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.
Second-rate dividend payer and slightly overvalued.
Share Price & News
How has Empire State Realty Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: ESRT has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: ESRT underperformed the US REITs industry which returned 16% over the past year.
Return vs Market: ESRT underperformed the US Market which returned 17.9% over the past year.
Price Volatility Vs. Market
How volatile is Empire State Realty Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall StDid You Manage To Avoid Empire State Realty Trust's (NYSE:ESRT) 32% Share Price Drop?
2 months ago | Simply Wall StIs Empire State Realty Trust, Inc.'s (NYSE:ESRT) CEO Salary Justified?
3 months ago | Simply Wall StHow Good Is Empire State Realty Trust, Inc. (NYSE:ESRT), When It Comes To ROE?
Is Empire State Realty Trust undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: ESRT ($13.55) is trading below our estimate of fair value ($16.52)
Significantly Below Fair Value: ESRT is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: ESRT is poor value based on its PE Ratio (48.9x) compared to the REITs industry average (37.2x).
PE vs Market: ESRT is poor value based on its PE Ratio (48.9x) compared to the US market (18.2x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate ESRT's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: ESRT is good value based on its PB Ratio (1.3x) compared to the US REITs industry average (2.1x).
How is Empire State Realty Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if ESRT's forecast earnings growth is above the savings rate (1.7%).
Earnings vs Market: Insufficient data to determine if ESRT's earnings are forecast to grow faster than the US market
High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: ESRT's revenue is expected to decline over the next 3 years (-20% per year).
High Growth Revenue: ESRT's revenue is forecast to decline over the next 3 years (-20% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if ESRT's Return on Equity is forecast to be high in 3 years time
How has Empire State Realty Trust performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: ESRT has high quality earnings.
Growing Profit Margin: ESRT's current net profit margins (6.8%) are lower than last year (9.3%).
Past Earnings Growth Analysis
Earnings Trend: ESRT's earnings have grown by 15.4% per year over the past 5 years.
Accelerating Growth: ESRT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: ESRT had negative earnings growth (-24.6%) over the past year, making it difficult to compare to the REITs industry average (7.6%).
Return on Equity
High ROE: ESRT's Return on Equity (4.3%) is considered low.
Return on Assets
Return on Capital Employed
How is Empire State Realty Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Inventory Level: ESRT has a high level of physical assets or inventory.
Debt Coverage by Assets: ESRT's debt is not covered by short term assets (assets are 0.3x debt).
Financial Institutions Analysis
Asset Level: ESRT's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if ESRT has a sufficient allowance for bad loans.
Low Risk Liabilities: ESRT reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if ESRT has an acceptable proportion of non-loan assets held.
Low Risk Deposits: ESRT has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if ESRT has an appropriate level of bad loans.
What is Empire State Realty Trust's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: ESRT's dividend (3.1%) is higher than the bottom 25% of dividend payers in the US market (1.45%).
High Dividend: ESRT's dividend (3.1%) is low compared to the top 25% of dividend payers in the US market (3.73%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, ESRT has been paying a dividend for less than 10 years.
Growing Dividend: ESRT's dividend payments have increased, but the company has only paid a dividend for 6 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (29%), ESRT's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: ESRT's dividends in 3 years are forecast to be thoroughly covered by earnings (0.2% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Tony Malkin (57yo)
Mr. Anthony E. Malkin, also known as Tony, has been a Director of APi Group Corporation since October 2019. Mr. Malkin has been Chief Executive Officer and Chairman of Empire State Realty Trust, Inc since ...
CEO Compensation Analysis
Compensation vs Market: Tony's total compensation ($USD9.53M) is above average for companies of similar size in the US market ($USD4.87M).
Compensation vs Earnings: Tony's compensation has been consistent with company performance over the past year.
|Chairman & CEO||8.1yrs||US$9.53m||0.39% $15.7m|
|President & COO||5yrs||US$4.54m||no data|
|Executive VP||8.1yrs||US$2.10m||no data|
|Executive Vice President of Real Estate||2.1yrs||US$4.67m||0.0013% $53.6k|
|Senior VP||0.5yrs||no data||no data|
|Vice President||3.1yrs||no data||no data|
|Senior VP & Director of Leasing||0yrs||no data||no data|
|Senior Vice President||2.6yrs||no data||no data|
|Senior Vice President||0yrs||no data||no data|
Experienced Management: ESRT's management team is considered experienced (3.1 years average tenure).
|Chairman & CEO||8.1yrs||US$9.53m||0.39% $15.7m|
|Lead Independent Director||6.3yrs||US$259.33k||0.011% $446.6k|
|Independent Director||6.3yrs||US$216.67k||0.014% $557.9k|
|Chairman Emeritus||0yrs||no data||no data|
|Independent Director||6.3yrs||US$209.50k||no data|
|Independent Director||5.1yrs||US$253.17k||no data|
|Independent Director||2.9yrs||US$213.67k||no data|
|Independent Director||6.3yrs||US$228.67k||0.0019% $78.0k|
|Independent Director||0.4yrs||no data||no data|
Experienced Board: ESRT's board of directors are considered experienced (6.3 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.4%.
Empire State Realty Trust, Inc.'s company bio, employee growth, exchange listings and data sources
- Name: Empire State Realty Trust, Inc.
- Ticker: ESRT
- Exchange: NYSE
- Industry: Diversified REITs
- Sector: Real Estate
- Implied Market Cap: US$4.060b
- Market Cap: US$2.465b
- Shares outstanding: 299.65m
- Website: https://www.empirestaterealtytrust.com
Number of Employees
- Empire State Realty Trust, Inc.
- 111 West 33rd Street
- 12th Floor
- New York
- New York
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|ESRT||NYSE (New York Stock Exchange)||Yes||Class A Common Stock||US||USD||Oct 2013|
|ES9||DB (Deutsche Boerse AG)||Yes||Class A Common Stock||DE||EUR||Oct 2013|
|ES9||BRSE (Berne Stock Exchange)||Yes||Class A Common Stock||CH||CHF||Oct 2013|
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 December 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.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/02/23 02:10|
|End of Day Share Price||2020/02/21 00:00|
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.