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Empire State Realty Trust

NYSE:ESRT
Snowflake Description

Limited growth with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ESRT
NYSE
$5B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building. The last earnings update was 23 days ago. More info.


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ESRT Share Price and Events
7 Day Returns
0.1%
NYSE:ESRT
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
-4.7%
NYSE:ESRT
13.8%
US REITs
1.3%
US Market
ESRT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Empire State Realty Trust (ESRT) 0.1% 2.6% 1.2% -4.7% -17.7% -3.8%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • ESRT underperformed the REITs industry which returned 13.8% over the past year.
  • ESRT underperformed the Market in United States of America which returned 1.3% over the past year.
Price Volatility
ESRT
Industry
5yr Volatility vs Market

Value

 Is Empire State Realty Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Empire State Realty Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Empire State Realty Trust.

NYSE:ESRT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:ESRT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (40.66%))
0.799
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:ESRT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Empire State Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Empire State Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:ESRT DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 183.47 Analyst x1 170.68
2020 212.99 Analyst x1 184.31
2021 221.27 Est @ 3.89% 178.12
2022 229.10 Est @ 3.54% 171.56
2023 236.65 Est @ 3.3% 164.86
2024 244.05 Est @ 3.13% 158.15
2025 251.39 Est @ 3.01% 151.55
2026 258.74 Est @ 2.92% 145.10
2027 266.15 Est @ 2.87% 138.85
2028 273.67 Est @ 2.83% 132.81
Present value of next 10 years cash flows $1,595.98
NYSE:ESRT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $273.67 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$5,896.50
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $5,896.50 ÷ (1 + 7.5%)10
$2,861.48
NYSE:ESRT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,595.98 + $2,861.48
$4,457.45
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,457.45 / 305.32
$14.59
NYSE:ESRT Discount to Share Price
Calculation Result
Value per share (USD) From above. $14.59
Current discount Discount to share price of $15.77
= -1 x ($15.77 - $14.59) / $14.59
-8.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Empire State Realty Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Empire State Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Empire State Realty Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:ESRT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.36
NYSE:ESRT Share Price ** NYSE (2019-05-24) in USD $15.77
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Empire State Realty Trust.

NYSE:ESRT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:ESRT Share Price ÷ EPS (both in USD)

= 15.77 ÷ 0.36

43.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Empire State Realty Trust is overvalued based on earnings compared to the US REITs industry average.
  • Empire State Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Empire State Realty Trust's expected growth come at a high price?
Raw Data
NYSE:ESRT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 43.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
14.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

NYSE:ESRT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 43.83x ÷ 14.2%

3.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Empire State Realty Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Empire State Realty Trust's assets?
Raw Data
NYSE:ESRT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $6.94
NYSE:ESRT Share Price * NYSE (2019-05-24) in USD $15.77
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
NYSE:ESRT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:ESRT Share Price ÷ Book Value per Share (both in USD)

= 15.77 ÷ 6.94

2.27x

* Primary Listing of Empire State Realty Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Empire State Realty Trust is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Empire State Realty Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Empire State Realty Trust has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Empire State Realty Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Empire State Realty Trust expected to grow at an attractive rate?
  • Empire State Realty Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Empire State Realty Trust's earnings growth is expected to exceed the United States of America market average.
  • Empire State Realty Trust's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:ESRT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:ESRT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 14.2%
NYSE:ESRT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -8.1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:ESRT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:ESRT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31
2020-12-31 550 347 69 3
2019-12-31 529 315 52 4
NYSE:ESRT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 711 288 61
2018-12-31 708 279 66
2018-09-30 709 204 60
2018-06-30 709 209 62
2018-03-31 702 202 62
2017-12-31 695 194 63
2017-09-30 688 231 62
2017-06-30 679 219 59
2017-03-31 670 220 54
2016-12-31 670 215 51
2016-09-30 664 206 43
2016-06-30 661 218 38

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Empire State Realty Trust's earnings are expected to grow by 14.2% yearly, however this is not considered high growth (20% yearly).
  • Empire State Realty Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:ESRT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Empire State Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ESRT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 0.33 0.35 0.32 2.00
2019-12-31 0.28 0.28 0.28 1.00
NYSE:ESRT Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.36
2018-12-31 0.39
2018-09-30 0.37
2018-06-30 0.39
2018-03-31 0.39
2017-12-31 0.40
2017-09-30 0.40
2017-06-30 0.39
2017-03-31 0.38
2016-12-31 0.38
2016-09-30 0.34
2016-06-30 0.32

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Empire State Realty Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Empire State Realty Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Empire State Realty Trust has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Empire State Realty Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Empire State Realty Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Empire State Realty Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Empire State Realty Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Empire State Realty Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Empire State Realty Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Empire State Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ESRT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 710.92 61.47 54.07
2018-12-31 707.86 65.57 52.67
2018-09-30 709.23 60.00 52.75
2018-06-30 709.40 62.46 52.50
2018-03-31 701.71 62.40 51.86
2017-12-31 694.88 62.61 50.32
2017-09-30 688.44 62.30 50.02
2017-06-30 678.90 59.47 48.92
2017-03-31 670.24 53.98 49.25
2016-12-31 669.68 51.42 49.08
2016-09-30 663.94 42.71 45.30
2016-06-30 661.37 37.96 43.69
2016-03-31 660.33 38.00 39.89
2015-12-31 655.63 33.71 38.07
2015-09-30 660.35 29.60 37.65
2015-06-30 657.48 26.70 37.54
2015-03-31 646.90 25.41 37.98
2014-12-31 635.33 26.63 39.04
2014-09-30 612.76 90.38 54.82
2014-06-30 511.54 84.34 54.38
2014-03-31 423.00 77.59 51.67
2013-12-31 348.53 75.16 39.98
2013-09-30 279.67 29.33 32.26
2013-06-30 275.80 36.06 28.36
2013-03-31 271.66 39.76 30.85
2012-12-31 270.74 48.64 28.36
2012-09-30 276.38 51.61 29.07
2012-06-30 284.17 47.83 29.53

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Empire State Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Empire State Realty Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Empire State Realty Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Empire State Realty Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Empire State Realty Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Empire State Realty Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Empire State Realty Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Empire State Realty Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Empire State Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Empire State Realty Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Empire State Realty Trust Company Filings, last reported 1 month ago.

NYSE:ESRT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,967.20 1,958.96 242.91
2018-12-31 1,991.11 1,924.18 207.52
2018-09-30 1,989.45 1,918.68 239.69
2018-06-30 1,983.14 1,918.50 257.82
2018-03-31 1,973.34 1,918.28 694.57
2017-12-31 1,977.74 1,689.16 464.34
2017-09-30 1,970.23 1,590.67 432.11
2017-06-30 1,963.95 1,591.45 440.96
2017-03-31 1,974.93 1,614.03 533.99
2016-12-31 1,982.86 1,617.92 554.97
2016-09-30 1,952.84 1,647.06 594.30
2016-06-30 1,336.77 1,691.31 35.45
2016-03-31 1,348.98 1,643.81 44.44
2015-12-31 1,372.69 1,634.34 46.69
2015-09-30 1,372.61 1,633.79 46.39
2015-06-30 1,372.55 1,633.41 34.22
2015-03-31 1,367.71 1,608.37 36.46
2014-12-31 1,381.10 1,598.65 45.73
2014-09-30 1,393.10 1,598.17 52.92
2014-06-30 999.84 1,228.86 41.79
2014-03-31 994.54 1,203.55 44.70
2013-12-31 1,003.19 1,208.11 60.74
2013-09-30 -31.62 1,083.14 105.60
2013-06-30 -29.37 1,045.49 80.52
2013-03-31 -25.18 1,042.87 105.58
2012-12-31 -10.86 996.49 51.50
2012-09-30 -19.74 991.28 93.24
2012-06-30 -23.39 964.45 63.88
  • Empire State Realty Trust's level of debt (99.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (121% vs 99.6% today).
  • Debt is not well covered by operating cash flow (14.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Empire State Realty Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Empire State Realty Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Empire State Realty Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.66%
Current annual income from Empire State Realty Trust dividends. Estimated to be 2.72% next year.
If you bought $2,000 of Empire State Realty Trust shares you are expected to receive $53 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Empire State Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Empire State Realty Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Upcoming dividend payment

Purchase Empire State Realty Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:ESRT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:ESRT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.44 1.00
2020-12-31 0.43 7.00
2019-12-31 0.42 5.00
NYSE:ESRT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-17 0.420 2.670
2019-03-01 0.420 2.683
2018-12-07 0.420 2.794
2018-08-10 0.420 2.563
2018-05-18 0.420 2.478
2018-03-02 0.420 2.490
2017-11-24 0.420 2.183
2017-08-09 0.420 2.052
2017-05-12 0.420 2.022
2017-02-17 0.420 1.997
2016-11-25 0.420 2.076
2016-09-08 0.420 2.088
2016-06-01 0.420 2.099
2016-02-19 0.340 1.920
2015-12-03 0.340 2.006
2015-08-25 0.340 1.950
2015-05-20 0.340 1.928
2015-02-18 0.340 1.872
2014-12-01 0.340 1.911
2014-09-02 0.340 2.162
2014-05-22 0.340 2.059
2014-02-21 0.340 2.214
2013-12-05 0.340 2.300

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Empire State Realty Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Empire State Realty Trust only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Empire State Realty Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Empire State Realty Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Empire State Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Empire State Realty Trust has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Empire State Realty Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Anthony Malkin
COMPENSATION $9,319,019
AGE 56
TENURE AS CEO 7.3 years
CEO Bio

Mr. Anthony E. Malkin has been Chief Executive Officer and Chairman of Empire State Realty Trust, Inc since 2012 at Empire State Realty OP, L.P. Mr. Malkin served as the President at Empire State Realty Trust until February 2015. He oversees all acquisitions, capital markets activities, leasing and corporate strategy. Mr. Malkin serves as President of Malkin Holdings LLC, the Supervisor of 60 East 42nd Street Associates LLC. He serves as the President of Malkin Properties, L.L.C at 250 West 57Th St Associates LLC. Mr. Malkin serves as the President of Supervisory Services at Wien & Malkin LLP. He has been Agent of 250 West 57th St Associates LLC since 1982. Mr. Malkin serves as Supervisor of 250 West 57th St Associates LLC. He served as an Executive Officer of Lechters Inc. Mr. Malkin served as the Senior Advisor at RRE Ventures LLC. He served for Chemical Venture Partners, L.P. and then briefly on his own to consult with and purchase small businesses. Mr. Malkin served as a Senior Director of Supervisory Services of Wien & Malkin LLP at 60 East 42nd Street Associates LLC. Mr. Malkin serves as Member of Wien & Malkin LLC. He has been an Agent of Empire State Building Associates LLC since 2001. Mr. Malkin has been a Director of Empire State Realty Trust, Inc. since November 2011. He serves as Member of the Board of Directors of GreenWood Resources, Inc., and a member of the advisory board of MissionPoint Capital Partners. Mr. Malkin is a member of the Urban Land Institute, the Real Estate Roundtable, the Board of Governors of the Real Estate Board of New York, the Committee Encouraging Corporate Philanthropy, the Advisory Council of the National Resource Defense Council's Center for Market Innovation and the Advisory Council of the Harvard Stem Cell Institute. He is guest lectures on real estate and family businesses at the McIntire School of Commerce at the University of Virginia. Mr. Malkin received a Bachelor's Degree cum laude, General Studies, from Harvard College.

CEO Compensation
  • Anthony's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Anthony's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Empire State Realty Trust management team in years:

4.4
Average Tenure
57
Average Age
  • The tenure for the Empire State Realty Trust management team is about average.
Management Team

Tom Keltner

TITLE
Executive VP
COMPENSATION
$2M
AGE
72
TENURE
7.3 yrs

Anthony Malkin

TITLE
Chairman & CEO
COMPENSATION
$9M
AGE
56
TENURE
7.3 yrs

John Kessler

TITLE
President & COO
COMPENSATION
$5M
AGE
53
TENURE
4.3 yrs

David Karp

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
58
TENURE
7.3 yrs

Drew Prentice

TITLE
Senior VP
AGE
45
TENURE
4.6 yrs

Greg Faje

TITLE
Vice President
TENURE
2.3 yrs

Thomas Durels

TITLE
Executive Vice President of Real Estate
COMPENSATION
$4M
AGE
56
TENURE
1.3 yrs

Ryan Kass

TITLE
Senior VP & Director of Leasing

Fred Posniak

TITLE
Senior Vice President
AGE
72
TENURE
1.8 yrs

Jeffrey Newman

TITLE
Senior Vice President
AGE
58
Board of Directors Tenure

Average tenure and age of the Empire State Realty Trust board of directors in years:

5.6
Average Tenure
58
Average Age
  • The tenure for the Empire State Realty Trust board of directors is about average.
Board of Directors

Anthony Malkin

TITLE
Chairman & CEO
COMPENSATION
$9M
AGE
56
TENURE
7.3 yrs

Peter Malkin

TITLE
Chairman Emeritus
AGE
84

Bill Berkman

TITLE
Independent Director
COMPENSATION
$202K
AGE
53
TENURE
5.6 yrs

Tom Derosa

TITLE
Independent Director
COMPENSATION
$197K
AGE
60
TENURE
5.6 yrs

Salvatore Giliberto

TITLE
Independent Director
COMPENSATION
$212K
AGE
68
TENURE
5.6 yrs

Jim Robinson

TITLE
Independent Director
COMPENSATION
$187K
AGE
55
TENURE
4.3 yrs

Steve Gilbert

TITLE
Lead Independent Director
COMPENSATION
$289K
AGE
71
TENURE
5.6 yrs

Leslie Biddle

TITLE
Independent Director
COMPENSATION
$226K
AGE
51
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
31. Jul 18 Buy David Karp Individual 30. Jul 18 30. Jul 18 4,500 $16.19 $72,850
05. Jun 18 Buy Qatar Investment Authority Company 31. May 18 31. May 18 284,015 $16.72 $4,748,731
X
Management checks
We assess Empire State Realty Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Empire State Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why Empire State Realty Trust, Inc.'s (NYSE:ESRT) CEO Pay Matters To You

See our latest analysis for Empire State Realty Trust How Does Anthony Malkin's Compensation Compare With Similar Sized Companies? … CEO compensation is one thing, but it is also interesting to check if the CEO is buying or selling Empire State Realty Trust (free visualization of insider trades). … If you want to buy a stock that is better than Empire State Realty Trust, this free list of high return, low debt companies is a great place to look.

Simply Wall St -

Need To Know: Empire State Realty Trust, Inc. (NYSE:ESRT) Insiders Have Been Buying Shares

So we'll take a look at whether insiders have been buying or selling shares in Empire State Realty Trust, Inc. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Empire State Realty Trust Empire State Realty Trust Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when Executive VP & CFO David Karp bought US$73k worth of shares at a price of US$16.19 per share. … Insider Ownership of Empire State Realty Trust Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own.

Simply Wall St -

Does Empire State Realty Trust, Inc. (NYSE:ESRT) Have A High Beta?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Is Empire State Realty Trust, Inc. (NYSE:ESRT) A Healthy REIT?

Empire State Realty Trust, Inc. … real estate investment trust (REIT) based in New York, United States. … See our latest analysis for Empire State Realty Trust.

Simply Wall St -

At US$15.66, Is Empire State Realty Trust, Inc. (NYSE:ESRT) Worth Looking At Closely?

Empire State Realty Trust, Inc. … As a US$4.8b market cap stock, it seems odd Empire State Realty Trust is not more well-covered by analysts. … Let’s examine Empire State Realty Trust’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

How Many Insiders Bought Empire State Realty Trust, Inc. (NYSE:ESRT) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Empire State Realty Trust, Inc. … See our latest analysis for Empire State Realty Trust. … Empire State Realty Trust Insider Transactions Over The Last Year.

Simply Wall St -

Does Empire State Realty Trust, Inc. (NYSE:ESRT) Create Value For Shareholders?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Empire State Realty Trust, Inc. … Our data shows Empire State Realty Trust has a return on equity of 5.5% for the last year. … Check out our latest analysis for Empire State Realty Trust?

Simply Wall St -

How Should You Analyze REIT Stock Empire State Realty Trust, Inc. (NYSE:ESRT)?

Empire State Realty Trust, Inc. … View our latest analysis for Empire State Realty Trust. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities

Simply Wall St -

Is It Too Late To Consider Buying Empire State Realty Trust Inc (NYSE:ESRT)?

Empire State Realty Trust Inc (NYSE:ESRT), which is in the reits business, and is based in United States,. … A question to answer is whether Empire State Realty Trust's current trading price of $15.66 reflective of the actual value of the? … Let’s take a look at Empire State Realty Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Is Empire State Realty Trust Inc's (NYSE:ESRT) CEO Paid Enough To Stay Motivated?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Anthony Malkin's Compensation Compare With Similar Sized Companies. … According to our data, Empire State Realty Trust Inc has a market capitalization of US$4.8b, and pays its CEO total annual compensation worth US$9m.

Simply Wall St -

Company Info

Description

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2019, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.

Details
Name: Empire State Realty Trust, Inc.
ESRT
Exchange: NYSE
Founded:
$4,818,004,593
$2,792,722,467
305,323,485
Website: http://www.empirestaterealtytrust.com
Address: Empire State Realty Trust, Inc.
111 West 33rd Street,
12th Floor,
New York,
New York, 10120,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE ESRT Class A Common Stock New York Stock Exchange US USD 02. Oct 2013
DB ES9 Class A Common Stock Deutsche Boerse AG DE EUR 02. Oct 2013
Number of employees
Current staff
Staff numbers
813
Empire State Realty Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:39
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.