Stock ESBA EMPIRE STATE REALTY OP, L.P.
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Financials Empire State Realty OP, L.P.

Equities

ESBA

US2921021000

Commercial REITs

Market Closed - Nyse
Other stock markets
 21:10:00 03/05/2024 BST 		5-day change 1st Jan Change
9.35 USD +5.13% Intraday chart for Empire State Realty OP, L.P. +3.77% -0.53%
04-24 Empire State Realty OP, L.P. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
04-11 Empire State Realty Trust, Inc. and Empire State Realty Op, L.P. Enter into a Note Purchase Agreement with the Purchasers CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,299 4,234 2,639 2,527 1,780 2,549
Enterprise Value (EV) 1 6,016 5,712 4,286 4,468 3,773 4,460
P/E ratio 36.5 x 51.6 x -91.4 x -140 x 29.7 x 31.3 x
Yield 2.97% 3.02% 2.3% 1.18% 2.14% 1.49%
Capitalization / Revenue 6.05 x 5.82 x 4.4 x 4.16 x 2.52 x 3.45 x
EV / Revenue 8.46 x 7.86 x 7.15 x 7.35 x 5.34 x 6.03 x
EV / EBITDA 18 x 18.3 x 18.2 x 17.1 x 11.7 x 14 x
EV / FCF 23.1 x 24.3 x 27.6 x 21 x 20.4 x 17.1 x
FCF Yield 4.32% 4.12% 3.63% 4.76% 4.89% 5.86%
Price to Book 2.17 x 2.17 x 1.53 x 1.52 x 1.08 x 1.51 x
Nbr of stocks (in thousands) 303,334 304,257 288,376 284,977 272,528 270,950
Reference price 2 14.16 13.92 9.140 8.870 6.530 9.400
Announcement Date 28/02/19 28/02/20 26/02/21 25/02/22 28/02/23 28/02/24
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 710.7 727 599.8 607.9 707 739.6
EBITDA 1 334.8 312.3 235.3 262 321.6 318.4
EBIT 1 190.9 156.7 64.86 86.86 127 146.7
Operating Margin 26.86% 21.56% 10.81% 14.29% 17.97% 19.84%
Earnings before Tax (EBT) 1 121.9 86.72 -29.86 -14.77 64.76 87.12
Net income 1 117.3 84.29 -22.89 -13.04 63.46 84.34
Net margin 16.5% 11.59% -3.82% -2.14% 8.98% 11.4%
EPS 2 0.3884 0.2700 -0.1000 -0.0634 0.2200 0.3000
Free Cash Flow 1 260.1 235.2 155.5 212.7 184.6 261.3
FCF margin 36.6% 32.35% 25.93% 34.99% 26.11% 35.33%
FCF Conversion (EBITDA) 77.7% 75.3% 66.09% 81.17% 57.4% 82.06%
FCF Conversion (Net income) 221.85% 279% - - 290.9% 309.82%
Dividend per Share 2 0.4200 0.4200 0.2100 0.1050 0.1400 0.1400
Announcement Date 28/02/19 28/02/20 26/02/21 25/02/22 28/02/23 28/02/24
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 1,717 1,477 1,648 1,941 1,992 1,911
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 5.128 x 4.73 x 7.004 x 7.408 x 6.196 x 6 x
Free Cash Flow 1 260 235 156 213 185 261
ROE (net income / shareholders' equity) 5.91% 4.28% -1.24% -0.76% 3.75% 4.94%
ROA (Net income/ Total Assets) 2.94% 2.41% 1% 1.29% 1.88% 2.19%
Assets 1 3,994 3,498 -2,282 -1,013 3,375 3,855
Book Value Per Share 2 6.540 6.400 5.960 5.840 6.040 6.220
Cash Flow per Share 2 0.6800 0.7800 1.850 1.510 0.9800 1.280
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 28/02/19 28/02/20 26/02/21 25/02/22 28/02/23 28/02/24
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Commercial REITs

1st Jan change Capi.
EMPIRE STATE REALTY OP, L.P. Stock Empire State Realty OP, L.P.
-0.53% 2.53B
REALTY INCOME CORPORATION Stock Realty Income Corporation
-3.76% 47.59B
ALEXANDRIA REAL ESTATE EQUITIES, INC. Stock Alexandria Real Estate Equities, Inc.
-4.96% 21.08B
SEGRO PLC Stock SEGRO plc
-1.33% 13.48B
UNIBAIL-RODAMCO-WESTFIELD SE Stock Unibail-Rodamco-Westfield SE
+19.34% 11.96B
CAPITALAND INTEGRATED COMMERCIAL TRUST Stock CapitaLand Integrated Commercial Trust
-6.31% 9.63B
FEDERAL REALTY INVESTMENT TRUST Stock Federal Realty Investment Trust
-1.01% 8.46B
CAPITALAND ASCENDAS REIT Stock CapitaLand Ascendas REIT
-16.17% 8.27B
KLÉPIERRE Stock Klépierre
+3.00% 7.82B
FIBRA UNO Stock Fibra UNO
-17.86% 5.62B
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