04% 584.87% 33.53% -4.80% -9.18%
EPS Growth		 7.41% 31.03% 2.63% 0.00% -28.21% -135.71% 40.00% 466.67% 36.36% -6.67% -10.71%
Operating Cash Flow Growth		 46.64% 5.69% -9.57% 43.68% -16.64% -21.63% 16.56% -0.62% 10.10% 12.22% -4.54%
Free Cash Flow Firm Growth		 0.00% -957.55% 109.74% -368.85% 399.09% -172.09% 49.67% 265.94% -38.29% -33.14% -58.84%
Invested Capital Growth		 0.85% 19.64% 1.98% 6.64% -7.51% 6.95% 3.28% -1.64% 1.08% 2.22% 3.30%
Revenue Q/Q Growth		 -0.14% -11.58% 82.09% -16.76% -8.07% -10.39% 3.49% 24.33% 9.34% 20.19% -0.81%
EBITDA Q/Q Growth		 2.68% 4.01% -0.47% 5.86% -3.96% -14.98% 0.30% 45.51% 23.98% 49.55% 4.61%
EBIT Q/Q Growth		 13.70% 13.53% -2.51% 7.91% -11.40% -944.22% 5.92% 322.53% 60.07% 240.22% 7.06%
NOPAT Q/Q Growth		 14.08% 15.13% -2.95% 6.85% -11.60% -508.16% 5.92% 331.80% 102.59% 135.40% 8.04%
Net Income Q/Q Growth		 11.75% 14.57% -0.63% 6.85% -11.60% -546.96% -57.97% 68.48% -6.42% 3.83% 22.45%
EPS Q/Q Growth		 11.54% 15.15% 0.00% 5.41% -9.68% 0.00% -20.00% 69.23% -9.09% 7.69% 19.05%
Operating Cash Flow Q/Q Growth		 3.39% 4.43% -14.65% 34.94% -19.79% -7.83% 14.38% -3.77% -0.32% 5.49% -6.08%
Free Cash Flow Firm Q/Q Growth		 0.00% -1.96% -67.14% 49.65% -4.09% -193.62% 10.17% 451.34% 111.31% 466.26% -88.64%
Invested Capital Q/Q Growth		 0.10% 0.74% 3.35% 0.05% 0.19% 4.33% 3.78% -0.56% -0.09% 0.60% 8.77%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 41.80% 51.10% 45.01% 45.18% 41.63% 34.12% 38.88% 54.06% 52.08% 49.12% 49.82%
EBIT Margin		 14.47% 21.65% 19.47% 18.40% 13.07% -5.83% -2.87% 22.67% 24.99% 23.87% 23.01%
Profit (Net Income) Margin		 13.50% 20.38% 18.43% 17.70% 12.71% -4.47% -2.54% 8.64% 11.18% 10.19% 9.40%
Tax Burden Percent		 95.29% 94.58% 94.66% 96.19% 97.20% 76.65% 88.26% 97.61% 96.88% 96.76% 96.61%
Interest Burden Percent		 97.96% 99.52% 100.00% 100.00% 100.00% 100.00% 100.00% 39.02% 46.19% 44.11% 42.28%
Effective Tax Rate		 4.71% 5.42% 5.34% 3.81% 2.80% 0.00% 0.00% 2.39% 3.12% 3.24% 3.39%
Return on Invested Capital (ROIC)		 2.73% 3.27% 3.26% 3.10% 2.24% -0.56% -0.26% 4.09% 4.63% 4.54% 4.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.62% 3.23% 3.26% 3.10% 2.24% -0.66% -0.38% -0.25% 0.24% 0.03% -0.10%
Return on Net Nonoperating Assets (RNNOA)		 3.08% 3.13% 2.71% 2.81% 2.04% -0.69% -0.50% -0.33% 0.32% 0.04% -0.13%
Return on Equity (ROE)		 5.81% 6.39% 5.97% 5.91% 4.28% -1.24% -0.76% 3.75% 4.94% 4.57% 4.05%
Cash Return on Invested Capital (CROIC)		 1.88% -14.62% 1.29% -3.33% 10.04% -7.28% -3.49% 5.74% 3.55% 2.34% 0.94%
Operating Return on Assets (OROA)		 2.60% 3.17% 3.19% 3.00% 2.13% -0.74% -0.35% 3.93% 4.50% 4.31% 3.98%
Return on Assets (ROA)		 2.43% 2.98% 3.02% 2.89% 2.07% -0.57% -0.31% 1.50% 2.01% 1.84% 1.63%
Return on Common Equity (ROCE)		 2.09% 3.20% 3.50% 3.58% 1.35% -0.36% -0.46% 2.18% 2.81% 2.63% 2.35%
Return on Equity Simple (ROE_SIMPLE)		 15.23% 9.29% 10.12% 9.47% 0.00% -2.17% -1.31% 6.62% 8.56% 7.80% 6.88%
Net Operating Profit after Tax (NOPAT)		 82 108 118 117 84 -21 -10 162 183 182 173
NOPAT Margin		 13.79% 20.48% 18.43% 17.70% 12.71% -4.08% -2.01% 22.13% 24.21% 23.10% 22.23%
Net Nonoperating Expense Percent (NNEP)		 0.10% 0.03% 0.00% 0.00% 0.00% 0.10% 0.12% 4.34% 4.38% 4.51% 4.29%
SG&A Expenses to Revenue		 28.92% 31.01% 1.45% 1.41% 1.41% 1.82% 1.81% 1.27% 1.24% 1.18% 24.99%
Operating Expenses to Revenue		 85.53% 78.35% 80.53% 81.60% 86.93% 105.83% 102.87% 77.33% 75.01% 76.13% 76.99%
Earnings before Interest and Taxes (EBIT)		 86 114 125 122 87 -30 -15 166 189 188 179
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 247 269 289 299 276 175 200 396 393 387 387
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.44 2.33 2.46 1.79 1.90 1.44 1.48 1.10 1.58 1.67 1.05
Price to Tangible Book Value (P/TBV)		 56.14 4.05 4.25 2.98 3.16 2.69 2.91 2.28 3.14 3.19 1.95
Price to Revenue (P/Rev)		 3.04 5.10 4.47 3.35 3.51 2.96 2.87 1.44 2.06 2.18 1.43
Price to Earnings (P/E)		 53.34 52.16 45.79 33.88 47.15 0.00 0.00 28.93 31.67 36.28 25.57
Dividend Yield		 2.24% 2.31% 2.34% 3.29% 3.26% 4.76% 1.24% 2.14% 1.46% 1.36% 2.15%
Earnings Yield		 1.87% 1.92% 2.18% 2.95% 2.12% 0.00% 0.00% 3.46% 3.16% 2.76% 3.91%
Enterprise Value to Invested Capital (EV/IC)		 1.39 1.25 1.32 1.18 1.76 0.97 1.00 0.95 1.04 1.06 0.97
Enterprise Value to Revenue (EV/Rev)		 7.04 8.57 7.54 6.98 9.60 7.34 7.77 5.07 5.48 5.48 5.25
Enterprise Value to EBITDA (EV/EBITDA)		 16.84 16.77 16.75 15.45 23.05 21.52 19.99 9.39 10.51 11.15 10.54
Enterprise Value to EBIT (EV/EBIT)		 48.67 39.57 38.72 37.93 73.42 0.00 0.00 22.38 21.91 22.95 22.82
Enterprise Value to NOPAT (EV/NOPAT)		 51.07 41.84 40.90 39.43 75.53 0.00 0.00 22.93 22.61 23.72 23.62
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.51 21.00 24.90 16.57 27.37 20.64 18.80 17.59 17.77 16.56 16.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 74.09 0.00 102.93 0.00 16.85 0.00 0.00 16.33 29.44 46.04 105.55
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.19 0.81 0.85 0.96 0.86 1.23 1.37 1.33 1.29 1.28 1.30
Long-Term Debt to Equity		 1.16 0.81 0.85 0.96 0.86 1.23 1.37 1.33 1.29 1.21 1.22
Financial Leverage		 1.17 0.97 0.83 0.91 0.91 1.03 1.30 1.35 1.31 1.29 1.29
Leverage Ratio		 2.39 2.14 1.98 2.05 2.06 2.20 2.47 2.51 2.46 2.48 2.49
Compound Leverage Factor		 2.34 2.13 1.98 2.05 2.06 2.20 2.47 0.98 1.13 1.10 1.05
Debt to Total Capital		 54.32% 44.85% 46.06% 49.08% 46.14% 55.24% 57.84% 57.16% 56.41% 56.11% 56.55%
Short-Term Debt to Total Capital		 1.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.96% 3.46%
Long-Term Debt to Total Capital		 53.15% 44.85% 46.06% 49.08% 46.14% 55.24% 57.84% 57.16% 56.41% 53.15% 53.09%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 28.22% 23.05% 22.08% 19.25% 72.95% 17.48% 17.18% 18.55% 18.77% 18.50% 18.17%
Common Equity to Total Capital		 17.42% 32.10% 31.82% 31.67% 0.00% 27.28% 24.99% 24.29% 24.81% 25.39% 25.27%
Debt to EBITDA		 6.60 6.00 5.85 6.41 6.04 12.22 11.56 5.68 5.70 5.88 6.13
Net Debt to EBITDA		 6.14 3.71 4.01 5.51 5.06 8.97 9.19 4.88 4.67 4.77 5.70
Long-Term Debt to EBITDA		 6.46 6.00 5.85 6.41 6.04 12.22 11.56 5.68 5.70 5.57 5.76
Debt to NOPAT		 20.01 14.96 14.28 16.37 19.80 -102.22 -223.45 13.86 12.26 12.50 13.74
Net Debt to NOPAT		 18.63 9.25 9.80 14.06 16.57 -75.05 -177.54 11.92 10.03 10.15 12.78
Long-Term Debt to NOPAT		 19.58 14.96 14.28 16.37 19.80 -102.22 -223.45 13.86 12.26 11.84 12.90
Noncontrolling Interest Sharing Ratio		 64.01% 50.00% 41.40% 39.40% 68.56% 71.32% 39.88% 42.02% 43.18% 42.61% 41.99%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 56 -482 47 -126 378 -272 -137 227 140 94 39
Operating Cash Flow to CapEx		 143.41% 118.05% 87.09% 114.81% 92.94% 127.37% 223.58% 167.24% 166.87% 147.45% 125.47%
Free Cash Flow to Firm to Interest Expense		 0.86 -6.83 0.69 -1.59 4.77 -3.03 -1.45 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 3.09 3.04 2.84 3.50 2.94 2.03 2.25 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.94 0.47 -0.42 0.45 -0.22 0.44 1.24 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.18 0.15 0.16 0.16 0.16 0.13 0.12 0.17 0.18 0.18 0.17
Fixed Asset Turnover		 0.33 0.28 0.33 0.32 0.30 0.23 0.22 0.30 0.31 0.32 0.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,005 3,595 3,666 3,910 3,616 3,868 3,995 3,929 3,972 4,060 4,194
Invested Capital Turnover		 0.20 0.16 0.18 0.17 0.18 0.14 0.13 0.18 0.19 0.20 0.19
Increase / (Decrease) in Invested Capital		 25 590 71 244 -294 251 127 -65 42 88 134
Enterprise Value (EV)		 4,167 4,509 4,837 4,623 6,367 3,763 3,995 3,715 4,132 4,321 4,077
Market Capitalization		 1,799 2,684 2,869 2,223 2,331 1,518 1,473 1,054 1,553 1,721 1,110
Book Value per Share		 $4.42 $7.44 $7.31 $7.12 $0.00 $6.14 $5.75 $5.91 $6.07 $6.18 $6.23
Tangible Book Value per Share		 $0.27 $4.27 $4.23 $4.29 $0.00 $3.28 $2.92 $2.87 $3.04 $3.23 $3.34
Total Capital		 3,005 3,595 3,666 3,910 3,616 3,868 3,995 3,929 3,972 4,060 4,194
Total Debt		 1,632 1,612 1,689 1,919 1,669 2,137 2,310 2,246 2,241 2,278 2,372
Total Long-Term Debt		 1,597 1,612 1,689 1,919 1,669 2,137 2,310 2,246 2,241 2,158 2,227
Net Debt		 1,520 996 1,159 1,648 1,397 1,569 1,836 1,931 1,834 1,849 2,205
Capital Expenditures (CapEx)		 142 182 223 243 250 143 95 126 139 177 198
Net Nonoperating Expense (NNE)		 1.67 0.52 0.00 0.00 0.00 1.99 2.70 99 98 102 100
Net Nonoperating Obligations (NNO)		 1,632 1,612 1,689 1,919 1,669 2,137 2,310 2,246 2,241 2,278 2,372
Total Depreciation and Amortization (D&A)		 162 155 164 177 189 205 215 230 204 199 208
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.30 $0.38 $0.40 $0.39 $0.28 ($0.10) ($0.06) $0.22 $0.00 $0.29 $0.26
Adjusted Weighted Average Basic Shares Outstanding		 114.25M 133.88M 158.38M 167.57M 178.34M 175.17M 172.45M 165.04M 0.00 164.90M 168.54M
Adjusted Diluted Earnings per Share		 $0.29 $0.38 $0.39 $0.39 $0.28 ($0.10) ($0.06) $0.22 $0.00 $0.28 $0.25
Adjusted Weighted Average Diluted Shares Outstanding		 266.62M 277.57M 298.05M 297.26M 297.80M 283.84M 277.42M 269.95M 0.00 269.02M 270.04M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 121.10M 156.55M 162.87M 176.08M 183.18M 171.62M 170.13M 161.71M 0.00 167.71M 171.24M
Normalized Net Operating Profit after Tax (NOPAT)		 82 108 273 278 254 79 84 283 319 347 139
Normalized NOPAT Margin		 13.82% 20.50% 42.56% 42.00% 38.35% 15.37% 16.34% 38.66% 42.26% 44.00% 17.96%
Pre Tax Income Margin		 14.17% 21.55% 19.47% 18.40% 13.07% -5.83% -2.87% 8.85% 11.54% 10.53% 9.73%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.30 1.61 1.82 1.53 1.09 -0.33 -0.16 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 1.24 1.53 1.73 1.47 1.06 -0.23 -0.11 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -0.85 -0.96 -1.43 -1.52 -2.06 -1.92 -1.16 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -0.91 -1.05 -1.53 -1.58 -2.09 -1.82 -1.12 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 114.93% 107.15% 107.37% 107.92% 151.57% -284.18% -251.32% 67.69% 48.96% 52.88% 59.17%
Augmented Payout Ratio		 114.93% 107.15% 107.37% 107.92% 151.57% -912.05% -609.56% 210.34% 64.48% 52.88% 70.30%

Quarterly Metrics And Ratios for Empire State Realty Trust

This table displays calculated financial ratios and metrics derived from Empire State Realty Trust's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 170,193,226.00 171,239,894.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 170,193,226.00 171,239,894.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.19 0.02
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 22.68% -20.29% 30.22% 0.39% -7.95% 13.91% -0.52% -1.02% -1.44% -0.79% -4.28%
EBITDA Growth		 56.04% -14.62% 37.33% -8.11% -23.90% 18.27% 11.77% -16.72% -9.73% 17.73% -17.14%
EBIT Growth		 303.62% -24.51% 231.15% -22.24% -48.12% 33.57% 21.36% -32.29% -21.62% 24.90% -87.25%
NOPAT Growth		 331.25% -26.78% 216.95% -22.73% -47.76% 18.72% 18.22% -33.31% -25.63% 28.34% -81.02%
Net Income Growth		 96.96% -26.78% -12.65% -22.73% 14.39% 18.72% 54.46% -60.13% -40.14% 71.19% -81.02%
EPS Growth		 133.33% -37.50% -25.00% -28.57% 14.29% 40.00% 66.67% -60.00% -37.50% 57.14% -80.00%
Operating Cash Flow Growth		 -0.18% -2.00% -17.87% 89.96% 14.05% 37.29% 17.23% -28.04% 2.42% -32.25% -17.12%
Free Cash Flow Firm Growth		 121.56% -130.47% -107.80% -299.57% -291.44% -162.11% 3,531.55% 884.65% 1,865.73% -75.47% -318.60%
Invested Capital Growth		 0.60% 1.08% 1.07% 2.07% 1.53% 2.22% -3.03% -4.71% -4.46% 3.30% 7.80%
Revenue Q/Q Growth		 1.09% 13.74% -17.10% 21.89% -7.31% 40.76% -27.60% 4.79% 3.23% 1.11% -19.04%
EBITDA Q/Q Growth		 10.85% 51.59% -42.69% 35.96% -8.21% 135.60% -45.84% -6.52% 3.77% 23.79% -50.73%
EBIT Q/Q Growth		 23.96% 100.61% -62.99% 206.54% -17.29% 416.47% -66.37% -12.13% 9.44% 46.02% -96.73%
NOPAT Q/Q Growth		 18.07% -63.72% 134.14% 179.54% -20.17% -17.56% 133.15% -18.98% 1.76% 58.43% -94.77%
Net Income Q/Q Growth		 -46.08% -20.56% -35.47% 179.54% -20.17% -17.56% -16.04% -27.84% 19.85% 135.78% -90.69%
EPS Q/Q Growth		 -50.00% -28.57% -40.00% 233.33% -20.00% -12.50% -28.57% -20.00% 25.00% 120.00% -90.91%
Operating Cash Flow Q/Q Growth		 361.25% -59.57% 94.62% -47.66% 176.94% -51.34% 66.19% -67.87% 294.13% -67.81% 103.29%
Free Cash Flow Firm Q/Q Growth		 -25.79% -233.58% 82.01% -68.93% 28.82% -82.89% 335.48% 37.73% -4.11% -135.49% -286.53%
Invested Capital Q/Q Growth		 0.51% -0.09% -0.20% 1.85% -0.03% 0.60% -5.33% 0.08% 0.23% 8.77% -1.20%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 49.51% 65.98% 45.61% 41.33% 40.93% 68.50% 51.24% 45.72% 45.95% 56.26% 34.24%
EBIT Margin		 23.84% 42.04% 18.77% 15.06% 13.43% 49.30% 22.90% 19.20% 20.35% 29.39% 1.19%
Profit (Net Income) Margin		 10.17% 7.10% 5.53% 14.67% 12.64% 7.40% 8.58% 5.91% 6.86% 16.00% 1.84%
Tax Burden Percent		 93.40% 89.83% 106.85% 97.44% 94.05% 94.23% 104.08% 95.97% 89.24% 96.83% 154.94%
Interest Burden Percent		 45.67% 18.80% 27.56% 100.00% 100.00% 15.93% 36.01% 32.07% 37.77% 56.21% 100.00%
Effective Tax Rate		 6.60% 10.17% -6.85% 2.56% 5.95% 5.77% -4.08% 4.03% 10.76% 3.17% -54.94%
Return on Invested Capital (ROIC)		 3.88% 1.36% 4.06% 2.47% 2.07% 1.45% 4.81% 3.67% 3.60% 5.36% 0.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.83% 1.36% 2.86% 2.47% 2.07% 1.45% 3.50% 2.56% 2.57% 4.28% 0.35%
Return on Net Nonoperating Assets (RNNOA)		 3.75% 1.78% 3.77% 3.23% 2.68% 1.87% 4.29% 3.14% 3.13% 5.52% 0.43%
Return on Equity (ROE)		 7.63% 3.14% 7.83% 5.69% 4.75% 3.32% 9.10% 6.82% 6.73% 10.87% 0.78%
Cash Return on Invested Capital (CROIC)		 1.68% 3.55% 1.04% -0.19% 0.41% 2.34% 7.93% 9.18% 8.61% 0.94% -6.00%
Operating Return on Assets (OROA)		 3.91% 7.57% 3.59% 2.35% 2.04% 8.91% 4.34% 3.54% 3.73% 5.08% 0.21%
Return on Assets (ROA)		 1.67% 1.28% 1.06% 2.29% 1.92% 1.34% 1.63% 1.09% 1.26% 2.77% 0.33%
Return on Common Equity (ROCE)		 4.34% 1.78% 4.47% 3.25% 2.72% 1.91% 5.26% 3.95% 3.90% 6.31% 0.46%
Return on Equity Simple (ROE_SIMPLE)		 9.14% 0.00% 8.33% 7.37% 7.62% 0.00% 8.33% 6.62% 5.71% 0.00% 5.66%
Net Operating Profit after Tax (NOPAT)		 44 16 37 29 23 19 44 35 36 57 3.00
NOPAT Margin		 22.26% 7.10% 20.06% 14.67% 12.64% 7.40% 23.83% 18.43% 18.16% 28.46% 1.84%
Net Nonoperating Expense Percent (NNEP)		 1.05% 0.00% 1.20% 0.00% 0.00% 0.00% 1.31% 1.11% 1.04% 1.08% 0.00%
SG&A Expenses to Revenue		 23.04% -37.02% 1.26% 1.20% 1.29% 0.92% 1.27% 24.51% 24.78% 47.35% 1.43%
Operating Expenses to Revenue		 76.16% 57.96% 81.23% 84.94% 86.57% 50.70% 77.10% 80.80% 79.65% 70.61% 98.81%
Earnings before Interest and Taxes (EBIT)		 47 94 35 29 24 125 42 37 40 59 1.93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 97 147 84 80 74 174 94 88 91 113 56
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.29 1.58 1.63 1.53 1.80 1.67 1.27 1.31 1.25 1.05 0.84
Price to Tangible Book Value (P/TBV)		 2.58 3.14 3.21 2.97 3.49 3.19 2.43 2.49 2.35 1.95 1.55
Price to Revenue (P/Rev)		 1.85 2.06 2.03 2.30 2.79 2.18 1.67 1.73 1.66 1.43 1.16
Price to Earnings (P/E)		 24.31 31.67 33.66 35.55 40.29 36.28 25.72 33.70 37.24 25.57 25.14
Dividend Yield		 1.77% 1.46% 1.40% 1.50% 1.26% 1.36% 1.79% 1.73% 1.83% 2.15% 2.69%
Earnings Yield		 4.11% 3.16% 2.97% 2.81% 2.48% 2.76% 3.89% 2.97% 2.69% 3.91% 3.98%
Enterprise Value to Invested Capital (EV/IC)		 0.97 1.04 1.06 0.99 1.09 1.06 1.01 1.05 1.02 0.97 0.93
Enterprise Value to Revenue (EV/Rev)		 5.57 5.48 5.27 5.94 6.67 5.48 4.93 5.14 5.00 5.25 5.02
Enterprise Value to EBITDA (EV/EBITDA)		 12.13 10.51 10.11 14.14 16.91 11.15 9.78 10.63 10.58 10.54 10.30
Enterprise Value to EBIT (EV/EBIT)		 32.62 21.91 19.76 51.29 79.13 22.95 19.86 22.66 23.45 22.82 23.35
Enterprise Value to NOPAT (EV/NOPAT)		 42.62 22.61 50.70 53.56 56.58 23.72 20.49 23.47 24.50 23.62 64.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.48 17.77 19.37 17.01 17.71 16.56 14.23 15.36 14.76 16.37 16.45
Enterprise Value to Free Cash Flow (EV/FCFF)		 57.87 29.44 102.32 0.00 264.22 46.04 12.55 11.15 11.51 105.55 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.29 1.29 1.30 1.31 1.30 1.28 1.15 1.15 1.14 1.30 1.27
Long-Term Debt to Equity		 1.29 1.29 1.23 1.24 1.23 1.21 1.15 1.15 1.14 1.22 1.22
Financial Leverage		 1.33 1.31 1.32 1.31 1.30 1.29 1.22 1.23 1.22 1.29 1.21
Leverage Ratio		 2.47 2.46 2.45 2.49 2.48 2.48 2.37 2.40 2.40 2.49 2.36
Compound Leverage Factor		 1.13 0.46 0.68 2.49 2.48 0.40 0.85 0.77 0.91 1.40 2.36
Debt to Total Capital		 56.40% 56.41% 56.49% 56.62% 56.46% 56.11% 53.54% 53.49% 53.36% 56.55% 55.98%
Short-Term Debt to Total Capital		 0.00% 0.00% 3.03% 2.97% 2.97% 2.96% 0.00% 0.00% 0.00% 3.46% 2.17%
Long-Term Debt to Total Capital		 56.40% 56.41% 53.46% 53.65% 53.48% 53.15% 53.54% 53.49% 53.36% 53.09% 53.80%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 18.77% 18.77% 18.38% 18.33% 18.39% 18.50% 19.61% 19.52% 19.57% 18.17% 18.34%
Common Equity to Total Capital		 24.83% 24.81% 25.13% 25.05% 25.15% 25.39% 26.85% 26.99% 27.06% 25.27% 25.68%
Debt to EBITDA		 7.07 5.70 5.38 8.10 8.80 5.88 5.18 5.42 5.56 6.13 6.18
Net Debt to EBITDA		 5.74 4.67 4.46 6.06 6.98 4.77 4.58 5.06 5.03 5.70 5.90
Long-Term Debt to EBITDA		 7.07 5.70 5.09 7.67 8.33 5.57 5.18 5.42 5.56 5.76 5.94
Debt to NOPAT		 24.85 12.26 27.00 30.67 29.44 12.50 10.85 11.97 12.88 13.74 38.53
Net Debt to NOPAT		 20.19 10.03 22.35 22.93 23.37 10.15 9.60 11.17 11.64 12.78 36.76
Long-Term Debt to NOPAT		 24.85 12.26 25.55 29.06 27.89 11.84 10.85 11.97 12.88 12.90 37.03
Noncontrolling Interest Sharing Ratio		 43.12% 43.18% 42.84% 42.90% 42.64% 42.61% 42.23% 42.11% 42.10% 41.99% 41.93%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 20 -27 -4.77 -53 -38 -70 164 226 216 -77 -297
Operating Cash Flow to CapEx		 357.52% 96.03% 133.82% 85.31% 217.00% 172.45% 197.67% 32.66% 323.70% 80.52% 378.92%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -1.39 0.00 0.00 0.00 0.00 0.00 -10.55
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 3.75 0.00 0.00 0.00 0.00 0.00 2.45
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 2.02 0.00 0.00 0.00 0.00 0.00 1.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.18 0.19 0.16 0.15 0.18 0.19 0.18 0.18 0.17 0.18
Fixed Asset Turnover		 0.29 0.31 0.33 0.29 0.27 0.32 0.32 0.32 0.31 0.29 0.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,975 3,972 3,964 4,037 4,036 4,060 3,844 3,847 3,856 4,194 4,143
Invested Capital Turnover		 0.17 0.19 0.20 0.17 0.16 0.20 0.20 0.20 0.20 0.19 0.19
Increase / (Decrease) in Invested Capital		 24 42 42 82 61 88 -120 -190 -180 134 300
Enterprise Value (EV)		 3,844 4,132 4,204 3,992 4,379 4,321 3,886 4,035 3,914 4,077 3,864
Market Capitalization		 1,277 1,553 1,622 1,543 1,828 1,721 1,312 1,363 1,299 1,110 890
Book Value per Share		 $6.13 $6.07 $6.09 $6.13 $6.15 $6.18 $6.15 $6.16 $6.15 $6.23 $6.21
Tangible Book Value per Share		 $3.08 $3.04 $3.09 $3.15 $3.17 $3.23 $3.22 $3.25 $3.25 $3.34 $3.34
Total Capital		 3,975 3,972 3,964 4,037 4,036 4,060 3,844 3,847 3,856 4,194 4,143
Total Debt		 2,242 2,241 2,239 2,286 2,279 2,278 2,058 2,058 2,058 2,372 2,319
Total Long-Term Debt		 2,242 2,241 2,119 2,166 2,159 2,158 2,058 2,058 2,058 2,227 2,229
Net Debt		 1,821 1,834 1,854 1,709 1,809 1,849 1,820 1,921 1,860 2,205 2,213
Capital Expenditures (CapEx)		 25 38 53 44 47 29 42 82 33 42 18
Net Nonoperating Expense (NNE)		 24 0.00 27 0.00 0.00 0.00 28 24 22 25 0.00
Net Nonoperating Obligations (NNO)		 2,242 2,241 2,239 2,286 2,279 2,278 2,058 2,058 2,058 2,372 2,319
Total Depreciation and Amortization (D&A)		 50 53 50 51 50 49 52 51 51 54 54
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.07 $0.05 $0.03 $0.10 $0.08 $0.08 $0.06 $0.04 $0.05 $0.11 $0.01
Adjusted Weighted Average Basic Shares Outstanding		 161.85M 161.12M 163.49M 164.28M 164.88M 164.90M 167.18M 168.37M 169.25M 168.54M 170.67M
Adjusted Diluted Earnings per Share		 $0.07 $0.05 $0.03 $0.10 $0.08 $0.07 $0.05 $0.04 $0.05 $0.11 $0.01
Adjusted Weighted Average Diluted Shares Outstanding		 266.07M 265.63M 267.49M 268.72M 269.61M 269.02M 269.53M 269.95M 270.36M 270.04M 269.35M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 162.48M 164.07M 165.02M 0.00 166.76M 167.71M 168.49M 169.61M 170.19M 171.24M 172.43M
Normalized Net Operating Profit after Tax (NOPAT)		 44 16 56 59 68 62 52 35 36 57 35
Normalized NOPAT Margin		 22.26% 7.10% 30.21% 30.36% 37.59% 24.49% 28.42% 18.43% 18.16% 28.46% 21.36%
Pre Tax Income Margin		 10.89% 7.90% 5.17% 15.06% 13.43% 7.85% 8.25% 6.16% 7.69% 16.52% 1.19%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.88 0.00 0.00 0.00 0.00 0.00 0.07
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.83 0.00 0.00 0.00 0.00 0.00 0.11
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -0.84 0.00 0.00 0.00 0.00 0.00 -0.58
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -0.90 0.00 0.00 0.00 0.00 0.00 -0.54
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 45.87% 48.96% 50.81% 56.71% 54.75% 52.88% 49.72% 62.37% 72.21% 59.17% 71.60%
Augmented Payout Ratio		 68.85% 64.48% 50.81% 56.71% 54.75% 52.88% 49.72% 65.49% 75.81% 70.30% 71.60%

Financials Breakdown Chart

Key Financial Trends

Empire State Realty Trust (NYSE: ESRT) started 2026 with a modest profit, but the quarter also highlighted some pressure points in leverage, cash flow and balance-sheet flexibility. Compared with the same quarter last year, operating performance was weaker, while debt and financing activity remained a major part of the story.

  • Q1 2026 remained profitable: ESRT reported net income of $3.0 million, versus a loss at times in prior periods and still positive on a continuing-operations basis.
  • Operating cash flow was solid: net cash from operating activities reached $68.9 million, showing the core business still generated meaningful cash.
  • Cash balance improved from year-end: cash and due from banks rose to $68.8 million from $23.8 million at Q4 2025, helped by financing activity.
  • Liabilities were lower than a year ago: total liabilities fell to $2.58 billion from $2.68 billion in Q3 2025.
  • Common equity increased: total common equity rose to $1.06 billion from $1.04 billion in Q3 2025, reflecting some balance-sheet improvement.
  • Revenue was mixed but still sizable: Q1 2026 total revenue came in at $162.8 million, below the roughly $201.1 million in Q4 2025 and $170.1 million in Q1 2025.
  • Non-interest income remains the main driver: ESRT’s earnings are still heavily supported by non-interest income, while net interest income was negative at $(27.5) million in Q1 2026 due to high interest expense.
  • Depreciation and amortization remain large: these non-cash items continue to support reported cash flow, with depreciation of $50.2 million and amortization of $3.6 million in the quarter.
  • Profitability weakened sharply year over year: Q1 2026 net income of $3.0 million fell from $15.8 million in Q1 2025 and $32.2 million in Q4 2025.
  • Free cash flow was pressured by investment and capex spending: ESRT spent $18.2 million on property and equipment and $46.5 million on investment securities, leading to $(64.7) million in investing cash flow.
  • Financing outflows remained heavy: the company repaid $121.0 million of debt and paid $10.7 million in dividends in Q1 2026.
  • Cash fell over the quarter: net change in cash and equivalents was $(60.4) million, showing that operating cash was not enough to offset investing and financing uses.
  • Debt load is still substantial: long-term debt stood at $2.23 billion and short-term debt at $90 million, so leverage remains a key risk for investors.

Bottom line: ESRT is still generating operating cash and remains profitable, but the latest quarter showed softer earnings, continued debt dependence and meaningful cash outflows from investing and financing. For retail investors, the stock looks like a balance-sheet-and-cash-flow story more than a rapid growth story right now.

06/16/26 10:45 AM ETAI Generated. May Contain Errors.

Empire State Realty Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Empire State Realty Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Empire State Realty Trust's net income appears to be on a downward trend, with a most recent value of $72.98 million in 2025, falling from $79.93 million in 2015. The previous period was $80.36 million in 2024. Find out what analysts predict for Empire State Realty Trust in the coming months.

Over the last 10 years, Empire State Realty Trust's total revenue changed from $591.89 million in 2015 to $776.46 million in 2025, a change of 31.2%.

Empire State Realty Trust's total liabilities were at $2.65 billion at the end of 2025, a 3.0% decrease from 2024, and a 39.1% increase since 2014.

In the past 10 years, Empire State Realty Trust's cash and equivalents has ranged from $45.73 million in 2014 to $554.37 million in 2016, and is currently $132.66 million as of their latest financial filing in 2025.

Over the last 10 years, Empire State Realty Trust's book value per share changed from 4.42 in 2015 to 6.23 in 2025, a change of 41.1%.


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Financial statements for NYSE:ESRT last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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