Empire State Realty Trust, Inc. (ESRT)

Real Estate Investment Trusts

Latest Price

$4.23

TTM P/E

211.50

Normalized P/E

24.59

Div Yield

3.31%

Book Value

6.07

P/B Ratio

0.70

Valuation metrics

EPS: $0.25

Book value / share: $3.93

Formula: √(22.5 × EPS × BVPS)

Graham Number

$4.70

+11% upside

Norm. op. income: $136M (median of 7yr)

Tax rate: 5%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$5.26

+24% upside

EPS: $0.25

Target P/E: 25×

Formula: EPS × P/E

P/E Fair Value

$6.25

+48% upside

85.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	17.88M	$96.0M	10.45%	+1.00M	2026-06-30
AMERIPRISE FINANCIAL INC	14.49M	$78.0M	8.47%	+1.92M	2026-06-30
LASALLE INVESTMENT MANAGEMENT SECURITIES LLC	13.11M	$70.0M	7.66%	+4.05M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	12.51M	$67.0M	7.31%	+153.5K	2026-06-30
SOUTHEASTERN ASSET MANAGEMENT INC/TN/	8.70M	$47.0M	5.08%	+2.22M	2026-06-30
Sumitomo Mitsui Trust Group, Inc.	6.91M	$37.0M	4.04%	+2.00M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	6.06M	$32.0M	3.54%	+65.3K	2026-06-30
STATE STREET CORP	6.01M	$32.0M	3.51%	+6.8K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	4.03M	$21.0M	2.36%	+403.3K	2026-06-30
CENTERSQUARE INVESTMENT MANAGEMENT LLC	3.58M	$19.0M	2.09%	+328.5K	2026-06-30