Pulling SEC filings + quote and writing the call…
Empire State Realty OP, L.P.
Next earnings ≈ Sep 1, 2026 · est. from filing cadence
Last earnings +2.8% on 2026-04-29
Cheap NYC office/observatory REIT trading below book at ~7x FFO, but flat revenue and shrinking earnings keep it a hold, not a steal.
Core FFO (common unitholders) $234.2M · FY2025
Middling fundamentals and a rich price (~65% above fair value) leave little margin of safety — a wait-and-see.
OGCP is the operating-partnership listing of Empire State Realty's NYC office, retail and Empire State Building Observatory portfolio. The headline 24x P/E is misleading for a REIT — the figure that matters is cash earnings, and 2025 Core FFO of $234.2M attributable to common unitholders against a $1.60B market cap is roughly 7x FFO, while $4.47B assets less $2.65B liabilities implies ~$1.82B of book equity versus a $1.60B cap, so the units trade below stated book. Operating cash flow held up at $249M (down only 4.5%), comfortably covering the $39M dividend. That is a genuinely undemanding valuation for a stabilized portfolio.
The quality side is flatter. Total revenue was essentially unchanged at $767M (+0.1% per the 10-K), net income fell 9.2% to $73.0M, operating income dropped 14.5% to $136M and diluted EPS slid to $0.25. The MD&A shows the decline is concentrated, not broad: rental revenue actually rose 1.9% to $626M on +$7.6M tenant reimbursements and +$5.9M higher base rent, but Observatory revenue fell 5.9% to $128M on softer tourism, lease-termination fees collapsed 90% to $0.5M, and interest income dropped 58.9% as $133M of cash (down 65.6%) was deployed. Reported net income was also flattered by a $35.0M gain on property dispositions, so core operating earnings are weaker than the bottom line suggests.
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $726M | $738M | $767M | $767M |
| Gross profit | — | — | — | — | — |
| Operating income | $79.1M | $127M | $147M | $159M | $136M |
| Net income | -$13.0M | $63.2M | $84.4M | $80.4M | $73.0M |
| Diluted EPS | -$0.06 | $0.22 | $0.30 | $0.28 | $0.25 |
| Net margin | — | 8.7% | 11.4% | 10.5% | 9.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Reg FD disclosure (likely investor/conference deck); no financial change
Q1 2026 report; routine quarterly disclosure post-130 Mercer deal
Q1 2026 results release filed; routine earnings disclosure
Entered new credit/debt agreement, creating direct financial obligation
Officer/director change (Item 5.02); leadership transition disclosed
FY25 net income -9.2% to $73M, EPS -11%; Core FFO $234M, $417M of acquisitions
Q4/FY2025 results release; full-year earnings disclosed
Announced $386M acquisition of 130 Mercer St in SoHo; growth deal
Q3 2025 report; routine quarterly filing
Sources: SEC EDGAR (CIK 0001553079, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/30/2026, 9:44:22 AM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
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