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Empire State Realty OP

ARCA:OGCP
Snowflake Description

Imperfect balance sheet unattractive dividend payer.

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

Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc. The last earnings update was 18 days ago. More info.


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OGCP Share Price and Events
7 Day Returns
2.6%
ARCA:OGCP
1.8%
US REITs
-0.7%
US Market
1 Year Returns
-3.6%
ARCA:OGCP
16.3%
US REITs
3%
US Market
OGCP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Empire State Realty OP (OGCP) 2.6% 3.8% 0.7% -3.6% -16.5% 1.1%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • OGCP underperformed the REITs industry which returned 16.3% over the past year.
  • OGCP underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
OGCP
Industry
5yr Volatility vs Market

Value

 Is Empire State Realty OP 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 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.
Raw Data

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

ARCA:OGCP Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for ARCA:OGCP
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))
= 0.531 (1 + (1- 21%) (40.94%))
0.801
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% + (0.801 * 5.96%)
7.5%

Discounted Cash Flow Calculation for ARCA:OGCP 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.

ARCA:OGCP DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 290.83 Est @ 3.85% 270.53
2020 301.05 Est @ 3.52% 260.50
2021 310.93 Est @ 3.28% 250.27
2022 320.62 Est @ 3.12% 240.06
2023 330.24 Est @ 3% 230.00
2024 339.88 Est @ 2.92% 220.19
2025 349.61 Est @ 2.86% 210.69
2026 359.48 Est @ 2.82% 201.52
2027 369.52 Est @ 2.79% 192.69
2028 379.78 Est @ 2.78% 184.22
Present value of next 10 years cash flows $2,260.65
ARCA:OGCP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $379.78 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$8,174.20
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,174.20 ÷ (1 + 7.5%)10
$3,965.00
ARCA:OGCP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,260.65 + $3,965.00
$6,225.66
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $6,225.66 / 304.83
$20.34
ARCA:OGCP Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in ARCA:OGCP represents 0.99554x of ARCA:ESBA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99554x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 20.34 x 0.99554
$20.25
Value per share (USD) From above. $20.25
Current discount Discount to share price of $15.63
= -1 x ($15.63 - $20.25) / $20.25
22.8%

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

Current Discount
Amount off the current price Empire State Realty OP is available for.
Intrinsic value
23%
Share price is $15.63 vs Future cash flow value of $20.25
Current Discount Checks
For Empire State Realty OP to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
ARCA:OGCP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.36
ARCA:ESBA Share Price ** ARCA (2019-05-17) in USD $15.7
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

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

** Primary Listing of Empire State Realty OP.

ARCA:OGCP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ARCA:ESBA Share Price ÷ EPS (both in USD)

= 15.7 ÷ 0.36

43.55x

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?
Raw Data
ARCA:OGCP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 43.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
3.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*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?
Raw Data
ARCA:OGCP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $6.43
ARCA:ESBA Share Price * ARCA (2019-05-17) in USD $15.7
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 5,195 Publicly-Listed Companies 1.83x
ARCA:OGCP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ARCA:ESBA Share Price ÷ Book Value per Share (both in USD)

= 15.7 ÷ 6.43

2.44x

* 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.
X
Value checks
We assess Empire State Realty OP'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 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.

Future Performance

 How is Empire State Realty OP expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • 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!
Annual Growth Rate
3.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Empire State Realty OP expected to grow at an attractive rate?
  • 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
Raw Data
ARCA:OGCP Future Growth Rates Data Sources
Data Point Source Value (per year)
ARCA:OGCP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 3.3%
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 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
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
ARCA:OGCP Analysts Growth Expectations Data Sources
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 numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ARCA:OGCP Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Empire State Realty OP's earnings are expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Empire State Realty OP is high growth as no revenue estimate data is available.
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
ARCA:OGCP 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.

ARCA:OGCP Past Financials Data
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.
X
Future performance checks
We assess Empire State Realty OP'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 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.

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
Below we compare Empire State Realty OP'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 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
Empire State Realty OP'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 OP Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ARCA:OGCP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 713.72 107.27 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).
X
Past performance checks
We assess Empire State Realty OP'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 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.

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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Empire State Realty OP'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 OP Company Filings, last reported 1 month ago.

ARCA:OGCP 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 1,617.92 554.99
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).
X
Financial health checks
We assess Empire State Realty OP'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 OP 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 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
Dividend payments
2.68%
Current annual income from Empire State Realty OP dividends.
If you bought $2,000 of Empire State Realty OP shares you are expected to receive $54 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 OP's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Empire State Realty OP's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
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
ARCA:OGCP 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 0 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 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 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

ARCA:OGCP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-02 0.420 2.722
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.
Current Payout to shareholders
What portion of Empire State Realty OP's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x 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 OP'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 OP afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. 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.

Management

 What is the CEO of Empire State Realty OP'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
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

TITLE
Chairman & CEO of Empire State Realty Trust
AGE
56

John Kessler

TITLE
President & COO of Empire State Realty Trust
AGE
53

David Karp

TITLE
CFO & Executive VP of Empire State Realty Trust
AGE
58

Drew Prentice

TITLE
Senior VP
AGE
45

Tom Keltner

TITLE
Executive VP
AGE
72

Thomas Durels

TITLE
Executive VP of Real Estate and Director of Leasing & Ops - Empire State Realty Trust
AGE
56

Ryan Kass

TITLE
Senior VP of Empire State Realty Trust & Director of Leasing - Empire State Realty Trust
TENURE
1.9 yrs

Jeffrey Newman

TITLE
Senior Vice President of Empire State Realty Trust
AGE
58

Fred Posniak

TITLE
Senior VP of Empire State Realty Trust
AGE
72
TENURE
1.9 yrs
Board of Directors Tenure

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

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

Anthony Malkin

TITLE
Chairman & CEO of Empire State Realty Trust
AGE
56

Peter Malkin

TITLE
Chairman Emeritus of Empire State Realty Trust
AGE
84

Bill Berkman

TITLE
Director of Empire State Realty Trust
AGE
53

Salvatore Giliberto

TITLE
Director of Empire State Realty Trust
AGE
68
TENURE
5.6 yrs

Jim Robinson

TITLE
Director of Empire State Realty Trust
AGE
55

Steve Gilbert

TITLE
Lead Director of Empire State Realty Trust
AGE
71

Tom Derosa

TITLE
Director of Empire State Realty Trust
AGE
60
TENURE
5.6 yrs

Leslie Biddle

TITLE
Director of Empire State Realty Trust
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 ($) Value ($)
X
Management checks
We assess Empire State Realty OP'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 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.

News

Simply Wall St News

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.
OGCP
Exchange: ARCA
Founded:
$4,784,936,209
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
Staff numbers
813
Empire State Realty OP employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 03:02
End of day share price update: 2019/05/17 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.