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Empire State Realty Trust vs Empire State Realty OP, L.P.: ESRT and ESBA compared
Empire State Realty Trust is the larger company: $197M of revenue in its latest quarter (Q2 2026) against $193M for Empire State Realty OP, L.P. (Q3 2026). Empire State Realty Trust is growing faster (+3% against -2% a year earlier). Empire State Realty OP, L.P. is more profitable, with an operating margin of 18.5% against -70.4%.
Where the money goes: ESRT and ESBA
Empire State Realty Trust (ESRT) · Q2 2026
Empire State Realty Trust, Q2 2026: revenue $197M (+3% year over year), operating margin -70.4%, net loss $39.6M, operating cash flow $19.5M. The chart follows the revenue to costs, profit and cash.
Empire State Realty OP, L.P. (ESBA) · Q3 2026
Empire State Realty OP, L.P., Q3 2026: revenue $193M (-2% year over year), operating margin 18.5%, net earnings $3.1M. The chart follows the revenue to costs, profit and cash.
| Empire State Realty Trust (ESRT) | Empire State Realty OP, L.P. (ESBA) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $197M | $193M |
| Revenue growth, Y/Y | +3% | -2% |
| Operating margin | -70.4% | 18.5% |
| Net earnings | −$39.6M | $3.1M |
| Net margin | -20.1% | 1.6% |
| Operating cash flow | $19.5M | — |
Where the revenue comes from
Empire State Realty OP, L.P.
- Rental revenue: $162M (84%)
- Observatory revenue: $26.8M (14%)
- Other revenue and fees: $4.0M (2%)
- Third-party management and other fees: $277K (0%)
Questions
Which is bigger, Empire State Realty Trust or Empire State Realty OP, L.P.?
Empire State Realty Trust is the larger company: $197M of revenue in its latest quarter (Q2 2026) against $193M for Empire State Realty OP, L.P. (Q3 2026).
Is Empire State Realty Trust or Empire State Realty OP, L.P. growing faster?
Empire State Realty Trust is growing faster (+3% against -2% a year earlier).
Which is more profitable, Empire State Realty Trust or Empire State Realty OP, L.P.?
Empire State Realty OP, L.P. is more profitable, with an operating margin of 18.5% against -70.4%.
More: Empire State Realty Trust earnings · how Empire State Realty Trust makes money · Empire State Realty OP, L.P. earnings · how Empire State Realty OP, L.P. makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 6, 2026; 8-K filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.