ESRTEmpire State Realty Trust, Inc.
Real Estate Investment Trusts
- Revenue
- $767M
- 0.0% YoY
- Operating margin
- 17.7%
- 15% YoY
- EBITDA
- $330M
- 3.8% YoY
- Market cap
- $1.3B
- Employees
- 642
- $1M revenue each
- Net debt / EBITDA
- 1.6×
- $521M net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo13% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo8% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$1M · 58th pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $624M | $726M | $738M | $767M | $767M | 0.0% |
| Operating income | $79M | $127M | $147M | $159M | $136M | 15% |
| Operating cash flow | $212M | $211M | $232M | $261M | $249M | 4.5% |
| Capex | $398M | $86M | $169M | — | — | |
| Stock-based comp | $20M | $21M | $20M | $22M | $25M | 16% |
| Buybacks | $47M | $90M | $13M | $0 | $8M | |
| Dividends | $18M | $23M | $23M | $23M | $24M | 2.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 5, 2026 | Erez REIT Opportunities LP | SCHEDULE 13D | 14.2% | Active |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.