ESBA
Real EstateEmpire State Realty OP, L.P. · REIT - Office · $1B
What is Empire State Realty OP, L.P.?
Empire State Realty OP, L.P. is a New York City-based real estate operating partnership and a subsidiary of Empire State Realty Trust, Inc. It holds interests in a portfolio of office and retail properties centered in the New York metropolitan area.
As an operating partnership, ESBA holds and manages real estate assets on behalf of Empire State Realty Trust. Revenue is generated primarily through office and retail leasing, along with the iconic Empire State Building Observatory, which draws significant tourist traffic. The partnership structure allows investors to participate in the underlying real estate portfolio's income and appreciation.
The operating partnership was formed in 2013 and is headquartered in New York City.
- Office property leasing in the New York metro area
- Retail space leasing
- Observatory and tourism revenue from the Empire State Building
- Real estate asset management through the operating partnership structure
Is ESBA a Good Stock to Buy?
UQS Score rates ESBA as Below Average overall.
Among the five pillars, Valuation stands out as the relative bright spot, rated Good — suggesting the units may not be priced at a premium relative to fundamentals. This is notable in a sector where elevated valuations are common.
Quality, Moat, Growth, and Risk are all rated Weak, reflecting meaningful headwinds across the business — from limited competitive differentiation to constrained growth prospects and elevated risk factors.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does ESBA pay dividends?
Yes — Empire State Realty OP, L.P. pays a dividend.
ESBA pays a regular dividend, consistent with the income-oriented nature of real estate operating partnerships. Distributions are typically tied to the cash flows generated by the underlying property portfolio. Investors drawn to real estate for income should review the current distribution level and payout sustainability on the company's investor relations page.
When does ESBA report earnings?
Empire State Realty OP reports financial results on a quarterly cadence, consistent with US-listed real estate entities.
Given the Weak ratings across Quality and Growth pillars, recent operating results reflect the challenges facing New York office-focused real estate — including leasing demand shifts and cost pressures. Revenue visibility depends heavily on lease renewal activity and observatory performance.
For the most recent quarter's results, visit Empire State Realty Trust's investor relations page directly.
ESBA Price History
-48.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Empire State Realty OP, L.P.?
Based on Empire State Realty OP, L.P.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
ESBA Long-term Outlook
The combination of Weak Growth and Weak Risk pillar ratings points to a cautious fundamental outlook. The New York office market continues to face structural headwinds, and the partnership's concentrated geographic exposure limits diversification. The Good Valuation rating offers some buffer, but underlying business momentum remains constrained.
Growth drivers
- Recovery in New York City office leasing demand
- Observatory and tourism revenue tied to travel trends
- Potential asset repositioning or redevelopment within the existing portfolio
Key risks
- Persistent weakness in urban office demand post-pandemic
- Concentrated exposure to a single metro market
- Interest rate sensitivity affecting real estate valuations and refinancing costs
ESBA vs Peers
ESBA operates alongside other real estate entities that investors often evaluate in the same context.
OGCP represents a related share class within the same Empire State Realty structure, offering a different unit type for investors seeking exposure to the same underlying portfolio.
Allied Properties is a Canadian REIT focused on urban office and mixed-use properties, providing a cross-border comparison for investors evaluating urban office real estate quality.
Frequently Asked Questions
What does Empire State Realty OP do?
Empire State Realty OP, L.P. is the operating partnership subsidiary of Empire State Realty Trust. It holds and manages a portfolio of office and retail properties in the New York metropolitan area, along with the Empire State Building Observatory, which generates tourism-related revenue.
Does ESBA pay dividends?
Yes, ESBA pays a regular dividend. As a real estate operating partnership, distributions are linked to the income generated by the underlying property portfolio. Investors should check the current distribution rate and history on the company's investor relations page.
When does ESBA report earnings?
Empire State Realty OP reports on a quarterly cadence, in line with standard US reporting requirements. For the exact schedule and most recent results, refer to Empire State Realty Trust's investor relations page.
Is ESBA a good stock to buy?
UQS Score rates ESBA as Below Average, with Weak ratings across Quality, Moat, Growth, and Risk pillars. The Valuation pillar is rated Good, which may interest value-oriented investors. Whether it fits your portfolio depends on your risk tolerance and investment goals — the full pillar breakdown is available to Pro members.
Is ESBA overvalued?
The UQS Valuation pillar for ESBA is rated Good, suggesting units are not trading at an obvious premium relative to fundamentals. However, valuation alone does not offset the Weak ratings in other pillars. View the complete valuation metrics with a UQS Pro account.
How does ESBA compare to its competitors?
ESBA operates in the urban office real estate space alongside entities like Allied Properties REIT. Its concentrated New York focus and operating partnership structure differentiate it from broader diversified REITs. The UQS platform provides side-by-side pillar comparisons for Pro members.
What is ESBA's market cap bracket?
ESBA is classified as a small-cap real estate entity. This places it below large-cap REITs in terms of total market value, which can mean less liquidity and greater sensitivity to market swings compared to larger peers.
Who founded Empire State Realty OP?
Empire State Realty OP, L.P. was formed in 2013 as part of the corporate structure supporting Empire State Realty Trust's IPO. The Trust itself traces its roots to the Malkin family's long-standing management of New York real estate assets, including the Empire State Building.
Is ESBA a long-term quality investment?
As a long-term quality indicator, ESBA's UQS profile raises caution — Weak ratings across Quality, Moat, Growth, and Risk suggest limited structural advantages for compounding over time. The Good Valuation rating may appeal to patient investors, but long-term quality depends on improving fundamentals. See the full analysis with a Pro account.
What sector does ESBA belong to?
ESBA belongs to the Real Estate sector, specifically within the office and mixed-use property segment. It is structured as an operating partnership rather than a traditional REIT, which has implications for how distributions are taxed and how units are traded.
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Pro Analysis
ESBA — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 21, 2026 | 29.3 | 40.4 | 29.0 | 2.2 | 14.5 | 62.5 | -4.0 |
| May 14, 2026 | 33.3 | 41.3 | 29.0 | 2.2 | 37.0 | 64.9 | +0.3 |
| May 12, 2026 | 33.0 | 41.2 | 29.0 | 2.2 | 37.0 | 62.9 | -2.3 |
| May 9, 2026 | 35.3 | 45.3 | 29.0 | 0.0 | 51.8 | 59.8 | +2.4 |
| May 7, 2026 | 32.9 | 39.7 | 29.0 | 2.2 | 37.0 | 65.2 | -0.1 |
| May 3, 2026 | 33.0 | 39.7 | 29.0 | 2.2 | 37.0 | 65.6 | -0.1 |
| Apr 26, 2026 | 33.1 | 39.7 | 29.0 | 2.2 | 37.0 | 66.4 | +0.1 |
| Apr 25, 2026 | 33.0 | 39.7 | 29.0 | 2.2 | 37.0 | 65.6 | -0.1 |
| Apr 23, 2026 | 33.1 | 39.8 | 29.0 | 2.2 | 37.0 | 65.7 | +0.1 |
| Apr 21, 2026 | 33.0 | 39.6 | 29.0 | 2.2 | 37.0 | 65.8 | -0.1 |
ESBA — Pillar Breakdown
Quality
— 40.7/100 (25%)Empire State Realty OP, L.P. has average quality metrics, with room for improvement in margins or capital efficiency.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 2.2/100 (20%)Empire State Realty OP, L.P. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 14.5/100 (15%)Empire State Realty OP, L.P. presents elevated risk with concerns around leverage or financial stability.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 62.8/100 (15%)Empire State Realty OP, L.P. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 29/100 (25%)Empire State Realty OP, L.P. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for ESBA.
Score Composition
Financial Data
More Stock Analysis
How is the ESBA UQS Score Calculated?
The UQS (Unified Quality Score) for Empire State Realty OP, L.P. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Empire State Realty OP, L.P.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Empire State Realty OP, L.P. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.