Empire State Realty OP
Market Cap
US$1.9b
Last Updated
2020/08/03 01:12 UTC
Data Sources
Company Financials
Executive Summary
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
Rewards
Risk Analysis
Snowflake Analysis
Good value second-rate dividend payer.
Share Price & News
How has Empire State Realty OP's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: ESBA's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
3.6%
ESBA
3.3%
US REITs
1.3%
US Market
1 Year Return
-49.8%
ESBA
-6.4%
US REITs
14.9%
US Market
Return vs Industry: ESBA underperformed the US REITs industry which returned -7.6% over the past year.
Return vs Market: ESBA underperformed the US Market which returned 12.5% over the past year.
Shareholder returns
| ESBA | Industry | Market | |
|---|---|---|---|
| 7 Day | 3.6% | 3.3% | 1.3% |
| 30 Day | -8.5% | 1.7% | 4.7% |
| 90 Day | -18.7% | 11.0% | 17.1% |
| 1 Year | -47.7%-49.8% | -2.6%-6.4% | 17.3%14.9% |
| 3 Year | -65.7%-68.6% | 15.6%1.9% | 38.9%29.9% |
| 5 Year | -56.9%-62.2% | 45.4%15.5% | 71.3%52.8% |
Price Volatility Vs. Market
How volatile is Empire State Realty OP's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 year ago | Simply Wall St
How Should You Analyze REIT Stock Empire State Realty OP LP (NYSEARCA:ESBA)?2 years ago | Simply Wall St
Why Empire State Realty OP LP (NYSEARCA:ESBA) May Not Be As Efficient As Its Industry2 years ago | Simply Wall St
Empire State Realty OP LP (NYSEARCA:ESBA): Dividend Is Coming In 5 Days, Should You Buy?Valuation
Is Empire State Realty OP undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: ESBA ($6.51) is trading below our estimate of fair value ($14.56)
Significantly Below Fair Value: ESBA is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: ESBA is good value based on its PE Ratio (24.4x) compared to the US REITs industry average (29.4x).
PE vs Market: ESBA is poor value based on its PE Ratio (24.4x) compared to the US market (17.8x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate ESBA's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: ESBA is good value based on its PB Ratio (1.1x) compared to the US REITs industry average (1.3x).
Next Steps
Future Growth
How is Empire State Realty OP forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
7.6%
Forecasted Real Estate industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Empire State Realty OP has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Next Steps
- Examine whether Empire State Realty OP is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
- Empire State Realty OP competitive advantages and company strategy can generally be found in its financial reports archived here.
- Explore growth companies in the Real Estate industry.
Past Performance
How has Empire State Realty OP performed over the past 5 years?
5.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: ESBA has high quality earnings.
Growing Profit Margin: ESBA's current net profit margins (10.8%) are lower than last year (15.1%).
Past Earnings Growth Analysis
Earnings Trend: ESBA's earnings have grown by 5.2% per year over the past 5 years.
Accelerating Growth: ESBA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: ESBA had negative earnings growth (-26.1%) over the past year, making it difficult to compare to the REITs industry average (3%).
Return on Equity
High ROE: ESBA's Return on Equity (4.5%) is considered low.
Next Steps
Financial Health
How is Empire State Realty OP's financial position?
Financial Position Analysis
Short Term Liabilities: ESBA's short term assets ($1.3B) exceed its short term liabilities ($143.6M).
Long Term Liabilities: ESBA's short term assets ($1.3B) do not cover its long term liabilities ($2.7B).
Debt to Equity History and Analysis
Debt Level: ESBA's debt to equity ratio (137.4%) is considered high.
Reducing Debt: ESBA's debt to equity ratio has increased from 117.6% to 137.4% over the past 5 years.
Debt Coverage: ESBA's debt is not well covered by operating cash flow (8.6%).
Interest Coverage: ESBA's interest payments on its debt are not well covered by EBIT (2.3x coverage).
Balance Sheet
Next Steps
Dividend
What is Empire State Realty OP current dividend yield, its reliability and sustainability?
6.45%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: ESBA's dividend (6.45%) is higher than the bottom 25% of dividend payers in the US market (1.66%).
High Dividend: ESBA's dividend (6.45%) is in the top 25% of dividend payers in the US market (4.51%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, ESBA has been paying a dividend for less than 10 years.
Growing Dividend: ESBA'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 (50%), ESBA's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.2yrs
Average management tenure
CEO
Tony Malkin (58 yo)
no data
Tenure
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 ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | no data | no data | no data | |
| Executive VP & CFO of Empire State Realty Trust | 0.33yr | no data | no data | |
| Senior VP | no data | no data | no data | |
| Executive VP | no data | no data | no data | |
| Executive VP of Real Estate and Director of Leasing & Ops - Empire State Realty Trust | no data | no data | no data | |
| Senior VP of Empire State Realty Trust & Director of Leasing - Empire State Realty Trust | 3.17yrs | no data | no data | |
| Senior Vice President of Empire State Realty Trust | no data | no data | no data | |
| Senior VP of Empire State Realty Trust | 3.17yrs | no data | no data | |
| SVP and Head of Financial Planning & Analysis of Empire State Realty Trust | no data | no data | no data |
3.2yrs
Average Tenure
58yo
Average Age
Experienced Management: ESBA's management team is considered experienced (3.2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | no data | no data | no data | |
| Independent Lead Director of Empire State Realty Trust | no data | no data | no data | |
| Independent Director of Empire State Realty Trust | no data | no data | no data | |
| Chairman Emeritus of Empire State Realty Trust | no data | no data | no data | |
| Director of Empire State Realty Trust | 6.83yrs | no data | no data | |
| Director of Empire State Realty Trust | no data | no data | no data | |
| Director of Empire State Realty Trust | 3.42yrs | no data | no data | |
| Director of Empire State Realty Trust | 6.83yrs | no data | no data |
6.8yrs
Average Tenure
60yo
Average Age
Experienced Board: ESBA's board of directors are considered experienced (6.8 years average tenure).
Ownership
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.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Empire State Realty OP, L.P.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Empire State Realty OP, L.P.
- Ticker: ESBA
- Exchange: ARCA
- Founded:
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: US$1.938b
- Shares outstanding: 297.68m
- Website: https://www.empirestaterealtytrust.com
Number of Employees
Location
- Empire State Realty OP, L.P.
- 111 West 33rd Street
- 12th Floor
- New York
- New York
- 10120
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| FISK | ARCA (NYSE Arca) | Series 250 OP Units | US | USD | Oct 2013 | |
| OGCP | ARCA (NYSE Arca) | Series 60 OP Units | US | USD | Oct 2013 | |
| ESBA | ARCA (NYSE Arca) | Yes | Series ES OP Units | US | USD | Oct 2013 |
Biography
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/08/03 01:12 |
| End of Day Share Price | 2020/07/31 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
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.