Empire State Realty Trust Inc
NYSE:ESRT
Empire State Realty Trust Inc
Empire State Realty Trust Inc. operates as a real estate investment trust (REIT) with a storied presence in the iconic skyline of New York City. At its core, the company's crown jewel is the Empire State Building, a historic skyscraper renowned not only for its architectural significance but also as a lucrative asset in terms of tourism and office rentals. The building is a dual-purpose marvel, generating substantial revenue through long-term office leasing agreements, housing a mix of traditional tenants and vibrant newer enterprises within its expansive office spaces. Meanwhile, the observatory decks offer breathtaking views of the city and attract millions of visitors annually, adding a significant stream of tourism-related income and commercial licensing opportunities.
Beyond the iconic tower, Empire State Realty Trust manages an extensive portfolio of office and retail properties strategically positioned in bustling urban areas. The company's portfolio is primarily concentrated in Manhattan, with an eye on prime locations that are sought after for both business and leisure. By focusing on high-demand real estate markets, Empire State Realty Trust capitalizes on its leasing operations, continually enhancing the value of its properties through thoughtful renovations and sustainable practices, catering to the evolving needs of modern tenants. Its operational strategy rests on retaining and attracting high-quality tenants, maintaining historically significant yet relevant properties, and leveraging the brand equity tied to such a globally recognizable edifice as the Empire State Building.
Empire State Realty Trust Inc. operates as a real estate investment trust (REIT) with a storied presence in the iconic skyline of New York City. At its core, the company's crown jewel is the Empire State Building, a historic skyscraper renowned not only for its architectural significance but also as a lucrative asset in terms of tourism and office rentals. The building is a dual-purpose marvel, generating substantial revenue through long-term office leasing agreements, housing a mix of traditional tenants and vibrant newer enterprises within its expansive office spaces. Meanwhile, the observatory decks offer breathtaking views of the city and attract millions of visitors annually, adding a significant stream of tourism-related income and commercial licensing opportunities.
Beyond the iconic tower, Empire State Realty Trust manages an extensive portfolio of office and retail properties strategically positioned in bustling urban areas. The company's portfolio is primarily concentrated in Manhattan, with an eye on prime locations that are sought after for both business and leisure. By focusing on high-demand real estate markets, Empire State Realty Trust capitalizes on its leasing operations, continually enhancing the value of its properties through thoughtful renovations and sustainable practices, catering to the evolving needs of modern tenants. Its operational strategy rests on retaining and attracting high-quality tenants, maintaining historically significant yet relevant properties, and leveraging the brand equity tied to such a globally recognizable edifice as the Empire State Building.
FFO Guidance: 2026 core FFO guidance is $0.85 to $0.89 per share, in line with 2025, reflecting temporary downtime from a major tenant move-out and lease-up timing.
Leasing Momentum: ESRT leased over 1 million square feet in 2025, grew office portfolio occupancy to 93.5%, and continues to see strong demand for high-quality New York City assets.
Portfolio Transformation: Completed $1 billion of acquisitions and fully exited suburban commercial properties, making the portfolio 100% New York City-focused.
Observation Deck: Observatory NOI increased, with revenue per capita up 6.9% in Q4 and 4.4% in 2025; domestic visitor growth offset lower international visitor numbers.
Balance Sheet & Liquidity: No major debt maturities until March 2027; net debt to adjusted EBITDA stands at 6.3x, and management remains committed to prudent leverage.
Share Repurchase: Repurchased $6 million of shares in Q4 and $8 million for the full year at average prices below $7 per share.
Sustainability Leadership: Achieved highest possible GRESB rating for sixth consecutive year and LEED v5 Platinum at Empire State Building.
