# Empire State Realty OP, L.P. (OGCP)

> Source: Nexqual · https://nexqual.com/OGCP · data as of 2026-10-15 19:58 UTC · cite as "Nexqual, Empire State Realty OP, L.P. (OGCP), nexqual.com/OGCP" · informational, not investment advice.

**Price:** USD 4.7 (+1.73% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 4.62 · day 4.58–4.7 · 52w 3.76–8.09 · market cap $1.32B · PCX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $784M, net income $9.3M (1.2% margin), free cash flow $104M (SEC filings).
- Valuation: P/E 142.2x (avg 29.1x at the last 3 fiscal year-ends).
- Analysts: None.
- Total return with dividends: 1Y -36.1% vs S&P 500 +18.1%; 5Y -52.9% vs S&P 500 +85.1%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $624M | $727M | $740M | $768M | $768M | $784M |
| Operating income | $79.1M | $127M | $147M | $159M | $136M | -$34.5M |
| Net income | -$13.0M | $63.2M | $84.4M | $80.4M | $73.0M | $9.3M |
| EPS (diluted) | -$0.06 | $0.22 | $0.30 | $0.28 | $0.25 | — |
| Free cash flow | -$186M | $125M | $63.3M | $88.0M | $50.6M | $104M |
| Operating margin | 12.7% | 17.5% | 19.8% | 20.7% | 17.7% | -4.4% |
| Net margin | -2.1% | 8.7% | 11.4% | 10.5% | 9.5% | 1.2% |
| Revenue growth | +2.4% | +16.5% | +1.7% | +3.8% | +0.0% | — |
| Cash + short-term investments | — | $264M | $347M | $385M | $133M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 142.2x · P/S 1.7x · P/FCF 12.7x · FCF yield 7.88% · Earnings yield 0.70% · Dividend yield (paid, TTM) 2.98%
P/E at fiscal year-ends: Dec 2025 23.5x, Dec 2024 33.5x, Dec 2023 30.2x.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | -36.1% | -52.9% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -36.2% | -13.9% |
| Volatility (annualized) | 59.5% | 45.9% |
| Max drawdown | -52.5% (Oct 2025→Sep 2026) | -66.1% (Sep 2024→Sep 2026) |

## Peers (REIT - Office)
ESBA (Empire State Realty OP, L.P. Se) USD 4.67 -2.71% · PDM (Piedmont Realty Trust, Inc.) USD 9.03 -0.77% · DEA (Easterly Government Properties,) USD 21.99 -2.87% · DEI (Douglas Emmett, Inc.) USD 9.6 -2.34% · PSTL (Postal Realty Trust, Inc.) USD 21.74 -4.06% · HPP (Hudson Pacific Properties, Inc.) USD 11.17 -8.07%

## More
Full page: https://nexqual.com/OGCP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt