Empire State Realty Trust (ESRT)
Owner of the Empire State Building and a pure-NYC office, retail, and observatory portfolio.
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A New York City REIT owning office, retail, multifamily, and observatory assets, with the Empire State Building — its single largest revenue contributor — anchoring both a commercial leasing portfolio and a ticketed observation-deck business that has no direct listed-landlord peer.
Owns and operates office, retail, multifamily, and observatory assets concentrated entirely in New York City, with the Empire State Building as the anchor across both real-estate and tourism revenue.
The real-estate segment covers roughly nine midtown Manhattan office buildings plus a SoHo property acquired in late 2025, street-level retail, a Williamsburg open-air retail collection, and roughly 740 Manhattan residential units. The observatory — occupying the 86th and 102nd floors of the Empire State Building — is a ticketed attraction with no direct peer among US-listed landlords.
The Empire State Building drives a disproportionate share of rental income and observatory ticket sales both. Malkin family voting control has persisted since before the 2013 NYSE listing. A deep-energy retrofit program launched in 2009 anchors a documented sustainability lead used to differentiate in leasing.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Evercore ISI | Target | Target: $5.50 | Target: $5 |
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: $6.80 | Target: $5 |
| Jul 30, 2026 | Evercore ISI | Target | Target: $6 | Target: $5.50 |
| Jun 8, 2026 | Evercore ISI | Target | Target: $7 | Target: $6 |
| Feb 18, 2026 | Evercore ISI | Target | Target: — | Target: $7 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $85.6M · Total debt $2.23B · Total assets $4.27B · Shareholders' equity $1.04B
- Revenue
- $196.9M
- Operating income
- $27.4M
- Net income
- −$24.8M
HistoryDividendAnnual yield
| Institutions | 85.18% | 146.88M shares | |
|---|---|---|---|
| 230 holders · as of Jun 30, 2026 | |||
| Insiders | 0.03% | 55.8K shares | |
| 2 holders · as of Mar 17, 2026 | |||
| Strategic holders | 12.40% | 21.38M shares | |
| 2 holders · as of Feb 13, 2026 | |||
| Other | 2.39% | 4.10M shares | |
| remainder | |||
172.43M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 10.37% | 17.88M A | as of Jun 30, 2026 |
Ameriprise Financial IncInstitution | 8.40% | 14.49M A | as of Jun 30, 2026 |
Lasalle Investment Management Securities LLCInstitution | 7.60% | 13.11M A | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 7.26% | 12.51M A | as of Jun 30, 2026 |
Cohen & Steers UK LimitedStrategic | 6.45% | 11.13M | filed Feb 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
- SL Green Realty
Largest Manhattan office landlord; only listed peer with a rival observatory
- Vornado Realty Trust
NYC office, retail and Penn District anchor; the other Manhattan blue-chip
- BXP
Largest US premier office REIT; NYC delivers ~24% of NOI
- Equity Residential
S&P 500 apartment REIT with ~9,000 NYC units and $4,730/mo average rent
- Acadia Realty Trust
Street and urban retail specialist with deep NYC and Williamsburg presence
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Empire State Realty Trust | $4.06 | −1.10% | $703.0M | — | — | 0.9 | +3.0% |
| SL Green Realty | $50.76 | −3.29% | $3.73B | — | — | 3.6 | +16.5% |
| Vornado Realty Trust | $34.70 | −1.66% | $6.64B | 1,065.9 | — | 3.6 | +4.7% |
| BXP | $63.02 | −2.01% | $10.26B | 34.6 | 30.7 | 2.9 | +3.1% |
| Equity Residential | $61.84 | −0.82% | $23.38B | 27.3 | 39.9 | 7.5 | +2.1% |
| Acadia Realty Trust | $19.17 | −1.06% | $2.66B | 56.2 | 60.8 | 6.6 | −7.2% |
| Median | 45.4 | 39.9 | 3.6 | +3.1% |