Empire State Realty Trust, Inc.

Empire State Realty Trust, Inc.

ESRTยทNYSE

$5.34

-6.2%
Real EstateREIT - Diversified

Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the World's Most Famous Building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio. Long the leader in energy efficiency retrofits and Indoor Environmental Quality, Empire State Realty Trust is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating.

At a Glance

Live Snapshot
Market Cap$916.45M
EPS0.2600
P/E Ratio20.56
Earnings Date07/22/2026
Empire State Realty Trust, Inc.

Empire State Realty Trust, Inc. Fair Value Envelope

ESRT ยท NYSE

Our analysis suggests that ESRT has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $5.345, this represents a potential HIDDEN relative to our calculated worth for Empire State Realty Trust, Inc..

Intrinsic Value
Current Price: $5.345

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$182.0M
+ Cash & Equivalents$166.5M
Firm Value$348.5M
- Debt$2.4B
Equity Value-$2.1B
/ Shares Outstanding169,221,083B
DCF Value-$12
OVERVALUED BY 331%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$124.5M
$62.3M
$31.1M
$15.6M
$7.8M
$3.9M
$1.9M
$972.9K
$486.4K
$243.2K
Maintenance CapEx
-$19.8M
-$9.9M
-$5.0M
-$2.5M
-$1.2M
-$620.3K
-$310.2K
-$155.1K
-$77.5K
-$38.8K
Owner Earnings
$104.7M
$52.3M
$26.2M
$13.1M
$6.5M
$3.3M
$1.6M
$817.8K
$408.9K
$204.4K
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$96.9M
$44.9M
$20.8M
$9.6M
$4.5M
$2.1M
$954.3K
$441.8K
$204.5K
$94.7K
Terminal Value represents 0.9% of Enterprise Value