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

Over the past six months (October 2025 - April 2026), ESRT's stock price has experienced a decline. As of April 8, 2026, the share price was $5.17, representing a 23.86% decline from $6.79 on April 8, 2025. The stock was down approximately 35% over the past year as of January 21, 2026, and down about 27.48% over the past six months as of April 10, 2026. This underperformance has led to a discounted valuation compared to other NYC REITs. Key events impacting the stock include ongoing softness in office demand, the broader commercial real estate distress cycle and higher borrowing costs, a deteriorating analyst outlook, Q4 and full year 2025 results, ESRT's presentation at Citi's Miami Global Property CEO Conference, acquisition and financing transactions within its NYC retail portfolio, the Empire State Building's 95th anniversary, and positive operating performance.

Empire State Realty Trust states that the balance of its business is not subject to material seasonal fluctuations, with lease expirations matched with seasonal demand. However, the Empire State Building Observatory operations are a key aspect of the REIT's net operating income and a primary catalyst for continued growth. While sustained tenant demand is observed even in seasonally quieter periods for office leasing, the Observatory's performance can be influenced by tourism spending trends, which can be impacted by factors such as U.S. dollar strength, geopolitical tensions, and consumer confidence. The Observatory's strong performance, including a 6% year-over-year increase in Net Operating Income (NOI) in 2024, indicates its continued popularity.

Empire State Realty Trust, Inc. (ESRT) is a New York City-focused REIT that owns, manages, and operates a portfolio of modernized office, retail, and multifamily properties primarily in Manhattan and the greater New York metropolitan area. The company's portfolio includes assets such as the Empire State Building, which features its Observatory Experience. ESRT is recognized as a leader in energy efficiency, sustainability, and indoor environmental quality within the New York real estate industry. As of December 31, 2025, ESRT's operating portfolio comprised approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space, and 743 residential units.

Empire State Realty Trust's geographic footprint is concentrated in New York City, specifically Manhattan and the greater New York metropolitan area. The company's commercial portfolio became 100% New York City-based after the disposition of its last suburban office asset in Stamford, Connecticut, in 2025.

Empire State Realty Trust has maintained a strong brand reputation in the past year, particularly in sustainability and as a premier attraction. ESRT achieved the highest possible Global Real Estate Sustainability Benchmark (GRESB) 5 Star Rating for the fifth consecutive year in October 2024, ranking first among all listed companies in the Americas. 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. In February 2023, ESRT became one of the first in the world to achieve the WELL Health-Safety Rating across 100% of its portfolio for the third year in a row. ESRT was included in the 2023 Bloomberg Gender-Equality Index and recognized as a 2023 Great Place to Work. In 2024, ESRT was named a Better Practice Award and Better Project Award winner from the U.S. Department of Energy's Better Buildings Initiative for its work in energy and water efficiency, emissions, and waste reduction. ESRT installed honeybee hives at four of its New York City buildings, including the Empire State Building, as part of its sustainability initiatives.

Empire State Realty Trust, Inc. has a significant number of institutional owners and shareholders. As of April 10, 2026, there were 207 institutional owners holding a total of 136,476,800 shares. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Ameriprise Financial Inc., Cohen & Steers, Inc., State Street Corp., Lasalle Investment Management Securities Llc., Southeastern Asset Management Inc/tn/, Geode Capital Management, Llc., Principal Financial Group Inc., Legal & General Group Plc., T. Rowe Price Investment Management Inc., Invesco Ltd., and JPMorgan Chase & Co. Top insider buyers between January 11, 2026, and April 11, 2026, include Anthony E. Malkin (Chairman and CEO) with 1.70 million shares acquired. Other top direct insider holders as of April 11, 2026, include Thomas P. Durels (EVP, Real Estate) and Donna Jean Sutherland (Chief Accounting Officer).