Empire State Realty Trust, Inc. Class A (ESRT)

In the past six months, ESRT's stock has experienced a decline. As of January 9, 2026, the share price was $6.39, representing a 33.02% decrease from January 10, 2025. Over the last 12 months, the stock price decreased by 36.79%, and in the past month, it saw a 7.66% decrease. ESRT reported Core Funds From Operations (FFO) of $0.23 per diluted share, and total revenue surpassed expectations at $197.73 million. Manhattan office occupancy reached 90.3%. The full-year guidance for the Empire State Building Observatory's Net Operating Income (NOI) was revised downward to a range of $90 million to $94 million, reflecting ongoing pressure on discretionary travel. Revenue of $191.25 million exceeded analyst estimates, showing a 0.9% year-over-year increase. Despite this, profitability metrics declined, with EPS at $0.04 and Core FFO per share at $0.22. The full-year 2025 guidance for both core earnings and Observatory NOI was revised downward, with Observatory NOI reaching $24.1 million and revenue slightly slipping to $33.9 million. The full-year 2025 Observatory NOI forecast was lowered from $97 million-$102 million to $90 million-$94 million. Wells Fargo maintained an "Underweight" recommendation on ESRT. The stock passed through a 2% yield mark and made a bullish cross above a critical moving average.

Demand seasonality for Empire State Realty Trust primarily affects its Observatory segment. The Observatory experiences fluctuations, with the first quarter typically seeing lower net operating income compared to the fourth quarter, influenced by seasonal variability, weather conditions, and holiday shifts like Easter. Management acknowledges that factors such as U.S. dollar strength, geopolitical tensions, and consumer confidence can impact tourism spending. The company's core business of leasing office, retail, and multifamily properties is generally not considered subject to material seasonal fluctuations, as lease expirations are managed to align with seasonal demand. However, the broader real estate market can exhibit seasonality, with increased activity often observed towards the end of the calendar year due to tax considerations.

Empire State Realty Trust, Inc. (ESRT) is a New York City-focused real estate investment trust (REIT) that owns, manages, and operates a portfolio of office, retail, and multifamily properties. The company's flagship asset is the iconic Empire State Building, which also features a popular Observatory. ESRT operates within the Real Estate sector and the Real Estate Investment Trusts industry. Its primary products and services include leasing commercial office spaces, retail properties, and residential units, as well as generating revenue from the Empire State Building Observatory experience.

Empire State Realty Trust's geographic footprint is concentrated in the New York metropolitan area, with a significant focus on Manhattan. The company also holds properties in Fairfield County and Westchester County, Connecticut.

ESRT has maintained a strong brand reputation over the past year, particularly through its sustainability efforts and the iconic status of the Empire State Building. The Empire State Building Observatory was ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. ESRT achieved the highest possible Global Real Estate Sustainability Benchmark (GRESB) 5 Star Rating for the fifth and sixth consecutive years, ranking first among all listed companies in the Americas. The company was among the first commercial office and multifamily portfolios in the U.S. to achieve the WELL Equity Rating and received the 2023 IWBI Health-Safety Leadership Award. In December 2025, the Empire State Building achieved LEED Platinum certification under the Existing Buildings: Operations + Maintenance Version 5 program. ESRT also achieved ENERGY STAR NextGen certification for its New York City properties in October 2025. The company published its 2024 Sustainability Report in April 2025, highlighting its achievements and targets in sustainability. The Empire State Building generated over 485 billion global media impressions in 2024, indicating strong brand awareness.

Empire State Realty Trust's ownership is predominantly institutional, with approximately 61.58% to 81.9% of its shares held by institutional investors. Major institutional owners include The Vanguard Group, Inc., BlackRock, Inc., Qatar Holding LLC, Ameriprise Financial Inc, Resolution Capital Ltd, State Street Corp, Principal Financial Group Inc, T. Rowe Price Investment Management, Inc., and Geode Capital Management, Llc. Individual (retail) investors hold a significant portion, estimated at around 38.08% of the stock. Insiders hold between 0.35% and 35.77% of the shares, with Quark Holding LLC and Investment Authority Qatar listed as significant insider holders.