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Phillips Edison & Company vs Empire State Realty OP, L.P.: PECO and ESBA compared
Phillips Edison & Company is the larger company: $193M of revenue in its latest quarter (Q3 2026) against $193M for Empire State Realty OP, L.P. (Q3 2026). Phillips Edison & Company is growing faster (+6% against -2% a year earlier). Phillips Edison & Company is more profitable, with an operating margin of 35.6% against 18.5%.
Where the money goes: PECO and ESBA
Phillips Edison & Company (PECO) · Q3 2026
Phillips Edison & Company, Q3 2026: revenue $193M (+6% year over year), operating margin 35.6%, net earnings $62.7M, operating cash flow $85.5M. 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.
| Phillips Edison & Company (PECO) | Empire State Realty OP, L.P. (ESBA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $193M | $193M |
| Revenue growth, Y/Y | +6% | -2% |
| Operating margin | 35.6% | 18.5% |
| Net earnings | $62.7M | $3.1M |
| Net margin | 32.5% | 1.6% |
| Operating cash flow | $85.5M | — |
| Free cash flow | $48.1M | — |
| Market value | $5.3B | — |
| P/E | 26.1× | — |
| Analysts’ mean target | $43.15 | — |
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, Phillips Edison & Company or Empire State Realty OP, L.P.?
Phillips Edison & Company is the larger company: $193M of revenue in its latest quarter (Q3 2026) against $193M for Empire State Realty OP, L.P. (Q3 2026).
Is Phillips Edison & Company or Empire State Realty OP, L.P. growing faster?
Phillips Edison & Company is growing faster (+6% against -2% a year earlier).
Which is more profitable, Phillips Edison & Company or Empire State Realty OP, L.P.?
Phillips Edison & Company is more profitable, with an operating margin of 35.6% against 18.5%.
More: Phillips Edison & Company earnings · how Phillips Edison & Company 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 Oct 27, 2026; 8-K filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.