Empire State Realty OP
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Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc. The last earnings update was 25 days ago. More info.
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ESBA Share Price and Events
7 Day Returns
1 Year Returns
ESBA Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Empire State Realty OP (ESBA) | 1.6% | 1.6% | 2% | -4.4% | -17.5% | 2.9% |
| US REITs | 0.1% | 1.9% | 3.8% | 13.9% | 11.3% | 25.5% |
| US Market | -1.4% | -3.9% | 0.1% | 1.6% | 33.2% | 38.2% |
1 Year Return vs Industry and Market
- ESBA underperformed the REITs industry which returned 13.9% over the past year.
- ESBA underperformed the Market in United States of America which returned 1.6% over the past year.
ESBA Value
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 OP
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Empire State Realty OP.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Funds From Operations | |
| Levered Funds From Operations | Average of 0 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.
| 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%) (40.9%)) |
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 ARCA:ESBA using 2 Stage Free Cash Flow to Equity using Funds From Operations Model
The calculations below outline how an intrinsic value for Empire State Realty OP 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 OP 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.
| Funds From Operations (FFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.5%) |
|
|---|---|---|---|
| 2019 | 290.91 | Est @ 3.89% | 270.62 |
| 2020 | 301.21 | Est @ 3.54% | 260.65 |
| 2021 | 311.13 | Est @ 3.3% | 250.46 |
| 2022 | 320.86 | Est @ 3.13% | 240.28 |
| 2023 | 330.51 | Est @ 3.01% | 230.24 |
| 2024 | 340.18 | Est @ 2.92% | 220.44 |
| 2025 | 349.92 | Est @ 2.87% | 210.95 |
| 2026 | 359.81 | Est @ 2.83% | 201.78 |
| 2027 | 369.87 | Est @ 2.8% | 192.95 |
| 2028 | 380.14 | Est @ 2.78% | 184.48 |
| Present value of next 10 years cash flows | $2,262.85 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $380.14 × (1 + 2.73%) ÷ (7.5% – 2.73%) |
$8,190.45 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $8,190.45 ÷ (1 + 7.5%)10 |
$3,974.69 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $2,262.85 + $3,974.69 |
$6,237.55 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $6,237.55 / 304.83 |
$20.47 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $20.47 |
| Current discount | Discount to share price of
$15.72
= -1 x ($15.72 - $20.47) / $20.47 |
23.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Empire State Realty OP's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Empire State Realty OP's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 OP's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Empire State Realty OP's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $0.36 |
| ARCA:ESBA Share Price ** | ARCA (2019-05-24) in USD | $15.72 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.61x |
| United States of America Market PE Ratio | Median Figure of 3,086 Publicly-Listed Companies | 17.45x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Empire State Realty OP.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ARCA:ESBA Share Price ÷ EPS (both in USD) = 15.72 ÷ 0.36 |
43.59x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Empire State Realty OP is overvalued based on earnings compared to the US REITs industry average.
- Empire State Realty OP is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Empire State Realty OP's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 43.59x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts |
3.1%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 2.41x |
| United States of America Market PEG Ratio | Median Figure of 2,121 Publicly-Listed Companies | 1.51x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to calculate PEG ratio for Empire State Realty OP, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Empire State Realty OP's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $6.43 |
| ARCA:ESBA Share Price * | ARCA (2019-05-24) in USD | $15.72 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.89x |
| United States of America Market PB Ratio | Median Figure of 5,208 Publicly-Listed Companies | 1.8x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ARCA:ESBA Share Price ÷ Book Value per Share (both in USD) = 15.72 ÷ 6.43 |
2.45x |
* Primary Listing of Empire State Realty OP.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Empire State Realty OP is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess Empire State Realty OP's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Empire State Realty OP has a total score of 1/6, 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.
ESBA Future Performance
- No analysts cover Empire State Realty OP, future earnings growth has been estimated based on fundamentals.
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!
Earnings growth vs Low Risk Savings
- Empire State Realty OP's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Empire State Realty OP's earnings growth is positive but not above the United States of America market average.
- Unable to compare Empire State Realty OP's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ARCA:ESBA Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts | 3.1% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.8% |
| 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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 0 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 714 | 288 | 107 |
| 2018-12-31 | 711 | 279 | 115 |
| 2018-09-30 | 709 | 204 | 108 |
| 2018-06-30 | 709 | 209 | 114 |
| 2018-03-31 | 703 | 202 | 115 |
| 2017-12-31 | 696 | 194 | 117 |
| 2017-09-30 | 688 | 231 | 117 |
| 2017-06-30 | 679 | 219 | 115 |
| 2017-03-31 | 670 | 220 | 108 |
| 2016-12-31 | 670 | 215 | 106 |
| 2016-09-30 | 662 | 206 | 92 |
| 2016-06-30 | 659 | 218 | 85 |
*GAAP earnings excluding extraordinary items.
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 0 Analyst Estimates (S&P Global) | See Below |
All data from Empire State Realty OP Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.36 |
| 2018-12-31 | 0.39 |
| 2018-09-30 | 0.36 |
| 2018-06-30 | 0.39 |
| 2018-03-31 | 0.39 |
| 2017-12-31 | 0.39 |
| 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 OP will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Empire State Realty OP's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Empire State Realty OP has a total score of 1/6, 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.
ESBA Past Performance
How has Empire State Realty OP 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
Past Earnings growth analysis
- Empire State Realty OP's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- Empire State Realty OP's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Empire State Realty OP's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
All data from Empire State Realty OP Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 713.72 | 107.27 | 54.07 | |
| 2018-12-31 | 710.66 | 115.47 | 52.67 | |
| 2018-09-30 | 709.23 | 108.03 | 52.75 | |
| 2018-06-30 | 709.40 | 114.28 | 52.50 | |
| 2018-03-31 | 702.81 | 115.46 | 51.86 | |
| 2017-12-31 | 695.98 | 116.56 | 50.32 | |
| 2017-09-30 | 688.44 | 117.31 | 50.02 | |
| 2017-06-30 | 678.90 | 114.76 | 48.92 | |
| 2017-03-31 | 670.24 | 108.03 | 49.25 | |
| 2016-12-31 | 669.68 | 105.57 | 49.08 | |
| 2016-09-30 | 661.94 | 91.98 | 45.30 | |
| 2016-06-30 | 659.37 | 85.21 | 43.69 | |
| 2016-03-31 | 658.33 | 87.23 | 39.89 | |
| 2015-12-31 | 653.13 | 78.44 | 38.07 | |
| 2015-09-30 | 660.35 | 70.05 | 52.55 | |
| 2015-06-30 | 656.51 | 66.71 | 54.64 | |
| 2015-03-31 | 646.90 | 65.65 | 59.88 | |
| 2014-12-31 | 629.23 | 69.25 | 39.04 | |
| 2014-09-30 | 610.16 | 243.98 | 51.26 | |
| 2014-06-30 | 509.92 | 223.89 | 48.62 | |
| 2014-03-31 | 420.40 | 201.81 | 41.11 | |
| 2013-12-31 | 348.53 | 192.63 | 39.98 | |
| 2013-09-30 | 283.57 | 29.33 | 37.87 | |
| 2012-12-31 | 274.64 | 48.64 | 28.36 |
*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 OP has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Empire State Realty OP used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- Empire State Realty OP's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Empire State Realty OP's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Empire State Realty OP has a total score of 0/6, 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.
ESBA Health
How is Empire State Realty OP'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 OP's finances.
The net worth of a company is the difference between its assets and liabilities.
- Empire State Realty OP is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Empire State Realty OP's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- 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.
All data from Empire State Realty OP Company Filings, last reported 1 month ago.
| 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 | 554.99 |
| 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 |
| 2012-12-31 | -10.86 | 996.49 | 51.50 |
- Empire State Realty OP'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 2.6x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Empire State Realty OP's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Empire State Realty OP has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
ESBA Dividends
What is Empire State Realty OP'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
If you bought
$2,000 of
Empire State Realty OP
shares you are expected to receive
$53
in your first year as a dividend.
Dividend Amount
- Empire State Realty OP's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
- Empire State Realty OP's dividend is below the markets top 25% of dividend payers in United States of America (3.75%).
Upcoming dividend payment
Purchase Empire State Realty OP before the 'Buy Limit' to receive their next dividend payment.
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.
| 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 0 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 2007 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.
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-02 | 0.420 | 2.712 |
| 2019-02-28 | 0.420 | 2.686 |
| 2018-11-06 | 0.420 | 2.767 |
| 2018-08-03 | 0.420 | 2.536 |
| 2018-05-03 | 0.420 | 2.486 |
| 2018-02-21 | 0.420 | 2.497 |
| 2017-11-06 | 0.420 | 2.142 |
| 2017-08-03 | 0.420 | 2.057 |
| 2017-05-03 | 0.420 | 2.030 |
| 2017-02-27 | 0.420 | 2.015 |
| 2016-11-08 | 0.420 | 2.089 |
| 2016-08-03 | 0.420 | 2.054 |
| 2016-05-05 | 0.340 | 1.759 |
| 2016-02-26 | 0.340 | 1.955 |
| 2015-11-06 | 0.340 | 1.995 |
| 2015-08-05 | 0.340 | 1.980 |
| 2015-05-06 | 0.340 | 1.930 |
| 2015-02-27 | 0.340 | 1.878 |
| 2014-11-10 | 0.340 | 1.959 |
| 2014-08-05 | 0.340 | 2.184 |
| 2014-05-07 | 0.340 | 2.162 |
| 2014-03-24 | 0.340 | 2.498 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, Empire State Realty OP has been paying a dividend for less than 10 years.
- Dividend payments have increased, but Empire State Realty OP only paid a dividend in the past 5 years.
Income/ dividend checks
We assess Empire State Realty OP's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Empire State Realty OP afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Empire State Realty OP 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.
ESBA Management
CEO
| AGE | 56 |
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
- Insufficient data for Anthony to compare compensation growth.
- Insufficient data for Anthony to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team
Anthony Malkin
Chairman & CEO of Empire State Realty Trust
56
John Kessler
President & COO of Empire State Realty Trust
53
David Karp
CFO & Executive VP of Empire State Realty Trust
58
Drew Prentice
Senior VP
45
Tom Keltner
Executive VP
72
Thomas Durels
Executive VP of Real Estate and Director of Leasing & Ops - Empire State Realty Trust
56
Ryan Kass
Senior VP of Empire State Realty Trust & Director of Leasing - Empire State Realty Trust
1.9 yrs
Jeffrey Newman
Senior Vice President of Empire State Realty Trust
58
Fred Posniak
Senior VP of Empire State Realty Trust
72
1.9 yrs
Board of Directors Tenure
Average tenure and age of the Empire State Realty OP board of directors in years:
- The tenure for the Empire State Realty OP board of directors is about average.
Board of Directors
Anthony Malkin
Chairman & CEO of Empire State Realty Trust
56
Peter Malkin
Chairman Emeritus of Empire State Realty Trust
84
Bill Berkman
Director of Empire State Realty Trust
53
Salvatore Giliberto
Director of Empire State Realty Trust
68
5.6 yrs
Jim Robinson
Director of Empire State Realty Trust
55
Steve Gilbert
Lead Director of Empire State Realty Trust
71
Tom Derosa
Director of Empire State Realty Trust
60
5.6 yrs
Leslie Biddle
Director of Empire State Realty Trust
51
2.2 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Empire State Realty OP's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Empire State Realty OP 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.
ESBA News
Simply Wall St News
Why Empire State Realty OP LP (NYSEARCA:ESBA) May Not Be As Efficient As Its Industry
and want to better understand how you can grow your money by investing in Empire State Realty OP LP (NYSEARCA:ESBA). … Empire State Realty OP LP (NYSEARCA:ESBA) delivered an ROE of 5.94% over the past 12 months, which is relatively in-line with its industry average of 7.63% during the same period. … I will take you through how metrics such as financial leverage impact ROE which may affect the overall sustainability of ESBA's returns.
Simply Wall St - – Full articleEmpire State Realty OP LP (NYSEARCA:ESBA): Dividend Is Coming In 5 Days, Should You Buy?
Shares of Empire State Realty OP LP (NYSEARCA:ESBA) will begin trading ex-dividend in 5 days. … To qualify for the dividend check of $0.10 per share, investors must have owned the shares prior to 14 June 2018, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Empire State Realty OP's latest financial data to analyse its dividend characteristics.
Simply Wall St - – Full articleInvesting In Property Through Empire State Realty OP LP. (NYSEARCA:ESBA)
Check out our latest analysis for Empire State Realty OP A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … With an interest coverage ratio of 2.78x, ESBA is not generating an appropriate amount of cash from its borrowings. … Empire State Realty OP can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Valuation: What is ESBA worth today?
Simply Wall St - – Full articleEmpire State Realty OP LP. (NYSEARCA:ESBA): Can It Deliver A Superior ROE To The Industry?
See our latest analysis for Empire State Realty OP Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Empire State Realty OP’s profit relative to its shareholders’ equity. … Empire State Realty OP’s cost of equity is 8.49%. … Since Empire State Realty OP’s return does not cover its cost, with a difference of -2.51%, this means its current use of equity is not efficient and not sustainable.
Simply Wall St - – Full articleWhy Empire State Realty OP LP. (NYSEARCA:ESBA)'s 2.58% Dividend Is Not A Good Reason To Buy
Does Empire State Realty OP tick all the boxes of a great dividend stock? … See our latest analysis for Empire State Realty OP 5 checks you should use to assess a dividend stock When researching a dividend stock, I always follow the following screening criteria: Does it pay an annual yield higher than 75% of dividend payers? … Relative to peers, Empire State Realty OP produces a yield of 2.58%, which is on the low-side for REITs stocks.Next Steps: After digging a little deeper into Empire State Realty OP's yield, it's easy to see why you should be cautious investing in the company just for the dividend.
Simply Wall St - – Full articleWhy You Shouldn't Look At Empire State Realty OP LP.'s (NYSEARCA:ESBA) Bottom Line
ARCA:ESBA Historical Debt Mar 6th 18 In order to understand whether ESBA has a healthy balance sheet, we have to look at a metric called FFO-to-total debt. … This tells us how long it will take ESBA to pay off its debt using its income from its main business activities, and gives us an insight into ESBA’s ability to service its borrowings. … I'd strongly recommend continuing your research on the following areas I believe are key fundamentals for ESBA: Valuation: What is ESBA worth today?
Simply Wall St - – Full articleWhy Empire State Realty OP LP (NYSEARCA:ESBA) Delivered An Inferior ROE Compared To The Industry
View our latest analysis for Empire State Realty OP Breaking down ROE — the mother of all ratios Return on Equity (ROE) is a measure of Empire State Realty OP’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Empire State Realty OP’s equity capital deployed. … Empire State Realty OP’s below-industry ROE is disappointing, furthermore, its returns were not even high enough to cover its own cost of equity.
Simply Wall St - – Full articleIs Empire State Realty OP LP's (NYSEARCA:ESBA) PE Ratio A Signal To Sell For Investors?
Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for ESBA Price per share = $20.21 Earnings per share = $0.396 ∴ Price-Earnings Ratio = $20.21 ÷ $0.396 = 51.1x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … For example, if you inadvertently compared riskier firms with ESBA, then investors would naturally value ESBA at a higher price since it is a less risky investment. … Similarly, if you accidentally compared lower growth firms with ESBA, investors would also value ESBA at a higher price since it is a higher growth investment.
Simply Wall St - – Full articleEmpire State Realty OP LP (ESBA): What’s In It For The Shareholders?
I’ve analysed below, the health and outlook of ESBA’s cash flow, which will help you understand the stock from a cash standpoint. … ESBA’s yield of 3.79% indicates its sub-standard capacity to generate cash, compared to the stock market index as a whole, accounting for the size differential. … Free Cash Flow = Operating Cash Flows – Net Capital Expenditure Free Cash Flow Yield = Free Cash Flow / Enterprise Value where Enterprise Value = Market Capitalisation + Net Debt ARCA:ESBA Net Worth Nov 22nd 17 What this means for you: Are you a shareholder?
Simply Wall St - – Full articleESBA Company Info
Description
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
Details
| Name: | Empire State Realty OP, L.P. |
| ESBA | |
| Exchange: | ARCA |
| Founded: | |
| $4,789,438,738 | |
| 304,825,887 | |
| Website: | http://www.empirestaterealtytrust.com |
| Address: |
Empire State Realty OP, L.P. 111 West 33rd Street, 12th Floor, New York, New York, 10120, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ARCA | ESBA | Series ES OP Units | NYSE Arca | US | USD | 02. Oct 2013 | |
| ARCA | OGCP | Series 60 OP Units | NYSE Arca | US | USD | 02. Oct 2013 | |
| ARCA | FISK | Series 250 OP Units | NYSE Arca | US | USD | 02. Oct 2013 |
Number of employees
Current staff
Industry
| Diversified REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/27 00:37 |
| End of day share price update: | 2019/05/24 00:00 |
| 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.
