Empire State Realty OP, L.P. (ESBA)
Real Estate · PCX
Price as at 1 Oct 2026, 21:41 UTC. Quotes are delayed.
Fundamentals
Valuation and ratings
Empire State Realty OP, L.P. trades at $4.04, which is 57% below the $6.34 our fair value estimate puts on the business. On that measure alone it screens as undervalued, though a valuation model is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 41 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 26.0 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
ESBA dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | $0.105 | 3 |
| 2025 | $0.070 | 2 |
| 2024 | $0.140 | 4 |
| 2023 | $0.140 | 4 |
| 2022 | $0.140 | 4 |
| 2021 | $0.105 | 3 |
| 2020 | $0.210 | 2 |
| 2019 | $0.420 | 4 |
| 2018 | $0.420 | 4 |
| 2017 | $0.420 | 4 |
| 2016 | $0.400 | 4 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
About Empire State Realty OP, L.P.
Empire State Realty OP, L.P. operates as a subsidiary of Empire State Realty Trust, Inc.
Company profile, industry and headcount are as reported by our data provider and can lag a company's own filings by a reporting period. The annual report is the authority.
ESBA passes 2 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Super investor ownership
1 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Ken Griffin, CITADEL ADVISORS LLC$95.5K · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
ESBA peers
The largest companies in the same industry (REIT - Office), then in the same sector.
- CUZ Cousins Properties Incorporated
- HPP Hudson Pacific Properties, Inc.
- OPI Office Properties Income Trust
- NLOP Net Lease Office Properties
- FSP Franklin Street Properties Corp.
- WELL Welltower Inc.
- PLD Prologis Inc.
- EQIX Equinix Inc.
Every real estate company we cover is on the Real Estate hub.
Common questions
Is Empire State Realty OP, L.P. (ESBA) undervalued?
Against our fair value estimate of $6.34, ESBA at $4.04 is 57% below fair value. That is one model's answer, not a recommendation. It is built from normalized earning power with growth capped deliberately low, which understates companies whose value is mostly future growth.
Which funds own ESBA?
1 of the institutions we track reported a position in ESBA in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is ESBA's P/E ratio?
ESBA trades at 26.0 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does Empire State Realty OP, L.P. (ESBA) pay a dividend?
Yes. Empire State Realty OP, L.P. yields 2.57% at the current share price. It has paid $0.105 per share over the trailing twelve months. It has paid a dividend in each of the last 13 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
Where does SteadyShares get its ESBA data?
Fundamentals for ESBA come from company filings and exchange data, as listed on PCX; institutional ownership comes from SEC 13F filings. The share price shown was last refreshed on 1 Oct 2026, 21:41 UTC and is delayed. Our data quality score for this company is 100/100, which is the share of the inputs behind our scores that were actually available rather than assumed. Metrics we do not hold are left out of the page rather than estimated.
The full research page for ESBA, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.