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Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (NYSE: ESRT), is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT s flagship Empire State Building, the World's Most Famous B…
17.66% operating margin is respectable but not wide. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 0.0%, essentially flat. Margins also contracted 3.0pp. This is a business that needs a catalyst.
Free cash flow declined 43% versus the prior year, cash generation momentum has weakened. Net debt of $1.17B represents 23.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$779M
Net Income (TTM)
$56M
▼ -9.7% YoY
Op. Margin
17.66%
▼ -3.0pp YoY
ROIC
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Cash Flow & Balance Sheet
FCF (TTM)
$60M
▼ -42.5% YoY
Op. Cash Flow (TTM)
$235M
▼ -4.5% YoY
Net Debt
$1.23B
Cash & Equiv.
$69M
5Y CAGR: +4.7%
5Y CAGR: -8.4%
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